x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2016
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Ohio
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34-0183970
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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5995 Mayfair Road,
P.O. Box 3077, North Canton, Ohio
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44720-8077
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(Address of principal
executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Shares $1.25 Par Value
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New York Stock Exchange
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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•
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Realizing volume discounts on direct materials
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•
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Harmonizing the solutions set
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•
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Increasing utilization rates of the service technicians
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•
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Rationalizing facilities in the regions
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•
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Streamlining corporate and general and administrative functions
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•
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Harmonizing back office solutions.
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•
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Managed Services and Outsourcing
- The Company provides end-to-end managed services and full outsourcing solutions, which include remote monitoring, troubleshooting for self-service customers, transaction processing, currency management, maintenance services and full support via person-to-person or online communication. This helps customers maximize their self-service channel by incorporating new technology, meeting compliance and regulatory mandates, protecting their institutions and reducing costs, all while ensuring a high level of service for their customers. The Company provides value to its customers by offering a comprehensive array of hardware-agnostic managed services and support.
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•
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Professional Services
- The Company’s service organization provides strategic analysis and planning of new systems, systems integration, architectural engineering, consulting and project management that encompass all facets — services, software and technology — of a successful self-service implementation. The Company’s advisory services team collaborates with our customers to help define the ideal experience, modify processes, refine existing staffing models and deploy technology to meet branch automation objectives.
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•
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Multi-vendor Services
-
The Company recently sharpened its focus on securing multi-vendor services contracts primarily in North America. With the prevalence of mixed ATM fleets at financial institutions, the ability to service competitive units allows the Company to offer a differentiated, full service solution to its customers.
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•
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managing a significantly larger company;
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•
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integrating and unifying the offerings and services available to customers and coordinating distribution and marketing efforts;
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•
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coordinating corporate and administrative infrastructures and harmonizing insurance coverage;
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•
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unanticipated issues in coordinating accounting, information technology, communications, administration and other systems;
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•
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difficulty addressing possible differences in corporate cultures and management philosophies;
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•
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challenges associated with changing the Acquisition's financial reporting from IFRS to accounting principles generally accepted in the U.S. (U.S GAAP) and compliance with the Sarbanes-Oxley Act of 2002, as amended, and the rules promulgated thereunder by the SEC;
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•
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legal and regulatory compliance;
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•
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creating and implementing uniform standards, controls, procedures and policies;
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•
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litigation relating to the transactions contemplated by a reorganization, including shareholder litigation;
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•
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diversion of management’s attention from other operations;
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•
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maintaining existing agreements and relationships with customers, distributors, providers and vendors and avoiding delays in entering into new agreements with prospective customers, distributors, providers and vendors;
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•
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realizing the benefits from the Company’s restructuring programs;
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•
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unforeseen and unexpected liabilities related to the Acquisition, including the risk that certain of the Company's executive officers may be subject to additional fiduciary duties and liability;
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•
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identifying and eliminating redundant and underperforming functions and assets;
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•
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effecting actions that may be required in connection with obtaining regulatory approvals; and
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•
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a deterioration of credit ratings.
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•
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make it more difficult for the Company to pay or refinance its debts as they become due during adverse economic and industry conditions because the Company may not have sufficient cash flows to make its scheduled debt payments;
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•
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cause the Company to use a larger portion of its cash flow to fund interest and principal payments, reducing the availability of cash to fund working capital, capital expenditures, research and development and other business activities;
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•
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limit the Company’s ability to take advantage of significant business opportunities, such as acquisition opportunities, and to react to changes in market or industry conditions;
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•
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cause the Company to be more vulnerable to general adverse economic and industry conditions;
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•
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cause the Company to be disadvantaged compared to competitors with less leverage;
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•
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result in a downgrade in the credit rating of the Company or indebtedness of the Company or its subsidiaries, which could increase the cost of borrowings; and
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•
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limit the Company’s ability to borrow additional monies in the future to fund working capital, capital expenditures, research and development and other general corporate purposes.
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•
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incur additional indebtedness and guarantee indebtedness;
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•
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pay dividends or make other distributions or repurchase or redeem capital stock;
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•
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prepay, redeem or repurchase certain debt;
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•
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issue certain preferred stock or similar equity securities;
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•
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make loans and investments;
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•
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sell assets;
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•
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incur liens;
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•
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enter into transactions with affiliates;
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•
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alter the businesses we conduct;
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•
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enter into agreements restricting our subsidiaries’ ability to pay dividends; and
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•
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consolidate, merge or sell all or substantially all of our assets.
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•
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limited in how we conduct our business;
|
•
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unable to raise additional debt or equity financing to operate during general economic or business downturns; and
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•
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unable to compete effectively or to take advantage of new business opportunities.
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•
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combining service and product offerings and entering into new markets in which we are not experienced;
|
•
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convincing customers and distributors that any such transaction will not diminish client service standards or business focus, preventing customers and distributors from deferring purchasing decisions or switching to other suppliers or service providers (which could result in additional obligations to address customer uncertainty), and coordinating service, sales, marketing and distribution efforts;
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•
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consolidating and rationalizing corporate information technology infrastructure, which may include multiple legacy systems from various acquisitions and integrating software code;
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•
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minimizing the diversion of management attention from ongoing business concerns;
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•
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persuading employees that business cultures are compatible, maintaining employee morale and retaining key employees, integrating employees into our company, correctly estimating employee benefit costs and implementing restructuring programs;
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•
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coordinating and combining administrative, service, manufacturing, research and development and other operations, subsidiaries, facilities and relationships with third parties in accordance with local laws and other obligations while maintaining adequate standards, controls and procedures;
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•
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achieving savings from supply chain and administration integration; and
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•
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efficiently divesting combined business operations which may cause increased costs as divested businesses are de-integrated from embedded systems and operations.
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•
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changes in the market acceptance of our services and products;
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•
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customer and competitor consolidation;
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•
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changes in customer preferences;
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•
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declines in general economic conditions;
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•
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changes in environmental regulations that would limit our ability to service and sell products in specific markets;
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•
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macro-economic factors affecting retail stores and banks, credit unions and other financial institutions may lead to cost-cutting efforts by customers, which could cause us to lose current or potential customers or achieve less revenue per customer; and
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•
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availability of purchased products.
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•
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fluctuations in currency exchange rates, particularly in EMEA (primarily the euro and Great Britain pound sterling), China (renminbi) and Brazil (real);
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•
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transportation delays and interruptions;
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•
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political and economic instability and disruptions;
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•
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the failure of foreign governments to abide by international agreements and treaties;
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•
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restrictions on the transfer of funds;
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•
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the imposition of duties, tariffs and other taxes;
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•
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import and export controls;
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•
|
changes in governmental policies and regulatory environments;
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•
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ensuring our compliance with U.S. laws and regulations and applicable laws and regulations in other jurisdictions, including the Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act, and applicable laws and regulations in other jurisdictions;
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•
|
labor unrest and current and changing regulatory environments;
|
•
|
the uncertainty of product acceptance by different cultures;
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•
|
the risks of divergent business expectations or cultural incompatibility inherent in establishing joint ventures with foreign partners;
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•
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difficulties in staffing and managing multi-national operations;
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•
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limitations on the ability to enforce legal rights and remedies;
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•
|
reduced protection for intellectual property rights in some countries; and
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•
|
potentially adverse tax consequences, including repatriation of profits.
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2016
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|
2015
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|
2014
|
||||||||||||||||||
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High
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Low
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High
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|
Low
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High
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Low
|
||||||||||||
1st Quarter
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$
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29.80
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|
|
$
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22.84
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|
|
$
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36.49
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|
$
|
30.63
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|
|
$
|
40.78
|
|
|
$
|
32.05
|
|
2nd Quarter
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$
|
28.81
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|
|
$
|
23.10
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|
|
$
|
38.94
|
|
|
$
|
33.21
|
|
|
$
|
41.45
|
|
|
$
|
36.20
|
|
3rd Quarter
|
$
|
29.01
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|
|
$
|
23.95
|
|
|
$
|
35.79
|
|
|
$
|
29.16
|
|
|
$
|
40.90
|
|
|
$
|
35.00
|
|
4th Quarter
|
$
|
25.90
|
|
|
$
|
21.05
|
|
|
$
|
37.98
|
|
|
$
|
29.60
|
|
|
$
|
38.67
|
|
|
$
|
32.31
|
|
Full Year
|
$
|
29.80
|
|
|
$
|
21.05
|
|
|
$
|
38.94
|
|
|
$
|
29.16
|
|
|
$
|
41.45
|
|
|
$
|
32.05
|
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans
(2)
|
|||||
October
|
|
174
|
|
|
$
|
25.95
|
|
|
—
|
|
|
2,426,177
|
|
November
|
|
1,220
|
|
|
$
|
22.49
|
|
|
—
|
|
|
2,426,177
|
|
December
|
|
1,629
|
|
|
$
|
24.65
|
|
|
—
|
|
|
2,426,177
|
|
Total
|
|
3,023
|
|
|
$
|
23.85
|
|
|
—
|
|
|
|
(1)
|
All shares were surrendered or deemed surrendered to the Company in connection with the Company’s stock-based compensation plans.
|
(2)
|
The total number of shares repurchased as part of the publicly announced share repurchase plan was 13,450,772 as of
December 31, 2016
. The plan was approved by the Board of Directors in April 1997. The Company may purchase shares from time to time in open market purchases or privately negotiated transactions. The Company may make all or part of the purchases pursuant to accelerated share repurchases or Rule 10b5-1 plans. The plan has no expiration date. The following table provides a summary of Board of Director approvals to repurchase the Company's outstanding common shares:
|
|
|
Total Number of Shares
Approved for Repurchase
|
1997
|
|
2,000,000
|
2004
|
|
2,000,000
|
2005
|
|
6,000,000
|
2007
|
|
2,000,000
|
2011
|
|
1,876,949
|
2012
|
|
2,000,000
|
|
|
15,876,949
|
(1)
|
There are twenty-three companies included in the Company's first customized peer group which are: Actuant Corp., Allegion PLC, Benchmark Electronics Inc., Brady Corp., Brinks Co, Convergys Corp., DST Systems Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., Harris Corp., International Game Technology PLC, Intuit Inc., Logitech International SA, Mettler-Toledo International Inc., NCR Corp., Netapp Inc., Pitney Bowes Inc., Sensata Technologies Holding NV, Timken Co., Unisys Corp., Western Union Co and Woodward Inc.
|
(2)
|
The twenty-three companies included in the Company's second customized peer group are: Actuant Corp., Allegion PLC, Benchmark Electronics Inc., Brady Corp., Brinks Co., Convergys Corp., DST Systems Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., Harris Corp., International Game Technology PLC, Intuit Inc., Logitech International Sa, Mettler-Toledo International Inc., NCR Corp., Netapp Inc., Pitney Bowes Inc., Sensata Technologies Holding NV, Timkensteel Corp., Unisys Corp., Western Union Co and Woodward Inc.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(in millions, except per share data)
|
||||||||||||||||||
Results of operations
|
|
|
|
|
|
|
|
|
(unaudited)
|
||||||||||
Net sales
|
$
|
3,316.3
|
|
|
$
|
2,419.3
|
|
|
$
|
2,734.8
|
|
|
$
|
2,582.7
|
|
|
$
|
2,724.3
|
|
Cost of sales
|
2,594.6
|
|
|
1,767.3
|
|
|
2,008.6
|
|
|
1,996.7
|
|
|
2,044.1
|
|
|||||
Gross profit
|
$
|
721.7
|
|
|
$
|
652.0
|
|
|
$
|
726.2
|
|
|
$
|
586.0
|
|
|
$
|
680.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amounts attributable to Diebold Nixdorf, Incorporated
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations, net of tax
|
$
|
(176.7
|
)
|
|
$
|
57.8
|
|
|
$
|
104.7
|
|
|
$
|
(195.3
|
)
|
|
$
|
62.6
|
|
Income (loss) from discontinued operations, net of tax
|
143.7
|
|
|
15.9
|
|
|
9.7
|
|
|
13.7
|
|
|
11.0
|
|
|||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(33.0
|
)
|
|
$
|
73.7
|
|
|
$
|
114.4
|
|
|
$
|
(181.6
|
)
|
|
$
|
73.6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings (loss) per common share
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations, net of tax
|
$
|
(2.56
|
)
|
|
$
|
0.89
|
|
|
$
|
1.62
|
|
|
$
|
(3.06
|
)
|
|
$
|
1.00
|
|
Income (loss) from discontinued operations, net of tax
|
2.08
|
|
|
0.24
|
|
|
0.15
|
|
|
0.21
|
|
|
0.17
|
|
|||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(0.48
|
)
|
|
$
|
1.13
|
|
|
$
|
1.77
|
|
|
$
|
(2.85
|
)
|
|
$
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings (loss) per common share
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations, net of tax
|
$
|
(2.56
|
)
|
|
$
|
0.88
|
|
|
$
|
1.61
|
|
|
$
|
(3.06
|
)
|
|
$
|
0.98
|
|
Income (loss) from discontinued operations, net of tax
|
2.08
|
|
|
0.24
|
|
|
0.15
|
|
|
0.21
|
|
|
0.17
|
|
|||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(0.48
|
)
|
|
$
|
1.12
|
|
|
$
|
1.76
|
|
|
$
|
(2.85
|
)
|
|
$
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic shares
|
69.1
|
|
|
64.9
|
|
|
64.5
|
|
|
63.7
|
|
|
63.1
|
|
|||||
Diluted shares
|
69.1
|
|
|
65.6
|
|
|
65.2
|
|
|
63.7
|
|
|
63.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends
|
|
|
|
|
|
|
|
|
|
||||||||||
Common dividends paid
|
$
|
64.6
|
|
|
$
|
75.6
|
|
|
$
|
74.9
|
|
|
$
|
74.0
|
|
|
$
|
72.8
|
|
Common dividends paid per share
|
$
|
0.96
|
|
|
$
|
1.15
|
|
|
$
|
1.15
|
|
|
$
|
1.15
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated balance sheet data (as of period end)
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
||||||||||
Current assets
|
$
|
2,619.6
|
|
|
$
|
1,643.6
|
|
|
$
|
1,655.5
|
|
|
$
|
1,555.4
|
|
|
$
|
1,814.9
|
|
Current liabilities
|
$
|
1,824.5
|
|
|
$
|
955.8
|
|
|
$
|
1,027.8
|
|
|
$
|
893.8
|
|
|
$
|
838.8
|
|
Net working capital
|
$
|
795.1
|
|
|
$
|
687.8
|
|
|
$
|
627.7
|
|
|
$
|
661.6
|
|
|
$
|
976.1
|
|
Property, plant and equipment, net
|
$
|
387.0
|
|
|
$
|
175.3
|
|
|
$
|
165.7
|
|
|
$
|
160.9
|
|
|
$
|
184.3
|
|
Total long-term liabilities
|
$
|
2,376.9
|
|
|
$
|
851.1
|
|
|
$
|
759.5
|
|
|
$
|
668.9
|
|
|
$
|
908.8
|
|
Total assets
|
$
|
5,270.3
|
|
|
$
|
2,242.4
|
|
|
$
|
2,342.1
|
|
|
$
|
2,183.5
|
|
|
$
|
2,592.9
|
|
Total equity
|
$
|
1,024.8
|
|
|
$
|
435.5
|
|
|
$
|
554.8
|
|
|
$
|
620.8
|
|
|
$
|
845.3
|
|
•
|
Realizing volume discounts on direct materials
|
•
|
Harmonizing the solutions set
|
•
|
Increasing utilization rates of the service technicians
|
•
|
Rationalizing facilities in the regions
|
•
|
Streamlining corporate and general and administrative functions
|
•
|
Harmonizing back office solutions.
|
•
|
demand for services and software, including managed services and professional services;
|
•
|
timing of equipment upgrades and/or replacement cycles;
|
•
|
demand for products and solutions related to branch and store transformation;
|
•
|
demand for security products and services for the financial, retail and commercial sectors; and
|
•
|
high levels of deployment growth for new self-service products in emerging markets.
|
|
Years ended December 31,
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||||||||||||
|
|
|
% of Net Sales
|
|
% Change
|
|
|
|
% of Net Sales
|
|
% Change
|
|
|
|
% of Net Sales
|
||||||
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services
|
$
|
1,907.9
|
|
|
57.5
|
|
36.8
|
|
$
|
1,394.2
|
|
|
57.6
|
|
(2.7)
|
|
$
|
1,432.8
|
|
|
52.4
|
Products
|
1,408.4
|
|
|
42.5
|
|
37.4
|
|
1,025.1
|
|
|
42.4
|
|
(21.3)
|
|
1,302.0
|
|
|
47.6
|
|||
|
3,316.3
|
|
|
100.0
|
|
37.1
|
|
2,419.3
|
|
|
100.0
|
|
(11.5)
|
|
2,734.8
|
|
|
100.0
|
|||
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services
|
1,373.1
|
|
|
41.4
|
|
47.2
|
|
932.8
|
|
|
38.6
|
|
(4.3)
|
|
974.8
|
|
|
35.6
|
|||
Products
|
1,221.5
|
|
|
36.8
|
|
46.4
|
|
834.5
|
|
|
34.5
|
|
(19.3)
|
|
1,033.8
|
|
|
37.8
|
|||
|
2,594.6
|
|
|
78.2
|
|
46.8
|
|
1,767.3
|
|
|
73.1
|
|
(12.0)
|
|
2,008.6
|
|
|
73.4
|
|||
Gross profit
|
721.7
|
|
|
21.8
|
|
10.7
|
|
652.0
|
|
|
26.9
|
|
(10.2)
|
|
726.2
|
|
|
26.6
|
|||
Selling and administrative expense
|
761.2
|
|
|
23.0
|
|
55.9
|
|
488.2
|
|
|
20.2
|
|
2.0
|
|
478.4
|
|
|
17.5
|
|||
Research, development and engineering expense
|
110.2
|
|
|
3.3
|
|
26.8
|
|
86.9
|
|
|
3.6
|
|
(7.2)
|
|
93.6
|
|
|
3.4
|
|||
Impairment of assets
|
9.8
|
|
|
0.3
|
|
(48.1)
|
|
18.9
|
|
|
0.8
|
|
N/M
|
|
2.1
|
|
|
0.1
|
|||
Gain (loss) on sale of assets, net
|
0.3
|
|
|
—
|
|
N/M
|
|
(0.6
|
)
|
|
—
|
|
(95.3)
|
|
(12.9
|
)
|
|
(0.5)
|
|||
|
881.5
|
|
|
26.6
|
|
48.6
|
|
593.4
|
|
|
24.5
|
|
5.7
|
|
561.2
|
|
|
20.5
|
|||
Operating profit (loss)
|
(159.8
|
)
|
|
(4.8)
|
|
N/M
|
|
58.6
|
|
|
2.4
|
|
(64.5)
|
|
165.0
|
|
|
6.0
|
|||
Other income (expense)
|
(78.5
|
)
|
|
(2.4)
|
|
N/M
|
|
(12.8
|
)
|
|
(0.5)
|
|
24.3
|
|
(10.3
|
)
|
|
(0.4)
|
|||
Income (loss) from continuing operations before taxes
|
(238.3
|
)
|
|
(7.2)
|
|
N/M
|
|
45.8
|
|
|
1.9
|
|
(70.4)
|
|
154.7
|
|
|
5.7
|
|||
Income tax (benefit) expense
|
(67.6
|
)
|
|
(2.0)
|
|
N/M
|
|
(13.7
|
)
|
|
(0.6)
|
|
N/M
|
|
47.4
|
|
|
1.7
|
|||
Income (loss) from continuing operations, net of tax
|
(170.7
|
)
|
|
(5.1)
|
|
N/M
|
|
59.5
|
|
|
2.5
|
|
(44.5)
|
|
107.3
|
|
|
3.9
|
|||
Income (loss) from discontinued operations, net of tax
|
143.7
|
|
|
4.3
|
|
N/M
|
|
15.9
|
|
|
0.6
|
|
63.9
|
|
9.7
|
|
|
0.4
|
|||
Net income (loss)
|
(27.0
|
)
|
|
(0.8)
|
|
N/M
|
|
75.4
|
|
|
3.1
|
|
(35.6)
|
|
117.0
|
|
|
4.3
|
|||
Net income attributable to noncontrolling interests, net of tax
|
6.0
|
|
|
0.2
|
|
N/M
|
|
1.7
|
|
|
0.1
|
|
(34.6)
|
|
2.6
|
|
|
0.1
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(33.0
|
)
|
|
(1.0)
|
|
N/M
|
|
$
|
73.7
|
|
|
3.0
|
|
(35.6)
|
|
$
|
114.4
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amounts attributable to Diebold Nixdorf, Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income (loss) before discontinued operations, net of tax
|
$
|
(176.7
|
)
|
|
(5.3)
|
|
|
|
$
|
57.8
|
|
|
2.4
|
|
|
|
$
|
104.7
|
|
|
3.8
|
Income (loss) from discontinued operations, net of tax
|
143.7
|
|
|
4.3
|
|
|
|
15.9
|
|
|
0.6
|
|
|
|
9.7
|
|
|
0.4
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(33.0
|
)
|
|
(1.0)
|
|
|
|
$
|
73.7
|
|
|
3.0
|
|
|
|
$
|
114.4
|
|
|
4.2
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Financial self-service
|
$
|
2,526.5
|
|
|
$
|
2,108.7
|
|
|
$
|
417.8
|
|
|
19.8
|
Retail
|
438.1
|
|
|
—
|
|
|
438.1
|
|
|
N/M
|
|||
Security
|
273.4
|
|
|
292.8
|
|
|
(19.4
|
)
|
|
(6.6)
|
|||
Brazil other
|
78.3
|
|
|
17.8
|
|
|
60.5
|
|
|
N/M
|
|||
Total net sales
|
$
|
3,316.3
|
|
|
$
|
2,419.3
|
|
|
$
|
897.0
|
|
|
37.1
|
•
|
NA FSS sales increased $9.7 or 1.1 percent including unfavorable currency impact of $4.1 related to the Canada dollar. Excluding the impact of the Acquisition of $36.6 and currency, FSS sales decreased as a result of a decline in product revenue in the U.S. regional bank space related to the completion of the Agilis 3/Windows 7 upgrade activity and lower volume in Canada as a result of a large deposit automation upgrade project that ended in the third quarter of 2015. This decline was partially offset by an increase in product revenue in the U.S. national bank space as well as higher maintenance service revenue related to an increase in multi-vendor service contracts.
|
•
|
AP FSS sales decreased $8.7 or 2.1 percent impacted by $18.6 in unfavorable currency mainly related to the China renminbi and India rupee of $9.0 and $6.7, respectively. Excluding the impact of the Acquisition of $108.3 and currency, the decrease was largely attributable to a decline in product revenue stemming from lower volume primarily in China, where the government continues to encourage banks to increase their use of domestic ATM suppliers. India also significantly contributed to the decline as the government’s demonetization program in the current year hindered customer growth which negatively impacted both product and service revenue.
|
•
|
EMEA FSS sales increased $415.0 or 105.7 percent and included an unfavorable currency impact of $15.6 mainly related to the South Africa rand, Turkey lira and Great Britain pound sterling of $6.4, $4.0 and $2.8, respectively. Excluding the impact of the Acquisition of $447.1 and currency, FSS revenue decreased due to lower product volume within our distributor channels and Poland as well as an unfavorable mix of product sales in Italy. Additionally, lower product revenue from large projects in the prior year which did not recur, primarily in Belgium and Russia also contributed to the decline. In Belgium, the Company had project revenue in 2015 related to a Window 7 upgrade activity that did not recur in 2016. A significant increase in product volume in Switzerland, Spain and South Africa helped to partially offset the overall decline in product revenue. FSS service revenue increased slightly as lower billed work revenue was more than offset by higher contract service and installation revenue.
|
•
|
LA FSS sales increased $1.8 or 0.4 percent inclusive of a $10.8 unfavorable currency impact related primarily to the Brazil real. Excluding the impact of the Acquisition of $24.7 and currency, the decrease in the period was primarily the result of product volume declines in Central America, Colombia, Peru and Chile as several large customers were renewing and increasing their ATM installation base in the prior year. Lower product volume within LA distributor channels also contributed to the decline. Product volume increases in Mexico and Brazil partially offset these declines as well as higher service contract revenue across a majority of the region, based on the renewals noted in the prior year.
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Gross profit - services
|
$
|
534.8
|
|
|
$
|
461.4
|
|
|
$
|
73.4
|
|
|
15.9
|
Gross profit - products
|
186.9
|
|
|
190.6
|
|
|
(3.7
|
)
|
|
(1.9)
|
|||
Total gross profit
|
$
|
721.7
|
|
|
$
|
652.0
|
|
|
$
|
69.7
|
|
|
10.7
|
|
|
|
|
|
|
|
|
||||||
Gross margin - services
|
28.0
|
%
|
|
33.1
|
%
|
|
|
|
|
||||
Gross margin - products
|
13.3
|
%
|
|
18.6
|
%
|
|
|
|
|
|
|||
Total gross margin
|
21.8
|
%
|
|
26.9
|
%
|
|
|
|
|
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Selling and administrative expense
|
$
|
761.2
|
|
|
$
|
488.2
|
|
|
$
|
273.0
|
|
|
55.9
|
Research, development and engineering expense
|
110.2
|
|
|
86.9
|
|
|
23.3
|
|
|
26.8
|
|||
Impairment of assets
|
9.8
|
|
|
18.9
|
|
|
(9.1
|
)
|
|
(48.1)
|
|||
(Gain) loss on sale of assets, net
|
0.3
|
|
|
(0.6
|
)
|
|
0.9
|
|
|
N/M
|
|||
Total operating expenses
|
$
|
881.5
|
|
|
$
|
593.4
|
|
|
$
|
288.1
|
|
|
48.6
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Operating profit (loss)
|
$
|
(159.8
|
)
|
|
$
|
58.6
|
|
|
$
|
(218.4
|
)
|
|
N/M
|
Operating margin
|
(4.8
|
)%
|
|
2.4
|
%
|
|
|
|
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Interest income
|
$
|
21.5
|
|
|
$
|
26.0
|
|
|
$
|
(4.5
|
)
|
|
(17.3)
|
Interest expense
|
(101.4
|
)
|
|
(32.5
|
)
|
|
(68.9
|
)
|
|
N/M
|
|||
Foreign exchange loss, net
|
(2.1
|
)
|
|
(10.0
|
)
|
|
7.9
|
|
|
79.0
|
|||
Miscellaneous, net
|
3.5
|
|
|
3.7
|
|
|
(0.2
|
)
|
|
(5.4)
|
|||
Other income (expense)
|
$
|
(78.5
|
)
|
|
$
|
(12.8
|
)
|
|
$
|
(65.7
|
)
|
|
N/M
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Income (loss) from continuing operations, net of tax
|
$
|
(170.7
|
)
|
|
$
|
59.5
|
|
|
$
|
(230.2
|
)
|
|
N/M
|
Percent of net sales
|
(5.1
|
)%
|
|
2.5
|
%
|
|
|
|
|
||||
Effective tax rate (benefit)
|
(28.4
|
)%
|
|
(29.9
|
)%
|
|
|
|
|
|
North America:
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
1,118.2
|
|
|
$
|
1,094.5
|
|
|
$
|
23.7
|
|
|
2.2
|
Segment operating profit
|
$
|
214.3
|
|
|
$
|
250.1
|
|
|
$
|
(35.8
|
)
|
|
(14.3)
|
Segment operating profit margin
|
19.2
|
%
|
|
22.9
|
%
|
|
|
|
|
Asia Pacific:
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
470.0
|
|
|
$
|
439.6
|
|
|
$
|
30.4
|
|
|
6.9
|
Segment operating profit
|
$
|
52.6
|
|
|
$
|
63.1
|
|
|
$
|
(10.5
|
)
|
|
(16.6)
|
Segment operating profit margin
|
11.2
|
%
|
|
14.4
|
%
|
|
|
|
|
Europe, Middle East and Africa:
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
1,181.2
|
|
|
$
|
393.1
|
|
|
$
|
788.1
|
|
|
N/M
|
Segment operating profit
|
$
|
115.8
|
|
|
$
|
55.3
|
|
|
$
|
60.5
|
|
|
N/M
|
Segment operating profit margin
|
9.8
|
%
|
|
14.1
|
%
|
|
|
|
|
Latin America:
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
546.9
|
|
|
$
|
492.1
|
|
|
$
|
54.8
|
|
|
11.1
|
Segment operating profit
|
$
|
53.3
|
|
|
$
|
37.4
|
|
|
$
|
15.9
|
|
|
42.5
|
Segment operating profit margin
|
9.7
|
%
|
|
7.6
|
%
|
|
|
|
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Total financial self-service
|
$
|
2,108.7
|
|
|
$
|
2,197.2
|
|
|
$
|
(88.5
|
)
|
|
(4.0)
|
Total security
|
292.8
|
|
|
312.4
|
|
|
(19.6
|
)
|
|
(6.3)
|
|||
Brazil other
|
17.8
|
|
|
225.2
|
|
|
(207.4
|
)
|
|
(92.1)
|
|||
Total net sales
|
$
|
2,419.3
|
|
|
$
|
2,734.8
|
|
|
$
|
(315.5
|
)
|
|
(11.5)
|
•
|
NA FSS sales increased $6.4 or 0.7 percent due primarily to increased volume in Canada from a large deposit automation upgrade project combined with the incremental sales from the acquisition of Phoenix in the first quarter of 2015. The U.S. experienced growth in multi-vendor services within the national bank space as significant contracts were won in the first, third and fourth quarters of 2015. This favorability was partially offset by a product volume decline related to two large enterprise accounts in the U.S. and the winding down of the Agilis 3 and Windows 7 upgrade project in the U.S. regional bank space.
|
•
|
Asia Pacific FSS sales decreased $55.9 or 11.7 percent impacted by $17.8 in unfavorable currency. The decline was primarily attributable to a decrease in product revenue in China where the government is encouraging banks to increase their use of domestic ATM suppliers. This decline was partially offset by an increase in service revenue as India, Philippines and China have experienced growth in their service installation base as well as higher professional services volume across a majority of the region.
|
•
|
EMEA FSS sales decreased $28.3 or 6.7 percent inclusive of a $66.6 unfavorable currency impact mainly related to the weakening of the euro. Excluding the unfavorable currency impact, EMEA FSS sales increased $38.3 due to higher product volume in Turkey and with European distributors, as well as a full year benefit of Cryptera, which was acquired in the third quarter of 2014. In addition to the unfavorable currency, offsetting declines occurred in Italy due to lower product volume while Belgium, Austria and the U.K. had large projects in 2014.
|
•
|
Latin America FSS sales decreased $10.7 or 2.5 percent inclusive of $69.5 unfavorable currency impact mainly related to the weakening of the Brazil real. Excluding the unfavorable currency impact, LA FSS sales increased $58.8 due to growth across a majority of the region, including Mexico which experienced double digit growth related to several customers renewing their existing ATM fleets. This was offset by the unfavorable currency impact and the sale of the Company’s equity interest in the Venezuelan joint venture.
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Gross profit - services
|
$
|
461.4
|
|
|
$
|
458.0
|
|
|
$
|
3.4
|
|
|
0.7
|
Gross profit - products
|
190.6
|
|
|
268.2
|
|
|
(77.6
|
)
|
|
(28.9)
|
|||
Total gross profit
|
$
|
652.0
|
|
|
$
|
726.2
|
|
|
$
|
(74.2
|
)
|
|
(10.2)
|
|
|
|
|
|
|
|
|
||||||
Gross margin - services
|
33.1
|
%
|
|
32.0
|
%
|
|
|
|
|
||||
Gross margin - products
|
18.6
|
%
|
|
20.6
|
%
|
|
|
|
|
||||
Total gross margin
|
26.9
|
%
|
|
26.6
|
%
|
|
|
|
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Selling and administrative expense
|
$
|
488.2
|
|
|
$
|
478.4
|
|
|
$
|
9.8
|
|
|
2.0
|
Research, development and engineering expense
|
86.9
|
|
|
93.6
|
|
|
(6.7
|
)
|
|
(7.2)
|
|||
Impairment of assets
|
18.9
|
|
|
2.1
|
|
|
16.8
|
|
|
N/M
|
|||
Gain on sale of assets, net
|
(0.6
|
)
|
|
(12.9
|
)
|
|
12.3
|
|
|
(95.3)
|
|||
Total operating expenses
|
$
|
593.4
|
|
|
$
|
561.2
|
|
|
$
|
32.2
|
|
|
5.7
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Operating profit (loss)
|
$
|
58.6
|
|
|
$
|
165.0
|
|
|
$
|
(106.4
|
)
|
|
(64.5)
|
Operating profit (loss) margin
|
2.4
|
%
|
|
6.0
|
%
|
|
|
|
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Interest income
|
$
|
26.0
|
|
|
$
|
34.5
|
|
|
$
|
(8.5
|
)
|
|
(24.6)
|
Interest expense
|
(32.5
|
)
|
|
(31.4
|
)
|
|
(1.1
|
)
|
|
3.5
|
|||
Foreign exchange gain (loss), net
|
(10.0
|
)
|
|
(11.8
|
)
|
|
1.8
|
|
|
15.3
|
|||
Miscellaneous, net
|
3.7
|
|
|
(1.6
|
)
|
|
5.3
|
|
|
N/M
|
|||
Other income (expense)
|
$
|
(12.8
|
)
|
|
$
|
(10.3
|
)
|
|
$
|
(2.5
|
)
|
|
24.3
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Income (loss) from continuing operations, net of tax
|
$
|
59.5
|
|
|
$
|
107.3
|
|
|
$
|
(47.8
|
)
|
|
(44.5)
|
Percent of net sales
|
2.5
|
%
|
|
3.9
|
%
|
|
|
|
|
||||
Effective tax rate
|
(29.9
|
)%
|
|
30.6
|
%
|
|
|
|
|
North America:
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
1,094.5
|
|
|
$
|
1,091.4
|
|
|
$
|
3.1
|
|
|
0.3
|
Segment operating profit
|
$
|
250.1
|
|
|
$
|
266.3
|
|
|
$
|
(16.2
|
)
|
|
(6.1)
|
Segment operating profit margin
|
22.9
|
%
|
|
24.4
|
%
|
|
|
|
|
Asia Pacific:
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
439.6
|
|
|
$
|
500.3
|
|
|
$
|
(60.7
|
)
|
|
(12.1)
|
Segment operating profit
|
$
|
63.1
|
|
|
$
|
66.4
|
|
|
$
|
(3.3
|
)
|
|
(5.0)
|
Segment operating profit margin
|
14.4
|
%
|
|
13.3
|
%
|
|
|
|
|
Europe, Middle East and Africa:
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
393.1
|
|
|
$
|
421.2
|
|
|
$
|
(28.1
|
)
|
|
(6.7)
|
Segment operating profit
|
$
|
55.3
|
|
|
$
|
61.4
|
|
|
$
|
(6.1
|
)
|
|
(9.9)
|
Segment operating profit margin
|
14.1
|
%
|
|
14.6
|
%
|
|
|
|
|
Latin America:
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
||||||
Revenue
|
$
|
492.1
|
|
|
$
|
721.9
|
|
|
$
|
(229.8
|
)
|
|
(31.8)
|
Segment operating profit
|
$
|
37.4
|
|
|
$
|
68.7
|
|
|
$
|
(31.3
|
)
|
|
(45.6)
|
Segment operating profit margin
|
7.6
|
%
|
|
9.5
|
%
|
|
|
|
|
|
2016
|
|
2015
|
||||
Cash and cash equivalents
|
$
|
652.7
|
|
|
$
|
313.6
|
|
Additional cash availability from
|
|
|
|
||||
Short-term uncommitted lines of credit
|
198.6
|
|
|
69.0
|
|
||
Five-year credit facility
|
520.0
|
|
|
352.0
|
|
||
Short-term investments
|
64.1
|
|
|
39.9
|
|
||
Total cash and cash availability
|
$
|
1,435.4
|
|
|
$
|
774.5
|
|
Net cash flow provided by (used in)
|
2016
|
|
2015
|
|
2014
|
||||||
Operating activities - continuing operations
|
$
|
39.0
|
|
|
$
|
31.6
|
|
|
$
|
189.1
|
|
Investing activities - continuing operations
|
(923.3
|
)
|
|
(62.4
|
)
|
|
15.1
|
|
|||
Financing activities - continuing operations
|
881.6
|
|
|
42.2
|
|
|
(81.2
|
)
|
|||
Discontinued operations, net
|
351.3
|
|
|
2.6
|
|
|
(3.5
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(8.0
|
)
|
|
(23.9
|
)
|
|
(28.2
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
340.6
|
|
|
$
|
(9.9
|
)
|
|
$
|
91.3
|
|
•
|
Cash flows from continuing operating activities during the year ended
December 31, 2016
compared to the year ended
December 31, 2015
were negatively impacted by a
$230.2
decrease in income from continuing operations, net of tax, primarily related to higher non-routine expenses, increased interest expense and impairment of assets, the adverse impact of foreign currency compared to the same period of 2015. The increase in share-based compensation expense to
$22.2
in 2016 from
$12.4
in 2015 was primarily due to changes in the assumptions related to performance shares. The impairment of assets, in the fourth quarter of 2016, related to redundant legacy Diebold internally-developed software as a result of the Acquisition and an indefinite-lived trade name in NA.
|
•
|
Accounts receivable and inventory provided an aggregate of
$225.2
during the year ended
December 31, 2016
compared to a use of $107.6 during the year ended
December 31, 2015
. The
$332.8
increase is a result of a decrease in accounts receivable related to improved timing of cash collections. Additionally, Diebold Nixdorf AG provided $163.8 based on reductions in accounts receivable and inventory balances since the acquisition date, which included a favorable comparison to the August acquisition date and a purchase accounting inventory revaluation adjustment of $62.7.
|
•
|
Deferred revenue provided
$61.6
of operating cash during the year ended
December 31, 2016
, compared to a use of
$14.7
provided in the year ended
December 31, 2015
. The increase in cash flow associated with deferred revenue is due to timing of customer prepayments, primarily on service contracts, as a result of improved billing processes compared to the prior year.
|
•
|
The aggregate of refundable and deferred income taxes used
$161.9
of operating cash during the year ended
December 31, 2016
, compared to
$46.4
used in 2015. This increase in cash used in operating activities is primarily a result of non-cash purchase accounting adjustments.
|
•
|
In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany 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. Insured events include disability, death and reaching of retirement age.
|
•
|
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 are disability, death and reaching of retirement age.
|
•
|
In the Netherlands, there is an average career salary plan, which is employer- and employee-financed and handled by an external fund. Insured events are disability, death and reaching of retirement age. In the Netherlands, the plan assets are currently invested in a company pension fund. During the fourth quarter of 2016, the Company recognized a curtailment gain of
$4.6
related to its Netherlands' SecurCash B.V. plan due to a restructuring and cessation of accruals in the plan as of December 31, 2016. A transfer to an industry-wide pension fund is planned for the next fiscal year.
|
|
|
|
Payment due by period
|
||||||||||||||||
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Debt
|
$
|
1,860.0
|
|
|
$
|
106.9
|
|
|
$
|
80.0
|
|
|
$
|
176.9
|
|
|
$
|
1,496.2
|
|
Interest on debt
(1)
|
493.2
|
|
|
110.9
|
|
|
162.8
|
|
|
117.0
|
|
|
102.5
|
|
|||||
Minimum operating lease obligations
|
230.2
|
|
|
88.6
|
|
|
91.4
|
|
|
34.6
|
|
|
15.6
|
|
|||||
Purchase commitments
|
22.5
|
|
|
16.3
|
|
|
6.2
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
2,605.9
|
|
|
$
|
322.7
|
|
|
$
|
340.4
|
|
|
$
|
328.5
|
|
|
$
|
1,614.3
|
|
(1)
|
Amounts represent estimated contractual interest payments on outstanding long-term debt and notes payable. Rates in effect as of
December 31, 2016
are used for variable rate debt.
|
•
|
a maximum total net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) leverage ratio of
4.50
as of December 31, 2016 (reducing to
4.25
on December 31, 2017, further reduced to
4.00
on December 31, 2018, and further reduced to 3.75 on June 30, 2019); and
|
•
|
a minimum adjusted EBITDA to net interest expense coverage ratio of not less than
3.00
|
Affirmative Covenants
|
|
Negative Covenants - Limitations on
|
pay principal and interest on time
|
|
merger, consolidation and fundamental changes
|
mandatory prepayments
|
|
sale of assets
|
timely financial reporting (including compliance certificate)
|
|
investments and acquisitions
|
use of proceeds
|
|
liens and security interests
|
notice of defaults
|
|
transactions with affiliates
|
continue with line of business
|
|
dividends and other restricted payments
|
paying taxes
|
|
negative pledge clause
|
maintain insurance
|
|
restrictions on subsidiary distributions
|
compliance with applicable laws
|
|
hedges for financial speculation
|
maintain property and title to property
|
|
receivable indebtedness
|
provide updates to guaranties and collateral when acquiring new assets or subsidiaries
|
|
incurrence of indebtedness (secured, unsecured and subordinated)
|
engage in periodic credit rating reviews
|
|
payments of junior/unsecured/subordinated debt
|
perfecting security interest on material U.S. based assets
|
|
organizational documents amendments
|
Financing and Replacement Facilities
|
|
Interest Rate
Index and Margin
|
|
Maturity/Termination Dates
|
|
Term (Years)
|
Credit Agreement facilities
|
|
|
|
|
|
|
Revolving Facility
|
|
LIBOR + 1.75%
|
|
December 2020
|
|
5
|
Term Loan A Facility
|
|
LIBOR + 1.75%
|
|
December 2020
|
|
5
|
Delayed Draw Term Loan A
|
|
LIBOR + 1.75%
|
|
December 2020
|
|
5
|
Term Loan B Facility ($1,000.0)
|
|
LIBOR
(i)
+ 4.50%
|
|
November 2023
|
|
7.5
|
Term Loan B Facility (€350.0)
|
|
EURIBOR
(ii)
+ 4.25%
|
|
November 2023
|
|
7.5
|
2024 Senior Notes
|
|
8.5%
|
|
April 2024
|
|
8
|
(i)
|
LIBOR with a floor of 0.75 percent.
|
(ii)
|
EURIBOR with a floor of 0.75 percent.
|
•
|
In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany 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. Insured events include disability, death and reaching of retirement age.
|
•
|
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 are disability, death and reaching of retirement age.
|
•
|
In the Netherlands, there is an average career salary plan, which is employer- and employee-financed and handled by an external fund. Insured events are disability, death and reaching of retirement age. In the Netherlands, the plan assets are currently invested in a company pension fund. During the fourth quarter of 2016, the Company recognized a curtailment gain of
$4.6
related to its Netherlands' SecurCash B.V. plan due to a restructuring and cessation of accruals in the plan as of December 31, 2016. A transfer to an industry-wide pension fund is planned for the next fiscal year.
|
|
2016
|
|
2015
|
||
Healthcare cost trend rate assumed for next year
|
7.0
|
%
|
|
7.0
|
%
|
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
|
5.0
|
%
|
|
5.0
|
%
|
Year that rate reaches ultimate trend rate
|
2025
|
|
|
2020
|
|
|
One-Percentage-Point Increase
|
|
One-Percentage-Point Decrease
|
||||
Effect on total of service and interest cost
|
$
|
—
|
|
|
$
|
—
|
|
Effect on other post-retirement benefit obligation
|
$
|
0.7
|
|
|
$
|
(0.6
|
)
|
•
|
the ultimate impact and outcome of the review of the business combination with Diebold Nixdorf AG by the Competition and Markets Authority in the U.K.;
|
•
|
the implementation, ultimate impact and outcome of the DPLTA with Diebold Nixdorf AG including that its effectiveness may be delayed as a result of litigation or otherwise;
|
•
|
the ultimate outcome and results of integrating the operations of the Company and Diebold Nixdorf AG;
|
•
|
the ultimate outcome of the Company’s pricing, operating and tax strategies applied to Diebold Nixdorf AG and the ultimate ability to realize synergies;
|
•
|
the Company's ability to successfully launch and operate its joint ventures in China with the Inspur Group and Aisino Corp.;
|
•
|
changes in political, economic or other factors such as currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the worldwide business in each of the Company's operations;
|
•
|
global economic conditions, including any additional deterioration and disruption in the financial markets, including the bankruptcies, restructurings or consolidations of financial institutions, which could reduce our customer base and/or adversely affect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit;
|
•
|
the finalization of the Company's financial statements for the periods discussed in this release;
|
•
|
the acceptance of the Company's product and technology introductions in the marketplace;
|
•
|
competitive pressures, including pricing pressures and technological developments;
|
•
|
changes in the Company's relationships with customers, suppliers, distributors and/or partners in its business ventures;
|
•
|
the effect of legislative and regulatory actions in the U.S. and internationally and the Company’s ability to comply with government regulations;
|
•
|
the impact of a security breach or operational failure on the Company's business;
|
•
|
the Company's ability to successfully integrate acquisitions into its operations;
|
•
|
the impact of the Company's strategic initiatives;
|
•
|
the Company's ability to maintain effective internal controls;
|
•
|
changes in the Company's intention to further repatriate cash and cash equivalents and short-term investments residing in international tax jurisdictions, which could negatively impact foreign and domestic taxes;
|
•
|
unanticipated litigation, claims or assessments, as well as the outcome/impact of any current/pending litigation, claims or assessments, including but not limited to the Company's Brazil tax dispute;
|
•
|
potential security violations to the Company's information technology systems;
|
•
|
the investment performance of our pension plan assets, which could require us to increase our pension contributions, and significant changes in healthcare costs, including those that may result from government action;
|
•
|
the amount and timing of repurchases of the Company's common shares, if any; and
|
•
|
the Company's ability to achieve benefits from its cost-reduction initiatives and other strategic changes, including its planned restructuring actions, as well as as its business process outsourcing initiative.
