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iso4217:USD xbrli:shares ncr:defendant ncr:affiliate_corporations ncr:party ncr:company ncr:entity ncr:facility ncr:currency utreg:Rate ncr:number_of_companies
Table of Contents


 
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 June 30, 2019
Commission File Number 001-00395
 ________________________
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13039748&doc=13
NCR CORPORATION
(Exact name of registrant as specified in its charter)
________________________
 
Maryland
 
31-0387920
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
864 Spring Street NW
Atlanta, GA 30308
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (937445-5000
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 filer
þ
 
 
Accelerated filer
o
Non-accelerated filer
o
 
 
Smaller reporting company
 
 
 
 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transaction period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act.  o 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  



Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
NCR
New York Stock Exchange
As of July 19, 2019, there were approximately 120.4 million shares of the registrant's common stock issued and outstanding.
 


Table of Contents


TABLE OF CONTENTS
 
PART I. Financial Information
 
 
 
 
 
Description
Page
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
PART II. Other Information
 
 
 
 
 
Description
Page
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 
 



2

Table of Contents

Part I. Financial Information
 
Item 1.
FINANCIAL STATEMENTS
NCR Corporation
Condensed Consolidated Statements of Operations (Unaudited) 
In millions, except per share amounts
Three months ended June 30
 
Six months ended June 30
2019

2018
 
2019
 
2018
Product revenue
$
664

 
$
525

 
$
1,203

 
$
1,051

Service revenue
1,046

 
1,012

 
2,043

 
2,003

Total revenue
1,710

 
1,537

 
3,246

 
3,054

Cost of products
539

 
451

 
992

 
871

Cost of services
700

 
683

 
1,372

 
1,360

Selling, general and administrative expenses
252

 
261

 
504

 
506

Research and development expenses
62

 
65

 
121

 
131

Asset impairment charges

 
183

 

 
183

Total operating expenses
1,553

 
1,643

 
2,989

 
3,051

Income (loss) from operations
157

 
(106)

 
257

 
3

Interest expense
(45
)
 
(41
)
 
(90
)
 
(82
)
Other expense, net
(9
)
 
(9
)
 
(17
)
 
(14
)
Income (loss) from continuing operations before income taxes
103

 
(156)

 
150

 
(93
)
Income tax expense (benefit)
15

 
(12)

 
24

 
(5
)
Income (loss) from continuing operations
88

 
(144
)
 
126

 
(88
)
Loss from discontinued operations, net of tax

 
(2
)
 

 
(37
)
Net income (loss)
88

 
(146)

 
126

 
(125
)
Net income (loss) attributable to noncontrolling interests

 
(1
)
 
1

 

Net income (loss) attributable to NCR
$
88

 
$
(145
)
 
$
125

 
$
(125
)
Amounts attributable to NCR common stockholders:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
88

 
$
(143
)
 
$
125

 
$
(88
)
Dividends on convertible preferred stock
(12
)
 
(12)

 
(25
)
 
(24
)
Income (loss) from continuing operations attributable to NCR common stockholders
76

 
(155
)
 
100

 
(112
)
Loss from discontinued operations, net of tax

 
(2
)
 

 
(37
)
Net income (loss) attributable to NCR common stockholders
$
76

 
$
(157
)
 
$
100

 
$
(149
)
Income (loss) per share attributable to NCR common stockholders:
 
 
 
 
 
 
 
Income (loss) per common share from continuing operations
 
 
 
 
 
 
 
Basic
$
0.63

 
$
(1.31
)
 
$0.83
 
$
(0.94
)
Diluted
$
0.58

 
$
(1.31
)
 
$0.81
 
$
(0.94
)
Net income (loss) per common share
 
 
 
 
 
 
 
Basic
$
0.63

 
$
(1.33
)
 
$0.83
 
$
(1.26
)
Diluted
$
0.58

 
$
(1.33
)
 
$0.81
 
$
(1.26
)
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
120.2

 
117.9

 
119.8
 
118.6

Diluted
152.7

 
117.9

 
123.0
 
118.6

See Notes to Condensed Consolidated Financial Statements.

