Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Quad/Graphics, Inc. | ||
Entity Central Index Key | 1,481,792 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Trading Symbol | QUAD | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 668,007,413 | ||
Common Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 37,990,569 | ||
Common Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,198,464 | ||
Common Class C [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | |||
Products | $ 3,717,100,000 | $ 3,949,700,000 | $ 4,112,700,000 |
Services | 612,400,000 | 647,400,000 | 664,900,000 |
Total net sales | 4,329,500,000 | 4,597,100,000 | 4,777,600,000 |
Cost of sales | |||
Products | 2,971,000,000 | 3,213,500,000 | 3,336,600,000 |
Services | 423,800,000 | 466,800,000 | 470,500,000 |
Total cost of sales | 3,394,800,000 | 3,680,300,000 | 3,807,100,000 |
Operating expenses | |||
Selling, general and administrative expenses | 454,600,000 | 448,300,000 | 425,500,000 |
Depreciation and amortization | 277,100,000 | 325,300,000 | 336,400,000 |
Restructuring, impairment and transaction-related charges | 80,600,000 | 164,900,000 | 67,300,000 |
Goodwill impairment | 0 | 808,300,000 | 0 |
Total operating expenses | 4,207,100,000 | 5,427,100,000 | 4,636,300,000 |
Operating income (loss) | 122,400,000 | (830,000,000) | 141,300,000 |
Interest expense | 77,200,000 | 88,400,000 | 92,900,000 |
Loss (gain) on debt extinguishment | (14,100,000) | 0 | 7,200,000 |
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | 59,300,000 | (918,400,000) | 41,200,000 |
Income tax expense (benefit) | 13,000,000 | (282,800,000) | 20,200,000 |
Earnings (loss) before equity in loss of unconsolidated entities | 46,300,000 | (635,600,000) | 21,000,000 |
Equity in loss of unconsolidated entities | 1,400,000 | 6,300,000 | 2,700,000 |
Net earnings (loss) | 44,900,000 | (641,900,000) | 18,300,000 |
Net loss attributable to noncontrolling interests | 0 | 0 | 300,000 |
Net earnings (loss) attributable to Quad/Graphics common shareholders | $ 44,900,000 | $ (641,900,000) | $ 18,600,000 |
Earnings (loss) per share attributable to Quad/Graphics common shareholders | |||
Basic (in dollars per share) | $ 0.94 | $ (13.40) | $ 0.39 |
Diluted (in dollars per share) | $ 0.90 | $ (13.40) | $ 0.38 |
Weighted average number of common shares outstanding | |||
Basic (in shares) | 47.9 | 47.9 | 47.5 |
Diluted (in shares) | 49.8 | 47.9 | 48.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net earnings (loss) | $ 44.9 | $ (641.9) | $ 18.3 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | (15.5) | (63.4) | (61.9) |
Translation of long-term loans to foreign subsidiaries | 11.6 | 17.5 | 16.5 |
Translation adjustments, net | (3.9) | (38.2) | (45.4) |
Pension and other postretirement benefit plans | |||
Net gain (loss) arising during period | (0.8) | 3.7 | (95.2) |
Amortization of prior service credit included in net earnings (loss) | 0 | 0 | (5.8) |
Amortization of net actuarial gain included in net earnings (loss) | 0 | 0 | (0.3) |
Pension and other postretirement benefit plans, net | 6.2 | 3.7 | (106.2) |
Other comprehensive income (loss), before tax | 2.3 | (34.5) | (151.6) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | (2.4) | (1.4) | 40.6 |
Other comprehensive loss, net of tax | (0.1) | (35.9) | (111) |
Total comprehensive income (loss) | 44.8 | (677.8) | (92.7) |
Less: comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0.3 |
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | 44.8 | (677.8) | (92.4) |
Pension Plan [Member] | |||
Pension and other postretirement benefit plans | |||
Settlement charge on pension benefit plans included in net earnings (loss) | 7 | 0 | 0 |
Postretirement Benefits [Member] | |||
Pension and other postretirement benefit plans | |||
Settlement charge on pension benefit plans included in net earnings (loss) | 0 | 0 | (4.9) |
Quad Graphics Chile SA [Member] | |||
Other comprehensive income (loss) | |||
Revaluation loss on sale of equity method investment | $ 0 | $ 7.7 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 9 | $ 10.8 |
Receivables, less allowances for doubtful accounts of $53.5 at December 31, 2016, and $50.1 at December 31, 2015 | 563.6 | 648.7 |
Inventories | 265.4 | 280.1 |
Prepaid expenses and other current assets | 54.4 | 38.2 |
Restricted cash | 10.2 | 13.5 |
Total current assets | 902.6 | 991.3 |
Property, plant and equipment—net | 1,519.9 | 1,675.8 |
Intangible assets—net | 59.7 | 110.5 |
Equity method investments in unconsolidated entities | 3.6 | 4.4 |
Other long-term assets | 84.3 | 65.5 |
Total assets | 2,570.1 | 2,847.5 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 323.5 | 358.8 |
Amounts owing in satisfaction of bankruptcy claims | 2.3 | 1.4 |
Accrued liabilities | 356.7 | 347.5 |
Short-term debt and current portion of long-term debt | 84.7 | 94.6 |
Current portion of capital lease obligations | 7.4 | 5.1 |
Total current liabilities | 774.6 | 807.4 |
Long-term debt | 1,019.8 | 1,239.9 |
Unsecured notes to be issued | 5.4 | 7.1 |
Capital lease obligations | 18.9 | 9.7 |
Deferred income taxes | 35.3 | 59 |
Other long-term liabilities | 274.6 | 300.5 |
Total liabilities | 2,128.6 | 2,423.6 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity (Note 19) | ||
Additional paid-in capital | 912.4 | 956.7 |
Treasury stock, at cost, 4.1 million shares at December 31, 2016, and 5.9 million shares at December 31, 2015 | (113.3) | (193.6) |
Accumulated deficit | (206.4) | (188.1) |
Accumulated other comprehensive loss | (152.6) | (152.5) |
Total shareholders' equity | 441.5 | 423.9 |
Total liabilities and shareholders' equity | 2,570.1 | 2,847.5 |
Preferred Stock [Member] | ||
Shareholders' equity (Note 19) | ||
Preferred stock, $0.01 par value; Authorized: 0.5 million shares; Issued: None | 0 | 0 |
Common Class A [Member] | ||
Shareholders' equity (Note 19) | ||
Common stock, $0.025 par value | 1 | 1 |
Common Class B [Member] | ||
Shareholders' equity (Note 19) | ||
Common stock, $0.025 par value | 0.4 | 0.4 |
Common Class C [Member] | ||
Shareholders' equity (Note 19) | ||
Common stock, $0.025 par value | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Allowances for doubtful accounts | $ 53.5 | $ 50.1 |
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, shares | 4,100,000 | 5,900,000 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 40,000,000 | 40,000,000 |
Treasury stock, shares | 2,800,000 | 4,600,000 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 15,000,000 | 15,000,000 |
Treasury stock, shares | 800,000 | 800,000 |
Common Class C [Member] | ||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 500,000 | 500,000 |
Treasury stock, shares | 500,000 | 500,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net earnings (loss) | $ 44,900,000 | $ (641,900,000) | $ 18,300,000 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 277,100,000 | 325,300,000 | 336,400,000 |
Impairment charges | 26,800,000 | 95,300,000 | 14,400,000 |
Goodwill impairment | 0 | 808,300,000 | 0 |
Amortization of debt issuance costs and original issue discount | 4,200,000 | 4,400,000 | 4,200,000 |
Loss (gain) on debt extinguishment | (14,100,000) | 0 | 7,200,000 |
Stock-based compensation | 15,200,000 | 7,200,000 | 17,300,000 |
Foreign exchange losses on sale of investment | 0 | 6,000,000 | 0 |
Termination/curtailment/settlement loss (gain) on pension/postretirement benefit plans | 7,000,000 | 0 | (4,900,000) |
Loss (gain) on sale or disposal of property, plant and equipment | (9,000,000) | (4,100,000) | 400,000 |
Deferred income taxes | (26,600,000) | (292,500,000) | 26,800,000 |
Equity in loss of unconsolidated entities | 1,400,000 | 6,300,000 | 2,700,000 |
Changes in operating assets and liabilities—net of acquisitions: | |||
Receivables | 84,800,000 | 109,600,000 | (20,400,000) |
Inventories | 12,700,000 | 24,600,000 | (3,400,000) |
Prepaid expenses and other current assets | (18,000,000) | 4,000,000 | (5,200,000) |
Accounts payable and accrued liabilities | (16,100,000) | (60,500,000) | (22,400,000) |
Other | (37,800,000) | (43,900,000) | (78,200,000) |
Net cash provided by operating activities | 352,500,000 | 348,100,000 | 293,200,000 |
INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (106,100,000) | (133,000,000) | (139,200,000) |
Cost investment in unconsolidated entities | (9,900,000) | (1,200,000) | (4,100,000) |
Proceeds from the sale of property, plant and equipment | 25,900,000 | 29,200,000 | 6,800,000 |
Proceeds from the sale of investments | 1,300,000 | 14,000,000 | 0 |
Transfers from restricted cash | 4,400,000 | 17,700,000 | 24,800,000 |
Acquisition of businesses—net of cash acquired (Note 2) | 0 | (143,400,000) | (112,500,000) |
Net cash used in investing activities | (84,400,000) | (216,700,000) | (224,200,000) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 19,700,000 | 0 | 1,047,000,000 |
Payments of long-term debt | (192,000,000) | (90,900,000) | (859,400,000) |
Payments of capital lease obligations | (9,500,000) | (5,000,000) | (8,400,000) |
Borrowings on revolving credit facilities | 871,900,000 | 1,462,500,000 | 1,409,900,000 |
Payments on revolving credit facilities | (918,000,000) | (1,435,500,000) | (1,577,600,000) |
Payments of debt issuance costs and financing fees | (100,000) | 0 | (16,500,000) |
Bankruptcy claim payments on unsecured notes to be issued | (300,000) | (100,000) | (8,000,000) |
Purchases of treasury stock | (8,800,000) | 0 | 0 |
Sale of stock for options exercised | 30,300,000 | 2,200,000 | 2,700,000 |
Equity awards redeemed to pay employees' tax obligations | (1,400,000) | (1,600,000) | (1,000,000) |
Tax benefit on equity award activity | 0 | 2,800,000 | 800,000 |
Payment of cash dividends | (61,100,000) | (62,300,000) | (61,200,000) |
Net cash used in financing activities | (269,300,000) | (127,900,000) | (71,700,000) |
Effect of exchange rates on cash and cash equivalents | (600,000) | (2,300,000) | (800,000) |
Net increase (decrease) in cash and cash equivalents | (1,800,000) | 1,200,000 | (3,500,000) |
Cash and cash equivalents at beginning of year | 10,800,000 | 9,600,000 | 13,100,000 |
Cash and cash equivalents at end of year | $ 9,000,000 | $ 10,800,000 | $ 9,600,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Anselmo L. Morvillo S.A. (Argentina) [Member]Additional Paid-in Capital [Member] | Anselmo L. Morvillo S.A. (Argentina) [Member]Shareholders' Equity [Member] | Anselmo L. Morvillo S.A. (Argentina) [Member]Noncontrolling Interests [Member] |
Beginning balance, shares at Dec. 31, 2013 | 55.5 | (7.5) | |||||||||
Beginning balance at Dec. 31, 2013 | $ 1.4 | $ 983.1 | $ (248.8) | $ 558.8 | $ (5.6) | $ 1,288.9 | $ (1.3) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net earnings (loss) | $ 18.3 | 18.6 | 18.6 | (0.3) | |||||||
Foreign currency translation adjustments | (45.4) | (45.4) | |||||||||
Cash dividends declared ($1.20 per share) | (62.2) | (62.2) | |||||||||
Stock-based compensation | 17.3 | 17.3 | |||||||||
Sale of stock for options exercised, shares | 0.2 | ||||||||||
Sale of stock for options exercised | (3.6) | $ 6.3 | 2.7 | ||||||||
Issuance of restricted stock and deferred stock units, shares | 0.7 | ||||||||||
Issuance of restricted stock and deferred stock units | (24.6) | $ 24.6 | 0 | ||||||||
Tax benefit on equity award activity | 0.8 | 0.8 | |||||||||
Equity awards vested | (0.1) | 0.1 | 0 | ||||||||
Purchase of additional ownership of Morvillo | $ (1.6) | $ (1.6) | $ 1.6 | ||||||||
Equity awards redeemed to pay employees' tax obligations | $ (1) | (1) | |||||||||
Pension benefit plan liability adjustments | (65.6) | (65.6) | |||||||||
Ending balance, shares at Dec. 31, 2014 | 55.5 | (6.6) | |||||||||
Ending balance at Dec. 31, 2014 | $ 1.4 | 971.3 | $ (218.8) | 515.2 | (116.6) | 1,152.5 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net earnings (loss) | (641.9) | (641.9) | 0 | ||||||||
Foreign currency translation adjustments | (38.2) | (38.2) | |||||||||
Cash dividends declared ($1.20 per share) | (61.4) | (61.4) | |||||||||
Stock-based compensation | 7.2 | 7.2 | |||||||||
Sale of stock for options exercised, shares | 0.2 | ||||||||||
Sale of stock for options exercised | (3) | $ 5.2 | 2.2 | ||||||||
Issuance of restricted stock and deferred stock units, shares | 0.6 | ||||||||||
Issuance of restricted stock and deferred stock units | (21.2) | $ 21.2 | 0 | ||||||||
Tax benefit on equity award activity | 2.8 | 2.8 | |||||||||
Equity awards vested | (0.4) | $ 0.4 | 0 | ||||||||
Equity awards redeemed to pay employees' tax obligations, shares | (0.1) | ||||||||||
Equity awards redeemed to pay employees' tax obligations | $ (1.6) | (1.6) | |||||||||
Pension benefit plan liability adjustments | 2.3 | 2.3 | |||||||||
Ending balance, shares at Dec. 31, 2015 | 55.5 | (5.9) | |||||||||
Ending balance at Dec. 31, 2015 | 423.9 | $ 1.4 | 956.7 | $ (193.6) | (188.1) | (152.5) | 423.9 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net earnings (loss) | 44.9 | 44.9 | 44.9 | 0 | |||||||
Foreign currency translation adjustments | (3.9) | (3.9) | |||||||||
Cash dividends declared ($1.20 per share) | (63.2) | (63.2) | |||||||||
Stock-based compensation | 15.2 | 15.2 | |||||||||
Number of shares repurchased | (1.1) | ||||||||||
Purchases of treasury stock | $ (8.8) | (8.8) | |||||||||
Sale of stock for options exercised, shares | 1.6 | ||||||||||
Sale of stock for options exercised | (13.3) | $ 43.6 | 30.3 | ||||||||
Issuance of restricted stock and deferred stock units, shares | 1.4 | ||||||||||
Issuance of restricted stock and deferred stock units | (45.6) | $ 45.6 | 0 | ||||||||
Issuance of shares for settlement of MEPPs liability | 0.7 | 0.7 | |||||||||
Equity awards vested | (0.6) | $ 0.6 | 0 | ||||||||
Equity awards redeemed to pay employees' tax obligations, shares | (0.1) | ||||||||||
Equity awards redeemed to pay employees' tax obligations | $ (1.4) | (1.4) | |||||||||
Pension benefit plan liability adjustments | 3.8 | 3.8 | |||||||||
Ending balance, shares at Dec. 31, 2016 | 55.5 | (4.1) | |||||||||
Ending balance at Dec. 31, 2016 | $ 441.5 | $ 1.4 | $ 912.4 | $ (113.3) | $ (206.4) | $ (152.6) | $ 441.5 | $ 0 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||
Cash dividend declared (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Nature of Operations —Quad/Graphics is a global marketing services provider that helps brand owners market their products, services and content more efficiently and effectively by using its strong print foundation in combination with other media channels. The Company operates primarily in the commercial print portion of the printing industry as a printer of retail inserts, publications, catalogs, special interest publications, journals, direct mail, books, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement. The Company also provides marketing and other complementary services for its customers. The Company's products and services for a variety of industries are sold primarily throughout North America, South America and Europe. In addition, the Company strategically sources packaging product manufacturing over multiple end markets in Central America and Asia. Principles of Consolidation and Basis of Presentation —The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with GAAP . The results of operations and accounts of businesses acquired are included in the consolidated financial statements from the dates of acquisition (see Note 2 , " Acquisitions and Strategic Investments "). Investments in entities where the Company has both the ability to exert significant influence but not control and an ownership interest of 50% or less but more than 20% are accounted for using the equity method of accounting. Investments in entities where the Company does not exert significant influence or control and has an ownership interest of less than 20% are accounted for using the cost method of accounting. Intercompany transactions and balances have been eliminated in consolidation. Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into United States dollars at the exchange rate existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of accumulated other comprehensive income (loss) on the consolidated statements of shareholders' equity while transaction gains and losses are recorded in selling, general and administrative expenses on the consolidated statements of operations. Foreign exchange transactions resulted in pre-tax realized and unrealized losses of $6.0 million , $1.4 million and $5.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company has a 49% interest in Plural, a commercial printer based in Brazil, and formerly owned 50% of a commercial printer in Chile, until the Company sold its ownership interest in Chile on July 31, 2015. The Company accounts for those entities using the equity method of accounting (see Note 8 , " Equity Method Investments in Unconsolidated Entities ," for further discussion). The Company's equity loss of Plural's and Chile's operations was recorded in equity in loss of unconsolidated entities in the Company's consolidated statements of operations, and was included within the International segment. There are no other significant unconsolidated entities. Use of Estimates —The preparation of consolidated financial statements requires the use of management's estimates and assumptions that affect the reported assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to: allowances for doubtful accounts, inventory obsolescence, asset valuations and useful lives, pension and postretirement benefits, self-insurance reserves, stock-based compensation, taxes, restructuring and other provisions and contingencies. Revenue Recognition —The Company recognizes its printing revenues upon transfer of title and the passage of risk of loss, which is generally upon shipment to the customer, and when there is a reasonable assurance as to collectability. Under agreements with certain customers, products may be stored by the Company for future delivery. In these situations, the Company may receive warehouse management fees for the services it provides. Product returns are not significant because the products are customized; however, the Company accrues for the estimated amount of customer allowances at the time of sale based on historical experience and known trends. Revenue from services is recognized as services are performed. Revenues related to the Company's imaging operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer. Revenues related to the Company's logistics operations, which includes the delivery of printed material, are recognized upon completion of services. Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross as a principal or net of related costs as an agent. Billings for third-party shipping and handling costs, primarily in the Company's logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the consolidated statements of operations. Many of the Company's operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper. Revenues for Company-supplied paper are recognized on a gross basis. Byproduct Recoveries —In 2016, the Company modified its presentation of byproduct recoveries to include byproduct recoveries as a reduction of cost of sales–products in the consolidated statements of operations. Previously, byproduct recoveries were reported in net sales–products. Classification of byproduct recoveries as a reduction of cost of sales aligns the proceeds from byproduct recoveries with the corresponding manufacturing costs. The consolidated statements of operations and corresponding notes to the financial statements for the years ended December 31, 2015 and 2014 , have been reclassified to reflect this change in presentation. This reclassification had no impact on operating income (loss) or net earnings (loss) in the consolidated statements of operations. Financial Instruments —The Company uses derivative financial instruments for the purpose of hedging commodity and foreign exchange exposures that exist as part of ongoing business operations, including natural gas forward purchase contracts and foreign exchange contracts. As a policy, the Company does not engage in speculative or leveraged transactions, nor does the Company hold or issue financial instruments for trading purposes. Derivative instruments are recorded on the consolidated balance sheets as either assets or liabilities measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive income (loss) and recognized in the consolidated statements of operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of hedges are insignificant and recognized in earnings. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash flows in the same category as the item being hedged. Fair Value Measurement —The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in its consolidated financial statements on a recurring basis. Fair value represents the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. See Note 15 , " Financial Instruments and Fair Value Measurements ," for further discussion. Research and Development —Research and development costs related to the development of new products or the adaptation of existing products are expensed as incurred, included in cost of sales and totaled $9.3 million , $10.3 million and $11.3 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. Cash and Cash Equivalents —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Receivables —Receivables are stated net of allowances for doubtful accounts. No single customer comprised more than 5% of the Company's consolidated net sales in 2016 , 2015 or 2014 or 5% of the Company's consolidated receivables as of December 31, 2016 or 2015 . Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company's historical collection experience. See Note 5 , " Receivables ," for further discussion on the transactions affecting the allowances for doubtful accounts. Inventories —Inventories include material, labor, and plant overhead and are stated at the lower of cost or net realizable value. At December 31, 2016 and 2015 , all inventories were valued using the first-in, first-out (" FIFO ") method. See Note 6 , " Inventories ," for the components of the Company's inventories. Property, Plant and Equipment —Property, plant and equipment are recorded at cost, and are depreciated over the estimated useful lives of the assets using the straight-line method for financial reporting purposes. See Note 7 , " Property, Plant and Equipment ," for the components of the Company's property, plant and equipment. Major improvements that extend the useful lives of existing assets are capitalized and charged to the asset accounts. Repairs and maintenance, which do not significantly improve or extend the useful lives of the respective assets, are expensed as incurred. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. When an asset is retired or disposed, the associated costs and accumulated depreciation are eliminated, and the resulting profit or loss is recognized in the Company's consolidated statements of operations. Asset Category Range of Useful Lives Buildings 10 to 40 Years Machinery and equipment 5 to 15 Years Other 3 to 10 Years Other Intangible Assets —Identifiable intangible assets are recognized apart from goodwill and are amortized over their estimated useful lives. Impairment of Long-Lived and Other Intangible Assets —The Company evaluates long-lived assets and other intangible assets (of which the most significant are property, plant and equipment and customer relationship intangible assets) whenever events and circumstances have occurred that indicate the carrying value of an asset may not be recoverable. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount and the asset's residual value, if any. In turn, assessing whether there is an impairment loss requires a determination of recoverability, which is generally estimated by the ability to recover the balance of the assets from expected future operating cash flows on an undiscounted basis. If impairment is determined to exist, any related impairment loss is calculated based on the difference in the fair value and carrying value of the asset. Goodwill —Goodwill is reviewed annually for impairment as of October 31 , or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. In performing this analysis, the Company compares each reporting unit's fair value estimated based on comparable company market valuations and/or expected future discounted cash flows to be generated by the reporting unit to its carrying value. If the carrying value exceeds the reporting unit's fair value, the Company performs a fair value measurement calculation to determine the impairment loss, which would be charged to operations in the period identified. See Note 4 , " Goodwill and Other Intangible Assets ," for further discussion. Income Taxes —The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the effective date of enactment. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. This determination is based upon all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. If the Company determines that a deferred income tax asset will not be fully realized in the future, then a valuation allowance is established or increased to reflect the amount at which the asset will more likely than not be realized, which would increase the Company's provision for income taxes. In a period after a valuation allowance has been established, if the Company determines the related deferred income tax assets will be realized in the future in excess of their net recorded amount, then an adjustment to reduce the related valuation allowance will be made, which would reduce the Company's provision for income taxes. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is more likely than not of being recognized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The determination of the Company's worldwide tax provision and related tax assets and liabilities requires the use of significant judgment in estimating the impact of uncertainties in the application of GAAP and the interpretation of complex tax laws. In the ordinary course of business, there are transactions and calculations where the final tax outcome is uncertain. Where fair market value is required to measure a tax asset or liability for GAAP purposes, the Company periodically obtains independent, third party assistance to validate that such value is determined in conformity with Internal Revenue Service fair market value guidelines. While the Company believes it has the appropriate support for the positions taken, certain positions may be successfully challenged by taxing authorities. Resolution of these uncertainties in a manner inconsistent with management's expectations could have a material impact on the Company's financial condition and operating results. The Company applies the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the appropriate amount of tax benefits to be recognized with respect to uncertain tax positions. The determination of the Company's worldwide tax provision includes the impact of any changes to the amount of tax benefits recognized with respect to uncertain tax positions. See Note 14 , " Income Taxes ," for further discussion. Pension Plans —The Company assumed certain frozen underfunded defined benefit pension plans as part of the 2010 World Color Press acquisition. Pension plan costs are determined using actuarial methods and are funded through contributions. The Company records amounts relating to its pension plans based on calculations which include various actuarial assumptions including discount rates, assumed rates of return, mortality, compensation increases and turnover rates. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current rates and trends when it is appropriate to do so. The effects of modifications are recognized immediately on the consolidated balance sheets, but are generally amortized into operating income over future periods, with the deferred amount recorded in accumulated other comprehensive loss on the consolidated balance sheets. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. For the purposes of calculating the expected return on plan assets, those assets are valued at fair value. When an event gives rise to both a curtailment and a settlement, the curtailment is accounted for prior to the settlement. The Company's measurement date to measure the defined benefit plan assets and the projected benefit obligation is December 31 . The Company has previously participated in MEPPs as a result of the acquisition of World Color Press. Due to the significant underfunded status of the MEPPs , the Company has withdrawn from all significant MEPPs and replaced these union sponsored "promise to pay in the future" defined benefit plans with a Company sponsored "pay as you go" defined contribution plan, which is historically the form of retirement benefit provided to Quad/Graphics' employees. As a result of the decision to withdraw, the Company recorded an estimated withdrawal liability for the MEPPs as part of the World Color Press purchase price allocation process based on information received from the MEPPs ' trustees. The estimated withdrawal liability is updated based on significant events, such as potential new information from the litigation proceedings with the MEPPs , until the final withdrawal liability is determined. The exact amount of the withdrawal liability could be higher or lower than the estimate. See Note 16 , " Employee Retirement Plans ," for further discussion. Stock-Based Compensation —The Company recognizes stock-based compensation expense over the vesting period for all stock-based awards made to employees and directors based on the fair value of the instrument at the time of grant. See Note 18 , " Equity Incentive Programs ," for further discussion. Accumulated Other Comprehensive Income (Loss) —Accumulated other comprehensive income (loss) consists primarily of unrecognized actuarial gains and losses and prior service costs for pension and postretirement plans and foreign currency translation adjustments and is presented in the consolidated statements of shareholders' equity. See Note 20 , " Accumulated Other Comprehensive Loss ," for further discussion. Supplemental Cash Flow Information —The following table summarizes certain supplemental cash flow information for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Interest paid, net of amounts capitalized $ 65.9 $ 76.5 $ 80.8 Income taxes paid 34.0 1.5 3.5 Non-cash investing and financing activities: Capital lease additions (see Note 13) 21.0 5.9 2.9 Leased equipment purchased through term loan — 3.7 — Acquisitions of businesses (see Note 2): Fair value of assets acquired, net of cash $ — $ 137.0 $ 171.1 Liabilities assumed — (28.6 ) (66.6 ) Goodwill — 33.8 5.1 Deferred payment for Proteus and Transpak acquisition (see Note 2) — 0.6 5.0 Deferred payment for UniGraphic acquisition — 0.6 (2.1 ) Acquisition of businesses—net of cash acquired $ — $ 143.4 $ 112.5 |