|
FINANCIAL STATEMENTS
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
652.7
|
|
|
$
|
313.6
|
|
Short-term investments
|
64.1
|
|
|
39.9
|
|
||
Trade receivables, less allowances for doubtful accounts of $50.4 and $31.7, respectively
|
835.9
|
|
|
413.9
|
|
||
Inventories
|
737.7
|
|
|
369.3
|
|
||
Deferred income taxes
|
—
|
|
|
168.8
|
|
||
Prepaid expenses
|
60.7
|
|
|
23.6
|
|
||
Refundable income taxes
|
85.2
|
|
|
18.0
|
|
||
Current assets held for sale
|
—
|
|
|
148.2
|
|
||
Other current assets
|
183.3
|
|
|
148.3
|
|
||
Total current assets
|
2,619.6
|
|
|
1,643.6
|
|
||
Securities and other investments
|
94.7
|
|
|
85.2
|
|
||
Property, plant and equipment, net
|
387.0
|
|
|
175.3
|
|
||
Goodwill
|
998.3
|
|
|
161.5
|
|
||
Deferred income taxes
|
309.5
|
|
|
65.3
|
|
||
Finance lease receivables
|
25.2
|
|
|
36.5
|
|
||
Customer relationships, net
|
596.3
|
|
|
1.5
|
|
||
Other intangible assets, net
|
176.6
|
|
|
66.0
|
|
||
Other assets
|
63.1
|
|
|
7.5
|
|
||
Total assets
|
$
|
5,270.3
|
|
|
$
|
2,242.4
|
|
|
|
|
|
||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Notes payable
|
$
|
106.9
|
|
|
$
|
32.0
|
|
Accounts payable
|
560.5
|
|
|
281.7
|
|
||
Deferred revenue
|
404.2
|
|
|
229.2
|
|
||
Payroll and other benefits liabilities
|
172.5
|
|
|
76.5
|
|
||
Current liabilities held for sale
|
—
|
|
|
49.4
|
|
||
Other current liabilities
|
580.4
|
|
|
287.0
|
|
||
Total current liabilities
|
1,824.5
|
|
|
955.8
|
|
||
Long-term debt
|
1,691.4
|
|
|
606.2
|
|
||
Pensions and other benefits
|
279.4
|
|
|
195.6
|
|
||
Post-retirement and other benefits
|
17.8
|
|
|
18.7
|
|
||
Deferred income taxes
|
300.6
|
|
|
1.9
|
|
||
Other liabilities
|
87.7
|
|
|
28.7
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Redeemable noncontrolling interests
|
44.1
|
|
|
—
|
|
||
Equity
|
|
|
|
||||
Diebold Nixdorf, Incorporated shareholders' equity
|
|
|
|
||||
Preferred shares, no par value, 1,000,000 authorized shares, none issued
|
—
|
|
|
—
|
|
||
Common shares, $1.25 par value, 125,000,000 authorized shares, (89,924,378 and 79,696,694 issued shares, 75,144,784 and 65,001,602 outstanding shares, respectivel
y)
|
112.4
|
|
|
99.6
|
|
||
Additional capital
|
720.0
|
|
|
430.8
|
|
||
Retained earnings
|
662.7
|
|
|
760.3
|
|
||
Treasury shares, at cost (14,779,597 and 14,695,092 shares, respectively)
|
(562.4
|
)
|
|
(560.2
|
)
|
||
Accumulated other comprehensive loss
|
(341.3
|
)
|
|
(318.1
|
)
|
||
Total Diebold Nixdorf, Incorporated shareholders' equity
|
591.4
|
|
|
412.4
|
|
||
Noncontrolling interests
|
433.4
|
|
|
23.1
|
|
||
Total equity
|
1,024.8
|
|
|
435.5
|
|
||
Total liabilities, redeemable noncontrolling interests and equity
|
$
|
5,270.3
|
|
|
$
|
2,242.4
|
|
|
Years ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net sales
|
|
|
|
|
|
||||||
Services
|
$
|
1,907.9
|
|
|
$
|
1,394.2
|
|
|
$
|
1,432.8
|
|
Products
|
1,408.4
|
|
|
1,025.1
|
|
|
1,302.0
|
|
|||
|
3,316.3
|
|
|
2,419.3
|
|
|
2,734.8
|
|
|||
Cost of sales
|
|
|
|
|
|
||||||
Services
|
1,373.1
|
|
|
932.8
|
|
|
974.8
|
|
|||
Products
|
1,221.5
|
|
|
834.5
|
|
|
1,033.8
|
|
|||
|
2,594.6
|
|
|
1,767.3
|
|
|
2,008.6
|
|
|||
Gross profit
|
721.7
|
|
|
652.0
|
|
|
726.2
|
|
|||
Selling and administrative expense
|
761.2
|
|
|
488.2
|
|
|
478.4
|
|
|||
Research, development and engineering expense
|
110.2
|
|
|
86.9
|
|
|
93.6
|
|
|||
Impairment of assets
|
9.8
|
|
|
18.9
|
|
|
2.1
|
|
|||
(Gain) loss on sale of assets, net
|
0.3
|
|
|
(0.6
|
)
|
|
(12.9
|
)
|
|||
|
881.5
|
|
|
593.4
|
|
|
561.2
|
|
|||
Operating profit (loss)
|
(159.8
|
)
|
|
58.6
|
|
|
165.0
|
|
|||
Other income (expense)
|
|
|
|
|
|
||||||
Interest income
|
21.5
|
|
|
26.0
|
|
|
34.5
|
|
|||
Interest expense
|
(101.4
|
)
|
|
(32.5
|
)
|
|
(31.4
|
)
|
|||
Foreign exchange gain (loss), net
|
(2.1
|
)
|
|
(10.0
|
)
|
|
(11.8
|
)
|
|||
Miscellaneous, net
|
3.5
|
|
|
3.7
|
|
|
(1.6
|
)
|
|||
Income (loss) from continuing operations before taxes
|
(238.3
|
)
|
|
45.8
|
|
|
154.7
|
|
|||
Income tax (benefit) expense
|
(67.6
|
)
|
|
(13.7
|
)
|
|
47.4
|
|
|||
Income (loss) from continuing operations, net of tax
|
(170.7
|
)
|
|
59.5
|
|
|
107.3
|
|
|||
Income (loss) from discontinued operations, net of tax
|
143.7
|
|
|
15.9
|
|
|
9.7
|
|
|||
Net income (loss)
|
(27.0
|
)
|
|
75.4
|
|
|
117.0
|
|
|||
Net income attributable to noncontrolling interests, net of tax
|
6.0
|
|
|
1.7
|
|
|
2.6
|
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(33.0
|
)
|
|
$
|
73.7
|
|
|
$
|
114.4
|
|
|
|
|
|
|
|
||||||
Basic weighted-average shares outstanding
|
69.1
|
|
|
64.9
|
|
|
64.5
|
|
|||
Diluted weighted-average shares outstanding
|
69.1
|
|
|
65.6
|
|
|
65.2
|
|
|||
|
|
|
|
|
|
||||||
Basic earnings (loss) per share
|
|
|
|
|
|
||||||
Income (loss) before discontinued operations, net of tax
|
$
|
(2.56
|
)
|
|
$
|
0.89
|
|
|
$
|
1.62
|
|
Income (loss) from discontinued operations, net of tax
|
2.08
|
|
|
0.24
|
|
|
0.15
|
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(0.48
|
)
|
|
$
|
1.13
|
|
|
$
|
1.77
|
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per share
|
|
|
|
|
|
||||||
Income (loss) before discontinued operations, net of tax
|
$
|
(2.56
|
)
|
|
$
|
0.88
|
|
|
$
|
1.61
|
|
Income (loss) from discontinued operations, net of tax
|
2.08
|
|
|
0.24
|
|
|
0.15
|
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(0.48
|
)
|
|
$
|
1.12
|
|
|
$
|
1.76
|
|
|
|
|
|
|
|
||||||
Amounts attributable to Diebold Nixdorf, Incorporated
|
|
|
|
|
|
||||||
Income (loss) before discontinued operations, net of tax
|
$
|
(176.7
|
)
|
|
$
|
57.8
|
|
|
$
|
104.7
|
|
Income (loss) from discontinued operations, net of tax
|
143.7
|
|
|
15.9
|
|
|
9.7
|
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(33.0
|
)
|
|
$
|
73.7
|
|
|
$
|
114.4
|
|
|
|
|
|
|
|
||||||
Cash dividends declared and paid per share
|
$
|
0.96
|
|
|
$
|
1.15
|
|
|
$
|
1.15
|
|
|
Years ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss)
|
$
|
(27.0
|
)
|
|
$
|
75.4
|
|
|
$
|
117.0
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Translation adjustment (net of tax of $(0.6), $5.3 and $3.6, respectively)
|
(32.4
|
)
|
|
(141.3
|
)
|
|
(73.7
|
)
|
|||
Foreign currency hedges (net of tax of $6.2, $(4.0) and $(0.3), respectively)
|
(10.7
|
)
|
|
6.4
|
|
|
0.5
|
|
|||
Interest rate hedges:
|
|
|
|
|
|
||||||
Net income recognized in other comprehensive income (net of tax of $3.0, $(0.3) and $(0.4), respectively)
|
4.9
|
|
|
0.8
|
|
|
0.7
|
|
|||
Less: reclassification adjustments for amounts recognized in net income (net of tax of $0.0, $(0.2) and$(0.1), respectively)
|
0.2
|
|
|
0.4
|
|
|
0.2
|
|
|||
|
4.7
|
|
|
0.4
|
|
|
0.5
|
|
|||
Pension and other post-retirement benefits:
|
|
|
|
|
|
||||||
Prior service credit recognized during the year (net of tax of $0.0, $0.1 and $0.1, respectively)
|
—
|
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|||
Net actuarial losses recognized during the year (net of tax of $(1.8), $(2.7) and $(1.2), respectively)
|
4.0
|
|
|
4.2
|
|
|
2.0
|
|
|||
Net actuarial (gain) loss occurring during the year (net of tax of $(8.3), $(1.3) and $39.3, respectively)
|
18.5
|
|
|
2.1
|
|
|
(63.7
|
)
|
|||
Net actuarial gain recognized due to curtailment (net of tax of $1.5, $0.0 and $0.0, respectively)
|
(3.3
|
)
|
|
—
|
|
|
—
|
|
|||
Currency Impact (net of tax of $0.4, $0.0 and $0.0, respectively)
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|||
|
18.5
|
|
|
6.2
|
|
|
(62.0
|
)
|
|||
Unrealized gain (loss) on securities, net:
|
|
|
|
|
|
||||||
Net gain (loss) recognized in other comprehensive income (net of tax of $0.0, $0.0 and $0.0, respectively)
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|||
Less: reclassification adjustments for amounts recognized in net income (net of tax)
|
—
|
|
|
—
|
|
|
2.2
|
|
|||
|
—
|
|
|
—
|
|
|
(2.7
|
)
|
|||
Other
|
(0.1
|
)
|
|
0.1
|
|
|
—
|
|
|||
Other comprehensive income (loss), net of tax
|
(20.0
|
)
|
|
(128.2
|
)
|
|
(137.4
|
)
|
|||
Comprehensive income (loss)
|
(47.0
|
)
|
|
(52.8
|
)
|
|
(20.4
|
)
|
|||
Less: comprehensive income (loss) attributable to noncontrolling interests
|
9.2
|
|
|
3.2
|
|
|
1.4
|
|
|||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(56.2
|
)
|
|
$
|
(56.0
|
)
|
|
$
|
(21.8
|
)
|
|
Common Shares
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Diebold Nixdorf, Incorporated Shareholders' Equity
|
|
|
|
|
|||||||||||||||||||
|
Number
|
|
$1.25 Par Value
|
|
Additional
Capital
|
|
Retained
Earnings
|
|
Treasury
Shares
|
|
|
|
Non-controlling
Interests
|
|
Total
Equity
|
|||||||||||||||||||
Balance, January 1, 2014
|
78.6
|
|
|
$
|
98.3
|
|
|
$
|
385.3
|
|
|
$
|
722.7
|
|
|
$
|
(555.3
|
)
|
|
$
|
(54.3
|
)
|
|
$
|
596.7
|
|
|
$
|
24.1
|
|
|
$
|
620.8
|
|
Net income (loss)
|
|
|
|
|
|
|
114.4
|
|
|
|
|
|
|
114.4
|
|
|
2.6
|
|
|
117.0
|
|
|||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
(136.2
|
)
|
|
(136.2
|
)
|
|
(1.2
|
)
|
|
(137.4
|
)
|
|||||||||||||
Stock options exercised
|
0.4
|
|
|
0.5
|
|
|
14.1
|
|
|
|
|
|
|
|
|
14.6
|
|
|
|
|
14.6
|
|
||||||||||||
Restricted stock units issued
|
0.2
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||||||||
Income tax detriment from share-based compensation
|
|
|
|
|
(2.7
|
)
|
|
|
|
|
|
|
|
(2.7
|
)
|
|
|
|
(2.7
|
)
|
||||||||||||||
Share-based compensation expense
|
|
|
|
|
21.5
|
|
|
|
|
|
|
|
|
21.5
|
|
|
|
|
21.5
|
|
||||||||||||||
Dividends paid
|
|
|
|
|
|
|
(74.9
|
)
|
|
|
|
|
|
(74.9
|
)
|
|
|
|
(74.9
|
)
|
||||||||||||||
Treasury shares (0.2 shares)
|
|
|
|
|
|
|
|
|
(1.9
|
)
|
|
|
|
(1.9
|
)
|
|
|
|
(1.9
|
)
|
||||||||||||||
Distributions to noncontrolling interest holders, net
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(2.2
|
)
|
|
(2.2
|
)
|
||||||||||||||
Balance, December 31, 2014
|
79.2
|
|
|
$
|
99.0
|
|
|
$
|
418.0
|
|
|
$
|
762.2
|
|
|
$
|
(557.2
|
)
|
|
$
|
(190.5
|
)
|
|
$
|
531.5
|
|
|
$
|
23.3
|
|
|
$
|
554.8
|
|
Net income (loss)
|
|
|
|
|
|
|
73.7
|
|
|
|
|
|
|
73.7
|
|
|
1.7
|
|
|
75.4
|
|
|||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
(127.6
|
)
|
|
(127.6
|
)
|
|
1.5
|
|
|
(126.1
|
)
|
|||||||||||||
Stock options exercised
|
0.1
|
|
|
0.2
|
|
|
3.3
|
|
|
|
|
|
|
|
|
3.5
|
|
|
|
|
3.5
|
|
||||||||||||
Restricted stock units issued
|
0.2
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||||||||
Other share-based compensation
|
0.2
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||||||||
Income tax detriment from share-based compensation
|
|
|
|
|
(2.5
|
)
|
|
|
|
|
|
|
|
(2.5
|
)
|
|
|
|
(2.5
|
)
|
||||||||||||||
Share-based compensation expense
|
|
|
|
|
12.4
|
|
|
|
|
|
|
|
|
12.4
|
|
|
|
|
12.4
|
|
||||||||||||||
Dividends paid
|
|
|
|
|
|
|
(75.6
|
)
|
|
|
|
|
|
(75.6
|
)
|
|
|
|
(75.6
|
)
|
||||||||||||||
Treasury shares (0.1 shares)
|
|
|
|
|
|
|
|
|
(3.0
|
)
|
|
|
|
(3.0
|
)
|
|
|
|
(3.0
|
)
|
||||||||||||||
Distributions to noncontrolling interest holders, net
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(3.4
|
)
|
|
(3.4
|
)
|
||||||||||||||
Balance, December 31, 2015
|
79.7
|
|
|
$
|
99.6
|
|
|
$
|
430.8
|
|
|
$
|
760.3
|
|
|
$
|
(560.2
|
)
|
|
$
|
(318.1
|
)
|
|
$
|
412.4
|
|
|
$
|
23.1
|
|
|
$
|
435.5
|
|
Net income (loss)
|
|
|
|
|
|
|
(33.0
|
)
|
|
|
|
|
|
(33.0
|
)
|
|
6.0
|
|
|
(27.0
|
)
|
|||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
(23.2
|
)
|
|
(23.2
|
)
|
|
3.2
|
|
|
(20.0
|
)
|
|||||||||||||
Stock options exercised
|
—
|
|
|
—
|
|
|
0.3
|
|
|
|
|
|
|
|
|
0.3
|
|
|
|
|
0.3
|
|
||||||||||||
Restricted stock units issued
|
0.2
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||||||||
Performance shares issued
|
0.1
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||||||||
Other share-based compensation
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||||||||
Income tax detriment from share-based compensation
|
|
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
(0.2
|
)
|
|
|
|
(0.2
|
)
|
||||||||||||||
Share-based compensation expense
|
|
|
|
|
22.2
|
|
|
|
|
|
|
|
|
22.2
|
|
|
|
|
22.2
|
|
||||||||||||||
Dividends paid
|
|
|
|
|
|
|
(64.6
|
)
|
|
|
|
|
|
(64.6
|
)
|
|
|
|
(64.6
|
)
|
||||||||||||||
Treasury shares (0.1 shares)
|
|
|
|
|
|
|
|
|
(2.2
|
)
|
|
|
|
(2.2
|
)
|
|
|
|
(2.2
|
)
|
||||||||||||||
Sale of equity interest
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
7.1
|
|
|
7.1
|
|
||||||||||||||
Reclassification of guaranteed dividend to accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(5.7
|
)
|
|
(5.7
|
)
|
||||||||||||||
Distributions to noncontrolling interest holders, net
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(8.2
|
)
|
|
(8.2
|
)
|
||||||||||||||
Acquired fair value of noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
407.9
|
|
|
407.9
|
|
||||||||||||||
Acquisition of Diebold Nixdorf AG
|
9.9
|
|
|
12.4
|
|
|
267.3
|
|
|
|
|
|
|
|
|
279.7
|
|
|
|
|
279.7
|
|
||||||||||||
Balance, December 31, 2016
|
89.9
|
|
|
$
|
112.4
|
|
|
$
|
720.0
|
|
|
$
|
662.7
|
|
|
$
|
(562.4
|
)
|
|
$
|
(341.3
|
)
|
|
$
|
591.4
|
|
|
$
|
433.4
|
|
|
$
|
1,024.8
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flow from operating activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(27.0
|
)
|
|
$
|
75.4
|
|
|
$
|
117.0
|
|
Income (loss) from discontinued operations, net of tax
|
143.7
|
|
|
15.9
|
|
|
9.7
|
|
|||
Income (loss) from continuing operations, net of tax
|
(170.7
|
)
|
|
59.5
|
|
|
107.3
|
|
|||
Adjustments to reconcile net income (loss) to cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
134.8
|
|
|
64.0
|
|
|
73.4
|
|
|||
Share-based compensation expense
|
22.2
|
|
|
12.4
|
|
|
21.5
|
|
|||
Excess tax benefits from share-based compensation
|
(0.4
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|||
Impairment of assets
|
9.8
|
|
|
18.9
|
|
|
2.1
|
|
|||
Pension curtailment
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
|||
Devaluation of Venezuelan balance sheet
|
—
|
|
|
7.5
|
|
|
12.1
|
|
|||
Loss (gain) on sale of assets, net
|
0.3
|
|
|
(0.6
|
)
|
|
(12.9
|
)
|
|||
Gain on foreign currency option and forward contracts, net
|
(9.3
|
)
|
|
(7.0
|
)
|
|
—
|
|
|||
Cash flow from changes in certain assets and liabilities, net of the effects of acquisitions
|
|
|
|
|
|
||||||
Trade receivables
|
100.9
|
|
|
(56.4
|
)
|
|
(38.2
|
)
|
|||
Inventories
|
124.3
|
|
|
(51.2
|
)
|
|
(42.8
|
)
|
|||
Refundable income taxes
|
(67.3
|
)
|
|
(6.3
|
)
|
|
9.6
|
|
|||
Other current assets
|
122.0
|
|
|
6.5
|
|
|
(42.7
|
)
|
|||
Accounts payable
|
(112.1
|
)
|
|
57.6
|
|
|
55.2
|
|
|||
Deferred revenue
|
61.6
|
|
|
(14.7
|
)
|
|
50.7
|
|
|||
Accrued salaries, wages and commissions
|
(13.7
|
)
|
|
(22.1
|
)
|
|
23.4
|
|
|||
Deferred income taxes
|
(94.6
|
)
|
|
(40.1
|
)
|
|
(11.3
|
)
|
|||
Warranty liability
|
(42.2
|
)
|
|
(13.8
|
)
|
|
43.4
|
|
|||
Finance lease receivables
|
45.3
|
|
|
40.1
|
|
|
(61.6
|
)
|
|||
Certain other assets and liabilities
|
(67.3
|
)
|
|
(22.2
|
)
|
|
0.4
|
|
|||
Net cash provided by operating activities - continuing operations
|
39.0
|
|
|
31.6
|
|
|
189.1
|
|
|||
Net cash provided (used) by operating activities - discontinued operations
|
(10.6
|
)
|
|
5.1
|
|
|
(2.2
|
)
|
|||
Net cash provided by operating activities
|
28.4
|
|
|
36.7
|
|
|
186.9
|
|
|||
|
|
|
|
|
|
||||||
Cash flow from investing activities
|
|
|
|
|
|
||||||
Payments for acquisitions, net of cash acquired
|
(884.6
|
)
|
|
(59.4
|
)
|
|
(11.7
|
)
|
|||
Proceeds from maturities of investments
|
225.0
|
|
|
176.1
|
|
|
477.4
|
|
|||
Proceeds from sale of investments
|
—
|
|
|
—
|
|
|
39.6
|
|
|||
Payments for purchases of investments
|
(243.5
|
)
|
|
(125.5
|
)
|
|
(428.7
|
)
|
|||
Proceeds from divestitures and the sale of assets
|
31.3
|
|
|
5.0
|
|
|
18.4
|
|
|||
Capital expenditures
|
(39.5
|
)
|
|
(52.3
|
)
|
|
(60.1
|
)
|
|||
Increase in certain other assets
|
(28.2
|
)
|
|
(6.3
|
)
|
|
(19.8
|
)
|
|||
Proceeds from sale of foreign currency option and forward contracts, net
|
16.2
|
|
|
—
|
|
|
—
|
|
|||
Net cash provided (used) by investing activities - continuing operations
|
(923.3
|
)
|
|
(62.4
|
)
|
|
15.1
|
|
|||
Net cash provided (used) by investing activities - discontinued operations
|
361.9
|
|
|
(2.5
|
)
|
|
(1.3
|
)
|
|||
Net cash provided (used) by investing activities
|
$
|
(561.4
|
)
|
|
$
|
(64.9
|
)
|
|
$
|
13.8
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flow from financing activities
|
|
|
|
|
|
||||||
Dividends paid
|
$
|
(64.6
|
)
|
|
$
|
(75.6
|
)
|
|
$
|
(74.9
|
)
|
Debt issuance costs
|
(39.2
|
)
|
|
(6.0
|
)
|
|
(1.4
|
)
|
|||
Revolving debt borrowings (repayments), net
|
(178.0
|
)
|
|
155.8
|
|
|
2.0
|
|
|||
Other debt borrowings
|
1,837.7
|
|
|
135.8
|
|
|
157.6
|
|
|||
Other debt repayments
|
(662.5
|
)
|
|
(168.7
|
)
|
|
(175.5
|
)
|
|||
Distributions to noncontrolling interest holders
|
(10.2
|
)
|
|
(0.1
|
)
|
|
(2.2
|
)
|
|||
Excess tax benefits from share-based compensation
|
0.3
|
|
|
0.5
|
|
|
0.5
|
|
|||
Issuance of common shares
|
0.3
|
|
|
3.5
|
|
|
14.6
|
|
|||
Repurchase of common shares
|
(2.2
|
)
|
|
(3.0
|
)
|
|
(1.9
|
)
|
|||
Net cash provided (used) by financing activities - continuing operations
|
881.6
|
|
|
42.2
|
|
|
(81.2
|
)
|
|||
Net cash provided (used) by financing activities - discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net cash provided (used) by financing activities
|
881.6
|
|
|
42.2
|
|
|
(81.2
|
)
|
|||
Effect of exchange rate changes on cash
|
(8.0
|
)
|
|
(23.9
|
)
|
|
(28.2
|
)
|
|||
Increase (decrease) in cash and cash equivalents
|
340.6
|
|
|
(9.9
|
)
|
|
91.3
|
|
|||
Add: Cash overdraft included in assets held for sale at beginning of year
|
(1.5
|
)
|
|
(4.1
|
)
|
|
(0.6
|
)
|
|||
Less: Cash overdraft included in assets held for sale at end of year
|
—
|
|
|
(1.5
|
)
|
|
(4.1
|
)
|
|||
Cash and cash equivalents at the beginning of the year
|
313.6
|
|
|
326.1
|
|
|
231.3
|
|
|||
Cash and cash equivalents at the end of the year
|
$
|
652.7
|
|
|
$
|
313.6
|
|
|
$
|
326.1
|
|
Cash paid for
|
|
|
|
|
|
||||||
Income taxes
|
$
|
83.8
|
|
|
$
|
64.8
|
|
|
$
|
49.2
|
|
Interest
|
$
|
85.4
|
|
|
$
|
32.6
|
|
|
$
|
31.2
|
|
Valuation technique
|
|
Description
|
Market approach
|
|
Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
|
Cost approach
|
|
Amount that would be required to replace the service capacity of an asset (replacement cost).
|
Income approach
|
|
Techniques to convert future amounts to a single present amount based upon market expectations.
|
Fair value level
|
|
Description
|
Level 1
|
|
Unadjusted quoted prices in active markets for identical assets or liabilities.
|
Level 2
|
|
Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs, other than quoted prices in active markets, that are observable either directly or indirectly.
|
Level 3
|
|
Unobservable inputs for which there is little or no market data.
|
•
|
In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany 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. Insured events include disability, death and reaching of retirement age.
|
•
|
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 are disability, death and reaching of retirement age.
|
•
|
In the Netherlands, there is an average career salary plan, which is employer- and employee-financed and handled by an external fund. Insured events are disability, death and reaching of retirement age. In the Netherlands, the plan assets are currently invested in a company pension fund. During the fourth quarter of 2016, the Company recognized a curtailment gain of
$4.6
related to its Netherlands' SecurCash B.V. plan due to a restructuring and cessation of accruals in the plan as of December 31, 2016. A transfer to an industry-wide pension fund is planned for the next fiscal year.
|
Cash paid
|
|
$
|
995.3
|
|
Less: cash acquired
|
|
(110.7
|
)
|
|
Payments for acquisition, net of cash acquired
|
|
884.6
|
|
|
Common shares issued to Diebold Nixdorf AG shareholders
|
|
279.7
|
|
|
Other consideration
|
|
(9.3
|
)
|
|
Total preliminary consideration, net of cash acquired
|
|
$
|
1,155.0
|
|
|
Preliminary amounts recognized as of:
|
||||||||||
|
September 30,
|
|
Measurement
|
|
December 31,
|
||||||
|
2016
|
|
Period
|
|
2016
|
||||||
Trade receivables
|
$
|
474.1
|
|
|
$
|
—
|
|
|
$
|
474.1
|
|
Inventories
|
487.2
|
|
|
—
|
|
|
487.2
|
|
|||
Prepaid expenses
|
39.3
|
|
|
—
|
|
|
39.3
|
|
|||
Current assets held for sale
|
100.5
|
|
|
6.1
|
|
|
106.6
|
|
|||
Other current assets
|
79.7
|
|
|
0.2
|
|
|
79.9
|
|
|||
Property, plant and equipment
|
236.9
|
|
|
10.2
|
|
|
247.1
|
|
|||
Intangible assets
|
803.6
|
|
|
(1.5
|
)
|
|
802.1
|
|
|||
Deferred income taxes
|
46.5
|
|
|
63.2
|
|
|
109.7
|
|
|||
Other assets
|
27.0
|
|
|
—
|
|
|
27.0
|
|
|||
Total assets acquired
|
2,294.8
|
|
|
78.2
|
|
|
2,373.0
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Notes payable
|
159.8
|
|
|
—
|
|
|
159.8
|
|
|||
Accounts payable
|
321.5
|
|
|
—
|
|
|
321.5
|
|
|||
Deferred revenue
|
164.8
|
|
|
(6.8
|
)
|
|
158.0
|
|
|||
Payroll and other benefits liabilities
|
191.0
|
|
|
0.6
|
|
|
191.6
|
|
|||
Current liabilities held for sale
|
62.5
|
|
|
(5.9
|
)
|
|
56.6
|
|
|||
Other current liabilities
|
183.4
|
|
|
12.9
|
|
|
196.3
|
|
|||
Pensions and other benefits
|
87.6
|
|
|
15.6
|
|
|
103.2
|
|
|||
Other noncurrent liabilities
|
393.5
|
|
|
65.4
|
|
|
458.9
|
|
|||
Total liabilities assumed
|
1,564.1
|
|
|
81.8
|
|
|
1,645.9
|
|
|||
|
|
|
|
|
|
||||||
Redeemable noncontrolling interest
|
—
|
|
|
(46.8
|
)
|
|
(46.8
|
)
|
|||
Fair value of noncontrolling interest
|
(386.7
|
)
|
|
(21.2
|
)
|
|
(407.9
|
)
|
|||
Total identifiable net assets acquired, including noncontrolling interest
|
344.0
|
|
|
(71.6
|
)
|
|
272.4
|
|
|||
Total preliminary consideration, net of cash acquired
|
1,161.0
|
|
|
(6.0
|
)
|
|
1,155.0
|
|
|||
Goodwill
|
$
|
817.0
|
|
|
$
|
65.6
|
|
|
$
|
882.6
|
|
|
|
Weighted-average useful lives
|
|
August 15, 2016
|
||
Trade name
|
|
3.0 years
|
|
$
|
30.1
|
|
Technologies
|
|
4.0 years
|
|
107.2
|
|
|
Customer relationships
|
|
9.5 years
|
|
658.5
|
|
|
Other
|
|
various
|
|
6.3
|
|
|
Intangible assets
|
|
|
|
$
|
802.1
|
|
|
August 15, 2016 to
December 31, 2016
|
||
Net sales
|
$
|
1,054.8
|
|
Income (loss) from continuing operations before taxes
|
$
|
(67.9
|
)
|
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(51.3
|
)
|
|
Unaudited pro forma information for
|
||||||
|
Years Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
4,996.2
|
|
|
$
|
5,153.8
|
|
Gross profit
|
$
|
1,171.0
|
|
|
$
|
1,025.5
|
|
Operating profit
|
$
|
61.3
|
|
|
$
|
(221.1
|
)
|
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
47.9
|
|
|
$
|
(225.7
|
)
|
Net income (loss) attributable to Diebold Nixdorf, Incorporated per share - basic
|
$
|
0.64
|
|
|
$
|
(3.02
|
)
|
Net income (loss) attributable to Diebold Nixdorf, Incorporated per share - diluted
|
$
|
0.64
|
|
|
$
|
(3.02
|
)
|
Basic weighted-average shares outstanding
|
75.1
|
|
|
74.8
|
|
||
Diluted weighted-average shares outstanding
(1)
|
75.1
|
|
|
74.8
|
|
(1)
|
Incremental shares of
0.6
and
0.7
were excluded from the computation of diluted loss per share for the years ended December 31, 2016 and 2015, respectively, because their effect is anti-dilutive due to the loss from continuing operations.
|
•
|
Additional depreciation and amortization expenses that would have been recognized assuming preliminary fair value adjustments to the existing Diebold Nixdorf AG assets acquired and liabilities assumed, including intangible assets, fixed assets and expense associated with the valuation of inventory acquired.
|
•
|
Increased interest expense due to additional borrowings to fund the Acquisition.
|
|
Redeemable Noncontrolling Interests
|
||
Balance at December 31, 2015
|
$
|
—
|
|
Purchase of noncontrolling interests
|
44.1
|
|
|
Balance at December 31, 2016
|
$
|
44.1
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Numerator
|
|
|
|
|
|
||||||
Income (loss) used in basic and diluted earnings (loss) per share
|
|
|
|
|
|
||||||
Income (loss) from continuing operations, net of tax
|
$
|
(170.7
|
)
|
|
$
|
59.5
|
|
|
$
|
107.3
|
|
Net income attributable to noncontrolling interests, net of tax
|
6.0
|
|
|
1.7
|
|
|
2.6
|
|
|||
Income (loss) before discontinued operations, net of tax
|
(176.7
|
)
|
|
57.8
|
|
|
104.7
|
|
|||
Income (loss) from discontinued operations, net of tax
|
143.7
|
|
|
15.9
|
|
|
9.7
|
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(33.0
|
)
|
|
$
|
73.7
|
|
|
$
|
114.4
|
|
Denominator
|
|
|
|
|
|
||||||
Weighted-average number of common shares used in basic earnings (loss) per share
|
69.1
|
|
|
64.9
|
|
|
64.5
|
|
|||
Effect of dilutive shares
(1)
|
—
|
|
|
0.7
|
|
|
0.7
|
|
|||
Weighted-average number of shares used in diluted earnings (loss) per share
|
69.1
|
|
|
65.6
|
|
|
65.2
|
|
|||
Basic earnings (loss) per share
|
|
|
|
|
|
||||||
Income (loss) before discontinued operations, net of tax
|
$
|
(2.56
|
)
|
|
$
|
0.89
|
|
|
$
|
1.62
|
|
Income (loss) from discontinued operations, net of tax
|
2.08
|
|
|
0.24
|
|
|
0.15
|
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(0.48
|
)
|
|
$
|
1.13
|
|
|
$
|
1.77
|
|
Diluted earnings (loss) per share
|
|
|
|
|
|
||||||
Income (loss) before discontinued operations, net of tax
|
$
|
(2.56
|
)
|
|
$
|
0.88
|
|
|
$
|
1.61
|
|
Income (loss) from discontinued operations, net of tax
|
2.08
|
|
|
0.24
|
|
|
0.15
|
|
|||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(0.48
|
)
|
|
$
|
1.12
|
|
|
$
|
1.76
|
|
|
|
|
|
|
|
||||||
Anti-dilutive shares
|
|
|
|
|
|
||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares
|
2.1
|
|
|
1.5
|
|
|
1.1
|
|
(1)
|
Incremental shares of
0.6
were excluded from the computation of diluted loss per share for the year ended December 31, 2016 because their effect is anti-dilutive due to the loss from continuing operations.
|
|
Translation
|
|
Foreign Currency Hedges
|
|
Interest Rate Hedges
|
|
Pension and Other Post-Retirement Benefits
|
|
Other
|
|
Accumulated Other Comprehensive Loss
|
||||||||||||
Balance at December 31, 2014
|
$
|
(74.9
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(114.0
|
)
|
|
$
|
0.3
|
|
|
$
|
(190.5
|
)
|
Other comprehensive income (loss) before reclassifications
(1)
|
(140.7
|
)
|
|
6.4
|
|
|
0.8
|
|
|
2.1
|
|
|
0.1
|
|
|
(131.3
|
)
|
||||||
Amounts reclassified from AOCI
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
4.1
|
|
|
—
|
|
|
3.7
|
|
||||||
Net current period other comprehensive income (loss)
|
(140.7
|
)
|
|
6.4
|
|
|
0.4
|
|
|
6.2
|
|
|
0.1
|
|
|
(127.6
|
)
|
||||||
Balance at December 31, 2015
|
$
|
(215.6
|
)
|
|
$
|
5.0
|
|
|
$
|
(0.1
|
)
|
|
$
|
(107.8
|
)
|
|
$
|
0.4
|
|
|
$
|
(318.1
|
)
|
Other comprehensive income (loss) before reclassifications
(1)
|
(35.6
|
)
|
|
(10.7
|
)
|
|
4.9
|
|
|
18.5
|
|
|
(0.1
|
)
|
|
(23.0
|
)
|
||||||
Amounts reclassified from AOCI
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Net current period other comprehensive income (loss)
|
(35.6
|
)
|
|
(10.7
|
)
|
|
4.7
|
|
|
18.5
|
|
|
(0.1
|
)
|
|
(23.2
|
)
|
||||||
Balance at December 31, 2016
|
$
|
(251.2
|
)
|
|
$
|
(5.7
|
)
|
|
$
|
4.6
|
|
|
$
|
(89.3
|
)
|
|
$
|
0.3
|
|
|
$
|
(341.3
|
)
|
(1)
|
Other comprehensive income (loss) before reclassifications within the translation component excludes (gains)/losses of
$(3.2)
and
$0.6
and translation attributable to noncontrolling interests for
December 31, 2016
and
2015
, respectively.
|
|
2016
|
|
2015
|
|
|
||||
|
Amount Reclassified from AOCI
|
|
Amount Reclassified from AOCI
|
|
Affected Line Item in the Statement of Operations
|
||||
Interest rate hedges (net of tax of $0.0 and $0.2, respectively)
|
$
|
(0.2
|
)
|
|
$
|
(0.4
|
)
|
|
Interest expense
|
Pension and post-retirement benefits:
|
|
|
|
|
|
||||
Net prior service benefit amortization (net of tax of $0.0 and $0.1, respectively)
|
—
|
|
|
(0.1
|
)
|
|
(1)
|
||
Net actuarial losses recognized during the year (net of tax of $(1.8) and $(2.7), respectively)
|
4.0
|
|
|
4.2
|
|
|
(1)
|
||
Prior service cost recognized during the curtailment (net of tax of $1.5 and $0.0, respectively)
|
(3.3
|
)
|
|
—
|
|
|
(1)
|
||
Currency Impact (net of tax of $0.4, $0.0 and $0.0, respectively)
|
(0.7
|
)
|
|
—
|
|
|
(1)
|
||
|
—
|
|
|
4.1
|
|
|
|
||
Total reclassifications for the period
|
$
|
(0.2
|
)
|
|
$
|
3.7
|
|
|
|
(1)
|
Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to
note 15
to the consolidated financial statements).
|
|
2016
|
|
2015
|
|
2014
|
||||||
Stock options
|
|
|
|
|
|
||||||
Pre-tax compensation expense
|
$
|
2.7
|
|
|
$
|
3.6
|
|
|
$
|
2.7
|
|
Tax benefit
|
(0.9
|
)
|
|
(1.3
|
)
|
|
(1.0
|
)
|
|||
Stock option expense, net of tax
|
$
|
1.8
|
|
|
$
|
2.3
|
|
|
$
|
1.7
|
|
|
|
|
|
|
|
||||||
Restricted stock units
|
|
|
|
|
|
||||||
Pre-tax compensation expense
|
$
|
10.7
|
|
|
$
|
8.6
|
|
|
$
|
6.0
|
|
Tax benefit
|
(3.1
|
)
|
|
(2.4
|
)
|
|
(1.9
|
)
|
|||
RSU expense, net of tax
|
$
|
7.6
|
|
|
$
|
6.2
|
|
|
$
|
4.1
|
|
|
|
|
|
|
|
||||||
Performance shares
|
|
|
|
|
|
||||||
Pre-tax compensation expense
|
$
|
8.8
|
|
|
$
|
0.2
|
|
|
$
|
12.5
|
|
Tax benefit
|
(3.0
|
)
|
|
(0.1
|
)
|
|
(4.2
|
)
|
|||
Performance share expense, net of tax
|
$
|
5.8
|
|
|
$
|
0.1
|
|
|
$
|
8.3
|
|
|
|
|
|
|
|
||||||
Director deferred shares
|
|
|
|
|
|
||||||
Pre-tax compensation expense
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
Tax benefit
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Director deferred share expense, net of tax
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
|
|
|
|
|
||||||
Total share-based compensation
|
|
|
|
|
|
||||||
Pre-tax compensation expense
|
$
|
22.2
|
|
|
$
|
12.4
|
|
|
$
|
21.5
|
|
Tax benefit
|
(7.0
|
)
|
|
(3.8
|
)
|
|
(7.2
|
)
|
|||
Total share-based compensation, net of tax
|
$
|
15.2
|
|
|
$
|
8.6
|
|
|
$
|
14.3
|
|
|
Unrecognized
Cost |
|
Weighted-Average Period
|
||
|
|
|
(years)
|
||
Stock options
|
$
|
2.6
|
|
|
1.2
|
RSUs
|
14.5
|
|
|
1.3
|
|
Performance shares
|
5.3
|
|
|
1.7
|
|
|
$
|
22.4
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|||
Expected life (in years)
|
6
|
|
|
6
|
|
|
5
|
|
Weighted-average volatility
|
28
|
%
|
|
31
|
%
|
|
31
|
%
|
Risk-free interest rate
|
1.50
|
%
|
|
1.50
|
%
|
|
1.47-1.66%
|
|
Expected dividend yield
|
3.10
|
%
|
|
3.12
|
%
|
|
3.59
|
%
|
|
Number of Shares
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value
(1)
|
|||||
|
|
|
(per share)
|
|
(in years)
|
|
|
|||||
Outstanding at January 1, 2016
|
1.7
|
|
|
$
|
34.21
|
|
|
|
|
|
||
Expired or forfeited
|
(0.4
|
)
|
|
$
|
35.59
|
|
|
|
|
|
||
Exercised
|
(0.1
|
)
|
|
$
|
26.85
|
|
|
|
|
|
||
Granted
|
0.5
|
|
|
$
|
27.39
|
|
|
|
|
|
||
Outstanding at December 31, 2016
|
1.7
|
|
|
$
|
31.98
|
|
|
7
|
|
$
|
—
|
|
Options exercisable at December 31, 2016
|
0.9
|
|
|
$
|
33.99
|
|
|
6
|
|
$
|
—
|
|
Options vested and expected to vest
(2)
at December 31, 2016
|
1.6
|
|
|
$
|
32.07
|
|
|
7
|
|
$
|
—
|
|
(1)
|
The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in
2016
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
December 31, 2016
. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.
|
(2)
|
The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options.
|
|
Number of
Shares |
|
Weighted-Average
Grant-Date Fair Value |
|||
Non-vested at January 1, 2016
|
0.9
|
|
|
$
|
32.53
|
|
Forfeited
|
(0.1
|
)
|
|
$
|
31.40
|
|
Vested
|
(0.2
|
)
|
|
$
|
31.62
|
|
Granted
(1)
|
0.6
|
|
|
$
|
26.77
|
|
Non-vested at December 31, 2016
|
1.2
|
|
|
$
|
29.50
|
|
(1)
|
The RSUs granted during the year ended
December 31, 2016
include
41 thousand
1
-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of
$27.42
.
