Company Quick10K Filing
Diebold Nixdorf
Price11.42 EPS-4
Shares77 P/E-3
MCap877 P/FCF119
Net Debt1,848 EBIT-112
TEV2,725 TEV/EBIT-24
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-17
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-01
8-K 2021-02-12 Officers, Exhibits
8-K 2021-02-10 Earnings, Exhibits
8-K 2020-10-28
8-K 2020-07-30
8-K 2020-07-20
8-K 2020-07-09
8-K 2020-07-07
8-K 2020-05-05
8-K 2020-05-01
8-K 2020-03-16
8-K 2020-02-11
8-K 2019-12-10
8-K 2019-12-04
8-K 2019-10-29
8-K 2019-08-07
8-K 2019-07-25
8-K 2019-07-25
8-K 2019-07-24
8-K 2019-04-30
8-K 2019-04-25
8-K 2019-04-14
8-K 2019-02-22
8-K 2019-02-13
8-K 2019-01-28
8-K 2019-01-14
8-K 2019-01-03
8-K 2018-10-31
8-K 2018-10-31
8-K 2018-09-30
8-K 2018-09-09
8-K 2018-08-30
8-K 2018-08-27
8-K 2018-08-01
8-K 2018-08-01
8-K 2018-05-22
8-K 2018-05-02
8-K 2018-04-24
8-K 2018-04-17
8-K 2018-03-21
8-K 2018-02-21
8-K 2018-02-21
8-K 2018-02-13
8-K 2018-02-06

DBD 10Q Quarterly Report

Part I - Financial Information
Item 1: Financial Statements
Note 1: Basis of Presentation
Note 2: Leases
Note 3: Earnings (Loss) per Share
Note 4: Share - Based Compensation
Note 5: Income Taxes
Note 6: Inventories
Note 7: Investments
Note 8: Goodwill and Other Assets
Note 9: Guarantees and Product Warranties
Note 10: Restructuring
Note 11: Debt
Note 12: Redeemable Noncontrolling Interests
Note 13: Equity
Note 14: Accumulated Other Comprehensive Income (Loss)
Note 15: Acquisitions and Divestitures
Note 16: Benefit Plans
Note 17: Derivative Instruments and Hedging Activities
Note 18: Fair Value of Assets and Liabilities
Note 19: Commitments and Contingencies
Note 20: Segment and Revenue Information
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II - Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
EX-22.1 dbd9302020ex221.htm
EX-31.1 dbd9302020ex311.htm
EX-31.2 dbd9302020ex312.htm
EX-32.1 dbd9302020ex321.htm
EX-32.2 dbd9302020ex322.htm

Diebold Nixdorf Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.07.95.83.71.6-0.52012201420172020
Assets, Equity
1.31.00.70.30.0-0.32012201420172020
Rev, G Profit, Net Income
1.91.20.4-0.3-1.1-1.82012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________
Form 10-Q
__________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-4879 
_________________________________________________
Diebold Nixdorf, Incorporated
(Exact name of registrant as specified in its charter)
_________________________________________________ 
Ohio 34-0183970
(State or other jurisdiction of
incorporation or organization)
 (IRS Employer
Identification Number)
5995 Mayfair Road, PO Box 3077,North Canton,Ohio 44720-8077
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (330490-4000
__________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common shares, $1.25 par value per shareDBDNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Number of shares of common stock outstanding as of October 23, 2020 was 77,678,423.



DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Form 10-Q

Index
 


Table of Contents
Part I – Financial Information
Item 1: Financial Statements

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts)
September 30, 2020December 31,
2019
 (Unaudited) 
ASSETS
Current assets
Cash, cash equivalents and restricted cash$277.3 $280.9 
Short-term investments6.8 10.0 
Trade receivables, less allowances for doubtful accounts of $43.0 and $42.2, respectively
668.1 619.3 
Inventories542.6 466.5 
Prepaid expenses35.5 51.3 
Current assets held for sale67.9 233.3 
Other current assets242.8 230.7 
Total current assets1,841.0 1,892.0 
Securities and other investments9.2 21.4 
Property, plant and equipment, net of accumulated depreciation and amortization of $558.6 and $526.9, respectively
198.3 231.5 
Goodwill773.7 764.0 
Deferred income taxes127.7 120.8 
Customer relationships, net408.5 447.7 
Other assets269.4 313.2 
Total assets$3,627.8 $3,790.6 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities
Notes payable$18.3 $32.5 
Accounts payable504.4 471.5 
Deferred revenue247.3 320.5 
Payroll and other benefits liabilities198.2 224.7 
Other current liabilities481.4 550.4 
Total current liabilities1,449.6 1,599.6 
Long-term debt2,427.9 2,108.7 
Pensions, post-retirement and other benefits228.9 237.7 
Deferred income taxes116.1 134.5 
Other liabilities197.1 195.5 
Commitments and contingencies
Redeemable noncontrolling interests19.9 20.9 
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, 93,524,415 and 92,208,247 issued shares, 77,672,179 and 76,813,013 outstanding shares, respectively
116.9 115.3 
Additional capital783.3 773.9 
Accumulated deficit(690.2)(472.3)
Treasury shares, at cost (15,852,236 and 15,395,234 shares, respectively)
(576.6)(571.9)
Accumulated other comprehensive loss(440.0)(375.3)
Total Diebold Nixdorf, Incorporated shareholders' equity(806.6)(530.3)
Noncontrolling interests(5.1)24.0 
Total equity(811.7)(506.3)
Total liabilities, redeemable noncontrolling interests and equity$3,627.8 $3,790.6 
See accompanying notes to condensed consolidated financial statements.
3

Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
(in millions, except per share amounts)
 Three Months EndedNine Months Ended
September 30,September 30,
 2020201920202019
Net sales
Services$588.9 $643.0 $1,736.4 $1,931.0 
Products406.3 435.8 1,060.0 1,326.1 
995.2 1,078.8 2,796.4 3,257.1 
Cost of sales
Services399.2 462.4 1,226.5 1,423.3 
Products311.9 345.0 811.4 1,037.1 
711.1 807.4 2,037.9 2,460.4 
Gross profit284.1 271.4 758.5 796.7 
Selling and administrative expense226.0 219.9 629.7 674.3 
Research, development and engineering expense30.2 36.8 93.4 109.8 
Impairment of assets4.1  4.1  
(Gain) loss on sale of assets, net (8.5)13.0 6.6 
260.3 248.2 740.2 790.7 
Operating profit (loss)23.8 23.2 18.3 6.0 
Other income (expense)
Interest income1.9 1.9 5.4 7.0 
Interest expense(144.3)(52.5)(240.6)(153.3)
Foreign exchange gain, net(2.3)(1.8)(9.5)(4.1)
Miscellaneous, net(1.5)(1.0)4.1 (2.8)
Loss before taxes(122.4)(30.2)(222.3)(147.2)
Income tax (benefit) expense(21.5)5.2 (4.9)74.8 
Equity in earnings of unconsolidated subsidiaries 0.6   
Net loss(100.9)(34.8)(217.4)(222.0)
Net (loss) income attributable to noncontrolling interests0.5 0.9 0.5 (3.3)
Net loss attributable to Diebold Nixdorf, Incorporated$(101.4)$(35.7)$(217.9)$(218.7)
Basic and diluted weighted-average shares outstanding77.7 76.8 77.5 76.6 
Net loss attributable to Diebold Nixdorf, Incorporated
Basic and diluted loss per share$(1.31)$(0.46)$(2.81)$(2.86)
See accompanying notes to condensed consolidated financial statements.
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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(in millions)
 Three Months EndedNine Months Ended
September 30September 30
 2020201920202019
Net loss$(100.9)$(34.8)$(217.4)$(222.0)
Other comprehensive income (loss), net of tax
Translation adjustment(10.0)(91.7)(64.1)(73.3)
Foreign currency hedges (net of tax of $(0.1), $0.0, $0.2 and $0.0, respectively)
(0.4)(0.2)1.8 (0.1)
Interest rate hedges
Net (loss) income recognized in other comprehensive income (net of tax of $(0.9), $0.5, $4.0 and $1.7, respectively)
3.0 (3.0)(19.1)(8.7)
Reclassification adjustment for amounts recognized in net income(0.4)0.8 4.9 1.8 
2.6 (2.2)(14.2)(6.9)
Pension and other post-retirement benefits
Net actuarial loss amortization (net of tax of $0.6, $(0.4), $2.4 and $(1.2), respectively)
2.1 2.2 11.2 6.0 
Other  (0.8)0.1 
Other comprehensive loss, net of tax(5.7)(91.9)(66.1)(74.2)
Comprehensive loss(106.6)(126.7)(283.5)(296.2)
Less: comprehensive loss attributable to noncontrolling interests0.4 (0.1)(0.9)(4.1)
Comprehensive loss attributable to Diebold Nixdorf, Incorporated$(107.0)$(126.6)$(282.6)$(292.1)
See accompanying notes to condensed consolidated financial statements.
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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in millions)
 Nine Months Ended
September 30
 20202019
Cash flow from operating activities
Net loss$(217.4)$(222.0)
Adjustments to reconcile net loss to cash flow used by operating activities:
Depreciation and amortization75.1 83.2 
Amortization of Wincor Nixdorf purchase accounting intangible assets63.2 71.8 
Amortization of deferred financing costs into interest expense41.1 16.3 
Share-based compensation11.1 19.4 
Debt prepayment costs67.2  
Loss (gain) on sale of assets, net13.0 6.6 
Impairment of assets4.1  
Deferred income taxes(36.4)3.2 
Other(7.1) 
Changes in certain assets and liabilities
Trade receivables(68.6)110.1 
Inventories(83.8)(2.9)
Accounts payable35.3 (6.9)
Deferred revenue(69.6)(50.3)
Sales tax and net value added tax(18.0)(13.7)
Income taxes1.5 60.5 
Prepaid expenses16.1 9.8 
Accrued salaries, wages and commissions(22.0)14.0 
Restructuring(8.3)(27.9)
Warranty liability(2.4)(3.2)
Liabilities held for sale(22.3)12.5 
Certain other assets and liabilities18.8 (73.1)
Net cash provided (used) by operating activities(209.4)7.4 
Cash flow from investing activities
Capital expenditures(12.2)(30.2)
Proceeds from divestitures, net of cash divested(47.9)29.8 
Proceeds from settlement of corporate-owned life insurance policies15.6  
Proceeds from maturities of short-term investments154.3 185.9 
Payments for purchases of short-term investments(142.7)(157.9)
Increase in certain other assets(7.8)(17.4)
Net cash provided (used) by investing activities(40.7)10.2 
Cash flow from financing activities
Debt issuance costs(26.4)(12.5)
Debt prepayment costs(67.2) 
Revolving credit facility borrowings (repayments), net192.1 (125.0)
Other debt borrowings1,107.8 395.3 
Other debt repayments(1,039.5)(342.9)
Distributions to noncontrolling interest holders (98.1)
Other(6.0)(1.7)
Net cash provided (used) by financing activities160.8 (184.9)
Effect of exchange rate changes on cash and cash equivalents(7.7)(7.2)
Change in cash, cash equivalents and restricted cash(97.0)(174.5)
Add: Cash included in assets held for sale at beginning of period97.2 7.3 
Less: Cash included in assets held for sale at end of period3.8 38.9 
Cash, cash equivalents and restricted cash at the beginning of the period280.9 458.4 
Cash, cash equivalents and restricted cash at the end of the period$277.3 $252.3 
See accompanying notes to condensed consolidated financial statements.
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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of September 30, 2020
Notes to Condensed Consolidated Financial Statements
(unaudited)
(in millions, except per share amounts)

