Separate Financial Information of Subsidiary Guarantors of Indebtedness | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 |
Guarantees [Abstract] | | |
Additional Financial Information Disclosure | Separate Financial Information of Subsidiary Guarantors of Indebtedness | Separate Financial Information of Subsidiary Guarantors of Indebtedness |
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The Senior Unsecured Notes (see Note 10, "Debt") are fully and unconditionally guaranteed, on a joint and several basis, by each of the Company's Guarantor Subsidiaries. The following condensed consolidating financial information reflects the summarized financial information of Quad/Graphics, the Guarantor Subsidiaries on a combined basis and the Company's non-guarantor subsidiaries on a combined basis. | On April 28, 2014, Quad/Graphics completed a bond offering of $300 million aggregate principal amount of its unsecured 7.0% senior notes due May 1, 2022 (the "Senior Unsecured Notes"). Each of the Company's existing and future domestic subsidiaries that is a borrower or guarantees indebtedness under the Company's $1.6 billion senior secured credit facility or that guarantees certain of the Company's other indebtedness or indebtedness of the Company's restricted subsidiaries (other than intercompany indebtedness) fully and unconditionally guarantee or, in the case of future subsidiaries, will guarantee, on a joint and several basis, the Senior Unsecured Notes (the "Guarantor Subsidiaries"). All of the current Guarantor Subsidiaries are 100% owned by the Company. Guarantor Subsidiaries will be automatically released from these guarantees upon the occurrence of certain events, including the following: |
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Condensed Consolidating Statement of Operations | | | | | | | | | | | | | | | | | | | | |
For the Three Months Ended September 30, 2014 | • | the designation of any of the Guarantor Subsidiaries as an unrestricted subsidiary; | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | • | the release or discharge of any guarantee or indebtedness that resulted in the creation of the guarantee of the Senior Unsecured Notes by any of the Guarantor Subsidiaries; or | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | |
Inc. | | | | | | | | | | | | | | | | | | | | |
Net sales | $ | 479 | | | $ | 689.4 | | | $ | 182.2 | | | $ | (114.2 | ) | | $ | 1,236.40 | | • | the sale or disposition, including the sale of substantially all the assets, of any of the Guarantor Subsidiaries. | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | The following condensed consolidating financial information reflects the summarized financial information of Quad/Graphics, the Guarantor Subsidiaries on a combined basis and the Company's non-guarantor subsidiaries on a combined basis. |
Cost of sales | 361 | | | 574.3 | | | 156.3 | | | (114.2 | ) | | 977.4 | | |
Condensed Consolidating Statement of Operations |
Selling, general and administrative expenses | 47.1 | | | 45.9 | | | 14 | | | — | | | 107 | | For the Year Ended December 31, 2013 |
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Depreciation and amortization | 32.9 | | | 41.4 | | | 10 | | | — | | | 84.3 | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Restructuring, impairment and transaction-related charges | 1.5 | | | 8.5 | | | 4.1 | | | — | | | 14.1 | | Inc. |
Net sales | $ | 1,923.80 | | | $ | 2,813.70 | | | $ | 457.6 | | | $ | (399.2 | ) | | $ | 4,795.90 | |
Total operating expenses | 442.5 | | | 670.1 | | | 184.4 | | | (114.2 | ) | | 1,182.80 | |
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Operating income (loss) | $ | 36.5 | | | $ | 19.3 | | | $ | (2.2 | ) | | $ | — | | | $ | 53.6 | | Cost of sales | 1,467.80 | | | 2,342.30 | | | 391 | | | (399.2 | ) | | 3,801.90 | |
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Interest expense (income) | 23.3 | | | (0.3 | ) | | 2.1 | | | — | | | 25.1 | | Selling, general and administrative expenses | 176.2 | | | 205.5 | | | 34.3 | | | — | | | 416 | |
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Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities | 13.2 | | | 19.6 | | | (4.3 | ) | | — | | | 28.5 | | Depreciation and amortization | 136.5 | | | 175.1 | | | 28.9 | | | — | | | 340.5 | |
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Income tax expense (benefit) | 10.2 | | | (8.2 | ) | | 1.1 | | | — | | | 3.1 | | Restructuring, impairment and transaction-related charges | 12 | | | 67.4 | | | 15.9 | | | — | | | 95.3 | |
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Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities | 3 | | | 27.8 | | | (5.4 | ) | | — | | | 25.4 | | Total operating expenses | 1,792.50 | | | 2,790.30 | | | 470.1 | | | (399.2 | ) | | 4,653.70 | |
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Equity in earnings (loss) of consolidated entities | 21.4 | | | 1.3 | | | — | | | (22.7 | ) | | — | | Operating income (loss) | $ | 131.3 | | | $ | 23.4 | | | $ | (12.5 | ) | | $ | — | | | $ | 142.2 | |
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Equity in earnings (loss) of unconsolidated entities | — | | | — | | | (1.0 | ) | | — | | | (1.0 | ) | Interest expense (income) | 79.2 | | | (0.4 | ) | | 6.7 | | | — | | | 85.5 | |
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Net earnings (loss) | $ | 24.4 | | | $ | 29.1 | | | $ | (6.4 | ) | | $ | (22.7 | ) | | $ | 24.4 | | Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities | 52.1 | | | 23.8 | | | (19.2 | ) | | — | | | 56.7 | |