Acquisitions and Strategic Inve
Acquisitions and Strategic Investments | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Strategic Investments | Acquisitions and Strategic Investments 2015 Specialty Finishing, Inc. Acquisition The Company completed the acquisition of Specialty on August 25, 2015 , for $61.0 million . Specialty is a full-service paperboard folding carton manufacturer and logistics provider located in Omaha, Nebraska. The purchase price of $61.0 million included $0.3 million of acquired cash for a net purchase price of $60.7 million . Included in the purchase price allocation are $9.6 million of identifiable intangible assets, which are amortized over their estimated useful lives ranging from three to six years , and $3.5 million of goodwill. The final allocation of the purchase price was based on valuations performed to determine the fair value of the net assets as of the acquisition date. The net assets acquired, excluding acquired cash, were classified as Level 3 in the valuation hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs). Specialty's operations are included in the United States Print and Related Services segment. 2015 Copac Global Packaging, Inc. Acquisition The Company completed the acquisition of Copac on April 14, 2015 , for $59.4 million . Copac is a leading international provider of innovative packaging and supply chain solutions, including turnkey packaging design, production and fulfillment services across a range of end markets. Copac manufactures products such as folding cartons, labels, inserts, tags and specialty envelopes, and has production facilities in Spartanburg, South Carolina and Santo Domingo, Dominican Republic, as well as strategically sourcing packaging product manufacturing over multiple end markets in Central America and Asia, giving it a global footprint. The purchase price of $59.4 million included $0.9 million of acquired cash for a net purchase price of $58.5 million . Included in the purchase price allocation are $22.2 million of identifiable intangible assets, which are amortized over their estimated useful lives of six years , and $23.5 million of goodwill. The final allocation of the purchase price was based on valuations performed to determine the fair value of the net assets as of the acquisition date. The net assets acquired, excluding acquired cash, were classified as Level 3 in the valuation hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs). Copac's operations are included in the United States Print and Related Services segment. 2015 Marin's International Acquisition The Company completed the acquisition of Marin's on February 3, 2015 , for $31.1 million . Marin's, headquartered in Paris, France, is a worldwide leader in the point-of-sale display industry and specializes in the research and design of display solutions. Marin's products are produced by a global network of licensees, including Quad/Graphics, as well as one wide-format digital print, kitting and fulfillment facility in Paris. Marin's uses its own European–based sales force and the global licensees to sell its patented product portfolio. The purchase price of $31.1 million included $10.1 million of acquired cash for a net purchase price of $21.0 million . Included in the purchase price allocation are $17.9 million of identifiable intangible assets, which are amortized over their estimated useful lives ranging from three to eight years , and $6.8 million of goodwill. The final allocation of the purchase price was based on valuations performed to determine the fair value of the net assets as of the acquisition date. The net assets acquired, excluding acquired cash, were classified as Level 3 in the valuation hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs). Marin's operations are included in the International segment. 2014 Brown Printing Company Acquisition The Company completed the acquisition of Brown Printing on May 30, 2014 , for $101.1 million . Brown Printing provides magazine and catalog printing, distribution services and integrated media solutions to magazine publishers and catalog marketers in the United States. The Company used cash on hand and borrowings under its revolving credit facility to finance the acquisition. Brown Printing's operations are included in the United States Print and Related Services segment. Disclosure of the financial results of Brown Printing since the acquisition date is not practicable, as it is not being operated as a standalone business and has been combined with the Company's existing operations. The Company recorded the allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed, including certain contingent liabilities, based on their fair values as of the May 30, 2014 , acquisition date. Included in the purchase price allocation are identifiable customer relationship intangible assets, which are amortized over their estimated useful lives of six years . The final purchase price allocation was as follows: Purchase Price Allocation Cash and cash equivalents $ 3.6 Accounts receivable 46.1 Other current assets 18.8 Property, plant and equipment 72.1 Identifiable intangible assets 4.7 Other long-term assets 7.5 Accounts payable and accrued liabilities (35.1 ) Other long-term liabilities (16.6 ) Purchase price $ 101.1 The final allocation of the purchase price and unaudited pro forma condensed combined financial information was based on valuations performed to determine the fair value of the net assets as of the acquisition date. The valuation of the $97.5 million net assets acquired, excluding acquired cash, was classified as Level 3 in the valuation hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs). 2014 Anselmo L. Morvillo S.A. Investment The Company invested an additional $6.5 million in Morvillo in Argentina, which increased its ownership share in Morvillo from 85% to 100% during the year ended December 31, 2014. The Company historically consolidated the results of Morvillo into the Company's consolidated financial statements and presented the 15% portion of Morvillo's results not owned by the Company as noncontrolling interest. The Company no longer presents noncontrolling interest going forward, as Morvillo's results are fully consolidated into the Company's consolidated financial statements. 2014 UniGraphic, Inc. Acquisition The Company completed the acquisition of UniGraphic, a commercial and specialty printing company based in the Boston metro area, on February 5, 2014 for $11.2 million . UniGraphic offers commercial and specialty printing, in-store marketing, digital and fulfillment solutions for a wide variety of industries including arts and entertainment, education, financial, food, healthcare, mass media, pharmaceutical and retail. The purchase price of $11.2 million is net of cash acquired. Identifiable customer relationship intangible assets of $6.9 million have been recorded through the final purchase price allocation and are amortized over six years . The final purchase price allocation was based on valuations performed to determine the fair value of the net assets as of the acquisition date. The net assets acquired, excluding acquired cash, were classified as Level 3 in the valuation hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs). UniGraphic's operations are included in the United States Print and Related Services segment. Unaudited Pro Forma Condensed Combined Financial Information The following unaudited pro forma condensed combined financial information presents the Company's results as if the Company had acquired Brown Printing on January 1, 2013. The unaudited pro forma information has been prepared with the following considerations: • The unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting under existing GAAP. The Company is the acquirer for accounting purposes. • The unaudited pro forma condensed combined financial information does not reflect any operating cost synergy savings that the combined companies may achieve as a result of the acquisition, the costs necessary to achieve these operating synergy savings or additional charges necessary as a result of the integration. Year Ended December 31, 2016 2015 2014 (actual) (actual) (pro forma) Net sales $ 4,329.5 $ 4,597.1 $ 4,919.7 Net earnings (loss) attributable to common shareholders 44.9 (641.9 ) 17.8 Diluted net earnings (loss) per share attributable to common shareholders 0.90 (13.40 ) 0.36 |
Restructuring, Impairment and T
Restructuring, Impairment and Transaction-Related Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment and Transaction-Related Charges | Restructuring, Impairment and Transaction-Related Charges The Company recorded restructuring, impairment and transaction-related charges for the years ended December 31, 2016 , 2015 and 2014 , as follows: 2016 2015 2014 Employee termination charges $ 12.9 $ 42.1 $ 30.6 Impairment charges 26.8 95.3 14.4 Transaction-related charges (income) 2.2 (6.7 ) 2.6 Integration costs 0.1 5.1 11.2 Other restructuring charges 38.6 29.1 8.5 Total $ 80.6 $ 164.9 $ 67.3 The costs related to these activities have been recorded on the consolidated statements of operations as restructuring, impairment and transaction-related charges. See Note 21 , " Segment Information ," for restructuring, impairment and transaction-related charges by segment. Restructuring Charges The Company began a restructuring program in 2010 related to eliminating excess manufacturing capacity and properly aligning its cost structure. The Company has announced a total of 37 plant closures and has reduced headcount by approximately 11,100 employees since 2010. The Company announced the closures of the Atglen, Pennsylvania; Huntington Beach, California; Lenexa, Kansas; Manassas, Virginia; Monroe, New Jersey; and York, Pennsylvania plants during the year ended December 31, 2016 . The Company recorded the following charges as a result of plant closures and other restructuring programs for the year ended December 31, 2016 : • Employee termination charges of $12.9 million were recorded by the Company as a result of workforce reductions through facility consolidations and involuntary separation programs. • Integration costs of $0.1 million were recorded by the Company primarily related to preparing existing facilities to meet new production requirements resulting from work transferring from closed plants, as well as other costs related to the integration of acquired companies. • Other restructuring charges of $38.6 million were recorded by the Company, which consisted of the following: (1) $13.6 million of vacant facility carrying costs; (2) an $11.2 million adjustment to its MEPPs withdrawal liability; (3) a $7.0 million non-cash pension settlement charge related to lump-sum pension payments during the year ended December 31, 2016 , (see Note 16 , " Employee Retirement Plans ," for additional details); (4) $4.9 million of equipment and infrastructure removal costs from closed plants; and (5) $4.5 million of lease exit charges including the lease termination of the Pittsburg, California facility. Other restructuring charges were presented net of the following: (1) a $1.3 million gain from settlements with vendors due to the Company's Argentina Subsidiaries emerging from bankruptcy during the fourth quarter of 2016 and (2) a $1.3 million gain on the sale of the Pilar, Argentina building. The Company announced the closures of the Augusta, Georgia; East Greenville, Pennsylvania; Enfield, Connecticut; Loveland, Colorado; Pilar, Argentina; and Queretaro, Mexico plants during the year ended December 31, 2015 . The Company recorded the following charges as a result of plant closures and other restructuring programs for the year ended December 31, 2015 : • Employee termination charges of $42.1 million were recorded by the Company as a result of workforce reductions through facility consolidations and involuntary separation programs. • Integration costs of $5.1 million were recorded by the Company primarily related to preparing existing facilities to meet new production requirements resulting from work transferring from closed plants, as well as other costs related to the integration of acquired companies. • Other restructuring charges of $29.1 million were recorded by the Company, which consisted of the following: (1) $11.7 million of vacant facility carrying costs; (2) $2.8 million of equipment and infrastructure removal costs from closed plants; and (3) $8.6 million of lease exit charges primarily related to the closure of the Atlanta, Georgia and Loveland, Colorado facilities. The Company also recorded a $6.0 million non-cash expense to recognize accumulated foreign exchange losses on the sale of the Chile equity method investment (see Note 8 , " Equity Method Investments in Unconsolidated Entities ," for additional details). The Company announced the closures of the Atlanta, Georgia; Dickson, Tennessee; Marengo, Iowa; Pomona, California; St. Cloud, Minnesota; and Woodstock, Illinois plants during the year ended December 31, 2014 . The Company recorded the following charges as a result of plant closures and other restructuring programs for the year ended December 31, 2014 : • Employee termination charges of $30.6 million were recorded by the Company as a result of workforce reductions through facility consolidations and involuntary separation programs. • Integration costs of $11.2 million were recorded by the Company primarily related to preparing existing facilities to meet new production requirements resulting from work transferring from closed plants, as well as other costs related to the integration of acquired companies. • Other restructuring charges of $8.5 million were recorded by the Company, which consisted of the following: (1) $7.7 million of vacant facility carrying costs; (2) $2.4 million of legal fees; (3) $1.8 million of equipment and infrastructure removal costs from closed plants; and (4) $1.5 million of lease exit charges. Other restructuring charges were presented net of a $4.9 million gain from the termination of the postretirement medical benefit plan (see Note 16 , " Employee Retirement Plans ," for further details on the postretirement medical benefit plan termination). The restructuring charges recorded were based on plans that have been committed to by management and were, in part, based upon management's best estimates of future events. Changes to the estimates may require future restructuring charges and adjustments to the restructuring liabilities. The Company expects to incur additional restructuring charges related to these and other initiatives. Impairment Charges The Company recognized impairment charges of $26.8 million during the year ended December 31, 2016 , consisting of the following: (1) $12.1 million of land and building impairment charges related to the Atglen, Pennsylvania plant closure; and (2) $14.7 million of impairment charges primarily for machinery and equipment no longer being utilized in production as a result of facility consolidations, including Atglen, Pennsylvania; Augusta, Georgia; East Greenville, Pennsylvania; Monroe, New Jersey; Woodstock, Illinois; and Queretaro, Mexico, as well as other capacity reduction restructuring activities. The Company recognized impairment charges of $95.3 million during the year ended December 31, 2015 , consisting of the following: (1) $54.7 million of impairment charges for machinery and equipment no longer being utilized in production as a result of facility consolidations including Atlanta, Georgia; Augusta, Georgia; Dickson, Tennessee; East Greenville, Pennsylvania; Loveland, Colorado; and Queretaro, Mexico, as well as other capacity reduction restructuring initiatives; (2) $18.6 million of investment-related impairment charges, primarily related to $16.7 million of impairment charges to reduce the book value of the Company's equity method investment in Chile to fair value (see Note 8 , " Equity Method Investments in Unconsolidated Entities ," for additional details related to the impairment of the Company's equity method investment in Chile); (3) $12.7 million of land and building impairment charges primarily related to the Augusta, Georgia and East Greenville, Pennsylvania plant closures; (4) $7.1 million of customer relationship intangible asset impairments; and (5) $2.2 million of impairment charges primarily related to the restructuring proceedings in Argentina for the Company's Argentina Subsidiaries for land, building, machinery and equipment and other intangible assets. The Company recognized impairment charges of $14.4 million during the year ended December 31, 2014 , consisting of the following: (1) $8.0 million of impairment charges for machinery and equipment no longer being utilized in production as a result of facility consolidations including Atlanta, Georgia; Dickson, Tennessee; Mexico City, Mexico; Pomona, California; and St. Cloud, Minnesota, as well as other capacity reduction restructuring initiatives; and (2) $6.4 million of land and building impairment charges primarily related to the Bristol, Pennsylvania and Dickson, Tennessee plant closures. The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs) and were estimated based on broker quotes, internal expertise related to current marketplace conditions and estimated future discounted cash flows. These assets were adjusted to their estimated fair values at the time of impairment. The non-cash goodwill impairment charges included in the line item entitled goodwill impairment on the Company's consolidated statements of operations are discussed in Note 4 , " Goodwill and Other Intangible Assets ." Transaction-Related Charges (Income) The Company incurs transaction-related charges (income) primarily consisting of professional service fees related to business acquisition and divestiture activities. The Company recognized transaction-related charges of $2.2 million during the year ended December 31, 2016 . The Company recognized transaction-related income of $6.7 million during the year ended December 31, 2015 , which included a $10.0 million non-recurring gain as a result of Courier's termination of the agreement pursuant to which Quad/Graphics was to acquire Courier, partially offset by $3.3 million of professional service fees including fees for the terminated acquisition of Courier and the acquisitions of Marin's, Copac and Specialty. The Company recognized transaction-related charges of $2.6 million during the year ended December 31, 2014 , which primarily includes professional service fees for the acquisitions of Brown Printing and UniGraphic. The transaction-related charges were expensed as incurred in accordance with the applicable accounting guidance on business combinations. Restructuring Reserves Activity impacting the Company's restructuring reserves for the years ended December 31, 2016 and 2015 , was as follows: Employee Termination Charges Impairment Charges Transaction-Related Charges (Income) Integration Costs Other Restructuring Charges Total Balance at January 1, 2015 $ 10.0 $ — $ 0.5 $ 1.8 $ 13.6 $ 25.9 Expense (income) 42.1 95.3 (6.7 ) 5.1 29.1 164.9 Cash receipts (payments) (27.3 ) — 6.3 (5.1 ) (23.8 ) (49.9 ) Non-cash adjustments/reclassifications (0.4 ) (95.3 ) — (0.4 ) (5.9 ) (102.0 ) Balance at December 31, 2015 $ 24.4 $ — $ 0.1 $ 1.4 $ 13.0 $ 38.9 Expense 12.9 26.8 2.2 0.1 38.6 80.6 Cash payments (29.5 ) — (2.2 ) (0.3 ) (23.6 ) (55.6 ) Non-cash adjustments/reclassifications (0.2 ) (26.8 ) — (0.1 ) (17.6 ) (44.7 ) Balance at December 31, 2016 $ 7.6 $ — $ 0.1 $ 1.1 $ 10.4 $ 19.2 The Company's restructuring reserves at December 31, 2016 , included a short-term and a long-term component. The short-term portion included $13.5 million in accrued liabilities (see Note 9 , " Accrued Liabilities and Other Long-Term Liabilities ") and $0.9 million in accounts payable in the consolidated balance sheets as the Company expects these reserves to be paid within the next twelve months. The long-term portion of $4.8 million was included in other long-term liabilities (see Note 9 , " Accrued Liabilities and Other Long-Term Liabilities ") in the consolidated balance sheets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units and is tested annually for impairment as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. United States Print and Related Services Segment Due to the decline in the Company's stock price in the third quarter of 2015, an interim goodwill impairment test of the three reporting units in the United States Print and Related Services segment was performed as of July 31, 2015 . These reporting units include the Core Print and Related Services reporting unit, the Specialty Print and Related Services reporting unit and the Other United States Products and Services reporting unit, with goodwill of $640.8 million , $115.6 million and $18.6 million , respectively, as of July 31, 2015 . As a result of the interim goodwill impairment assessment as well as the annual impairment test as of October 31, 2015, the Company's United States Print and Related Services segment recorded pre-tax non-cash goodwill impairment charges of $ 778.3 million in the year ended December 31, 2015, that included impairment charges of $640.8 million , $118.9 million and $18.6 million in the Core Print and Related Services reporting unit, the Specialty Print and Related Services reporting unit and the Other United States Products and Services reporting unit, respectively. The goodwill impairment charges resulted from a reduction in estimated fair value of each reporting unit based on lower expectations for future revenue, profitability and cash flows due to volume and pricing pressures as compared to expectations in the previous annual goodwill impairment assessment performed as of October 31, 2014. International Segment On March 25, 2015, due to deteriorating economic conditions, including inflation and currency devaluation, combined with uncertain political conditions, declining print volumes and labor challenges, the Company's Argentina Subsidiaries (included within the Latin America reporting unit) commenced bankruptcy restructuring proceedings with a goal of consolidating operations. As a result, the Company conducted an interim goodwill impairment assessment of the Latin America reporting unit, which included comparing the carrying amount of net assets, including goodwill, to its respective fair value as of March 31, 2015 , the date of the interim assessment. As a result of the interim goodwill impairment assessment as well as the annual impairment test as of October 31, 2015, the Company's International segment recorded non-cash nondeductible goodwill impairment charges of $30.0 million in the year ended December 31, 2015, primarily including a $23.3 million non-cash goodwill impairment charge for the Latin America reporting unit. The goodwill impairment charges resulted from a reduction in estimated fair value of the reporting unit based on lower expectations for future revenue, profitability and cash flows due to volume and pricing pressures as compared to expectations in the previous annual goodwill impairment assessment performed as of October 31, 2014. Non-cash goodwill impairment charges of $808.3 million were recorded during the year ended December 31, 2015 . No goodwill impairment charges were recorded during the years ended December 31, 2016 or 2014 . The accumulated goodwill impairment losses and the carrying value of goodwill at December 31, 2016 and 2015 , were as follows: United States Print and Related Services International Total Goodwill $ 778.3 $ 30.0 $ 808.3 Accumulated goodwill impairment loss (778.3 ) (30.0 ) (808.3 ) Balance at December 31, 2016 and December 31, 2015 $ — $ — $ — Activity impacting goodwill for the year ended December 31, 2015 , was as follows: United States Print and Related Services International Total Balance at January 1, 2015 $ 751.3 $ 24.2 $ 775.5 Marin's acquisition (see Note 2) — 6.8 6.8 Copac acquisition (see Note 2) 23.5 — 23.5 Specialty acquisition (see Note 2) 3.5 — 3.5 Impairment (778.3 ) (30.0 ) (808.3 ) Translation adjustment — (1.0 ) (1.0 ) Balance at December 31, 2015 $ — $ — $ — The components of other intangible assets at December 31, 2016 and 2015 , were as follows: December 31, 2016 December 31, 2015 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Finite-lived intangible assets: Trademarks, patents, licenses and agreements 7 $ 21.7 $ (9.3 ) $ 12.4 7 $ 22.1 $ (5.5 ) $ 16.6 Capitalized software 5 6.4 (6.2 ) 0.2 5 6.5 (6.2 ) 0.3 Acquired technology 5 6.1 (6.1 ) — 5 6.2 (5.9 ) 0.3 Customer relationships 6 459.4 (412.3 ) 47.1 6 459.4 (366.1 ) 93.3 Total finite-lived intangible assets $ 493.6 $ (433.9 ) $ 59.7 $ 494.2 $ (383.7 ) $ 110.5 The gross carrying amount and accumulated amortization within other intangible assets—net in the condensed consolidated balance sheets at December 31, 2016 , and December 31, 2015 , differs from the value originally recorded at acquisition due to impairment charges recorded and the effects of currency fluctuations between the purchase date and December 31, 2016 , and December 31, 2015 . Other intangible assets are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable. There were no impairment charges recorded on finite-lived intangible assets for the years ended December 31, 2016 and 2014 . The Company recorded finite-lived intangible asset impairment charges of $7.2 million , primarily related to customer relationships, during the year ended December 31, 2015 (see Note 3 , " Restructuring, Impairment and Transaction-Related Charges " for further discussion on impairment charges). Amortization expense for other intangible assets was $50.7 million , $79.6 million and $75.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table outlines the estimated future amortization expense related to other intangible assets as of December 31, 2016 : Amortization Expense 2017 $ 18.1 2018 17.4 2019 12.8 2020 7.5 2021 2.8 2022 and thereafter 1.1 Total $ 59.7 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Receivables | Receivables Activity impacting the allowances for doubtful accounts for the years ended December 31, 2016 , 2015 and 2014 , was as follows: 2016 2015 2014 Balance at beginning of year $ 50.1 $ 57.8 $ 58.9 Provisions 8.0 4.2 5.5 Write-offs (4.0 ) (12.0 ) (9.9 ) Translation and other (0.6 ) 0.1 3.3 Balance at end of year $ 53.5 $ 50.1 $ 57.8 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at December 31, 2016 and 2015 , were as follows: 2016 2015 Raw materials and manufacturing supplies $ 142.4 $ 154.8 Work in process 45.3 51.0 Finished goods 77.7 74.3 Total $ 265.4 $ 280.1 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment at December 31, 2016 and 2015 , were as follows: 2016 2015 Land $ 126.2 $ 135.9 Buildings 935.4 952.6 Machinery and equipment 3,574.4 3,603.9 Other (1) 191.5 194.1 Construction in progress 59.5 24.2 Property, plant and equipment—gross $ 4,887.0 $ 4,910.7 Less: accumulated depreciation (3,367.1 ) (3,234.9 ) Property, plant and equipment—net $ 1,519.9 $ 1,675.8 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication related equipment. The Company recorded impairment charges of $26.8 million , $69.5 million and $14.4 million during the years ended December 31, 2016 , 2015 and 2014 , respectively, to reduce the carrying amounts of certain property, plant and equipment no longer utilized in production to fair value (see Note 3 , " Restructuring, Impairment and Transaction-Related Charges " for further discussion on impairment charges). The Company recognized depreciation expense of $226.4 million , $245.7 million and $260.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Assets Held for Sale The Company considered certain closed facilities as held for sale classification on the consolidated balance sheets. The net book value of assets held for sale were $5.2 million and $6.3 million as of December 31, 2016 and 2015 , respectively. These assets were carried at the lesser of original cost or fair value, less the estimated costs to sell. The fair values were determined by the Company to be Level 3 under the fair value hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs) and were estimated based on broker quotes and internal expertise related to current marketplace conditions. Assets held for sale were included in prepaid expenses and other current assets in the consolidated balance sheets. |