3

Table of Contents

NCR Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
In millions
Three months ended June 30
 
Six months ended June 30
2019

2018
 
2019
 
2018
Net income (loss)
$
88

 
$
(146
)
 
$
126

 
$
(125
)
Other comprehensive (loss) income:
 
 
 
 
 
 
 
Currency translation adjustments
 
 
 
 
 
 
 
Currency translation gains (losses)
(8
)
 
(49
)
 
11

 
(30
)
Derivatives
 
 
 
 
 
 
 
Unrealized gains on derivatives

 
9

 
1

 
4

   Gains on derivatives recognized during the period
(2
)
 
(1
)
 
(3
)
 

        Less income tax provision
1

 

 
1

 

Employee benefit plans
 
 
 
 
 
 
 
   Amortization of prior service benefit
(2
)
 
(3
)
 
(4
)
 
(5
)
   Amortization of actuarial (losses) gains

 
1

 
(1
)
 
1

        Less income tax benefit

 

 

 
1

Other comprehensive income (loss)
(11
)
 
(43
)
 
5

 
(29
)
Total comprehensive income (loss)
77

 
(189
)
 
131

 
(154
)
Less comprehensive income attributable to noncontrolling interests:
 
 
 
 
 
 
 
   Net income (loss)

 
(1
)
 
1

 

   Currency translation losses

 
(3
)
 

 
(3
)
Amounts attributable to noncontrolling interests

 
(4
)
 
1

 
(3
)
Comprehensive income (loss) attributable to NCR
$
77

 
$
(185
)
 
$
130

 
(151
)
See Notes to Condensed Consolidated Financial Statements.

4

Table of Contents


NCR Corporation
Condensed Consolidated Balance Sheets (Unaudited)
In millions, except per share amounts
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
335

 
$
464

Accounts receivable, net
1,430

 
1,356

Inventories
868

 
806

Other current assets
402

 
397

Total current assets
3,035

 
3,023

Property, plant and equipment, net
372

 
359

Goodwill
2,707

 
2,692

Intangibles, net
553

 
595

Operating lease assets
414

 

Prepaid pension cost
151

 
140

Deferred income taxes
468

 
448

Other assets
522

 
504

Total assets
$
8,222

 
$
7,761

Liabilities and stockholders’ equity
 
 
 
Current liabilities
 
 
 
Short-term borrowings
$
198

 
$
185

Accounts payable
769

 
897

Payroll and benefits liabilities
235

 
238

Contract liabilities
546

 
461

Other current liabilities
555

 
501

Total current liabilities
2,303

 
2,282

Long-term debt
2,918

 
2,980

Pension and indemnity plan liabilities
767

 
759

Postretirement and postemployment benefits liabilities
120

 
118

Income tax accruals
94

 
91

Operating lease liabilities
389

 

Other liabilities
186

 
259

Total liabilities
6,777

 
6,489

Commitments and Contingencies (Note 9)

 

Redeemable noncontrolling interest
14

 
14

Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.9 and 0.9 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively; redemption amount and liquidation preference of $895 and $871 as of June 30, 2019 and December 31, 2018, respectively
884

 
859

Stockholders’ equity
 
 
 
NCR stockholders’ equity
 
 
 
Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

 

Common stock: par value $0.01 per share, 500.0 shares authorized, 120.3 and 118.7 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
1

 
1

Paid-in capital
76

 
34

Retained earnings
706

 
606

Accumulated other comprehensive loss
(241
)
 
(246
)
Total NCR stockholders’ equity
542

 
395

Noncontrolling interests in subsidiaries
5

 
4

Total stockholders’ equity
547

 
399

Total liabilities and stockholders’ equity
$
8,222

 
$
7,761

See Notes to Condensed Consolidated Financial Statements.

5

Table of Contents

NCR Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
In millions
Six months ended June 30
2019
 
2018
Operating activities
 
 
 
Net income
$
126

 
$
(125
)
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Loss from discontinued operations

 
37

Depreciation and amortization
160

 
171

Stock-based compensation expense
48

 
40

Deferred income taxes
(17
)
 
1

Impairment of goodwill and long-lived assets

 
193

Gain on sale of property, plant and equipment
(6
)
 

Changes in assets and liabilities:
 
 
 
Receivables
(71
)
 
(41
)
Inventories
(64
)
 
(88
)
Current payables and accrued expenses
(144
)
 
(57
)
Contract liabilities
76

 

Employee benefit plans
(9
)
 
(8
)
Other assets and liabilities
(28
)
 
(28
)
Net cash provided by operating activities
71

 
95

Investing activities
 
 
 
Expenditures for property, plant and equipment
(35
)
 
(70
)
Proceeds from sale of property, plant and equipment
11

 

Additions to capitalized software
(103
)
 
(86
)
Business acquisitions, net
(12
)
 

Other investing activities, net
5

 
(3
)
Net cash used in investing activities
(134
)
 
(159
)
Financing activities
 
 
 
Short term borrowings, net
4

 
2

Payments on term credit facilities
(39
)
 