|
|
Number of
Shares |
|
Weighted-Average
Grant-Date Fair Value |
|||
Non-vested at January 1, 2016
(1)
|
0.8
|
|
|
$
|
34.06
|
|
Forfeited
|
(0.2
|
)
|
|
$
|
30.39
|
|
Vested
|
(0.1
|
)
|
|
$
|
29.52
|
|
Adjustment
|
0.1
|
|
|
$
|
34.75
|
|
Granted
|
0.6
|
|
|
$
|
26.99
|
|
Non-vested at December 31, 2016
|
1.2
|
|
|
$
|
31.77
|
|
(1)
|
Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximum potential payout level depending on achievement of the performance objectives, as determined by the Board of Directors.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Domestic
|
$
|
(215.2
|
)
|
|
$
|
(56.6
|
)
|
|
$
|
(15.3
|
)
|
Foreign
|
(23.1
|
)
|
|
102.4
|
|
|
170.0
|
|
|||
Total
|
$
|
(238.3
|
)
|
|
$
|
45.8
|
|
|
$
|
154.7
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Current
|
|
|
|
|
|
||||||
U.S. federal
|
$
|
(67.2
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
0.3
|
|
Foreign
|
54.0
|
|
|
38.2
|
|
|
61.5
|
|
|||
State and local
|
(10.6
|
)
|
|
(0.6
|
)
|
|
—
|
|
|||
Total current
|
(23.8
|
)
|
|
35.6
|
|
|
61.8
|
|
|||
Deferred
|
|
|
|
|
|
||||||
U.S. federal
|
3.6
|
|
|
(38.3
|
)
|
|
(2.6
|
)
|
|||
Foreign
|
(50.2
|
)
|
|
(11.1
|
)
|
|
(9.4
|
)
|
|||
State and local
|
2.8
|
|
|
0.1
|
|
|
(2.4
|
)
|
|||
Total deferred
|
(43.8
|
)
|
|
(49.3
|
)
|
|
(14.4
|
)
|
|||
Income tax (benefit) expense
|
$
|
(67.6
|
)
|
|
$
|
(13.7
|
)
|
|
$
|
47.4
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Statutory tax (benefit) expense
|
$
|
(83.4
|
)
|
|
$
|
16.0
|
|
|
$
|
54.1
|
|
Brazil non-taxable incentive
|
(5.8
|
)
|
|
(4.2
|
)
|
|
(15.5
|
)
|
|||
Valuation allowance
|
14.9
|
|
|
(0.7
|
)
|
|
9.5
|
|
|||
Brazil tax goodwill amortization
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|||
Foreign tax rate differential
|
(10.0
|
)
|
|
(19.4
|
)
|
|
(14.9
|
)
|
|||
Foreign subsidiary earnings
|
13.7
|
|
|
(9.1
|
)
|
|
14.6
|
|
|||
Accrual adjustments
|
1.1
|
|
|
1.5
|
|
|
2.2
|
|
|||
Business tax credits
|
(0.7
|
)
|
|
(1.4
|
)
|
|
(2.4
|
)
|
|||
Non-deductible (non-taxable) items
|
2.3
|
|
|
4.2
|
|
|
—
|
|
|||
Other
|
0.3
|
|
|
(0.6
|
)
|
|
1.3
|
|
|||
Income tax (benefit) expense
|
$
|
(67.6
|
)
|
|
$
|
(13.7
|
)
|
|
$
|
47.4
|
|
|
2016
|
|
2015
|
||||
Balance at January 1
|
$
|
13.1
|
|
|
$
|
15.0
|
|
Increases (decreases) related to prior year tax positions
|
34.8
|
|
|
(0.4
|
)
|
||
Increases related to current year tax positions
|
2.5
|
|
|
0.9
|
|
||
Settlements
|
(3.4
|
)
|
|
(0.2
|
)
|
||
Reduction due to lapse of applicable statute of limitations
|
(3.8
|
)
|
|
(2.2
|
)
|
||
Balance at December 31
|
$
|
43.2
|
|
|
$
|
13.1
|
|
|
2016
|
|
2015
|
||||
Deferred tax assets
|
|
|
|
||||
Accrued expenses
|
$
|
74.5
|
|
|
$
|
40.8
|
|
Warranty accrual
|
19.7
|
|
|
22.0
|
|
||
Deferred compensation
|
16.2
|
|
|
14.0
|
|
||
Allowance for doubtful accounts
|
10.3
|
|
|
11.9
|
|
||
Inventories
|
26.1
|
|
|
12.7
|
|
||
Deferred revenue
|
19.1
|
|
|
20.1
|
|
||
Pension and post-retirement benefits
|
92.3
|
|
|
70.4
|
|
||
Tax credits
|
52.1
|
|
|
62.5
|
|
||
Net operating loss carryforwards
|
88.4
|
|
|
58.5
|
|
||
Capital loss carryforwards
|
1.8
|
|
|
1.9
|
|
||
State deferred taxes
|
17.1
|
|
|
16.3
|
|
||
Other
|
0.5
|
|
|
12.1
|
|
||
|
418.1
|
|
|
343.2
|
|
||
Valuation allowance
|
(87.8
|
)
|
|
(63.9
|
)
|
||
Net deferred tax assets
|
$
|
330.3
|
|
|
$
|
279.3
|
|
|
|
|
|
||||
Deferred tax liabilities
|
|
|
|
||||
Property, plant and equipment
|
$
|
39.7
|
|
|
$
|
20.5
|
|
Goodwill and intangible assets
|
271.5
|
|
|
17.6
|
|
||
Partnership interest
|
3.7
|
|
|
7.7
|
|
||
Undistributed earnings
|
6.5
|
|
|
7.3
|
|
||
Net deferred tax liabilities
|
321.4
|
|
|
53.1
|
|
||
Net deferred tax asset
|
$
|
8.9
|
|
|
$
|
226.2
|
|
|
2016
|
|
2015
|
||||
Deferred income taxes - current assets
|
$
|
—
|
|
|
$
|
168.8
|
|
Deferred income taxes - long-term assets
|
309.5
|
|
|
65.3
|
|
||
Other current liabilities
|
—
|
|
|
(6.0
|
)
|
||
Deferred income taxes - long-term liabilities
|
(300.6
|
)
|
|
(1.9
|
)
|
||
Net deferred tax asset
|
$
|
8.9
|
|
|
$
|
226.2
|
|
|
Cost Basis
|
|
Unrealized Gain
|
|
Fair Value
|
||||||
As of December 31, 2016
|
|
|
|
|
|
||||||
Short-term investments
|
|
|
|
|
|
||||||
Certificates of deposit
|
$
|
64.1
|
|
|
$
|
—
|
|
|
$
|
64.1
|
|
Long-term investments
|
|
|
|
|
|
||||||
Assets held in a rabbi trust
|
$
|
7.9
|
|
|
$
|
0.6
|
|
|
$
|
8.5
|
|
|
|
|
|
|
|
||||||
As of December 31, 2015
|
|
|
|
|
|
||||||
Short-term investments
|
|
|
|
|
|
||||||
Certificates of deposit
|
$
|
39.9
|
|
|
$
|
—
|
|
|
$
|
39.9
|
|
Long-term investments:
|
|
|
|
|
|
||||||
Assets held in a rabbi trust
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
9.3
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Finance lease receivables sold
|
$
|
7.4
|
|
|
$
|
10.6
|
|
|
$
|
22.0
|
|
|
2016
|
|
2015
|
||||
Gross minimum lease receivable
|
$
|
63.3
|
|
|
$
|
76.0
|
|
Allowance for credit losses
|
(0.3
|
)
|
|
(0.5
|
)
|
||
Estimated unguaranteed residual values
|
3.7
|
|
|
5.2
|
|
||
|
66.7
|
|
|
80.7
|
|
||
Less:
|
|
|
|
||||
Unearned interest income
|
(2.9
|
)
|
|
(4.4
|
)
|
||
Unearned residuals
|
(0.1
|
)
|
|
(1.4
|
)
|
||
|
(3.0
|
)
|
|
(5.8
|
)
|
||
Total
|
$
|
63.7
|
|
|
$
|
74.9
|
|
2017
|
$
|
39.5
|
|
2018
|
8.9
|
|
|
2019
|
6.1
|
|
|
2020
|
4.1
|
|
|
2021
|
2.4
|
|
|
Thereafter
|
2.3
|
|
|
|
$
|
63.3
|
|
|
|
Finance
Leases |
|
Notes
Receivable |
|
Total
|
||||||
Allowance for credit losses
|
|
|
|
|
|
|
||||||
Balance at January 1, 2015
|
|
$
|
0.4
|
|
|
$
|
4.1
|
|
|
$
|
4.5
|
|
Provision for credit losses
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||
Write-offs
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||
Balance at December 31, 2015
|
|
$
|
0.5
|
|
|
$
|
4.1
|
|
|
$
|
4.6
|
|
Write-offs
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||
Balance at December 31, 2016
|
|
$
|
0.3
|
|
|
$
|
4.1
|
|
|
$
|
4.4
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
30-59 days past due
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
60-89 days past due
|
|
—
|
|
|
—
|
|
||
> 89 days past due
|
|
3.9
|
|
|
3.0
|
|
||
Total past due
|
|
$
|
4.0
|
|
|
$
|
3.1
|
|
|
2016
|
|
2015
|
||||
Finished goods
|
$
|
330.5
|
|
|
$
|
145.8
|
|
Service parts
|
235.2
|
|
|
155.7
|
|
||
Raw materials and work in process
|
172.0
|
|
|
67.8
|
|
||
Total inventories
|
$
|
737.7
|
|
|
$
|
369.3
|
|
|
Estimated Useful Life
(years) |
|
2016
|
|
2015
|
||||
Land and land improvements
|
0-15
|
|
$
|
16.9
|
|
|
$
|
6.1
|
|
Buildings and building improvements
|
15-30
|
|
129.8
|
|
|
57.7
|
|
||
Machinery, tools and equipment
|
5-12
|
|
121.0
|
|
|
83.5
|
|
||
Leasehold improvements
(1)
|
10
|
|
29.4
|
|
|
22.1
|
|
||
Computer equipment
|
3
|
|
133.8
|
|
|
58.4
|
|
||
Computer software
|
5-10
|
|
224.7
|
|
|
188.4
|
|
||
Furniture and fixtures
|
5-8
|
|
75.0
|
|
|
62.0
|
|
||
Tooling
|
3-5
|
|
123.1
|
|
|
104.5
|
|
||
Construction in progress
|
|
|
10.3
|
|
|
26.3
|
|
||
Total property plant and equipment, at cost
|
|
|
$
|
864.0
|
|
|
$
|
609.0
|
|
Less accumulated depreciation and amortization
|
|
|
477.0
|
|
|
433.7
|
|
||
Total property plant and equipment, net
|
|
|
$
|
387.0
|
|
|
$
|
175.3
|
|
(1)
|
The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease.
|
|
NA
|
|
AP
|
|
EMEA
|
|
LA
|
|
Unallocated
|
|
Total
|
||||||||||||
Goodwill
|
$
|
76.4
|
|
|
$
|
40.0
|
|
|
$
|
168.7
|
|
|
$
|
143.7
|
|
|
—
|
|
|
$
|
428.8
|
|
|
Accumulated impairment losses
|
(13.2
|
)
|
|
—
|
|
|
(168.7
|
)
|
|
(108.8
|
)
|
|
—
|
|
|
(290.7
|
)
|
||||||
Balance at January 1, 2015
|
63.2
|
|
|
40.0
|
|
|
—
|
|
|
34.9
|
|
|
—
|
|
|
138.1
|
|
||||||
Goodwill acquired
|
39.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39.7
|
|
||||||
Currency translation adjustment
|
(3.4
|
)
|
|
(2.4
|
)
|
|
—
|
|
|
(10.5
|
)
|
|
—
|
|
|
(16.3
|
)
|
||||||
Goodwill
|
112.7
|
|
|
37.6
|
|
|
168.7
|
|
|
133.2
|
|
|
—
|
|
|
452.2
|
|
||||||
Accumulated impairment losses
|
(13.2
|
)
|
|
—
|
|
|
(168.7
|
)
|
|
(108.8
|
)
|
|
—
|
|
|
(290.7
|
)
|
||||||
Balance at December 31, 2015
|
99.5
|
|
|
37.6
|
|
|
—
|
|
|
24.4
|
|
|
—
|
|
|
161.5
|
|
||||||
Goodwill acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
882.6
|
|
|
882.6
|
|
||||||
Goodwill adjustment
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
||||||
Currency translation adjustment
|
1.8
|
|
|
(0.4
|
)
|
|
—
|
|
|
4.2
|
|
|
(50.9
|
)
|
|
(45.3
|
)
|
||||||
Goodwill
|
114.0
|
|
|
37.2
|
|
|
168.7
|
|
|
137.4
|
|
|
831.7
|
|
|
1,289.0
|
|
||||||
Accumulated impairment losses
|
(13.2
|
)
|
|
—
|
|
|
(168.7
|
)
|
|
(108.8
|
)
|
|
—
|
|
|
(290.7
|
)
|
||||||
Balance at December 31, 2016
|
$
|
100.8
|
|
|
$
|
37.2
|
|
|
$
|
—
|
|
|
$
|
28.6
|
|
|
$
|
831.7
|
|
|
$
|
998.3
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Internally-developed
software |
$
|
151.0
|
|
|
$
|
(53.2
|
)
|
|
$
|
97.8
|
|
|
$
|
92.4
|
|
|
$
|
(48.5
|
)
|
|
$
|
43.9
|
|
Development costs non-software
|
48.4
|
|
|
(9.7
|
)
|
|
38.7
|
|
|
1.1
|
|
|
(0.6
|
)
|
|
0.5
|
|
||||||
Customer relationships
|
621.7
|
|
|
(25.4
|
)
|
|
596.3
|
|
|
1.8
|
|
|
(0.3
|
)
|
|
1.5
|
|
||||||
Other intangibles
|
85.3
|
|
|
(45.2
|
)
|
|
40.1
|
|
|
58.9
|
|
|
(37.3
|
)
|
|
21.6
|
|
||||||
Total
|
$
|
906.4
|
|
|
$
|
(133.5
|
)
|
|
$
|
772.9
|
|
|
$
|
154.2
|
|
|
$
|
(86.7
|
)
|
|
$
|
67.5
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Notes payable – current
|
|
|
|
||||
Uncommitted lines of credit
|
$
|
9.4
|
|
|
$
|
19.2
|
|
Term Loan A Facility
|
17.3
|
|
|
11.5
|
|
||
Term Loan B Facility - USD
|
10.0
|
|
|
—
|
|
||
Term Loan B Facility - Euro
|
3.7
|
|
|
—
|
|
||
European Investment Bank
|
63.1
|
|
|
—
|
|
||
Other
|
3.4
|
|
|
1.3
|
|
||
|
$
|
106.9
|
|
|
$
|
32.0
|
|
Long-term debt
|
|
|
|
||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
168.0
|
|
Term Loan A Facility
|
201.3
|
|
|
218.5
|
|
||
Term Loan B Facility - USD
|
787.5
|
|
|
—
|
|
||
Term Loan B Facility - Euro
|
363.5
|
|
|
—
|
|
||
2024 Senior Notes
|
400.0
|
|
|
—
|
|
||
2006 Senior Notes
|
—
|
|
|
225.0
|
|
||
Other
|
0.8
|
|
|
1.6
|
|
||
|
1,753.1
|
|
|
613.1
|
|
||
Long-term deferred financing fees
|
(61.7
|
)
|
|
(6.9
|
)
|
||
|
$
|
1,691.4
|
|
|
$
|
606.2
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Revolving debt borrowings (repayments), net
|
$
|
(178.0
|
)
|
|
$
|
155.8
|
|
|
|
|
|
||||
Proceeds from Term Loan B Facility ($1,000.0) under the Credit Agreement
|
$
|
990.0
|
|
|
$
|
—
|
|
Proceeds from Term Loan B Facility (€350.0) under the Credit Agreement
|
398.1
|
|
|
—
|
|
||
Proceeds from 2024 Senior Notes
|
393.0
|
|
|
—
|
|
||
International short-term uncommitted lines of credit borrowings
|
56.6
|
|
|
135.8
|
|
||
Other debt borrowings
|
$
|
1,837.7
|
|
|
$
|
135.8
|
|
|
|
|
|
||||
Payments on 2006 Senior Notes
|
$
|
(225.0
|
)
|
|
$
|
(9.9
|
)
|
Payments on Term Loan A Facility under the Credit Agreement
|
(11.5
|
)
|
|
(2.9
|
)
|
||
Payments on Term Loan B Facility - USD under the Credit Agreement
|
(202.5
|
)
|
|
—
|
|
||
Payments on Term Loan B Facility - Euro under the Credit Agreement
|
(0.9
|
)
|
|
—
|
|
||
International short-term uncommitted lines of credit and other repayments
|
(222.6
|
)
|
|
(155.9
|
)
|
||
Other debt repayments
|
$
|
(662.5
|
)
|
|
$
|
(168.7
|
)
|
•
|
a maximum total net debt to adjusted EBITDA leverage ratio of
4.50
as of
December 31, 2016
(reducing to
4.25
on December 31, 2017, further reduced to
4.00
on December 31, 2018, and further reduced to
3.75
on June 30, 2019); and
|
•
|
a minimum adjusted EBITDA to net interest expense coverage ratio of not less than
3.00
|
Affirmative Covenants
|
|
Negative Covenants - Limitations on
|
pay principal and interest on time
|
|
merger, consolidation and fundamental changes
|
mandatory prepayments
|
|
sale of assets
|
timely financial reporting (including compliance certificate)
|
|
investments and acquisitions
|
use of proceeds
|
|
liens and security interests
|
notice of defaults
|
|
transactions with affiliates
|
continue with line of business
|
|
dividends and other restricted payments
|
paying taxes
|
|
negative pledge clause
|
maintain insurance
|
|
restrictions on subsidiary distributions
|
compliance with applicable laws
|
|
hedges for financial speculation
|
maintain property and title to property
|
|
receivable indebtedness
|
provide updates to guaranties and collateral when acquiring new assets or subsidiaries
|
|
incurrence of indebtedness (secured, unsecured and subordinated)
|
engage in periodic credit rating reviews
|
|
payments of junior/unsecured/subordinated debt
|
perfecting security interest on material U.S. based assets
|
|
organizational documents amendments
|
Financing and Replacement Facilities
|
|
Interest Rate
Index and Margin
|
|
Maturity/Termination Dates
|
|
Term (Years)
|
Credit Agreement facilities
|
|
|
|
|
|
|
Revolving Facility
|
|
LIBOR + 1.75%
|
|
December 2020
|
|
5
|
Term Loan A Facility
|
|
LIBOR + 1.75%
|
|
December 2020
|
|
5
|
Delayed Draw Term Loan A
|
|
LIBOR + 1.75%
|
|
December 2020
|
|
5
|
Term Loan B Facility ($1,000.0)
|
|
LIBOR
(i)
+ 4.50%
|
|
November 2023
|
|
7.5
|
Term Loan B Facility (€350.0)
|
|
EURIBOR
(ii)
+ 4.25%
|
|
November 2023
|
|
7.5
|
2024 Senior Notes
|
|
8.5%
|
|
April 2024
|
|
8
|
(i)
|
LIBOR with a floor of 0.75 percent
.
|
(ii)
|
EURIBOR with a floor of 0.75 percent
.
|
|
Maturities of
Long-Term Debt |
||
2017
|
$
|
—
|
|
2018
|
37.6
|
|
|
2019
|
42.4
|
|
|
2020
|
163.2
|
|
|
Thereafter
|
1,509.9
|
|
|
|
$
|
1,753.1
|
|
•
|
In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany 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. Insured events include disability, death and reaching of retirement age.
|
•
|
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 are disability, death and reaching of retirement age.
|
•
|
In the Netherlands, there is an average career salary plan, which is employer- and employee-financed and handled by an external fund. Insured events are disability, death and reaching of retirement age. In the Netherlands, the plan assets are currently invested in a company pension fund. During the fourth quarter of 2016, the Company recognized a curtailment gain of
$4.6
related to its Netherlands' SecurCash B.V. plan due to a restructuring and cessation of accruals in the plan as of December 31, 2016. A transfer to an industry-wide pension fund is planned for the next fiscal year.
|
|
Retirement Benefits
|
|
Other Benefits
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Change in benefit obligation
|
|
|
|
|
|
|
|
||||||||
Benefit obligation at beginning of year
|
$
|
546.4
|
|
|
$
|
578.0
|
|
|
$
|
12.7
|
|
|
$
|
14.5
|
|
Service cost
|
9.0
|
|
|
3.7
|
|
|
—
|
|
|
—
|
|
||||
Interest cost
|
27.4
|
|
|
23.8
|
|
|
0.5
|
|
|
0.6
|
|
||||
Actuarial (gain) loss
|
(33.0
|
)
|
|
(29.6
|
)
|
|
(1.3
|
)
|
|
(1.4
|
)
|
||||
Plan participant contributions
|
0.9
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Medicare retiree drug subsidy reimbursements
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||
Benefits paid
|
(35.1
|
)
|
|
(29.3
|
)
|
|
(1.1
|
)
|
|
(1.3
|
)
|
||||
Curtailment
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency impact
|
(34.7
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
||||
Acquired benefit plans
|
625.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Benefit obligation at end of year
|
1,101.4
|
|
|
546.4
|
|
|
10.8
|
|
|
12.7
|
|
||||
Change in plan assets
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
347.9
|
|
|
364.2
|
|
|
—
|
|
|
—
|
|
||||
Actual return on plan assets
|
18.1
|
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
8.7
|
|
|
13.6
|
|
|
1.1
|
|
|
1.2
|
|
||||
Plan participant contributions
|
0.9
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Benefits paid
|
(35.1
|
)
|
|
(29.3
|
)
|
|
(1.1
|
)
|
|
(1.3
|
)
|
||||
Foreign currency impact
|
(30.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Acquired benefit plans
|
524.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets at end of year
|
834.6
|
|
|
347.9
|
|
|
—
|
|
|
—
|
|
||||
Funded status
|
$
|
(266.8
|
)
|
|
$
|
(198.5
|
)
|
|
$
|
(10.8
|
)
|
|
$
|
(12.7
|
)
|
Amounts recognized in balance sheets
|
|
|
|
|
|
|
|
||||||||
Noncurrent assets
|
$
|
15.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current liabilities
|
6.8
|
|
|
3.5
|
|
|
1.1
|
|
|
1.2
|
|
||||
Noncurrent liabilities
(1)
|
275.7
|
|
|
195.0
|
|
|
9.7
|
|
|
11.3
|
|
||||
Accumulated other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Unrecognized net actuarial loss
(2)
|
(142.3
|
)
|
|
(167.5
|
)
|
|
(1.1
|
)
|
|
(2.5
|
)
|
||||
Unrecognized prior service benefit (cost)
(2)
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
0.1
|
|
||||
Net amount recognized
|
$
|
124.4
|
|
|
$
|
30.9
|
|
|
$
|
9.7
|
|
|
$
|
10.1
|
|
Change in accumulated other comprehensive loss
|
|
|
|
|
|
|
|||||||||
Balance at beginning of year
|
$
|
(167.6
|
)
|
|
$
|
(176.2
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
(4.1
|
)
|
Prior service credit recognized during the year
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||
Net actuarial losses recognized during the year
|
5.6
|
|
|
6.6
|
|
|
0.2
|
|
|
0.3
|
|
||||
Net actuarial gains (losses) occurring during the year
|
25.5
|
|
|
2.0
|
|
|
1.3
|
|
|
1.4
|
|
||||
Net actuarial gains (losses) recognized due to curtailment
|
(4.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency impact
|
(1.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at end of year
|
$
|
(142.4
|
)
|
|
$
|
(167.6
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(2.6
|
)
|
(1)
|
Included in the consolidated balance sheets in pensions and other benefits and other post-retirement benefits are international plans.
|
(2)
|
Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost.
|
|
Retirement Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Service cost
|
$
|
9.0
|
|
|
$
|
3.7
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
27.4
|
|
|
23.8
|
|
|
23.0
|
|
|
0.5
|
|
|
0.6
|
|
|
0.6
|
|
||||||
Expected return on plan assets
|
(30.5
|
)
|
|
(27.0
|
)
|
|
(25.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
(1)
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||||||
Recognized net actuarial loss
|
5.5
|
|
|
6.6
|
|
|
3.0
|
|
|
0.2
|
|
|
0.3
|
|
|
0.2
|
|
||||||
Curtailment gain
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost
|
$
|
6.8
|
|
|
$
|
7.1
|
|
|
$
|
2.9
|
|
|
$
|
0.7
|
|
|
$
|
0.7
|
|
|
$
|
0.6
|
|
(1)
|
The annual amortization of prior service cost is determined as the increase in projected benefit obligation due to the plan change divided by the average remaining service period of participating employees expected to receive benefits under the plan.
|
|
2016
|
|
2015
|
||||
Projected benefit obligation
|
$
|
1,101.4
|
|
|
$
|
546.4
|
|
Accumulated benefit obligation
|
$
|
1,092.7
|
|
|
$
|
546.1
|
|
Fair value of plan assets
|
$
|
834.6
|
|
|
$
|
347.9
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Discount rate
|
2.94
|
%
|
|
4.62
|
%
|
|
4.62
|
%
|
|
4.62
|
%
|
Rate of compensation increase
|
2.52
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Discount rate
|
2.77
|
%
|
|
4.21
|
%
|
|
4.62
|
%
|
|
4.21
|
%
|
Expected long-term return on plan assets
|
4.19
|
%
|
|
7.75
|
%
|
|
N/A
|
|
|
N/A
|
|
Rate of compensation increase
|
2.49
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
2016
|
|
2015
|
||
Healthcare cost trend rate assumed for next year
|
7.0
|
%
|
|
7.0
|
%
|
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
|
5.0
|
%
|
|
5.0
|
%
|
Year that rate reaches ultimate trend rate
|
2025
|
|
|
2020
|
|
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash and other
|
|
$
|
95.7
|
|
|
$
|
95.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
|
89.8
|
|
|
89.8
|
|
|
—
|
|
|
—
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. mid cap value
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
||||
U.S. small cap core
|
|
16.9
|
|
|
16.9
|
|
|
—
|
|
|
—
|
|
||||
International developed markets
|
|
46.1
|
|
|
46.1
|
|
|
—
|
|
|
—
|
|
||||
Fixed income securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. corporate bonds
|
|
44.8
|
|
|
—
|
|
|
44.8
|
|
|
—
|
|
||||
International corporate bonds
|
|
77.3
|
|
|
—
|
|
|
77.3
|
|
|
—
|
|
||||
U.S. government
|
|
7.7
|
|
|
—
|
|
|
7.7
|
|
|
—
|
|
||||
Other fixed income
|
|
6.9
|
|
|
—
|
|
|
6.9
|
|
|
—
|
|
||||
Emerging markets
|
|
16.5
|
|
|
—
|
|
|
16.5
|
|
|
—
|
|
||||
Common collective trusts
|
|
|
|
|
|
|
|
|
||||||||
Real estate (a)
|
|
22.4
|
|
|
—
|
|
|
4.3
|
|
|
18.1
|
|
||||
Other (b)
|
|
148.4
|
|
|
—
|
|
|
148.4
|
|
|
—
|
|
||||
Alternative investments
|
|
|
|
|
|
|
|
|
||||||||
Multi-strategy hedge funds (c)
|
|
20.4
|
|
|
—
|
|
|
2.1
|
|
|
18.3
|
|
||||
Private equity funds (d)
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
||||
Other alternative investments (e)
|
|
229.9
|
|
|
—
|
|
|
—
|
|
|
229.9
|
|
||||
Fair value of plan assets at end of year
|
|
$
|
834.6
|
|
|
$
|
248.6
|
|
|
$
|
308.0
|
|
|
$
|
278.0
|
|
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash and other
|
|
$
|
3.4
|
|
|
$
|
3.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
|
14.7
|
|
|
14.7
|
|
|
—
|
|
|
—
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. mid cap value
|
|
13.2
|
|
|
13.2
|
|
|
—
|
|
|
—
|
|
||||
U.S. small cap core
|
|
16.9
|
|
|
16.9
|
|
|
—
|
|
|
—
|
|
||||
International developed markets
|
|
34.0
|
|
|
34.0
|
|
|
—
|
|
|
—
|
|
||||
Fixed income securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. corporate bonds
|
|
47.4
|
|
|
—
|
|
|
47.4
|
|
|
—
|
|
||||
International corporate bonds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
U.S. government
|
|
3.3
|
|
|
—
|
|
|
3.3
|
|
|
—
|
|
||||
Other fixed income
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
||||
Emerging markets
|
|
17.8
|
|
|
—
|
|
|
17.8
|
|
|
—
|
|
||||
Common collective trusts
|
|
|
|
|
|
|
|
|
||||||||
Real estate (a)
|
|
19.6
|
|
|
—
|
|
|
—
|
|
|
19.6
|
|
||||
Other (b)
|
|
143.4
|
|
|
—
|
|
|
143.4
|
|
|
—
|
|
||||
Alternative investments
|
|
|
|
|
|
|
|
|
||||||||
Multi-strategy hedge funds (c)
|
|
17.2
|
|
|
—
|
|
|
—
|
|
|
17.2
|
|
||||
Private equity funds (d)
|
|
16.5
|
|
|
—
|
|
|
—
|
|
|
16.5
|
|
||||
Fair value of plan assets at end of year
|
|
$
|
347.9
|
|
|
$
|
82.2
|
|
|
$
|
212.4
|
|
|
$
|
53.3
|
|
(a)
|
Real estate common collective trust.
The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of
December 31, 2016
, investments in this CCT included approximately
39 percent
office,
20 percent
residential,
25 percent
retail and
16 percent
industrial, cash and other. As of
December 31, 2015
, investments in this CCT included approximately
48 percent
office,
20 percent
residential,
24 percent
retail and
8 percent
industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a
45-day notice
.
|
(b)
|
Other common collective trusts.
At
December 31, 2016
, approximately
60 percent
of the other CCTs are invested in fixed income securities including approximately
22 percent
in mortgage-backed securities,
58 percent
in corporate bonds and
20 percent
in U.S. Treasury and other. Approximately
40 percent
of the other CCTs at
December 31, 2016
are invested in Russell 1000 Fund large cap index funds. At
December 31, 2015
, approximately
59 percent
of the other CCTs are invested in fixed-income securities including approximately
25 percent
in mortgage-backed securities,
45 percent
in corporate bonds and
30 percent
in U.S. Treasury and other. Approximately
41 percent
of the other CCTs at
December 31, 2015
are invested in Russell 1000 Fund large cap index funds. Investments in fixed-income securities can be redeemed
daily
.
|
(c)
|
Multi-strategy hedge funds.
The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At
December 31, 2016
and
2015
, investments in this class include approximately
43 percent
and
53 percent
long/short equity, respectively,
50 percent
and
40 percent
arbitrage and event investments, respectively, and
7 percent
and
7 percent
in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with
a 95-day notice
.
|
(d)
|
Private equity funds.
The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of
December 31, 2016
and
2015
, investments in these private equity funds include approximately
43 percent
and
50 percent
, respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately
26 percent
and
25 percent
, respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately
31 percent
and
25 percent
respectively, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At
December 31, 2016
and
2015
, the Company had unfunded commitments of underlying funds of
$5.5
in both years.
|
(e)
|
Other alternative investments.
Following the Acquisition, the Company’s plan assets were expanded with a combination of insurance contracts, multi-strategy investment funds and company-owned real estate. The fair value for these assets is determined based on the NAV as reported by the underlying investment manager, insurance companies and the trustees of the German Contractual Trust Agreement (CTA).
|
|
|
2016
|
|
2015
|
||||
Balance, January 1
|
|
$
|
53.3
|
|
|
$
|
54.1
|
|
Dispositions
|
|
(8.3
|
)
|
|
(6.1
|
)
|
||
Realized and unrealized gain, net
|
|
2.5
|
|
|
5.3
|
|
||
Acquisition
|
|
230.5
|
|
|
—
|
|
||
Balance, December 31
|
|
$
|
278.0
|
|
|
$
|
53.3
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||
Amount of net prior service credit
|
$
|
—
|
|
|
$
|
—
|
|
Amount of net loss
|
$
|
5.6
|
|
|
$
|
0.1
|
|
|
Pension Benefits
|
|
Other Benefits
|
|
Other Benefits
after Medicare Part D Subsidy |
||||||
2017
|
$
|
52.0
|
|
|
$
|
1.2
|
|
|
$
|
1.0
|
|
2018
|
$
|
52.8
|
|
|
$
|
1.1
|
|
|
$
|
1.0
|
|
2019
|
$
|
53.9
|
|
|
$
|
1.1
|
|
|
$
|
1.0
|
|
2020
|
$
|
53.9
|
|
|
$
|
1.0
|
|
|
$
|
0.9
|
|
2021
|
$
|
53.8
|
|
|
$
|
1.0
|
|
|
$
|
0.9
|
|
2022-2026
|
$
|
276.5
|
|
|
$
|
4.2
|
|
|
$
|
3.8
|
|
|
Total
|
|
Real Estate
|
|
Vehicles and Equipment (a)
|
||||||
2017
|
$
|
88.6
|
|
|
$
|
55.7
|
|
|
$
|
32.9
|
|
2018
|
55.5
|
|
|
37.0
|
|
|
18.5
|
|
|||
2019
|
35.9
|
|
|
26.7
|
|
|
9.2
|
|
|||
2020
|
19.3
|
|
|
17.0
|
|
|
2.3
|
|
|||
2021
|
15.3
|
|
|
13.6
|
|
|
1.7
|
|
|||
Thereafter
|
15.6
|
|
|
15.6
|
|
|
—
|
|
|||
|
$
|
230.2
|
|
|
$
|
165.6
|
|
|
$
|
64.6
|
|
(a)
|
The Company leases vehicles with contractual terms of
36
to
60 months
that are cancellable after
12 months
without penalty. Future minimum lease payments reflect only the minimum payments during the initial
12-month non-cancellable term
.
|
|
2016
|
|
2015
|
||||
Balance at January 1
|
$
|
73.6
|
|
|
$
|
113.3
|
|
Current period accruals
|
51.2
|
|
|
35.7
|
|
||
Current period settlements
|
(73.5
|
)
|
|
(49.1
|
)
|
||
Acquired warranty accruals
|
43.8
|
|
|
—
|
|
||
Currency translation
|
4.3
|
|
|
(26.3
|
)
|
||
Balance at December 31
|
$
|
99.4
|
|
|
$
|
73.6
|
|
Derivative instrument
|
|
Classification on consolidated statement of operations
|
|
2016
|
|
2015
|
|
2014
|
||||||
Non-designated hedges and interest rate swaps
|
|
Interest expense
|
|
$
|
(5.1
|
)
|
|
$
|
(4.2
|
)
|
|
$
|
(6.3
|
)
|
Gain (loss) on foreign currency option contracts - acquisition related
|
|
Miscellaneous, net
|
|
35.6
|
|
|
7.0
|
|
|
—
|
|
|||
Foreign exchange forward contracts and cash flow hedges
|
|
Foreign exchange gain (loss), net
|
|
4.4
|
|
|
10.7
|
|
|
21.1
|
|
|||
Foreign exchange forward contracts - acquisition related
|
|
Miscellaneous, net
|
|
(26.4
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
|
|
|
$
|
8.5
|
|
|
$
|
13.5
|
|
|
$
|
14.8
|
|
Foreign Currency Derivative
|
|
Number of Instruments
|
|
Notional Sold
|
|
Notional Purchased
|
|||||
Currency forward agreements (EUR-USD)
|
|
18
|
|
|
54.0
|
|
USD
|
|
48.4
|
|
EUR
|
Currency forward agreements (EUR-GBP)
|
|
13
|
|
|
36.7
|
|
GBP
|
|
45.0
|
|
EUR
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Classification on consolidated balance sheets
|
|
|
|
Fair Value Measurements Using
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Certificates of deposit
|
Short-term investments
|
|
$
|
64.1
|
|
|
$
|
64.1
|
|
|
$
|
—
|
|
|
$
|
39.9
|
|
|
$
|
39.9
|
|
|
$
|
—
|
|
Foreign exchange forward contracts
|
Other current assets
|
|
7.2
|
|
|
—
|
|
|
7.2
|
|
|
3.5
|
|
|
—
|
|
|
3.5
|
|
||||||
Foreign exchange option contracts
|
Other current assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.0
|
|
|
—
|
|
|
7.0
|
|
||||||
Assets held in rabbi trusts
|
Securities and other investments
|
|
8.5
|
|
|
8.5
|
|
|
—
|
|
|
9.3
|
|
|
9.3
|
|
|
—
|
|
||||||
Interest rate swaps
|
Securities and other investments
|
|
8.4
|
|
|
—
|
|
|
8.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
|
$
|
88.2
|
|
|
$
|
72.6
|
|
|
$
|
15.6
|
|
|
$
|
59.7
|
|
|
$
|
49.2
|
|
|
$
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign exchange forward contracts
|
Other current liabilities
|
|
$
|
7.7
|
|
|
$
|
—
|
|
|
$
|
7.7
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
Interest rate swaps
|
Other current liabilities
|
|
6.9
|
|
|
—
|
|
|
6.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Deferred compensation
|
Other liabilities
|
|
8.5
|
|
|
8.5
|
|
|
—
|
|
|
9.3
|
|
|
9.3
|
|
|
—
|
|
||||||
Total
|
|
|
$
|
23.1
|
|
|
$
|
8.5
|
|
|
$
|
14.6
|
|
|
$
|
10.8
|
|
|
$
|
9.3
|
|
|
$
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
||||||||
Notes payable
|
$
|
106.9
|
|
|
$
|
106.9
|
|
|
$
|
32.0
|
|
|
$
|
32.0
|
|
|
|
|
|
|
|
|
|
||||||||
Revolving credit facility
|
—
|
|
|
—
|
|
|
168.0
|
|
|
168.0
|
|
||||
Term Loan A Facility
|
201.3
|
|
|
201.3
|
|
|
218.5
|
|
|
218.5
|
|
||||
Term Loan B Facility - USD
|
787.5
|
|
|
787.5
|
|
|
—
|
|
|
—
|
|
||||
Term Loan B Facility - Euro
|
363.5
|
|
|
363.5
|
|
|
—
|
|
|
—
|
|
||||
2024 Senior Notes
|
426.0
|
|
|
400.0
|
|
|
—
|
|
|
—
|
|
||||
2006 Senior Notes
|
—
|
|
|
—
|
|
|
225.0
|
|
|
225.0
|
|
||||
Other
|
0.8
|
|
|
0.8
|
|
|
1.6
|
|
|
1.6
|
|
||||
Long-term deferred financing fees
|
(61.7
|
)
|
|
(61.7
|
)
|
|
(6.9
|
)
|
|
(6.9
|
)
|
||||
Long-term debt
|
1,717.4
|
|
|
1,691.4
|
|
|
606.2
|
|
|
606.2
|
|
||||
Total debt instruments
|
$
|
1,824.3
|
|
|
$
|
1,798.3
|
|
|
$
|
638.2
|
|
|
$
|
638.2
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cost of sales - services
|
$
|
18.4
|
|
|
$
|
3.1
|
|
|
$
|
0.5
|
|
Cost of sales - products
|
7.1
|
|
|
1.4
|
|
|
1.2
|
|
|||
Selling and administrative expense
|
28.8
|
|
|
16.1
|
|
|
—
|
|
|||
Research, development and engineering expense
|
5.1
|
|
|
0.6
|
|
|
9.9
|
|
|||
Total
|
$
|
59.4
|
|
|
$
|
21.2
|
|
|
$
|
11.6
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Severance
|
|
|
|
|
|
||||||
NA
|
$
|
2.8
|
|
|
$
|
0.7
|
|
|
$
|
0.8
|
|
AP
|
7.8
|
|
|
1.2
|
|
|
0.4
|
|
|||
EMEA
|
17.0
|
|
|
3.8
|
|
|
0.5
|
|
|||
LA
|
11.2
|
|
|
5.6
|
|
|
6.6
|
|
|||
Corporate
|
20.6
|
|
|
9.9
|
|
|
3.3
|
|
|||
Total
|
$
|
59.4
|
|
|
$
|
21.2
|
|
|
$
|
11.6
|
|
|
Severance
|
|
Other
|
||||||||||||||||
|
Multi-year transformation plan
|
|
Integration Plan
|
|
Delta Program
|
|
Strategic Alliance
|
|
Multi-year transformation plan
|
||||||||||
NA
|
$
|
8.9
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.0
|
|
AP
|
4.6
|
|
|
2.1
|
|
|
—
|
|
|
5.7
|
|
|
0.6
|
|
|||||
EMEA
|
6.7
|
|
|
14.8
|
|
|
1.1
|
|
|
—
|
|
|
0.9
|
|
|||||
LA
|
24.3
|
|
|
6.8
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|||||
Corporate
|
60.5
|
|
|
16.7
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
105.0
|
|
|
$
|
42.8
|
|
|
$
|
3.2
|
|
|
$
|
5.7
|
|
|
$
|
3.5
|
|
Balance at January 1, 2014
|
$
|
31.7
|
|
Liabilities incurred
|
11.6
|
|
|
Liabilities paid/settled
|
(35.7
|
)
|
|
Balance at December 31, 2014
|
$
|
7.6
|
|
Liabilities incurred
|
21.2
|
|
|
Liabilities paid/settled
|
(24.1
|
)
|
|
Balance at December 31, 2015
|
$
|
4.7
|
|
Liabilities incurred
|
59.4
|
|
|
Liabilities acquired
|
45.5
|
|
|
Liabilities paid/settled
|
(19.7
|
)
|
|
Balance at December 31, 2016
|
$
|
89.9
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Revenue summary by segment
|
|
|
|
|
|
||||||
NA
|
$
|
1,118.2
|
|
|
$
|
1,094.5
|
|
|
$
|
1,091.4
|
|
AP
|
470.0
|
|
|
439.6
|
|
|
500.3
|
|
|||
EMEA
|
1,181.2
|
|
|
393.1
|
|
|
421.2
|
|
|||
LA
|
546.9
|
|
|
492.1
|
|
|
721.9
|
|
|||
Total customer revenues
|
$
|
3,316.3
|
|
|
$
|
2,419.3
|
|
|
$
|
2,734.8
|
|
|
|
|
|
|
|
||||||
Intersegment revenues
|
|
|
|
|
|
||||||
NA
|
$
|
52.1
|
|
|
$
|
81.4
|
|
|
$
|
68.4
|
|
AP
|
80.7
|
|
|
99.7
|
|
|
85.4
|
|
|||
EMEA
|
84.6
|
|
|
73.4
|
|
|
56.6
|
|
|||
LA
|
0.8
|
|
|
0.5
|
|
|
0.5
|
|
|||
Total intersegment revenues
|
$
|
218.2
|
|
|
$
|
255.0
|
|
|
$
|
210.9
|
|
|
|
|
|
|
|
||||||
Segment operating profit
|
|
|
|
|
|
||||||
NA
|
$
|
214.3
|
|
|
$
|
250.1
|
|
|
$
|
266.3
|
|
AP
|
52.6
|
|
|
63.1
|
|
|
66.4
|
|
|||
EMEA
|
115.8
|
|
|
55.3
|
|
|
61.4
|
|
|||
LA
|
53.3
|
|
|
37.4
|
|
|
68.7
|
|
|||
Total segment operating profit
|
$
|
436.0
|
|
|
$
|
405.9
|
|
|
$
|
462.8
|
|
|
|
|
|
|
|
|
|
|
|||
Corporate charges not allocated to segments
(1)
|
(277.3
|
)
|
|
(270.8
|
)
|
|
(296.6
|
)
|
|||
Impairment of assets
|
(9.8
|
)
|
|
(18.9
|
)
|
|
(2.1
|
)
|
|||
Restructuring charges
|
(59.4
|
)
|
|
(21.2
|
)
|
|
(11.6
|
)
|
|||
Net non-routine income (expense)
|
(249.3
|
)
|
|
(36.4
|
)
|
|
12.5
|
|
|||
|
(595.8
|
)
|
|
(347.3
|
)
|
|
(297.8
|
)
|
|||
Operating profit (loss)
|
(159.8
|
)
|
|
58.6
|
|
|
165.0
|
|
|||
Other income (expense)
|
(78.5
|
)
|
|
(12.8
|
)
|
|
(10.3
|
)
|
|||
Income (loss) from continuing operations before taxes
|
$
|
(238.3
|
)
|
|
$
|
45.8
|
|
|
$
|
154.7
|
|
(1)
|
Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Segment depreciation and amortization expense
|
|
|
|
|
|
||||||
NA
|
$
|
9.8
|
|
|
$
|
9.7
|
|
|
$
|
8.7
|
|
AP
|
8.7
|
|
|
6.9
|
|
|
7.7
|
|
|||
EMEA
|
23.4
|
|
|
3.1
|
|
|
4.0
|
|
|||
LA
|
6.4
|
|
|
6.9
|
|
|
12.0
|
|
|||
Total segment depreciation and amortization expense
|
48.3
|
|
|
26.6
|
|
|
32.4
|
|
|||
Corporate depreciation and amortization expense
|
86.5
|
|
|
37.4
|
|
|
41.0
|
|
|||
Total depreciation and amortization expense
|
$
|
134.8
|
|
|
$
|
64.0
|
|
|
$
|
73.4
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Segment property, plant and equipment, at cost
|
|
|
|
|
|
|
||||||
NA
|
|
$
|
111.0
|
|
|
$
|
110.7
|
|
|
$
|
120.6
|
|
AP
|
|
58.9
|
|
|
53.3
|
|
|
46.9
|
|
|||
EMEA
|
|
178.2
|
|
|
35.2
|
|
|
38.2
|
|
|||
LA
|
|
59.1
|
|
|
51.9
|
|
|
78.7
|
|
|||
Total segment property, plant and equipment, at cost
|
|
407.2
|
|
|
251.1
|
|
|
284.4
|
|
|||
Corporate property, plant and equipment, at cost, not allocated to segments
|
|
456.8
|
|
|
357.9
|
|
|
320.4
|
|
|||
Total property, plant and equipment, at cost
|
|
$
|
864.0
|
|
|
$
|
609.0
|
|
|
$
|
604.8
|
|
Revenue summary by service and product solution
|
|
2016
|
|
2015
|
|
2014
|
||||||
Financial self-service
|
|
|
|
|
|
|
||||||
Services
|
|
$
|
1,504.0
|
|
|
$
|
1,185.0
|
|
|
$
|
1,219.9
|
|
Products
|
|
1,022.5
|
|
|
923.7
|
|
|
977.3
|
|
|||
Total financial self-service
|
|
2,526.5
|
|
|
2,108.7
|
|
|
2,197.2
|
|
|||
Retail
|
|
|
|
|
|
|
||||||
Services
|
|
202.5
|
|
|
—
|
|
|
—
|
|
|||
Products
|
|
235.6
|
|
|
—
|
|
|
—
|
|
|||
Total retail
|
|
438.1
|
|
|
—
|
|
|
—
|
|
|||
Security
|
|
|
|
|
|
|
||||||
Services
|
|
201.4
|
|
|
209.3
|
|
|
212.9
|
|
|||
Products
|
|
72.0
|
|
|
83.5
|
|
|
99.5
|
|
|||
Total security
|
|
273.4
|
|
|
292.8
|
|
|
312.4
|
|
|||
Brazil other
|
|
78.3
|
|
|
17.8
|
|
|
225.2
|
|
|||
|
|
$
|
3,316.3
|
|
|
$
|
2,419.3
|
|
|
$
|
2,734.8
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net sales
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
1,020.1
|
|
|
$
|
1,014.3
|
|
|
$
|
1,035.9
|
|
Brazil
|
|
263.0
|
|
|
211.5
|
|
|
482.5
|
|
|||
China
|
|
175.2
|
|
|
279.0
|
|
|
314.2
|
|
|||
Other international
|
|
1,858.0
|
|
|
914.5
|
|
|
902.2
|
|
|||
Total net sales
|
|
$
|
3,316.3
|
|
|
$
|
2,419.3
|
|
|
$
|
2,734.8
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Property, plant and equipment, net
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
111.2
|
|
|
$
|
130.4
|
|
|
$
|
116.5
|
|
Germany
|
|
199.7
|
|
|
—
|
|
|
—
|
|
|||
Brazil
|
|
18.4
|
|
|
12.9
|
|
|
17.2
|
|
|||
Other international
|
|
57.7
|
|
|
32.0
|
|
|
32.0
|
|
|||
Total property, plant and equipment, net
|
|
$
|
387.0
|
|
|
$
|
175.3
|
|
|
$
|
165.7
|
|
|
Years ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net sales
|
|
|
|
|
|
||||||
Services
|
$
|
16.3
|
|
|
$
|
221.5
|
|
|
$
|
204.8
|
|
Products
|
8.5
|
|
|
127.0
|
|
|
111.4
|
|
|||
|
24.8
|
|
|
348.5
|
|
|
316.2
|
|
|||
Cost of sales
|
|
|
|
|
|
||||||
Services
|
15.1
|
|
|
181.1
|
|
|
172.6
|
|
|||
Products
|
6.9
|
|
|
102.2
|
|
|
90.5
|
|
|||
|
22.0
|
|
|
283.3
|
|
|
263.1
|
|
|||
Gross profit
|
2.8
|
|
|
65.2
|
|
|
53.1
|
|
|||
Selling and administrative expense
|
4.8
|
|
|
39.7
|
|
|
37.2
|
|
|||
Income (loss) from discontinued operations before taxes
|
(2.0
|
)
|
|
25.5
|
|
|
15.9
|
|
|||
Income tax (benefit) expense
|
(0.7
|
)
|
|
9.6
|
|
|
6.2
|
|
|||
|
(1.3
|
)
|
|
15.9
|
|
|
9.7
|
|
|||
|
|
|
|
|
|
||||||
Gain on sale of discontinued operations before taxes
|
239.5
|
|
|
—
|
|
|
—
|
|
|||
Income tax (benefit) expense
|
94.5
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of discontinued operations, net of tax
|
145.0
|
|
|
—
|
|
|
—
|
|
|||
Income from discontinued operations, net of tax
|
$
|
143.7
|
|
|
$
|
15.9
|
|
|
$
|
9.7
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Net sales
|
$
|
509.6
|
|
|
$
|
574.8
|
|
|
$
|
580.0
|
|
|
$
|
644.5
|
|
|
$
|
983.3
|
|
|
$
|
589.6
|
|
|
$
|
1,243.4
|
|
|
$
|
610.4
|
|
Gross profit
|
138.8
|
|
|
159.3
|
|
|
155.1
|
|
|
170.8
|
|
|
197.6
|
|
|
150.3
|
|
|
230.2
|
|
|
171.6
|
|
||||||||
Income (loss) from continuing operations, net of tax
|
20.7
|
|
|
(10.2
|
)
|
|
(20.8
|
)
|
|
19.7
|
|
|
(97.2
|
)
|
|
18.3
|
|
|
(73.4
|
)
|
|
31.7
|
|
||||||||
Income from discontinued operations, net of tax
|
147.8
|
|
|
4.5
|
|
|
0.5
|
|
|
4.3
|
|
|
(4.6
|
)
|
|
4.5
|
|
|
—
|
|
|
2.6
|
|
||||||||
Net income (loss)
|
168.5
|
|
|
(5.7
|
)
|
|
(20.3
|
)
|
|
24.0
|
|
|
(101.8
|
)
|
|
22.8
|
|
|
(73.4
|
)
|
|
34.3
|
|
||||||||
Net income (loss) attributable to noncontrolling interests
|
0.3
|
|
|
(2.9
|
)
|
|
0.8
|
|
|
1.8
|
|
|
0.5
|
|
|
1.1
|
|
|
4.4
|
|
|
1.7
|
|
||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
168.2
|
|
|
$
|
(2.8
|
)
|
|
$
|
(21.1
|
)
|
|
$
|
22.2
|
|
|
$
|
(102.3
|
)
|
|
$
|
21.7
|
|
|
$
|
(77.8
|
)
|
|
$
|
32.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (loss) from continuing operations, net of tax
|
$
|
0.31
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
0.27
|
|
|
$
|
(1.38
|
)
|
|
$
|
0.26
|
|
|
$
|
(1.04
|
)
|
|
$
|
0.46
|
|
Income from discontinued operations, net of tax
|
2.27
|
|
|
0.07
|
|
|
0.01
|
|
|
0.07
|
|
|
(0.06
|
)
|
|
0.07
|
|
|
—
|
|
|
0.04
|
|
||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated (basic)
|
$
|
2.58
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
0.34
|
|
|
$
|
(1.44
|
)
|
|
$
|
0.33
|
|
|
$
|
(1.04
|
)
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Diluted earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (loss) from continuing operations, net of tax
|
$
|
0.31
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
0.27
|
|
|
$
|
(1.38
|
)
|
|
$
|
0.26
|
|
|
$
|
(1.04
|
)
|
|
$
|
0.46
|
|
Income from discontinued operations, net of tax
|
2.25
|
|
|
0.07
|
|
|
0.01
|
|
|
0.07
|
|
|
(0.06
|
)
|
|
0.07
|
|
|
—
|
|
|
0.04
|
|
||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated (diluted)
|
$
|
2.56
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
0.34
|
|
|
$
|
(1.44
|
)
|
|
$
|
0.33
|
|
|
$
|
(1.04
|
)
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic weighted-average shares outstanding
|
65.1
|
|
|
64.7
|
|
|
65.2
|
|
|
64.9
|
|
|
70.9
|
|
|
65.0
|
|
|
75.1
|
|
|
65.0
|
|
||||||||
Diluted weighted-average shares outstanding
|
65.7
|
|
|
64.7
|
|
|
65.2
|
|
|
65.6
|
|
|
70.9
|
|
|
65.6
|
|
|
75.1
|
|
|
65.7
|
|
(i)
|
Diebold Nixdorf, Incorporated (the Parent Company), the issuer of the guaranteed obligations;
|
(ii)
|
Guarantor Subsidiaries, on a combined basis, as specified in the indentures related to the Company's obligations under the 2024 Senior Notes;
|
(iii)
|
Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between the Parent Company, the Guarantor Subsidiaries and the Non-guarantor Subsidiaries, (b) eliminate the investments in our subsidiaries, and (c) record consolidating entries; and
|
(iv)
|
Diebold Nixdorf, Incorporated and Subsidiaries on a consolidated basis.