Equity Method Investments in Un
Equity Method Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments in Unconsolidated Entities | Equity Method Investments in Unconsolidated Entities The Company has a 49% ownership interest in Plural, a commercial printer based in São Paulo, Brazil. The Company had a 50% ownership interest in Chile, a commercial printer based in Santiago, Chile, until the Company sold its ownership interest in Chile on July 31, 2015 . The Company's ownership interest in Plural and Chile was accounted for using the equity method of accounting for all periods presented. The Company's equity loss of Plural's and Chile's operations was recorded in equity in loss of unconsolidated entities in the Company's consolidated statements of operations, and was included within the International segment. The Company reviews its equity method investments regularly for indicators of other than temporary impairment. During the second quarter of 2015, the Company recorded a $16.7 million impairment charge to reduce the book value of the 50% ownership interest in Chile to fair value based on the intent to sell the investment. The impairment is recorded in restructuring, impairment and transaction-related charges on the consolidated statement of operations, and is included within the International segment. The fair value measurement of the investment, which was classified as Level 3 in the fair value hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 3 inputs), was determined using internal expertise of current marketplace conditions. On July 31, 2015 , the Company sold its 50% ownership interest in Chile for $10.5 million . The Company recorded a $6.0 million non-cash expense to recognize accumulated foreign exchange losses on the sale of the Chile equity method investment during the year ended December 31, 2015, which was recorded within restructuring, impairment and transaction-related charges on the consolidated statements of operations. The condensed balance sheets for Plural at December 31, 2016 and 2015 , were as follows: 2016 2015 Current assets $ 29.1 $ 28.9 Long-term assets 18.3 26.4 Total assets $ 47.4 $ 55.3 Current liabilities $ 26.1 $ 33.9 Long-term liabilities 6.3 4.9 Total liabilities $ 32.4 $ 38.8 The condensed statement of operation for Plural for the year ended December 31, 2016 , and the combined condensed statements of operations for Plural and Chile for the years ended December 31, 2015 and 2014 , are presented below. Results from the Chile equity method investment are included in the following table through the July 31, 2015 sale date: 2016 2015 2014 Net sales $ 71.3 $ 110.7 $ 195.8 Operating loss (income) (1.4 ) 10.6 3.6 Net loss 2.9 12.8 5.2 |
Accrued Liabilities and Other L
Accrued Liabilities and Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities and Other Long-Term Liabilities | Accrued Liabilities and Other Long-Term Liabilities The components of accrued and other long-term liabilities at December 31, 2016 and 2015 , were as follows: December 31, 2016 December 31, 2015 Accrued Liabilities Other Long-Term Liabilities Total Accrued Liabilities Other Long-Term Liabilities Total Employee-related liabilities $ 194.3 $ 61.7 $ 256.0 $ 165.6 $ 64.6 $ 230.2 Single employer pension plan obligations 1.8 112.4 114.2 1.8 136.0 137.8 Multiemployer pension plans – withdrawal liability 10.6 33.4 44.0 9.9 31.0 40.9 Tax-related liabilities 24.6 22.9 47.5 29.1 22.2 51.3 Restructuring liabilities 13.5 4.8 18.3 31.0 6.6 37.6 Interest and rent liabilities 7.6 3.3 10.9 11.0 4.2 15.2 Other 104.3 36.1 140.4 99.1 35.9 135.0 Total $ 356.7 $ 274.6 $ 631.3 $ 347.5 $ 300.5 $ 648.0 Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers' compensation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company had firm commitments of $14.6 million as of December 31, 2016 , to purchase press and finishing equipment. Litigation The Company is named as a defendant in various lawsuits in which claims are asserted against the Company in the normal course of business. The liabilities, if any, which ultimately result from such lawsuits are not expected by management to have a material impact on the consolidated financial statements of the Company. In April 2016, the Company self-reported to the SEC and the Department of Justice ("DOJ") certain Foreign Corrupt Practices Act ("FCPA") issues, and a resulting internal investigation, related to its operations managed from Peru. These operations had approximate annual sales ranging from $ 95.0 million to $ 135.0 million from the date that the Company acquired those operations in July 2010 until the date the issues were discovered. The self-reported issues were identified by the Company's financial internal controls. The Company, under the oversight of its Audit Committee and Board of Directors, proactively initiated an investigation into this matter with the assistance of external legal counsel and external forensic accountants. During the course of its internal investigation, the Company has also identified, and self-reported to the DOJ and SEC, transactions raising similar issues involving certain sales made in its Quad/Tech China operations. For the period 2011 through 2015, the approximate annual sales of these China operations ranged from $2.0 million to $3.0 million . In connection with this investigation, the Company has made and continues to evaluate certain enhancements to its compliance program. The Company is fully cooperating with the SEC and the DOJ. At this time, the Company does not anticipate any material adverse effect on its business or financial condition as a result of this matter. Environmental Reserves The Company is subject to various laws, regulations and government policies relating to health and safety, to the generation, storage, transportation, and disposal of hazardous substances, and to environment protection in general. The Company provides for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such reserves are adjusted as new information develops or as circumstances change. The environmental reserves are not discounted. The Company believes it is in compliance with such laws, regulations and government policies in all material respects. Furthermore, the Company does not anticipate that maintaining compliance with such environmental statutes will have a material impact upon the Company's consolidated financial position. |
World Color Press Insolvency Pr
World Color Press Insolvency Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Reorganizations [Abstract] | |
World Color Press Insolvency Proceedings | World Color Press Insolvency Proceedings The Company continues to manage the bankruptcy claim settlement process for the Quebecor World Inc. ("QWI") bankruptcy proceedings in the United States and Canada (QWI changed its name to World Color Press upon emerging from bankruptcy on July 21, 2009 ). To the extent claims are allowed, the holders of such claims are entitled to receive recovery, with the nature of such recovery dependent upon the type and classification of such claims. In this regard, with respect to certain types of claims, the holders thereof are entitled to receive cash and/or unsecured notes, while the holders of certain other types of claims are entitled to receive a combination of Quad/Graphics common stock and cash (the "Class 4 Claims"), in accordance with the terms of the World Color Press acquisition agreement. With respect to claims asserted by the holders thereof as being entitled to a priority cash recovery, the Company has estimated that approximately $1.2 million and $1.4 million of such recorded claims have yet to be paid as of December 31, 2016 and 2015 , respectively. With respect to claims asserted by the holders thereof as being entitled to Class 4 Claims, during the second quarter of 2016 the Company was provided $1.1 million of restricted cash for the future satisfaction of the cash portion of the remaining Class 4 Claims. The obligations for both the priority cash claims and the Class 4 Claims are classified as amounts owing in satisfaction of bankruptcy claims in the consolidated balance sheets. With respect to unsecured claims held by creditors of the operating subsidiary debtors of Quebecor World (USA) Inc. (the "Class 3 Claims"), each allowed Class 3 Claim will be entitled to receive an unsecured note in an amount equaling 50% of such creditor's allowed Class 3 Claim, provided, however, that the aggregate principal amount of all such unsecured notes cannot exceed $75.0 million . Each allowed Class 3 Claim will also receive accrued interest and a 5% prepayment redemption premium thereon (the total aggregate maximum principal, interest and prepayment redemption premium for all Class 3 Claims is $89.2 million ). In connection with the World Color Press acquisition, the Company was required to deposit the maximum potential payout to the Class 3 Claim creditors with a trustee, and that amount is being used to pay creditors for allowed Class 3 Claims, with excess amounts not required for Class 3 Claim payments reverting to the Company. During the years ended December 31, 2016 and 2015 , $0.3 million and $0.1 million , respectively, of the restricted cash was paid to Class 3 Claim creditors. The Company also received refunds of $4.0 million and $17.5 million of restricted cash during the years ended December 31, 2016 and 2015 , respectively. At December 31, 2016 , a $7.2 million maximum potential payout to the Class 3 Claim creditors remains and is classified as restricted cash in the consolidated balance sheets. Based on the Company's analysis of the outstanding claims, the Company has a liability of $5.4 million at December 31, 2016 , classified as unsecured notes to be issued in the consolidated balance sheets. Activity impacting restricted cash and unsecured notes to be issued for the years ended December 31, 2016 and 2015 , was as follows: Restricted Cash Unsecured Notes to be Issued Balance at January 1, 2015 $ 29.1 $ 9.0 Class 3 Claim payments (0.1 ) (0.1 ) Restricted cash refunded to Quad/Graphics (17.5 ) — Non-cash adjustments — (1.8 ) Balance at December 31, 2015 $ 11.5 $ 7.1 Class 3 Claim payments (0.3 ) (0.3 ) Restricted cash refunded to Quad/Graphics (4.0 ) — Non-cash adjustments — (1.4 ) Balance at December 31, 2016 $ 7.2 $ 5.4 The components of restricted cash at December 31, 2016 and 2015 , were as follows: December 31, December 31, Defeasance of unsecured notes to be issued $ 7.2 $ 11.5 Restricted cash for Class 4 Claim payments 1.1 — Other 1.9 2.0 Total restricted cash $ 10.2 $ 13.5 While the liabilities recorded for any bankruptcy matters are based on management's current assessment of the amount likely to be paid, it is not possible to identify the final amount of priority cash claims, Class 4 Claims or Class 3 Claims that will ultimately be allowed by the United States Bankruptcy Court. Therefore, payments for amounts owing in satisfaction of bankruptcy claims could be higher than the amounts accrued on the consolidated balance sheets, which would require additional cash payments to be made and expense to be recorded for the amount exceeding the Company's estimate. Amounts payable related to the unsecured notes could exceed current estimates, which would require additional expense to be recorded. The Company has resolved the majority of claims since acquiring World Color Press in 2010, but the ultimate timing for completion of the bankruptcy process depends on the resolution of the remaining claims. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The components of long-term debt at December 31, 2016 and 2015 , were as follows: Weighted Average Interest Rate 2016 2015 Master note and security agreement 7.47 % $ 152.6 $ 260.4 Term loan A—$450.0 million due April 2019 2.59 % 376.9 410.6 Term loan B—$300.0 million due April 2021 4.25 % 290.6 293.2 Revolving credit facility—$850.0 million due April 2019 2.60 % 19.0 70.8 Senior unsecured notes—$300.0 million due May 2022 7.00 % 243.5 300.0 International term loan—$18.7 million 1.72 % 16.8 — International revolving credit facility—$14.3 million 1.01 % 5.3 — Equipment term loans 4.06 % 9.5 13.4 Other 20.69 % 1.6 2.2 Debt issuance costs (11.3 ) (16.1 ) Total debt $ 1,104.5 $ 1,334.5 Less: short-term debt and current portion of long-term debt (84.7 ) (94.6 ) Long-term debt $ 1,019.8 $ 1,239.9 Description of Debt Obligations Master Note and Security Agreement On September 1, 1995, and as last amended on November 24, 2014 , Quad/Graphics entered into its Master Note and Security Agreement . As of December 31, 2016 , the borrowings outstanding under the Master Note and Security Agreement were $152.6 million . The senior notes under the Master Note and Security Agreement have a weighted average interest rate of 7.47% at December 31, 2016 , which is fixed to maturity, with interest payable semiannually. Principal payments commenced September 1997 and extend through April 2031 in various tranches. The notes are collateralized by certain United States land, buildings and press and finishing equipment under the terms of the Master Note and Security Agreement . The Company redeemed $60.1 million of its senior notes under the Master Note and Security Agreement , resulting in a net loss on debt extinguishment of $0.2 million , during the year ended December 31, 2016. All tendered senior notes under the Master Note and Security Agreement were canceled. The Company used cash flows from operating activities and borrowings under its revolving credit facility to fund the tender. The tender was primarily completed to reallocate debt to the lower interest rate revolving credit facility and thereby reduce interest expense based on current London Interbank Offered Rate (" LIBOR ") rates. Senior Secured Credit Facility The Company completed the issuance of its $1.6 billion Senior Secured Credit Facility , including a revolving credit facility, Term Loan A and Term Loan B, on April 28, 2014 . The Senior Secured Credit Facility was entered into to extend and stagger the Company's debt maturity profile, further diversify its capital structure and provide more borrowing capacity to better position the Company to execute on its strategic goals. The proceeds from the Senior Secured Credit Facility were used for the following: (1) to repay the Company's previous revolving credit facility, Term Loan A, Term Loan B and the 2008 international term loan; (2) to fund the acquisition of Brown Printing; and (3) for general corporate purposes. The Senior Secured Credit Facility consists of three different loan facilities. The first facility is a revolving credit facility in the amount of $850.0 million with a term of five years , maturing on April 27, 2019 . The second facility is a Term Loan A in the aggregate amount of $450.0 million with a term of five years , maturing on April 27, 2019 , subject to certain required amortization. The third facility is a Term Loan B in the amount of $300.0 million with a term of seven years , maturing on April 27, 2021 , subject to certain required amortization. At December 31, 2016 , the Company had borrowings of $19.0 million on the revolving credit facility, as well as $47.9 million of issued letters of credit, leaving $783.1 million available for future borrowings. Borrowings under the revolving credit facility and Term Loan A loans made under the Senior Secured Credit Facility will initially bear interest at 2.00% in excess of reserve adjusted LIBOR, or 1.00% in excess of an alternate base rate, and Term Loan B loans will bear interest at 3.25% in excess of reserve adjusted LIBOR, with a LIBOR floor of 1.00% , or 2.25% in excess of an alternative base rate at the Company's option. The Senior Secured Credit Facility is secured by substantially all of the unencumbered assets of the Company. The Senior Secured Credit Facility also requires the Company to provide additional collateral to the lenders in certain limited circumstances. During February 2017, the Company entered into an interest rate swap designated as a cash flow hedge and completed the second amendment to the Senior Secured Credit Facility. See Note 25 , “ Subsequent Events ,” for further detail on these items. Senior Unsecured Notes The Company completed the issuance of $300.0 million aggregate principal amount of its Senior Unsecured Notes due May 1, 2022 , on April 28, 2014 . The Senior Unsecured Notes bear interest at 7.00% , and interest is payable semi-annually. The Senior Unsecured Notes were entered into to extend and stagger the Company's debt maturity profile, further diversify its capital structure and provide more borrowing capacity to better position the Company to execute on its strategic goals. The Company received $294.8 million in net proceeds from the sale of the Senior Unsecured Notes , after deducting the initial purchasers' discounts and commissions. The proceeds from the Senior Unsecured Notes were used for the same purposes detailed in the April 28, 2014 Senior Secured Credit Facility above. The Company repurchased $56.5 million of its Senior Unsecured Notes in the open market, resulting in a net gain on debt extinguishment of $14.3 million , during the year ended December 31, 2016. All repurchased Senior Unsecured Notes were canceled. The Company used cash flows from operating activities and borrowings under its revolving credit facility to fund the repurchases. These repurchases were primarily completed to efficiently reduce debt balances and interest expense based on current LIBOR rates. Each of the Company's existing and future domestic subsidiaries that is a borrower or guarantees indebtedness under the Company's 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 Guarantor Subsidiaries are 100% owned by the Company. Guarantor Subsidiaries will be automatically released from these guarantees upon the occurrence of certain events. See Note 23 , " Separate Financial Information of Subsidiary Guarantors of Indebtedness ," for further details on the Guarantor Subsidiaries . International Debt Obligations The Company entered into a fixed rate Euro denominated international term loan on December 28, 2015, for purposes of financing certain capital expenditures and general business needs. The $18.7 million term loan was fully funded during 2016 and had $16.8 million outstanding at a weighted average interest rate of 1.72% as of December 31, 2016 . The term loan has a term of six years , maturing on December 28, 2021 . The Company has two multicurrency international revolving credit facilities that are used for financing working capital and general business needs. The Company had $5.3 million of borrowings outstanding on the international revolving credit facilities as of December 31, 2016 , leaving $9.0 million available for future borrowing. The terms of the international revolving credit facilities includes certain financial covenants, a guarantee of the international revolving credit facilities by the Company and a security agreement that includes collateralizing substantially all of the Quad/Graphics Europe Sp. z.o.o. assets. The first multicurrency international revolving credit facility expires on October 31, 2017 , and bears interest at the aggregate of the Warsaw Interbank Offered Rate ("WIBOR") plus 0.90% for any Polish Zloty denominated borrowings or the aggregate of Euro Interbank Offered Rate ("EURIBOR") plus 0.95% for any Euro denominated borrowings. The second multicurrency international revolving credit facility expires on November 20, 2018 , and bears interest at the aggregate of WIBOR plus 0.70% for any Polish Zloty denominated borrowings or the aggregate of EURIBOR plus 0.70% for any Euro denominated borrowings. Fair Value of Debt Based upon the interest rates available to the Company for borrowings with similar terms and maturities, the fair value of the Company's total debt was approximately $1.1 billion and $1.2 billion at December 31, 2016 and 2015 , respectively. The fair value determination of the Company's total debt was categorized as Level 2 in the fair value hierarchy (see Note 15 , " Financial Instruments and Fair Value Measurements ," for the definition of Level 2 inputs). As of December 31, 2016 , approximately $2.4 billion of the Company's assets were pledged as security under various loans and other agreements. Debt Issuance Costs and Original Issue Discount Activity impacting the Company's capitalized debt issuance costs for the years ended December 31, 2016 and 2015 , was as follows: Capitalized Debt Issuance Costs Balance at January 1, 2015 $ 20.0 Amortization of debt issuance costs (3.9 ) Balance at December 31, 2015 $ 16.1 Write off of debt issuance costs due to Master Note and Security Agreement redemption (0.2 ) Write off of debt issuance costs due to Senior Unsecured Notes repurchase (0.8 ) Amortization of debt issuance costs (3.8 ) Balance at December 31, 2016 $ 11.3 Activity impacting the Company's original issue discount for the years ended December 31, 2016 and 2015 , was as follows: Original Issue Discount Balance at January 1, 2015 $ 2.7 Amortization of original issue discount (0.5 ) Balance at December 31, 2015 $ 2.2 Amortization of original issue discount (0.4 ) Balance at December 31, 2016 $ 1.8 Amortization expense for debt issuance costs was $3.8 million , $3.9 million and $3.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Amortization expense for original issue discount was $0.4 million , $0.5 million and $0.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The debt issuance costs and original issue discount are being amortized on a straight-line basis over the five , seven and eight year lives of the related debt instruments. Gain (Loss) on Debt Extinguishment 2016 Gain on Debt Extinguishment The Company recorded a net gain on debt extinguishment of $14.1 million during the year ended December 31, 2016. The $14.1 million was comprised of a $14.3 million gain incurred in conjunction with the repurchase of $56.5 million of the Company's Senior Unsecured Notes , offset by a net loss on debt extinguishment of $0.2 million resulting from the redemption of $60.1 million of the Company's senior notes under the Master Note and Security Agreement. The gain on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2016, was comprised of the following: Master Note and Security Agreement Senior Unsecured Notes Total Principal amount repurchased $ 60.1 $ 56.5 $ 116.6 Repurchase price 61.2 42.5 103.7 Less: accrued interest paid (1.2 ) (1.1 ) (2.3 ) Net repurchase price 60.0 41.4 101.4 Debt financing fees expensed (0.1 ) — (0.1 ) Debt issuance costs expensed (0.2 ) (0.8 ) (1.0 ) Gain (loss) on debt extinguishment $ (0.2 ) $ 14.3 $ 14.1 2014 Loss on Debt Extinguishment The Company incurred $14.3 million in debt issuance costs in conjunction with the $1.9 billion debt financing arrangement completed on April 28, 2014 . In accordance with the accounting guidance for the treatment of debt issuance costs in a debt extinguishment, of the $14.3 million in new debt issuance costs, $11.0 million was capitalized and classified as a reduction of long-term debt in the consolidated balance sheets and $3.3 million was expensed and classified as loss on debt extinguishment in the consolidated statements of operations. In addition, original issue discount of $3.0 million related to Term Loan B of the Senior Secured Credit Facility was classified as a reduction of long-term debt in the consolidated balance sheets. The Company incurred $1.0 million in debt issuance costs in conjunction with the redemption of $108.8 million of its senior notes under the Master Note and Security Agreement on October 10, 2014 . In accordance with the accounting guidance for the treatment of debt issuance costs in a debt extinguishment, the $1.0 million was expensed and classified as loss on debt extinguishment in the consolidated statements of operations for the year ended December 31, 2014. The Company incurred $1.2 million in debt issuance costs in conjunction with the amendment to the Master Note and Security Agreement on November 24, 2014 . In accordance with the accounting guidance for the treatment of debt issuance costs in a debt extinguishment, of the $1.2 million in new debt issuance costs, $1.0 million was capitalized and classified as a reduction of long term debt in the consolidated balance sheets and $0.2 million was expensed and classified as loss on debt extinguishment in the consolidated statements of operations for the year ended December 31, 2014. The loss on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2014, was comprised of the following: Loss on Debt Extinguishment Debt issuance costs: Loss on debt extinguishment from July 26, 2011 $1.5 billion debt financing arrangement fees that were previously capitalized $ 2.1 Debt issuance costs from April 28, 2014 $1.9 billion debt financing arrangement 3.3 Loss on debt extinguishment from October 10, 2014 partial redemption of senior notes under Master Note and Security Agreement 1.0 Loss on debt extinguishment from November 24, 2014 amendment to Master Note and Security Agreement 0.2 Original issue discount: Original issue discount from July 26, 2011 $1.5 billion debt financing arrangement 0.6 Total $ 7.2 Covenants and Compliance The Company's various lending arrangements include certain financial covenants (all financial terms, numbers and ratios are as defined in the Company's debt agreements). Among these covenants, the Company was required to maintain the following as of December 31, 2016 : • Total Leverage Ratio. On a rolling twelve-month basis, the total leverage ratio, defined as total consolidated debt to consolidated EBITDA, shall not exceed 3.75 to 1.00 (for the twelve months ended December 31, 2016 , the Company's total leverage ratio was 2.34 to 1.00). • Senior Secured Leverage Ratio. On a rolling twelve-month basis, the senior secured leverage ratio, defined as senior secured debt to consolidated EBITDA, shall not exceed 3.50 to 1.00 (for the twelve months ended December 31, 2016 , the Company's senior secured leverage ratio was 1.84 to 1.00). • Minimum Interest Coverage Ratio. On a rolling twelve-month basis, the minimum interest coverage ratio, defined as consolidated EBITDA