(34
)
Payments on revolving credit facilities
(914
)
 
(1,013
)
Borrowings on revolving credit facilities
897

 
1,163

Repurchases of Company common stock

 
(210
)
Proceeds from employee stock plans
10

 
11

Tax withholding payments on behalf of employees
(16
)
 
(29
)
Net cash used in financing activities
(58
)
 
(110
)
Cash flows from discontinued operations
 
 
 
Net cash used in operating activities
(11
)
 
(11
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
1

 
(8
)
Decrease in cash, cash equivalents, and restricted cash
(131
)
 
(193
)
Cash, cash equivalents and restricted cash at beginning of period
476

 
543

Cash, cash equivalents and restricted cash at end of period
$
345

 
$
350

In millions
June 30
2019
 
2018
Reconciliation of cash, cash equivalents and restricted cash as shown in the Condensed Consolidated Statements of Cash Flows
 
 
 
Cash and cash equivalents
$
335

 
$
343

Restricted cash included in other assets
10

 
7

Total cash, cash equivalents and restricted cash
$
345

 
$
350

See Notes to Condensed Consolidated Financial Statements.

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NCR Corporation
Condensed Consolidated Statements of Changes in Stockholder's Equity (Unaudited)
 
 
NCR Stockholders
 
 
 
 
 
 
Common Stock
 
 
 
 
 
Accumulated Other Comprehensive (Loss) Income
 
Non-Redeemable Noncontrolling Interests in Subsidiaries
 
 
In millions
 
Shares
 
Amount
 
Paid-in Capital
 
Retained Earnings
 
 
 
Total
December 31, 2018
 
119

 
$
1

 
$
34

 
$
606

 
$
(246
)
 
$
4

 
$
399

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Net income
 

 

 

 
37

 

 
1

 
38

     Other comprehensive income
 

 

 

 

 
16

 

 
16

Total comprehensive income
 

 

 

 
37

 
16

 
1

 
54

Employee stock purchase and stock compensation plans
 
1

 

 
14

 

 

 

 
14

Series A convertible preferred stock dividends
 

 

 

 
(13
)
 

 

 
(13
)
March 31, 2019
 
120

 
1

 
48

 
630

 
(230
)
 
5

 
454

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Net income
 

 

 

 
88

 

 

 
88

     Other comprehensive income
 

 

 

 


 
(11
)
 

 
(11
)
Total comprehensive income
 

 

 

 
88

 
(11
)
 

 
77

Employee stock purchase and stock compensation plans
 

 

 
28

 

 

 

 
28

Series A convertible preferred stock dividends
 

 

 

 
(12
)
 

 

 
(12
)
June 30, 2019
 
120

 
$
1

 
$
76

 
$
706

 
$
(241
)
 
$
5

 
$
547

See Notes to Condensed Consolidated Financial Statements.



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NCR Corporation
Condensed Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - (Continued)
 
 
NCR Stockholders
 
 
 
 
 
 
Common Stock
 
 
 
 
 
Accumulated Other Comprehensive (Loss) Income
 
Non-Redeemable Noncontrolling Interests in Subsidiaries
 
 
In millions
 
Shares
 
Amount
 
Paid-in Capital
 
Retained Earnings
 
 
 
Total
December 31, 2017
 
122

 
$
1

 
$
60

 
$
857

 
$
(199
)
 
$
3

 
$
722

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Net income
 

 

 

 
20

 

 

 
20

     Other comprehensive income
 

 

 

 

 
14

 

 
14

Total comprehensive income
 

 

 

 
20

 
14

 

 
34

Effects of adoption of new accounting standards

 

 

 

 
14

 
1

 

 
15

Employee stock purchase and stock compensation plans
 
1

 

 
8

 

 

 

 
8

Repurchase of Company common stock
 
(5
)
 

 
(68
)
 
(97
)
 

 

 
(165
)
Series A convertible preferred stock dividends
 

 

 

 
(12
)
 

 

 
(12
)
March 31, 2018
 
118

 
1

 

 
782

 
(184
)
 
3

 
602

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Net income
 

 

 

 
(145
)
 

 

 
(145
)
     Other comprehensive income
 

 

 

 

 
(40
)
 

 
(40
)
Total comprehensive income
 

 

 

 
(145
)
 
(40
)
 

 
(185
)
Employee stock purchase and stock compensation plans
 
1

 

 
14

 

 

 

 
14

Repurchase of Company common stock
 
(1
)
 

 
(14
)
 
(31
)
 

 

 
(45
)
Series A convertible preferred stock dividends
 

 

 

 
(12
)
 

 

 
(12
)
June 30, 2018
 
118

 
$
1

 
$

 
$
594

 
$
(224
)
 
$
3

 
$
374

See Notes to Condensed Consolidated Financial Statements.