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|||||||||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
138.4
|
|
|
$
|
2.3
|
|
|
$
|
512.0
|
|
|
$
|
—
|
|
|
$
|
652.7
|
|
Short-term investments
|
—
|
|
|
—
|
|
|
64.1
|
|
|
—
|
|
|
64.1
|
|
|||||
Trade receivables, net
|
119.0
|
|
|
—
|
|
|
717.5
|
|
|
(0.6
|
)
|
|
835.9
|
|
|||||
Intercompany receivables
|
883.0
|
|
|
783.7
|
|
|
480.1
|
|
|
(2,146.8
|
)
|
|
—
|
|
|||||
Inventories
|
110.5
|
|
|
16.2
|
|
|
611.0
|
|
|
—
|
|
|
737.7
|
|
|||||
Deferred income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Prepaid expenses
|
14.7
|
|
|
0.8
|
|
|
45.2
|
|
|
—
|
|
|
60.7
|
|
|||||
Prepaid income taxes
|
0.3
|
|
|
25.4
|
|
|
84.9
|
|
|
(25.4
|
)
|
|
85.2
|
|
|||||
Other current assets
|
3.2
|
|
|
1.6
|
|
|
178.5
|
|
|
—
|
|
|
183.3
|
|
|||||
Total current assets
|
1,269.1
|
|
|
830.0
|
|
|
2,693.3
|
|
|
(2,172.8
|
)
|
|
2,619.6
|
|
|||||
Securities and other investments
|
94.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94.7
|
|
|||||
Property, plant and equipment, net
|
102.7
|
|
|
9.0
|
|
|
275.3
|
|
|
—
|
|
|
387.0
|
|
|||||
Goodwill
|
55.5
|
|
|
—
|
|
|
942.8
|
|
|
—
|
|
|
998.3
|
|
|||||
Deferred income taxes
|
173.1
|
|
|
7.8
|
|
|
128.6
|
|
|
—
|
|
|
309.5
|
|
|||||
Finance lease receivables
|
—
|
|
|
4.8
|
|
|
20.4
|
|
|
—
|
|
|
25.2
|
|
|||||
Intangible assets, net
|
1.8
|
|
|
13.6
|
|
|
757.5
|
|
|
—
|
|
|
772.9
|
|
|||||
Investment in subsidiary
|
2,619.6
|
|
|
—
|
|
|
9.3
|
|
|
(2,628.9
|
)
|
|
—
|
|
|||||
Other assets
|
2.9
|
|
|
0.1
|
|
|
60.1
|
|
|
—
|
|
|
63.1
|
|
|||||
Total assets
|
$
|
4,319.4
|
|
|
$
|
865.3
|
|
|
$
|
4,887.3
|
|
|
$
|
(4,801.7
|
)
|
|
$
|
5,270.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|||||||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Notes payable
|
$
|
30.9
|
|
|
$
|
1.3
|
|
|
$
|
74.7
|
|
|
$
|
—
|
|
|
$
|
106.9
|
|
Accounts payable
|
101.6
|
|
|
1.1
|
|
|
458.4
|
|
|
(0.6
|
)
|
|
560.5
|
|
|||||
Intercompany payable
|
1,376.6
|
|
|
175.9
|
|
|
594.3
|
|
|
(2,146.8
|
)
|
|
—
|
|
|||||
Deferred revenue
|
114.7
|
|
|
0.7
|
|
|
288.8
|
|
|
—
|
|
|
404.2
|
|
|||||
Payroll and other benefits liabilities
|
21.0
|
|
|
1.4
|
|
|
150.1
|
|
|
—
|
|
|
172.5
|
|
|||||
Other current liabilities
|
156.1
|
|
|
3.9
|
|
|
445.8
|
|
|
(25.4
|
)
|
|
580.4
|
|
|||||
Total current liabilities
|
1,800.9
|
|
|
184.3
|
|
|
2,012.1
|
|
|
(2,172.8
|
)
|
|
1,824.5
|
|
|||||
Long-term debt
|
1,690.5
|
|
|
0.4
|
|
|
0.5
|
|
|
—
|
|
|
1,691.4
|
|
|||||
Pensions and other benefits
|
199.3
|
|
|
—
|
|
|
80.1
|
|
|
—
|
|
|
279.4
|
|
|||||
Post-retirement and other benefits
|
13.3
|
|
|
—
|
|
|
4.5
|
|
|
—
|
|
|
17.8
|
|
|||||
Deferred income taxes
|
13.4
|
|
|
—
|
|
|
287.2
|
|
|
—
|
|
|
300.6
|
|
|||||
Other long-term liabilities
|
10.6
|
|
|
—
|
|
|
77.1
|
|
|
—
|
|
|
87.7
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
44.1
|
|
|
—
|
|
|
44.1
|
|
|||||
Total Diebold Nixdorf, Incorporated shareholders' equity
|
591.4
|
|
|
680.6
|
|
|
1,948.3
|
|
|
(2,628.9
|
)
|
|
591.4
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
433.4
|
|
|
—
|
|
|
433.4
|
|
|||||
Total liabilities and equity
|
$
|
4,319.4
|
|
|
$
|
865.3
|
|
|
$
|
4,887.3
|
|
|
$
|
(4,801.7
|
)
|
|
$
|
5,270.3
|
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|||||||||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
20.3
|
|
|
$
|
7.9
|
|
|
$
|
285.4
|
|
|
$
|
—
|
|
|
$
|
313.6
|
|
Short-term investments
|
—
|
|
|
—
|
|
|
39.9
|
|
|
—
|
|
|
39.9
|
|
|||||
Trade receivables, net
|
140.4
|
|
|
4.3
|
|
|
269.2
|
|
|
—
|
|
|
413.9
|
|
|||||
Intercompany receivables
|
828.8
|
|
|
733.6
|
|
|
539.1
|
|
|
(2,101.5
|
)
|
|
—
|
|
|||||
Inventories
|
115.9
|
|
|
17.8
|
|
|
235.6
|
|
|
—
|
|
|
369.3
|
|
|||||
Deferred income taxes
|
103.7
|
|
|
11.2
|
|
|
53.9
|
|
|
—
|
|
|
168.8
|
|
|||||
Prepaid expenses
|
16.4
|
|
|
0.7
|
|
|
6.5
|
|
|
—
|
|
|
23.6
|
|
|||||
Prepaid income taxes
|
—
|
|
|
8.0
|
|
|
18.0
|
|
|
(8.0
|
)
|
|
18.0
|
|
|||||
Current assets held for sale
|
139.2
|
|
|
—
|
|
|
9.0
|
|
|
—
|
|
|
148.2
|
|
|||||
Other current assets
|
15.5
|
|
|
3.5
|
|
|
129.3
|
|
|
—
|
|
|
148.3
|
|
|||||
Total current assets
|
1,380.2
|
|
|
787.0
|
|
|
1,585.9
|
|
|
(2,109.5
|
)
|
|
1,643.6
|
|
|||||
Securities and other investments
|
85.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85.2
|
|
|||||
Property, plant and equipment, net
|
121.1
|
|
|
10.0
|
|
|
44.2
|
|
|
—
|
|
|
175.3
|
|
|||||
Goodwill
|
45.1
|
|
|
—
|
|
|
116.4
|
|
|
—
|
|
|
161.5
|
|
|||||
Deferred income taxes
|
57.1
|
|
|
—
|
|
|
14.6
|
|
|
(6.4
|
)
|
|
65.3
|
|
|||||
Finance lease receivables
|
—
|
|
|
8.1
|
|
|
28.4
|
|
|
—
|
|
|
36.5
|
|
|||||
Intangible assets, net
|
2.4
|
|
|
23.3
|
|
|
41.8
|
|
|
—
|
|
|
67.5
|
|
|||||
Other assets
|
1,404.6
|
|
|
0.2
|
|
|
(7.3
|
)
|
|
(1,390.0
|
)
|
|
7.5
|
|
|||||
Total assets
|
$
|
3,095.7
|
|
|
$
|
828.6
|
|
|
$
|
1,824.0
|
|
|
$
|
(3,505.9
|
)
|
|
$
|
2,242.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|||||||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Notes payable
|
$
|
21.5
|
|
|
$
|
1.3
|
|
|
$
|
9.2
|
|
|
$
|
—
|
|
|
$
|
32.0
|
|
Accounts payable
|
131.9
|
|
|
1.2
|
|
|
148.6
|
|
|
—
|
|
|
281.7
|
|
|||||
Intercompany payable
|
1,414.2
|
|
|
140.8
|
|
|
546.5
|
|
|
(2,101.5
|
)
|
|
—
|
|
|||||
Deferred revenue
|
102.7
|
|
|
3.6
|
|
|
122.9
|
|
|
—
|
|
|
229.2
|
|
|||||
Payroll and other benefits liabilities
|
25.2
|
|
|
0.5
|
|
|
50.8
|
|
|
—
|
|
|
76.5
|
|
|||||
Current liabilities held for sale
|
48.9
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
49.4
|
|
|||||
Other current liabilities
|
116.3
|
|
|
2.6
|
|
|
176.1
|
|
|
(8.0
|
)
|
|
287.0
|
|
|||||
Total current liabilities
|
1,860.7
|
|
|
150.0
|
|
|
1,054.6
|
|
|
(2,109.5
|
)
|
|
955.8
|
|
|||||
Long-term debt
|
604.6
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
606.2
|
|
|||||
Pensions and other benefits
|
193.5
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
195.6
|
|
|||||
Post-retirement and other benefits
|
14.5
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
18.7
|
|
|||||
Deferred income taxes
|
—
|
|
|
6.4
|
|
|
1.9
|
|
|
(6.4
|
)
|
|
1.9
|
|
|||||
Other long-term liabilities
|
10.0
|
|
|
—
|
|
|
18.7
|
|
|
—
|
|
|
28.7
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Diebold Nixdorf, Incorporated shareholders' equity
|
412.4
|
|
|
670.6
|
|
|
719.4
|
|
|
(1,390.0
|
)
|
|
412.4
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
23.1
|
|
|
—
|
|
|
23.1
|
|
|||||
Total liabilities and equity
|
$
|
3,095.7
|
|
|
$
|
828.6
|
|
|
$
|
1,824.0
|
|
|
$
|
(3,505.9
|
)
|
|
$
|
2,242.4
|
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
1,078.4
|
|
|
$
|
85.0
|
|
|
$
|
2,236.1
|
|
|
$
|
(83.2
|
)
|
|
$
|
3,316.3
|
|
Cost of sales
|
822.6
|
|
|
92.0
|
|
|
1,762.3
|
|
|
(82.3
|
)
|
|
2,594.6
|
|
|||||
Gross profit (loss)
|
255.8
|
|
|
(7.0
|
)
|
|
473.8
|
|
|
(0.9
|
)
|
|
721.7
|
|
|||||
Selling and administrative expense
|
309.2
|
|
|
11.5
|
|
|
440.5
|
|
|
—
|
|
|
761.2
|
|
|||||
Research, development and engineering expense
|
7.9
|
|
|
45.7
|
|
|
56.6
|
|
|
—
|
|
|
110.2
|
|
|||||
Impairment of assets
|
—
|
|
|
5.1
|
|
|
4.7
|
|
|
—
|
|
|
9.8
|
|
|||||
(Gain) loss on sale of assets, net
|
0.3
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
—
|
|
|
0.3
|
|
|||||
|
317.4
|
|
|
62.2
|
|
|
501.9
|
|
|
—
|
|
|
881.5
|
|
|||||
Operating profit (loss)
|
(61.6
|
)
|
|
(69.2
|
)
|
|
(28.1
|
)
|
|
(0.9
|
)
|
|
(159.8
|
)
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
2.3
|
|
|
0.6
|
|
|
18.6
|
|
|
—
|
|
|
21.5
|
|
|||||
Interest expense
|
(100.0
|
)
|
|
(0.1
|
)
|
|
(1.3
|
)
|
|
—
|
|
|
(101.4
|
)
|
|||||
Foreign exchange gain (loss), net
|
(3.2
|
)
|
|
(0.1
|
)
|
|
1.2
|
|
|
—
|
|
|
(2.1
|
)
|
|||||
Equity in earnings of subsidiaries
|
(60.5
|
)
|
|
—
|
|
|
—
|
|
|
60.5
|
|
|
—
|
|
|||||
Miscellaneous, net
|
2.7
|
|
|
7.8
|
|
|
(7.0
|
)
|
|
—
|
|
|
3.5
|
|
|||||
Income (loss) from continuing operations before taxes
|
(220.3
|
)
|
|
(61.0
|
)
|
|
(16.6
|
)
|
|
59.6
|
|
|
(238.3
|
)
|
|||||
Income tax (benefit) expense
|
(52.1
|
)
|
|
(28.6
|
)
|
|
13.1
|
|
|
—
|
|
|
(67.6
|
)
|
|||||
Income (loss) from continuing operations, net of tax
|
(168.2
|
)
|
|
(32.4
|
)
|
|
(29.7
|
)
|
|
59.6
|
|
|
(170.7
|
)
|
|||||
Income from discontinued operations, net of tax
|
135.2
|
|
|
—
|
|
|
8.5
|
|
|
—
|
|
|
143.7
|
|
|||||
Net income (loss)
|
(33.0
|
)
|
|
(32.4
|
)
|
|
(21.2
|
)
|
|
59.6
|
|
|
(27.0
|
)
|
|||||
Income attributable to noncontrolling interests, net of tax
|
—
|
|
|
—
|
|
|
6.0
|
|
|
—
|
|
|
6.0
|
|
|||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(33.0
|
)
|
|
$
|
(32.4
|
)
|
|
$
|
(27.2
|
)
|
|
$
|
59.6
|
|
|
$
|
(33.0
|
)
|
Comprehensive income (loss)
|
$
|
(56.2
|
)
|
|
$
|
(32.4
|
)
|
|
$
|
(55.7
|
)
|
|
$
|
97.3
|
|
|
$
|
(47.0
|
)
|
Less: comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
9.2
|
|
|
—
|
|
|
9.2
|
|
|||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(56.2
|
)
|
|
$
|
(32.4
|
)
|
|
$
|
(64.9
|
)
|
|
$
|
97.3
|
|
|
$
|
(56.2
|
)
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
959.3
|
|
|
$
|
171.4
|
|
|
$
|
1,458.4
|
|
|
$
|
(169.8
|
)
|
|
$
|
2,419.3
|
|
Cost of sales
|
645.7
|
|
|
181.2
|
|
|
1,109.2
|
|
|
(168.8
|
)
|
|
1,767.3
|
|
|||||
Gross profit (loss)
|
313.6
|
|
|
(9.8
|
)
|
|
349.2
|
|
|
(1.0
|
)
|
|
652.0
|
|
|||||
Selling and administrative expense
|
268.5
|
|
|
10.6
|
|
|
209.1
|
|
|
—
|
|
|
488.2
|
|
|||||
Research, development and engineering expense
|
8.3
|
|
|
59.3
|
|
|
19.3
|
|
|
—
|
|
|
86.9
|
|
|||||
Impairment of assets
|
—
|
|
|
9.1
|
|
|
9.8
|
|
|
—
|
|
|
18.9
|
|
|||||
(Gain) loss on sale of assets, net
|
0.3
|
|
|
—
|
|
|
(0.9
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||
|
277.1
|
|
|
79.0
|
|
|
237.3
|
|
|
—
|
|
|
593.4
|
|
|||||
Operating profit (loss)
|
36.5
|
|
|
(88.8
|
)
|
|
111.9
|
|
|
(1.0
|
)
|
|
58.6
|
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
0.2
|
|
|
1.0
|
|
|
24.8
|
|
|
—
|
|
|
26.0
|
|
|||||
Interest expense
|
(30.3
|
)
|
|
(0.2
|
)
|
|
(2.0
|
)
|
|
—
|
|
|
(32.5
|
)
|
|||||
Foreign exchange gain (loss), net
|
4.0
|
|
|
(0.5
|
)
|
|
(13.5
|
)
|
|
—
|
|
|
(10.0
|
)
|
|||||
Equity in earnings of subsidiaries
|
29.4
|
|
|
—
|
|
|
—
|
|
|
(29.4
|
)
|
|
—
|
|
|||||
Miscellaneous, net
|
(9.3
|
)
|
|
13.2
|
|
|
51.3
|
|
|
(51.5
|
)
|
|
3.7
|
|
|||||
Income (loss) from continuing operations before taxes
|
30.5
|
|
|
(75.3
|
)
|
|
172.5
|
|
|
(81.9
|
)
|
|
45.8
|
|
|||||
Income tax (benefit) expense
|
(28.3
|
)
|
|
(12.1
|
)
|
|
26.7
|
|
|
—
|
|
|
(13.7
|
)
|
|||||
Income (loss) from continuing operations, net of tax
|
58.8
|
|
|
(63.2
|
)
|
|
145.8
|
|
|
(81.9
|
)
|
|
59.5
|
|
|||||
Income from discontinued operations, net of tax
|
14.9
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
15.9
|
|
|||||
Net income (loss)
|
73.7
|
|
|
(63.2
|
)
|
|
146.8
|
|
|
(81.9
|
)
|
|
75.4
|
|
|||||
Income attributable to noncontrolling interests, net of tax
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
73.7
|
|
|
$
|
(63.2
|
)
|
|
$
|
145.1
|
|
|
$
|
(81.9
|
)
|
|
$
|
73.7
|
|
Comprehensive income (loss)
|
$
|
(53.9
|
)
|
|
$
|
(63.2
|
)
|
|
$
|
0.2
|
|
|
$
|
64.1
|
|
|
$
|
(52.8
|
)
|
Less: comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
3.2
|
|
|
—
|
|
|
3.2
|
|
|||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(53.9
|
)
|
|
$
|
(63.2
|
)
|
|
$
|
(3.0
|
)
|
|
$
|
64.1
|
|
|
$
|
(56.0
|
)
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
946.0
|
|
|
$
|
217.8
|
|
|
$
|
1,788.0
|
|
|
$
|
(217.0
|
)
|
|
$
|
2,734.8
|
|
Cost of sales
|
610.0
|
|
|
229.0
|
|
|
1,384.1
|
|
|
(214.5
|
)
|
|
2,008.6
|
|
|||||
Gross profit (loss)
|
336.0
|
|
|
(11.2
|
)
|
|
403.9
|
|
|
(2.5
|
)
|
|
726.2
|
|
|||||
Selling and administrative expense
|
265.9
|
|
|
11.2
|
|
|
201.3
|
|
|
—
|
|
|
478.4
|
|
|||||
Research, development and engineering expense
|
8.3
|
|
|
64.8
|
|
|
20.5
|
|
|
—
|
|
|
93.6
|
|
|||||
Impairment of assets
|
—
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|||||
(Gain) loss on sale of assets, net
|
(12.0
|
)
|
|
0.9
|
|
|
(1.8
|
)
|
|
—
|
|
|
(12.9
|
)
|
|||||
|
262.2
|
|
|
76.9
|
|
|
222.1
|
|
|
—
|
|
|
561.2
|
|
|||||
Operating profit (loss)
|
73.8
|
|
|
(88.1
|
)
|
|
181.8
|
|
|
(2.5
|
)
|
|
165.0
|
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
0.9
|
|
|
1.7
|
|
|
31.9
|
|
|
—
|
|
|
34.5
|
|
|||||
Interest expense
|
(27.3
|
)
|
|
(0.3
|
)
|
|
(3.8
|
)
|
|
—
|
|
|
(31.4
|
)
|
|||||
Foreign exchange gain (loss), net
|
(0.4
|
)
|
|
—
|
|
|
(11.4
|
)
|
|
—
|
|
|
(11.8
|
)
|
|||||
Equity in earnings of subsidiaries
|
(459.6
|
)
|
|
—
|
|
|
—
|
|
|
459.6
|
|
|
—
|
|
|||||
Miscellaneous, net
|
530.6
|
|
|
22.4
|
|
|
(554.7
|
)
|
|
0.1
|
|
|
(1.6
|
)
|
|||||
Income (loss) from continuing operations before taxes
|
118.0
|
|
|
(64.3
|
)
|
|
(356.2
|
)
|
|
457.2
|
|
|
154.7
|
|
|||||
Income tax (benefit) expense
|
13.6
|
|
|
(17.8
|
)
|
|
51.6
|
|
|
—
|
|
|
47.4
|
|
|||||
Income (loss) from continuing operations, net of tax
|
104.4
|
|
|
(46.5
|
)
|
|
(407.8
|
)
|
|
457.2
|
|
|
107.3
|
|
|||||
Income (loss) from discontinued operations, net of tax
|
10.0
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
9.7
|
|
|||||
Net income (loss)
|
114.4
|
|
|
(46.5
|
)
|
|
(408.1
|
)
|
|
457.2
|
|
|
117.0
|
|
|||||
Income attributable to noncontrolling interests, net of tax
|
—
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
|
2.6
|
|
|||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
114.4
|
|
|
$
|
(46.5
|
)
|
|
$
|
(410.7
|
)
|
|
$
|
457.2
|
|
|
$
|
114.4
|
|
Comprehensive income (loss)
|
$
|
(21.9
|
)
|
|
$
|
(46.5
|
)
|
|
$
|
(488.1
|
)
|
|
$
|
536.1
|
|
|
$
|
(20.4
|
)
|
Less: comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
|||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated
|
$
|
(21.9
|
)
|
|
$
|
(46.5
|
)
|
|
$
|
(489.5
|
)
|
|
$
|
536.1
|
|
|
$
|
(21.8
|
)
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
(147.2
|
)
|
|
$
|
(43.2
|
)
|
|
$
|
232.6
|
|
|
$
|
(13.8
|
)
|
|
$
|
28.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Payments for acquisitions, net of cash acquired
|
(995.2
|
)
|
|
—
|
|
|
110.6
|
|
|
—
|
|
|
(884.6
|
)
|
|||||
Proceeds from maturities of investments
|
(1.9
|
)
|
|
—
|
|
|
226.9
|
|
|
—
|
|
|
225.0
|
|
|||||
Proceeds from sale of foreign currency option and forward contracts, net
|
16.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.2
|
|
|||||
Payments for purchases of investments
|
—
|
|
|
—
|
|
|
(243.5
|
)
|
|
—
|
|
|
(243.5
|
)
|
|||||
Proceeds from divestitures and the sale of assets
|
—
|
|
|
—
|
|
|
31.3
|
|
|
—
|
|
|
31.3
|
|
|||||
Capital expenditures
|
(9.2
|
)
|
|
(1.0
|
)
|
|
(29.3
|
)
|
|
—
|
|
|
(39.5
|
)
|
|||||
Increase in certain other assets
|
0.5
|
|
|
(6.8
|
)
|
|
(21.9
|
)
|
|
—
|
|
|
(28.2
|
)
|
|||||
Capital contributions and loans paid
|
(270.2
|
)
|
|
—
|
|
|
(1,119.3
|
)
|
|
1,389.5
|
|
|
—
|
|
|||||
Proceeds from intercompany loans
|
106.4
|
|
|
—
|
|
|
—
|
|
|
(106.4
|
)
|
|
—
|
|
|||||
Net cash provided (used) by investing activities - continuing operations
|
(1,153.4
|
)
|
|
(7.8
|
)
|
|
(1,045.2
|
)
|
|
1,283.1
|
|
|
(923.3
|
)
|
|||||
Net cash used in investing activities - discontinued operations
|
361.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
361.9
|
|
|||||
Net cash provided (used) by investing activities
|
(791.5
|
)
|
|
(7.8
|
)
|
|
(1,045.2
|
)
|
|
1,283.1
|
|
|
(561.4
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid
|
(64.6
|
)
|
|
—
|
|
|
(13.8
|
)
|
|
13.8
|
|
|
(64.6
|
)
|
|||||
Debt issuance costs
|
(39.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39.2
|
)
|
|||||
Revolving debt borrowings (repayments), net
|
(178.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(178.0
|
)
|
|||||
Other debt borrowings
|
1,781.3
|
|
|
—
|
|
|
56.4
|
|
|
—
|
|
|
1,837.7
|
|
|||||
Other debt repayments
|
(439.6
|
)
|
|
(1.2
|
)
|
|
(221.7
|
)
|
|
—
|
|
|
(662.5
|
)
|
|||||
Distribution to noncontrolling interest holders
|
—
|
|
|
—
|
|
|
(10.2
|
)
|
|
—
|
|
|
(10.2
|
)
|
|||||
Excess tax benefits from share-based compensation
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Issuance of common shares
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Repurchase of common shares
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|||||
Capital contributions received and loans incurred
|
—
|
|
|
133.3
|
|
|
1,256.2
|
|
|
(1,389.5
|
)
|
|
—
|
|
|||||
Payments on intercompany loans
|
—
|
|
|
(86.7
|
)
|
|
(19.7
|
)
|
|
106.4
|
|
|
—
|
|
|||||
Net cash provided (used) by financing activities
|
1,058.3
|
|
|
45.4
|
|
|
1,047.2
|
|
|
(1,269.3
|
)
|
|
881.6
|
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(8.0
|
)
|
|
—
|
|
|
(8.0
|
)
|
|||||
Increase (decrease) in cash and cash equivalents
|
119.6
|
|
|
(5.6
|
)
|
|
226.6
|
|
|
—
|
|
|
340.6
|
|
|||||
Add: Cash overdraft included in assets held for sale at beginning of year
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|||||
Less: Cash overdraft included in assets held for sale at end of year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Cash and cash equivalents at the beginning of the year
|
20.3
|
|
|
7.9
|
|
|
285.4
|
|
|
—
|
|
|
313.6
|
|
|||||
Cash and cash equivalents at the end of the period
|
$
|
138.4
|
|
|
$
|
2.3
|
|
|
$
|
512.0
|
|
|
$
|
—
|
|
|
$
|
652.7
|
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
1.1
|
|
|
$
|
(26.2
|
)
|
|
$
|
97.5
|
|
|
$
|
(35.7
|
)
|
|
$
|
36.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Payments for acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(59.4
|
)
|
|
—
|
|
|
(59.4
|
)
|
|||||
Proceeds from maturities of investments
|
(2.1
|
)
|
|
—
|
|
|
178.2
|
|
|
—
|
|
|
176.1
|
|
|||||
Payments for purchases of investments
|
—
|
|
|
—
|
|
|
(125.5
|
)
|
|
—
|
|
|
(125.5
|
)
|
|||||
Proceeds from divestitures and the sale of assets
|
—
|
|
|
3.5
|
|
|
1.5
|
|
|
—
|
|
|
5.0
|
|
|||||
Capital expenditures
|
(34.9
|
)
|
|
(5.9
|
)
|
|
(11.5
|
)
|
|
—
|
|
|
(52.3
|
)
|
|||||
Increase in certain other assets
|
(6.5
|
)
|
|
(6.6
|
)
|
|
6.8
|
|
|
—
|
|
|
(6.3
|
)
|
|||||
Capital contributions and loans paid
|
(205.4
|
)
|
|
—
|
|
|
(3.8
|
)
|
|
209.2
|
|
|
—
|
|
|||||
Proceeds from intercompany loans
|
173.0
|
|
|
—
|
|
|
—
|
|
|
(173.0
|
)
|
|
—
|
|
|||||
Net cash provided (used) by investing activities - continuing operations
|
(75.9
|
)
|
|
(9.0
|
)
|
|
(13.7
|
)
|
|
36.2
|
|
|
(62.4
|
)
|
|||||
Net cash used in investing activities - discontinued operations
|
(2.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.5
|
)
|
|||||
Net cash provided (used) by investing activities
|
(78.4
|
)
|
|
(9.0
|
)
|
|
(13.7
|
)
|
|
36.2
|
|
|
(64.9
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid
|
(75.6
|
)
|
|
—
|
|
|
(35.7
|
)
|
|
35.7
|
|
|
(75.6
|
)
|
|||||
Debt issuance costs
|
(6.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.0
|
)
|
|||||
Revolving debt borrowings (repayments), net
|
180.8
|
|
|
—
|
|
|
(25.0
|
)
|
|
—
|
|
|
155.8
|
|
|||||
Other debt borrowings
|
—
|
|
|
—
|
|
|
135.8
|
|
|
—
|
|
|
135.8
|
|
|||||
Other debt repayments
|
(14.8
|
)
|
|
(0.8
|
)
|
|
(153.1
|
)
|
|
—
|
|
|
(168.7
|
)
|
|||||
Distribution to noncontrolling interest holders
|
0.1
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Excess tax benefits from share-based compensation
|
0.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||||
Issuance of common shares
|
3.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.5
|
|
|||||
Repurchase of common shares
|
(3.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.0
|
)
|
|||||
Capital contributions received and loans incurred
|
—
|
|
|
179.3
|
|
|
29.9
|
|
|
(209.2
|
)
|
|
—
|
|
|||||
Payments on intercompany loans
|
—
|
|
|
(137.9
|
)
|
|
(35.1
|
)
|
|
173.0
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
85.5
|
|
|
40.6
|
|
|
(83.4
|
)
|
|
(0.5
|
)
|
|
42.2
|
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(23.9
|
)
|
|
—
|
|
|
(23.9
|
)
|
|||||
Increase (decrease) in cash and cash equivalents
|
8.2
|
|
|
5.4
|
|
|
(23.5
|
)
|
|
—
|
|
|
(9.9
|
)
|
|||||
Add: Cash overdraft included in assets held for sale at beginning of year
|
(4.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.1
|
)
|
|||||
Less: Cash overdraft included in assets held for sale at end of year
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|||||
Cash and cash equivalents at the beginning of the year
|
14.7
|
|
|
2.5
|
|
|
308.9
|
|
|
—
|
|
|
326.1
|
|
|||||
Cash and cash equivalents at the end of the period
|
$
|
20.3
|
|
|
$
|
7.9
|
|
|
$
|
285.4
|
|
|
$
|
—
|
|
|
$
|
313.6
|
|
|
Parent
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Reclassifications/
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
154.6
|
|
|
$
|
(3.5
|
)
|
|
$
|
132.6
|
|
|
$
|
(96.8
|
)
|
|
$
|
186.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Payments for acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(11.7
|
)
|
|
—
|
|
|
(11.7
|
)
|
|||||
Proceeds from maturities of investments
|
2.3
|
|
|
—
|
|
|
475.1
|
|
|
—
|
|
|
477.4
|
|
|||||
Proceeds from sale of investments
|
—
|
|
|
—
|
|
|
39.6
|
|
|
—
|
|
|
39.6
|
|
|||||
Payments for purchases of investments
|
(4.0
|
)
|
|
—
|
|
|
(424.7
|
)
|
|
—
|
|
|
(428.7
|
)
|
|||||
Proceeds from divestitures and sale of assets
|
—
|
|
|
—
|
|
|
18.4
|
|
|
—
|
|
|
18.4
|
|
|||||
Capital expenditures
|
(44.1
|
)
|
|
(1.4
|
)
|
|
(14.6
|
)
|
|
—
|
|
|
(60.1
|
)
|
|||||
Increase in certain other assets
|
(14.4
|
)
|
|
(15.6
|
)
|
|
10.2
|
|
|
—
|
|
|
(19.8
|
)
|
|||||
Capital contributions and loans paid
|
(233.7
|
)
|
|
—
|
|
|
(10.1
|
)
|
|
243.8
|
|
|
—
|
|
|||||
Proceeds from intercompany loans
|
184.8
|
|
|
—
|
|
|
—
|
|
|
(184.8
|
)
|
|
—
|
|
|||||
Net cash provided (used) by investing activities - continuing operations
|
(109.1
|
)
|
|
(17.0
|
)
|
|
82.2
|
|
|
59.0
|
|
|
15.1
|
|
|||||
Net cash used in investing activities - discontinued operations
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|||||
Net cash provided (used) by investing activities
|
(110.4
|
)
|
|
(17.0
|
)
|
|
82.2
|
|
|
59.0
|
|
|
13.8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid
|
(74.9
|
)
|
|
—
|
|
|
(96.8
|
)
|
|
96.8
|
|
|
(74.9
|
)
|
|||||
Debt issuance costs
|
(1.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|||||
Revolving debt borrowings (repayments), net
|
26.0
|
|
|
—
|
|
|
(24.0
|
)
|
|
—
|
|
|
2.0
|
|
|||||
Other debt borrowings
|
—
|
|
|
(0.3
|
)
|
|
157.9
|
|
|
—
|
|
|
157.6
|
|
|||||
Other debt repayments
|
—
|
|
|
0.2
|
|
|
(175.7
|
)
|
|
—
|
|
|
(175.5
|
)
|
|||||
Distribution to noncontrolling interest holders
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
(2.2
|
)
|
|||||
Excess tax benefits from share-based compensation
|
0.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||||
Issuance of common shares
|
14.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.6
|
|
|||||
Repurchase of common shares
|
(1.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
|||||
Capital contributions received and loans incurred
|
—
|
|
|
177.7
|
|
|
66.1
|
|
|
(243.8
|
)
|
|
—
|
|
|||||
Payments on intercompany loans
|
—
|
|
|
(156.6
|
)
|
|
(28.2
|
)
|
|
184.8
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
(37.1
|
)
|
|
21.0
|
|
|
(102.9
|
)
|
|
37.8
|
|
|
(81.2
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(28.2
|
)
|
|
—
|
|
|
(28.2
|
)
|
|||||
Increase (decrease) in cash and cash equivalents
|
7.1
|
|
|
0.5
|
|
|
83.7
|
|
|
—
|
|
|
91.3
|
|
|||||
Add: Cash overdraft included in assets held for sale at beginning of year
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|||||
Less: Cash overdraft included in assets held for sale at end of year
|
(4.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.1
|
)
|
|||||
Cash and cash equivalents at the beginning of the year
|
4.1
|
|
|
2.0
|
|
|
225.2
|
|
|
—
|
|
|
231.3
|
|
|||||
Cash and cash equivalents at the end of the year
|
$
|
14.7
|
|
|
$
|
2.5
|
|
|
$
|
308.9
|
|
|
$
|
—
|
|
|
$
|
326.1
|
|
Name, Age, Title and Year Elected to Present Office
|
Other Positions Held Last Five Years
|
Andreas W. Mattes
— 55
Chief Executive Officer
Year elected: 2013 |
2011-Jun 2013:
Senior Vice President, Global Strategic Partnerships, Violin Memory (computer storage systems)
|
Eckard Heidloff — 60
President Year elected: 2016 |
2007-Aug 2016
: President and Chief Executive Officer, Wincor Nixdorf AG
|
Christopher A. Chapman — 42
Senior Vice President and Chief Financial Officer
Year elected: 2014 |
2011 - Jun 2014:
Vice President, Global Finance,
2004- 2011:
Vice President, Controller, International Operations
|
Jürgen Wunram — 58
Senior Vice President and Chief Operating Officer Year elected: 2016 |
Aug 2016-Feb 2017: Senior Vice President, Chief Integration Officer and Retail Lead 2007-Aug 2016: Chief Financial Officer, Chief Operating Officer, and a member of the executive board for Wincor Nixdorf AG
|
Jonathan B. Leiken — 45
Senior Vice President, Chief Legal Officer and General Counsel Year elected: 2014 |
2008 - May 2014
: Partner, Jones Day (global legal services)
|
Alan Kerr — 60
Senior Vice President, Software
Year elected: 2016
|
2014-Aug 2016
: Executive Vice President, Software Solutions for Diebold, Incorporated;
2008-2012
: Executive Vice President, Field Operations for Kofax (business process automation software)
|
Olaf Heyden — 53
Senior Vice President, Services
Year elected: 2016
|
2013-Aug 2016
: Executive Vice President, Software and Services, and a member of the executive board for Wincor Nixdorf AG;
2011-2013
: Chief Executive Officer for Freudenberg IT KG (information technology services)
|
Ulrich Näher — 51
Senior Vice President, Systems
Year elected: 2016
|
Mar 2016-Aug 2016
: Executive Vice President of Systems Business and member of the board of directors for Wincor Nixdorf AG;
2015-Mar 2016
: Senior Vice President of Research and Development at Wincor Nixdorf AG;
2006-2015
: Senior Partner at McKinsey and Company (management and consulting)
|
•
|
Reports of Independent Registered Public Accounting Firm
|
•
|
Consolidated Balance Sheets at December 31,
2016
and
2015
|
•
|
Consolidated Statements of Operations for the Years Ended December 31,
2016
,
2015
and
2014
|
•
|
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31,
2016
,
2015
and
2014
|
•
|
Consolidated Statements of Equity for the Years Ended December 31,
2016
,
2015
and
2014
|
•
|
Consolidated Statements of Cash Flows for the Years Ended December 31,
2016
,
2015
and
2014
|
•
|
Notes to Consolidated Financial Statements
|
•
|
Schedule II - Valuation and Qualifying Accounts
|
*
|
Reflects management contract or other compensatory arrangement required to be filed as an exhibit pursuant to Item 15(b) of this annual report.
|
|
|
(b)
|
Refer to page
132
of this annual report on Form 10-K for an index of exhibits, which is incorporated herein by reference.
|
Signature
|
Title
|
Date
|
|||
|
|
|
|||
/s/ Andreas W. Mattes
|
Chief Executive Officer
(Principal Executive Officer)
|
February 24, 2017
|
|||
Andreas W. Mattes
|
|
||||
|
|
|
|
||
/s/ Christopher A. Chapman
|
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
February 24, 2017
|
|||
Christopher A. Chapman
|
|
||||
|
|
|
|
||
*
|
Director
|
February 24, 2017
|
|||
Jürgen Wunram
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Patrick W. Allender
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Phillip R. Cox
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Richard L. Crandall
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Alexander Dibelius
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Dieter Duesedau
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Gale S. Fitzgerald
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Gary G. Greenfield
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Robert S. Prather, Jr.