to consolidated cash interest expense, shall not be less than 3.50 to 1.00 (for the twelve months ended December 31, 2016 , the Company's minimum interest coverage ratio was 6.77 to 1.00). The indenture underlying the Senior Unsecured Notes contains various covenants, including, but not limited to, covenants that, subject to certain exceptions, limit the Company's and its restricted subsidiaries' ability to incur and/or guarantee additional debt; pay dividends, repurchase stock or make certain other restricted payments; enter into agreements limiting dividends and certain other restricted payments; prepay, redeem or repurchase subordinated debt; grant liens on assets; enter into sale and leaseback transactions; merge, consolidate, transfer or dispose of substantially all of the Company's consolidated assets; sell, transfer or otherwise dispose of property and assets; and engage in transactions with affiliates. In addition to those covenants, the Senior Secured Credit Facility also includes certain limitations on acquisitions, indebtedness, liens, dividends and repurchases of capital stock, including the following: • If the Company's total leverage ratio is greater than 3.00 to 1.00 (as defined in the Senior Secured Credit Facility ), the Company is prohibited from making greater than $120.0 million of annual dividend payments, capital stock repurchases and certain other payments. If the total leverage ratio is less than 3.00 to 1.00, there are no such restrictions. • If the Company's senior secured leverage ratio is greater than 3.00 to 1.00 or the Company's total leverage ratio is greater than 3.50 to 1.00 (these ratios as defined in the Senior Secured Credit Facility ), the Company is prohibited from voluntarily prepaying any of the Senior Unsecured Notes and from voluntarily prepaying any other unsecured or subordinated indebtedness, with certain exceptions (including any mandatory prepayments on the Senior Unsecured Notes or any other unsecured or subordinated debt). If the senior secured leverage ratio is less than 3.00 to 1.00 and the total leverage ratio is less than 3.50 to 1.00, there are no such restrictions. Estimated Principal Payments The approximate annual principal amounts due on long-term debt, excluding $11.3 million for future amortization of debt issuance costs and $1.8 million for future amortization of original issue discount, at December 31, 2016 , were as follows: Principle Payments 2017 $ 84.7 2018 88.7 2019 338.9 2020 33.1 2021 300.4 2022 – 2026 266.6 2027 – 2031 5.2 Total $ 1,117.6 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations The Company enters into various master lease agreements for press, finishing and transportation equipment. These leases provide the Company with options to purchase the related equipment at the termination value, as defined, and at various early buyout dates during the term of the lease. These leases are accounted for as capital leases on the consolidated balance sheets. The components of capital lease assets at December 31, 2016 and 2015 , were as follows: 2016 2015 Leased equipment—gross $ 37.6 $ 23.6 Less: accumulated depreciation (12.5 ) (10.9 ) Leased equipment—net $ 25.1 $ 12.7 The future maturities of capitalized leases at December 31, 2016 , were as follows: Future Maturities of Capitalized Leases 2017 $ 8.6 2018 6.2 2019 4.8 2020 4.1 2021 3.6 2022 and thereafter 1.9 Total minimum payments $ 29.2 Less: amounts representing interest (2.9 ) Present value of minimum payments $ 26.3 Less: current portion (7.4 ) Long-term capital lease obligations $ 18.9 The Company has various operating lease agreements. Future minimum rental commitments under non-cancelable leases at December 31, 2016 , were as follows: Future Minimum Rental Commitments 2017 $ 47.2 2018 39.2 2019 31.4 2020 23.1 2021 12.5 2022 and thereafter 31.8 Total $ 185.2 Rent expense under these operating lease agreements totaled $43.7 million , $44.8 million and $39.6 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes have been based on the following components of earnings (loss) before income taxes and equity in loss of unconsolidated entities for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 United States $ 48.4 $ (855.1 ) $ 57.4 Foreign 10.9 (63.3 ) (16.2 ) Total $ 59.3 $ (918.4 ) $ 41.2 The components of income tax expense (benefit) for the years ended December 31, 2016 , 2015 and 2014 , were as follows: 2016 2015 2014 Federal: Current $ 32.0 $ 5.6 $ (11.6 ) Deferred (20.0 ) (281.4 ) 21.1 State: Current 3.9 0.5 (0.9 ) Deferred (5.3 ) (13.9 ) 1.3 Foreign: Current 3.7 3.6 5.9 Deferred (1.3 ) 2.8 4.4 Total income tax expense (benefit) $ 13.0 $ (282.8 ) $ 20.2 The Company recorded $808.3 million of non-cash goodwill impairment charges during the year ended December 31, 2015, of which $743.0 million is nondeductible for income tax purposes. The tax benefit related to goodwill impairment charges of $265.9 million was composed of: (1) a $241.4 million deferred tax benefit associated with the reduction of the deferred tax liability related to the investments in United States subsidiaries due to the lower estimated fair value of the United States Print and Related Services segment and (2) a $24.5 million tax benefit on the $65.3 million of deductible goodwill. The deferred tax liability related to the investments in United States subsidiaries was originally established when the former World Color Press entities emerged from bankruptcy in 2009. The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company's effective tax rate for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign rate differential (8.4 ) 0.2 (4.5 ) Loss on foreign investment (7.9 ) — — Domestic production activity deduction (5.6 ) — (1.6 ) State taxes, net of federal benefit (3.5 ) — (0.2 ) Impact from foreign branches 6.1 (0.3 ) 0.6 Adjustment of deferred tax liabilities 3.7 (0.1 ) 10.1 Adjustment to valuation allowances 1.7 (1.0 ) 26.1 Adjustment of uncertain tax positions 1.6 (0.1 ) (22.9 ) Investment in United States subsidiaries — 26.3 — Nondeductible goodwill impairment — (28.3 ) — Other (0.8 ) (0.9 ) 6.4 Effective income tax rate 21.9 % 30.8 % 49.0 % Deferred Income Taxes The significant deferred tax assets and liabilities as of December 31, 2016 and 2015 , were as follows: 2016 2015 Deferred tax assets: Net operating loss and other tax carryforwards $ 150.9 $ 157.7 Pension and workers compensation benefits 82.9 90.5 Interest limitation 84.6 81.3 Accrued compensation 39.0 42.4 Accrued liabilities 21.4 28.8 Allowance for doubtful accounts 18.0 16.6 Other 17.9 21.8 Total deferred tax assets 414.7 439.1 Valuation allowance (155.9 ) (164.4 ) Net deferred tax assets $ 258.8 $ 274.7 Deferred tax liabilities: Property, plant and equipment $ (293.0 ) $ (317.1 ) Goodwill and intangible assets 11.6 (3.2 ) Other (12.7 ) (13.4 ) Total deferred tax liabilities (294.1 ) (333.7 ) Net deferred tax liabilities $ (35.3 ) $ (59.0 ) At December 31, 2016 , the Company had the following gross amounts of tax-related carryforwards: • Net operating loss carryforwards of $0.1 million , $148.1 million and $499.3 million for federal, foreign and state, respectively. The federal net operating loss carryforwards expire in 2035 . Of the foreign net operating loss carryforwards, $61.3 million are available without expiration, while the remainder expire through 2036 . The state net operating loss carryforwards expire in varying amounts through 2036 . • Capital loss carryforwards of $158.5 million and $95.9 million for federal and state, respectively. Of the federal capital loss carryforwards, $149.8 million expires in 2017 , $6.2 million expires in 2019 and $2.5 million expires in 2021 ; and of the state capital loss carryforwards, $90.9 million expires in 2017 , $3.5 million expires in 2019 and $1.5 million expires in 2021 . • Various credit carryforwards of $2.0 million and $46.4 million for federal and state, respectively. The federal credit carryforward expires in 2035. The state credit carryforwards include $31.4 million that are available without expiration, while the remainder expire through 2036 . At December 31, 2016 , the Company has recorded a valuation allowance of $155.9 million on its consolidated balance sheet primarily related to the tax-affected amounts of the above carryforwards. The valuation allowance includes $55.5 million , $46.5 million and $53.9 million of federal, foreign and state deferred tax assets, respectively, that are not expected to be realized. The Company considers its foreign earnings to be indefinitely invested. Accordingly, the Company does not provide for the additional United States and foreign income taxes which would become payable upon remission of undistributed earnings of foreign subsidiaries. The cumulative undistributed earnings of foreign subsidiaries at December 31, 2016 , are not material. Uncertain Tax Positions The following table summarizes the activity of the Company's liability for unrecognized tax benefits at December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Balance at beginning of period $ 29.8 $ 31.1 $ 44.5 Additions for tax positions of the current year 0.3 0.7 0.5 Additions for tax positions of prior years 1.0 1.4 2.4 Reductions for tax positions of prior years (0.7 ) (0.9 ) (5.1 ) Settlements during the period — (0.8 ) (0.3 ) Lapses of applicable statutes of limitations (0.8 ) (1.6 ) (10.8 ) Foreign exchange and other — (0.1 ) (0.1 ) Balance at end of period $ 29.6 $ 29.8 $ 31.1 As of December 31, 2016 , $29.6 million of unrecognized tax benefits would impact the Company's effective tax rate, if recognized. Of that amount, it is reasonably possible that $0.6 million of the total amount of unrecognized tax benefits will decrease within 12 months due to resolution of audits or statute expirations. The Company classified interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The following table summarizes the Company's interest expense related to tax uncertainties and penalties recognized during the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Interest expense $ 1.0 $ — $ 0.8 Penalties recognized — (0.1 ) — Accrued interest and penalties related to income tax uncertainties are reported as components of other long-term liabilities on the consolidated balance sheets. Accrued interest was $5.9 million and $4.8 million at December 31, 2016 and 2015 , respectively. Accrued penalties were $0.4 million and $0.4 million at December 31, 2016 and 2015 , respectively. The Company has tax years from 2013 through 2016 that remain open and subject to examination by the Internal Revenue Service. Tax years from 2007 through 2016 remain open and subject to examination in the Company's various major state jurisdictions within the United States. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of acquisitions or impairment charges. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3: Unobservable inputs for the asset or liability. There were no Level 3 recurring measurements of assets or liabilities as of December 31, 2016 . The Company records the fair value of its forward contracts and pension plan assets on a recurring basis. The fair value of cash and cash equivalents, receivables, inventories, restricted cash, accounts payable, accrued liabilities and amounts owing in satisfaction of bankruptcy claims approximate their carrying values as of December 31, 2016 and 2015 . See Note 12 , " Debt ," for further discussion on the fair value of the Company's debt and Note 16 , " Employee Retirement Plans ," for the details of Level 1 and Level 2 inputs related to employee retirement plans. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. See Note 2 , " Acquisitions and Strategic Investments ," for further discussion on acquisitions. See Note 3 , " Restructuring, Impairment and Transaction-Related Charges ," Note 4 , " Goodwill and Other Intangible Assets ," Note 7 , " Property, Plant and Equipment ," and Note 8 , " Equity Method Investments in Unconsolidated Entities ," for further discussion on impairment charges recorded as a result of the remeasurement of certain long-lived assets. The Company has operations in countries that have transactions outside their functional currencies and periodically enters into foreign exchange contracts. These contracts are used to hedge the net exposures of changes in foreign currency exchange rates and are designated as either cash flow hedges or fair value hedges. Gains or losses on net foreign currency hedges are intended to offset losses or gains on the underlying net exposures in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. There were no open foreign currency exchange contracts as of December 31, 2016 . The Company periodically enters into natural gas forward purchase contracts to hedge against increases in commodity costs. The Company's commodity contracts qualified for the exception related to normal purchases and sales during the years ended December 31, 2016 and 2015 , as the Company takes delivery in the normal course of business. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans Defined Contribution Plans The Quad/Graphics Diversified Plan is comprised of participant directed 401(k) contributions, Company match and profit sharing contributions, with total participant assets of $1.9 billion as of December 31, 2016 . Company 401(k) matching contributions were $13.3 million , $16.6 million and $14.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Quad/Graphics Employee Stock Ownership Plan holds profit sharing contributions of Company stock, which are made at the discretion of the Company's Board of Directors. There were no profit sharing contributions for the years ended December 31, 2016 , 2015 and 2014 . Defined Benefit Plans and Other Postretirement Benefit Plans The Company assumed various funded and unfunded frozen pension plans for a portion of its full-time employees in the United States as part of the acquisition of World Color Press in 2010. Benefits are generally based upon years of service and compensation. These plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all qualified plans using actuarial cost methods and assumptions acceptable under government regulations. In addition to pension benefits, the Company provided certain healthcare and life insurance benefits for some retired employees. In 2014, the Company eliminated the postretirement medical benefit coverage for all retirees, which resulted in the recognition of a termination gain of $4.9 million . The termination gain was recorded in restructuring, impairment and transaction-related charges in the consolidated statement of operations. The components of net pension and postretirement benefit income for the years ended December 31, 2016 , 2015 and 2014 , were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 Interest cost $ (18.1 ) $ (26.9 ) $ (29.3 ) $ — $ — $ (0.1 ) Expected return on plan assets 30.2 34.9 34.4 — — — Amortization of prior service credit — — — — — 5.8 Amortization of actuarial gain — — — — — 0.3 Net periodic benefit income 12.1 8.0 5.1 — — 6.0 Settlement charge (7.0 ) — — — — — Termination gain — — — — — 4.9 Total income $ 5.1 $ 8.0 $ 5.1 $ — $ — $ 10.9 The underfunded pension obligations are calculated using generally accepted actuarial methods and are measured annually as of December 31. The following table provides a reconciliation of the projected benefit obligation, fair value of plan assets and the funded status of the pension plans as of December 31, 2016 and 2015 : Pension Benefits 2016 2015 Changes in benefit obligation Projected benefit obligation, beginning of year $ (645.9 ) $ (711.3 ) Interest cost (18.1 ) (26.9 ) Actuarial gain (loss) (22.3 ) 39.3 Benefits paid 107.9 53.0 Liability benefit from lump-sum settlement 17.8 — Projected benefit obligation, end of year $ (560.6 ) $ (645.9 ) Changes in plan assets Fair value of plan assets, beginning of year $ 508.1 $ 548.6 Actual return on plan assets 33.8 (0.5 ) Employer contributions 12.4 13.0 Benefits paid (107.9 ) (53.0 ) Fair value of plan assets, end of year $ 446.4 $ 508.1 Funded status $ (114.2 ) $ (137.8 ) Amounts recognized on the consolidated balance sheets as of December 31, 2016 and 2015 , were as follows: Pension Benefits 2016 2015 Current liabilities $ (1.8 ) $ (1.8 ) Noncurrent liabilities (112.4 ) (136.0 ) Total amount recognized $ (114.2 ) $ (137.8 ) The following table provides a reconciliation of the Company's accumulated other comprehensive income (loss) prior to any deferred tax effects at December 31, 2016 and 2015 : Pension Benefits Actuarial Gain / (Loss), net Balance at January 1, 2015 $ (44.6 ) Amount arising during the period 3.7 Balance at December 31, 2015 $ (40.9 ) Amount arising during the period (0.8 ) Impact of pension plan settlement charge included in net earnings (loss) 7.0 Balance at December 31, 2016 $ (34.7 ) On April 1, 2016, the Company provided the option to receive a lump-sum pension payment to a select group of terminated vested participants. Total lump-sum payments of $74.8 million were paid during 2016, of which $56.4 million million was paid in July 2016 under the lump-sum program. During 2016, the Company settled $92.6 million of pension liabilities for $74.8 million of pension payouts. Payments to eligible participants who elected to receive a lump-sum pension payment were funded from existing pension plan assets and constituted a settlement of the Company's pension liabilities with respect to these participants. As a result of the lump-sums paid to participants, non-cash settlement charges of $7.0 million were recognized in 2016. The settlement charges were classified as restructuring, impairment and transaction-related charges in the consolidated statement of operations. These charges resulted from the recognition in earnings of a portion of the actuarial losses recorded in accumulated other comprehensive loss based on the proportion of the obligation settled. Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of plan assets are recognized as a component of net periodic benefit costs over the average remaining service period of a plan's active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan's active employees. No amortization of amounts in accumulated other comprehensive loss is expected to be recognized as a component of net periodic pension income in 2017. The weighted average assumptions, separately for the pension and postretirement benefit plans, used to determine net periodic benefit costs for the years ended December 31, 2016 , 2015 and 2014 , were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 Discount rate 3.32 % 3.90 % 4.80 % N/A N/A 3.60 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % N/A N/A N/A The weighted average assumptions used to determine pension benefit obligations at December 31, 2016 and 2015 , were as follows: Pension Benefits 2016 2015 Discount rate (end of year rate) 3.91 % 4.14 % The Company determines its assumed discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the measurement date. For 2015, the Company measured interest costs utilizing a single weighted average discount rate derived from the yield curve used to measure the plan obligations. Beginning in 2016, the Company changed the approach used to measure interest costs for pension benefits and elected to measure interest costs by applying the specific spot rates along that yield curve to the plans' liability cash flows. The new method would also impact the calculation of service costs, but this is not applicable to the Company's pension plans due to their frozen status. The Company made this change to provide a more precise measurement of interest costs by aligning the timing of the plans' liability cash flows to the corresponding spot rates on the yield curve. This change did not affect the measurement of the plan obligations. The Company has reflected this as a change in accounting estimate, and accordingly, has accounted for it on a prospective basis. Estimated Company Contributions and Benefit Payments In 2017 , the Company is not required to make cash contributions to its qualified defined benefit pension plans but expects to make estimated benefit payments of $1.8 million to its non-qualified defined benefit pension plans. The actual pension contributions may differ based on the funding calculations, and the Company may choose to make additional discretionary contributions. The estimated benefit payments may differ based on actual experience. Estimated Future Benefit Payments by the Plans to or on behalf of Plan Participants An estimate of the Plans' future benefit payments to be made from funded qualified plans and unfunded non-qualified plans to plan participants at December 31, 2016 , were as follows: Pension Benefits 2017 $ 44.2 2018 42.6 2019 41.4 2020 40.7 2021 39.5 2022 – 2026 181.6 Thereafter 170.6 Total $ 560.6 Plan Assets and Investment Strategy The Company follows a disciplined investment strategy, which provides diversification of investments by asset class, foreign currency, sector and company. The Pension Committee has an approved investment policy for the pension plan that establishes long-term asset mix targets based on several factors including the following: the funded status, historical returns achieved by worldwide investment markets, the time horizon of the pension plan's obligations, and the investment risk. An allocation range by asset class is developed whereby a mix of equity securities and debt securities are used to provide an appropriate risk-adjusted long-term return on plan assets. Third-party investment managers are employed to invest assets in both passively-indexed and actively-managed strategies and investment returns and risks are monitored on an ongoing basis. Derivatives are used at certain times to hedge foreign currency exposure. Gains or losses on the derivatives are offset by a corresponding change in the value of the hedged assets. Derivatives are strictly used for hedging purposes and not speculative purposes. The current target allocations for plan assets on a weighted average basis are 55% equity securities and 45% debt securities, including cash and cash equivalents. The actual asset allocation as of December 31, 2016 , was approximately 56% equity securities and 44% debt securities. The actual asset allocation as of December 31, 2015 , was approximately 54% equity securities and 46% debt securities. Equity investments are diversified by country, issuer and industry sector. Debt securities primarily consist of government bonds and corporate bonds from diversified industries. The expected long-term rate of return on assets assumption is selected by first identifying the expected range of long-term rates of return for each major asset class. Expected long-term rates of return are developed based on long-term historical averages, current expectations of future returns and anticipated inflation rates. The expected long-term rate of return on plan assets is then calculated by weighting each asset class. The fair values of the Company's pension plan assets at December 31, 2016 and 2015 , by asset category were as follows: December 31, 2016 December 31, 2015 Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 0.9 $ 0.9 $ — $ — $ 3.7 $ 3.7 $ — $ — Debt securities 91.4 — 91.4 — 105.6 — 105.6 — Equity securities 75.1 22.0 53.1 — 81.2 22.9 58.3 — 167.4 $ 22.9 $ 144.5 $ — 190.5 $ 26.6 $ 163.9 $ — Investments measured at net asset value ("NAV") (1) 279.0 317.6 $ 446.4 $ 508.1 ______________________________ (1) These investments consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund's underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. See Note 24 , " New Accounting Pronouncements ," for further discussion on the adoption of this new accounting standard. There are no Level 3 assets or liabilities as of December 31, 2016 and 2015 . See Note 15 , " Financial Instruments and Fair Value Measurements ," for definitions of fair value levels. The Company segregated its plan assets by the following major categories and levels for determining their fair value as of December 31, 2016 : Cash and cash equivalents. Carrying value approximates fair value and these assets are classified as Level 1. Debt Securities. This category consists of bonds, short-term fixed income securities and fixed income pooled funds fair valued based on a compilation of primarily observable market information or broker quotes in over-the-counter markets and are classified as Level 2. Equity Securities. This category consists of equity investments and equity pooled funds and these assets are classified as Level 1 and Level 2, respectively. Level 1 assets are valued based on quoted prices in an active market. Level 2 assets are valued using quoted prices in markets that are not active, broker dealer quotations, and other methods by which all significant input was observable at the measurement date. The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. The Company invests in various assets in which valuation is determined by NAV. The Company believes that NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption on these investments or other reasons to indicate that the investment would be redeemed at an amount different than NAV. The fair value measurements in common/collective trusts, calculated using a NAV and their redemption restrictions, for the years ended December 31, 2016 and 2015 , are as follows: Fair Value Redemption Frequency (If Currently Eligible) Redemption Notice Period 2016 2015 JP Morgan Chase Bank Strategic Property Fund $ 26.4 $ 31.0 Quarterly 45 days Pyramis Long Corporate A or Better 53.2 61.2 Daily 15 days Pyramis Long Duration 52.6 61.6 Daily 15 days Russell 1000 Index NL 146.8 163.8 Daily 1 day Risk Management For all directly invested funds, the concentration risk is monitored through specific guidelines in the investment manager mandates. The investment manager mandates were developed by the Company's external investment advisor, and specify diversification standards such as the maximum exposure per issuer, and concentration limits per type of security, industry and country when applicable. For the investments made through pooled funds, the investment mandates of the funds were again reviewed by the Company's external investment advisor, to determine that the investment objectives and guidelines were consistent with the Company's overall pension plan risk management objectives. In managing the plan assets, management reviews and manages risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability management and asset class diversification are central to the Company's risk management approach and are integral to the overall investment strategy. Given the process in place to ensure a proper diversification of the portfolio, management believes that the Company pension plan assets are not exposed to significant concentration risk. Multiemployer Pension Plans The Company has previously participated in a number of MEPPs under terms of collective bargaining agreements that cover a number of its employees. The risks of participating in these MEPPs are different from single employer plans in the following aspects: • Assets contributed to the MEPPs by one company may be used to provide benefits to employees of other participating companies. • If a participating company stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating companies. • If the Company stops participating in some or all of its MEPPs, and continues in business, the Company would be required to pay an amount, referred to as a withdrawal liability, based on the unfunded status of the plan. The Company has withdrawn from all significant MEPPs and replaced these union sponsored "promise to pay in the future" defined benefit plans with a Company sponsored "pay as you go" defined contribution plan. The two MEPPs, the GCIU and GCC , are significantly underfunded, and will require the Company to pay a withdrawal liability to fund its pro rata share of the underfunding as of the plan year the full withdrawal was completed. As a result of the decision to withdraw, the Company accrued the estimated withdrawal liability based on information provided by each plan's trustee, as part of the purchase price allocation for World Color Press. The GCIU Plan is a defined benefit plan that provides retirement benefits, total and permanent disability benefits, and pre-retirement death benefits for the participating union employees of the Company. The funded status of the GCIU Plan is classified as critical and declining based on the GCIU Plan's 2016 certification to the United States Department of Labor, as the funded percentage for the plan is less than 65% and the plan is projected to become insolvent within the next 20 years. As a result, the GCIU Plan implemented a rehabilitation plan to improve the plan's funded status. The Company has received a notice of withdrawal and demand for payment letter from the GCIU , which is in excess of the reserve established by the Company for the GCIU withdrawal. The Company is currently in litigation with the GCIU trustees to determine the amount and duration of the withdrawal payments for the GCIU . Arbitration proceedings with the GCIU have been completed, both sides have appealed the arbitrator's ruling, and litigation in Federal court has commenced. The GCC Plan is a defined benefit plan that provides retirement benefits, disability benefits, and early retirement benefits for the participating union employees of the Company. The funded status of the GCC Plan is classified as critical and declining based on the GCC Plan's 2016 certification to the United States Department of Labor, as the funded percentage for the plan is less than 65% and the plan is projected to be insolvent within the next 15 years. As a result, the GCC Plan implemented a rehabilitation plan to improve the plan's funded status. During the fourth quarter of 2016, the Company and the GCC reached a settlement agreement for all claims, with scheduled payments until February 2024. The Company made payments totaling $11.8 million , $11.4 million and $13.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company has reserved $48.1 million as its estimate of the total MEPPs withdrawal liability as of December 31, 2016 , of which $33.4 million was recorded in other long-term liabilities, $10.6 million was recorded in accrued liabilities and $4.1 million was recorded in unsecured notes to be issued in the consolidated balance sheets. The withdrawal liability reserved by the Company is within the range of the Company's estimated potential outcomes. This estimate may increase or decrease depending on the final conclusion of the litigation with the GCIU trustees. |