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Net (earnings) loss attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | Income tax expense (benefit) | 35.8 | | | (14.0 | ) | | 1.5 | | | — | | | 23.3 | |
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Net earnings (loss) attributable to Quad/Graphics common shareholders | $ | 24.4 | | | $ | 29.1 | | | $ | (6.4 | ) | | $ | (22.7 | ) | | $ | 24.4 | | Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities | 16.3 | | | 37.8 | | | (20.7 | ) | | — | | | 33.4 | |
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| Equity in earnings (loss) of consolidated entities | 16.2 | | | (9.3 | ) | | — | | | (6.9 | ) | | — | |
Condensed Consolidating Statement of Comprehensive Income (Loss) |
For the Three Months Ended September 30, 2014 | Equity in earnings (loss) of unconsolidated entities | — | | | — | | | (2.5 | ) | | — | | | (2.5 | ) |
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| Net earnings (loss) | $ | 32.5 | | | $ | 28.5 | | | $ | (23.2 | ) | | $ | (6.9 | ) | | $ | 30.9 | |
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| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Net (earnings) loss attributable to noncontrolling interests | — | | | — | | | 1.6 | | | — | | | 1.6 | |
Inc. |
Net earnings (loss) | $ | 24.4 | | | $ | 29.1 | | | $ | (6.4 | ) | | $ | (22.7 | ) | | $ | 24.4 | | Net earnings (loss) attributable to Quad/Graphics common shareholders | $ | 32.5 | | | $ | 28.5 | | | $ | (21.6 | ) | | $ | (6.9 | ) | | $ | 32.5 | |
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Other comprehensive income (loss), net of tax | (23.9 | ) | | (1.0 | ) | | (22.1 | ) | | 23.1 | | | (23.9 | ) | |
Condensed Consolidating Statement of Comprehensive Income (Loss) |
Total comprehensive income (loss) | 0.5 | | | 28.1 | | | (28.5 | ) | | 0.4 | | | 0.5 | | For the Year Ended December 31, 2013 |
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Less: comprehensive (income) loss attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | $ | 0.5 | | | $ | 28.1 | | | $ | (28.5 | ) | | $ | 0.4 | | | $ | 0.5 | | Inc. |
Net earnings (loss) | $ | 32.5 | | | $ | 28.5 | | | $ | (23.2 | ) | | $ | (6.9 | ) | | $ | 30.9 | |
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Condensed Consolidating Statement of Operations | Other comprehensive income (loss), net of tax | 54.8 | | | 79.3 | | | (21.2 | ) | | (58.1 | ) | | 54.8 | |
For the Three Months Ended September 30, 2013 |
| Total comprehensive income (loss) | 87.3 | | | 107.8 | | | (44.4 | ) | | (65.0 | ) | | 85.7 | |
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| | | | | | | | | | | | | | | | | | | | Less: comprehensive (income) loss attributable to noncontrolling interest | — | | | — | | | 1.6 | | | — | | | 1.6 | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inc. | Comprehensive income (loss) attributable to Quad/Graphics common shareholders | $ | 87.3 | | | $ | 107.8 | | | $ | (42.8 | ) | | $ | (65.0 | ) | | $ | 87.3 | |
Net sales | $ | 491.1 | | | $ | 723.5 | | | $ | 106.3 | | | $ | (114.9 | ) | | $ | 1,206.00 | |
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| | | | | | | | | | Condensed Consolidating Statement of Operations |
Cost of sales | 372.3 | | | 603.1 | | | 89.7 | | | (114.9 | ) | | 950.2 | | For the Year Ended December 31, 2012 |
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Selling, general and administrative expenses | 38.2 | | | 54.8 | | | 8.6 | | | — | | | 101.6 | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Depreciation and amortization | 33.6 | | | 41.3 | | | 7.1 | | | — | | | 82 | | Inc. |
Net sales | $ | 1,939.70 | | | $ | 1,958.40 | | | $ | 515.6 | | | $ | (319.7 | ) | | $ | 4,094.00 | |
Restructuring, impairment and transaction-related charges | 3.7 | | | 22.7 | | | 1.4 | | | — | | | 27.8 | |
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Total operating expenses | 447.8 | | | 721.9 | | | 106.8 | | | (114.9 | ) | | 1,161.60 | | Cost of sales | 1,409.90 | | | 1,648.60 | | | 444.7 | | | (319.7 | ) | | 3,183.50 | |
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Operating income (loss) | $ | 43.3 | | | $ | 1.6 | | | $ | (0.5 | ) | | $ | — | | | $ | 44.4 | | Selling, general and administrative expenses | 167.4 | | | 140.4 | | | 39.3 | | | — | | | 347.1 | |
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Interest expense (income) | 19.4 | | | (0.2 | ) | | 1.7 | | | — | | | 20.9 | | Depreciation and amortization | 142.1 | | | 162.3 | | | 34.2 | | | — | | | 338.6 | |
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Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities | 23.9 | | | 1.8 | | | (2.2 | ) | | — | | | 23.5 | | Restructuring, impairment and transaction-related charges | 28.3 | | | 62.8 | | | 27.2 | | | — | | | 118.3 | |
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Income tax expense (benefit) | 18 | | | (8.3 | ) | | 0.7 | | | — | | | 10.4 | | Total operating expenses | 1,747.70 | | | 2,014.10 | | | 545.4 | | | (319.7 | ) | | 3,987.50 | |
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Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities | 5.9 | | | 10.1 | | | (2.9 | ) | | — | | | 13.1 | | Operating income (loss) from continuing operations | $ | 192 | | | $ | (55.7 | ) | | $ | (29.8 | ) | | $ | — | | | $ | 106.5 | |
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Equity in earnings (loss) of consolidated entities | 7.1 | | | (0.7 | ) | | — | | | (6.4 | ) | | — | | Interest expense (income) | 74.4 | | | 1.1 | | | 8.5 | | | — | | | 84 | |
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Equity in earnings (loss) of unconsolidated entities | — | | | — | | | (0.5 | ) | | — | | | (0.5 | ) | Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities | 117.6 | | | (56.8 | ) | | (38.3 | ) | | — | | | 22.5 | |