Note 1: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Diebold Nixdorf, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (U.S. GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented.

The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s annual report on Form 10-K for the year ended December 31, 2019. In addition, some of the Company’s statements in this quarterly report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the full year.

The Company has reclassified the presentation of certain prior-year information to conform to the current presentation.

Recently Adopted Accounting Guidance
Standards AdoptedDescriptionEffective
Date
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value MeasurementThis Accounting Standard Update (ASU) is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements.January 1, 2020
ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606The amendments in this ASU provide guidance on whether certain transactions between collaborative arrangement participants should be accounted for under Topic 606. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements.January 1, 2020
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial InstrumentsThe amendments in this ASU replace the incurred loss impairment methodology with the current expected credit loss methodology. This will change the measurement of credit losses on financial instruments and the timing of when such losses are recorded. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements.January 1, 2020
ASU 2019-01, Leases (Topic 842): Codification Improvements
This ASU is intended to clarify the Accounting Standard Codification (ASC) more generally and/or to correct unintended application of guidance. The amendments in this ASU include three Issues: Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers (Issue 1) Presentation on the statement of cash flows—sales-type and direct financing leases (Issue 2) and Transition disclosures related to Topic 250, Accounting Changes and Error Corrections (Issue 3). The adoption of this ASU did not have a significant impact on the Company’s condensed consolidated financial statements.
January 1, 2020
ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial InstrumentsThis ASU is designed to clarify, correct, and improve various aspects of the guidance in the following ASUs related to financial instruments: ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Liabilities; ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments; and ASU 2017-12 - Derivatives and Hedging (Topic 815): Targeted Improvements for Hedging Activities. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements.January 1, 2020
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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of September 30, 2020
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)