Earnings (Loss) Per Share Attri
Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders | Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders Basic earnings (loss) per share attributable to Quad/Graphics common shareholders is computed as net earnings (loss) attributable to Quad/Graphics common shareholders less the allocation of participating securities, divided by the basic weighted average common shares outstanding of 47.9 million , 47.9 million and 47.5 million shares for the years ended December 31, 2016 , 2015 and 2014 , respectively. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the following: (1) the amount the employee must pay upon exercise of the award; (2) the amount of unearned stock-based compensation costs attributed to future services; and (3) for the years ended December 31, 2015 and 2014 , the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. The calculation of total proceeds for the year ended December 31, 2016 , excludes the excess tax benefits as a result of the early prospective adoption of new accounting guidance related to share-based compensation during the second quarter of 2016, with retrospective application to January 1, 2016. The adoption of this accounting standard did not have a material impact on the consolidated financial statements. See Note 24 , " New Accounting Pronouncements ," for further discussion of the adoption of the new accounting standard related to share-based compensation and its impacts to the consolidated financial statements. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity incentive instruments of 1.9 million and 1.8 million of class A common shares were excluded from the computations of diluted net earnings per share for the years ended December 31, 2016, and 2014, respectively. Due to the net loss attributable to Quad/Graphics common shareholders incurred during the year ended December 31, 2015, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share attributable to Quad/Graphics common shareholders calculation for that period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are required to be treated as participating securities and included in the computation of earnings (loss) per share pursuant to the two-class method. The Company had no participating securities during 2016 and 2015, as the stock options granted on November 18, 2011, became fully vested on November 18, 2014. The Company's participating securities reduced basic and diluted earnings per share attributable to Quad/Graphics common shareholders by $0.01 for the year ended December 31, 2014 . Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company's common stock for the years ended December 31, 2016 , 2015 and 2014 , are summarized as follows: 2016 2015 2014 Numerator: Net earnings (loss) attributable to Quad/Graphics common shareholders $ 44.9 $ (641.9 ) $ 18.6 Adjustments to net earnings (loss) attributable to Quad/Graphics common shareholders Allocation to participating securities — — (0.3 ) Net earnings (loss) attributable to Quad/Graphics common shareholders - adjusted $ 44.9 $ (641.9 ) $ 18.3 Denominator: Basic weighted average number of common shares outstanding for all classes of common shares 47.9 47.9 47.5 Plus: effect of dilutive equity incentive instruments 1.9 — 1.0 Diluted weighted average number of common shares outstanding for all classes of common shares 49.8 47.9 48.5 Earnings (loss) per share attributable to Quad/Graphics common shareholders: Basic $ 0.94 $ (13.40 ) $ 0.39 Diluted $ 0.90 $ (13.40 ) $ 0.38 Cash dividends paid per common share for all classes of common shares $ 1.20 $ 1.20 $ 1.20 |
Equity Incentive Programs
Equity Incentive Programs | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Programs | Equity Incentive Programs The shareholders of the Company approved the Quad/Graphics, Inc. 2010 Omnibus Incentive Plan ("Omnibus Plan") for two complementary purposes: (1) to attract and retain outstanding individuals to serve as directors, officers and employees and (2) to increase shareholder value. In May 2016, an additional 3,000,000 shares were approved for issuance, providing for an aggregate 10,871,652 shares of class A common stock reserved for issuance under the Omnibus Plan. Awards under the Omnibus Plan may consist of incentive awards, stock options, stock appreciation rights, performance shares, performance share units, shares of class A stock, restricted stock, restricted stock units, deferred stock units or other stock-based awards as determined by the Company's Board of Directors. Each stock option granted has an exercise price of no less than 100% of the fair market value of the class A common stock on the date of grant. As of December 31, 2016 , there were 2,856,394 shares available for issuance under the Omnibus Plan. The Company recognizes compensation expense, based on estimated grant date fair values, for all share-based awards issued to employees and non-employee directors, including stock options, performance shares, performance share units, restricted stock, restricted stock units and deferred stock units. The Company recognizes these compensation costs for only those awards expected to vest, on a straight-line basis over the requisite three to four year service period of the awards, except deferred stock units, which are fully vested and expensed on the grant date. The Company estimated the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management's expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Equity Incentive Compensation Expense The total compensation expense recognized related to all equity incentive programs was $15.2 million , $7.2 million and $17.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and was recorded in selling, general and administrative expenses in the consolidated statements of operations. Total future compensation expense related to all equity incentive programs granted as of December 31, 2016 , is estimated to be $14.2 million . Estimated future compensation expense is $9.0 million for 2017 , $4.6 million for 2018 and $0.6 million for 2019 . Net tax benefit on equity award activity was $0.4 million , $2.8 million and $0.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. With the prospective adoption of the new accounting standard on share-based compensation, net tax benefit on equity award activity is included in net earnings (loss) in the operating activities section of the consolidated statement of cash flows for the year ended December 31, 2016 . See Note 24 , " New Accounting Pronouncements ," for further discussion of the adoption of the new accounting standard related to share-based compensation and its impacts to the consolidated financial statements. Net tax benefit on equity award activity is shown as tax benefit on equity award activity in the financing activities section of the consolidated statement of cash flows for the years ended December 31, 2015 and 2014 . Stock Options Options vest over four years, with no vesting in the first year and one-third vesting upon the second, third and fourth anniversary dates. As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, death, disability or normal retirement of the grantee. Options expire no later than the tenth anniversary of the grant date, 24 months after termination for death, 36 months after termination for normal retirement or disability and 90 days after termination of employment for any other reason. Options are not credited with dividend declarations, except for the November 18, 2011 grants. Stock options are only to be granted to employees. There were no stock options granted during the years ended December 31, 2016 , 2015 and 2014 . There was no compensation expense recognized related to stock options for the year ended December 31, 2016 . Compensation expense recognized related to stock options was $0.2 million and $7.2 million for the years ended December 31, 2015 and 2014 , respectively. There is no future compensation expense for stock options granted as of December 31, 2016 . The following table is a summary of the stock option activity for the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Outstanding at December 31, 2015 3,290,336 $ 21.37 3.6 $ — Granted — — Exercised (1,558,806 ) 19.42 Canceled/forfeited/expired (28,664 ) 30.23 Outstanding and exercisable at December 31, 2016 1,702,866 $ 23.00 3.3 $ 12.3 The intrinsic value of options exercisable as of December 31, 2016 , and the intrinsic value of options outstanding at December 31, 2016 and 2015 , is based on the fair value of the stock price. All outstanding options were vested as of December 31, 2016 . The following table is a summary of the stock option exercises and vesting activity for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Total intrinsic value of stock options exercised $ 12.4 $ 1.3 $ 1.5 Cash received from stock option exercises 30.3 2.2 2.7 Total grant date fair value of stock options vested 0.3 1.8 3.4 Performance Share and Performance Share Units Performance share ("PS") and performance share unit ("PSU") awards consist of shares or the rights to shares of the Company's class A common stock which are awarded to employees of the Company. There were no PS or PSU awards granted during the years ended December 31, 2016 , 2015 and 2014 . Shares awarded in 2013 had a performance period of three years that ended December 31, 2015. The Company did not achieve the established performance targets for the performance period ended December 31, 2015; therefore, the PS and PSU awards were canceled. Compensation expense for awards granted was recognized based on a best estimate of the anticipated payout, net of estimated forfeitures. There was no compensation expense recognized related to PS and PSUs for the year ended December 31, 2016 . Compensation expense (income) recognized related to PS and PSUs was income of $4.5 million and expense of $2.2 million for the years ended December 31, 2015 and 2014 , respectively. There is no expected future compensation expense for PS and PSUs granted as of December 31, 2016 . Restricted Stock and Restricted Stock Units Restricted stock ("RS") and restricted stock unit ("RSU") awards consist of shares or the rights to shares of the Company's class A common stock which are awarded to employees of the Company. The awards are restricted such that they are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer by the employee. RSU awards are typically granted to eligible employees outside of the United States. As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, death, disability or normal retirement of the grantee. Grantees receiving RS grants are able to exercise full voting rights and receive full credit for dividends during the vesting period. All such dividends will be paid to the RS grantee within 45 days of full vesting. Grantees receiving RSUs granted prior to January 1, 2012 are not entitled to vote and do not earn dividends. Grantees receiving RSUs on or after January 1, 2012 are not entitled to vote but do earn dividends. Upon vesting, RSUs will be settled either through cash payment equal to the fair market value of the RSUs on the vesting date or through issuance of Company class A common stock. The following table is a summary of RS and RSU award activity for the year ended December 31, 2016 : Restricted Stock Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Units Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Nonvested at December 31, 2015 1,549,624 $ 22.56 1.3 97,746 $ 16.58 1.7 Granted 1,315,571 9.43 175,228 10.08 Vested (337,979 ) 20.44 (22,282 ) 22.76 Forfeited (41,827 ) 23.07 (14,806 ) 18.55 Nonvested at December 31, 2016 2,485,389 $ 15.89 1.5 235,886 $ 11.04 1.8 During the year ended December 31, 2016 , RS awards of 1,315,571 shares and RSU awards of 175,228 units were granted at a weighted average grant date fair value per share of $9.43 and $10.08 , respectively. During the year ended December 31, 2015 , RS awards of 603,377 shares and RSU awards of 113,792 units were granted at a weighted average grant date fair value per share of $22.87 and $17.78 , respectively. During the year ended December 31, 2014 , RS awards of 706,490 shares and RSU awards of 17,767 units were granted at a weighted average grant date fair value per share of $23.44 and $23.45 , respectively. In general, RS and RSU awards will vest on the third anniversary of the grant date, provided the holder of the share is continuously employed by the Company until the vesting date. Compensation expense recognized for RS and RSUs was $14.4 million , $10.7 million , and $7.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Total future compensation expense for all RS and RSUs granted as of December 31, 2016 , is approximately $14.2 million . Estimated future compensation expense is $9.0 million for 2017 , $4.6 million for 2018 and $0.6 million for 2019 . Deferred Stock Units Deferred stock units ("DSU") are awards of rights to shares of the Company's class A common stock and are awarded to non-employee directors of the Company. The following table is a summary of DSU award activity for the year ended December 31, 2016 : Deferred Stock Units Units Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2015 156,807 $ 20.51 Granted 78,750 9.30 Dividend equivalents granted 14,182 20.63 Settled — — Forfeited — — Outstanding at December 31, 2016 249,739 $ 16.98 During the years ended December 31, 2016 , 2015 and 2014 , DSU awards of 78,750 , 34,139 and 26,316 units were granted at a weighted average grant date fair value per share of $9.30 , $23.11 and $23.45 , respectively. Each DSU award entitles the grantee to receive one share of class A common stock upon the earlier of the separation date of the grantee or the second anniversary of the grant date, but could be subject to acceleration for a change in control, death or disability as defined in the individual DSU grant agreement. Grantees of DSU awards may not exercise voting rights, but are credited with dividend equivalents and those dividend equivalents will be converted into additional DSU awards based on the closing price of the class A common stock. Dividend equivalents were granted during the years ended December 31, 2016 , 2015 and 2014 , of 14,182 , 11,864 and 5,392 units, respectively. Compensation expense recognized for DSUs was $0.8 million , $0.8 million , and $0.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. As DSU awards are fully vested on the grant date, all compensation expense was recognized at the date of grant. Other Information Authorized unissued shares or treasury shares may be used for issuance under the Company's equity incentive programs. The Company intends to use treasury shares of its class A common stock to meet the stock requirements of its awards in the future. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity The Company has three classes of common stock as follows (share data in millions): Issued Common Stock Authorized Shares Outstanding Treasury Total Issued Shares Class A stock ($0.025 par value) 80.0 December 31, 2016 37.2 2.8 40.0 December 31, 2015 35.4 4.6 40.0 December 31, 2014 34.7 5.3 40.0 Class B stock ($0.025 par value) 80.0 December 31, 2016 14.2 0.8 15.0 December 31, 2015 14.2 0.8 15.0 December 31, 2014 14.2 0.8 15.0 Class C stock ($0.025 par value) 20.0 December 31, 2016 — 0.5 0.5 December 31, 2015 — 0.5 0.5 December 31, 2014 — 0.5 0.5 In accordance with the Articles of Incorporation, each class A common share has one vote per share and each class B and class C common share has ten votes per share on all matters voted upon by the Company's shareholders. Liquidation rights are the same for all three classes of stock. The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at December 31, 2016 , 2015 and 2014 . The Company has no present plans to issue any preferred stock. On September 6, 2011 , the Company's board of directors authorized a share repurchase program of up to $100.0 million of the Company's outstanding class A stock. During the year ended December 31, 2016, the Company repurchased 984,190 shares of its class A common stock at a weighted average price of $8.96 per share for a total purchase price of $8.8 million . There were no share repurchases during the years ended December 31, 2015 and 2014 . As of December 31, 2016 , there were $82.9 million of authorized repurchases remaining under the program. In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common shares. The following table details the dividend activity related to the then outstanding shares of common stock for the years ended December 31, 2016 , 2015 and 2014 : Declaration Date Record Date Payment Date Dividend Amount per Share 2016 Q4 Dividend October 31, 2016 November 28, 2016 December 9, 2016 $ 0.30 Q3 Dividend August 1, 2016 August 29, 2016 September 9, 2016 0.30 Q2 Dividend May 3, 2016 June 6, 2016 June 17, 2016 0.30 Q1 Dividend February 19, 2016 March 7, 2016 March 18, 2016 0.30 2015 Q4 Dividend November 3, 2015 December 7, 2015 December 18, 2015 $ 0.30 Q3 Dividend August 4, 2015 September 7, 2015 September 18, 2015 0.30 Q2 Dividend May 5, 2015 June 8, 2015 June 19, 2015 0.30 Q1 Dividend February 23, 2015 March 9, 2015 March 20, 2015 0.30 2014 Q4 Dividend November 5, 2014 December 8, 2014 December 19, 2014 $ 0.30 Q3 Dividend August 5, 2014 September 8, 2014 September 19, 2014 0.30 Q2 Dividend May 19, 2014 June 9, 2014 June 20, 2014 0.30 Q1 Dividend February 26, 2014 March 12, 2014 March 21, 2014 0.30 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component, net of tax, for the years ended December 31, 2016 and 2015 , were as follows: Translation Adjustments Pension Benefit Plan Adjustments Total Balance at January 1, 2015 $ (88.7 ) $ (27.9 ) $ (116.6 ) Other comprehensive income (loss) before reclassifications (45.9 ) 2.3 (43.6 ) Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) 7.7 — 7.7 Net other comprehensive income (loss) (38.2 ) 2.3 (35.9 ) Balance at December 31, 2015 $ (126.9 ) $ (25.6 ) $ (152.5 ) Other comprehensive loss before reclassifications (3.9 ) (0.5 ) (4.4 ) Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) — 4.3 4.3 Net other comprehensive income (loss) (3.9 ) 3.8 (0.1 ) Balance at December 31, 2016 $ (130.8 ) $ (21.8 ) $ (152.6 ) The details about the reclassifications from accumulated other comprehensive loss to net earnings (loss) for the years ended December 31, 2016 , 2015 and 2014 , were as follows: Details about Accumulated Other Comprehensive Loss Components Year Ended December 31, Consolidated Statements of Operations Presentation 2016 2015 2014 Revaluation loss on sale of equity method investment $ — $ 7.7 $ — Restructuring, impairment and transaction-related charges Amortization of prior service credits on postretirement benefit plans — — (5.8 ) Selling, general and administrative expenses Impact of income taxes — — 2.2 Income tax expense (benefit) Amortization of prior service credits on postretirement benefit plans, net of tax — — (3.6 ) Net of tax Amortization of net actuarial loss on pension and postretirement benefit plans — — (0.3 ) Cost of sales Impact of income taxes — — 0.1 Income tax expense (benefit) Amortization of net actuarial loss on pension and postretirement benefit plans, net of tax — — (0.2 ) Net of tax Settlement charge on pension benefit plans 7.0 — — Restructuring, impairment and transaction-related charges Impact of income taxes (2.7 ) — — Income tax expense (benefit) Settlement charge on pension benefit plans, net of tax 4.3 — — Net of tax Postretirement benefit plan termination — — (4.9 ) Restructuring, impairment and transaction-related charges Impact of income taxes — — 1.8 Income tax expense (benefit) Postretirement benefit plan termination, net of tax — — (3.1 ) Net of tax Total reclassifications for the period 7.0 7.7 (11.0 ) Impact of income taxes (2.7 ) — 4.1 Total reclassifications for the period, net of tax $ 4.3 $ 7.7 $ (6.9 ) |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates primarily in the commercial print portion of the printing industry, with related product and service offerings designed to offer clients complete solutions for communicating their message to target audiences. The Company's operating and reportable segments are aligned with how the chief operating decision maker of the Company currently manages the business. The Company's operating and reportable segments, including their product and service offerings, and a "Corporate" category are as follows: • United States Print and Related Services • International • Corporate United States Print and Related Services The United States Print and Related Services segment is predominantly comprised of the Company's United States printing operations and is managed as one integrated platform. This includes retail inserts, publications, catalogs, special interest publications, journals, direct mail, books, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement, together with marketing and other complementary services, including marketing strategy, media planning and placement, data insights, segmentation and response analytics services, creative services, videography, photography, workflow solutions, digital imaging, facilities management services, digital publishing, interactive print solutions including image recognition and near field communication technology, mailing, distribution, logistics, and data optimization and hygiene services. This segment also includes the manufacture of ink. International The International segment consists of the Company's printing operations in Europe and Latin America, including operations in England, France, Germany, Poland, Argentina, Colombia, Mexico and Peru, as well as investments in printing operations in Brazil and India. This segment provides printed products and marketing and other complementary services consistent with the United States Print and Related Services segment. Unrestricted subsidiaries as defined in the Senior Unsecured Notes indenture represent less than 2.0% of total consolidated assets as of December 31, 2016 , and less than 2.0% of total consolidated net sales for the year ended December 31, 2016 . Corporate Corporate consists of unallocated general and administrative activities and associated expenses including, in part, executive, legal and finance, as well as certain expenses and income from frozen employee retirement plans, such as pension benefit plans. The following is a summary of segment information for the years ended December 31, 2016 , 2015 and 2014 : Restructuring, Impairment and Transaction-Related Charges Net Sales Operating Income(Loss) Depreciation and Amortization Capital Expenditures Goodwill Impairment Products Services Year ended December 31, 2016 United States Print and Related Services $ 3,335.1 $ 591.9 $ 186.1 $ 252.4 $ 88.1 $ 59.3 $ — International 382.0 20.5 13.5 24.1 18.0 (1.1 ) — Total operating segments 3,717.1 612.4 199.6 276.5 106.1 58.2 — Corporate — — (77.2 ) 0.6 — 22.4 — Total $ 3,717.1 $ 612.4 $ 122.4 $ 277.1 $ 106.1 $ 80.6 $ — Year ended December 31, 2015 United States Print and Related Services $ 3,580.1 $ 628.5 $ (706.1 ) $ 297.5 $ 121.5 $ 101.4 $ 778.3 International 369.6 18.9 (63.4 ) 26.1 11.5 38.8 30.0 Total operating segments 3,949.7 647.4 (769.5 ) 323.6 133.0 140.2 808.3 Corporate — — (60.5 ) 1.7 — 24.7 — Total $ 3,949.7 $ 647.4 $ (830.0 ) $ 325.3 $ 133.0 $ 164.9 $ 808.3 Year ended December 31, 2014 United States Print and Related Services $ 3,685.7 $ 645.2 $ 197.9 $ 305.3 $ 118.4 $ 52.1 $ — International 427.0 19.7 (11.2 ) 29.2 20.8 9.2 — Total operating segments 4,112.7 664.9 186.7 334.5 139.2 61.3 — Corporate — — (45.4 ) 1.9 — 6.0 — Total $ 4,112.7 $ 664.9 $ 141.3 $ 336.4 $ 139.2 $ 67.3 $ — Restructuring, impairment and transaction-related charges for the years ended December 31, 2016 , 2015 and 2014 , are further described in Note 3 , " Restructuring, Impairment and Transaction-Related Charges ," and are included in the operating income (loss) results by segment above. Goodwill impairment for the year ended December 31, 2015 , is further described in Note 4 , " Goodwill and Other Intangible Assets ," and is included in the operating income (loss) results by segment above. A reconciliation of operating income (loss) to earnings (loss) before income taxes and equity in loss of unconsolidated entities as reported in the consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 , was as follows: 2016 2015 2014 Operating income (loss) $ 122.4 $ (830.0 ) $ 141.3 Less: interest expense 77.2 88.4 92.9 Less: loss (gain) on debt extinguishment (14.1 ) — 7.2 Earnings (loss) before income taxes and equity in loss of unconsolidated entities $ 59.3 $ (918.4 ) $ 41.2 Total assets by segment at December 31, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 United States Print and Related Services $ 2,241.3 $ 2,498.1 $ 3,492.4 International 312.7 327.2 445.2 Total operating segments 2,554.0 2,825.3 3,937.6 Corporate 16.1 22.2 71.2 Total $ 2,570.1 $ 2,847.5 $ 4,008.8 |
Geographic Area and Product Inf
Geographic Area and Product Information | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Geographic Area and Product Information | Geographic Area and Product Information The table below presents the Company's net sales and long-lived assets for the years ended December 31, 2016 , 2015 and 2014 , by geographic region. The amounts in this table differ from the segment data presented in Note 21 , " Segment Information ," because each operating segment includes operations in multiple geographic regions, based on the Company's management reporting structure. United States Europe Latin America Other Combined 2016 Net sales Products $ 3,299.1 $ 169.8 $ 217.4 $ 30.8 $ 3,717.1 Services 591.9 20.5 — — 612.4 Property, plant and equipment—net 1,362.8 79.7 67.7 9.7 1,519.9 Intangible assets—net 47.6 12.1 — — 59.7 Other long-term assets 71.6 0.3 12.2 0.2 84.3 2015 Net sales Products $ 3,545.8 $ 162.9 $ 215.1 $ 25.9 $ 3,949.7 Services 628.5 18.9 — — 647.4 Property, plant and equipment—net 1,512.2 86.1 73.1 4.4 1,675.8 Intangible assets—net 93.0 16.6 0.9 — 110.5 Other long-term assets 54.4 0.3 10.6 0.2 65.5 2014 Net sales Products $ 3,667.1 $ 171.3 $ 264.5 $ 9.8 $ 4,112.7 Services 645.2 19.7 — — 664.9 Property, plant and equipment—net 1,660.6 95.2 99.5 0.2 1,855.5 Intangible assets—net 141.6 2.2 5.3 — 149.1 Other long-term assets 52.2 0.2 0.4 — 52.8 The table below presents the Company's consolidated net sales by products and services for the years ended December 31, 2016 , 2015 and 2014 . Products and Services 2016 2015 2014 Catalog, publications, retail inserts, books and directories $ 2,983.6 $ 3,254.0 $ 3,470.3 Direct mail and other printed products 676.9 635.8 588.8 Other 56.6 59.9 53.6 Total products $ 3,717.1 $ 3,949.7 $ 4,112.7 Logistics services $ 427.3 $ 453.7 $ 483.7 Imaging and other services 185.1 193.7 181.2 Total services 612.4 647.4 664.9 Total net sales $ 4,329.5 $ 4,597.1 $ 4,777.6 |