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Rajesh K. Soin
|
|
|
|
||
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Henry D.G. Wallace
|
|
|
|
|
|
|
|
|
|
||
*
|
Director
|
|
February 24, 2017
|
||
Alan J. Weber
|
|
|
|
|
*
|
The undersigned, by signing his name hereto, does sign and execute this Annual Report on Form 10-K pursuant to the Powers of Attorney executed by the above-named officers and directors of the Registrant and filed with the Securities and Exchange Commission on behalf of such officers and directors.
|
|
|
|
Additions
|
|
|
|
|
|||||||||
|
Balance at beginning of year
|
|
Charged to costs and expenses
|
|
Charged to other accounts
(1)
|
|
Deductions
(2)
|
|
Balance at
end of year
|
|||||||
Year ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
$
|
31.7
|
|
|
22.9
|
|
|
1.7
|
|
|
5.9
|
|
|
$
|
50.4
|
|
Year ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
$
|
20.9
|
|
|
15.8
|
|
|
(4.0
|
)
|
|
1.0
|
|
|
$
|
31.7
|
|
Year ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
$
|
23.3
|
|
|
13.4
|
|
|
(1.7
|
)
|
|
14.1
|
|
|
$
|
20.9
|
|
EXHIBIT NO.
|
|
DOCUMENT DESCRIPTION
|
2.1
|
|
Business Combination Agreement, dated November 23, 2015, by and among Diebold, Incorporated and Wincor Nixdorf Aktiengesellschaft — incorporated by reference to Exhibit 2.1 to Registrant’s Form 8-K filed on November 23, 2015 (Commission File No. 1-4879)
|
2.2
|
|
Asset Purchase Agreement by and among Diebold, Incorporated, The Diebold Company of Canada, LTD., Securitas Electronic Security, Inc. and 9481176 Canada Inc. — incorporated by reference to Exhibit 2.1 to Registrant’s Form 8-K filed on February 4, 2016 (Commission File No. 1-4879)
|
3.1(i)
|
|
Amended and Restated Articles of Incorporation of Diebold, Incorporated — incorporated by reference to Exhibit 3.1(i) to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-4879)
|
3.1(ii)
|
|
Amended and Restated Code of Regulations — incorporated by reference to Exhibit 3.1(ii) to Registrant’s Form 8-K filed on December 12, 2016 (Commission File No. 1-4879)
|
3.2
|
|
Certificate of Amendment by Shareholders to Amended Articles of Incorporation of Diebold, Incorporated — incorporated by reference to Exhibit 3.2 to Registrant’s Form 10-Q for the quarter ended March 31, 1996 (Commission File No. 1-4879)
|
3.3
|
|
Certificate of Amendment to Amended Articles of Incorporation of Diebold, Incorporated — incorporated by reference to Exhibit 3.3 to Registrant’s Form 10-K for the year ended December 31, 1998 (Commission File No. 1-4879)
|
3.4
|
|
Certificate of Amendment to Amended Articles of Incorporation of Diebold, Incorporated - incorporated by reference to Exhibit 3.1(i) to Registrant’s Form 8-K filed on December 12, 2016 (Commission File No. 1-4879)
|
4.1
|
|
Indenture, dated as of April 19, 2016, among Diebold, Incorporated, as issuer, the subsidiaries of Diebold, Incorporated named therein as guarantors and U.S. Bank National Association, as trustee - incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K filed on April 19, 2016 (Commission File No. 1-4879)
|
*10.1(i)
|
|
Form of Amended and Restated Employment Agreement — incorporated by reference to Exhibit 10.1 to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.1(ii)
|
|
Form of Amended and Restated Employment Agreement — incorporated by reference to Exhibit 10.1(ii) to Registrant’s Form 10-K for the year ended December 31, 2013 (Commission File No. 1-4879)
|
*10.1(iii)
|
|
Form of Employee Agreement - incorporated by reference to Exhibit 10.1 to Registrant’s Form 10-Q for the quarter ended June 30, 2015 (Commission File No. 1-4879)
|
*10.2(i)
|
|
Supplemental Employee Retirement Plan I as amended and restated January 1, 2008 — incorporated by reference to Exhibit 10.5(i) to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.2(ii)
|
|
Supplemental Employee Retirement Plan II as amended and restated July 1, 2002 — incorporated by reference to Exhibit 10.5(ii) to Registrant’s Form 10-Q for the quarter ended September 30, 2002 (Commission File No. 1-4879)
|
*10.2(iii)
|
|
Pension Restoration Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(iii) to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.2(iv)
|
|
Pension Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(iv) to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.2(v)
|
|
401(k) Restoration Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(v) to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.2(vi)
|
|
401(k) Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(vi) to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.3(i)
|
|
1985 Deferred Compensation Plan for Directors of Diebold, Incorporated — incorporated by reference to Exhibit 10.7 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1992 (Commission File No. 1-4879)
|
*10.3(ii)
|
|
Amendment No. 1 to the Amended and Restated 1985 Deferred Compensation Plan for Directors of Diebold, Incorporated — incorporated by reference to Exhibit 10.7 (ii) to Registrant’s Form 10-Q for the quarter ended March 31, 1998 (Commission File No. 1-4879)
|
*10.3(iii)
|
|
Amendment No. 2 to the Amended and Restated 1985 Deferred Compensation Plan for Directors of Diebold, Incorporated — incorporated by reference to Exhibit 10.7 (ii) to Registrant’s Form 10-Q for the quarter ended March 31, 2003 (Commission File No. 1-4879)
|
*10.3(iv)
|
|
Deferred Compensation Plan No. 2 for Directors of Diebold, Incorporated — incorporated by reference to Exhibit 10.7(iv) to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.3(v)
|
|
First Amendment to Deferred Compensation Plan No. 2 for Directors of Diebold, Incorporated — incorporated by reference to Exhibit 10.4 to Registrant’s Form 10-Q for the quarter ended June 30, 2015 (Commission File No. 1-4879)
|
*10.4(i)
|
|
1991 Equity and Performance Incentive Plan as Amended and Restated as of February 7, 2001 — incorporated by reference to Exhibit 4(a) to Registrant's Form S-8 filed on May 10, 2001 (Registration Statement No. 333-60578)
|
*10.4(ii)
|
|
Amendment No. 1 to the 1991 Equity and Performance Incentive Plan as Amended and Restated as of February 7, 2001 — incorporated by reference to Exhibit 10.8 (ii) to Registrant’s Form 10-Q for the quarter ended March 31, 2004 (Commission File No. 1-4879)
|
*10.4(iii)
|
|
Amendment No. 2 to the 1991 Equity and Performance Incentive Plan as Amended and Restated as of February 7, 2001 — incorporated by reference to Exhibit 10.8 (iii) to Registrant’s Form 10-Q for the quarter ended March 31, 2004 (Commission File No. 1-4879)
|
*10.4(iv)
|
|
Amendment No. 3 to the 1991 Equity and Performance Incentive Plan as Amended and Restated as of February 7, 2001 — incorporated by reference to Exhibit 10.8 (iv) to Registrant’s Form 10-Q for the quarter ended June 30, 2004 (Commission File No. 1-4879)
|
*10.4(v)
|
|
Amended and Restated 1991 Equity and Performance Incentive Plan as Amended and Restated as of April 13, 2009 — incorporated by reference to Exhibit 10.1 to Registrant’s Form 8-K filed on April 29, 2009 (Commission File No. 1-4879)
|
*10.4(vi)
|
|
Amended and Restated 1991 Equity and Performance Incentive Plan as Amended and Restated as of February 12, 2014 — incorporated by reference to Exhibit 10.2 to Registrant’s Form 8-K filed on April 30, 2014 (Commission File No. 1-4879)
|
*10.5
|
|
Long-Term Executive Incentive Plan — incorporated by reference to Exhibit 10.9 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1993 (Commission File No. 1-4879)
|
*10.6(i)
|
|
Form of Deferred Compensation Agreement and Amendment No. 1 to Deferred Compensation Agreement — incorporated by reference to Exhibit 10.13 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1996 (Commission File No. 1-4879)
|
*10.6(ii)
|
|
Deferred Incentive Compensation Plan No. 2 — incorporated by reference to Exhibit 10.10 to Registrant’s Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)
|
*10.6(iii)
|
|
Section 162(m) Deferred Compensation Agreement (as amended and restated January 29, 1998) — incorporated by reference to Exhibit 10.13 (ii) to Registrant’s Form 10-Q for the quarter ended March 31, 1998 (Commission File No. 1-4879)
|
*10.7
|
|
Annual Incentive Plan — incorporated by reference to Exhibit 10.11 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2000 (Commission File No. 1-4879)
|
*10.8
|
|
Deferral of Stock Option Gains Plan — incorporated by reference to Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1998 (Commission File No. 1-4879)
|
10.9(i)
|
|
Credit Agreement, dated as of June 30, 2011, by and among Diebold, Incorporated, the Subsidiary Borrowers (as defined therein) party thereto, JPMorgan Chase Bank, N.A., as administrative agent and a lender, and the other lender party thereto — incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed on July 6, 2011 (Commission File No. 1-4879)
|
10.9(ii)
|
|
First Amendment to Credit Agreement and Guaranty, dated as of August 26, 2014, by and among Diebold, Incorporated, the Subsidiary Borrowers (as defined therein) party thereto, JPMorgan Chase Bank, N.A., as administrative agent and a lender, and the other lender party thereto — incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed on September 2, 2014 (Commission File No. 1-4879)
|
10.9(iii)
|
|
Second Amendment to Credit Agreement, dated as of June 19, 2015, by and among Diebold, Incorporated, the Subsidiary Borrowers (as defined therein) party thereto, JPMorgan Chase Bank, N.A., as administrative agent and a lender, and the other lenders party thereto — incorporated by reference to Exhibit 10.1 to Registrant’s Form 8-K filed on June 24, 2015. (Commission File No. 1-4879)
|
10.10
|
|
Credit Agreement, dated as of November 23, 2015, among Diebold, Incorporated, the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent — incorporated by reference to Exhibit 10.1 to Registrant’s Form S-4/A filed on January 8, 2016 (Registration Statement No. 333-208186)
|
10.11
|
|
Replacement Facilities Effective Date Amendment, dated as of December 23, 2015 by and among Diebold, Incorporated and the subsidiary borrowers party thereto, as borrowers, JPMorgan Chase Bank, N.A, as administrative agent, and the lenders party thereto — incorporated by reference to Exhibit 10.2 to Registrant’s Form S-4/A filed on January 8, 2016 (Registration Statement No. 333-208186)
|
10.12
|
|
Bridge Credit Agreement, dated as of November 23, 2015, among Diebold, Incorporated, the lenders from time to time party thereto, and JPMorgan Chase Bank N.A., as administrative agent — incorporated by reference to Exhibit 10.3 to Registrant’s Form S-4/A filed on January 8, 2016 (Registration Statement No. 333-208186)
|
10.13(i)
|
|
Transfer and Administration Agreement, dated as of March 30, 2001 by and among DCC Funding LLC, Diebold Credit Corporation, Diebold, Incorporated, Receivables Capital Corporation and Bank of America, National Association and the financial institutions from time to time parties thereto — incorporated by reference to Exhibit 10.20(i) to Registrant’s Form 10-Q for the quarter ended March 31, 2001 (Commission File No. 1-4879)
|
10.13(ii)
|
|
Amendment No. 1 to the Transfer and Administration Agreement, dated as of May 2001, by and among DCC Funding LLC, Diebold Credit Corporation, Diebold, Incorporated, Receivables Capital Corporation and Bank of America, National Association and the financial institutions from time to time parties thereto — incorporated by reference to Exhibit 10.20 (ii) to Registrant’s Form 10-Q for the quarter ended March, 31, 2001 (Commission File No. 1-4879)
|
*10.14
|
|
Form of Non-Qualified Stock Option Agreement — incorporated by reference to Exhibit 10.1 to Registrant’s Form 8-K filed on September 21, 2009 (Commission File No. 1-4879)
|
*10.15
|
|
Form of Restricted Share Agreement — incorporated by reference to Exhibit 10.2 to Registrant’s Form 8-K filed on September 21, 2009 (Commission File No. 1-4879)
|
10.39
|
|
Eckard Heidloff severance agreement
|
12.1
|
|
Computation of Ratio of Earnings to Fixed Charges
|
21.1
|
|
Subsidiaries of the Registrant as of December 31, 2016
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm
|
24.1
|
|
Power of Attorney
|
31.1
|
|
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
|
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
|
Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
|
32.2
|
|
Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
By:
|
|
/s/ Steve Wolgamott
|
By:
|
|
/s/ Lisa Whatley
|
Änderung zum
Vorstandsanstellungsvertrag
|
|
Amendment to Management Board Member’s Service Agreement
|
Zwischen
der Wincor Nixdorf AG, Heinz-Nixdorf-Ring 1, 33106 Paderborn, vertreten durch den Aufsichtsrat, dieser vertreten durch seinen Vorsitzenden
Herrn Dr. Alexander Dibelius
- im Folgenden „Gesellschaft“ genannt -
und
Herrn Dr. Jürgen Wunram, wohnhaft Am Heiddamm 21, 28355 Bremen.
|
|
Between
Wincor Nixdorf AG, Heinz-Nixdorf-Ring 1, 33106 Paderborn, represented by the supervisory board, in turn represented by its chairman,
Dr. Alexander Dibelius
- hereinafter referred to as “Company” -
and
Dr. Jürgen Wunram, residing in Am Heiddamm 21, 28355 Bremen.
|
Präambel
|
|
Preamble
|
Herr Dr. Jürgen Wunram ist durch Beschluss des Aufsichtsrats der Wincor Nixdorf AG vom 14.12.2006 für die Zeit vom 01.03.2007 bis zum 28.02.2019 zum ordentlichen Mitglied des Vorstandes der Gesellschaft bestellt worden. Die Gesellschaft und Herr Dr. Wunram haben einen Vorstandsanstellungsvertrag am 15.12.2006 abgeschlossen. Durch Beschluss des Aufsichtsrats vom 27.04.2010 wurde der Vertrag ersetzt. Durch Beschluss des Aufsichtsrats vom 27.07.2011 ist Herr Dr. Wunram erneut für die Zeit vom 01.03.2012 bis zum 28.02.2017 und durch Beschluss des Aufsichtsrats vom 03.03.2016 erneut für die Zeit vom
01.03.2016
bis zum
28.02.2019
zum ordentlichen Mitglied des Vorstandes der Gesellschaft bestellt worden.
Laut der Beschlüsse des Aufsichtsrats vom 03.03.2016, 27.07.2016 sowie vom 16.08.2016 werden die §§ 2, 4 sowie 9 des Vorstandsanstellungsvertrages geändert:
|
|
By resolution of the Supervisory Board of Wincor Nixdorf AG dated December 14, 2006, Dr. Jürgen Wunram was appointed as regular member of the Management Board (
Vorstand
) of the Company for a term commencing on March 1, 2007 and ending on February 28, 2012. On December 15, 2006, the Company and Dr. Wunram entered into a Management Board Member’s Service Agreement. By resolution of the Supervisory Board dated April 27, 2010, this agreement was replaced. By resolution of the Supervisory Board dated July 27, 2011, Dr. Wunram was appointed again as regular member of the Management Board of the Company for a term commencing on March 1, 2012 and ending on February 28, 2017, and by resolution of the Supervisory Board dated March 3, 2016, again for a term commencing on
March 1, 2016
and ending on
February 28, 2019
.
According to the resolutions of the Supervisory Board dated March 3, 2016, July 27, 2016 and August 16, 2016, sections 2, 4 and 9 of this Management Board Member’s Service Agreement are amended:
|
§ 1
Aufgabenbereich und Pflichten
|
|
§ 1
Responsibilities and Duties
|
a.
Herr Dr. Wunram ist gemeinsam mit den anderen Vorstandsmitgliedern zur Führung der Geschäfte der Gesellschaft und der dazugehörigen Tochtergesellschaften nach Maßgabe der gesetzlichen Bestimmungen, der Satzung, der vom Aufsichtsrat erlassenen Geschäftsordnung für den Vorstand und seiner Beschlüsse – soweit aktienrechtlich zulässig – in den jeweils geltenden Fassungen nach bestem Wissen und Können berechtigt und verpflichtet.
|
|
a.
Dr. Wunram shall have the right and duty to conduct the business of the Company and its subsidiaries jointly with the other members of the Management Board according to his best knowledge and skill and in accordance with the statutory provisions, the Articles of Association, the Rules of Procedure (
Geschäftsordnung
) of the Management Board adopted by the Supervisory Board and its resolutions – to the extent permitted under stock corporation law, each as amended from time to time.
|
b.
Die Abgrenzung der Gesamtverantwortung für die Gesellschaft und der speziellen Ressortverantwortung ergibt sich aus der Geschäftsordnung für den Vorstand und dem jeweils gültigen Organisationsplan des Unternehmens.
|
|
b.
The distinction between the joint responsibility for the Company and the individual responsibility for a specific area of responsibility is determined in the Rules of Procedure of the Management Board and the organization plan of the Company as applicable from time to time.
|
c.
Herr Dr. Wunram trägt über das von ihm verantwortete Ressort „Finanzen“ hinaus die Mitverantwortung für die Belange des ganzen Unternehmens.
|
|
c.
Besides his responsibility for finances, Dr. Wunram is also jointly responsible for the concerns of the entire Company.
|
d.
Es besteht Einverständnis darüber, dass die Geschäftsordnung für den Vorstand und der Organisationsplan nach den Unternehmenserfordernissen geändert werden können, ohne dass davon die übrigen vertraglichen Regelungen berührt werden. Der Stellung von Herrn Dr. Wunram ist dabei angemessen Rechnung zu tragen.
|
|
d.
The parties agree that the Rules of Procedure of the Management Board and the organization plan may be amended if this is required for business reasons. Such amendments will not affect the other provisions of this Agreement and shall be made with due regard to the position of Dr. Wunram.
|
e.
Die Vorstandsmitglieder informieren sich regelmäßig über die jeweiligen Ressortangelegenheiten.
|
|
e.
The members of the Management Board shall keep themselves informed about any matters concerning the respective areas of responsibility on a regular basis.
|
f.
Herr Dr. Wunram vertritt die Gesellschaft gemeinsam mit einem Vorstandsmitglied oder einem Prokuristen der Gesellschaft.
|
|
f.
Dr. Wunram shall represent the Company jointly with another member of the Management Board or a holder of a general commercial power of attorney (
Prokurist
) of the Company.
|
g.
Herr Dr. Wunram wird nach Aufforderung durch die Gesellschaft bei Unternehmen, an denen die Gesellschaft unmittelbar oder mittelbar beteiligt ist, neben den bereits ausgeübten Ämtern weitere Ämter als Geschäftsführer, Mitglied des Aufsichtsrates oder ähnliche Funktionen sowie Funktionen in Vereinigungen, denen die Gesellschaft angehört, übernehmen.
|
|
g.
Dr. Wunram shall, at the request of the Company, assume, in addition to the offices already held by him, further offices as managing director, member of the supervisory board or similar functions in companies in which the Company holds a direct or indirect interest, as well as functions in associations in which the Company is a member.
|
h.
Bei seinem Ausscheiden aus dem Vorstandsamt hat Herr Dr. Wunram die aufgrund seiner Stellung in der Gesellschaft übernommenen Geschäftsführerämter, Aufsichtsratsmandate oder ähnliche Funktionen sowie Funktionen in Vereinigungen zur Verfügung zu stellen. Auf Wunsch der Gesellschaft hat er sich dafür einzusetzen, dass eine andere von der Gesellschaft genannte Person an seine Stelle tritt. Herr Dr. Wunram ist jederzeit zur Niederlegung eines aufgrund seiner Stellung in der Gesellschaft übernommenen Geschäftsführeramtes, Aufsichtsratsmandates oder ähnlicher Funktionen sowie Ehrenämter verpflichtet, wenn er durch die Gesellschaft hierzu aufgefordert wird. Jeweils vor der Übernahme eines Amtes oder Mandates wird festgestellt, ob es sich bei dem Amt oder Mandat um eine aufgrund der Stellung in der Gesellschaft übernommene Tätigkeit handelt.
|
|
h.
When ceasing to hold office as Management Board member, Dr. Wunram shall resign from any offices as managing director, supervisory board member or similar functions as well as from any functions in associations that he has assumed as a result of his position in the Company. At the request of the Company, he shall procure that he is replaced by another person specified by the Company. Dr. Wunram shall, at the request of the Company, resign at any time from any offices as managing director, supervisory board member or similar functions and from any honorary offices that he has assumed as a result of his position in the Company. Prior to the assumption of any office, it shall be determined whether such office is a function assumed as a result of the position in the Company.
|
§ 2
Tätigkeitsumfang und Nebenbeschäftigung
|
|
§ 2
Scope of Work and Secondary Employment
|
a.
Herr Dr. Wunram hat seine ganze Arbeitskraft ausschließlich der Gesellschaft zu widmen und deren Interessen und Belange unter Beachtung größter Sorgfalt jederzeit zu wahren und zu fördern. Herr Dr. Wunram ist jedoch berechtigt, mit Zustimmung des Aufsichtsrates der Gesellschaft auch für die Diebold, Incorporated tätig zu werden.
|
|
a.
Dr. Wunram shall dedicate his full work capacity exclusively to the Company and shall at any time preserve and promote the Company’s interests and concerns with greatest care. Dr. Wunram is, however, authorized, subject to the consent of the Supervisory Board of the Company, to provide services also to Diebold, Incorporated.
|
b.
Während der Dauer des Dienstverhältnisses ist jede entgeltliche selbständige oder unselbständige Nebenbeschäftigung und die Übernahme von Aufsichtsrats-, bzw. Beiratsämtern bei außenstehenden Unternehmen nur mit vorheriger schriftlicher Zustimmung des Vorsitzenden des Aufsichtsrates zulässig. Unentgeltliche Nebenbeschäftigungen und Ämter wird Herr Dr. Wunram vor Übernahme dem Vorsitzenden des Aufsichtsrates anzeigen.
|
|
b.
For the term of this Service Agreement, each dependent or independent secondary employment against remuneration as well as the offices as member of a supervisory board or an advisory board in external companies may only be assumed with prior written approval of the chairman of the Supervisory Board. Dr. Wunram shall indicate to the chairman of the Supervisory Board any secondary employment and office without remuneration prior to its assumption.
|
c.
Bei Veröffentlichungen und Vorträgen wird Herr Dr. Wunram stets die Interessen der Gesellschaft wahren und die Geheimhaltungspflicht beachten.
|
|
c.
In publications and presentations Dr. Wunram shall always protect the interests of the Company and comply with the duty of confidentiality.
|
§ 3
Geheimhaltung, Herausgabe und Erfindungen
|
|
§ 3
Confidentiality, Return of Material and Inventions
|
a.
Herr Dr. Wunram ist verpflichtet, alle ihm durch seine Tätigkeit zur Kenntnis gelangten vertraulichen Angelegenheiten der Gesellschaft sowie der mit ihr verbundenen Unternehmen und ihrer Geschäftspartner, insbesondere Betriebs- oder Geschäftsgeheimnisse, geheim zu halten. Die Geheimhaltungspflicht besteht nach dem Ausscheiden aus der Gesellschaft fort.
|
|
a.
Dr. Wunram shall keep secret any confidential matters of the Company and of any of its affiliates and business partners, in particular trade and business secrets, that have become known to him as a result of his work.
|
b.
Herr Dr. Wunram ist verpflichtet, alle seine dienstliche Tätigkeit betreffenden Schriftstücke einschließlich seiner eigenen Aufzeichnungen geschäftlicher Art sowie entsprechende Daten als anvertrautes Eigentum der Gesellschaft zu behandeln, sorgfältig unter Verschluss zu halten und bei Beendigung des Dienstverhältnisses unaufgefordert und vollzählig der Gesellschaft auszuhändigen. Ein Zurückbehaltungsrecht besteht insoweit nicht.
|
|
b.
Dr. Wunram shall treat all documents concerning his duties under this Service Agreement, including his own records of a business nature and related data, as property of the Company that has been entrusted to him, shall keep them carefully under lock and key, and shall, without being requested to do so, return all such documents, records and data to the Company upon termination of this Service Agreement. There shall be no right of retention with regard to such documents, records and data.
|
c.
Herr Dr. Wunram ist verpflichtet, etwaige Erfindungen im Sinne des Gesetzes über Arbeitnehmererfindungen der Gesellschaft unverzüglich schriftlich mitzuteilen. Die Gesellschaft ist berechtigt, innerhalb einer Frist von vier Monaten nach dieser Mitteilung zu erklären, ob und in welchem Umfang sie die Erfindungen in Anspruch nimmt. Für den Fall einer Inanspruchnahme der Erfindung erhält Herr Dr. Wunram eine Vergütung in entsprechender Anwendung der Bestimmungen des Gesetzes über Arbeitnehmererfindungen und den hierzu ergangenen Vergütungsrichtlinien.
|
|
c.
Dr. Wunram shall, without undue delay, give written notice to the Company of any inventions within the meaning of the German Act on Employee Inventions (
Gesetz über Arbeitnehmererfindungen
). Within a period of four months as of receipt of such notice, the Company shall be entitled to declare whether and to what extent it claims the inventions. If the Company claims an invention, Dr. Wunram shall receive a compensation in accordance with the German Act on Employee Inventions and the compensation guidelines issued thereunder which apply
mutatis mutandis
.
|
§ 4
Vergütung, Arbeitsunfähigkeit und Tod
|
|
§ 4
Remuneration, Incapacity for Work and Death
|
a.
Herr Dr. Wunram erhält eine Jahreszielvergütung, die sich aus einer jährlichen festen Vergütung (Fixum) in Höhe von brutto EUR 500.000,-- (in Worten: EURO Fünfhunderttausend), einer kurzfristig variablen Vergütung in Höhe von brutto EUR 500.000,-- (in Worten: EURO Fünfhunderttausend) sowie einer langfristig variablen Vergütung in Höhe von brutto EUR 500.000,-- (in Worten: EURO Fünfhunderttausend) wie nachfolgend geregelt zusammensetzt. Das jährliche Festgehalt ist in zwölf gleichen Raten jeweils zum Ende des Kalendermonats zahlbar.
|
|
a.
Dr. Wunram shall receive an annual target remuneration which comprises an annual fixed remuneration (“Fixum”) in the amount of EUR 500,000.00 (in words: euro five hundred thousand), a short-term variable remuneration in the amount of EUR 500,000.00 (in words: euro five hundred thousand) as well as a long-term variable remuneration in the amount of EUR 500,000.00 (in words: euro five hundred thousand) as set out below. The annual fixed remuneration is payable by twelve equal instalments, in each case to the end of the calendar month.
|
b.
Herr Dr. Wunram erhält einen monatlichen Zuschuss in Höhe der jeweiligen Hälfte der Beiträge zu seiner bestehenden Kranken- und Pflegeversicherung sowie der Höhe der jeweiligen Hälfte des Höchstbetrages der gesetzlichen Rentenversicherung. Der Beitrag zur Kranken- und Pflegeversicherung kann maximal die Höhe der Hälfte der gesetzlichen Kranken- und Pflegeversicherung betragen.
|
|
b.
Dr. Wunram shall receive a monthly subsidy equivalent to the respective half of the contributions to his existing health and long-term care insurance as well as equivalent to the respective half of the maximum amount of the statutory pension insurance. The maximum contribution to the health and long-term care insurance amounts to the equivalent of the half of the contributions to the statutory health and long-term care insurance.
|
c.
Im Rahmen des zu Beginn des jeweiligen Geschäftsjahres von Herrn Dr. Wunram und dem Aufsichtsrat gemeinsam festzulegenden Budgets werden Zielvorgaben für EBITDA und Net-Income bestimmt. Jede Zielvorgabe wird gleich gewichtet und einzeln abgerechnet.
|
|
c.
In the context of the budget which is jointly determined by Dr. Wunram and the Supervisory Board at the beginning of each business year, targets with regard to EBITDA and net income shall be set. Each target shall be weighted equally and shall be accounted for individually.
|
d.
Bei voller Erfüllung des vereinbarten Budgets (100%) gemäß § 4 Abs. (3) oben erhält Herr Dr. Wunram die kurzfristig variable Vergütungskomponente (Tantieme) in Höhe von brutto EUR 500.000,-- (in Worten: EURO Fünfhunderttausend). Die Tantiemezahlung ist nach Feststellung des Jahresabschlusses fällig. Bei Über- oder Unterschreiten des vereinbarten Budgets richtet sich die Höhe der geschuldeten Tantieme nach der beigefügten Beschreibung
(Anlage 1
zu diesem Vertrag). Ist jedoch bei einem der Ziele die Zielerreichung kleiner 80%, besteht auch bei den anderen Zielen kein Anspruch auf eine Tantieme; der Aufsichtsrat entscheidet dann über die Höhe einer eventuellen Tantieme.
|
|
d.
If the budget agreed in accordance with section 4 para 3 above is met in full (100 %), Dr. Wunram shall receive the short-term variable remuneration component (bonus) in the gross amount of EUR 500,000.00 (in words: euro five hundred thousand). The bonus shall be payable upon adoption of the annual financial statements. In case of an overrun or shortfall of the agreed budget, the amount of the owed bonus shall be determined in accordance with the attached description (
Annex 1
to this Service Agreement). If the target achievement is lower than 80% with respect to any of the targets, there shall be no entitlement for a bonus with respect to the other targets; in this case the Supervisory Board shall decide on the amount of a possible bonus.
|
e.
Die Gesellschaft gewährt Herrn Dr. Wunram als Vergütungskomponente mit langfristiger Anreizwirkung Aktienoptionen nach der beigefügten Beschreibung
(Anlage 2
zu diesem Vertrag). Die Aktienoptionen werden in jährlichen Tranchen ausgegeben. Herr Dr. Wunram verpflichtet sich, während der Laufzeit dieses Vorstandsanstellungsvertrages die ihm jährlich zugeteilten Aktienoptionen sämtlich zu erwerben. Eine nachträgliche Adjustierung der langfristig variablen Vergütung soll vorbehaltlich eines entsprechenden Aufsichtsratsbeschlusses möglich sein, wenn das Dreifache der Summe der jährlichen Zielvergütungen (= 100% des Zielwertes) des Herrn Dr. Wunram über einen fünfjährigen Betrachtungszeitraum überschritten wird.
|
|
e.
As long-term incentive remuneration component, the Company shall grant stock options to Dr. Wunram in accordance with the attached description (
Annex 2
to this Service Agreement). The stock options shall be issued in annual tranches. During the term of this Management Board Member’s Service Agreement, Dr. Wunram shall acquire all stock options that have been annually allocated to him. A subsequent adjustment of the long-term variable remuneration shall be possible, subject to an according resolution of the Supervisory Board, if the triple amount of the annual target remunerations (= 100% of the target value) of Dr. Wunram is exceeded over a period of five consecutive years.
|
f.
Etwaige Vergütungen, die Herrn Dr. Wunram aus Tätigkeiten gemäß § 1 Abs. 6 zufließen, werden auf das Festgehalt nach Abs. (1) angerechnet.
|
|
f.
Possible remunerations which Dr. Wunram receives for his activities according to section 1 para. 6 shall be credited against the fixed remuneration according to para. 1.
|
g.
Mit der vorstehend geregelten Vergütung ist die gesamte Tätigkeit von Herrn Dr. Wunram für die Gesellschaft und für die mit ihr verbundenen Unternehmen – abgesehen von der Altersversorgungszusage gemäß § 8, den abgeschlossenen Versicherungen gemäß § 7 und der Privatnutzung des Dienstfahrzeuges – abgegolten. Insbesondere besteht kein Anspruch auf Vergütung von Mehrarbeit. Eine etwaige Vergütung aus einer ggf. mit der Diebold, Incorporated, geschlossenen Anstellungsvereinbarung unterliegt keiner Anrechnung, sofern nicht der Aufsichtsrat abweichendes beschließt.
|
|
g.
The remuneration as set out above shall be deemed to cover the entire work of Dr. Wunram for the Company and its affiliates – apart from pension commitment according to section 8, the taken out insurances according to section 7 and the private use of the company car. In particular, there shall be no claim for remuneration with respect to additional work. A possible remuneration based on a service agreement entered into with Diebold, Incorporated, shall not be credited against the remuneration provided for in this Service Agreement, unless otherwise resolved upon by the Supervisory Board.
|
h.
Im Fall der Arbeitsunfähigkeit, die durch Krankheit oder aus einem anderen von Herrn Dr. Wunram nicht zu vertretenden Grund eintritt, erhält Herr Dr. Wunram für die Dauer von bis zu 18 Monaten ab Beginn der Arbeitsunfähigkeit, längstens bis zu seinem Ausscheiden aus der Gesellschaft, sein Festgehalt fortgezahlt. Tantiemeansprüche werden für sechs Monate ab Beginn der Erkrankung oder Verhinderung gezahlt, soweit die Ziele erreicht werden.
|
|
h.
In case of incapacity for work caused by illness or by any other reason for which Dr. Wunram is not responsible, Dr. Wunram shall continue to receive his fixed remuneration for a period of up to 18 months as of beginning of the incapacity for work, such term expiring in any event if he leaves the Company. Bonuses shall be paid for a period of six months as of the beginning of illness or unavailability, as far as the targets have been achieved.
|
i.
Nach Ablauf von 18 Monaten ab Beginn der Arbeitsunfähigkeit ist die Gesellschaft berechtigt, das Dienstverhältnis mit Herrn Dr. Wunram zum Ende eines jeden Monats unter vorzeitiger Auszahlung des Invalidenkapitals aus der beitragsorientierten Versorgungszusage der Wincor Nixdorf AG (siehe § 8 dieses Vertrages) zu beenden. Herr Dr. Wunram wird dabei mindestens so behandelt, als ob eine volle Erwerbsminderung im Sinne von Ziffer 2.2 der einschlägigen Versorgungsordnung vorläge. Der in der Versorgungsordnung geforderte Nachweis der vollen Erwerbsminderung ist somit nicht Anspruchsvoraussetzung. Auch auf die Erfüllung der in der Versorgungsordnung festgelegten Wartezeit kommt es nicht an. Im Übrigen ergeben sich die Wunramen Auszahlungsmodalitäten aus der Versorgungsordnung.
|
|
i.
After the expiry of a period of 18 months as of the beginning of illness, the Company may terminate this Service Agreement with Dr. Wunram to the end of each calendar month, provided that in case of such termination the disability benefits based on the contribution-defined pension commitment of Wincor Nixdorf AG (confer section 8 of this Service Agreement). In such case, Dr. Wunram shall be treated, as if his earning capacity was fully reduced within the meaning of number 2.2 of the applicable pension scheme. The proof of the total reduction of earning capacity required by the pension scheme shall, therefore, not be a precondition for a claim. The fulfilment of the waiting period provided in pension scheme shall also not be relevant. Apart from that, details on the payment modalities are provided in the pension scheme.
|
j.
Im Fall des Todes des Herrn Dr. Wunram haben seine Witwe und seine minderjährigen Kinder Anspruch auf Fortzahlung der Vergütung für einen Zeitraum von sechs Monaten, beginnend mit dem Ende des Monats, in dem Herr Dr. Wunram verstorben ist. Daneben haben sie Anspruch auf anteilige Bonuszahlung, sofern die Voraussetzungen hierfür bis zum Tode des Herrn Dr. Wunram pro rata temporis erfüllt waren.
|
|
j.
In the event of death of Dr. Wunram, his widow and his minor children are entitled to continued payment of remuneration for a period of six months as of the end of the month in which Dr. Wunram died. Apart from that, they are entitled to bonus payments on a
pro rata
basis, if the requirements for this have been fulfilled
pro rata temporis
until the death of Dr. Wunram.
|
§ 5
Urlaub
|
|
§ 5
Vacation
|
Herr Dr. Wunram hat Anspruch auf bezahlten Jahresurlaub von 30 Arbeitstagen pro Kalenderjahr. Die Urlaubszeit ist im Einvernehmen mit den übrigen Vorstandsmitgliedern abzustimmen. Zur Abdeckung ganztägiger Abwesenheiten stehen Herrn Dr. Wunram neben dem Kalenderjahresurlaub je Geschäftsjahr bis zu 5 weitere freie Tage (z. B. zur Abdeckung etwaiger sog. „Brückentage“) zur Verfügung.
|
|
Dr. Wunram is entitled to 30 days of annual vacation with pay per calendar year. The timing of the vacation shall be agreed with the other members of the Management Board. To cover full-day absences Dr. Wunram is entitled to 5 further days off per business year in addition to his calendar annual vacation (e.g. to cover possible so called “bridging days”).
|
Im Rahmen der unternehmerischen Verantwortung kann Herr Dr. Wunram unabhängig von einer formellen Beantragung und Genehmigung frei über den jährlichen Urlaub sowie die zusätzlichen fünf freien Tage verfügen. Eine Abwesenheitserfassung ist insofern nicht erforderlich und beschränkt sich auf ganztägige Abwesenheiten wegen Krankheit. Der Kalenderjahresurlaubsanspruch gilt – insbesondere für den Fall des Ausscheidens – als pro rata temporis geltend gemacht und erfüllt. Im Falle des Ausscheidens wird dabei auf volle Urlaubstage aufgerundet.
|
|
Within the scope of his entrepreneurial responsibility, Dr. Wunram may take vacation time at its absolute discretion, regardless of any formal application and approval. Insofar, no absence for vacation needs to be recorded and only full-day absences for sickness shall be recorded. The entitlement to the annual vacation for the calendar year shall be deemed to be claimed and fulfilled
pro rata temporis
, in particular in case of termination. In case of termination, it shall be rounded up to full vacation days.
|
§ 6
Wettbewerbsverbot
|
|
§ 6
Non-compete Obligation
|
Herr Dr. Wunram unterliegt dem Wettbewerbsverbot des § 88 AktG. Es ist ihm insbesondere untersagt, ohne vorherige schriftliche Zustimmung des Vorsitzenden des Aufsichtsrates für ein Unternehmen für eigene oder fremde Rechnung tätig zu werden, welches mit der Gesellschaft in Wettbewerb steht oder ein solches Unternehmen zu errichten oder sich hieran zu beteiligen.
|
|
Dr. Wunram is subject to the non-compete obligation provided in section 88 of the German Stock Corporation Act (
Aktiengesetz – AktG
). He may not, without prior written approval of the chairman of the Supervisory Board, act for another company for its own account or for the account of a third party which competes with the Company or to incorporate or participate in such company.
|
§ 7
Versicherungen
|
|
§ 7
Insurances
|
Die Gesellschaft schließt folgende Versicherungen ab:
|
|
The Company will take out the following insurances:
|
(1) Unfallversicherung zugunsten von Herrn Dr. Wunram mit Versicherungssummen von EUR 300.000,-- für den Todesfall und bis zu max. EUR 600.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad). Bei Dienstreisen für das außereuropäische Ausland erhöht sich der Versicherungsschutz um EUR 150.000,-- für den Todesfall und um EUR 300.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad).
|
|
(1)
Accident insurance for the benefit of Dr. Wunram with a sum insured of EUR 300,000.00 in case of death and up to EUR 600,000.00 in case of disability (depending on the degree of disability). For business-related travel outside Europe, the insurance coverage is increased by EUR 150,000.00 in case of death and by EUR 300,000.00 in case of disability (depending on the degree of disability).
|
(2)
Im Rahmen der vorbezeichneten Unfallversicherung werden die Ehefrau und die minderjährigen Kinder wie folgt mitversichert:
|
|
(2)
The aforementioned accident insurance also covers the spouse and the minor children as follows:
|
Ehefrau: Versicherungssummen von EUR 75.000,-- für den Todesfall und bis zu max. EUR 150.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad)
|
|
Spouse: sum insured of EUR 75,000.00 in case of death and up to 150,000.00 in case of disability (depending on the degree of disability).
|
jedes Kind: Versicherungssummen von EUR 25.000,-- für den Todesfall und bis zu max. EUR 150.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad)
|
|
Each child: sum insured of EUR 25,000.00 in case of death and up to EUR 150,000.00 in case of disability (depending on the degree of disability)
|
(3) Bei Buchung von Flugkarten über die Gesellschaft tritt eine zusätzliche Fluggast-Unfallversicherung über eine Versicherungssumme von EUR 375.000,-- bei Tod oder Invalidität in Kraft.
|
|
(3)
When flight tickets are booked through the Company, an additional air passenger accident insurance with a sum insured of EUR 375,000.00 in case of death or disability applies.
|
(4)
Die Gesellschaft wird für Herrn Dr. Wunram folgende weitere Versicherungen abschließen:
|
|
(4)
The Company will take out the following additional insurances for the benefit of Dr. Wunram:
|
Dienstreise-Unfallversicherung
|
|
Business travel accident insurance
|
Auslands-Reisekrankenversicherung
|
|
Foreign travel health insurance
|
Reisegepäck-Versicherung
|
|
Baggage insurance
|
Verkehrsrechtsschutz-Versicherung für Dienstreisen
|
|
Motor legal protection insurance for business travel
|
Privathaftpflicht-Versicherung
|
|
Private liability insurance
|
Directors and Officers-Versicherung zur Absicherung gegen Risiken aus der persönlichen Haftung des Vorstandsmitglieds mit einem Selbstbehalt von 10% des Schadens bis zur Höhe des Eineinhalbfachen der festen jährlichen Vergütung des Vorstandsmitglieds.
|
|
Directors and officers liability insurance to cover risks arising from the personal liability of the Management Board member with a deductible of 10% of the damage up to one and a half times the fixed annual remuneration of the Management Board member.
|
Die auf die Versicherungsprämien der vorgenannten Versicherungen anfallende Einkommensteuer trägt Herr Dr. Wunram. Bezugsberechtigt sind Herr Dr. Wunram bzw. die von ihm schriftlich benannten Personen.
|
|
The income tax on the insurance premiums for the aforementioned insurances shall be borne by Dr. Wunram. The beneficiaries of the aforementioned insurances are Dr. Wunram and the persons specified by him in writing.
|
§ 8
Betriebliche Altersversorgung
|
|
§ 8
Company Pension Scheme
|
Gemäß der jeweils in der Wincor Nixdorf International GmbH geltenden Versorgungsrichtlinie, welche auch für die Wincor Nixdorf AG gilt, erhält Herr Dr. Wunram Leistungen der betrieblichen Altersversorgung. Die wesentlichen Regelungsinhalte der aktuell geltenden Versorgungsrichtlinie 2006 vom 22.06.2006 sind in einem Merkblatt zur betrieblichen Altersversorgung in der Wincor Nixdorf International GmbH zusammengefasst
(Anlage 3)
. Herr Dr. Wunram erhält für jedes volle Beschäftigungsjahr einen Versorgungsbeitrag in Höhe von EUR 100.000,--.
|
|
In accordance with the pension directive of Wincor Nixdorf International GmbH, as applicable from time to time, which is also applicable for Wincor Nixdorf AG, Dr. Wunram shall be entitled to benefits under the company pension scheme. The substantial contents of the pension directive 2006 dated June 22, 2006 which is currently applicable are summarized in a leaflet regarding the company pension scheme at Wincor Nixdorf International GmbH (
Annex 3
). Dr. Wunram shall receive a benefit contribution in the amount of EUR 100,000.00 for each completed year of employment.
|
§ 9
Aufhebung bisheriger Vertragsverhältnisse / Dauer und Beendigung des Dienstverhältnisses
|
|
§ 9
Termination of Previous Employments / Term and Termination of this Service Agreement
|
(1) Dieser befristete Vorstandsanstellungsvertrag läuft ab dem Zeitpunkt der Bestellung zum Vorstand der Gesellschaft für drei Jahre und kann während dieses Zeitraumes nicht ordentlich gekündigt werden. Er endet mit Ablauf des Drei-Jahreszeitraums, ohne dass es einer Kündigung bedarf.
|
|
(1)
This fixed-term Management Board Member’s Service Agreement shall be effective as from the time of appointment as member of the Management Board of the Company for a period of three years and cannot be ordinarily terminated during this period. It terminates automatically upon expiry of the three-year period without a termination notice being required.
|
(2) Der Vorstandsanstellungsvertrag kann in beiderseitigem Einvernehmen im Rahmen der gesetzlich zulässigen Zeitdauer verlängert werden. Hierzu bedarf es eines Aufsichtsratsbeschlusses über die Verlängerung der Bestellung zum Vorstandsmitglied, der frühestens ein Jahr, spätestens aber sechs Monate vor Ablauf der bisherigen Amtszeit gefasst werden soll. Soweit im Fall der Verlängerung nicht ausdrücklich etwas anderes vereinbart wird, gelten die zuletzt schriftlich niedergelegten Vertragsinhalte weiter.
|
|
(2)
The term of the Management Board Member’s Service Agreement may be extended by mutual agreement between the parties up to the maximum term permitted by law. Such extension requires a resolution of the Supervisory Board on the extension of the appointment as Management Board member which shall be adopted not earlier than one year but not later than six months prior to the expiry of the previous term of office. In case of an extension, unless expressly agreed otherwise, the terms previously agreed in writing shall continue to apply.
|
(3) Dieser Vorstandsanstellungsvertrag kann jederzeit auch ohne Einhaltung einer Frist außerordentlich aus wichtigem Grund gekündigt werden. Wichtiger Grund ist eine schwere Verletzung vertraglicher Pflichten durch die andere Vertragspartei.
|
|
(3)
This Management Board Member’s Service Agreement may be terminated for cause at any time without giving prior notice. A termination for cause shall be possible in case of a severe violation of contractual duties by the other party.
|
(4) Jede Kündigung bedarf zu ihrer Wirksamkeit der Schriftform. Eine Kündigung durch Herrn Dr. Wunram bedarf des Zugangs gegenüber dem Vorsitzenden des Aufsichtsrates.
|
|
(4)
Each termination must be in writing in order to be effective. A termination by Dr. Wunram requires receipt of termination by the chairman of the Supervisory Board.
|
(5) Für den Fall der Kündigung, der Amtsniederlegung, der Abberufung sowie einer einvernehmlichen Beendigung dieses Vorstandsanstellungsvertrages gilt hinsichtlich der Vergütung Folgendes:
|
|
(5)
In the event of the unilaterally declared termination, resignation, revocation as well as in the event of a mutually agreed termination of this Management Board Member’s Service Agreement the following shall apply with respect to the remuneration:
|
a.