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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)

Index to Financial Statements and Supplemental Data
 


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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)


1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Condensed Consolidated Financial Statements have been prepared by NCR Corporation (NCR, the Company, we or us) without audit pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) necessary for a fair statement of the consolidated results of operations, financial position, and cash flows for each period presented. The consolidated results for the interim periods are not necessarily indicative of results to be expected for the full year. The 2018 year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). These financial statements should be read in conjunction with NCR’s Form 10-K for the year ended December 31, 2018.

Effective January 1, 2019, NCR changed the management of its business to an industry basis from the previous model of management on a solution basis, which resulted in a corresponding change to NCR's reportable segments. We have reclassified prior period segment disclosures to conform to the current period presentation. See Note 3. Segment Information and Concentrations for additional information.

Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the period reported. Actual results could differ from those estimates.

Evaluation of Subsequent Events The Company evaluated subsequent events through the date that our Condensed Consolidated Financial Statements were issued. Except as described below, no matters were identified that required adjustment of the Condensed Consolidated Financial Statements or additional disclosure.

Acquisition of D3 Technology, Incorporated On July 2, 2019, the Company announced the acquisition of D3 Technology ("D3"), a provider of online and mobile banking for the Large Financial Institution (LFI) market, for approximately $80 million, which was paid in cash. The acquisition is expected to further expand our Digital Banking strategy.

Reclassifications Certain prior-period amounts have been reclassified in the accompanying Condensed Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation. Reclassifications had no effect on prior year net income or shareholders’ equity.

Contract Assets and Liabilities The following table presents the net contract asset and contract liability balances as of June 30, 2019 and December 31, 2018.
In millions
Location in the Condensed Consolidated Balance Sheet
 
June 30, 2019
 
December 31, 2018
Current portion of contract assets
Other current assets
 
$
16

 
$
22

Current portion of contract liabilities
Contract liabilities
 
$
546

 
$
461

Non-current portion of contract liabilities
Other liabilities
 
$
79

 
$
85



During the six months ended June 30, 2019, the Company recognized $272 million in revenue that was included in contract liabilities as of December 31, 2018.

Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders for which products have not been delivered or services have not been performed. As of June 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.3 billion. The Company expects to recognize revenue on approximately three-quarters of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. The majority of our professional services are expected to be recognized over the next 12 months but this is contingent upon a number of factors, including customers’ needs and schedules.

The Company has made two elections that affect the value of remaining performance obligations described above. We do not disclose remaining performance obligations for Software as a Service (SaaS) contracts where variable consideration is directly

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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

allocated based on usage or when the original expected length is one year or less.

Redeemable Noncontrolling Interests and Related Party Transactions In 2011, we sold a 49% voting equity interest in NCR Brasil - Indústria de Equipamentos para Automação S.A., a subsidiary of the Company ("NCR Manaus"), to Scopus Tecnologia Ltda. (now known as Nova Paiol Participacoes Ltda., and "Nova" as used herin). During the three months ended June 30, 2019, we entered into a definitive agreement with Nova to purchase its 49% minority interest in NCR Manaus for R$11 million or approximately $3 million. The transaction, which is subject to approval by local regulatory authorities and other customary closing conditions, is currently expected to close by the end of the third quarter of 2019. However, it is possible that factors outside of our control could require us to complete the transaction at a later time or not at all.

We recognized revenue related to Banco Bradesco SA (Bradesco), the parent of Nova, totaling $3 million and $22 million, respectively, during the three and six months ended June 30, 2019 as compared to $3 million and $7 million, respectively, during the three and six months ended June 30, 2018. As of June 30, 2019 and December 31, 2018, we had zero and $15 million, respectively, in receivables outstanding from Bradesco.

Recent Accounting Pronouncements

Issued

In August 2018, the Financial Accounting Standards Board (FASB) issued an accounting standards update with new guidance on fair value measurement disclosure requirements that requires the disclosure of additions to and transfers into and out of Level 3 of the fair value hierarchy. The update also requires disclosure about the uncertainty in measurement as of the reporting date. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 with early adoption permitted. The impact of adopting this guidance is not expected to have a material impact on our consolidated financial statements.

In August 2018, the FASB issued an accounting standards update related to accounting for implementation costs incurred in a cloud computing arrangement that is also a service contract. If a cloud computing arrangement also includes an internal-use software, an intangible asset is recognized and a liability is recognized for any payments related to the software license. However, if a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract and any fees associated with the service are expensed as incurred. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The impact of adopting this guidance is not expected to have a material impact on our consolidated financial statements.