Separate Financial Information
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness | Separate Financial Information of Subsidiary Guarantors of Indebtedness On April 28, 2014 , Quad/Graphics completed an offering of the Senior Unsecured Notes (see Note 12 , " Debt ," for further details on the Senior Unsecured Notes ). Each of the Company's Guarantor Subsidiaries fully and unconditionally guarantee or, in the case of future subsidiaries, will guarantee, on a joint and several basis, the Senior Unsecured Notes . 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: • the designation of any of the Guarantor Subsidiaries as an unrestricted subsidiary; • 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 • the sale or disposition, including the sale of substantially all the assets, of any of the Guarantor Subsidiaries . The following condensed consolidating financial information reflects the summarized financial information of Quad/Graphics, the Company's Guarantor Subsidiaries on a combined basis and the Company's non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,863.6 $ 2,429.0 $ 454.6 $ (417.7 ) $ 4,329.5 Cost of sales 1,381.1 2,067.3 364.1 (417.7 ) 3,394.8 Selling, general and administrative expenses 257.8 152.5 44.3 — 454.6 Depreciation and amortization 146.8 100.1 30.2 — 277.1 Restructuring, impairment and transaction-related charges 56.8 25.2 (1.4 ) — 80.6 Total operating expenses 1,842.5 2,345.1 437.2 (417.7 ) 4,207.1 Operating income (loss) $ 21.1 $ 83.9 $ 17.4 $ — $ 122.4 Interest expense (income) 76.0 (4.1 ) 5.3 — 77.2 Loss (gain) on debt extinguishment (14.1 ) — — — (14.1 ) Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (40.8 ) 88.0 12.1 — 59.3 Income tax expense (benefit) 15.2 (4.8 ) 2.6 — 13.0 Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (56.0 ) 92.8 9.5 — 46.3 Equity in (earnings) loss of consolidated entities (100.9 ) (6.0 ) — 106.9 — Equity in (earnings) loss of unconsolidated entities — — 1.4 — 1.4 Net earnings (loss) $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Net (earnings) loss attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad/Graphics common shareholders $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Other comprehensive income (loss), net of tax (0.1 ) 1.7 (4.7 ) 3.0 (0.1 ) Total comprehensive income (loss) 44.8 100.5 3.4 (103.9 ) 44.8 Less: comprehensive (income) loss attributable to noncontrolling interest — — — — — Comprehensive income (loss) attributable to Quad/Graphics common shareholders $ 44.8 $ 100.5 $ 3.4 $ (103.9 ) $ 44.8 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,881.5 $ 2,720.1 $ 428.6 $ (433.1 ) $ 4,597.1 Cost of sales 1,423.0 2,343.7 346.7 (433.1 ) 3,680.3 Selling, general and administrative expenses 258.7 148.4 41.2 — 448.3 Depreciation and amortization 179.3 114.8 31.2 — 325.3 Restructuring, impairment and transaction-related charges 56.6 70.1 38.2 — 164.9 Goodwill impairment — 754.7 53.6 — 808.3 Total operating expenses 1,917.6 3,431.7 510.9 (433.1 ) 5,427.1 Operating income (loss) $ (36.1 ) $ (711.6 ) $ (82.3 ) $ — $ (830.0 ) Interest expense (income) 85.7 (2.3 ) 5.0 — 88.4 Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (121.8 ) (709.3 ) (87.3 ) — (918.4 ) Income tax expense (benefit) (39.6 ) (249.1 ) 5.9 — (282.8 ) Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (82.2 ) (460.2 ) (93.2 ) — (635.6 ) Equity in (earnings) loss of consolidated entities 559.7 24.7 — (584.4 ) — Equity in (earnings) loss of unconsolidated entities — — 6.3 — 6.3 Net earnings (loss) $ (641.9 ) $ (484.9 ) $ (99.5 ) $ 584.4 $ (641.9 ) Net (earnings) loss attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad/Graphics common shareholders $ (641.9 ) $ (484.9 ) $ (99.5 ) $ 584.4 $ (641.9 ) Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ (641.9 ) $ (484.9 ) $ (99.5 ) $ 584.4 $ (641.9 ) Other comprehensive income (loss), net of tax (35.9 ) (1.8 ) (33.6 ) 35.4 (35.9 ) Total comprehensive income (loss) (677.8 ) (486.7 ) (133.1 ) 619.8 (677.8 ) Less: comprehensive (income) loss attributable to noncontrolling interest — — — — — Comprehensive income (loss) attributable to Quad/Graphics common shareholders $ (677.8 ) $ (486.7 ) $ (133.1 ) $ 619.8 $ (677.8 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,915.3 $ 2,853.6 $ 442.4 $ (433.7 ) $ 4,777.6 Cost of sales 1,467.8 2,393.1 379.9 (433.7 ) 3,807.1 Selling, general and administrative expenses 191.2 207.8 26.5 — 425.5 Depreciation and amortization 129.1 178.1 29.2 — 336.4 Restructuring, impairment and transaction-related charges 9.5 47.6 10.2 — 67.3 Total operating expenses 1,797.6 2,826.6 445.8 (433.7 ) 4,636.3 Operating income (loss) $ 117.7 $ 27.0 $ (3.4 ) $ — $ 141.3 Interest expense (income) 85.8 (0.8 ) 7.9 — 92.9 Loss (gain) on debt extinguishment 7.2 — — — 7.2 Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities 24.7 27.8 (11.3 ) — 41.2 Income tax expense (benefit) 20.6 (9.8 ) 9.4 — 20.2 Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities 4.1 37.6 (20.7 ) — 21.0 Equity in (earnings) loss of consolidated entities (14.5 ) 2.4 — 12.1 — Equity in (earnings) loss of unconsolidated entities — — 2.7 — 2.7 Net earnings (loss) $ 18.6 $ 35.2 $ (23.4 ) $ (12.1 ) $ 18.3 Net (earnings) loss attributable to noncontrolling interests — — 0.3 — 0.3 Net earnings (loss) attributable to Quad/Graphics common shareholders $ 18.6 $ 35.2 $ (23.1 ) $ (12.1 ) $ 18.6 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2014 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 18.6 $ 35.2 $ (23.4 ) $ (12.1 ) $ 18.3 Other comprehensive income (loss), net of tax (111.0 ) (91.5 ) (47.5 ) 139.0 (111.0 ) Total comprehensive income (loss) (92.4 ) (56.3 ) (70.9 ) 126.9 (92.7 ) Less: comprehensive (income) loss attributable to noncontrolling interest — — 0.3 — 0.3 Comprehensive income (loss) attributable to Quad/Graphics common shareholders $ (92.4 ) $ (56.3 ) $ (70.6 ) $ 126.9 $ (92.4 ) Condensed Consolidating Balance Sheet As of December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 0.3 $ 1.9 $ 6.8 $ — $ 9.0 Receivables, less allowances for doubtful accounts 439.7 37.7 86.2 — 563.6 Intercompany receivables — 720.5 — (720.5 ) — Inventories 102.2 115.9 47.3 — 265.4 Other current assets 40.6 15.7 8.3 — 64.6 Total current assets 582.8 891.7 148.6 (720.5 ) 902.6 Property, plant and equipment—net 777.3 577.9 164.7 — 1,519.9 Investment in consolidated entities 1,288.9 61.8 — (1,350.7 ) — Intangible assets—net 12.0 20.3 27.4 — 59.7 Intercompany loan receivable 104.2 — — (104.2 ) — Other long-term assets 43.5 10.1 34.3 — 87.9 Total assets $ 2,808.7 $ 1,561.8 $ 375.0 $ (2,175.4 ) $ 2,570.1 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 159.3 $ 98.5 $ 65.7 $ — $ 323.5 Intercompany accounts payable 711.2 — 9.3 (720.5 ) — Short-term debt and current portion of long-term debt and capital lease obligations 79.5 2.9 9.7 — 92.1 Other current liabilities 253.9 76.2 28.9 — 359.0 Total current liabilities 1,203.9 177.6 113.6 (720.5 ) 774.6 Long-term debt and capital lease obligations 1,022.0 2.4 14.3 — 1,038.7 Intercompany loan payable — 39.9 64.3 (104.2 ) — Other long-term liabilities 141.3 150.0 24.0 — 315.3 Total liabilities 2,367.2 369.9 216.2 (824.7 ) 2,128.6 Total shareholders' equity 441.5 1,191.9 158.8 (1,350.7 ) 441.5 Total liabilities and shareholders' equity $ 2,808.7 $ 1,561.8 $ 375.0 $ (2,175.4 ) $ 2,570.1 Condensed Consolidating Balance Sheet As of December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 2.3 $ 2.8 $ 5.7 $ — $ 10.8 Receivables, less allowances for doubtful accounts 507.5 53.3 87.9 — 648.7 Intercompany receivables — 1,007.7 — (1,007.7 ) — Inventories 95.8 138.5 45.8 — 280.1 Other current assets 24.7 20.0 7.0 — 51.7 Total current assets 630.3 1,222.3 146.4 (1,007.7 ) 991.3 Property, plant and equipment—net 849.6 652.8 173.4 — 1,675.8 Investment in consolidated entities 1,676.6 57.8 — (1,734.4 ) — Intangible assets—net 46.9 27.1 36.5 — 110.5 Intercompany loan receivable 125.8 — — (125.8 ) — Other long-term assets 27.8 8.5 33.6 — 69.9 Total assets $ 3,357.0 $ 1,968.5 $ 389.9 $ (2,867.9 ) $ 2,847.5 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 203.7 $ 85.4 $ 69.7 $ — $ 358.8 Intercompany accounts payable 997.4 — 10.3 (1,007.7 ) — Short-term debt and current portion of long-term debt and capital lease obligations 95.6 3.5 0.6 — 99.7 Other current liabilities 223.4 94.3 31.2 — 348.9 Total current liabilities 1,520.1 183.2 111.8 (1,007.7 ) 807.4 Long-term debt and capital lease obligations 1,242.5 5.3 1.8 — 1,249.6 Intercompany loan payable — 38.8 87.0 (125.8 ) — Other long-term liabilities 170.5 175.9 20.2 — 366.6 Total liabilities 2,933.1 403.2 220.8 (1,133.5 ) 2,423.6 Total shareholders' equity 423.9 1,565.3 169.1 (1,734.4 ) 423.9 Total liabilities and shareholders' equity $ 3,357.0 $ 1,968.5 $ 389.9 $ (2,867.9 ) $ 2,847.5 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 676.2 $ (341.9 ) $ 18.2 $ — $ 352.5 INVESTING ACTIVITIES Purchases of property, plant and equipment (35.9 ) (46.8 ) (23.4 ) — (106.1 ) Acquisition related investing activities—net of cash acquired (0.9 ) 0.9 — — — Intercompany investing activities (62.4 ) 368.1 3.8 (309.5 ) — Other investing activities (4.5 ) 22.4 3.8 — 21.7 Net cash from (used in) investing activities (103.7 ) 344.6 (15.8 ) (309.5 ) (84.4 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt — — 19.7 — 19.7 Payments of long-term debt and capital lease obligations (195.7 ) (3.5 ) (2.3 ) — (201.5 ) Borrowings on revolving credit facilities 806.1 — 65.8 — 871.9 Payments on revolving credit facilities (857.9 ) — (60.1 ) — (918.0 ) Purchases of treasury stock (8.8 ) — — — (8.8 ) Payment of dividends (61.1 ) — — — (61.1 ) Intercompany financing activities (285.9 ) 0.2 (23.8 ) 309.5 — Other financing activities 28.8 (0.3 ) — — 28.5 Net cash from (used in) financing activities (574.5 ) (3.6 ) (0.7 ) 309.5 (269.3 ) Effect of exchange rates on cash and cash equivalents — — (0.6 ) — (0.6 ) Net increase (decrease) in cash and cash equivalents (2.0 ) (0.9 ) 1.1 — (1.8 ) Cash and cash equivalents at beginning of year 2.3 2.8 5.7 — 10.8 Cash and cash equivalents at end of year $ 0.3 $ 1.9 $ 6.8 $ — $ 9.0 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 229.9 $ 90.7 $ 27.5 $ — $ 348.1 INVESTING ACTIVITIES Purchases of property, plant and equipment (54.7 ) (63.9 ) (14.4 ) — (133.0 ) Acquisition related investing activities—net of cash acquired (0.6 ) (63.4 ) (79.4 ) — (143.4 ) Intercompany investing activities (123.1 ) (159.6 ) (0.5 ) 283.2 — Other investing activities 13.9 34.0 11.8 — 59.7 Net cash from (used in) investing activities (164.5 ) (252.9 ) (82.5 ) 283.2 (216.7 ) FINANCING ACTIVITIES Payments of long-term debt and capital lease obligations (92.5 ) (3.4 ) — — (95.9 ) Borrowings on revolving credit facilities 1,413.7 — 48.8 — 1,462.5 Payments on revolving credit facilities (1,386.8 ) — (48.7 ) — (1,435.5 ) Payment of dividends (62.3 ) — — — (62.3 ) Intercompany financing activities 59.5 162.8 60.9 (283.2 ) — Other financing activities 3.4 (0.1 ) — — 3.3 Net cash from (used in) financing activities (65.0 ) 159.3 61.0 (283.2 ) (127.9 ) Effect of exchange rates on cash and cash equivalents — 0.1 (2.4 ) — (2.3 ) Net increase (decrease) in cash and cash equivalents 0.4 (2.8 ) 3.6 — 1.2 Cash and cash equivalents at beginning of year 1.9 5.6 2.1 — 9.6 Cash and cash equivalents at end of year $ 2.3 $ 2.8 $ 5.7 $ — $ 10.8 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 100.8 $ 194.0 $ (1.6 ) $ — $ 293.2 INVESTING ACTIVITIES Purchases of property, plant and equipment (48.7 ) (68.2 ) (22.3 ) — (139.2 ) Acquisition related investing activities—net of cash acquired (7.0 ) (105.5 ) — — (112.5 ) Intercompany investing activities (189.0 ) (157.6 ) (0.1 ) 346.7 — Other investing activities (0.4 ) 26.9 1.0 — 27.5 Net cash from (used in) investing activities (245.1 ) (304.4 ) (21.4 ) 346.7 (224.2 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt 1,047.0 — — — 1,047.0 Payments of long-term debt and capital lease obligations (802.1 ) (7.6 ) (58.1 ) — (867.8 ) Borrowings on revolving credit facilities 1,285.2 — 124.7 — 1,409.9 Payments on revolving credit facilities (1,451.1 ) — (126.5 ) — (1,577.6 ) Payment of dividends (61.2 ) — — — (61.2 ) Intercompany financing activities 137.6 128.2 80.9 (346.7 ) — Other financing activities (14.0 ) (8.0 ) — — (22.0 ) Net cash from (used in) financing activities 141.4 112.6 21.0 (346.7 ) (71.7 ) Effect of exchange rates on cash and cash equivalents — (0.1 ) (0.7 ) — (0.8 ) Net increase (decrease) in cash and cash equivalents (2.9 ) 2.1 (2.7 ) — (3.5 ) Cash and cash equivalents at beginning of year 4.8 3.5 4.8 — 13.1 Cash and cash equivalents at end of year $ 1.9 $ 5.6 $ 2.1 $ — $ 9.6 |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (" FASB ") issued Accounting Standards Update 2016-18 "Statement of Cash Flows (Topic 320): Restricted Cash" ("ASU 2016-18"), which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. This new guidance will require a retrospective adoption approach. The Company believes the adoption of ASU 2016-18 will not have a material impact on the consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory" ("ASU 2016-16"), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than waiting until the asset is sold to an outside party. Assets covered under the scope of ASU 2016-16 include intellectual property and property, plant and equipment. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted as of the beginning of an annual reporting period. This new guidance will require a modified retrospective transition approach, where the entity will need to apply a cumulative-effect adjustment to retained earnings (accumulated deficit) as of the beginning of the first reporting period in which the guidance is adopted. The Company plans to early adopt the standard in the first quarter of 2017. The Company believes the adoption of ASU 2016-16 will not have a material impact on the consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which is intended to reduce diversity in practice, providing guidance on eight specific cash flow classification issues with regards to how the cash receipts and cash payments are presented within the statements of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. This new guidance will require a retrospective adoption approach unless it is impracticable to apply, in which case the guidance should be applied prospectively as of the earliest date practicable. The Company believes the adoption of ASU 2016-15 will not have a material impact on the consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which changes the impairment model for most financial assets and certain other instruments. Under the new guidance, entities will be required to measure expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable forecasts. This guidance is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. This new guidance will require a modified retrospective transition approach, where the entity will need to apply a cumulative-effect adjustment to retained earnings (accumulated deficit) as of the beginning of the first reporting period in which the guidance is adopted. The Company is evaluating the impact of the adoption of ASU 2016-13 on the consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09 "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), which simplifies the accounting for share-based payments, including income tax consequences, accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statements of cash flows. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. During the second quarter of 2016, the Company elected to early adopt ASU 2016-09, with retrospective application to January 1, 2016. Prior to the adoption of the ASU, excess tax benefits or expense related to stock-based compensation transactions were recognized in additional paid-in capital on the consolidated balance sheets; following the adoption of the ASU, all excess tax benefits or expense related to stock-based compensation transactions are recognized prospectively as income tax expense (benefit) in the consolidated statements of operations, and the excess tax benefits or expense from the stock-based compensation transactions previously included in financing activities on the consolidated statements of cash flows are prospectively included as a component of net earnings (loss) on the consolidated statements of cash flows. See Note 17 , " Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders ," for the impacts of the adoption of ASU 2016-09 on the calculation of the effect of outstanding dilutive equity incentive instruments using the treasury stock method. See Note 18 , " Equity Incentive Programs ," for the Company's policy election on accounting for forfeitures. The adoption of ASU 2016-09 did not have a material impact on the consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-07 "Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting" ("ASU 2016-07"), which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply equity method accounting to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Instead, the equity method of accounting will be applied prospectively as an increase in the level of ownership interest or degree of influence occurs. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. The Company believes the adoption of ASU 2016-07 will not have a material impact on the consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 "Leases (Topic 842)" ("ASU 2016-02"), which establishes a right-of-use model requiring a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. This new guidance will require a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The modified retrospective transition approach would require the application of the new accounting model for the earliest year presented in the financial statements. The Company is evaluating the impact of the adoption of ASU 2016-02 on the consolidated financial statements. In May 2015, the FASB issued Accounting Standards Update 2015-07 "Fair Value Measurement (Topic 820): Disclosures for Investment in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)" ("ASU 2015-07"), which removes the requirement to classify investments for which fair value is measured at net asset value (NAV) per share (or its equivalent) using the practical expedient in the fair value hierarchy. The amendment is expected to eliminate diversity in practice resulting from the way that investments measured at NAV are classified within the fair value hierarchy. The Company adopted ASU 2015-07 as of December 31, 2016, and has applied it on a retrospective basis. See Note 16 , " Employee Retirement Plans ," for the impacts of the adoption of ASU 2015-07 on the fair value hierarchy table. The adoption of ASU 2015-07 did not have a material impact on the Company's financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), which provides revised guidance on recognizing revenue from contracts with customers. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to the customer in the amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty of the revenue and cash flow arising from contracts with customers. This guidance allows the option of either a full retrospective adoption, meaning the guidance is applied to all periods presented, or a modified retrospective adoption, meaning the guidance is applied only to the most current period. As amended, ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company plans to adopt the standard in the first quarter of 2018. The Company has established a cross-functional implementation team to evaluate the impact of ASU 2014-09 on the consolidated financial statements. The Company has identified and is in the process of implementing changes to its systems, processes and internal controls to meet the standard's reporting and disclosure requirements. The Company continues to assess all potential impacts of the standard. Currently, the Company believes there is a potential impact related to the timing of revenue recognition, because contracts with customers may qualify for over-time revenue recognition, rather than point-in-time revenue recognition, which is the Company's current policy. As of December 31, 2016, the Company's evaluation of the timing of revenue recognition within each of its operating and reportable segments is ongoing. If the Company determines some contracts qualify for revenue recognition over-time, the impact on the date of adoption could be significant to the consolidated financial statements. The Company currently anticipates applying the modified retrospective approach when adopting this guidance. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events $250.0 million Interest Rate Swap The Company entered into a $250.0 million interest rate swap on February 7, 2017. The swap was designated as a cash flow hedge as its purpose is to reduce the variability of cash flows from interest payments related to a portion of Quad/Graphics' variable-rate debt. The swap becomes effective on February 28, 2017, and will effectively convert $250.0 million of the Company's variable-rate debt based on one-month LIBOR to a fixed rate of 3.89% (including 2.00% spread on underlying debt). The swap is a five year arrangement maturing on February 28, 2022. Senior Secured Credit Facility Amendment The Company completed the second amendment to the April 28, 2014 Senior Secured Credit Facility on February 10, 2017. This second amendment was completed to reduce the sizing of the revolving credit facility and Term Loan A and extend the Company's debt maturity profile while maintaining the Company's current cost of borrowing and covenant structure. The revolving credit facility was lowered to a maximum borrowing amount of $725.0 million with a term of just under four years, maturing on January 4, 2021. The Term Loan A was lowered to an aggregate amount of $375.0 million with a term of just under four years, maturing on January 4, 2021, subject to certain required amortization. Borrowings under the revolving credit facility and Term Loan A loans made under the Senior Secured Credit Facility will initially bear interest at 2.00% in excess of reserve adjusted LIBOR, or 1.00% in excess of an alternate base rate. This amendment to the Senior Secured Credit Facility will not have an impact on the quarterly financial covenant requirements the Company is subject to (see Note 12, “Debt,” for the Company's covenant requirements). The Senior Secured Credit Facility remains secured by substantially all of the unencumbered assets of the Company. The Senior Secured Credit Facility also requires the Company to provide additional collateral to the lenders in certain limited circumstances. Declaration of Quarterly Dividend On February 17, 2017 , the Company declared a quarterly dividend of $0.30 per share, which will be paid on March 10, 2017 , to shareholders of record as of February 27, 2017 . |
Basis of Presentation and Sum34
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation —The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with GAAP . The results of operations and accounts of businesses acquired are included in the consolidated financial statements from the dates of acquisition (see Note 2 , " Acquisitions and Strategic Investments "). Investments in entities where the Company has both the ability to exert significant influence but not control and an ownership interest of 50% or less but more than 20% are accounted for using the equity method of accounting. Investments in entities where the Company does not exert significant influence or control and has an ownership interest of less than 20% are accounted for using the cost method of accounting. Intercompany transactions and balances have been eliminated in consolidation. |
Foreign Operations | Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into United States dollars at the exchange rate existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of accumulated other comprehensive income (loss) on the consolidated statements of shareholders' equity while transaction gains and losses are recorded in selling, general and administrative expenses on the consolidated statements of operations. |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements requires the use of management's estimates and assumptions that affect the reported assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to: allowances for doubtful accounts, inventory obsolescence, asset valuations and useful lives, pension and postretirement benefits, self-insurance reserves, stock-based compensation, taxes, restructuring and other provisions and contingencies. |
Revenue Recognition and Byproduct Recoveries | Revenue Recognition —The Company recognizes its printing revenues upon transfer of title and the passage of risk of loss, which is generally upon shipment to the customer, and when there is a reasonable assurance as to collectability. Under agreements with certain customers, products may be stored by the Company for future delivery. In these situations, the Company may receive warehouse management fees for the services it provides. Product returns are not significant because the products are customized; however, the Company accrues for the estimated amount of customer allowances at the time of sale based on historical experience and known trends. Revenue from services is recognized as services are performed. Revenues related to the Company's imaging operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer. Revenues related to the Company's logistics operations, which includes the delivery of printed material, are recognized upon completion of services. Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross as a principal or net of related costs as an agent. Billings for third-party shipping and handling costs, primarily in the Company's logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the consolidated statements of operations. Many of the Company's operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper. Revenues for Company-supplied paper are recognized on a gross basis. Byproduct Recoveries —In 2016, the Company modified its presentation of byproduct recoveries to include byproduct recoveries as a reduction of cost of sales–products in the consolidated statements of operations. Previously, byproduct recoveries were reported in net sales–products. Classification of byproduct recoveries as a reduction of cost of sales aligns the proceeds from byproduct recoveries with the corresponding manufacturing costs. |
Financial Instruments | Financial Instruments —The Company uses derivative financial instruments for the purpose of hedging commodity and foreign exchange exposures that exist as part of ongoing business operations, including natural gas forward purchase contracts and foreign exchange contracts. As a policy, the Company does not engage in speculative or leveraged transactions, nor does the Company hold or issue financial instruments for trading purposes. Derivative instruments are recorded on the consolidated balance sheets as either assets or liabilities measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive income (loss) and recognized in the consolidated statements of operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of hedges are insignificant and recognized in earnings. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash flows in the same category as the item being hedged. |
Fair Value Measurement | Fair Value Measurement —The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in its consolidated financial statements on a recurring basis. Fair value represents the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. |