Soweit Herr Dr. Wunram sein Amt ohne wichtigen Grund niederlegt, erhält er ab dem Zeitpunkt des Wirksamwerdens der Niederlegung bis zum Vertragsende kein Festgehalt (Fixum) und auch keine variable Vergütung mehr, das heißt weder eine Tantieme (= kurzfristig variabler Vergütungsbestandteil) noch eine Aktien bezogene Vergütung (= langfristig variabler Vergütungsbestandteil). Aktienoptionen, die an Herrn Dr. Wunram vor der Amtsniederlegung ausgegeben worden sind, können jedoch zum Ende der Haltefrist noch ausgeübt werden, sofern die übrigen Ausübungsvoraussetzungen vorliegen.
|
|
a.
if Dr. Wunram resigns from his office without cause, he shall as from the effectiveness of the resignation until the expiry of this Service Agreement neither receive a fixed remuneration (”Fixum”) nor a variable remuneration, i.e. neither a bonus (= short-term variable remuneration component) nor a stock related remuneration (= long-term variable remuneration component). Stock options which have been issued to Dr. Wunram prior to the resignation can, however, be exercised at the end of the lock-up period if the other vesting requirements are fulfilled.
|
b.
Soweit Herr Dr. Wunram sein Amt aus wichtigem Grund entsprechend § 626 BGB niederlegt, erhält er ab diesem Zeitpunkt bis zum Vertragsende als Vergütung sein bisheriges Festgehalt (Fixum) ohne variable Vergütung. Aktienoptionen, die an Herrn Dr. Wunram vor der Amtsniederlegung ausgegeben worden sind, können jedoch zum Ende der Haltefrist noch ausgeübt werden, sofern die übrigen Ausübungsvoraussetzungen vorliegen.
|
|
b.
if Dr. Wunram resigns from his office for cause according to section 626 of the German Civil Code (
Bürgerliches Gesetzbuch – BGB
), he shall as from the termination until to the expiry of this Service Agreement receive as remuneration his previous fixed remuneration (“Fixum”) without variable remuneration. Stock options which have been issued to Dr. Wunram prior to the resignation can, however, be exercised at the end of the lock-up period if the other vesting requirements are fulfilled.
|
c.
Wird dieser Vertrag von der Gesellschaft aus wichtigem Grund i.S.d. § 626 BGB mit oder ohne Auslauffrist gekündigt, erhält Herr Dr. Wunram für das laufende Geschäftsjahr sowie für die etwaige Auslauffrist keine variable Vergütung mehr.
|
|
c.
if this Service Agreement is terminated by the Company for cause within the meaning of section 626 German Civil Code (
Bürgerliches Gesetzbuch – BGB
), either with or without phasing-out period, Dr. Wunram shall not receive a variable remuneration for the current business year and for a possible phasing-out period.
|
d.
Für den Fall der vorzeitigen Beendigung der Vorstandstätigkeit durch Widerruf der Bestellung ohne einen von Herrn Dr. Wunram zu vertretenden wichtigen Grund im Sinne des § 626 BGB, der die Gesellschaft zur Kündigung des Vorstandsanstellungsvertrages berechtigen würde oder im Falle einer einvernehmlichen Aufhebung dieses Vorstandsanstellungsvertrages, erhält Herr Dr. Wunram eine Abfindung gemäß nachfolgender Regelung.
|
|
d.
in the event of a premature termination of the Management Board mandate by way of a revocation of the appointment without cause within the meaning of section 626 German Civil Code (
Bürgerliches Gesetzbuch – BGB
) for which Dr. Wunram is responsible and which would entitle the Company to terminate this Management Board Member’s Service Agreement, or in the event of a mutually agreed termination of this Management Board Member’s Service Agreement, Dr. Wunram shall receive a severance payment in accordance with the following provision.
|
Diese Abfindungsregel findet darüber hinaus mit der Maßgabe, dass eine Begrenzung der Abfindung auf die Abgeltung der Restlaufzeit nicht erfolgt, entsprechende Anwendung, wenn
|
|
Furthermore, this severance payment provision shall apply
mutatis mutandis
, provided that the severance payment shall not be limited to the compensation of the remaining term, if
|
(i) Herr Dr. Wunram als Mitglied des sog. Executive Committee der Diebold, Incorporated abberufen wird,
|
|
(i) Dr. Wunram is revoked as member of the so-called Executive Committee of Diebold, Incorporated,
|
(ii) ihm bis zum 28. Februar 2017 von der Diebold, Incorporated keine „terms of employment“ angeboten werden oder diese nach seiner Einschätzung nicht akzeptabel sind,
|
|
(ii) Diebold, Incorporated has not offered him “terms of employment” until February 28, 2017, or such terms of employment are not acceptable according to his assessment,
|
(iii) er seine Mitgliedschaft im Executive Committee auf Wunsch der Diebold, Incorporated beendet,
|
|
(iii) he terminates his membership in the Executive Committee at the request of Diebold, Incorporated,
|
(iv) er nicht bis zum 15. Oktober 2016 als sog. Officer im Sinne von Rule 16a-1(f) des U.S. Securities and Exchange Act 1934 bestellt wird oder
|
|
(iv) he is not appointed as so-called Officer within the meaning of Rule 16a-1(f) of the U.S. Securities and Exchange Act 1934 until October 15, 2016, or
|
(v) seine Aufgaben als Mitglied des Executive Committee der Diebold, Incorporated ohne seine Zustimmung im Vergleich zu den im Executive Services Agreement vom 15./16. August 2016 festgelegten Aufgaben wesentlich geändert werden
|
|
(v) without his consent his responsibilities as member of the Executive Committee of Diebold, Incorporated are substantially changed in comparison to the responsibilities provided for in the Executive Service Agreement dated August 15/16, 2016
|
und Herr Dr. Wunram in einem der vorstehend unter (i) bis (v) genannten Fälle sein Amt als Mitglied des Vorstands der Gesellschaft während der Laufzeit der zwischen der Gesellschaft und der Diebold, Incorporated geschlossenen Zusammenschlussvereinbarung vom 23. November 2015 niederlegt.
|
|
and in any of the aforementioned cases under (i) to (v) Dr. Wunram resigns from his office as member of the Management Board of the Company during the term of the Business Combination Agreement dated November 23, 2015, and entered into by the Company and Diebold, Incorporated.
|
Im Fall des vorgenannten Widerrufs der Bestellung sowie der vorgenannten Amtsniederlegung ist Herr Dr. Wunram berechtigt, diesen Vorstandsanstellungsvertrag außerordentlich fristlos zu kündigen:
|
|
In the event of the revocation of the appointment and in the event of the aforementioned resignation from office, Dr. Wunram is entitled to terminate this Management Board Member’s Service Agreement for cause without giving prior notice:
|
Die Abfindung ist auf die Summe aus zwei Jahresfestvergütungen einschließlich Nebenleistungen und des 2-fachen des Zielwertes der kurzfristig variablen Vergütung sowie des 2-fachen des Zielwertes der langfristigen variablen Vergütung oder die Abgeltung der Restlaufzeit begrenzt, je nachdem, welcher Betrag geringer ist.
|
|
The severance payment shall be limited to the total of two annual fixed remunerations including fringe benefits and twice the target value of the short-term variable remuneration as well as twice the target value of the long-term variable remuneration or to the compensation for the remaining term, whichever amount is lower, as the case may be.
|
Entsprechend erhält Herr Dr. Wunram das Zweifache der Summe aus dem Jahresfestgehalt gemäß § 4 Abs. 1,
|
|
Accordingly, Dr. Wunram shall receive twice the total of the annual fixed remuneration according to section 4 para. 1,
|
der jährlichen Zuschüsse gemäß § 4 Abs. 2, Versicherungsentgelte gemäß § 7, des Jahresbeitrages für die betriebliche Altersversorgung gemäß § 8 sowie des jährlichen geldwerten Vorteils aus der Nutzung des Firmenwagens gemäß § 11 des Vorstandsanstellungsvertrages
|
|
the annual subsidy according to section 4 para. 2, insurance premiums according to section 7, the annual contribution to the company pension scheme according to section 8 as well as the annual monetary benefits relating to the use of the company car according to section 11 of this Management Board Member’s Service Agreement
|
sowie das 2-fache der kurzfristig und der langfristig variablen Vergütung gemäß § 4 Abs. 1 des vorliegenden Vertrages. Es gilt die Regelung in Ziffer 4.2.3 Abs. 4 des Deutschen Corporate Governance Kodex.
|
|
as well as twice of the short-term and long-term variable remuneration according to section 4 para. 1 of this Service Agreement. The provision in section 4.2.3 para. 4 of the German Corporate Governance Codex (
Deutscher Corporate Governance Kodex
) shall apply.
|
Beträgt zum Zeitpunkt der Aufhebung im Sinne des § 9 Abs. 5, Ziffer d) des Vorstandsanstellungsvertrages die Restlaufzeit desselben weniger als 2 Jahre, wird die Abfindung zeitanteilig berechnet.
|
|
If, at the time of the termination within the meaning of section 9 para. 5 lit. d) of this Management Board Member’s Service Agreement, the remaining term is less than 2 years, the severance payment will be calculated
pro rata temporis
.
|
Aktienoptionen, die an Herrn Dr. Wunram vor der Beendigung seines Vorstandsanstellungsvertrages ausgegeben worden sind, verfallen nicht sondern können zum Ende der Haltefrist ausgeübt werden, sofern die übrigen Ausübungsvoraussetzungen vorliegen.
|
|
Stock options which have been issued to Dr. Wunram prior to the termination of his Management Board Member’s Service Agreement do not lapse but may be exercised at the end of the lock-up period if the other vesting requirements are fulfilled.
|
(6) Bei einem auf das Geschäftsjahr bezogenen unterjährigen Ausscheiden werden die Vergütungsansprüche unter Berücksichtigung der vorstehenden Absätze zeitanteilig gewährt.
|
|
(6)
In case of an intra-year termination with regard to the business year, remuneration entitlements will be granted
pro rata temporis
in consideration of the preceding paragraphs.
|
(7) Die Beendigung des Dienstverhältnisses oder Freistellung hat keine Auswirkung auf die nach diesem Vertrag fortbestehenden Verpflichtungen des Herrn Dr. Wunram.
|
|
(7)
The termination of this Service Agreement or a leave of absence has no effect on the continuing obligations of Dr. Wunram set forth in this Service Agreement.
|
(8) Dieser Vorstandsanstellungsvertrag endet spätestens zum Ende des Monats, in dem Herr Dr. Wunram das 68. Lebensjahr vollendet.
|
|
(8)
This Management Board Member’s Service Agreement shall, at the latest, expire at the end of the month in which Dr. Wunram completes his 68
th
year of life.
|
§ 10
Auslagen
|
|
§ 10
Expenses
|
Reisekosten und sonstige Auslagen werden Herrn Dr. Wunram im Rahmen der steuerlich zulässigen Höchstbeträge vergütet. Im Einzelfall werden höhere Beträge gegen Nachweis erstattet. Die Reisekostenrichtlinie für Leitende Angestellte der Wincor Nixdorf International GmbH – welche ebenfalls in der Wincor Nixdorf AG Anwendung findet – gilt auch für Herrn Dr. Wunram.
|
|
Any travel and other expenses shall be reimbursed to Dr. Wunram up to the maximum amounts permitted for tax purposes. In the individual case, higher amounts may be reimbursed upon presentation of receipts. The business travel expenses policy for executives of Wincor Nixdorf International GmbH – which also applies at Wincor Nixdorf AG – also applies to Dr. Wunram.
|
§ 11
Dienstfahrzeug
|
|
§ 11
Company Car
|
(1) Herr Dr. Wunram hat Anspruch auf ein Dienstfahrzeug der oberen Mittelklasse zur geschäftlichen und privaten Nutzung. Die Firmenwagenregelung für Mitglieder des Wincor Nixdorf Executive Boards kommt zur Anwendung (Anlage 4). Die private Nutzung unterliegt den anwendbaren steuerlichen Vorschriften.
|
|
(1)
Dr. Wunram is entitled to an upper mid-range company car for business and private use. The company car policy for members of the Wincor Nixdorf Executive Board is applicable. The private use is subject to the applicable tax provisions.
|
(2) Mit Beendigung dieses Vorstandsanstellungsvertrages ist das Dienstfahrzeug an die Gesellschaft herauszugeben.
|
|
(2)
Upon termination of this Management Board Member’s Service Agreement the company car has to be returned to the Company.
|
§ 12
Schlussbestimmungen
|
|
§ 12
Miscellaneous
|
(1) Änderungen, Ergänzungen und die Aufhebung dieses Vertrages bedürfen der Schriftform; auf die Schriftform kann nur schriftlich verzichtet werden.
|
|
(1)
Any amendments and additions to as well as the rescission of this Agreement shall be made in writing; this written form requirement may only be waived in writing.
|
(2 Sofern im Rahmen der Beschäftigungsbedingungen für Mitarbeiter des Leitungskreises Vergünstigungen zuerkannt sind oder werden, die in diesem Vertrag nicht ausdrücklich geregelt sind, gelten diese Vergünstigungen während ihrer zeitlichen Geltung im Leitungskreis entsprechend auch für das Vorstandsmitglied als vereinbart.
|
|
(2)
If any benefits have or will be granted in the terms of employment for the employees of the management group (
Leitungskreis
) which are not expressly provided in this Service Agreement, such benefits shall be deemed to be agreed with the Management Board member for the period during which they apply in the management group (
Leitungskreis
).
|
(3) Sollten einzelne Bestimmungen des Vertrages ganz oder teilweise ungültig oder undurchführbar sein oder ihre Rechtsgültigkeit später verliefen, bleibt der Vertrag im Übrigen gültig. Anstelle der unwirksamen oder undurchführbaren Bestimmung soll, soweit rechtlich zulässig, eine andere angemessene Regelung gelten, die wirtschaftlich dem am nächsten kommt, was die Vertragspartner gewollt haben oder gewollt haben würden, wenn sie die Unwirksamkeit oder Undurchführbarkeit der Regelung bedacht hätten.
|
|
(3)
Should any provisions of this Agreement be invalid or unenforceable in whole or in part or become invalid, the validity and enforceability of the remaining provisions of this Agreement shall not be affected. The invalid or unenforceable provision shall be deemed replaced, to the extent permitted by law, by another appropriate provision as comes closest to the economic result that the parties intended or would have intended had they been aware of the invalidity or unenforceability of the provision.
|
(4) Als ausschließlicher Gerichtsstand für alle Streitigkeiten aus diesem Vertrag wird, soweit gesetzlich zulässig, der Sitz der Gesellschaft vereinbart. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.
|
|
(4)
The exclusive place of jurisdiction for all disputes arising out of this Agreement shall be, to the extent permitted by law, the location of the Company’s registered office. This Agreement shall be governed by the laws of the Federal Republic of Germany.
|
|
|
|
Paderborn, den / this 16. August 2016
|
|
Paderborn, den / this August 16, 2016
|
/s/ Jürgen Wunram
|
|
/s/ Jürgen Wunram
|
Vorsitzender des Aufsichtsrates der / chairman of the supervisory board of Wincor Nixdorf AG
|
|
Dr. Jürgen Wunram
|
Anlage 1
zum Vorstandsanstellungsvertrag |
|
Annex 1
to Management Board Member’s Service Agreement |
von Herrn Dr. Jürgen Wunraum
|
|
of Mr. Dr. Jürgen Wunraum
|
Kurzfristig variable Vergütung (Tantieme)
|
|
Short-term variable remuneration
(bonus)
|
Bei Unterschreiten des jeweiligen vereinbarten Budgets bis zum maximal 20% vermindert sich die Bonuszahlung linear, wobei die Erreichung von lediglich 80% des Budgets die Bonuszahlung 25% der festgelegten variablen Vergütung beträgt. Bei Unterschreiten des vereinbarten Budgets von mehr als 20% entfällt die Bonuszahlung. Bei der Überschreitung des Budgets (mehr als 100%) steigt der Bonus linear von 100% der vereinbarten variablen Vergütung auf 175% (120% des Budgets) und anschließend linear von 175% auf das doppelte der vereinbarten variablen Vergütung (130% und mehr des vereinbarten Budgets) an.
|
|
In the event of a shortfall of the budget agreed from time to time of up to a maximum of 20%, the bonus payment decreases linearly, provided that the bonus payment shall amount to 25% of the agreed variable remuneration if only 80% of the budget is attained. In the event of a shortfall exceeding 20% of the agreed budget, no bonus payment shall be made. In the event of an overrun of the budget (more than 100%), the bonus increases linearly from 100% to 175% (120% of the budget) of the agreed variable remuneration and, subsequently, increases linearly from 175% to an amount equaling twice of the agreed variable remuneration (130% and more of the agreed budget).
|
Anlage 2 zum
Vorstandsanstellungsvertrag |
|
Annex 2 to
Management Board Member’s Service Agreement |
von Herrn Dr. Jürgen Wunraum
|
|
of Mr. Dr. Jürgen Wunraum
|
Aktienoptionen als langfristig variable Einkommenskomponente, zusätzliche Vorgaben für den Vorstand
|
|
Stock options as long-term variable income component, additional specifications for the Management Board
|
Mit Blick auf die Ausrichtung des Aktienoptionsprogramms an dem Ziel der langfristigen und nachhaltigen Unternehmensentwicklung kommen für Vorstandsmitglieder ergänzend folgende Parameter zur Anwendung:
|
|
Taking into account the orientation of the stock option program (
Aktienoptionsprogramm
) towards the aim of a long-term and sustainable corporate development, additionally, the following provisions shall be applicable for the members of the Management Board:
|
Die Anzahl der den Vorstandsmitgliedern zuzuteilenden Aktienoptionen der jährlichen Tranche wird von vornherein so berechnet, dass das jeweilige Vorstandsmitglied aus dieser Komponente der Vorstandsvergütung nur dann den vollständigen Betrag – also 100% des Zielwertes („Zielvergütung“) – erreicht, wenn die Performance der Aktie durchschnittlich 6% pro Jahr über die gesamte vierjährige Laufzeit der Aktienoption beträgt. Die Performance der Aktie berücksichtigt sowohl die Entwicklung des Aktienkurses als auch die Dividende (Dividendenrendite). Falls die Performance der Aktie höher ist als durchschnittlich 6% pro Jahr über die gesamte vierjährige Laufzeit der Aktienoption, führt dies zu einem höheren Betrag dieser Vergütungskomponente.
|
|
The number of stock options of the annual tranche allocated to the members of the Management Board shall be calculated at the start in such a way that the respective member of the Management Board only achieves the full amount – hence 100% of the target value (“Target Remuneration”) – if the stock appreciates in value by an average of 6% per year over the entire four-year term of the stock option. The performance of the stock takes into account the development of the stock price as well as the dividend (dividend yield). If the stock’s performance is higher than the annual average of 6% over the entire four-year term of the stock option, the amount of this remuneration component will be higher.
|
Ansonsten gelten die Bedingungen des Wincor Nixdorf Aktienoptionsprogramms in seiner jeweils aktuellen Fassung unverändert.
|
|
Otherwise, the terms and conditions of the Wincor Nixdorf Stock Option Program, as applicable from time to time, shall apply unchanged.
|
Durch die gewählte Vorgehensweise wird eine Verknüpfung zwischen den Interessen des Vorstands und der Aktionäre an einer nachhaltigen Wertentwicklung geschaffen, bei der Kurssteigerung und Dividendenausschüttung in ausgewogenem Maße berücksichtigt werden.
|
|
Due to the chosen approach, a link between the interests of the Management Board and of the shareholders in a sustainable value development is established, taking into account stock price increases and dividend distributions in a balanced manner.
|
Mit dem für alle Teilnehmer des Aktienoptionsprogramms geltenden Aufschlag von 12% auf den Ausgangswert und dem für den Vorstand ergänzend geltenden Zielwert von durchschnittlich 6% Aktienperformance pro Jahr über die vierjährige Laufzeit der Aktienoption wird ein anspruchsvolles Erfolgsziel gesetzt, das den Vorgaben von Ziffer 4.2.3 des Deutschen Corporate Governance Kodexes genügt.
|
|
With respect to the 12% premium to the initial value applicable for all participants in the Stock Option Program and to the target remuneration of an annual average of 6% stock performance over the entire four-year term of the stock option applicable for the Management Board, an ambitious performance target is set which meets the requirements of section 4.2.3 of the German Corporate Governance Code (
Deutscher Corporate Governance Kodex
).
|
Merkblatt für Mitarbeiter der Wincor Nixdorf International GmbH
|
|
Annex 3 to Management Board Member’s Service Agreement
|
Betriebliche Altersversorgung in der Wincor Nixdorf International GmbH (WNI) im Rahmen der Versorgungsordnung
|
|
Company Pension Scheme at Wincor Nixdorf International GmbH (WNI) within the Pension Scheme (
Ver-sorgungsordnung
)
|
Mit diesem Merkblatt sollen Mitarbeiter der WNI einen Überblick über wesentliche Inhalte der in dieser Gesellschaft geltenden arbeitgeberfinanzierten betrieblichen Altersversorgung erhalten. Der rechtsverbindliche Text der Versorgungsordnung kann in den Personalabteilungen sowie im Intranet unter
Mitarbeiter
®
Beschäftigungsbedingungen
®
Betriebliche Altersversorgung
®
Regelungen Betriebliche Altersversorgung WNI/WNM
®
Versorgungsordnung.
|
|
This leaflet is supposed to give employees of WNI an overview of the substantial contents of the employer-financed company pension scheme. The legally binding version of the Pension Scheme (
Versorgungsordnung
) can be found in the human resources department and in the Intranet under
employees
®
conditions of employment
®
company pension scheme
®
provisions company pension scheme
®
Pension Scheme (Versorgungsordnung).
|
1. Art der Altersversorgung
|
|
1. Type of pension scheme
|
Bei der in der Versorgungsordnung geregelten betrieblichen Altersversorgung handelt es sich um ein beitragsorientiertes Altersversorgungssystem. Im Rahmen dieses Systems werden dem persönlichen Versorgungskonto des begünstigten Mitarbeiters jährlich nachstehend beschriebene Versorgungsbausteine gutgeschrieben. Die Höhe der jeweiligen Versorgungsleistung ergibt sich dann aus der Summe der Versorgungsbausteine bei Eintritt des Versorgungsfalles. Die Versorgungsordnung sieht vor, dass Versorgungsleistungen der WNI in den folgenden Versorgungsfällen er-bracht werden: Bei Erreichen der definierten Altersgrenze, bei Invalidität und im Todesfall. Die Versorgungsleistungen werden dabei nicht als monatlich zu zahlende Rente, sondern als Versorgungskapital erbracht.
|
|
The company pension scheme, provided for in the Pension Scheme (
Versorgungsordnung
), is a contribution-defined pension system. Within this system, the pension components as described below are credited annually to the personal pension account (
Versorgungskonto
) of the benefitted employee. The amount of the respective pension benefits is calculated from the sum of the pension components at the time the pension is incurred. The pension scheme (
Versorgungsordnung
) provides that pension benefits shall be made by the WNI in the following cases: If the defined age limit is reached, in case of disability and of death. The pension benefits shall not be paid as a monthly pension, but as a pension capital (
Versorgungskapital
).
|
2. Versorgungsbeiträge und -bausteine
|
|
2. Pension contributions and pension components
|
Basis für die Versorgungsbausteine sind Versorgungsbeiträge, die kalenderjährlich an jedem 31.12. aufgewendet werden (Gutschriftstichtag). Die Höhe des jeweiligen Versorgungsbeitrages hängt dabei von der Vergütungsgruppe des Mitarbeiters zum Gutschriftstichtag ab.
|
|
The basis for the pension components (
Versorgungsbausteine
) are the pension contributions (
Versorgungsbeiträge
), which are expended every calendar year on December 31 (Date Of Contribution). The contribution’s amount depends on the employee’s remuneration grade (
Vergütungsgruppe
) at the Date Of Contribution.
|
Die Versorgungsbausteine, die dem Versorgungskonto des Mitarbeiters gutgeschrieben werden, ergeben sich – unter Zugrundelegung eines Rechnungszinsfußes in Höhe von 3,5% p.a. – in Abhängigkeit von seinem Alter zum Gutschriftstichtag aus der Multiplikation des jeweiligen Versorgungsbeitrages mit der nachfolgenden Faktorentabelle (bei unterjährigen Ein- und Austritten, im Falle der Teilzeitbeschäftigung sowie für Zeiten, in denen der Mitarbeiter kein Entgelt erhält, enthält die Versorgungsordnung Regelungen über eine ggf. anteilige Berechnung der Versorgungsbausteine):
|
|
The pension components which are credited to the personal pension account of the employee result from – on the basis of an interest rate for accounting purposes (
Rechnungszinsfuß
) of 3.5% p.a. – the multiplication of, depending on the age of the respective employee at the Date Of Contribution, the pension contribution with the respective factor of the following table (for resignation or entry during the year, for part time employment and for times when the employee does not receive any remunerations, the Pension Scheme (
Versorgungsordnung
) contains provisions for a
pro rata
calculation of the pension components):
|
Alter / age
|
Faktor / factor
|
Alter / age
|
Faktor / factor
|
Alter / age
|
Faktor / factor
|
Alter / age
|
Faktor / factor
|
|
|
|
|
|
|
|
|
bis 30
|
2,60
|
39
|
1,90
|
48
|
1,45
|
57
|
1,10
|
31
|
2,50
|
40
|
1,85
|
49
|
1,40
|
58
|
1,10
|
32
|
2,40
|
41
|
1,80
|
50
|
1,35
|
59
|
1,05
|
33
|
2,30
|
42
|
1,75
|
51
|
1,30
|
ab 60
|
1,00
|
34
|
2,20
|
43
|
1,70
|
52
|
1,25
|
|
|
35
|
2,10
|
44
|
1,65
|
53
|
1,20
|
|
|
36
|
2,05
|
45
|
1,60
|
54
|
1,20
|
|
|
37
|
2,00
|
46
|
1,55
|
55
|
1,15
|
|
|
38
|
1,95
|
47
|
1,50
|
56
|
1,15
|
|
|
Ab dem 60. Lebensjahr wird für nachfolgende Beschäftigungszeiten neben der jährlichen Versorgungsbeitragsleistung das auf dem Versorgungskonto gutgeschriebene Versorgungskapital bis zum Beginn der Auszahlung der Versorgungsleistung mit 3,5% p.a. verzinst.
|
|
From the age of sixty onwards, for the following periods of employment, in addition to the annual pension contribution, the pension capital credited to the pension account shall be subject to an interest rate of 3.5% p.a. until the beginning of the disbursement.
|
|||
Die Funktionsweise des hier beschriebenen beitragsorientierten Altersversorgungssystems ist in den nachfolgenden Grafiken schematisch dargestellt:
|
|
The functionality of the contribution-oriented pension system described in this leaflet is illustrated schematically in the following charts:
|
|||
Vom Versorgungsbeitrag zum Versorgungsbaustein
|
|
From the pensions contribution (
Versorgungsbeitrag
) to the pension component (
Versorgungsbaustein
)
|
Vom Versorgungsbaustein zum Versorgungskonto
|
|
From the pension component (Versorgungsbaustein) to the pension account (Versorgungskonto)
|
Der Stand des Versorgungskontos wird dem Mitarbeiter jährlich mittels eines Kontoauszugs mitgeteilt.
|
|
The balance of the pension account (Versorgungskonto) shall be reported to the employee annually.
|
3. Leistungsvoraussetzungen und Unverfallbarkeit
|
|
3. Performance conditions and non-forfeiture
|
Allgemeine Voraussetzung für die Zahlung von Versorgungsleistungen ist, dass der Mitarbeiter bei Beendigung seines Arbeitsverhältnisses mindestens 1 Jahr bei der WNI beschäftigt war (Wartezeit). Besondere Voraussetzungen für die Zahlung der jeweiligen Versorgungsleistung sind:
|
|
General requirement for the disbursement of the pension benefits is that at the time of termination of his employment contract the employee was employed by WNI at least one year (Waiting Period). Special requirements for the payment of the respective pension benefits are:
|
- bei Alterskapital
dass das Arbeitsverhältnis des Mitarbeiters mit der WNI frühestens zum Zeitpunkt der Vollendung seines 60. Lebensjahres (Altersgrenze) endet, |
|
- in case of age-related pension
that the employment contract with WNI terminates at the earliest with completion of the employee’s 60th life year (Age Limit), |
- bei Invalidenkapital
dass das Arbeitsverhältnis vor Erreichen der Altersgrenze endet und der Mitarbeiter nachgewiesenermaßen voll erwerbsgemindert ist und |
|
- in case of invalids pension capital
that the employment contract terminates before the Age Limit is reached and the employee is demonstrably fully reduced in his or her earning capacity and |
- bei Witwen-/Witwer- bzw. Waisenkapital
dass der Mitarbeiter während des Arbeitsverhältnisses verstirbt und einen Ehegatten oder Kinder, aber keinen Ehegatten, hinterlässt. |
|
- in case of widows / widower or orphan pension capital
that the employee dies during the term of the employment contract and leaves a spouse or children, but (in case of the latter) no spouse. |
Tritt der Mitarbeiter vor Erreichen der Altersgrenze aus dem Unternehmen aus, richtet es sich nach den Vorschriften des Betriebsrentengesetzes, ob eine Anwartschaft auf Versorgungsleistungen aufrechterhalten wird (Unverfallbarkeit). Eine solche unverfallbare Anwartschaft wird nach aktueller Gesetzeslage insbesondere dann erworben, wenn das Arbeitsverhältnis nach Vollendung des 25. Lebensjahres endet und die Versorgungszusage des Arbeit-gebers zu diesem Zeitpunkt mindestens fünf Jahre bestanden hat.
|
|
If the employee leaves the company before reaching the Age Limit, it is determined according to the provisions of the German Companies Pension Act (Betriebsrentengesetz) whether an entitlement (Anwartschaft) to benefits shall be maintained or not (Non-Forfeiture). Particularly, such a non-forfeitable entitlement is acquired, according to current law, if the employment contract is terminated after completion of the employee’s 25th life year and the pension commitment has existed for at least five years before.
|
4. Leistungshöhe und Zahlungsmodalitäten
|
|
4. Pension benefits amount and terms of payment
|
Die Höhe des Versorgungskapitals ergibt sich jeweils aus dem Stand des persönlichen Versorgungskontos bei Eintritt des Versorgungsfalles. Bei der Auszahlung von Invaliden-, Witwen-/Witwer- oder Waisenkapital beträgt das Versorgungskapital aber mindestens 25.000,- €.
|
|
The amount of the pension benefits (Versorgungskapital) is calculated from the state of the personal pension account at the time of the occurrence of the pension. In case of the disbursements of invalids, widows / widower or orphans pension capital, the pension capital is at least 25,000.00 €.
|
Das Versorgungskapital wird je nach Höhe grundsätzlich in bis zu zehn Jahresraten ausbezahlt. Im Einvernehmen können Versorgungsleistungen aber auch in einem Betrag ausbezahlt bzw. die Anzahl der Raten reduziert werden. Raten werden jeweils zum 31.01. der auf den Eintritt des Versorgungsfalles folgenden Kalenderjahre fällig und ab der zweiten Rate mit 3,5% p.a. verzinst.
|
|
Depending on the amount, the pension benefits shall be disbursed in up to ten annual instalments. In agreement with the other party, the pension benefits can be disbursed also in a single amount or the number of disbursement instalments can be reduced. Disbursement instalments shall be payable respectively as of January 31 of the calendar years following the occurrence of the pension and shall bear interests of 3.5% p.a. as from the second rate.
|
Fällige Raten werden nach Abzug der Steuern, Sozialversicherungsbeiträge und etwaiger anderer gesetzlicher Abgaben auf ein vom Leistungsempfänger benanntes inländisches Bankkonto überwiesen.
|
|
Due instalments shall be paid to a domestic bank account designated by the beneficiary after the deduction of taxes, of social security contributions and any other statutory fees.
|
Wincor Nixdorf International GmbH
Personalabteilung
|
|
Wincor Nixdorf International GmbH
Human resources department
|
Anlage 4
|
|
Annex 4
|
Wincor Nixdorf
Richtlinien für die
ÜBERLASSUNG EINES FIRMENWAGENS /
Vertragsgruppe C
|
|
Wincor Nixdorf
Directives For A Company Car/
Contract Group C
|
Ergänzende Regelungen für Board-Mitglieder
---------
July 2006
|
|
Supplementary regulations for Members of the Board
---------
July 2006
|
2
|
|
2
|
Fahrzeugwahl
|
|
Car options
|
Über die Richtlinien für die Überlassung eines Firmenwagens / Vertragsgruppe C hinaus, können die Board-Mitglieder von Wincor Nixdorf auch ausgewählte Fahrzeuge der oberen Mittelklasse mit 8 Zylindern bestellen.
|
|
Beyond the Directives For A Company Car / Contract Group C, the Board Members are also entitled to order selected vehicles of the upper middle class with 8 cylinders.
|
7.1
|
|
7.1
|
Kostenübernahme durch
Wincor Nixdorf
|
|
Cost absorption by Wincor Nixdorf
|
Wincor Nixdorf übernimmt die Gesamtleasingrate bis zur Höhe von 1.000 EUR.
|
|
Wincor Nixdorf takes the total leas installment up to the amount of 1,000 EUR.
|
Alle übrigen Punkte der Richtlinien für die Überlassung eines Firmenwagens für die Vertragsgruppe C gelten unverändert auch für die Board-Mitglieder.
|
|
All other aspects of the Directives For A Company Car applicable for Contract Group C also apply to the Board-Members unchanged.
|
Änderung zum
Vorstandsanstellungsvertrag
|
|
Amendment to Management Board Member’s Service Agreement
|
Zwischen
der Wincor Nixdorf AG, Heinz-Nixdorf-Ring 1, 33106 Paderborn, vertreten durch den Aufsichtsrat, dieser vertreten durch seinen Vorsitzenden
Herrn Dr. Alexander Dibelius
- im Folgenden „Gesellschaft“ genannt -
und
Herrn Eckard Heidloff, wohnhaft Thorenknick 55a, 33100 Paderborn.
|
|
Between
Wincor Nixdorf AG, Heinz-Nixdorf-Ring 1, 33106 Paderborn, represented by the supervisory board, in turn represented by its chairman,
Dr. Alexander Dibelius
- hereinafter referred to as “Company” -
and
Mr. Eckard Heidloff, residing in Thorenknick 55a, 33100 Paderborn.
|
Präambel
|
|
Preamble
|
Herr Eckard Heidloff ist durch Beschluss des Aufsichtsrats der Wincor Nixdorf AG vom 08.11.2006 für die Zeit vom 29.01.2007 bis zum 28.01.2012 zum ordentlichen Mitglied und zum Vorsitzenden des Vorstandes der Gesellschaft bestellt worden. Die Gesellschaft und Herr Heidloff haben einen Vorstandsanstellungsvertrag am 30.11.2006 abgeschlossen. Durch Beschluss des Aufsichtsrats vom 27.04.2010 wurde der Vertrag ersetzt. Durch Beschluss des Aufsichtsrats vom 27.07.2011 ist Herr Heidloff erneut für die Zeit vom 29.01.2012 bis 28.01.2017 und durch Beschluss des Aufsichtsrats vom 03.03.2016 erneut für die Zeit vom
01.03.2016
bis zum
28.02.2019
zur ordentlichen Mitglied und zum Vorsitzenden des Vorstandes der Gesellschaft bestellt worden.
Laut der Beschlüsse des Aufsichtsrats vom 27.07.2011, 23.04.2013, 03.03.2016, 27.07.2016 sowie vom 16.08.2016 wurden die §§ 2, 4 sowie 9 des Vorstandsanstellungsvertrages geändert:
|
|
By resolution of the Supervisory Board of Wincor Nixdorf AG dated November 8, 2006, Mr. Eckard Heidloff was appointed as regular member and as chairman of the Management Board (
Vorstand
) of the Company for a term commencing on January 29, 2007 and ending on January 28, 2012. On November 30, 2006, the Company and Mr. Heidloff entered into a Management Board Member’s Service Agreement. By resolution of the Supervisory Board dated April 27, 2010, this agreement was replaced. By resolution of the Supervisory Board dated July 27, 2011, Mr. Heidloff was appointed again as regular member and as chairman of the Management Board of the Company for a term commencing on January 29, 2012 and ending on January 28, 2017, and by resolution of the Supervisory Board dated March 3, 2016, again for a term commencing on
March 1, 2016
and ending on
February 28, 2019
.
According to the resolutions of the Supervisory Board dated July 27, 2011, April 23, 2013, March 3, 2016, July 27, 2016 and August 16, 2016, sections 2, 4 and 9 of this Management Board Member’s Service Agreement were amended:
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§ 1
Aufgabenbereich und Pflichten
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§ 1
Responsibilities and Duties
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a. Herr Heidloff ist gemeinsam mit den anderen Vorstandsmitgliedern zur Führung der Geschäfte der Gesellschaft und der dazugehörigen Tochtergesellschaften nach Maßgabe der gesetzlichen Bestimmungen, der Satzung, der vom Aufsichtsrat erlassenen Geschäftsordnung für den Vorstand und seiner Beschlüsse – soweit aktienrechtlich zulässig – in den jeweils geltenden Fassungen nach bestem Wissen und Können berechtigt und verpflichtet.
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a. Mr. Heidloff shall have the right and duty to conduct the business of the Company and its subsidiaries jointly with the other members of the Management Board according to his best knowledge and skill and in accordance with the statutory provisions, the Articles of Association, the Rules of Procedure (
Geschäftsordnung
) of the Management Board adopted by the Supervisory Board and its resolutions – to the extent permitted under stock corporation law, each as amended from time to time.
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b. Die Abgrenzung der Gesamtverantwortung für die Gesellschaft und der speziellen Ressortverantwortung ergibt sich aus der Geschäftsordnung für den Vorstand und dem jeweils gültigen Organisationsplan des Unternehmens.
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b. The distinction between the joint responsibility for the Company and the individual responsibility for a specific area of responsibility is determined in the Rules of Procedure of the Management Board and the organization plan of the Company as applicable from time to time.
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c. Es besteht Einverständnis darüber, dass die Geschäftsordnung für den Vorstand und der Organisationsplan nach den Unternehmenserfordernissen geändert werden können, ohne dass davon die übrigen vertraglichen Regelungen berührt werden. Der Stellung von Herrn Heidloff ist dabei angemessen Rechnung zu tragen.
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c. The parties agree that the Rules of Procedure of the Management Board and the organization plan may be amended if this is required for business reasons. Such amendments will not affect the other provisions of this Agreement and shall be made with due regard to the position of Mr. Heidloff.
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d. Die Vorstandsmitglieder informieren sich regelmäßig über die jeweiligen Ressortangelegenheiten.
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d. The members of the Management Board shall keep themselves informed about any matters concerning the respective areas of responsibility on a regular basis.
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e. Herr Heidloff vertritt die Gesellschaft gemeinsam mit einem Vorstandsmitglied oder einem Prokuristen der Gesellschaft.
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e. Mr. Heidloff shall represent the Company jointly with another member of the Management Board or a holder of a general commercial power of attorney (Prokurist) of the Company.
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f. Herr Heidloff wird nach Aufforderung durch die Gesellschaft bei Unternehmen, an denen die Gesellschaft unmittelbar oder mittelbar beteiligt ist, neben den bereits ausgeübten Ämtern weitere Ämter als Geschäftsführer, Mitglied des Aufsichtsrates oder ähnliche Funktionen sowie Funktionen in Vereinigungen, denen die Gesellschaft angehört, übernehmen.
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f. Mr. Heidloff shall, at the request of the Company, assume, in addition to the offices already held by him, further offices as managing director, member of the supervisory board or similar functions in companies in which the Company holds a direct or indirect interest, as well as functions in associations in which the Company is a member.
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g. Bei seinem Ausscheiden aus dem Vorstandsamt hat Herr Heidloff die aufgrund seiner Stellung in der Gesellschaft übernommenen Geschäftsführerämter, Aufsichtsratsmandate oder ähnliche Funktionen sowie Funktionen in Vereinigungen zur Verfügung zu stellen. Auf Wunsch der Gesellschaft hat er sich dafür einzusetzen, dass eine andere von der Gesellschaft genannte Person an seine Stelle tritt. Herr Heidloff ist jederzeit zur Niederlegung eines aufgrund seiner Stellung in der Gesellschaft übernommenen Geschäftsführeramtes, Aufsichtsratsmandates oder ähnlicher Funktionen sowie Ehrenämter verpflichtet, wenn er durch die Gesellschaft hierzu aufgefordert wird. Jeweils vor der Übernahme eines Amtes oder Mandates wird festgestellt, ob es sich bei dem Amt oder Mandat um eine aufgrund der Stellung in der Gesellschaft übernommene Tätigkeit handelt.