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Net earnings (loss) | $ | 13 | | | $ | 9.4 | | | $ | (3.4 | ) | | $ | (6.4 | ) | | $ | 12.6 | | Income tax expense (benefit) | 44.7 | | | (75.5 | ) | | (0.7 | ) | | — | | | (31.5 | ) |
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Net (earnings) loss attributable to noncontrolling interests | — | | | — | | | 0.4 | | | — | | | 0.4 | | Earnings (loss) from continuing operations before equity in earnings (loss) of consolidated and unconsolidated entities | 72.9 | | | 18.7 | | | (37.6 | ) | | — | | | 54 | |
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Net earnings (loss) attributable to Quad/Graphics common shareholders | $ | 13 | | | $ | 9.4 | | | $ | (3.0 | ) | | $ | (6.4 | ) | | $ | 13 | | Equity in earnings (loss) of consolidated entities | (19.5 | ) | | (1.3 | ) | | — | | | 20.8 | | | — | |
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| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | 2.3 | | | — | | | 2.3 | |
Condensed Consolidating Statement of Comprehensive Income (Loss) |
For the Three Months Ended September 30, 2013 | Net earnings (loss) from continuing operations | $ | 53.4 | | | $ | 17.4 | | | $ | (35.3 | ) | | $ | 20.8 | | | $ | 56.3 | |
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| Discontinued operations, net of tax | 34 | | | — | | | (3.2 | ) | | — | | | 30.8 | |
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| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Net earnings (loss) | $ | 87.4 | | | $ | 17.4 | | | $ | (38.5 | ) | | $ | 20.8 | | | $ | 87.1 | |
Inc. |
Net earnings (loss) | $ | 13 | | | $ | 9.4 | | | $ | (3.4 | ) | | $ | (6.4 | ) | | $ | 12.6 | | Net (earnings) loss attributable to noncontrolling interests | — | | | — | | | 0.3 | | | — | | | 0.3 | |
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Other comprehensive income (loss), net of tax | 1.1 | | | 0.2 | | | 0.6 | | | (0.7 | ) | | 1.2 | | Net earnings (loss) attributable to Quad/Graphics common shareholders | $ | 87.4 | | | $ | 17.4 | | | $ | (38.2 | ) | | $ | 20.8 | | | $ | 87.4 | |
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Total comprehensive income (loss) | 14.1 | | | 9.6 | | | (2.8 | ) | | (7.1 | ) | | 13.8 | | |
Condensed Consolidating Statement of Comprehensive Income (Loss) |
Less: comprehensive (income) loss attributable to noncontrolling interest | — | | | — | | | 0.3 | | | — | | | 0.3 | | For the Year Ended December 31, 2012 |
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Comprehensive income (loss) attributable to Quad/Graphics common shareholders | $ | 14.1 | | | $ | 9.6 | | | $ | (2.5 | ) | | $ | (7.1 | ) | | $ | 14.1 | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
| Inc. |
Condensed Consolidating Statement of Operations | Net earnings (loss) | $ | 87.4 | | | $ | 17.4 | | | $ | (38.5 | ) | | $ | 20.8 | | | $ | 87.1 | |
For the Nine Months Ended September 30, 2014 |
| Other comprehensive income (loss), net of tax | (22.6 | ) | | (26.7 | ) | | 0.8 | | | 25.8 | | | (22.7 | ) |
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| | | | | | | | | | | | | | | | | | | | Total comprehensive income (loss) | 64.8 | | | (9.3 | ) | | (37.7 | ) | | 46.6 | | | 64.4 | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inc. | Less: comprehensive (income) loss attributable to noncontrolling interest | — | | | — | | | 0.4 | | | — | | | 0.4 | |
Net sales | $ | 1,343.50 | | | $ | 1,961.00 | | | $ | 436.5 | | | $ | (302.8 | ) | | $ | 3,438.20 | |
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | $ | 64.8 | | | $ | (9.3 | ) | | $ | (37.3 | ) | | $ | 46.6 | | | $ | 64.8 | |
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Cost of sales | 1,035.00 | | | 1,651.80 | | | 378.9 | | | (302.8 | ) | | 2,762.90 | | |
Condensed Consolidating Statement of Operations |
Selling, general and administrative expenses | 142.3 | | | 142.5 | | | 26.1 | | | — | | | 310.9 | | For the Year Ended December 31, 2011 |
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Depreciation and amortization | 98 | | | 130.1 | | | 25.3 | | | — | | | 253.4 | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Restructuring, impairment and transaction-related charges | 7.5 | | | 25.5 | | | 12.9 | | | — | | | 45.9 | | Inc. |
Net sales | $ | 1,911.80 | | | $ | 2,219.80 | | | $ | 507.1 | | | $ | (314.1 | ) | | $ | 4,324.60 | |
Total operating expenses | 1,282.80 | | | 1,949.90 | | | 443.2 | | | (302.8 | ) | | 3,373.10 | |
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Operating income (loss) | $ | 60.7 | | | $ | 11.1 | | | $ | (6.7 | ) | | $ | — | | | $ | 65.1 | | Cost of sales | 1,395.20 | | | 1,783.10 | | | 437.9 | | | (314.1 | ) | | 3,302.10 | |
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Interest expense (income) | 64.1 | | | (0.8 | ) | | 6.2 | | | — | | | 69.5 | | Selling, general and administrative expenses | 174.7 | | | 184.8 | | | 47.5 | | | — | | | 407 | |
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Loss on debt extinguishment | 6 | | | — | | | — | | | — | | | 6 | | Depreciation and amortization | 151.4 | | | 159 | | | 34.2 | | | — | | | 344.6 | |
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Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities | (9.4 | ) | | 11.9 | | | (12.9 | ) | | — | | | (10.4 | ) | Restructuring, impairment and transaction-related charges | 38 | | | 80.3 | | | (4.3 | ) | | — | | | 114 | |