Securities and Exchange Commission (SEC) Release # 33-10762, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and
Affiliates Whose Securities Collateralize a Registrant’s Securities
On March 2, 2020, the SEC issued a final rule that amended the disclosure requirements related to certain registered securities under SEC Regulation S-X, Rule 3-10, which required separate financial statements for subsidiary issuers and guarantors of registered debt securities unless certain exceptions are met. The final rule replaces the previous requirement under Rule 3-10 to provide condensed consolidating financial information in the registrant’s financial statements with a requirement to provide alternative financial disclosures. As a result, we have excluded the footnote disclosures required under the previous Rule 3-10, and applied the final rule by including the summarized financial information and qualitative disclosures in Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q and Exhibit 22.1, filed herewith.January 4, 2021 (early adopted for the period ended September 30, 2020)

Note 2: Leases

The Company utilizes lease agreements to meet its operating needs. These leases support global staff via the use of office space, warehouses, vehicles and information technology (IT) equipment. The Company utilizes both operating and finance leases in its portfolio of leased assets; however, the majority of these leases are classified as operating. A significant portion of the volume of the lease portfolio is in fleet vehicles and IT office equipment; however, real estate leases constitute a majority of the value of the right-of-use (ROU) assets. Lease agreements are utilized worldwide, with the largest location concentration in the United States, Germany and India. The Company's lease population has initial lease terms ranging from less than one year to approximately ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from six months to 15 years.

The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population at:
September 30, 2020September 30, 2019
Weighted-average remaining lease terms (in years)
Operating leases4.24.8
Finance leases3.82.4
Weighted-average discount rate
Operating leases11.5 %12.2 %
Finance leases10.9 %24.1 %

The weighted-average discount rates used for operating and finance leases varies due to the jurisdictional composition. The Company has an immaterial amount of finance leases. In 2019, the Company's finance leases were primarily comprised of leases in Turkey, which have higher interest rates. The weighted-average discount rate for finance leases decreased in 2020 compared to 2019 due to an increase in finance leases globally that had rates lower than the rates for Turkish leases.

Certain lease agreements include payments based on a variety of global indexes or rates. These payment amounts have been projected using the index or rate as of lease commencement or the transition date and measured in ROU assets and lease liabilities. Other leases contain variable payments that are based on actual usage of the underlying assets and, therefore, are not measured in assets or liabilities as the variable payments are not based on an index or a rate. For real estate leases, these payments are most often tied to non-committed maintenance or utilities charges, and for equipment leases, to actual output or hours in operation. These amounts typically become known when the invoice is received, which is when expense is recognized. In rare circumstances, the Company's lease agreements may contain residual value guarantees. The Company's lease agreements do not contain any restrictions or covenants, such as those relating to dividends or incurring additional financial obligations.

As of September 30, 2020, the Company did not have any material leases that have not yet commenced but that create significant rights and obligations.

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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of September 30, 2020
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)

The Company determines whether an arrangement is or includes a lease at contract inception. All contracts containing the right to use an underlying asset are reviewed to confirm that the contract meets the definition of a lease. ROU assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term.

As most leases do not provide an explicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In order to apply the incremental borrowing rate, a rate table was developed to assign the appropriate rate to each lease based on lease term and currency of payments. For leases with large numbers of underlying assets, a portfolio approach with a collateralized rate was utilized. Assets were grouped based on similar lease terms and economic environments in a manner whereby the Company reasonably expects that the application does not differ materially from a lease-by-lease approach.

The following table summarizes the components of lease expense:
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Lease expense
Operating lease expense$24.6 $23.2 $71.9 $65.3 
Finance lease expense
Amortization of ROU lease assets$0.4 $0.1 $1.1 $0.4 
Interest on lease liabilities$0.1 $0.1 $0.4 $0.3 
Variable lease expense$1.9 $3.2 $6.5 $11.4 

The following table summarizes the maturities of lease liabilities:
OperatingFinance
2020 (excluding the nine months ended September 30, 2020)$25.5 $0.6 
202155.1 2.0 
202234.6 1.3 
202321.4 0.6 
202415.3 0.5 
Thereafter25.1 0.8 
Total177.0 5.8 
Less: Present value discount(35.7)(0.9)
Lease liability$141.3 $4.9 

The following table summarizes the cash flow information related to leases:
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Cash paid for amounts included in the measurement of lease liabilities
Operating - operating cash flows$28.3 $22.3 $72.3 $63.6 
Finance - financing cash flows$0.4 $0.1 $1.2 $0.3 
Finance - operating cash flows$0.2 $0.2 $0.6 $0.4 
ROU lease assets obtained in the exchange for lease liabilities
Operating leases$9.9