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g. When ceasing to hold office as Management Board member, Mr. Heidloff shall resign from any offices as managing director, supervisory board member or similar functions as well as from any functions in associations that he has assumed as a result of his position in the Company. At the request of the Company, he shall procure that he is replaced by another person specified by the Company. Mr. Heidloff shall, at the request of the Company, resign at any time from any offices as managing director, supervisory board member or similar functions and from any honorary offices that he has assumed as a result of his position in the Company. Prior to the assumption of any office, it shall be determined whether such office is a function assumed as a result of the position in the Company.
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§ 2
Tätigkeitsumfang und Nebenbeschäftigung
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§ 2
Scope of Work and Secondary Employment
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a. Herr Heidloff hat seine ganze Arbeitskraft ausschließlich der Gesellschaft zu widmen und deren Interessen und Belange unter Beachtung größter Sorgfalt jederzeit zu wahren und zu fördern. Herr Heidloff ist jedoch berechtigt, mit Zustimmung des Aufsichtsrates der Gesellschaft auch für die Diebold, Incorporated tätig zu werden.
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a. Mr. Heidloff shall dedicate his full work capacity exclusively to the Company and shall at any time preserve and promote the Company’s interests and concerns with greatest care. Mr. Heidloff is, however, authorized, subject to the consent of the Supervisory Board of the Company, to provide services also to Diebold, Incorporated.
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b. Während der Dauer des Dienstverhältnisses ist jede entgeltliche selbständige oder unselbständige Nebenbeschäftigung und die Übernahme von Aufsichtsrats-, bzw. Beiratsämtern bei außenstehenden Unternehmen nur mit vorheriger schriftlicher Zustimmung des Vorsitzenden des Aufsichtsrates zulässig. Unentgeltliche Nebenbeschäftigungen und Ämter wird Herr Heidloff vor Übernahme dem Vorsitzenden des Aufsichtsrates anzeigen.
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b. For the term of this Service Agreement, each dependent or independent secondary employment against remuneration as well as the offices as member of a supervisory board or an advisory board in external companies may only be assumed with prior written approval of the chairman of the Supervisory Board. Mr. Heidloff shall indicate to the chairman of the Supervisory Board any secondary employment and office without remuneration prior to its assumption.
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c. Bei Veröffentlichungen und Vorträgen wird Herr Heidloff stets die Interessen der Gesellschaft wahren und die Geheimhaltungspflicht beachten.
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c. In publications and presentations Mr. Heidloff shall always protect the interests of the Company and comply with the duty of confidentiality.
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§ 3
Geheimhaltung, Herausgabe und Erfindungen
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§ 3
Confidentiality, Return of Material and Inventions
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a. Herr Heidloff ist verpflichtet, alle ihm durch seine Tätigkeit zur Kenntnis gelangten vertraulichen Angelegenheiten der Gesellschaft sowie der mit ihr verbundenen Unternehmen und ihrer Geschäftspartner, insbesondere Betriebs- oder Geschäftsgeheimnisse, geheim zu halten. Die Geheimhaltungspflicht besteht nach dem Ausscheiden aus der Gesellschaft fort.
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a. Mr. Heidloff shall keep secret any confidential matters of the Company and of any of its affiliates and business partners, in particular trade and business secrets, that have become known to him as a result of his work.
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b. Herr Heidloff ist verpflichtet, alle seine dienstliche Tätigkeit betreffenden Schriftstücke einschließlich seiner eigenen Aufzeichnungen geschäftlicher Art sowie entsprechende Daten als anvertrautes Eigentum der Gesellschaft zu behandeln, sorgfältig unter Verschluss zu halten und bei Beendigung des Dienstverhältnisses unaufgefordert und vollzählig der Gesellschaft auszuhändigen. Ein Zurückbehaltungsrecht besteht insoweit nicht.
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b. Mr. Heidloff shall treat all documents concerning his duties under this Service Agreement, including his own records of a business nature and related data, as property of the Company that has been entrusted to him, shall keep them carefully under lock and key, and shall, without being requested to do so, return all such documents, records and data to the Company upon termination of this Service Agreement. There shall be no right of retention with regard to such documents, records and data.
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c. Herr Heidloff ist verpflichtet, etwaige Erfindungen im Sinne des Gesetzes über Arbeitnehmererfindungen der Gesellschaft unverzüglich schriftlich mitzuteilen. Die Gesellschaft ist berechtigt, innerhalb einer Frist von vier Monaten nach dieser Mitteilung zu erklären, ob und in welchem Umfang sie die Erfindungen in Anspruch nimmt. Für den Fall einer Inanspruchnahme der Erfindung erhält Herr Heidloff eine Vergütung in entsprechender Anwendung der Bestimmungen des Gesetzes über Arbeitnehmererfindungen und den hierzu ergangenen Vergütungsrichtlinien.
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c. Mr. Heidloff shall, without undue delay, give written notice to the Company of any inventions within the meaning of the German Act on Employee Inventions (Gesetz über Arbeitnehmererfindungen). Within a period of four months as of receipt of such notice, the Company shall be entitled to declare whether and to what extent it claims the inventions. If the Company claims an invention, Mr. Heidloff shall receive a compensation in accordance with the German Act on Employee Inventions and the compensation guidelines issued thereunder which apply mutatis mutandis.
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§ 4
Vergütung, Arbeitsunfähigkeit und Tod
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§ 4
Remuneration, Incapacity for Work and Death
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a. Herr Heidloff erhält eine Jahreszielvergütung, die sich aus einer jährlichen festen Vergütung (Fixum) in Höhe von brutto EUR 700.000,-- (in Worten: EURO Siebenhunderttausend), einer kurzfristig variablen Vergütung in Höhe von brutto EUR 700.000,-- (in Worten: EURO Siebenhunderttausend) sowie einer langfristig variablen Vergütung in Höhe von brutto EUR 700.000,-- (in Worten: EURO Siebenhunderttausend) wie nachfolgend geregelt zusammensetzt. Das jährliche Festgehalt ist in zwölf gleichen Raten jeweils zum Ende des Kalendermonats zahlbar.
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a. Mr. Heidloff shall receive an annual target remuneration which comprises an annual fixed remuneration (“Fixum”) in the amount of EUR 700,000.00 (in words: euro seven hundred thousand), a short-term variable remuneration in the amount of EUR 700,000.00 (in words: euro seven hundred thousand) as well as a long-term variable remuneration in the amount of EUR 700,000.00 (in words: euro seven hundred thousand) as set out below. The annual fixed remuneration is payable by twelve equal instalments, in each case to the end of the calendar month.
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b. Herr Heidloff erhält einen monatlichen Zuschuss in Höhe der jeweiligen Hälfte der Beiträge zu seiner bestehenden Kranken- und Pflegeversicherung sowie der Höhe der jeweiligen Hälfte des Höchstbetrages der gesetzlichen Rentenversicherung. Der Beitrag zur Kranken- und Pflegeversicherung kann maximal die Höhe der Hälfte der gesetzlichen Kranken- und Pflegeversicherung betragen.
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b. Mr. Heidloff shall receive a monthly subsidy equivalent to the respective half of the contributions to his existing health and long-term care insurance as well as equivalent to the respective half of the maximum amount of the statutory pension insurance. The maximum contribution to the health and long-term care insurance amounts to the equivalent of the half of the contributions to the statutory health and long-term care insurance.
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c. Im Rahmen des zu Beginn des jeweiligen Geschäftsjahres von Herrn Heidloff und dem Aufsichtsrat gemeinsam festzulegenden Budgets werden Zielvorgaben für EBITDA und Net-Income bestimmt. Jede Zielvorgabe wird gleich gewichtet und einzeln abgerechnet.
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c. In the context of the budget which is jointly determined by Mr. Heidloff and the Supervisory Board at the beginning of each business year, targets with regard to EBITDA and net income shall be set. Each target shall be weighted equally and shall be accounted for individually.
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d. Bei voller Erfüllung des vereinbarten Budgets (100%) gemäß § 4 Abs. (3) oben erhält Herr Heidloff die kurzfristig variable Vergütungskomponente (Tantieme) in Höhe von brutto EUR 700.000,-- (in Worten: EURO Siebenhunderttausend). Die Tantiemezahlung ist nach Feststellung des Jahresabschlusses fällig. Bei Über- oder Unterschreiten des vereinbarten Budgets richtet sich die Höhe der geschuldeten Tantieme nach der beigefügten Beschreibung (Anlage 1 zu diesem Vertrag). Ist jedoch bei einem der Ziele die Zielerreichung kleiner 80%, besteht auch bei den anderen Zielen kein Anspruch auf eine Tantieme; der Aufsichtsrat entscheidet dann über die Höhe einer eventuellen Tantieme.
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d. If the budget agreed in accordance with section 4 para 3 above is met in full (100 %), Mr. Heidloff shall receive the short-term variable remuneration component (bonus) in the gross amount of EUR 700,000.00 (in words: euro seven hundred thousand). The bonus shall be payable upon adoption of the annual financial statements. In case of an overrun or shortfall of the agreed budget, the amount of the owed bonus shall be determined in accordance with the attached description (Annex 1 to this Service Agreement). If the target achievement is lower than 80% with respect to any of the targets, there shall be no entitlement for a bonus with respect to the other targets; in this case the Supervisory Board shall decide on the amount of a possible bonus.
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e. Die Gesellschaft gewährt Herrn Heidloff als Vergütungskomponente mit langfristiger Anreizwirkung Aktienoptionen nach der beigefügten Beschreibung (Anlage 2 zu diesem Vertrag). Die Aktienoptionen werden in jährlichen Tranchen ausgegeben. Herr Heidloff verpflichtet sich, während der Laufzeit dieses Vorstandsanstellungsvertrages die ihm jährlich zugeteilten Aktienoptionen sämtlich zu erwerben. Eine nachträgliche Adjustierung der langfristig variablen Vergütung soll vorbehaltlich eines entsprechenden Aufsichtsratsbeschlusses möglich sein, wenn das Dreifache der Summe der jährlichen Zielvergütungen (= 100% des Zielwertes) des Herrn Heidloff über einen fünfjährigen Betrachtungszeitraum überschritten wird.
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e. As long-term incentive remuneration component, the Company shall grant stock options to Mr. Heidloff in accordance with the attached description (Annex 2 to this Service Agreement). The stock options shall be issued in annual tranches. During the term of this Management Board Member’s Service Agreement, Mr. Heidloff shall acquire all stock options that have been annually allocated to him. A subsequent adjustment of the long-term variable remuneration shall be possible, subject to an according resolution of the Supervisory Board, if the triple amount of the annual target remunerations (= 100% of the target value) of Mr. Heidloff is exceeded over a period of five consecutive years.
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f. Etwaige Vergütungen, die Herrn Heidloff aus Tätigkeiten gemäß § 1 Abs. 6 zufließen, werden auf das Festgehalt nach Abs. (1) angerechnet.
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f. Possible remunerations which Mr. Heidloff receives for his activities according to section 1 para. 6 shall be credited against the fixed remuneration according to para. 1.
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g. Mit der vorstehend geregelten Vergütung ist die gesamte Tätigkeit von Herrn Heidloff für die Gesellschaft und für die mit ihr verbundenen Unternehmen – abgesehen von der Altersversorgungszusage gemäß § 8, den abgeschlossenen Versicherungen gemäß § 7 und der Privatnutzung des Dienstfahrzeuges – abgegolten. Insbesondere besteht kein Anspruch auf Vergütung von Mehrarbeit. Eine etwaige Vergütung aus einer ggf. mit der Diebold, Incorporated, geschlossenen Anstellungsvereinbarung unterliegt keiner Anrechnung, sofern nicht der Aufsichtsrat abweichendes beschließt.
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g. The remuneration as set out above shall be deemed to cover the entire work of Mr. Heidloff for the Company and its affiliates – apart from pension commitment according to section 8, the taken out insurances according to section 7 and the private use of the company car. In particular, there shall be no claim for remuneration with respect to additional work. A possible remuneration based on a service agreement entered into with Diebold, Incorporated, shall not be credited against the remuneration provided for in this Service Agreement, unless otherwise resolved upon by the Supervisory Board.
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h. Im Fall der Arbeitsunfähigkeit, die durch Krankheit oder aus einem anderen von Herrn Heidloff nicht zu vertretenden Grund eintritt, erhält Herr Heidloff für die Dauer von bis zu 18 Monaten ab Beginn der Arbeitsunfähigkeit, längstens bis zu seinem Ausscheiden aus der Gesellschaft, sein Festgehalt fortgezahlt. Tantiemeansprüche werden für sechs Monate ab Beginn der Erkrankung oder Verhinderung gezahlt, soweit die Ziele erreicht werden.
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h. In case of incapacity for work caused by illness or by any other reason for which Mr. Heidloff is not responsible, Mr. Heidloff shall continue to receive his fixed remuneration for a period of up to 18 months as of beginning of the incapacity for work, such term expiring in any event if he leaves the Company. Bonuses shall be paid for a period of six months as of the beginning of illness or unavailability, as far as the targets have been achieved.
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i. Nach Ablauf von 18 Monaten ab Beginn der Arbeitsunfähigkeit ist die Gesellschaft berechtigt, das Dienstverhältnis mit Herrn Heidloff zum Ende eines jeden Monats unter vorzeitiger Auszahlung des Invalidenkapitals aus der beitragsorientierten Versorgungszusage der Wincor Nixdorf AG (siehe § 8 dieses Vertrages) zu beenden. Herr Heidloff wird dabei mindestens so behandelt, als ob eine volle Erwerbsminderung im Sinne von Ziffer 2.2 der einschlägigen Versorgungsordnung vorläge. Der in der Versorgungsordnung geforderte Nachweis der vollen Erwerbsminderung ist somit nicht Anspruchsvoraussetzung. Auch auf die Erfüllung der in der Versorgungsordnung festgelegten Wartezeit kommt es nicht an. Im Übrigen ergeben sich die Wunramen Auszahlungsmodalitäten aus der Versorgungsordnung.
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i. After the expiry of a period of 18 months as of the beginning of illness, the Company may terminate this Service Agreement with Mr. Heidloff to the end of each calendar month, provided that in case of such termination the disability benefits based on the contribution-defined pension commitment of Wincor Nixdorf AG (confer section 8 of this Service Agreement). In such case, Mr. Heidloff shall be treated, as if his earning capacity was fully reduced within the meaning of number 2.2 of the applicable pension scheme. The proof of the total reduction of earning capacity required by the pension scheme shall, therefore, not be a precondition for a claim. The fulfilment of the waiting period provided in pension scheme shall also not be relevant. Apart from that, details on the payment modalities are provided in the pension scheme.
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j. Im Fall des Todes des Herrn Heidloff haben seine Witwe und seine minderjährigen Kinder Anspruch auf Fortzahlung der Vergütung für einen Zeitraum von sechs Monaten, beginnend mit dem Ende des Monats, in dem Herr Heidloff verstorben ist. Daneben haben sie Anspruch auf anteilige Bonuszahlung, sofern die Voraussetzungen hierfür bis zum Tode des Herrn Heidloff pro rata temporis erfüllt waren.
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j. In the event of death of Mr. Heidloff, his widow and his minor children are entitled to continued payment of remuneration for a period of six months as of the end of the month in which Mr. Heidloff died. Apart from that, they are entitled to bonus payments on a pro rata basis, if the requirements for this have been fulfilled pro rata temporis until the death of Mr. Heidloff.
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§ 5
Urlaub
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§ 5
Vacation
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Herr Heidloff hat Anspruch auf bezahlten Jahresurlaub von 30 Arbeitstagen pro Kalenderjahr. Die Urlaubszeit ist im Einvernehmen mit den übrigen Vorstandsmitgliedern abzustimmen. Zur Abdeckung ganztägiger Abwesenheiten stehen Herrn Heidloff neben dem Kalenderjahresurlaub je Geschäftsjahr bis zu 5 weitere freie Tage (z. B. zur Abdeckung etwaiger sog. „Brückentage“) zur Verfügung.
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Mr. Heidloff is entitled to 30 days of annual vacation with pay per calendar year. The timing of the vacation shall be agreed with the other members of the Management Board. To cover full-day absences Mr. Heidloff is entitled to 5 further days off per business year in addition to his calendar annual vacation (e.g. to cover possible so called “bridging days”).
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Im Rahmen der unternehmerischen Verantwortung kann Herr Heidloff unabhängig von einer formellen Beantragung und Genehmigung frei über den jährlichen Urlaub sowie die zusätzlichen fünf freien Tage verfügen. Eine Abwesenheitserfassung ist insofern nicht erforderlich und beschränkt sich auf ganztägige Abwesenheiten wegen Krankheit. Der Kalenderjahresurlaubsanspruch gilt – insbesondere für den Fall des Ausscheidens – als pro rata temporis geltend gemacht und erfüllt. Im Falle des Ausscheidens wird dabei auf volle Urlaubstage aufgerundet.
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Within the scope of his entrepreneurial responsibility, Mr. Heidloff may take vacation time at its absolute discretion, regardless of any formal application and approval. Insofar, no absence for vacation needs to be recorded and only full-day absences for sickness shall be recorded. The entitlement to the annual vacation for the calendar year shall be deemed to be claimed and fulfilled pro rata temporis, in particular in case of termination. In case of termination, it shall be rounded up to full vacation days.
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§ 6
Wettbewerbsverbot
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§ 6
Non-compete Obligation
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Herr Heidloff unterliegt dem Wettbewerbsverbot des § 88 AktG. Es ist ihm insbesondere untersagt, ohne vorherige schriftliche Zustimmung des Vorsitzenden des Aufsichtsrates für ein Unternehmen für eigene oder fremde Rechnung tätig zu werden, welches mit der Gesellschaft in Wettbewerb steht oder ein solches Unternehmen zu errichten oder sich hieran zu beteiligen.
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Mr. Heidloff is subject to the non-compete obligation provided in section 88 of the German Stock Corporation Act (Aktiengesetz – AktG). He may not, without prior written approval of the chairman of the Supervisory Board, act for another company for its own account or for the account of a third party which competes with the Company or to incorporate or participate in such company.
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§ 7
Versicherungen
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§ 7
Insurances
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Die Gesellschaft schließt folgende Versicherungen ab:
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The Company will take out the following insurances:
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(1) Unfallversicherung zugunsten von Herrn Heidloff mit Versicherungssummen von EUR 300.000,-- für den Todesfall und bis zu max. EUR 600.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad). Bei Dienstreisen für das außereuropäische Ausland erhöht sich der Versicherungsschutz um EUR 150.000,-- für den Todesfall und um EUR 300.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad).
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(1) Accident insurance for the benefit of Mr. Heidloff with a sum insured of EUR 300,000.00 in case of death and up to EUR 600,000.00 in case of disability (depending on the degree of disability). For business-related travel outside Europe, the insurance coverage is increased by EUR 150,000.00 in case of death and by EUR 300,000.00 in case of disability (depending on the degree of disability).
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(2) Im Rahmen der vorbezeichneten Unfallversicherung werden die Ehefrau und die minderjährigen Kinder wie folgt mitversichert:
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(2) The aforementioned accident insurance also covers the spouse and the minor children as follows:
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Ehefrau: Versicherungssummen von EUR 75.000,-- für den Todesfall und bis zu max. EUR 150.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad)
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Spouse: sum insured of EUR 75,000.00 in case of death and up to 150,000.00 in case of disability (depending on the degree of disability).
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jedes Kind: Versicherungssummen von EUR 25.000,-- für den Todesfall und bis zu max. EUR 150.000,-- für den Invaliditätsfall (je nach Invaliditätsgrad)
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Each child: sum insured of EUR 25,000.00 in case of death and up to EUR 150,000.00 in case of disability (depending on the degree of disability)
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(3) Bei Buchung von Flugkarten über die Gesellschaft tritt eine zusätzliche Fluggast-Unfallversicherung über eine Versicherungssumme von EUR 375.000,-- bei Tod oder Invalidität in Kraft.
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(3) When flight tickets are booked through the Company, an additional air passenger accident insurance with a sum insured of EUR 375,000.00 in case of death or disability applies.
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(4) Die Gesellschaft wird für Herrn Heidloff folgende weitere Versicherungen abschließen:
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(4) The Company will take out the following additional insurances for the benefit of Mr. Heidloff:
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Dienstreise-Unfallversicherung
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Business travel accident insurance
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Auslands-Reisekrankenversicherung
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Foreign travel health insurance
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Reisegepäck-Versicherung
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Baggage insurance
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Verkehrsrechtsschutz-Versicherung für Dienstreisen
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Motor legal protection insurance for business travel
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Privathaftpflicht-Versicherung
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Private liability insurance
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Directors and Officers-Versicherung zur Absicherung gegen Risiken aus der persönlichen Haftung des Vorstandsmitglieds mit einem Selbstbehalt von 10% des Schadens bis zur Höhe des Eineinhalbfachen der festen jährlichen Vergütung des Vorstandsmitglieds.
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Directors and officers liability insurance to cover risks arising from the personal liability of the Management Board member with a deductible of 10% of the damage up to one and a half times the fixed annual remuneration of the Management Board member.
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Die auf die Versicherungsprämien der vorgenannten Versicherungen anfallende Einkommensteuer trägt Herr Heidloff. Bezugsberechtigt sind Herr Heidloff bzw. die von ihm schriftlich benannten Personen.
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The income tax on the insurance premiums for the aforementioned insurances shall be borne by Mr. Heidloff. The beneficiaries of the aforementioned insurances are Mr. Heidloff and the persons specified by him in writing.
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§ 8
Betriebliche Altersversorgung
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§ 8
Company Pension Scheme
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Gemäß der jeweils in der Wincor Nixdorf International GmbH geltenden Versorgungsrichtlinie, welche auch für die Wincor Nixdorf AG gilt, erhält Herr Heidloff Leistungen der betrieblichen Altersversorgung. Die wesentlichen Regelungsinhalte der aktuell geltenden Versorgungsrichtlinie 2006 vom 22.06.2006 sind in einem Merkblatt zur betrieblichen Altersversorgung in der Wincor Nixdorf International GmbH zusammengefasst (Anlage 3). Herr Heidloff erhält für jedes volle Beschäftigungsjahr einen Versorgungsbeitrag in Höhe von EUR 126.082,--.
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In accordance with the pension directive of Wincor Nixdorf International GmbH, as applicable from time to time, which is also applicable for Wincor Nixdorf AG, Mr. Heidloff shall be entitled to benefits under the company pension scheme. The substantial contents of the pension directive 2006 dated June 22, 2006 which is currently applicable are summarized in a leaflet regarding the company pension scheme at Wincor Nixdorf International GmbH (Annex 3). Mr. Heidloff shall receive a benefit contribution in the amount of EUR 126,082.00 for each completed year of employment.
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§ 9
Aufhebung bisheriger Vertragsverhältnisse / Dauer und Beendigung des Dienstverhältnisses
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§ 9
Termination of Previous Employments / Term and Termination of this Service Agreement
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(1) Dieser befristete Vorstandsanstellungsvertrag läuft ab dem Zeitpunkt der Bestellung zum Vorstand der Gesellschaft für drei Jahre und kann während dieses Zeitraumes nicht ordentlich gekündigt werden. Er endet mit Ablauf des Drei-Jahreszeitraums, ohne dass es einer Kündigung bedarf.
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(1) This fixed-term Management Board Member’s Service Agreement shall be effective as from the time of appointment as member of the Management Board of the Company for a period of three years and cannot be ordinarily terminated during this period. It terminates automatically upon expiry of the three-year period without a termination notice being required.
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(2) Der Vorstandsanstellungsvertrag kann in beiderseitigem Einvernehmen im Rahmen der gesetzlich zulässigen Zeitdauer verlängert werden. Hierzu bedarf es eines Aufsichtsratsbeschlusses über die Verlängerung der Bestellung zum Vorstandsmitglied, der frühestens ein Jahr, spätestens aber sechs Monate vor Ablauf der bisherigen Amtszeit gefasst werden soll. Soweit im Fall der Verlängerung nicht ausdrücklich etwas anderes vereinbart wird, gelten die zuletzt schriftlich niedergelegten Vertragsinhalte weiter.
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(2) The term of the Management Board Member’s Service Agreement may be extended by mutual agreement between the parties up to the maximum term permitted by law. Such extension requires a resolution of the Supervisory Board on the extension of the appointment as Management Board member which shall be adopted not earlier than one year but not later than six months prior to the expiry of the previous term of office. In case of an extension, unless expressly agreed otherwise, the terms previously agreed in writing shall continue to apply.
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(3) Dieser Vorstandsanstellungsvertrag kann jederzeit auch ohne Einhaltung einer Frist außerordentlich aus wichtigem Grund gekündigt werden. Wichtiger Grund ist eine schwere Verletzung vertraglicher Pflichten durch die andere Vertragspartei.
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(3) This Management Board Member’s Service Agreement may be terminated for cause at any time without giving prior notice. A termination for cause shall be possible in case of a severe violation of contractual duties by the other party.
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(4) Jede Kündigung bedarf zu ihrer Wirksamkeit der Schriftform. Eine Kündigung durch Herrn Heidloff bedarf des Zugangs gegenüber dem Vorsitzenden des Aufsichtsrates.
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(4) Each termination must be in writing in order to be effective. A termination by Mr. Heidloff requires receipt of termination by the chairman of the Supervisory Board.
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(5) Für den Fall der Kündigung, der Amtsniederlegung, der Abberufung sowie einer einvernehmlichen Beendigung dieses Vorstandsanstellungsvertrages gilt hinsichtlich der Vergütung Folgendes:
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(5) In the event of the unilaterally declared termination, resignation, revocation as well as in the event of a mutually agreed termination of this Management Board Member’s Service Agreement the following shall apply with respect to the remuneration:
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a. Soweit Herr Heidloff sein Amt ohne wichtigen Grund niederlegt, erhält er ab dem Zeitpunkt des Wirksamwerdens der Niederlegung bis zum Vertragsende kein Festgehalt (Fixum) und auch keine variable Vergütung mehr, das heißt weder eine Tantieme (= kurzfristig variabler Vergütungsbestandteil) noch eine Aktien bezogene Vergütung (= langfristig variabler Vergütungsbestandteil). Aktienoptionen, die an Herrn Heidloff vor der Amtsniederlegung ausgegeben worden sind, können jedoch zum Ende der Haltefrist noch ausgeübt werden, sofern die übrigen Ausübungsvoraussetzungen vorliegen.
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a. if Mr. Heidloff resigns from his office without cause, he shall as from the effectiveness of the resignation until the expiry of this Service Agreement neither receive a fixed remuneration (”Fixum”) nor a variable remuneration, i.e. neither a bonus (= short-term variable remuneration component) nor a stock related remuneration (= long-term variable remuneration component). Stock options which have been issued to Mr. Heidloff prior to the resignation can, however, be exercised at the end of the lock-up period if the other vesting requirements are fulfilled.
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b. Soweit Herr Heidloff sein Amt aus wichtigem Grund entsprechend § 626 BGB niederlegt, erhält er ab diesem Zeitpunkt bis zum Vertragsende als Vergütung sein bisheriges Festgehalt (Fixum) ohne variable Vergütung. Aktienoptionen, die an Herrn Heidloff vor der Amtsniederlegung ausgegeben worden sind, können jedoch zum Ende der Haltefrist noch ausgeübt werden, sofern die übrigen Ausübungsvoraussetzungen vorliegen.
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b. if Mr. Heidloff resigns from his office for cause according to section 626 of the German Civil Code (Bürgerliches Gesetzbuch – BGB), he shall as from the termination until to the expiry of this Service Agreement receive as remuneration his previous fixed remuneration (“Fixum”) without variable remuneration. Stock options which have been issued to Mr. Heidloff prior to the resignation can, however, be exercised at the end of the lock-up period if the other vesting requirements are fulfilled.
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c. Wird dieser Vertrag von der Gesellschaft aus wichtigem Grund i.S.d. § 626 BGB mit oder ohne Auslauffrist gekündigt, erhält Herr Heidloff für das laufende Geschäftsjahr sowie für die etwaige Auslauffrist keine variable Vergütung mehr.
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c. if this Service Agreement is terminated by the Company for cause within the meaning of section 626 German Civil Code (Bürgerliches Gesetzbuch – BGB), either with or without phasing-out period, Mr. Heidloff shall not receive a variable remuneration for the current business year and for a possible phasing-out period.
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d. Für den Fall der vorzeitigen Beendigung der Vorstandstätigkeit durch Widerruf der Bestellung ohne einen von Herrn Heidloff zu vertretenden wichtigen Grund im Sinne des § 626 BGB, der die Gesellschaft zur Kündigung des Vorstandsanstellungsvertrages berechtigen würde oder im Falle einer einvernehmlichen Aufhebung dieses Vorstandsanstellungsvertrages, erhält Herr Heidloff eine Abfindung gemäß nachfolgender Regelung.
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d. in the event of a premature termination of the Management Board mandate by way of a revocation of the appointment without cause within the meaning of section 626 German Civil Code (Bürgerliches Gesetzbuch – BGB) for which Mr. Heidloff is responsible and which would entitle the Company to terminate this Management Board Member’s Service Agreement, or in the event of a mutually agreed termination of this Management Board Member’s Service Agreement, Mr. Heidloff shall receive a severance payment in accordance with the following provision.
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Diese Abfindungsregel findet darüber hinaus mit der Maßgabe, dass eine Begrenzung der Abfindung auf die Abgeltung der Restlaufzeit nicht erfolgt, entsprechende Anwendung, wenn
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Furthermore, this severance payment provision shall apply
mutatis mutandis
, provided that the severance payment shall not be limited to the compensation of the remaining term, if
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(i) Herr Heidloff als Mitglied des sog. Executive Committee der Diebold, Incorporated abberufen wird,
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(i) Mr. Heidloff is revoked as member of the so-called Executive Committee of Diebold, Incorporated,
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(ii) ihm bis zum 28. Februar 2017 von der Diebold, Incorporated keine „terms of employment“ angeboten werden oder diese nach seiner Einschätzung nicht akzeptabel sind,
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(ii) Diebold, Incorporated has not offered him “terms of employment” until February 28, 2017, or such terms of employment are not acceptable according to his assessment,
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(iii) er seine Mitgliedschaft im Executive Committee oder seine zukünftige Mitgliedschaft im Board of Directors (Verwaltungsrat) von Diebold auf Wunsch der Diebold, Incorporated beendet,
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(iii) he terminates his membership in the Executive Committee or his future membership in the Board of Directors (
Verwaltungsrat
) of Diebold at the request of Diebold, Incorporated,
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(iv) er nicht bis zum 15. Oktober 2016 als sog. Officer im Sinne von Rule 16a-1(f) des U.S. Securities and Exchange Act 1934 bestellt wird oder
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(iv) he is not appointed as so-called Officer within the meaning of Rule 16a-1(f) of the U.S. Securities and Exchange Act 1934 until October 15, 2016, or
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(v) seine Aufgaben als Mitglied des Executive Committee der Diebold, Incorporated ohne seine Zustimmung im Vergleich zu den im Executive Services Agreement vom 15./16. August 2016 festgelegten Aufgaben wesentlich geändert werden
|
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(v) without his consent his responsibilities as member of the Executive Committee of Diebold, Incorporated are substantially changed in comparison to the responsibilities provided for in the Executive Service Agreement dated August 15/16, 2016
|
und Herr Heidloff in einem der vorstehend unter (i) bis (v) genannten Fälle sein Amt als Mitglied des Vorstands der Gesellschaft während der Laufzeit der zwischen der Gesellschaft und der Diebold, Incorporated geschlossenen Zusammenschlussvereinbarung vom 23. November 2015 niederlegt.
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and in any of the aforementioned cases under (i) to (v) Mr. Heidloff resigns from his office as member of the Management Board of the Company during the term of the Business Combination Agreement dated November 23, 2015, and entered into by the Company and Diebold, Incorporated.
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Im Fall des vorgenannten Widerrufs der Bestellung sowie der vorgenannten Amtsniederlegung ist Herr Heidloff berechtigt, diesen Vorstandsanstellungsvertrag außerordentlich fristlos zu kündigen:
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In the event of the revocation of the appointment and in the event of the aforementioned resignation from office, Mr. Heidloff is entitled to terminate this Management Board Member’s Service Agreement for cause without giving prior notice:
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Die Abfindung ist auf die Summe aus zwei Jahresfestvergütungen einschließlich Nebenleistungen und des 2-fachen des Zielwertes der kurzfristig variablen Vergütung sowie des 2-fachen des Zielwertes der langfristigen variablen Vergütung oder die Abgeltung der Restlaufzeit begrenzt, je nachdem, welcher Betrag geringer ist.
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The severance payment shall be limited to the total of two annual fixed remunerations including fringe benefits and twice the target value of the short-term variable remuneration as well as twice the target value of the long-term variable remuneration or to the compensation for the remaining term, whichever amount is lower, as the case may be.
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Entsprechend erhält Herr Heidloff das Zweifache der Summe aus dem Jahresfestgehalt gemäß § 4 Abs. 1,
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Accordingly, Mr. Heidloff shall receive twice the total of the annual fixed remuneration according to section 4 para. 1,
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der jährlichen Zuschüsse gemäß § 4 Abs. 2, Versicherungsentgelte gemäß § 7, des Jahresbeitrages für die betriebliche Altersversorgung gemäß § 8 sowie des jährlichen geldwerten Vorteils aus der Nutzung des Firmenwagens gemäß § 11 des Vorstandsanstellungsvertrages
|
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the annual subsidy according to section 4 para. 2, insurance premiums according to section 7, the annual contribution to the company pension scheme according to section 8 as well as the annual monetary benefits relating to the use of the company car according to section 11 of this Management Board Member’s Service Agreement
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sowie das 2-fache der kurzfristig und der langfristig variablen Vergütung gemäß § 4 Abs. 1 des vorliegenden Vertrages. Es gilt die Regelung in Ziffer 4.2.3 Abs. 4 des Deutschen Corporate Governance Kodex.
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as well as twice of the short-term and long-term variable remuneration according to section 4 para. 1 of this Service Agreement. The provision in section 4.2.3 para. 4 of the German Corporate Governance Codex (
Deutscher Corporate Governance Kodex
) shall apply.
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Beträgt zum Zeitpunkt der Aufhebung im Sinne des § 9 Abs. 5, Ziffer d) des Vorstandsanstellungsvertrages die Restlaufzeit desselben weniger als 2 Jahre, wird die Abfindung zeitanteilig berechnet.
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If, at the time of the termination within the meaning of section 9 para. 5 lit. d) of this Management Board Member’s Service Agreement, the remaining term is less than 2 years, the severance payment will be calculated
pro rata temporis
.
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Aktienoptionen, die an Herrn Heidloff vor der Beendigung seines Vorstandsanstellungsvertrages ausgegeben worden sind, verfallen nicht sondern können zum Ende der Haltefrist ausgeübt werden, sofern die übrigen Ausübungsvoraussetzungen vorliegen.
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|
Stock options which have been issued to Mr. Heidloff prior to the termination of his Management Board Member’s Service Agreement do not lapse but may be exercised at the end of the lock-up period if the other vesting requirements are fulfilled.
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(6) Bei einem auf das Geschäftsjahr bezogenen unterjährigen Ausscheiden werden die Vergütungsansprüche unter Berücksichtigung der vorstehenden Absätze zeitanteilig gewährt.
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(6) In case of an intra-year termination with regard to the business year, remuneration entitlements will be granted
pro rata temporis
in consideration of the preceding paragraphs.
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(7) Die Beendigung des Dienstverhältnisses oder Freistellung hat keine Auswirkung auf die nach diesem Vertrag fortbestehenden Verpflichtungen des Herrn Heidloff.
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(7) The termination of this Service Agreement or a leave of absence has no effect on the continuing obligations of Mr. Heidloff set forth in this Service Agreement.
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(8) Dieser Vorstandsanstellungsvertrag endet spätestens zum Ende des Monats, in dem Herr Heidloff das 68. Lebensjahr vollendet.
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(8) This Management Board Member’s Service Agreement shall, at the latest, expire at the end of the month in which Mr. Heidloff completes his 68th year of life.
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§ 10
Auslagen
|
|
§ 10
Expenses
|
Reisekosten und sonstige Auslagen werden Herrn Heidloff im Rahmen der steuerlich zulässigen Höchstbeträge vergütet. Im Einzelfall werden höhere Beträge gegen Nachweis erstattet. Die Reisekostenrichtlinie für Leitende Angestellte der Wincor Nixdorf International GmbH – welche ebenfalls in der Wincor Nixdorf AG Anwendung findet – gilt auch für Herrn Heidloff.
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Any travel and other expenses shall be reimbursed to Mr. Heidloff up to the maximum amounts permitted for tax purposes. In the individual case, higher amounts may be reimbursed upon presentation of receipts. The business travel expenses policy for executives of Wincor Nixdorf International GmbH – which also applies at Wincor Nixdorf AG – also applies to Mr. Heidloff.
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§ 11
Dienstfahrzeug
|
|
§ 11
Company Car
|
(1) Herr Heidloff hat Anspruch auf ein Dienstfahrzeug der oberen Mittelklasse zur geschäftlichen und privaten Nutzung. Die Gesellschaft trägt alle, dieses Fahrzeug betreffenden Aufwendungen, auch soweit sie infolge der Privatnutzung anfallen. Die private Nutzung unterliegt den anwendbaren steuerlichen Vorschriften.
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(1) Mr. Heidloff is entitled to an upper mid-range company car for business and private use. The Company bears all costs related to this vehicle, even if they arise due to private use. The private use is subject to the applicable tax provisions.
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(2) Mit Beendigung dieses Vorstandsanstellungsvertrages ist das Dienstfahrzeug an die Gesellschaft herauszugeben.
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|
(2) Upon termination of this Management Board Member’s Service Agreement the company car has to be returned to the Company.
|
§ 12
Schlussbestimmungen
|
|
§ 12
Miscellaneous
|
(1) Änderungen, Ergänzungen und die Aufhebung dieses Vertrages bedürfen der Schriftform; auf die Schriftform kann nur schriftlich verzichtet werden.
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(1) Any amendments and additions to as well as the rescission of this Agreement shall be made in writing; this written form requirement may only be waived in writing.
|
(2 Sofern im Rahmen der Beschäftigungsbedingungen für Mitarbeiter des Leitungskreises Vergünstigungen zuerkannt sind oder werden, die in diesem Vertrag nicht ausdrücklich geregelt sind, gelten diese Vergünstigungen während ihrer zeitlichen Geltung im Leitungskreis entsprechend auch für das Vorstandsmitglied als vereinbart.
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(2) If any benefits have or will be granted in the terms of employment for the employees of the management group (
Leitungskreis
) which are not expressly provided in this Service Agreement, such benefits shall be deemed to be agreed with the Management Board member for the period during which they apply in the management group (
Leitungskreis
).
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(3) Sollten einzelne Bestimmungen des Vertrages ganz oder teilweise ungültig oder undurchführbar sein oder ihre Rechtsgültigkeit später verliefen, bleibt der Vertrag im Übrigen gültig. Anstelle der unwirksamen oder undurchführbaren Bestimmung soll, soweit rechtlich zulässig, eine andere angemessene Regelung gelten, die wirtschaftlich dem am nächsten kommt, was die Vertragspartner gewollt haben oder gewollt haben würden, wenn sie die Unwirksamkeit oder Undurchführbarkeit der Regelung bedacht hätten.
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(3) Should any provisions of this Agreement be invalid or unenforceable in whole or in part or become invalid, the validity and enforceability of the remaining provisions of this Agreement shall not be affected. The invalid or unenforceable provision shall be deemed replaced, to the extent permitted by law, by another appropriate provision as comes closest to the economic result that the parties intended or would have intended had they been aware of the invalidity or unenforceability of the provision.
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(4) Als ausschließlicher Gerichtsstand für alle Streitigkeiten aus diesem Vertrag wird, soweit gesetzlich zulässig, der Sitz der Gesellschaft vereinbart. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.
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(4) The exclusive place of jurisdiction for all disputes arising out of this Agreement shall be, to the extent permitted by law, the location of the Company’s registered office. This Agreement shall be governed by the laws of the Federal Republic of Germany.
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Paderborn, den / this 16. August 2016
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Paderborn, den / this August 16, 2016
|
/s/ Eckard Heidloff
|
|
/s/ Eckard Heidloff
|
Vorsitzender des Aufsichtsrates der / chairman of the supervisory board of Wincor Nixdorf AG
|
|
Eckard Heidloff
|
Anlage 1
zum Vorstandsanstellungsvertrag |
|
Annex 1
to Management Board Member’s Service Agreement |
von Herrn Eckard Heidloff
|
|
of Mr. Eckard Heidloff
|
Kurzfristig variable Vergütung (Tantieme)
|
|
Short-term variable remuneration
(bonus)
|
Bei Unterschreiten des jeweiligen vereinbarten Budgets bis zum maximal 20% vermindert sich die Bonuszahlung linear, wobei die Erreichung von lediglich 80% des Budgets die Bonuszahlung 25% der festgelegten variablen Vergütung beträgt. Bei Unterschreiten des vereinbarten Budgets von mehr als 20% entfällt die Bonuszahlung. Bei der Überschreitung des Budgets (mehr als 100%) steigt der Bonus linear von 100% der vereinbarten variablen Vergütung auf 175% (120% des Budgets) und anschließend linear von 175% auf das doppelte der vereinbarten variablen Vergütung (130% und mehr des vereinbarten Budgets) an.
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In the event of a shortfall of the budget agreed from time to time of up to a maximum of 20%, the bonus payment decreases linearly, provided that the bonus payment shall amount to 25% of the agreed variable remuneration if only 80% of the budget is attained. In the event of a shortfall exceeding 20% of the agreed budget, no bonus payment shall be made. In the event of an overrun of the budget (more than 100%), the bonus increases linearly from 100% to 175% (120% of the budget) of the agreed variable remuneration and, subsequently, increases linearly from 175% to an amount equaling twice of the agreed variable remuneration (130% and more of the agreed budget).
|
Anlage 2 zum
Vorstandsanstellungsvertrag |
|
Annex 2 to
Management Board Member’s Service Agreement |
von Herrn Eckard Heidloff
|
|
of Mr. Eckard Heidloff
|
Aktienoptionen als langfristig variable Einkommenskomponente, zusätzliche Vorgaben für den Vorstand
|
|
Stock options as long-term variable income component, additional specifications for the Management Board
|
Mit Blick auf die Ausrichtung des Aktienoptionsprogramms an dem Ziel der langfristigen und nachhaltigen Unternehmensentwicklung kommen für Vorstandsmitglieder ergänzend folgende Parameter zur Anwendung:
|
|
Taking into account the orientation of the stock option program (
Aktienoptionsprogramm
) towards the aim of a long-term and sustainable corporate development, additionally, the following provisions shall be applicable for the members of the Management Board:
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Die Anzahl der den Vorstandsmitgliedern zuzuteilenden Aktienoptionen der jährlichen Tranche wird von vornherein so berechnet, dass das jeweilige Vorstandsmitglied aus dieser Komponente der Vorstandsvergütung nur dann den vollständigen Betrag – also 100% des Zielwertes („Zielvergütung“) – erreicht, wenn die Performance der Aktie durchschnittlich 6% pro Jahr über die gesamte vierjährige Laufzeit der Aktienoption beträgt. Die Performance der Aktie berücksichtigt sowohl die Entwicklung des Aktienkurses als auch die Dividende (Dividendenrendite). Falls die Performance der Aktie höher ist als durchschnittlich 6% pro Jahr über die gesamte vierjährige Laufzeit der Aktienoption, führt dies zu einem höheren Betrag dieser Vergütungskomponente.