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Income tax expense (benefit) | 8.8 | | | (17.7 | ) | | 1.2 | | | — | | | (7.7 | ) | Total operating expenses | 1,759.30 | | | 2,207.20 | | | 515.3 | | | (314.1 | ) | | 4,167.70 | |
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Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities | (18.2 | ) | | 29.6 | | | (14.1 | ) | | — | | | (2.7 | ) | Operating income (loss) from continuing operations | $ | 152.5 | | | $ | 12.6 | | | $ | (8.2 | ) | | $ | — | | | $ | 156.9 | |
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Equity in earnings (loss) of consolidated entities | 11 | | | 0.4 | | | — | | | (11.4 | ) | | — | | Interest expense (income) | 95.5 | | | 3 | | | 9.5 | | | — | | | 108 | |
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Equity in earnings (loss) of unconsolidated entities | — | | | — | | | (4.8 | ) | | | | | (4.8 | ) | Loss on debt extinguishment | 34 | | | — | | | — | | | — | | | 34 | |
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Net earnings (loss) | $ | (7.2 | ) | | $ | 30 | | | $ | (18.9 | ) | | $ | (11.4 | ) | | $ | (7.5 | ) | Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities | 23 | | | 9.6 | | | (17.7 | ) | | — | | | 14.9 | |
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Net (earnings) loss attributable to noncontrolling interests | — | | | — | | | 0.3 | | | — | | | 0.3 | | Income tax expense (benefit) | 0.8 | | | 18.6 | | | 6.6 | | | — | | | 26 | |
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Net earnings (loss) attributable to Quad/Graphics common shareholders | $ | (7.2 | ) | | $ | 30 | | | $ | (18.6 | ) | | $ | (11.4 | ) | | $ | (7.2 | ) | Earnings (loss) from continuing operations before equity in earnings (loss) of consolidated and unconsolidated entities | 22.2 | | | (9.0 | ) | | (24.3 | ) | | — | | | (11.1 | ) |
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| Equity in earnings (loss) of consolidated entities | (69.1 | ) | | 1.7 | | | — | | | 67.4 | | | — | |
Condensed Consolidating Statement of Comprehensive Income (Loss) |
For the Nine Months Ended September 30, 2014 | Equity in earnings (loss) of unconsolidated entities | — | | | — | | | 3.1 | | | — | | | 3.1 | |
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| Net earnings (loss) from continuing operations | $ | (46.9 | ) | | $ | (7.3 | ) | | $ | (21.2 | ) | | $ | 67.4 | | | $ | (8.0 | ) |
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| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Discontinued operations, net of tax | — | | | — | | | (38.6 | ) | | — | | | (38.6 | ) |
Inc. |
Net earnings (loss) | $ | (7.2 | ) | | $ | 30 | | | $ | (18.9 | ) | | $ | (11.4 | ) | | $ | (7.5 | ) | Net earnings (loss) | $ | (46.9 | ) | | $ | (7.3 | ) | | $ | (59.8 | ) | | $ | 67.4 | | | $ | (46.6 | ) |
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Other comprehensive income (loss), net of tax | (25.6 | ) | | (1.5 | ) | | (23.5 | ) | | 25 | | | (25.6 | ) | Net (earnings) loss attributable to noncontrolling interests | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) |
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Total comprehensive income (loss) | (32.8 | ) | | 28.5 | | | (42.4 | ) | | 13.6 | | | (33.1 | ) | Net earnings (loss) attributable to Quad/Graphics common shareholders | $ | (46.9 | ) | | $ | (7.3 | ) | | $ | (60.1 | ) | | $ | 67.4 | | | $ | (46.9 | ) |
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Less: comprehensive (income) loss attributable to noncontrolling interest | — | | | — | | | 0.3 | | | — | | | 0.3 | | |
Condensed Consolidating Statement of Comprehensive Income (Loss) |
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | $ | (32.8 | ) | | $ | 28.5 | | | $ | (42.1 | ) | | $ | 13.6 | | | $ | (32.8 | ) | For the Year Ended December 31, 2011 |
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Condensed Consolidating Statement of Operations | | Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
For the Nine Months Ended September 30, 2013 | Inc. |
| Net earnings (loss) | $ | (46.9 | ) | | $ | (7.3 | ) | | $ | (59.8 | ) | | $ | 67.4 | | | $ | (46.6 | ) |
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| | | | | | | | | | | | | | | | | | | | Other comprehensive income (loss), net of tax | (90.1 | ) | | (116.1 | ) | | 29.9 | | | 85.9 | | | (90.4 | ) |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inc. | Total comprehensive income (loss) | (137.0 | ) | | (123.4 | ) | | (29.9 | ) | | 153.3 | | | (137.0 | ) |
Net sales | $ | 1,359.00 | | | $ | 2,034.00 | | | $ | 333 | | | $ | (279.7 | ) | | $ | 3,446.30 | |
Less: comprehensive (income) loss attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | |
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Cost of sales | 1,042.10 | | | 1,706.40 | | | 285 | | | (279.7 | ) | | 2,753.80 | | Comprehensive income (loss) attributable to Quad/Graphics common shareholders | $ | (137.0 | ) | | $ | (123.4 | ) | | $ | (29.9 | ) | | $ | 153.3 | | | $ | (137.0 | ) |
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Selling, general and administrative expenses | 133.6 | | | 154.5 | | | 24.5 | | | — | | | 312.6 | | |
Condensed Consolidating Balance Sheet |
Depreciation and amortization | 103.6 | | | 132.6 | | | 22.5 | | | — | | | 258.7 | | As of December 31, 2013 |
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Restructuring, impairment and transaction-related charges | 9.6 | | | 61.9 | | | 11.4 | | | — | | | 82.9 | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Total operating expenses | 1,288.90 | | | 2,055.40 | | | 343.4 | | | (279.7 | ) | | 3,408.00 | | Inc. |
ASSETS | | | | | | | | | |