Adopted

In February 2016, the FASB issued a new leasing standard that superseded guidance related to accounting for leases. The guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard is effective for the first interim period within annual periods beginning after December 15, 2018, with early adoption permitted. We adopted using the modified retrospective approach and applied the provisions of the new leasing standard at the effective date, January 1, 2019, rather than at the beginning of the earliest period presented under the transition method provided. The standard also includes options to elect a number of practical expedients.  We elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs and also completed the evaluation of the remaining practical expedients available under the guidance. Refer to Note 2. Leasing for additional discussion. The standard had a material effect to the total assets and total liabilities reported on the Condensed Consolidated Balance Sheet, and did not have a material effect to the Condensed Consolidated Statement of Operations or the Condensed Consolidated Statement of Cash Flows. The impact of adoption was to record operating and financing lease assets and liabilities of $448 million and $521 million, respectively, with a reduction of $73 million for deferred rent liabilities and prepaid rent balances as of January 1, 2019. Refer to Note 2. Leasing for additional disclosure.

In October 2018, the FASB issued an accounting standards update for hedge accounting guidance that we adopted during the first quarter of 2019. This guidance allows for the use of a broad Treasury repurchase agreement financing rate, which is referred to as the Secured Overnight Financing Rate (SOFR) to be used as an additional benchmark rate for hedge accounting purposes. This guidance is effective for entities that have already adopted the amendments of the hedge accounting guidance for fiscal years beginning after December 15, 2018 on a prospective basis for qualifying new or re-designated hedging relationships entered into on or after the date of adoption. The adoption of this accounting standard update did not have a material effect on our consolidated financial statements.

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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)


2. LEASING

As discussed in Note 1. Basis of Presentation and Summary of Significant Accounting Policies, we adopted the new leasing standard using the modified retrospective approach with an effective date of January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carry forward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs.

Lessee We lease property, vehicles and equipment under operating and financing leases.  For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term. We determine the lease term by assuming the exercise of renewal options that are reasonably certain. Leases with a lease term 12 months or less at inception are not recorded on our Condensed Consolidated Balance Sheet and are expensed on a straight-line basis over the lease term in our Condensed Consolidated Statement of Operations. Our leases may include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Our incremental borrowing rate is based on a credit-adjusted risk-free rate at commencement date, which best approximates a secured rate over a similar term of lease. Additionally, we do not separate lease and non-lease components for any asset classes, except for those leases embedded in certain service arrangements. Fixed and in-substance fixed payments are included in the recognition of the operating and financing assets and lease liabilities, however, variable lease payments, other than those based on a rate or index, are recognized in the Condensed Consolidated Statements of Operations in the period in which the obligation for those payments is incurred. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed payment.

The following table presents our lease balances as of June 30, 2019:

In millions
Location in the Condensed Consolidated Balance Sheet
 
June 30, 2019
Assets
 
 
 
       Operating lease assets
Operating lease assets
 
$
414

       Finance lease assets
Property, plant and equipment, net
 
11

       Accumulated Amortization of Finance lease assets
Property, plant and equipment, net
 
(1
)
Total leased assets
 
 
$
424

Liabilities
 
 
 
Current
 
 
 
       Operating lease liabilities
Other current liabilities
 
$
99

       Finance lease liabilities
Other current liabilities
 
3

Noncurrent
 
 
 
       Operating lease liabilities
Operating lease liabilities
 
389

       Finance lease liabilities
Other liabilities
 
7

Total lease liabilities
 
 
$
498



The following table presents our lease costs for operating and finance leases:


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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

In millions
 
Three months ended June 30, 2019
 
Six months ended June 30, 2019
Operating lease cost
 
$
34

 
$
69

Finance lease cost
 
 
 
 
       Amortization of leased assets
 
1

 
1

  Interest on lease liabilities
 

 

Short-Term lease cost
 
1

 
3

Variable lease cost
 
7

 
16

      Total lease cost
 
$
43

 
$
89




The following table presents the supplemental cash flow information:

In millions
 
Three months ended June 30, 2019
 
Six months ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
 
 
 
 
         Operating cash flows from operating leases
 
$
38

 
$
70

         Operating cash flows from finance leases
 
$

 
$

         Financing cash flows from finance leases
 
$

 
$

Lease Assets Obtained in Exchange for Lease Obligations
 
 
 
 
Operating Leases
 
$
8

 
$
20

Finance Leases
 
$
8

 
$
9