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The number of stock options of the annual tranche allocated to the members of the Management Board shall be calculated at the start in such a way that the respective member of the Management Board only achieves the full amount – hence 100% of the target value (“Target Remuneration”) – if the stock appreciates in value by an average of 6% per year over the entire four-year term of the stock option. The performance of the stock takes into account the development of the stock price as well as the dividend (dividend yield). If the stock’s performance is higher than the annual average of 6% over the entire four-year term of the stock option, the amount of this remuneration component will be higher.
|
Ansonsten gelten die Bedingungen des Wincor Nixdorf Aktienoptionsprogramms in seiner jeweils aktuellen Fassung unverändert.
|
|
Otherwise, the terms and conditions of the Wincor Nixdorf Stock Option Program, as applicable from time to time, shall apply unchanged.
|
Durch die gewählte Vorgehensweise wird eine Verknüpfung zwischen den Interessen des Vorstands und der Aktionäre an einer nachhaltigen Wertentwicklung geschaffen, bei der Kurssteigerung und Dividendenausschüttung in ausgewogenem Maße berücksichtigt werden.
|
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Due to the chosen approach, a link between the interests of the Management Board and of the shareholders in a sustainable value development is established, taking into account stock price increases and dividend distributions in a balanced manner.
|
Mit dem für alle Teilnehmer des Aktienoptionsprogramms geltenden Aufschlag von 12% auf den Ausgangswert und dem für den Vorstand ergänzend geltenden Zielwert von durchschnittlich 6% Aktienperformance pro Jahr über die vierjährige Laufzeit der Aktienoption wird ein anspruchsvolles Erfolgsziel gesetzt, das den Vorgaben von Ziffer 4.2.3 des Deutschen Corporate Governance Kodexes genügt.
|
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With respect to the 12% premium to the initial value applicable for all participants in the Stock Option Program and to the target remuneration of an annual average of 6% stock performance over the entire four-year term of the stock option applicable for the Management Board, an ambitious performance target is set which meets the requirements of section 4.2.3 of the German Corporate Governance Code (
Deutscher Corporate Governance Kodex
).
|
Merkblatt für Mitarbeiter der Wincor Nixdorf International GmbH
|
|
Annex 3 to Management Board Member’s Service Agreement
|
Betriebliche Altersversorgung in der Wincor Nixdorf International GmbH (WNI) im Rahmen der Versorgungsordnung
|
|
Company Pension Scheme at Wincor Nixdorf International GmbH (WNI) within the Pension Scheme (
Ver-sorgungsordnung
)
|
Mit diesem Merkblatt sollen Mitarbeiter der WNI einen Überblick über wesentliche Inhalte der in dieser Gesellschaft geltenden arbeitgeberfinanzierten betrieblichen Altersversorgung erhalten. Der rechtsverbindliche Text der Versorgungsordnung kann in den Personalabteilungen sowie im Intranet unter
Mitarbeiter
®
Beschäftigungsbedingungen
®
Betriebliche Altersversorgung
®
Regelungen Betriebliche Altersversorgung WNI/WNM
®
Versorgungsordnung.
|
|
This leaflet is supposed to give employees of WNI an overview of the substantial contents of the employer-financed company pension scheme. The legally binding version of the Pension Scheme (
Versorgungsordnung
) can be found in the human resources department and in the Intranet under
employees
®
conditions of employment
®
company pension scheme
®
provisions company pension scheme
®
Pension Scheme (Versorgungsordnung).
|
1. Art der Altersversorgung
|
|
1. Type of pension scheme
|
Bei der in der Versorgungsordnung geregelten betrieblichen Altersversorgung handelt es sich um ein beitragsorientiertes Altersversorgungssystem. Im Rahmen dieses Systems werden dem persönlichen Versorgungskonto des begünstigten Mitarbeiters jährlich nachstehend beschriebene Versorgungsbausteine gutgeschrieben. Die Höhe der jeweiligen Versorgungsleistung ergibt sich dann aus der Summe der Versorgungsbausteine bei Eintritt des Versorgungsfalles. Die Versorgungsordnung sieht vor, dass Versorgungsleistungen der WNI in den folgenden Versorgungsfällen er-bracht werden: Bei Erreichen der definierten Altersgrenze, bei Invalidität und im Todesfall. Die Versorgungsleistungen werden dabei nicht als monatlich zu zahlende Rente, sondern als Versorgungskapital erbracht.
|
|
The company pension scheme, provided for in the Pension Scheme (
Versorgungsordnung
), is a contribution-defined pension system. Within this system, the pension components as described below are credited annually to the personal pension account (
Versorgungskonto
) of the benefitted employee. The amount of the respective pension benefits is calculated from the sum of the pension components at the time the pension is incurred. The pension scheme (
Versorgungsordnung
) provides that pension benefits shall be made by the WNI in the following cases: If the defined age limit is reached, in case of disability and of death. The pension benefits shall not be paid as a monthly pension, but as a pension capital (
Versorgungskapital
).
|
2. Versorgungsbeiträge und -bausteine
|
|
2. Pension contributions and pension components
|
Basis für die Versorgungsbausteine sind Versorgungsbeiträge, die kalenderjährlich an jedem 31.12. aufgewendet werden (Gutschriftstichtag). Die Höhe des jeweiligen Versorgungsbeitrages hängt dabei von der Vergütungsgruppe des Mitarbeiters zum Gutschriftstichtag ab.
|
|
The basis for the pension components (
Versorgungsbausteine
) are the pension contributions (
Versorgungsbeiträge
), which are expended every calendar year on December 31 (Date Of Contribution). The contribution’s amount depends on the employee’s remuneration grade (
Vergütungsgruppe
) at the Date Of Contribution.
|
Die Versorgungsbausteine, die dem Versorgungskonto des Mitarbeiters gutgeschrieben werden, ergeben sich – unter Zugrundelegung eines Rechnungszinsfußes in Höhe von 3,5% p.a. – in Abhängigkeit von seinem Alter zum Gutschriftstichtag aus der Multiplikation des jeweiligen Versorgungsbeitrages mit der nachfolgenden Faktorentabelle (bei unterjährigen Ein- und Austritten, im Falle der Teilzeitbeschäftigung sowie für Zeiten, in denen der Mitarbeiter kein Entgelt erhält, enthält die Versorgungsordnung Regelungen über eine ggf. anteilige Berechnung der Versorgungsbausteine):
|
|
The pension components which are credited to the personal pension account of the employee result from – on the basis of an interest rate for accounting purposes (
Rechnungszinsfuß
) of 3.5% p.a. – the multiplication of, depending on the age of the respective employee at the Date Of Contribution, the pension contribution with the respective factor of the following table (for resignation or entry during the year, for part time employment and for times when the employee does not receive any remunerations, the Pension Scheme (
Versorgungsordnung
) contains provisions for a
pro rata
calculation of the pension components):
|
Alter / age
|
Faktor / factor
|
Alter / age
|
Faktor / factor
|
Alter / age
|
Faktor / factor
|
Alter / age
|
Faktor / factor
|
|
|
|
|
|
|
|
|
bis 30
|
2,60
|
39
|
1,90
|
48
|
1,45
|
57
|
1,10
|
31
|
2,50
|
40
|
1,85
|
49
|
1,40
|
58
|
1,10
|
32
|
2,40
|
41
|
1,80
|
50
|
1,35
|
59
|
1,05
|
33
|
2,30
|
42
|
1,75
|
51
|
1,30
|
ab 60
|
1,00
|
34
|
2,20
|
43
|
1,70
|
52
|
1,25
|
|
|
35
|
2,10
|
44
|
1,65
|
53
|
1,20
|
|
|
36
|
2,05
|
45
|
1,60
|
54
|
1,20
|
|
|
37
|
2,00
|
46
|
1,55
|
55
|
1,15
|
|
|
38
|
1,95
|
47
|
1,50
|
56
|
1,15
|
|
|
Ab dem 60. Lebensjahr wird für nachfolgende Beschäftigungszeiten neben der jährlichen Versorgungsbeitragsleistung das auf dem Versorgungskonto gutgeschriebene Versorgungskapital bis zum Beginn der Auszahlung der Versorgungsleistung mit 3,5% p.a. verzinst.
|
|
From the age of sixty onwards, for the following periods of employment, in addition to the annual pension contribution, the pension capital credited to the pension account shall be subject to an interest rate of 3.5% p.a. until the beginning of the disbursement.
|
|||
Die Funktionsweise des hier beschriebenen beitragsorientierten Altersversorgungssystems ist in den nachfolgenden Grafiken schematisch dargestellt:
|
|
The functionality of the contribution-oriented pension system described in this leaflet is illustrated schematically in the following charts:
|
|||
Vom Versorgungsbeitrag zum Versorgungsbaustein
|
|
From the pensions contribution (
Versorgungsbeitrag
) to the pension component (
Versorgungsbaustein
)
|
Vom Versorgungsbaustein zum Versorgungskonto
|
|
From the pension component (Versorgungsbaustein) to the pension account (Versorgungskonto)
|
Der Stand des Versorgungskontos wird dem Mitarbeiter jährlich mittels eines Kontoauszugs mitgeteilt.
|
|
The balance of the pension account (Versorgungskonto) shall be reported to the employee annually.
|
3. Leistungsvoraussetzungen und Unverfallbarkeit
|
|
3. Performance conditions and non-forfeiture
|
Allgemeine Voraussetzung für die Zahlung von Versorgungsleistungen ist, dass der Mitarbeiter bei Beendigung seines Arbeitsverhältnisses mindestens 1 Jahr bei der WNI beschäftigt war (Wartezeit). Besondere Voraussetzungen für die Zahlung der jeweiligen Versorgungsleistung sind:
|
|
General requirement for the disbursement of the pension benefits is that at the time of termination of his employment contract the employee was employed by WNI at least one year (Waiting Period). Special requirements for the payment of the respective pension benefits are:
|
- bei Alterskapital
dass das Arbeitsverhältnis des Mitarbeiters mit der WNI frühestens zum Zeitpunkt der Vollendung seines 60. Lebensjahres (Altersgrenze) endet, |
|
- in case of age-related pension
that the employment contract with WNI terminates at the earliest with completion of the employee’s 60th life year (Age Limit), |
- bei Invalidenkapital
dass das Arbeitsverhältnis vor Erreichen der Altersgrenze endet und der Mitarbeiter nachgewiesenermaßen voll erwerbsgemindert ist und |
|
- in case of invalids pension capital
that the employment contract terminates before the Age Limit is reached and the employee is demonstrably fully reduced in his or her earning capacity and |
- bei Witwen-/Witwer- bzw. Waisenkapital
dass der Mitarbeiter während des Arbeitsverhältnisses verstirbt und einen Ehegatten oder Kinder, aber keinen Ehegatten, hinterlässt. |
|
- in case of widows / widower or orphan pension capital
that the employee dies during the term of the employment contract and leaves a spouse or children, but (in case of the latter) no spouse. |
Tritt der Mitarbeiter vor Erreichen der Altersgrenze aus dem Unternehmen aus, richtet es sich nach den Vorschriften des Betriebsrentengesetzes, ob eine Anwartschaft auf Versorgungsleistungen aufrechterhalten wird (Unverfallbarkeit). Eine solche unverfallbare Anwartschaft wird nach aktueller Gesetzeslage insbesondere dann erworben, wenn das Arbeitsverhältnis nach Vollendung des 25. Lebensjahres endet und die Versorgungszusage des Arbeit-gebers zu diesem Zeitpunkt mindestens fünf Jahre bestanden hat.
|
|
If the employee leaves the company before reaching the Age Limit, it is determined according to the provisions of the German Companies Pension Act (Betriebsrentengesetz) whether an entitlement (Anwartschaft) to benefits shall be maintained or not (Non-Forfeiture). Particularly, such a non-forfeitable entitlement is acquired, according to current law, if the employment contract is terminated after completion of the employee’s 25th life year and the pension commitment has existed for at least five years before.
|
4. Leistungshöhe und Zahlungsmodalitäten
|
|
4. Pension benefits amount and terms of payment
|
Die Höhe des Versorgungskapitals ergibt sich jeweils aus dem Stand des persönlichen Versorgungskontos bei Eintritt des Versorgungsfalles. Bei der Auszahlung von Invaliden-, Witwen-/Witwer- oder Waisenkapital beträgt das Versorgungskapital aber mindestens 25.000,- €.
|
|
The amount of the pension benefits (Versorgungskapital) is calculated from the state of the personal pension account at the time of the occurrence of the pension. In case of the disbursements of invalids, widows / widower or orphans pension capital, the pension capital is at least 25,000.00 €.
|
Das Versorgungskapital wird je nach Höhe grundsätzlich in bis zu zehn Jahresraten ausbezahlt. Im Einvernehmen können Versorgungsleistungen aber auch in einem Betrag ausbezahlt bzw. die Anzahl der Raten reduziert werden. Raten werden jeweils zum 31.01. der auf den Eintritt des Versorgungsfalles folgenden Kalenderjahre fällig und ab der zweiten Rate mit 3,5% p.a. verzinst.
|
|
Depending on the amount, the pension benefits shall be disbursed in up to ten annual installments. In agreement with the other party, the pension benefits can be disbursed also in a single amount or the number of disbursement installments can be reduced. Disbursement installments shall be payable respectively as of January 31 of the calendar years following the occurrence of the pension and shall bear interests of 3.5% p.a. as from the second rate.
|
Fällige Raten werden nach Abzug der Steuern, Sozialversicherungsbeiträge und etwaiger anderer gesetzlicher Abgaben auf ein vom Leistungsempfänger benanntes inländisches Bankkonto überwiesen.
|
|
Due installments shall be paid to a domestic bank account designated by the beneficiary after the deduction of taxes, of social security contributions and any other statutory fees.
|
Wincor Nixdorf International GmbH
Personalabteilung
|
|
Wincor Nixdorf International GmbH
Human resources department
|
Paderborn, February 15, 2017
|
|
Paderborn, February 16, 2017
|
|
|
|
|
|
|
/s/ Alexander Dibelius
|
|
/s/ Eckard Heidloff
|
Chairman of the Supervisory Board
|
|
Eckard Heidloff
|
of Diebold Nixdorf AG
|
|
|
Paderborn, February 15, 2017
|
|
Paderborn, February 16, 2017
|
|
|
|
|
|
|
/s/ Alexander Dibelius
|
|
/s/ Eckard Heidloff
|
Chairman of the Supervisory Board
|
|
Eckard Heidloff
|
of Diebold Nixdorf AG
|
|
|
|
|
Year ended December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total earnings from continuing operations
|
|
$
|
(170.7
|
)
|
|
$
|
59.5
|
|
|
$
|
107.3
|
|
|
$
|
(190.2
|
)
|
|
$
|
68.7
|
|
Income tax provision
|
|
(67.6
|
)
|
|
(13.7
|
)
|
|
47.4
|
|
|
48.4
|
|
|
19.2
|
|
|||||
Pre tax earnings
|
|
(238.3
|
)
|
|
45.8
|
|
|
154.7
|
|
|
(141.8
|
)
|
|
87.9
|
|
|||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest charges
|
|
101.4
|
|
|
32.5
|
|
|
31.4
|
|
|
29.2
|
|
|
30.3
|
|
|||||
Interest factor of operating rents
(1)
|
|
28.1
|
|
|
22.6
|
|
|
24.1
|
|
|
25.1
|
|
|
24.9
|
|
|||||
Total fixed charges
|
|
129.5
|
|
|
55.1
|
|
|
55.5
|
|
|
54.3
|
|
|
55.2
|
|
|||||
Earnings as adjusted
|
|
$
|
(108.8
|
)
|
|
$
|
100.9
|
|
|
$
|
210.2
|
|
|
$
|
(87.5
|
)
|
|
$
|
143.1
|
|
Ratio of earnings to fixed charges
(2)
|
|
—
|
|
|
1.83
|
|
|
3.79
|
|
|
—
|
|
|
2.59
|
|
Domestic (Excluding any Subsidiaries of Diebold Nixdorf Aktiengesellschaft)
|
Jurisdiction under which organized
|
Percent of voting securities owned by Registrant
|
Diebold Australia Holding Company, Inc.
|
Delaware
|
100%
|
Diebold China Security Holding Company, Inc.
|
Delaware
|
100%
|
Diebold Global Finance Corporation
|
Delaware
|
100%
|
Diebold Holding Company, Inc.
|
Delaware
|
100%
|
Diebold Latin America Holding Company, LLC
|
Delaware
|
100%
|
Diebold Mexico Holding Company, Inc.
|
Delaware
|
100%
|
Diebold Netherlands Holding Company, LLC
|
Delaware
|
100%(1)
|
Diebold Self-Service Systems
|
New York
|
100%(2)
|
Diebold Software Solutions, Inc.
|
Delaware
|
100%
|
Diebold SST Holding Company, Inc.
|
Delaware
|
100%
|
Diebold Transaction Services, Inc.
|
Delaware
|
100%
|
Impexa LLC
|
Texas
|
100%(3)
|
Mayfair Software Distribution, Inc.
|
Delaware
|
100%
|
Phoenix Interactive USA Inc
|
Delaware
|
100%(38)
|
VDM Holding Company, Inc.
|
Delaware
|
100%
|
|
|
|
International (Excluding any Subsidiaries of Diebold Nixdorf Aktiengesellschaft)
|
Jurisdiction under which organized
|
Percent of voting securities owned by Registrant
|
1932780 Ontario Inc.
|
Canada
|
100%(39)
|
Altus Bilisim Hizmetleri Anonim Sirketi
|
Turkey
|
100%(35)
|
Bitelco Diebold Chile Limitada
|
Chile
|
100%(20)
|
C.R. Panama, Inc.
|
Panama
|
100%(10)
|
Cable Print B.V.B.A.
|
Belgium
|
100%(37)
|
Caribbean Self Service and Security LTD.
|
Barbados
|
50%(9)
|
Central de Alarmas Adler, S.A. de C.V.
|
Mexico
|
100%(19)
|
Cryptera A/S
|
Denmark
|
100%(26)
|
D&G ATMS y Seguridad de Costa Rica Ltda.
|
Costa Rica
|
99.99%(33)
|
D&G Centroamerica y GBM de Nicaragua y Compañia Ltda.
|
Nicaragua
|
99%(31)
|
D&G Centroamerica, S. de R.L.
|
Panama
|
51%(29)
|
D&G Dominicana S.A.
|
Dominican Republic
|
99.85%(32)
|
D&G Honduras S. de R.L.
|
Honduras
|
99%(31)
|
D&G Panama S. de R.L.
|
Panama
|
99.99%(33)
|
DB & GB de El Salvador Limitada
|
El Salvador
|
99%(31)
|
DB&G ATMs Seguridad de Guatemala, Limitada
|
Guatemala
|
99%(31)
|
DBD (Barbados) 1 SRL
|
Barbados
|
100%
|
DBD (Barbados) 2 SRL
|
Barbados
|
100%
|
DBD (Barbados) 3 SRL
|
Barbados
|
100%(42)
|
DBD EMEA Holding C.V.
|
The Netherlands
|
100%(27)
|
DCHC, S.A.
|
Panama
|
100%(10)
|
Diebold Africa (Pty) Ltd.
|
South Africa
|
100%(17)
|
Diebold Africa Investment Holdings Pty. Ltd.
|
South Africa
|
100%(26)
|
Diebold Argentina, S.A.
|
Argentina
|
100%(10)
|
Diebold ATM Cihazlari Sanayi Ve Ticaret A.S.
|
Turkey
|
100%(15)
|
Diebold Australia Pty. Ltd.
|
Australia
|
100%(4)
|
Diebold Belgium B.V.B.A
|
Belgium
|
100%(16)
|
Diebold Bolivia S.R. L.
|
Bolivia
|
100%(30)
|
Diebold Brasil LTDA
|
Brazil
|
100%(28)
|
Diebold Brasil Servicos de Tecnologia e Participacoes Ltda
|
Brazil
|
100%(22)
|
Diebold Canada Holding Company Inc.
|
Canada
|
100%
|
Diebold Colombia S.A.
|
Colombia
|
100%(13)
|
Diebold - Corp Systems Sdn. Bhd.
|
Malaysia
|
100%
|
Diebold Ecuador SA
|
Ecuador
|
100%(18)
|
Diebold EMEA Processing Centre Limited
|
United Kingdom
|
100%
|
Diebold Finance Germany GmbH
|
Germany
|
100%(44)
|
Diebold Financial Equipment Company (China), Ltd.
|
Peoples Republic of China
|
85%(24)
|
Diebold France SARL
|
France
|
100%(5)
|
Diebold Germany GmbH
|
Germany
|
100%(5)
|
Diebold Holding Germany Inc. & Co. KGaA
|
Germany
|
100%
|
Diebold Hong Kong Services Limited (f/k/a SIAB (HK) Ltd.)
|
Hong Kong
|
100%(7)
|
Diebold Hungary Trading & Servicing LLC
|
Hungary
|
100%(36)
|
Diebold Hungary Self-Service Solutions, Ltd.
|
Hungary
|
100%
|
Diebold International Limited
|
United Kingdom
|
100%(5)
|
Diebold Italia S.p.A.
|
Italy
|
100%(12)
|
Diebold Mexico, S.A. de C.V.
|
Mexico
|
100%(43)
|
Diebold Myanmar Limited
|
Myanmar
|
100%(78)
|
Diebold Netherlands B.V.
|
The Netherlands
|
100%(5)
|
Diebold Nixdorf Aktiengesellschaft
|
Germany
|
76.7%(46)
|
Diebold One UK Limited
|
United Kingdom
|
100%
|
Diebold Osterreich Selbstbedienungssysteme GmbH
|
Austria
|
100%(5)
|
Diebold Pacific, Limited
|
Hong Kong
|
100%
|
Diebold Panama, Inc.
|
Panama
|
100%(10)
|
Diebold Paraguay S.A.
|
Paraguay
|
100%(45)
|
Diebold Peru S.r.l
|
Peru
|
100%(10)
|
Diebold Philippines, Inc.
|
Philippines
|
100%
|
Diebold Poland S.p. z.o.o.
|
Poland
|
100%(5)
|
Diebold Portugal — Solucoes de Automatizacao, Limitada
|
Portugal
|
100%(5)
|
Diebold Selbstbedienyngssysteme (Schweiz) GmbH
|
Switzerland
|
100%(5)
|
Diebold Self Service Solutions Limited Liability Company
|
Switzerland
|
100%(14)
|
Diebold Self Service Solutions Namibia (Pty) Ltd.
|
Namibia
|
100%(40)
|
Diebold Self-Service Ltd.
|
Russia
|
100%(5)
|
Diebold Self-Service Solutions Industrial and Servicing Rom Srl.
|
Romania
|
100%(41)
|
Diebold Singapore Pte. Ltd.
|
Singapore
|
100%
|
Diebold South Africa (Pty) Ltd.
|
South Africa
|
74.9%(25)
|
Diebold Spain, S.L.
|
Spain
|
100%(21)
|
Diebold Switzerland Holding Company, LLC
|
Switzerland
|
100%
|
Diebold Systems Private Limited
|
India
|
100%(8)
|
Diebold (Thailand) Company Limited
|
Thailand
|
100%(4)
|
Diebold Uruguay S.A.
|
Uruguay
|
100%(10)
|
Diebold Vietnam Company Limited
|
Vietnam
|
100%
|
GAS Informática Ltda.
|
Brazil
|
100%(34)
|
Inspur (Suzhour) Financial Information System Co., Ltd.
|
Peoples Republic of China
|
40%(79)
|
J.J.F. Panama, Inc.
|
Panama
|
100%(10)
|
Phoenix Interactive (Aust) Pty Ltd.
|
Australia
|
100%(38)
|
Phoenix Interactive Design Inc.
|
Canada
|
100%(38)
|
Phoenix Interactive (UK)
|
United Kingdom
|
100%(38)
|
P.T. Diebold Indonesia
|
Indonesia
|
100%(6)
|
Procomp Amazonia Industria Eletronica S.A.
|
Brazil
|
100%(11)
|
Procomp Industria Eletronica LTDA
|
Brazil
|
100%(23)
|
The Diebold Company of Canada, Ltd.
|
Canada
|
100%
|
|
|
|
Subsidiaries of Diebold Nixdorf Aktiengesellschaft
|
Jurisdiction under which organized
|
Percent of voting securities owned by Registrant
|
Aevi CZ s.r.o
|
Czech Republic
|
76.7%(49)
|
Aevi International GmbH
|
Germany
|
76.7%(48)
|
Aevi UK Ltd.
|
United Kingdom
|
76.7%(49)
|
Aisino Wincor Manufacturing (Shanghai) Co. Ltd.
|
China
|
76.7%(72)
|
Aisino Wincor Engineering Pte. Ltd.
|
Singapore
|
76.7%(66)
|
Aisino-Wincor Retail & Banking Syst. (Shanghai) Co. Ltd.
|
China
|
76.7%(80)
|
Bankberatung Organisationsu IT-Beratungfür Banken AG
|
Germany
|
76.7%(50)
|
BEB Industrie-Elektronik AG
|
Switzerland
|
76.7%(51)
|
CI Tech Components AG
|
Switzerland
|
76.7%(52)
|
CI Tech Sensors AG
|
Switzerland
|
76.7%(53)
|
Crown B.V.
|
Netherlands
|
76.7%(54)
|
Dynasty Technology Brasil Software Ltda.
|
Brazil
|
76.7%(55)
|
Dynasty Technology Group S.A.
|
Spain
|
76.7%(56)
|
EURL Wincor Nixdorf
|
Algeria
|
76.7%(51)
|
IP Management GmbH
|
Germany
|
76.7%(51)
|
IT Soluciones Integrales, C.A.
|
Venezuela
|
76.7%(57)
|
LLC Wincor Nixdorf
|
Ukraine
|
76.7%(51)
|
MCES LLC
|
Russia
|
76.7%(58)
|
Projective Biz B.V.
|
Netherlands
|
76.7%(59)
|
Projective London Ltd.
|
United Kingdom
|
76.7%(59)
|
Projective N.V.
|
Belgium
|
76.7%(60)
|
Prosystems IT GmbH
|
Germany
|
76.7%(51)
|
Pt. Wincor Nixdorf Indonesia
|
Indonesia
|
76.7%(51)
|
SecurCash B.V.
|
Netherlands
|
76.7%(61)
|
SecurCash Geldverwerking B.V.
|
Netherlands
|
76.7%(62)
|
SecurCash Nederland B.V.
|
Netherlands
|
76.7%(61)
|
TSG Polska Sp. z.o.o.
|
Poland
|
76.7%(63)
|
TSG Tankstellen Support GmbH
|
Germany
|
76.7%(51)
|
W.I.K. Consulting BVBA
|
Belgium
|
76.7%(59)
|
Wincor Engineering Pte. Ltd.
|
Singapore
|
76.7%(66)
|
Wincor Nixdorf AB
|
Sweden
|
76.7%(51)
|
Wincor Nixdorf AG
|
Switzerland
|
76.7%(51)
|
Wincor Nixdorf A/S
|
Denmark
|
76.7%(51)
|
Wincor Nixdorf A/S
|
Norway
|
76.7%(51)
|
Wincor Nixdorf Australia Pty Ltd.
|
Australia
|
76.7%(51)
|
Wincor Nixdorf Banking Consulting GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Banking Services Ltd.
|
United Kingdom
|
76.7%(64)
|
Wincor Nixdorf Bilgisayer Sistemleri A.S.
|
Turkey
|
76.7%(51)
|
Wincor Nixdorf Business Administration Center GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf B.V.
|
Netherlands
|
76.7%(51)
|
Wincor Nixdorf C.A.
|
Venezuela
|
76.7%(51)
|
Wincor Nixdorf Canada Inc.
|
Canada
|
76.7%(51)
|
Wincor Nixdorf Customer Care GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf CZ Retail Solutions s.r.o.
|
Czech Republic
|
76.7%(65)
|
Wincor Nixdorf Dienstleistungs GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Facility GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Facility Services GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Finance AG
|
Switzerland
|
76.7%(51)
|
Wincor Nixdorf Finance Malta Holding Ltd.
|
Malta
|
76.7%(51)
|
Wincor Nixdorf Finance Malta Ltd.
|
Malta
|
76.7%(67)
|
Wincor Nixdorf Global IT Operations GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Global Logistics GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Global Solutions B.V.
|
Netherlands
|
76.7%(68)
|
Wincor Nixdorf GmbH
|
Austria
|
76.7%(51)
|
Wincor Nixdorf Grundstücksverwaltungllmenau GmbH & CoKG
|
Germany
|
76.7%(69)
|
Wincor Nixdorf (Hong Kong) Ltd.
|
Hong Kong
|
76.7%(51)
|
Wincor Nixdorf Inc.
|
United States
|
76.7%(51)
|
Wincor Nixdorf India Private Ltd.
|
India
|
76.7%(51)
|
Wincor Nixdorf Information Systems S.A.
|
Greece
|
76.7%(51)
|
WINCOR NIXDORF International GmbH
|
Germany
|
76.7%(47)
|
Wincor Nixdorf IT Support S.A. de C.V.
|
Mexico
|
76.7%(70)
|
Wincor Nixdorf Kft.
|
Hungary
|
76.7%(51)
|
Wincor Nixdorf, Lda.
|
Portugal
|
76.7%(51)
|
Wincor Nixdorf Limited
|
Nigeria
|
76.7%(51)
|
Wincor Nixdorf LLC
|
Russia
|
76.7%(51)
|
Wincor Nixdorf Logistics GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Lottery Solutions GmbH
|
Germany
|
76.7%(71)
|
Wincor Nixdorf Ltd.
|
Ireland
|
76.7%(51)
|
Wincor Nixdorf Ltd.
|
United Kingdom
|
76.7%(51)
|
Wincor Nixdorf (M) Sdn. Bhd.
|
Malaysia
|
76.7%(51)
|
Wincor Nixdorf Manufacturing GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Manufacturing Pte. Ltd.
|
Singapore
|
76.7%(81)
|
Wincor Nixdorf N.V.
|
Belgium
|
76.7%(51)
|
Wincor Nixdorf Oil and Gas IT LLC
|
Russia
|
76.7%(73)
|
Wincor Nixdorf Oil and Gas IT Services LLC
|
Russia
|
76.7%(74)
|
Wincor Nixdorf Oy
|
Finland
|
76.7%(51)
|
Wincor Nixdorf (Philippines) Inc.
|
Philippines
|
76.7%(51)
|
Wincor Nixdorf Portavis GmbH
|
Germany
|
76.7%(75)
|
Wincor Nixdorf (Proprietary) Ltd.
|
South Africa
|
76.7%(51)
|
Wincor Nixdorf Pte. Ltd.
|
Singapore
|
76.7%(51)
|
Wincor Nixdorf Real Estate GmbH &CoKG
|
Germany
|
76.7%(69)
|
Wincor Nixdorf Retail Consulting GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Retail ME JLT
|
UAE
|
76.7%(76)
|
Wincor Nixdorf Retail Services GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf S.A.
|
Morocco
|
76.7%(51)
|
Wincor Nixdorf S.A. de C.V.
|
Mexico
|
76.7%(51)
|
Wincor Nixdorf S.A.S.
|
France
|
76.7%(51)
|
Wincor Nixdorf Security GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf Services GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf S.L.
|
Spain
|
76.7%(51)
|
Wincor Nixdorf Software C.V.
|
Netherlands
|
76.7%(77)
|
Wincor Nixdorf Software Partner B.V.
|
Netherlands
|
76.7%(51)
|
Wincor Nixdorf Solucões em Tecnologia da Informação Ltda.
|
Brazil
|
76.7%(51)
|
Wincor Nixdorf Sp. z.o.o.
|
Poland
|
76.7%(51)
|
Wincor Nixdorf s.r.l.
|
Italy
|
76.7%(51)
|
Wincor Nixdorf s.r.o.
|
Czech Republic
|
76.7%(51)
|
Wincor Nixdorf s.r.o.
|
Slovakia
|
76.7%(51)
|
Wincor Nixdorf Taiwan Ltd.
|
Taiwan
|
76.7%(51)
|
Wincor Nixdorf Technology GmbH
|
Germany
|
76.7%(51)
|
Wincor Nixdorf (Thailand) Co. Ltd.
|
Thailand
|
76.7%(51)
|
(1
|
)
|
100 percent of voting securities are owned by Diebold Australia Holding Company, LLC, which is 100% owned by Registrant.
|
|
|
|
(2
|
)
|
70 percent of partnership interest is owned by Diebold Holding Company, Inc., which is 100 percent owned by Registrant, while the remaining 30 percent partnership interest is owned by Diebold SST Holding Company, Inc., which is 100 percent owned by Registrant.
|
|
|
|
(3
|
)
|
100 percent of voting securities are owned by Diebold Mexico Holding Company, Inc., which is 100 percent owned by Registrant.
|
|
|
|
(4
|
)
|
100 percent of voting securities are owned by Diebold EMEA Holding C.V. (refer to 27 for ownership).
|
|
|
|
(5
|
)
|
100 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 14 for ownership).
|
|
|
|
(6
|
)
|
88.9 percent of voting securities are owned by Registrant, and 11.1 percent of voting securities are owned by Diebold Pacific, Limited, which is 100 percent owned by Registrant.
|
|
|
|
(7
|
)
|
100 percent of voting securities are owned by Diebold Self-Service Systems (refer to 2 for ownership).
|
|
|
|
(8
|
)
|
70.70 percent of voting securities are owned by Registrant; 21.55 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 15 for ownership); 7.73 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC, which is 100% owned by Registrant and the remaining .02 percent of voting securities is owned by Diebold Holding Company, Inc., which is 100% owned by Registrant.
|
|
|
|
(9
|
)
|
50 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
|
(10
|
)
|
100 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
|
(11
|
)
|
99.99 percent of voting securities are owned by Diebold Brasil LTDA (refer to 28 for ownership), while the remaining .01 percent is owned by Registrant.
|
|
|
|
(12
|
)
|
100 percent of voting securities are owned by Diebold International Limited (refer to 5 for ownership).
|
|
|
|
(13
|
)
|
21.44 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant; 16.78 percent of voting securities are owned by Diebold Panama, Inc. (refer to 10 for ownership); 16.78 percent of voting securities are owned by DCHC SA (refer to 10 for ownership); 13.5 percent of voting securities are owned by J.J.F. Panama, Inc. (refer to 10 for ownership); and the remaining 31.5 percent of voting securities are owned by C.R. Panama, Inc. (refer to 10 for ownership).
|
|
|
|
(14
|
)
|
100 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
|
(15
|
)
|
50 percent of voting securities are owned by Diebold Netherlands B.V. (refer to 5 for ownership), while the remaining 50 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 14 for ownership).
|
|
|
|
(16
|
)
|
90 percent of voting securities are owned by Diebold Self -Service Solutions Limited Liability Company (refer to 14 for ownership), while the remaining 10 percent of voting securities are owned by Diebold Selbstbedienungssysteme (Schweiz) GmbH (refer to 5 for ownership).
|
|
|
(17
|
)
|
100 percent of voting securities are owned by Diebold Africa Investment Holdings Pty. Ltd. (refer to 26 for ownership).
|
|
|
|
(18
|
)
|
99.99 percent of voting securities are owned by Diebold Colombia SA (refer to 13 for ownership), while the remaining 0.01 percent is owned by Diebold Latin America Holding Company, Inc., which is 100 percent owned by Registrant.
|
|
|
|
(19
|
)
|
99.99 percent of voting securities are owned by Impexa LLC (refer to 3 for ownership), while the remaining .01 percent is owned by Diebold Mexico, S.A. de C.V. (refer to 43 for ownership).
|
|
|
|
(20
|
)
|
99.88 percent of voting securities are owned by Registrant, while .12 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
|
(21
|
)
|
100 percent of voting securities are owned by VDM Holding Company, Inc., which is 100 percent owned by Registrant.
|
|
|
|
(22
|
)
|
99.99 percent of voting securities are owned by Diebold Canada Holding Company Inc., which is 100 percent owned by Registrant, while the remaining .01 percent is owned by Procomp Amazonia Industria Eletronica S.A. (refer to 11 for ownership).
|
|
|
|
(23
|
)
|
99.99 percent of voting securities are owned by Diebold Brasil Servicos de Tecnole e Participacoes Limitada (refer to 22 for ownership), while the remaining .01 percent are owned by Registrant.
|
|
|
|
(24
|
)
|
34 percent of voting securities are owned by Inspur (Suzhou) Financial Information System Co., Ltd. (refer to 79 for ownership), and 51 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
|
(25
|
)
|
74.9 percent of voting securities are owned by Diebold Africa Investment Holdings Pty. Ltd. (refer to 26 for ownership).
|
|
|
|
(26
|
)
|
100 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
|
(27
|
)
|
99.99 percent of voting securities are owned by Diebold Australia Holding Company, LLC, which is 100 percent owned by Registrant, and the remaining .01 percent is owned by Diebold Netherlands Holding Company, LLC (refer to 1 for ownership).
|
|
|
|
(28
|
)
|
99.99 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant, while the remaining .01 percent is owned by Registrant.
|
|
|
|
(29
|
)
|
51 percent of voting securities are owned by Diebold Latin America Holding Company, Inc., which is 100 percent owned by Registrant.
|
|
|
|
(30
|
)
|
60 percent of voting securities are owned by Diebold Colombia, S.A. (refer to 13 for ownership) and 40 percent owned by Diebold Peru, S.r.L. (refer to 10 for ownership).
|
|
|
|
(31
|
)
|
99 percent of voting securities are owned by D&G Centroamerica, S. de R. L. (refer to 29 for ownership).
|
|
|
|
(32
|
)
|
99.85 percent of voting securities are owned by D&G Centroamerica, S. de R. L. (refer to 29 for ownership).
|
|
|
|
(33
|
)
|
99.99 percent of voting securities are owned by D&G Centroamerica, S. de R. L. (refer to 29 for ownership).
|
|
|
|
(34
|
)
|
99.99 percent of voting securities are owned by Procomp Industria Eletronica Ltda (refer to 23 for ownership), while the remaining .01 percent is owned by Diebold Brasil Ltda (refer to 28 for ownership).
|
|
|
|
(35
|
)
|
100 percent of voting securities are owned by Diebold ATM Cihazlari Sanayi Ve Ticaret A.S. (refer to 15 for ownership).
|
|
|
|
(36
|
)
|
99.98 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 14 for ownership), while the remaining .02 percent is owned by Diebold Poland S.p. z.o.o. (refer to 5 for ownership).
|
|
|
|
(37
|
)
|
99.99 percent of voting securities are owned by Registrant, while the remaining .01 percent is owned by Diebold Holding Company, Inc., which is 100 percent owned by Registrant.
|
|
|
|
(38
|
)
|
100 percent of voting securities are owned by 1932780 Ontario Inc., which is 100 percent owned by The Diebold Company of Canada, Ltd., which is 100 percent owned by Registrant.
|
|
|
|
(39
|
)
|
100 percent of voting securities is owned by The Diebold Company of Canada, Ltd., which is 100 percent owned by Registrant.
|
|
|
|
(40
|
)
|
100 percent of voting securities are owned by Diebold Africa (Proprietary) Limited (refer to 17 for ownership).
|
|
|
|
(41
|
)
|
99.99 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 14 for ownership), while the remaining .01 percent is owned by Diebold Switzerland Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
(42
|
)
|
100 percent of voting securities are owned by DBD (Barbados) 2 SRL, which is 100 percent owned by Registrant.
|
|
|
|
(43
|
)
|
99.99 percent of voting securities are owned by Diebold Mexico Holding Company, Inc., which is 100 percent owned by Registrant, while the remaining .01 percent is owned by Registrant.
|
|
|
|
(44
|
)
|
100 percent of voting securities are owned by Diebold Holding Germany Inc. & Co. KGaA, which is 100 percent owned by Registrant.
|
|
|
|
(45
|
)
|
99 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant, while the remaining 1 percent is owned by Registrant.
|
|
|
|
(46
|
)
|
76.7 percent of voting securities are owned by Diebold Holding Germany Inc. & Co. KGaA, which is 100 percent owned by Registrant.
|
|
|
|
(47
|
)
|
100 percent of voting securities are owned by Diebold Nixdorf Aktiengesellschaft (refer to 46 for ownership).
|
|
|
|
(48
|
)
|
86.64 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(49
|
)
|
100 percent of voting securities are owned by Aevi International GmbH (refer to 48 for ownership).
|
|
|
|
(50
|
)
|
92.54 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(51
|
)
|
100 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(52
|
)
|
25 percent of voting securities are owned by BEB Industrie-Elektronik AG (refer to 51 for ownership).
|
|
|
|
(53
|
)
|
75 percent of voting securities are owned by BEB Industrie-Elektronik AG (refer to 51 for ownership).
|
|
|
|
(54
|
)
|
50 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(55
|
)
|
100 percent of voting securities are owned by Dynasty Technology Group S.A (refer to 56 for ownership).
|
|
|
|
(56
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf S.L. (refer to 51 for ownership).
|
|
|
|
(57
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf C.A. (refer to 51 for ownership).
|
|
|
|
(58
|
)
|
49.9 percent of voting securities are owned by Wincor Nixdorf LLC. (refer to 51 for ownership), while the remaining 50.1 percent is owned by Wincor Nixdorf Oil and Gas IT Services LLC (refer to 74 for ownership).
|
|
|
|
(59
|
)
|
100 percent of voting securities are owned by Projective N.V. (refer to 60 for ownership).
|
|
|
|
(60
|
)
|
53.07 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(61
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf B.V. (refer to 51 for ownership).
|
|
|
|
(62
|
)
|
100 percent of voting securities are owned by SecurCash Nederland B.V. (refer to 61 for ownership).
|
|
|
|
(63
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf Sp. z.o.o. (refer to 51 for ownership).
|
|
|
|
(64
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf Ltd. (refer to 51 for ownership).
|
|
|
|
(65
|
)
|
100 percent of voting securities are owned by IP Management GmbH (refer to 51 for ownership).
|
|
|
|
(66
|
)
|
43.6 percent of voting securities are owned by Wincor Nixdorf Pte. Ltd. (refer to 51 for ownership).
|
|
|
|
(67
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf Finance Malta Holding Ltd. (refer to 51 for ownership).
|
|
|
|
(68
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf Software C.V. (refer to 77 for ownership).
|
|
|
|
(69
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf Security GmbH and Wincor Nixdorf Facility GmbH, which are both 100 percent owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(70
|
)
|
99.998 percent of voting securities are owned by Wincor Nixdorf C.A. (refer to 51 for ownership).
|
|
|
|
(71
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf Finance AG (refer to 51 for ownership).
|
|
|
|
(72
|
)
|
100 percent of voting securities are owned by Aisino-Wincor Retail & Banking Syst. (Shanghai) Co. Ltd. (refer to 51 for ownership).
|
|
|
|
(73
|
)
|
49.9 percent of voting securities are owned by Wincor Nixdorf LLC (refer to 51 for ownership), while 1.1 percent of voting securities are owned by Wincor Nixdorf Oil and Gas IT Services LLC (refer to 74 for ownership).
|
|
|
|
(74
|
)
|
.01 percent of voting securities are owned by Wincor Nixdorf LLC (refer to 51 for ownership).
|
|
|
(75
|
)
|
68 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(76
|
)
|
80 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(77
|
)
|
99.9 percent of voting securities are owned by IP Management GmbH (refer to 51 for ownership), while the remaining .1 percent is owned by Wincor Nixdorf Software Partner B.V. (refer to 51 for ownership).
|
|
|
|
(78
|
)
|
99.99 percent of voting securities are owned by VDM Holding Company, Inc., which is 100 percent owned by Registrant, while the remaining .01 percent is owned by Diebold Pacific Limited, which is 100 percent owned by Registrant.
|
|
|
|
(79
|
)
|
40 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC, which is 100 percent owned by Registrant.
|
|
|
|
(80
|
)
|
43.6 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 47 for ownership).
|
|
|
|
(81
|
)
|
100 percent of voting securities are owned by Wincor Nixdorf Pte. Ltd (refer to 51 for ownership).
|
|
|
Signature
|
|
Date
|
|
|
|
/s/ Patrick W. Allender
|
February 7, 2017
|
|
Patrick W. Allender
|
|
|
|
|
|
/s/ Phillip R. Cox
|
February 7, 2017
|
|
Phillip R. Cox
|
|
|
|
|
|
/s/ Richard L. Crandall
|
February 7, 2017
|
|
Richard L. Crandall
|
|
|
|
|
|
/s/ Alexander Dibelius
|
February 7, 2017
|
|
Alexander Dibelius
|
|
|
|
|
|
/s/ Dieter Duesedau
|
February 7, 2017
|
|
Dieter Duesedau
|
|
|
|
|
|
/s/ Gale S. Fitzgerald
|
February 7, 2017
|
|
Gale S. Fitzgerald
|
|
|
|
|
|
/s/ Gary G. Greenfield
|
February 7, 2017
|
|
Gary G. Greenfield
|
|
|
|
|
|
/s/ Robert S. Prather, Jr.
|
February 7, 2017
|
|
Robert S. Prather, Jr.
|
|
|
|
|
|
/s/ Rajesh K. Soin
|
February 7, 2017
|
|
Rajesh K. Soin
|
|
|
|
|
|
/s/ Henry D.G. Wallace
|
February 7, 2017
|
|
Henry D.G. Wallace
|
|
|
|
|
|
/s/ Alan J. Weber
|
February 7, 2017
|
|
Alan J. Weber
|
|
Signature
|
|
Date
|
|
|
|
/s/ Jürgen Wunram
|
|
February 21, 2017
|
Jürgen Wunram
|
|
|
1)
|
I have reviewed this annual report on Form 10-K of Diebold Nixdorf, Incorporated;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4)
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5)
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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1)
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I have reviewed this annual report on Form 10-K of Diebold Nixdorf, Incorporated;
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2)
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3)
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4)
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5)
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
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1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
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