Operating income (loss) | $ | 70.1 | | | $ | (21.4 | ) | | $ | (10.4 | ) | | $ | — | | | $ | 38.3 | | Cash and cash equivalents | $ | 4.8 | | | $ | 3.5 | | | $ | 4.8 | | | $ | — | | | $ | 13.1 | |
|
Interest expense (income) | 59.2 | | | (0.2 | ) | | 5.1 | | | — | | | 64.1 | | Receivables, less allowances for doubtful accounts | 487.6 | | | 86.1 | | | 125.2 | | | — | | | 698.9 | |
|
Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities | 10.9 | | | (21.2 | ) | | (15.5 | ) | | — | | | (25.8 | ) | Intercompany receivables | — | | | 688.5 | | | — | | | (688.5 | ) | | — | |
|
Income tax expense (benefit) | 29.6 | | | (29.8 | ) | | 1.5 | | | — | | | 1.3 | | Inventories | 94.2 | | | 121.4 | | | 56.9 | | | — | | | 272.5 | |
|
Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities | (18.7 | ) | | 8.6 | | | (17.0 | ) | | — | | | (27.1 | ) | Other current assets | 54.8 | | | 22.9 | | | 12.1 | | | — | | | 89.8 | |
|
Equity in earnings (loss) of consolidated entities | (9.5 | ) | | (5.0 | ) | | — | | | 14.5 | | | — | | Total current assets | 641.4 | | | 922.4 | | | 199 | | | (688.5 | ) | | 1,074.30 | |
|
Equity in earnings (loss) of unconsolidated entities | — | | | — | | | (2.0 | ) | | — | | | (2.0 | ) | | | | | | | | | | |
Property, plant and equipment—net | 1,032.20 | | | 667.7 | | | 225.6 | | | — | | | 1,925.50 | |
Net earnings (loss) | $ | (28.2 | ) | | $ | 3.6 | | | $ | (19.0 | ) | | $ | 14.5 | | | $ | (29.1 | ) |
Investment in consolidated entities | 1,849.80 | | | 4.3 | | | — | | | (1,854.1 | ) | | — | |
Net (earnings) loss attributable to noncontrolling interests | — | | | — | | | 0.9 | | | — | | | 0.9 | |
Goodwill and intangible assets—net | 0.5 | | | 954.9 | | | 39.5 | | | — | | | 994.9 | |
Net earnings (loss) attributable to Quad/Graphics common shareholders | $ | (28.2 | ) | | $ | 3.6 | | | $ | (18.1 | ) | | $ | 14.5 | | | $ | (28.2 | ) |
Intercompany loan receivable | 421.6 | | | 2 | | | — | | | (423.6 | ) | | — | |
|
Condensed Consolidating Statement of Comprehensive Income (Loss) | Other long-term assets | 37.9 | | | 57.1 | | | 76 | | | — | | | 171 | |
For the Nine Months Ended September 30, 2013 |
| | | | | | | | | | |
| Total assets | $ | 3,983.40 | | | $ | 2,608.40 | | | $ | 540.1 | | | $ | (2,966.2 | ) | | $ | 4,165.70 | |
| | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | | | | | | | | | | |
Inc. | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | |
Net earnings (loss) | $ | (28.2 | ) | | $ | 3.6 | | | $ | (19.0 | ) | | $ | 14.5 | | | $ | (29.1 | ) | Accounts payable | $ | 213 | | | $ | 97.3 | | | $ | 90.7 | | | $ | — | | | $ | 401 | |
|
Other comprehensive income (loss), net of tax | (20.0 | ) | | (0.7 | ) | | (16.9 | ) | | 17.7 | | | (19.9 | ) | Intercompany accounts payable | 678.8 | | | — | | | 9.7 | | | (688.5 | ) | | — | |
|
Total comprehensive income (loss) | (48.2 | ) | | 2.9 | | | (35.9 | ) | | 32.2 | | | (49.0 | ) | Current portion of long-term debt and capital lease obligations | 116 | | | 6.1 | | | 12.5 | | | — | | | 134.6 | |
|
Less: comprehensive (income) loss attributable to noncontrolling interest | — | | | — | | | 0.8 | | | — | | | 0.8 | | Other current liabilities | 199 | | | 114.1 | | | 40.1 | | | — | | | 353.2 | |
|
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | $ | (48.2 | ) | | $ | 2.9 | | | $ | (35.1 | ) | | $ | 32.2 | | | $ | (48.2 | ) | Total current liabilities | 1,206.80 | | | 217.5 | | | 153 | | | (688.5 | ) | | 888.8 | |
|
| | | | | | | | | | |
| Long-term debt and capital lease obligations | 1,213.00 | | | 5.9 | | | 53.3 | | | — | | | 1,272.20 | |
|
| Intercompany loan payable | — | | | 336.2 | | | 87.4 | | | (423.6 | ) | | — | |
|
| Other long-term liabilities | 276 | | | 436.3 | | | 4.8 | | | — | | | 717.1 | |
Condensed Consolidating Balance Sheet |
As of September 30, 2014 | Total liabilities | 2,695.80 | | | 995.9 | | | 298.5 | | | (1,112.1 | ) | | 2,878.10 | |
|
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | Total common stock and other equity and noncontrolling interests | 1,287.60 | | | 1,612.50 | | | 241.6 | | | (1,854.1 | ) | | 1,287.60 | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inc. | | | | | | | | | | |
ASSETS | | | | | | | | | | Total liabilities and shareholders' equity | $ | 3,983.40 | | | $ | 2,608.40 | | | $ | 540.1 | | | $ | (2,966.2 | ) | | $ | 4,165.70 | |
Cash and cash equivalents | $ | 12.2 | | | $ | 5 | | | $ | 1.6 | | | $ | — | | | $ | 18.8 | |
Condensed Consolidating Balance Sheet |
Receivables, less allowances for doubtful accounts | 555.6 | | | 63.2 | | | 148.7 | | | — | | | 767.5 | | As of December 31, 2012 |
|
Intercompany receivables | — | | | 708.9 | | | — | | | (708.9 | ) | | — | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inventories | 138.6 | | | 133.5 | | | 76 | | | — | | | 348.1 | | Inc. |
ASSETS | | | | | | | | | |
Other current assets | 63.1 | | | 34.8 | | | 17.3 | | | — | | | 115.2 | | Cash and cash equivalents | $ | 3.1 | | | $ | 2.5 | | | $ | 11.3 | | | $ | — | | | $ | 16.9 | |
|
Total current assets | 769.5 | | | 945.4 | | | 243.6 | | | (708.9 | ) | | 1,249.60 | | Receivables, less allowances for doubtful accounts | 386.4 | | | 72.6 | | | 126.1 | | | — | | | 585.1 | |
|
| | | | | | | | | | Intercompany receivables | | | 457.2 | | | | | (457.2 | ) | | — | |
Property, plant and equipment—net | 983.6 | | | 651.8 | | | 286 | | | — | | | 1,921.40 | |
Inventories | 84 | | | 92.1 | | | 66.8 | | | — | | | 242.9 | |
Investment in consolidated entities | 2,018.30 | | | 111.5 | | | — | | | (2,129.8 | ) | | — | |
Other current assets | 49.6 | | | 79.9 | | | 15.6 | | | — | | | 145.1 | |
Goodwill and intangible assets—net | 0.6 | | | 909.6 | | | 39.5 | | | — | | | 949.7 | |