Research and Development | Research and Development —Research and development costs related to the development of new products or the adaptation of existing products are expensed as incurred, included in cost of sales and totaled $9.3 million , $10.3 million and $11.3 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Receivables | Receivables —Receivables are stated net of allowances for doubtful accounts. No single customer comprised more than 5% of the Company's consolidated net sales in 2016 , 2015 or 2014 or 5% of the Company's consolidated receivables as of December 31, 2016 or 2015 . Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company's historical collection experience. |
Inventories | Inventories —Inventories include material, labor, and plant overhead and are stated at the lower of cost or net realizable value. At December 31, 2016 and 2015 , all inventories were valued using the first-in, first-out (" FIFO ") method. |
Property, Plant and Equipment | Property, Plant and Equipment —Property, plant and equipment are recorded at cost, and are depreciated over the estimated useful lives of the assets using the straight-line method for financial reporting purposes. See Note 7 , " Property, Plant and Equipment ," for the components of the Company's property, plant and equipment. Major improvements that extend the useful lives of existing assets are capitalized and charged to the asset accounts. Repairs and maintenance, which do not significantly improve or extend the useful lives of the respective assets, are expensed as incurred. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. When an asset is retired or disposed, the associated costs and accumulated depreciation are eliminated, and the resulting profit or loss is recognized in the Company's consolidated statements of operations. Asset Category Range of Useful Lives Buildings 10 to 40 Years Machinery and equipment 5 to 15 Years Other 3 to 10 Years |
Other Intangible Assets | Other Intangible Assets —Identifiable intangible assets are recognized apart from goodwill and are amortized over their estimated useful lives. |
Impairment of Long-Lived and Other Intangible Assets | Impairment of Long-Lived and Other Intangible Assets —The Company evaluates long-lived assets and other intangible assets (of which the most significant are property, plant and equipment and customer relationship intangible assets) whenever events and circumstances have occurred that indicate the carrying value of an asset may not be recoverable. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount and the asset's residual value, if any. In turn, assessing whether there is an impairment loss requires a determination of recoverability, which is generally estimated by the ability to recover the balance of the assets from expected future operating cash flows on an undiscounted basis. If impairment is determined to exist, any related impairment loss is calculated based on the difference in the fair value and carrying value of the asset. |
Goodwill | Goodwill —Goodwill is reviewed annually for impairment as of October 31 , or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. In performing this analysis, the Company compares each reporting unit's fair value estimated based on comparable company market valuations and/or expected future discounted cash flows to be generated by the reporting unit to its carrying value. If the carrying value exceeds the reporting unit's fair value, the Company performs a fair value measurement calculation to determine the impairment loss, which would be charged to operations in the period identified. |
Income Taxes | Income Taxes —The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the effective date of enactment. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. This determination is based upon all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. If the Company determines that a deferred income tax asset will not be fully realized in the future, then a valuation allowance is established or increased to reflect the amount at which the asset will more likely than not be realized, which would increase the Company's provision for income taxes. In a period after a valuation allowance has been established, if the Company determines the related deferred income tax assets will be realized in the future in excess of their net recorded amount, then an adjustment to reduce the related valuation allowance will be made, which would reduce the Company's provision for income taxes. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is more likely than not of being recognized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The determination of the Company's worldwide tax provision and related tax assets and liabilities requires the use of significant judgment in estimating the impact of uncertainties in the application of GAAP and the interpretation of complex tax laws. In the ordinary course of business, there are transactions and calculations where the final tax outcome is uncertain. Where fair market value is required to measure a tax asset or liability for GAAP purposes, the Company periodically obtains independent, third party assistance to validate that such value is determined in conformity with Internal Revenue Service fair market value guidelines. While the Company believes it has the appropriate support for the positions taken, certain positions may be successfully challenged by taxing authorities. Resolution of these uncertainties in a manner inconsistent with management's expectations could have a material impact on the Company's financial condition and operating results. The Company applies the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the appropriate amount of tax benefits to be recognized with respect to uncertain tax positions. The determination of the Company's worldwide tax provision includes the impact of any changes to the amount of tax benefits recognized with respect to uncertain tax positions. |
Pension Plans | Pension Plans —The Company assumed certain frozen underfunded defined benefit pension plans as part of the 2010 World Color Press acquisition. Pension plan costs are determined using actuarial methods and are funded through contributions. The Company records amounts relating to its pension plans based on calculations which include various actuarial assumptions including discount rates, assumed rates of return, mortality, compensation increases and turnover rates. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current rates and trends when it is appropriate to do so. The effects of modifications are recognized immediately on the consolidated balance sheets, but are generally amortized into operating income over future periods, with the deferred amount recorded in accumulated other comprehensive loss on the consolidated balance sheets. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. For the purposes of calculating the expected return on plan assets, those assets are valued at fair value. When an event gives rise to both a curtailment and a settlement, the curtailment is accounted for prior to the settlement. The Company's measurement date to measure the defined benefit plan assets and the projected benefit obligation is December 31 . The Company has previously participated in MEPPs as a result of the acquisition of World Color Press. Due to the significant underfunded status of the MEPPs , the Company has withdrawn from all significant MEPPs and replaced these union sponsored "promise to pay in the future" defined benefit plans with a Company sponsored "pay as you go" defined contribution plan, which is historically the form of retirement benefit provided to Quad/Graphics' employees. As a result of the decision to withdraw, the Company recorded an estimated withdrawal liability for the MEPPs as part of the World Color Press purchase price allocation process based on information received from the MEPPs ' trustees. The estimated withdrawal liability is updated based on significant events, such as potential new information from the litigation proceedings with the MEPPs , until the final withdrawal liability is determined. The exact amount of the withdrawal liability could be higher or lower than the estimate. |
Stock-Based Compensation | Stock-Based Compensation —The Company recognizes stock-based compensation expense over the vesting period for all stock-based awards made to employees and directors based on the fair value of the instrument at the time of grant. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) —Accumulated other comprehensive income (loss) consists primarily of unrecognized actuarial gains and losses and prior service costs for pension and postretirement plans and foreign currency translation adjustments and is presented in the consolidated statements of shareholders' equity. |
Fair Value Measurement Policy | Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of acquisitions or impairment charges. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3: Unobservable inputs for the asset or liability. There were no Level 3 recurring measurements of assets or liabilities as of December 31, 2016 . The Company records the fair value of its forward contracts and pension plan assets on a recurring basis. The fair value of cash and cash equivalents, receivables, inventories, restricted cash, accounts payable, accrued liabilities and amounts owing in satisfaction of bankruptcy claims approximate their carrying values as of December 31, 2016 and 2015 . See Note 12 , " Debt ," for further discussion on the fair value of the Company's debt and Note 16 , " Employee Retirement Plans ," for the details of Level 1 and Level 2 inputs related to employee retirement plans. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. |
Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders | Basic earnings (loss) per share attributable to Quad/Graphics common shareholders is computed as net earnings (loss) attributable to Quad/Graphics common shareholders less the allocation of participating securities, divided by the basic weighted average common shares outstanding of 47.9 million , 47.9 million and 47.5 million shares for the years ended December 31, 2016 , 2015 and 2014 , respectively. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the following: (1) the amount the employee must pay upon exercise of the award; (2) the amount of unearned stock-based compensation costs attributed to future services; and (3) for the years ended December 31, 2015 and 2014 , the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. The calculation of total proceeds for the year ended December 31, 2016 , excludes the excess tax benefits as a result of the early prospective adoption of new accounting guidance related to share-based compensation during the second quarter of 2016, with retrospective application to January 1, 2016. The adoption of this accounting standard did not have a material impact on the consolidated financial statements. See Note 24 , " New Accounting Pronouncements ," for further discussion of the adoption of the new accounting standard related to share-based compensation and its impacts to the consolidated financial statements. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity incentive instruments of 1.9 million and 1.8 million of class A common shares were excluded from the computations of diluted net earnings per share for the years ended December 31, 2016, and 2014, respectively. Due to the net loss attributable to Quad/Graphics common shareholders incurred during the year ended December 31, 2015, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share attributable to Quad/Graphics common shareholders calculation for that period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are required to be treated as participating securities and included in the computation of earnings (loss) per share pursuant to the two-class method. The Company had no participating securities during 2016 and 2015, as the stock options granted on November 18, 2011, became fully vested on November 18, 2014. The Company's participating securities reduced basic and diluted earnings per share attributable to Quad/Graphics common shareholders by $0.01 for the year ended December 31, 2014 . |
New Accounting Pronouncements | In November 2016, the Financial Accounting Standards Board (" FASB ") issued Accounting Standards Update 2016-18 "Statement of Cash Flows (Topic 320): Restricted Cash" ("ASU 2016-18"), which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. This new guidance will require a retrospective adoption approach. The Company believes the adoption of ASU 2016-18 will not have a material impact on the consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory" ("ASU 2016-16"), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than waiting until the asset is sold to an outside party. Assets covered under the scope of ASU 2016-16 include intellectual property and property, plant and equipment. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted as of the beginning of an annual reporting period. This new guidance will require a modified retrospective transition approach, where the entity will need to apply a cumulative-effect adjustment to retained earnings (accumulated deficit) as of the beginning of the first reporting period in which the guidance is adopted. The Company plans to early adopt the standard in the first quarter of 2017. The Company believes the adoption of ASU 2016-16 will not have a material impact on the consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which is intended to reduce diversity in practice, providing guidance on eight specific cash flow classification issues with regards to how the cash receipts and cash payments are presented within the statements of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. This new guidance will require a retrospective adoption approach unless it is impracticable to apply, in which case the guidance should be applied prospectively as of the earliest date practicable. The Company believes the adoption of ASU 2016-15 will not have a material impact on the consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which changes the impairment model for most financial assets and certain other instruments. Under the new guidance, entities will be required to measure expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable forecasts. This guidance is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. This new guidance will require a modified retrospective transition approach, where the entity will need to apply a cumulative-effect adjustment to retained earnings (accumulated deficit) as of the beginning of the first reporting period in which the guidance is adopted. The Company is evaluating the impact of the adoption of ASU 2016-13 on the consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09 "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), which simplifies the accounting for share-based payments, including income tax consequences, accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statements of cash flows. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. During the second quarter of 2016, the Company elected to early adopt ASU 2016-09, with retrospective application to January 1, 2016. Prior to the adoption of the ASU, excess tax benefits or expense related to stock-based compensation transactions were recognized in additional paid-in capital on the consolidated balance sheets; following the adoption of the ASU, all excess tax benefits or expense related to stock-based compensation transactions are recognized prospectively as income tax expense (benefit) in the consolidated statements of operations, and the excess tax benefits or expense from the stock-based compensation transactions previously included in financing activities on the consolidated statements of cash flows are prospectively included as a component of net earnings (loss) on the consolidated statements of cash flows. See Note 17 , " Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders ," for the impacts of the adoption of ASU 2016-09 on the calculation of the effect of outstanding dilutive equity incentive instruments using the treasury stock method. See Note 18 , " Equity Incentive Programs ," for the Company's policy election on accounting for forfeitures. The adoption of ASU 2016-09 did not have a material impact on the consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-07 "Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting" ("ASU 2016-07"), which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply equity method accounting to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Instead, the equity method of accounting will be applied prospectively as an increase in the level of ownership interest or degree of influence occurs. This guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. The Company believes the adoption of ASU 2016-07 will not have a material impact on the consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 "Leases (Topic 842)" ("ASU 2016-02"), which establishes a right-of-use model requiring a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. This new guidance will require a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The modified retrospective transition approach would require the application of the new accounting model for the earliest year presented in the financial statements. The Company is evaluating the impact of the adoption of ASU 2016-02 on the consolidated financial statements. In May 2015, the FASB issued Accounting Standards Update 2015-07 "Fair Value Measurement (Topic 820): Disclosures for Investment in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)" ("ASU 2015-07"), which removes the requirement to classify investments for which fair value is measured at net asset value (NAV) per share (or its equivalent) using the practical expedient in the fair value hierarchy. The amendment is expected to eliminate diversity in practice resulting from the way that investments measured at NAV are classified within the fair value hierarchy. The Company adopted ASU 2015-07 as of December 31, 2016, and has applied it on a retrospective basis. See Note 16 , " Employee Retirement Plans ," for the impacts of the adoption of ASU 2015-07 on the fair value hierarchy table. The adoption of ASU 2015-07 did not have a material impact on the Company's financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), which provides revised guidance on recognizing revenue from contracts with customers. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to the customer in the amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty of the revenue and cash flow arising from contracts with customers. This guidance allows the option of either a full retrospective adoption, meaning the guidance is applied to all periods presented, or a modified retrospective adoption, meaning the guidance is applied only to the most current period. As amended, ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company plans to adopt the standard in the first quarter of 2018. The Company has established a cross-functional implementation team to evaluate the impact of ASU 2014-09 on the consolidated financial statements. The Company has identified and is in the process of implementing changes to its systems, processes and internal controls to meet the standard's reporting and disclosure requirements. The Company continues to assess all potential impacts of the standard. Currently, the Company believes there is a potential impact related to the timing of revenue recognition, because contracts with customers may qualify for over-time revenue recognition, rather than point-in-time revenue recognition, which is the Company's current policy. As of December 31, 2016, the Company's evaluation of the timing of revenue recognition within each of its operating and reportable segments is ongoing. If the Company determines some contracts qualify for revenue recognition over-time, the impact on the date of adoption could be significant to the consolidated financial statements. The Company currently anticipates applying the modified retrospective approach when adopting this guidance. |
Basis of Presentation and Sum35
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Leasehold Improvements Estimated Useful Lives | Asset Category Range of Useful Lives Buildings 10 to 40 Years Machinery and equipment 5 to 15 Years Other 3 to 10 Years |
Schedule of Supplemental Cash Flow Information | The following table summarizes certain supplemental cash flow information for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Interest paid, net of amounts capitalized $ 65.9 $ 76.5 $ 80.8 Income taxes paid 34.0 1.5 3.5 Non-cash investing and financing activities: Capital lease additions (see Note 13) 21.0 5.9 2.9 Leased equipment purchased through term loan — 3.7 — Acquisitions of businesses (see Note 2): Fair value of assets acquired, net of cash $ — $ 137.0 $ 171.1 Liabilities assumed — (28.6 ) (66.6 ) Goodwill — 33.8 5.1 Deferred payment for Proteus and Transpak acquisition (see Note 2) — 0.6 5.0 Deferred payment for UniGraphic acquisition — 0.6 (2.1 ) Acquisition of businesses—net of cash acquired $ — $ 143.4 $ 112.5 |
Acquisitions and Strategic In36
Acquisitions and Strategic Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Pro Forma Financial Information Due to Business Acquisition | The following unaudited pro forma condensed combined financial information presents the Company's results as if the Company had acquired Brown Printing on January 1, 2013. The unaudited pro forma information has been prepared with the following considerations: • The unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting under existing GAAP. The Company is the acquirer for accounting purposes. • The unaudited pro forma condensed combined financial information does not reflect any operating cost synergy savings that the combined companies may achieve as a result of the acquisition, the costs necessary to achieve these operating synergy savings or additional charges necessary as a result of the integration. Year Ended December 31, 2016 2015 2014 (actual) (actual) (pro forma) Net sales $ 4,329.5 $ 4,597.1 $ 4,919.7 Net earnings (loss) attributable to common shareholders 44.9 (641.9 ) 17.8 Diluted net earnings (loss) per share attributable to common shareholders 0.90 (13.40 ) 0.36 |
Brown Printing Company [Member] | |
Business Acquisition [Line Items] | |
Schedule of Preliminary Purchase Price Allocation | The final purchase price allocation was as follows: Purchase Price Allocation Cash and cash equivalents $ 3.6 Accounts receivable 46.1 Other current assets 18.8 Property, plant and equipment 72.1 Identifiable intangible assets 4.7 Other long-term assets 7.5 Accounts payable and accrued liabilities (35.1 ) Other long-term liabilities (16.6 ) Purchase price $ 101.1 |
Restructuring, Impairment and37
Restructuring, Impairment and Transaction-Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The Company recorded restructuring, impairment and transaction-related charges for the years ended December 31, 2016 , 2015 and 2014 , as follows: 2016 2015 2014 Employee termination charges $ 12.9 $ 42.1 $ 30.6 Impairment charges 26.8 95.3 14.4 Transaction-related charges (income) 2.2 (6.7 ) 2.6 Integration costs 0.1 5.1 11.2 Other restructuring charges 38.6 29.1 8.5 Total $ 80.6 $ 164.9 $ 67.3 |
Schedule of Restructuring Reserve by Type of Cost | Activity impacting the Company's restructuring reserves for the years ended December 31, 2016 and 2015 , was as follows: Employee Termination Charges Impairment Charges Transaction-Related Charges (Income) Integration Costs Other Restructuring Charges Total Balance at January 1, 2015 $ 10.0 $ — $ 0.5 $ 1.8 $ 13.6 $ 25.9 Expense (income) 42.1 95.3 (6.7 ) 5.1 29.1 164.9 Cash receipts (payments) (27.3 ) — 6.3 (5.1 ) (23.8 ) (49.9 ) Non-cash adjustments/reclassifications (0.4 ) (95.3 ) — (0.4 ) (5.9 ) (102.0 ) Balance at December 31, 2015 $ 24.4 $ — $ 0.1 $ 1.4 $ 13.0 $ 38.9 Expense 12.9 26.8 2.2 0.1 38.6 80.6 Cash payments (29.5 ) — (2.2 ) (0.3 ) (23.6 ) (55.6 ) Non-cash adjustments/reclassifications (0.2 ) (26.8 ) — (0.1 ) (17.6 ) (44.7 ) Balance at December 31, 2016 $ 7.6 $ — $ 0.1 $ 1.1 $ 10.4 $ 19.2 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Accumulated Goodwill Impairment | The accumulated goodwill impairment losses and the carrying value of goodwill at December 31, 2016 and 2015 , were as follows: United States Print and Related Services International Total Goodwill $ 778.3 $ 30.0 $ 808.3 Accumulated goodwill impairment loss (778.3 ) (30.0 ) (808.3 ) Balance at December 31, 2016 and December 31, 2015 $ — $ — $ — |
Schedule of Goodwill | Activity impacting goodwill for the year ended December 31, 2015 , was as follows: United States Print and Related Services International Total Balance at January 1, 2015 $ 751.3 $ 24.2 $ 775.5 Marin's acquisition (see Note 2) — 6.8 6.8 Copac acquisition (see Note 2) 23.5 — 23.5 Specialty acquisition (see Note 2) 3.5 — 3.5 Impairment (778.3 ) (30.0 ) (808.3 ) Translation adjustment — (1.0 ) (1.0 ) Balance at December 31, 2015 $ — $ — $ — |
Schedule of Components of Other Intangible Assets | The components of other intangible assets at December 31, 2016 and 2015 , were as follows: December 31, 2016 December 31, 2015 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Finite-lived intangible assets: Trademarks, patents, licenses and agreements 7 $ 21.7 $ (9.3 ) $ 12.4 7 $ 22.1 $ (5.5 ) $ 16.6 Capitalized software 5 6.4 (6.2 ) 0.2 5 6.5 (6.2 ) 0.3 Acquired technology 5 6.1 (6.1 ) — 5 6.2 (5.9 ) 0.3 Customer relationships 6 459.4 (412.3 ) 47.1 6 459.4 (366.1 ) 93.3 Total finite-lived intangible assets $ 493.6 $ (433.9 ) $ 59.7 $ 494.2 $ (383.7 ) $ 110.5 |
Schedule of Estimated Future Amortization Expense Related to Other Intangible Assets | The following table outlines the estimated future amortization expense related to other intangible assets as of December 31, 2016 : Amortization Expense 2017 $ 18.1 2018 17.4 2019 12.8 2020 7.5 2021 2.8 2022 and thereafter 1.1 Total $ 59.7 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Allowance for Doubtful Accounts | Activity impacting the allowances for doubtful accounts for the years ended December 31, 2016 , 2015 and 2014 , was as follows: 2016 2015 2014 Balance at beginning of year $ 50.1 $ 57.8 $ 58.9 Provisions 8.0 4.2 5.5 Write-offs (4.0 ) (12.0 ) (9.9 ) Translation and other (0.6 ) 0.1 3.3 Balance at end of year $ 53.5 $ 50.1 $ 57.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories at December 31, 2016 and 2015 , were as follows: 2016 2015 Raw materials and manufacturing supplies $ 142.4 $ 154.8 Work in process 45.3 51.0 Finished goods 77.7 74.3 Total $ 265.4 $ 280.1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment at December 31, 2016 and 2015 , were as follows: 2016 2015 Land $ 126.2 $ 135.9 Buildings 935.4 952.6 Machinery and equipment 3,574.4 3,603.9 Other (1) 191.5 194.1 Construction in progress 59.5 24.2 Property, plant and equipment—gross $ 4,887.0 $ 4,910.7 Less: accumulated depreciation (3,367.1 ) (3,234.9 ) Property, plant and equipment—net $ 1,519.9 $ 1,675.8 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication related equipment. |
Equity Method Investments in 42
Equity Method Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The condensed balance sheets for Plural at December 31, 2016 and 2015 , were as follows: 2016 2015 Current assets $ 29.1 $ 28.9 Long-term assets 18.3 26.4 Total assets $ 47.4 $ 55.3 Current liabilities $ 26.1 $ 33.9 Long-term liabilities 6.3 4.9 Total liabilities $ 32.4 $ 38.8 The condensed statement of operation for Plural for the year ended December 31, 2016 , and the combined condensed statements of operations for Plural and Chile for the years ended December 31, 2015 and 2014 , are presented below. Results from the Chile equity method investment are included in the following table through the July 31, 2015 sale date: 2016 2015 2014 Net sales $ 71.3 $ 110.7 $ 195.8 Operating loss (income) (1.4 ) 10.6 3.6 Net loss 2.9 12.8 5.2 |
Accrued Liabilities and Other43
Accrued Liabilities and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Components of Accrued and Other Long-Term Liabilities | The components of accrued and other long-term liabilities at December 31, 2016 and 2015 , were as follows: December 31, 2016 December 31, 2015 Accrued Liabilities Other Long-Term Liabilities Total Accrued Liabilities Other Long-Term Liabilities Total Employee-related liabilities $ 194.3 $ 61.7 $ 256.0 $ 165.6 $ 64.6 $ 230.2 Single employer pension plan obligations 1.8 112.4 114.2 1.8 136.0 137.8 Multiemployer pension plans – withdrawal liability 10.6 33.4 44.0 9.9 31.0 40.9 Tax-related liabilities 24.6 22.9 47.5 29.1 22.2 51.3 Restructuring liabilities 13.5 4.8 18.3 31.0 6.6 37.6 Interest and rent liabilities 7.6 3.3 10.9 11.0 4.2 15.2 Other 104.3 36.1 140.4 99.1 35.9 135.0 Total $ 356.7 $ 274.6 $ 631.3 $ 347.5 $ 300.5 $ 648.0 |