Total current assets | 523.1 | | | 704.3 | | | 219.8 | | | (457.2 | ) | | 990 | |
Intercompany loan receivable | 427 | | | 2 | | | — | | | (429.0 | ) | | — | |
| | | | | | | | | |
Other long-term assets | 46.7 | | | 40.9 | | | 60.3 | | | — | | | 147.9 | | Property, plant and equipment—net | 1,107.00 | | | 573.1 | | | 246.3 | | | — | | | 1,926.40 | |
|
| | | | | | | | | | Investment in consolidated entities | 1,470.40 | | | 14.2 | | | — | | | (1,484.6 | ) | | — | |
Total assets | $ | 4,245.70 | | | $ | 2,661.20 | | | $ | 629.4 | | | $ | (3,267.7 | ) | | $ | 4,268.60 | |
Goodwill and intangible assets—net | 0.3 | | | 949.9 | | | 48.3 | | | — | | | 998.5 | |
| | | | | | | | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | Intercompany loan receivable | 398 | | | 2 | | | — | | | (400.0 | ) | | — | |
Accounts payable | $ | 230.5 | | | $ | 70.8 | | | $ | 86.3 | | | $ | — | | | $ | 387.6 | |
Other long-term assets | 41.5 | | | 51.6 | | | 90.9 | | | — | | | 184 | |
Intercompany accounts payable | 698.5 | | | — | | | 10.4 | | | (708.9 | ) | | — | |
| | | | | | | | | |
Current portion of long-term debt and capital lease obligations | 94.5 | | | 4.3 | | | 8.6 | | | — | | | 107.4 | | Total assets | $ | 3,540.30 | | | $ | 2,295.10 | | | $ | 605.3 | | | $ | (2,341.8 | ) | | $ | 4,098.90 | |
|
Other current liabilities | 211.1 | | | 100.3 | | | 56.7 | | | — | | | 368.1 | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | |
Total current liabilities | 1,234.60 | | | 175.4 | | | 162 | | | (708.9 | ) | | 863.1 | | Accounts payable | $ | 151.8 | | | $ | 37.8 | | | $ | 96.2 | | | $ | — | | | $ | 285.8 | |
|
| | | | | | | | | | Intercompany accounts payable | 427.7 | | | — | | | 29.5 | | | (457.2 | ) | | — | |
Long-term debt and capital lease obligations | 1,504.10 | | | 8.8 | | | 2 | | | — | | | 1,514.90 | |
Current portion of long-term debt and capital lease obligations | 94.7 | | | 9.5 | | | 19.5 | | | — | | | 123.7 | |
Intercompany loan payable | — | | | 336.2 | | | 92.8 | | | (429.0 | ) | | — | |
Other current liabilities | 186.8 | | | 113.5 | | | 43 | | | — | | | 343.3 | |
Other long-term liabilities | 285.9 | | | 375.4 | | | 8.2 | | | — | | | 669.5 | |
Total current liabilities | 861 | | | 160.8 | | | 188.2 | | | (457.2 | ) | | 752.8 | |
Total liabilities | 3,024.60 | | | 895.8 | | | 265 | | | (1,137.9 | ) | | 3,047.50 | |
| | | | | | | | | |
| | | | | | | | | | Long-term debt and capital lease obligations | 1,152.70 | | | 13.7 | | | 60.6 | | | — | | | 1,227.00 | |
Total common stock and other equity and noncontrolling interests | 1,221.10 | | | 1,765.40 | | | 364.4 | | | (2,129.8 | ) | | 1,221.10 | |
Intercompany loan payable | — | | | 336.2 | | | 63.8 | | | (400.0 | ) | | — | |
| | | | | | | | | |
Total liabilities and shareholders' equity | $ | 4,245.70 | | | $ | 2,661.20 | | | $ | 629.4 | | | $ | (3,267.7 | ) | | $ | 4,268.60 | | Other long-term liabilities | 290.9 | | | 581.6 | | | 10.9 | | | — | | | 883.4 | |
|
| Total liabilities | 2,304.60 | | | 1,092.30 | | | 323.5 | | | (857.2 | ) | | 2,863.20 | |
|
Condensed Consolidating Balance Sheet | | | | | | | | | | |
As of December 31, 2013 | Total common stock and other equity and noncontrolling interests | 1,235.70 | | | 1,202.80 | | | 281.8 | | | (1,484.6 | ) | | 1,235.70 | |
|
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | Total liabilities and shareholders' equity | $ | 3,540.30 | | | $ | 2,295.10 | | | $ | 605.3 | | | $ | (2,341.8 | ) | | $ | 4,098.90 | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inc. | Condensed Consolidating Statement of Cash Flows |
ASSETS | | | | | | | | | | For the Year Ended December 31, 2013 |
Cash and cash equivalents | $ | 4.8 | | | $ | 3.5 | | | $ | 4.8 | | | $ | — | | | $ | 13.1 | | |
| | | | | | | | | | | | | | | | | | | |
Receivables, less allowances for doubtful accounts | 487.6 | | | 86.1 | | | 125.2 | | | — | | | 698.9 | | | Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inc. |
Intercompany receivables | — | | | 688.5 | | | — | | | (688.5 | ) | | — | | OPERATING ACTIVITIES | | | | | | | | | |
Net cash from operating activities | $ | 106.6 | | | $ | 301.2 | | | $ | 33.3 | | | $ | — | | | $ | 441.1 | |
Inventories | 94.2 | | | 121.4 | | | 56.9 | | | — | | | 272.5 | |
| | | | | | | | | |
Other current assets | 54.8 | | | 22.9 | | | 12.1 | | | — | | | 89.8 | | INVESTING ACTIVITIES | | | | | | | | | | |
|
Total current assets | 641.4 | | | 922.4 | | | 199 | | | (688.5 | ) | | 1,074.30 | | Purchases of property, plant and equipment | (55.4 | ) | | (81.0 | ) | | (13.1 | ) | | — | | | (149.5 | ) |
|
| | | | | | | | | | Acquisition related investing activities—net of cash acquired | (41.6 | ) | | (250.3 | ) | | — | | | — | | | (291.9 | ) |
Property, plant and equipment—net | 1,032.20 | | | 667.7 | | | 225.6 | | | — | | | 1,925.50 | |
Intercompany investing activities | (287.2 | ) | | (212.9 | ) | | — | | | 500.1 | | | — | |
Investment in consolidated entities | 1,849.80 | | | 4.3 | | | — | | | (1,854.1 | ) | | — | |
Other investing activities | 6.2 | | | 4.6 | | | — | | | — | | | 10.8 | |
Goodwill and intangible assets—net | 0.5 | | | 954.9 | | | 39.5 | | | — | | | 994.9 | |
Net cash from investing activities | (378.0 | ) | | (539.6 | ) | | (13.1 | ) | | 500.1 | | | (430.6 | ) |
Intercompany loan receivable | 421.6 | | | 2 | | | — | | | (423.6 | ) | | — | |
| | | | | | | | | |
Other long-term assets | 37.9 | | | 57.1 | | | 76 | | | — | | | 171 | | FINANCING ACTIVITIES | | | | | | | | | |
Payments of long-term debt and capital lease obligations | (95.3 | ) | | (8.9 | ) | | (8.3 | ) | | — | | | (112.5 | ) |
| | | | | | | | | |
Total assets | $ | 3,983.40 | | | $ | 2,608.40 | | | $ | 540.1 | | | $ | (2,966.2 | ) | | $ | 4,165.70 | | Borrowings on revolving credit facilities | 1,504.90 | | | — | | | 123.9 | | | — | | | 1,628.80 | |
|
| | | | | | | | | | Payments on revolving credit facilities | (1,345.1 | ) | | — | | | (129.9 | ) | | — | | | (1,475.0 | ) |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | |
Accounts payable | $ | 213 | | | $ | 97.3 | | | $ | 90.7 | | | $ | — | | | $ | 401 | | Payment of dividends | (56.4 | ) | | — | | | — | | | — | | | (56.4 | ) |
|
Intercompany accounts payable | 678.8 | | | — | | | 9.7 | | | (688.5 | ) | | — | | Intercompany financing activities | 255.6 | | | 252.8 | | | (8.3 | ) | | (500.1 | ) | | — | |
|
Current portion of long-term debt and capital lease obligations | 116 | | | 6.1 | | | 12.5 | | | — | | | 134.6 | | Other financing activities | 9.4 | | | (4.5 | ) | | — | | | — | | | 4.9 | |
|
Other current liabilities | 199 | | | 114.1 | | | 40.1 | | | — | | | 353.2 | | Net cash from financing activities | 273.1 | | | 239.4 | | | (22.6 | ) | | (500.1 | ) | | (10.2 | ) |
|
Total current liabilities | 1,206.80 | | | 217.5 | | | 153 | | | (688.5 | ) | | 888.8 | | | | | | | | | | | |
Effect of exchange rates on cash and cash equivalents | — | | | — | | | (4.1 | ) | | — | | | (4.1 | ) |
| | | | | | | | | |
Long-term debt and capital lease obligations | 1,213.00 | | | 5.9 | | | 53.3 | | | — | | | 1,272.20 | | Net increase (decrease) in cash and cash equivalents | 1.7 | | | 1 | | | (6.5 | ) | | — | | | (3.8 | ) |
|
Intercompany loan payable | — | | | 336.2 | | | 87.4 | | | (423.6 | ) | | — | | Cash and cash equivalents at beginning of year | 3.1 | | | 2.5 | | | 11.3 | | | — | | | 16.9 | |
|
Other long-term liabilities | 276 | | | 436.3 | | | 4.8 | | | — | | | 717.1 | | Cash and cash equivalents at end of year | $ | 4.8 | | | $ | 3.5 | | | $ | 4.8 | | | $ | — | | | $ | 13.1 | |
|
Total liabilities | 2,695.80 | | | 995.9 | | | 298.5 | | | (1,112.1 | ) | | 2,878.10 | | |
Condensed Consolidating Statement of Cash Flows |
| | | | | | | | | | For the Year Ended December 31, 2012 |
|
Total common stock and other equity and noncontrolling interests | 1,287.60 | | | 1,612.50 | | | 241.6 | | | (1,854.1 | ) | | 1,287.60 | | | | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
| | | | | | | | | | Inc. |
Total liabilities and shareholders' equity | $ | 3,983.40 | | | $ | 2,608.40 | | | $ | 540.1 | | | $ | (2,966.2 | ) | | $ | 4,165.70 | | OPERATING ACTIVITIES | | | | | | | | | |
Net cash from operating activities | $ | 328.4 | | | $ | (0.6 | ) | | $ | 26.4 | | | $ | — | | | $ | 354.2 | |
|
| | | | | | | | | | |
| INVESTING ACTIVITIES | | | | | | | | | | |
Condensed Consolidating Statement of Cash Flows |
For the Nine Months Ended September 30, 2014 | Purchases of property, plant and equipment | (42.1 | ) | | (37.9 | ) | | (23.5 | ) | | — | | | (103.5 | ) |
|
| Acquisition related investing activities—net of cash acquired | 45.1 | | | (32.5 | ) | | — | | | — | | | 12.6 | |
| | | | | | | | | | | | | | | | | | | |
| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Intercompany investing activities | (409.3 | ) | | 40 | | | 153.6 | | | 215.7 | | | — | |
Inc. |
OPERATING ACTIVITIES | | | | | | | | | | Other investing activities | 23.5 | | | 15.4 | | | (18.1 | ) | | — | | | 20.8 | |
Net cash from operating activities | $ | 12.6 | | | $ | 64.4 | | | $ | (2.2 | ) | | $ | — | | | $ | 74.8 | |
Net cash from investing activities | (382.8 | ) | | (15.0 | ) | | 112 | | | 215.7 | | | (70.1 | ) |
| | | | | | | | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Purchases of property, plant and equipment | (39.6 | ) | | (54.9 | ) | | (18.6 | ) | | — | | | (113.1 | ) | FINANCING ACTIVITIES | | | | | | | | | |
Payments of long-term debt and capital lease obligations | (81.0 | ) | | (9.6 | ) | | (5.0 | ) | | — | | | (95.6 | ) |
Acquisition related investing activities—net of cash acquired | (7.2 | ) | | (8.9 | ) | | (96.4 | ) | | — | | | (112.5 | ) |
Borrowings on revolving credit facilities | 141.7 | | | — | | | 128.6 | | | — | | | 270.3 | |
Intercompany investing activities | (189.4 | ) | | (123.3 | ) | | — | | | 312.7 | | | — | |
Payments on revolving credit facilities | (176.7 | ) | | — | | | (119.0 | ) | | — | | | (295.7 | ) |
Other investing activities | 0.2 | | | 13.3 | | | (2.2 | ) | | — | | | 11.3 | |
Payment of dividends | (151.8 | ) | | — | | | — | | | — | | | (151.8 | ) |
Net cash from investing activities | (236.0 | ) | | (173.8 | ) | | (117.2 | ) | | 312.7 | | | (214.3 | ) |
Intercompany financing activities | 313.2 | | | 32.5 | | | (130.0 | ) | | (215.7 | ) | | — | |
| | | | | | | | | |
FINANCING ACTIVITIES | | | | | | | | | | Other financing activities | 2.1 | | | (14.9 | ) | | — | | | — | | | (12.8 | ) |
Proceeds from issuance of long-term debt | 1,047.00 | | | — | | | — | | | — | | | 1,047.00 | |
Net cash from financing activities | 47.5 | | | 8 | | | (125.4 | ) | | (215.7 | ) | | (285.6 | ) |
Payments of long-term debt and capital lease obligations | (674.8 | ) | | (5.2 | ) | | (58.1 | ) | | — | | | (738.1 | ) |
| | | | | | | | | |
Borrowings on revolving credit facilities | 912.7 | | | — | | | 97.5 | | | — | | | 1,010.20 | | Effect of exchange rates on cash and cash equivalents | — | | | — | | | (7.2 | ) | | — | | | (7.2 | ) |
|
Payments on revolving credit facilities | (1,016.3 | ) | | — | | | (92.6 | ) | | — | | | (1,108.9 | ) | Net increase (decrease) in cash and cash equivalents | (6.9 | ) | | (7.6 | ) | | 5.8 | | | — | | | (8.7 | ) |
|
Payment of dividends | (43.6 | ) | | — | | | — | | | — | | | (43.6 | ) | Cash and cash equivalents at beginning of year | 10 | | | 10.1 | | | 5.5 | | | — | | | 25.6 | |
|
Intercompany financing activities | 20.2 | | | 123.9 | | | 168.6 | | | (312.7 | ) | | — | | Cash and cash equivalents at end of year | $ | 3.1 | | | $ | 2.5 | | | $ | 11.3 | | | $ | — | | | $ | 16.9 | |
|
Other financing activities | (14.4 | ) | | (7.9 | ) | | — | | | — | | | (22.3 | ) | |
Condensed Consolidating Statement of Cash Flows |
Net cash from financing activities | 230.8 | | | 110.8 | | | 115.4 | | | (312.7 | ) | | 144.3 | | For the Year Ended December 31, 2011 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rates on cash and cash equivalents | — | | | 0.1 | | | 0.8 | | | — | | | 0.9 | | | Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Inc. |
Net increase (decrease) in cash and cash equivalents | 7.4 | | | 1.5 | | | (3.2 | ) | | — | | | 5.7 | | OPERATING ACTIVITIES | | | | | | | | | |
Net cash from operating activities | $ | 70.2 | | | $ | 266.2 | | | $ | 34.7 | | | $ | — | | | $ | 371.1 | |
Cash and cash equivalents at beginning of period | 4.8 | | | 3.5 | | | 4.8 | | | — | | | 13.1 | |
| | | | | | | | | |
Cash and cash equivalents at end of period | $ | 12.2 | | | $ | 5 | | | $ | 1.6 | | | $ | — | | | $ | 18.8 | | INVESTING ACTIVITIES | | | | | | | | | | |
|
| Purchases of property, plant and equipment | (62.3 | ) | | (85.7 | ) | | (20.3 | ) | | — | | | (168.3 | ) |
Condensed Consolidating Statement of Cash Flows |
For the Nine Months Ended September 30, 2013 | Acquisition related investing activities—net of cash acquired | (50.8 | ) | | (4.6 | ) | | (1.2 | ) | | — | | | (56.6 | ) |
|
| Intercompany investing activities | (145.8 | ) | | (152.3 | ) | | — | | | 298.1 | | | — | |
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| Quad/Graphics, | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Other investing activities | 16 | | | 19.5 | | | 5.1 | | | — | | | 40.6 | |
Inc. |
OPERATING ACTIVITIES | | | | | | | | | | Net cash from investing activities | (242.9 | ) | | (223.1 | ) | | (16.4 | ) | | 298.1 | | | (184.3 | ) |
Net cash from operating activities | $ | (21.1 | ) | | $ | 205.3 | | | $ | 35.2 | | | $ | — | | | $ | 219.4 | |
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| | | | | | | | | | FINANCING ACTIVITIES | | | | | | | | | |
INVESTING ACTIVITIES | | | | | | | | | | Proceeds from issuance of long-term debt | 649 | | | — | | | — | | | — | | | 649 | |
Purchases of property, plant and equipment | (42.7 | ) | | (64.5 | ) | | (10.4 | ) | | — | | | (117.6 | ) |
Payments of long-term debt and capital lease obligations | (747.7 | ) | | (22.3 | ) | | (5.3 | ) | | — | | | (775.3 | ) |
Acquisition related investing activities—net of cash acquired | — | | | (236.9 | ) | | — | | | — | | | (236.9 | ) |
Borrowings on revolving credit facilities | 719 | | | 7.8 | | | 169.6 | | | — | | | 896.4 | |
Intercompany investing activities | (261.3 | ) | | (136.6 | ) | | — | | | 397.9 | | | — | |
Payments on revolving credit facilities | (691.0 | ) | | (8.8 | ) | | (179.8 | ) | | — | | | (879.6 | ) |
Other investing activities | 3.9 | | | 4.5 | | | — | | | — | | | 8.4 | |
Payment of dividends | (28.2 | ) | | — | | | — | | | — | | | (28.2 | ) |
Net cash from investing activities | (300.1 | ) | | (433.5 | ) | | (10.4 | ) | | 397.9 | | | (346.1 | ) |
Intercompany financing activities | 303.2 | | | — | | | (5.1 | ) | | (298.1 | ) | | — | |
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FINANCING ACTIVITIES | | | | | | | | | | Other financing activities | (22.0 | ) | | (13.8 | ) | | — | | | — | | | (35.8 | ) |
Payments of long-term debt and capital lease obligations | (67.7 | ) | | (7.2 | ) | | (6.4 | ) | | — | | | (81.3 | ) |
Net cash from financing activities | 182.3 | | | (37.1 | ) | | (20.6 | ) | | (298.1 | ) | | (173.5 | ) |
Borrowings on revolving credit facilities | 1,136.40 | | | — | | | 89.5 | | | — | | | 1,225.90 | |
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Payments on revolving credit facilities | (878.7 | ) | | — | | | (93.1 | ) | | — | | | (971.8 | ) | Effect of exchange rates on cash and cash equivalents | — | | | — | | | (8.2 | ) | | — | | | (8.2 | ) |
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Payment of dividends | (42.0 | ) | | — | | | — | | | — | | | (42.0 | ) | Net increase (decrease) in cash and cash equivalents | 9.6 | | | 6 | | | (10.5 | ) | | — | | | 5.1 | |
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Intercompany financing activities | 168.6 | | | 239.5 | | | (10.2 | ) | | (397.9 | ) | | — | | Cash and cash equivalents at beginning of year | 0.4 | | | 4.1 | | | 16 | | | — | | | 20.5 | |
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Other financing activities | 7 | | | (4.5 | ) | | — | | | — | | | 2.5 | | Cash and cash equivalents at end of year | $ | 10 | | | $ | 10.1 | | | $ | 5.5 | | | $ | — | | | $ | 25.6 | |
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Net cash from financing activities | 323.6 | | | 227.8 | | | (20.2 | ) | | (397.9 | ) | | 133.3 | | |
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Effect of exchange rates on cash and cash equivalents | — | | | — | | | (3.2 | ) | | — | | | (3.2 | ) | |
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Net increase (decrease) in cash and cash equivalents | 2.4 | | | (0.4 | ) | | 1.4 | | | — | | | 3.4 | | |
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Cash and cash equivalents at beginning of period | 3.1 | | | 2.5 | | | 11.3 | | | — | | | 16.9 | | |
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Cash and cash equivalents at end of period | $ | 5.5 | | | $ | 2.1 | | | $ | 12.7 | | | $ | — | | | $ | 20.3 | | |
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