World Color Press Insolvency 44
World Color Press Insolvency Proceedings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reorganizations [Abstract] | |
World Color Press Insolvency Claim Payments | Activity impacting restricted cash and unsecured notes to be issued for the years ended December 31, 2016 and 2015 , was as follows: Restricted Cash Unsecured Notes to be Issued Balance at January 1, 2015 $ 29.1 $ 9.0 Class 3 Claim payments (0.1 ) (0.1 ) Restricted cash refunded to Quad/Graphics (17.5 ) — Non-cash adjustments — (1.8 ) Balance at December 31, 2015 $ 11.5 $ 7.1 Class 3 Claim payments (0.3 ) (0.3 ) Restricted cash refunded to Quad/Graphics (4.0 ) — Non-cash adjustments — (1.4 ) Balance at December 31, 2016 $ 7.2 $ 5.4 |
Schedule of Components of Restricted Cash | The components of restricted cash at December 31, 2016 and 2015 , were as follows: December 31, December 31, Defeasance of unsecured notes to be issued $ 7.2 $ 11.5 Restricted cash for Class 4 Claim payments 1.1 — Other 1.9 2.0 Total restricted cash $ 10.2 $ 13.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The components of long-term debt at December 31, 2016 and 2015 , were as follows: Weighted Average Interest Rate 2016 2015 Master note and security agreement 7.47 % $ 152.6 $ 260.4 Term loan A—$450.0 million due April 2019 2.59 % 376.9 410.6 Term loan B—$300.0 million due April 2021 4.25 % 290.6 293.2 Revolving credit facility—$850.0 million due April 2019 2.60 % 19.0 70.8 Senior unsecured notes—$300.0 million due May 2022 7.00 % 243.5 300.0 International term loan—$18.7 million 1.72 % 16.8 — International revolving credit facility—$14.3 million 1.01 % 5.3 — Equipment term loans 4.06 % 9.5 13.4 Other 20.69 % 1.6 2.2 Debt issuance costs (11.3 ) (16.1 ) Total debt $ 1,104.5 $ 1,334.5 Less: short-term debt and current portion of long-term debt (84.7 ) (94.6 ) Long-term debt $ 1,019.8 $ 1,239.9 |
Schedule of Capitalized Debt Issuance Costs | Activity impacting the Company's capitalized debt issuance costs for the years ended December 31, 2016 and 2015 , was as follows: Capitalized Debt Issuance Costs Balance at January 1, 2015 $ 20.0 Amortization of debt issuance costs (3.9 ) Balance at December 31, 2015 $ 16.1 Write off of debt issuance costs due to Master Note and Security Agreement redemption (0.2 ) Write off of debt issuance costs due to Senior Unsecured Notes repurchase (0.8 ) Amortization of debt issuance costs (3.8 ) Balance at December 31, 2016 $ 11.3 |
Schedule of Original Issue Discount | Activity impacting the Company's original issue discount for the years ended December 31, 2016 and 2015 , was as follows: Original Issue Discount Balance at January 1, 2015 $ 2.7 Amortization of original issue discount (0.5 ) Balance at December 31, 2015 $ 2.2 Amortization of original issue discount (0.4 ) Balance at December 31, 2016 $ 1.8 |
Gain on Debt Extinguishment | The gain on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2016, was comprised of the following: Master Note and Security Agreement Senior Unsecured Notes Total Principal amount repurchased $ 60.1 $ 56.5 $ 116.6 Repurchase price 61.2 42.5 103.7 Less: accrued interest paid (1.2 ) (1.1 ) (2.3 ) Net repurchase price 60.0 41.4 101.4 Debt financing fees expensed (0.1 ) — (0.1 ) Debt issuance costs expensed (0.2 ) (0.8 ) (1.0 ) Gain (loss) on debt extinguishment $ (0.2 ) $ 14.3 $ 14.1 |
Schedule of Extinguishment of Debt | The loss on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2014, was comprised of the following: Loss on Debt Extinguishment Debt issuance costs: Loss on debt extinguishment from July 26, 2011 $1.5 billion debt financing arrangement fees that were previously capitalized $ 2.1 Debt issuance costs from April 28, 2014 $1.9 billion debt financing arrangement 3.3 Loss on debt extinguishment from October 10, 2014 partial redemption of senior notes under Master Note and Security Agreement 1.0 Loss on debt extinguishment from November 24, 2014 amendment to Master Note and Security Agreement 0.2 Original issue discount: Original issue discount from July 26, 2011 $1.5 billion debt financing arrangement 0.6 Total $ 7.2 |
Schedule of Maturities of Long-term Debt | The approximate annual principal amounts due on long-term debt, excluding $11.3 million for future amortization of debt issuance costs and $1.8 million for future amortization of original issue discount, at December 31, 2016 , were as follows: Principle Payments 2017 $ 84.7 2018 88.7 2019 338.9 2020 33.1 2021 300.4 2022 – 2026 266.6 2027 – 2031 5.2 Total $ 1,117.6 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Capital Leased Assets | The components of capital lease assets at December 31, 2016 and 2015 , were as follows: 2016 2015 Leased equipment—gross $ 37.6 $ 23.6 Less: accumulated depreciation (12.5 ) (10.9 ) Leased equipment—net $ 25.1 $ 12.7 |
Schedule of Future Minimum Lease Payments for Capital Leases | The future maturities of capitalized leases at December 31, 2016 , were as follows: Future Maturities of Capitalized Leases 2017 $ 8.6 2018 6.2 2019 4.8 2020 4.1 2021 3.6 2022 and thereafter 1.9 Total minimum payments $ 29.2 Less: amounts representing interest (2.9 ) Present value of minimum payments $ 26.3 Less: current portion (7.4 ) Long-term capital lease obligations $ 18.9 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental commitments under non-cancelable leases at December 31, 2016 , were as follows: Future Minimum Rental Commitments 2017 $ 47.2 2018 39.2 2019 31.4 2020 23.1 2021 12.5 2022 and thereafter 31.8 Total $ 185.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income taxes have been based on the following components of earnings (loss) before income taxes and equity in loss of unconsolidated entities for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 United States $ 48.4 $ (855.1 ) $ 57.4 Foreign 10.9 (63.3 ) (16.2 ) Total $ 59.3 $ (918.4 ) $ 41.2 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31, 2016 , 2015 and 2014 , were as follows: 2016 2015 2014 Federal: Current $ 32.0 $ 5.6 $ (11.6 ) Deferred (20.0 ) (281.4 ) 21.1 State: Current 3.9 0.5 (0.9 ) Deferred (5.3 ) (13.9 ) 1.3 Foreign: Current 3.7 3.6 5.9 Deferred (1.3 ) 2.8 4.4 Total income tax expense (benefit) $ 13.0 $ (282.8 ) $ 20.2 |
Schedule of Effective Income Tax Rate Reconciliation | The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company's effective tax rate for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign rate differential (8.4 ) 0.2 (4.5 ) Loss on foreign investment (7.9 ) — — Domestic production activity deduction (5.6 ) — (1.6 ) State taxes, net of federal benefit (3.5 ) — (0.2 ) Impact from foreign branches 6.1 (0.3 ) 0.6 Adjustment of deferred tax liabilities 3.7 (0.1 ) 10.1 Adjustment to valuation allowances 1.7 (1.0 ) 26.1 Adjustment of uncertain tax positions 1.6 (0.1 ) (22.9 ) Investment in United States subsidiaries — 26.3 — Nondeductible goodwill impairment — (28.3 ) — Other (0.8 ) (0.9 ) 6.4 Effective income tax rate 21.9 % 30.8 % 49.0 % |
Schedule of Deferred Tax Assets and Liabilities | The significant deferred tax assets and liabilities as of December 31, 2016 and 2015 , were as follows: 2016 2015 Deferred tax assets: Net operating loss and other tax carryforwards $ 150.9 $ 157.7 Pension and workers compensation benefits 82.9 90.5 Interest limitation 84.6 81.3 Accrued compensation 39.0 42.4 Accrued liabilities 21.4 28.8 Allowance for doubtful accounts 18.0 16.6 Other 17.9 21.8 Total deferred tax assets 414.7 439.1 Valuation allowance (155.9 ) (164.4 ) Net deferred tax assets $ 258.8 $ 274.7 Deferred tax liabilities: Property, plant and equipment $ (293.0 ) $ (317.1 ) Goodwill and intangible assets 11.6 (3.2 ) Other (12.7 ) (13.4 ) Total deferred tax liabilities (294.1 ) (333.7 ) Net deferred tax liabilities $ (35.3 ) $ (59.0 ) |
Summary of Income Tax Contingencies | The following table summarizes the activity of the Company's liability for unrecognized tax benefits at December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Balance at beginning of period $ 29.8 $ 31.1 $ 44.5 Additions for tax positions of the current year 0.3 0.7 0.5 Additions for tax positions of prior years 1.0 1.4 2.4 Reductions for tax positions of prior years (0.7 ) (0.9 ) (5.1 ) Settlements during the period — (0.8 ) (0.3 ) Lapses of applicable statutes of limitations (0.8 ) (1.6 ) (10.8 ) Foreign exchange and other — (0.1 ) (0.1 ) Balance at end of period $ 29.6 $ 29.8 $ 31.1 The following table summarizes the Company's interest expense related to tax uncertainties and penalties recognized during the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Interest expense $ 1.0 $ — $ 0.8 Penalties recognized — (0.1 ) — |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The components of net pension and postretirement benefit income for the years ended December 31, 2016 , 2015 and 2014 , were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 Interest cost $ (18.1 ) $ (26.9 ) $ (29.3 ) $ — $ — $ (0.1 ) Expected return on plan assets 30.2 34.9 34.4 — — — Amortization of prior service credit — — — — — 5.8 Amortization of actuarial gain — — — — — 0.3 Net periodic benefit income 12.1 8.0 5.1 — — 6.0 Settlement charge (7.0 ) — — — — — Termination gain — — — — — 4.9 Total income $ 5.1 $ 8.0 $ 5.1 $ — $ — $ 10.9 |
Schedule of Defined Benefit Plans Disclosures | The following table provides a reconciliation of the projected benefit obligation, fair value of plan assets and the funded status of the pension plans as of December 31, 2016 and 2015 : Pension Benefits 2016 2015 Changes in benefit obligation Projected benefit obligation, beginning of year $ (645.9 ) $ (711.3 ) Interest cost (18.1 ) (26.9 ) Actuarial gain (loss) (22.3 ) 39.3 Benefits paid 107.9 53.0 Liability benefit from lump-sum settlement 17.8 — Projected benefit obligation, end of year $ (560.6 ) $ (645.9 ) Changes in plan assets Fair value of plan assets, beginning of year $ 508.1 $ 548.6 Actual return on plan assets 33.8 (0.5 ) Employer contributions 12.4 13.0 Benefits paid (107.9 ) (53.0 ) Fair value of plan assets, end of year $ 446.4 $ 508.1 Funded status $ (114.2 ) $ (137.8 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized on the consolidated balance sheets as of December 31, 2016 and 2015 , were as follows: Pension Benefits 2016 2015 Current liabilities $ (1.8 ) $ (1.8 ) Noncurrent liabilities (112.4 ) (136.0 ) Total amount recognized $ (114.2 ) $ (137.8 ) |
Reconciliation of Accumulated Other Comprehensive Income (Loss) Prior to Any Deferred Tax Effects | The following table provides a reconciliation of the Company's accumulated other comprehensive income (loss) prior to any deferred tax effects at December 31, 2016 and 2015 : Pension Benefits Actuarial Gain / (Loss), net Balance at January 1, 2015 $ (44.6 ) Amount arising during the period 3.7 Balance at December 31, 2015 $ (40.9 ) Amount arising during the period (0.8 ) Impact of pension plan settlement charge included in net earnings (loss) 7.0 Balance at December 31, 2016 $ (34.7 ) |
Schedule of Assumptions Used | The weighted average assumptions, separately for the pension and postretirement benefit plans, used to determine net periodic benefit costs for the years ended December 31, 2016 , 2015 and 2014 , were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 Discount rate 3.32 % 3.90 % 4.80 % N/A N/A 3.60 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % N/A N/A N/A The weighted average assumptions used to determine pension benefit obligations at December 31, 2016 and 2015 , were as follows: Pension Benefits 2016 2015 Discount rate (end of year rate) 3.91 % 4.14 % |
Schedule of Expected Benefit Payments | An estimate of the Plans' future benefit payments to be made from funded qualified plans and unfunded non-qualified plans to plan participants at December 31, 2016 , were as follows: Pension Benefits 2017 $ 44.2 2018 42.6 2019 41.4 2020 40.7 2021 39.5 2022 – 2026 181.6 Thereafter 170.6 Total $ 560.6 |
Schedule of Allocation of Plan Assets | The fair values of the Company's pension plan assets at December 31, 2016 and 2015 , by asset category were as follows: December 31, 2016 December 31, 2015 Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 0.9 $ 0.9 $ — $ — $ 3.7 $ 3.7 $ — $ — Debt securities 91.4 — 91.4 — 105.6 — 105.6 — Equity securities 75.1 22.0 53.1 — 81.2 22.9 58.3 — 167.4 $ 22.9 $ 144.5 $ — 190.5 $ 26.6 $ 163.9 $ — Investments measured at net asset value ("NAV") (1) 279.0 317.6 $ 446.4 $ 508.1 ______________________________ (1) These investments consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund's underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. See Note 24 , " New Accounting Pronouncements ," for further discussion on the adoption of this new accounting standard. |
Schedule of Fair Value Measurements in Collective Trusts [Table Text Block] | The fair value measurements in common/collective trusts, calculated using a NAV and their redemption restrictions, for the years ended December 31, 2016 and 2015 , are as follows: Fair Value Redemption Frequency (If Currently Eligible) Redemption Notice Period 2016 2015 JP Morgan Chase Bank Strategic Property Fund $ 26.4 $ 31.0 Quarterly 45 days Pyramis Long Corporate A or Better 53.2 61.2 Daily 15 days Pyramis Long Duration 52.6 61.6 Daily 15 days Russell 1000 Index NL 146.8 163.8 Daily 1 day |
Earnings (Loss) Per Share Att49
Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company's common stock for the years ended December 31, 2016 , 2015 and 2014 , are summarized as follows: 2016 2015 2014 Numerator: Net earnings (loss) attributable to Quad/Graphics common shareholders $ 44.9 $ (641.9 ) $ 18.6 Adjustments to net earnings (loss) attributable to Quad/Graphics common shareholders Allocation to participating securities — — (0.3 ) Net earnings (loss) attributable to Quad/Graphics common shareholders - adjusted $ 44.9 $ (641.9 ) $ 18.3 Denominator: Basic weighted average number of common shares outstanding for all classes of common shares 47.9 47.9 47.5 Plus: effect of dilutive equity incentive instruments 1.9 — 1.0 Diluted weighted average number of common shares outstanding for all classes of common shares 49.8 47.9 48.5 Earnings (loss) per share attributable to Quad/Graphics common shareholders: Basic $ 0.94 $ (13.40 ) $ 0.39 Diluted $ 0.90 $ (13.40 ) $ 0.38 Cash dividends paid per common share for all classes of common shares $ 1.20 $ 1.20 $ 1.20 |
Equity Incentive Programs (Tabl
Equity Incentive Programs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | The following table is a summary of the stock option activity for the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Outstanding at December 31, 2015 3,290,336 $ 21.37 3.6 $ — Granted — — Exercised (1,558,806 ) 19.42 Canceled/forfeited/expired (28,664 ) 30.23 Outstanding and exercisable at December 31, 2016 1,702,866 $ 23.00 3.3 $ 12.3 |
Schedule of Stock Option Exercises and Vesting Activity | The following table is a summary of the stock option exercises and vesting activity for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Total intrinsic value of stock options exercised $ 12.4 $ 1.3 $ 1.5 Cash received from stock option exercises 30.3 2.2 2.7 Total grant date fair value of stock options vested 0.3 1.8 3.4 |
Schedule of Restricted Stock and Restricted Stock Units Activity | The following table is a summary of RS and RSU award activity for the year ended December 31, 2016 : Restricted Stock Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Units Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Nonvested at December 31, 2015 1,549,624 $ 22.56 1.3 97,746 $ 16.58 1.7 Granted 1,315,571 9.43 175,228 10.08 Vested (337,979 ) 20.44 (22,282 ) 22.76 Forfeited (41,827 ) 23.07 (14,806 ) 18.55 Nonvested at December 31, 2016 2,485,389 $ 15.89 1.5 235,886 $ 11.04 1.8 |
Schedule of Deferred Stock Units Activity | The following table is a summary of DSU award activity for the year ended December 31, 2016 : Deferred Stock Units Units Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2015 156,807 $ 20.51 Granted 78,750 9.30 Dividend equivalents granted 14,182 20.63 Settled — — Forfeited — — Outstanding at December 31, 2016 249,739 $ 16.98 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The Company has three classes of common stock as follows (share data in millions): Issued Common Stock Authorized Shares Outstanding Treasury Total Issued Shares Class A stock ($0.025 par value) 80.0 December 31, 2016 37.2 2.8 40.0 December 31, 2015 35.4 4.6 40.0 December 31, 2014 34.7 5.3 40.0 Class B stock ($0.025 par value) 80.0 December 31, 2016 14.2 0.8 15.0 December 31, 2015 14.2 0.8 15.0 December 31, 2014 14.2 0.8 15.0 Class C stock ($0.025 par value) 20.0 December 31, 2016 — 0.5 0.5 December 31, 2015 — 0.5 0.5 December 31, 2014 — 0.5 0.5 |
Schedule of Dividend Activity | The following table details the dividend activity related to the then outstanding shares of common stock for the years ended December 31, 2016 , 2015 and 2014 : Declaration Date Record Date Payment Date Dividend Amount per Share 2016 Q4 Dividend October 31, 2016 November 28, 2016 December 9, 2016 $ 0.30 Q3 Dividend August 1, 2016 August 29, 2016 September 9, 2016 0.30 Q2 Dividend May 3, 2016 June 6, 2016 June 17, 2016 0.30 Q1 Dividend February 19, 2016 March 7, 2016 March 18, 2016 0.30 2015 Q4 Dividend November 3, 2015 December 7, 2015 December 18, 2015 $ 0.30 Q3 Dividend August 4, 2015 September 7, 2015 September 18, 2015 0.30 Q2 Dividend May 5, 2015 June 8, 2015 June 19, 2015 0.30 Q1 Dividend February 23, 2015 March 9, 2015 March 20, 2015 0.30 2014 Q4 Dividend November 5, 2014 December 8, 2014 December 19, 2014 $ 0.30 Q3 Dividend August 5, 2014 September 8, 2014 September 19, 2014 0.30 Q2 Dividend May 19, 2014 June 9, 2014 June 20, 2014 0.30 Q1 Dividend February 26, 2014 March 12, 2014 March 21, 2014 0.30 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss by Component, Net of Tax | The changes in accumulated other comprehensive loss by component, net of tax, for the years ended December 31, 2016 and 2015 , were as follows: Translation Adjustments Pension Benefit Plan Adjustments Total Balance at January 1, 2015 $ (88.7 ) $ (27.9 ) $ (116.6 ) Other comprehensive income (loss) before reclassifications (45.9 ) 2.3 (43.6 ) Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) 7.7 — 7.7 Net other comprehensive income (loss) (38.2 ) 2.3 (35.9 ) Balance at December 31, 2015 $ (126.9 ) $ (25.6 ) $ (152.5 ) Other comprehensive loss before reclassifications (3.9 ) (0.5 ) (4.4 ) Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) — 4.3 4.3 Net other comprehensive income (loss) (3.9 ) 3.8 (0.1 ) Balance at December 31, 2016 $ (130.8 ) $ (21.8 ) $ (152.6 ) |
Reclassification out of Accumulated Other Comprehensive Loss to Net Earnings (Loss) | The details about the reclassifications from accumulated other comprehensive loss to net earnings (loss) for the years ended December 31, 2016 , 2015 and 2014 , were as follows: Details about Accumulated Other Comprehensive Loss Components Year Ended December 31, Consolidated Statements of Operations Presentation 2016 2015 2014 Revaluation loss on sale of equity method investment $ — $ 7.7 $ — Restructuring, impairment and transaction-related charges Amortization of prior service credits on postretirement benefit plans — — (5.8 ) Selling, general and administrative expenses Impact of income taxes — — 2.2 Income tax expense (benefit) Amortization of prior service credits on postretirement benefit plans, net of tax — — (3.6 ) Net of tax Amortization of net actuarial loss on pension and postretirement benefit plans — — (0.3 ) Cost of sales Impact of income taxes — — 0.1 Income tax expense (benefit) Amortization of net actuarial loss on pension and postretirement benefit plans, net of tax — — (0.2 ) Net of tax Settlement charge on pension benefit plans 7.0 — — Restructuring, impairment and transaction-related charges Impact of income taxes (2.7 ) — — Income tax expense (benefit) Settlement charge on pension benefit plans, net of tax 4.3 — — Net of tax Postretirement benefit plan termination — — (4.9 ) Restructuring, impairment and transaction-related charges Impact of income taxes — — 1.8 Income tax expense (benefit) Postretirement benefit plan termination, net of tax — — (3.1 ) Net of tax Total reclassifications for the period 7.0 7.7 (11.0 ) Impact of income taxes (2.7 ) — 4.1 Total reclassifications for the period, net of tax $ 4.3 $ 7.7 $ (6.9 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following is a summary of segment information for the years ended December 31, 2016 , 2015 and 2014 : Restructuring, Impairment and Transaction-Related Charges Net Sales Operating Income(Loss) Depreciation and Amortization Capital Expenditures Goodwill Impairment Products Services Year ended December 31, 2016 United States Print and Related Services $ 3,335.1 $ 591.9 $ 186.1 $ 252.4 $ 88.1 $ 59.3 $ — International 382.0 20.5 13.5 24.1 18.0 (1.1 ) — Total operating segments 3,717.1 612.4 199.6 276.5 106.1 58.2 — Corporate — — (77.2 ) 0.6 — 22.4 — Total $ 3,717.1 $ 612.4 $ 122.4 $ 277.1 $ 106.1 $ 80.6 $ — Year ended December 31, 2015 United States Print and Related Services $ 3,580.1 $ 628.5 $ (706.1 ) $ 297.5 $ 121.5 $ 101.4 $ 778.3 International 369.6 18.9 (63.4 ) 26.1 11.5 38.8 30.0 Total operating segments 3,949.7 647.4 (769.5 ) 323.6 133.0 140.2 808.3 Corporate — — (60.5 ) 1.7 — 24.7 — Total $ 3,949.7 $ 647.4 $ (830.0 ) $ 325.3 $ 133.0 $ 164.9 $ 808.3 Year ended December 31, 2014 United States Print and Related Services $ 3,685.7 $ 645.2 $ 197.9 $ 305.3 $ 118.4 $ 52.1 $ — International 427.0 19.7 (11.2 ) 29.2 20.8 9.2 — Total operating segments 4,112.7 664.9 186.7 334.5 139.2 61.3 — Corporate — — (45.4 ) 1.9 — 6.0 — Total $ 4,112.7 $ 664.9 $ 141.3 $ 336.4 $ 139.2 $ 67.3 $ — Total assets by segment at December 31, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 United States Print and Related Services $ 2,241.3 $ 2,498.1 $ 3,492.4 International 312.7 327.2 445.2 Total operating segments 2,554.0 2,825.3 3,937.6 Corporate 16.1 22.2 71.2 Total $ 2,570.1 $ 2,847.5 $ 4,008.8 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of operating income (loss) to earnings (loss) before income taxes and equity in loss of unconsolidated entities as reported in the consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 , was as follows: 2016 2015 2014 Operating income (loss) $ 122.4 $ (830.0 ) $ 141.3 Less: interest expense 77.2 88.4 92.9 Less: loss (gain) on debt extinguishment (14.1 ) — 7.2 Earnings (loss) before income taxes and equity in loss of unconsolidated entities $ 59.3 $ (918.4 ) $ 41.2 |
Geographic Area and Product I54
Geographic Area and Product Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The table below presents the Company's net sales and long-lived assets for the years ended December 31, 2016 , 2015 and 2014 , by geographic region. The amounts in this table differ from the segment data presented in Note 21 , " Segment Information ," because each operating segment includes operations in multiple geographic regions, based on the Company's management reporting structure. United States Europe Latin America Other Combined 2016 Net sales Products $ 3,299.1 $ 169.8 $ 217.4 $ 30.8 $ 3,717.1 Services 591.9 20.5 — — 612.4 Property, plant and equipment—net 1,362.8 79.7 67.7 9.7 1,519.9 Intangible assets—net 47.6 12.1 — — 59.7 Other long-term assets 71.6 0.3 12.2 0.2 84.3 2015 Net sales Products $ 3,545.8 $ 162.9 $ 215.1 $ 25.9 $ 3,949.7 Services 628.5 18.9 — — 647.4 Property, plant and equipment—net 1,512.2 86.1 73.1 4.4 1,675.8 Intangible assets—net 93.0 16.6 0.9 — 110.5 Other long-term assets 54.4 0.3 10.6 0.2 65.5 2014 Net sales Products $ 3,667.1 $ 171.3 $ 264.5 $ 9.8 $ 4,112.7 Services 645.2 19.7 — — 664.9 Property, plant and equipment—net 1,660.6 95.2 99.5 0.2 1,855.5 Intangible assets—net 141.6 2.2 5.3 — 149.1 Other long-term assets 52.2 0.2 0.4 — 52.8 |
Revenue from External Customers by Products and Services | The table below presents the Company's consolidated net sales by products and services for the years ended December 31, 2016 , 2015 and 2014 . Products and Services 2016 2015 2014 Catalog, publications, retail inserts, books and directories $ 2,983.6 $ 3,254.0 $ 3,470.3 Direct mail and other printed products 676.9 635.8 588.8 Other 56.6 59.9 53.6 Total products $ 3,717.1 $ 3,949.7 $ 4,112.7 Logistics services $ 427.3 $ 453.7 $ 483.7 Imaging and other services 185.1 193.7 181.2 Total services 612.4 647.4 664.9 Total net sales $ 4,329.5 $ 4,597.1 $ 4,777.6 |
Separate Financial Informatio55
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidated Statement of Operations | Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,915.3 $ 2,853.6 $ 442.4 $ (433.7 ) $ 4,777.6 Cost of sales 1,467.8 2,393.1 379.9 (433.7 ) 3,807.1 Selling, general and administrative expenses 191.2 207.8 26.5 — 425.5 Depreciation and amortization 129.1 178.1 29.2 — 336.4 Restructuring, impairment and transaction-related charges 9.5 47.6 10.2 — 67.3 Total operating expenses 1,797.6 2,826.6 445.8 (433.7 ) 4,636.3 Operating income (loss) $ 117.7 $ 27.0 $ (3.4 ) $ — $ 141.3 Interest expense (income) 85.8 (0.8 ) 7.9 — 92.9 Loss (gain) on debt extinguishment 7.2 — — — 7.2 Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities 24.7 27.8 (11.3 ) — 41.2 Income tax expense (benefit) 20.6 (9.8 ) 9.4 — 20.2 Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities 4.1 37.6 (20.7 ) — 21.0 Equity in (earnings) loss of consolidated entities (14.5 ) 2.4 — 12.1 — Equity in (earnings) loss of unconsolidated entities — — 2.7 — 2.7 Net earnings (loss) $ 18.6 $ 35.2 $ (23.4 ) $ (12.1 ) $ 18.3 Net (earnings) loss attributable to noncontrolling interests — — 0.3 — 0.3 Net earnings (loss) attributable to Quad/Graphics common shareholders $ 18.6 $ 35.2 $ (23.1 ) $ (12.1 ) $ 18.6 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,881.5 $ 2,720.1 $ 428.6 $ (433.1 ) $ 4,597.1 Cost of sales 1,423.0 2,343.7 346.7 (433.1 ) 3,680.3 Selling, general and administrative expenses 258.7 148.4 41.2 — 448.3 Depreciation and amortization 179.3 114.8 31.2 — 325.3 Restructuring, impairment and transaction-related charges 56.6 70.1 38.2 — 164.9 Goodwill impairment — 754.7 53.6 — 808.3 Total operating expenses 1,917.6 3,431.7 510.9 (433.1 ) 5,427.1 Operating income (loss) $ (36.1 ) $ (711.6 ) $ (82.3 ) $ — $ (830.0 ) Interest expense (income) 85.7 (2.3 ) 5.0 — 88.4 Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (121.8 ) (709.3 ) (87.3 ) — (918.4 ) Income tax expense (benefit) (39.6 ) (249.1 ) 5.9 — (282.8 ) Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (82.2 ) (460.2 ) (93.2 ) — (635.6 ) Equity in (earnings) loss of consolidated entities 559.7 24.7 — (584.4 ) — Equity in (earnings) loss of unconsolidated entities — — 6.3 — 6.3 Net earnings (loss) $ (641.9 ) $ (484.9 ) $ (99.5 ) $ 584.4 $ (641.9 ) Net (earnings) loss attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad/Graphics common shareholders $ (641.9 ) $ (484.9 ) $ (99.5 ) $ 584.4 $ (641.9 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,863.6 $ 2,429.0 $ 454.6 $ (417.7 ) $ 4,329.5 Cost of sales 1,381.1 2,067.3 364.1 (417.7 ) 3,394.8 Selling, general and administrative expenses 257.8 152.5 44.3 — 454.6 Depreciation and amortization 146.8 100.1 30.2 — 277.1 Restructuring, impairment and transaction-related charges 56.8 25.2 (1.4 ) — 80.6 Total operating expenses 1,842.5 2,345.1 437.2 (417.7 ) 4,207.1 Operating income (loss) $ 21.1 $ 83.9 $ 17.4 $ — $ 122.4 Interest expense (income) 76.0 (4.1 ) 5.3 — 77.2 Loss (gain) on debt extinguishment (14.1 ) — — — (14.1 ) Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (40.8 ) 88.0 12.1 — 59.3 Income tax expense (benefit) 15.2 (4.8 ) 2.6 — 13.0 Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (56.0 ) 92.8 9.5 — 46.3 Equity in (earnings) loss of consolidated entities (100.9 ) (6.0 ) — 106.9 — Equity in (earnings) loss of unconsolidated entities — — 1.4 — 1.4 Net earnings (loss) $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Net (earnings) loss attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad/Graphics common shareholders $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 |
Condensed Consolidated Statement of Comprehensive Income (Loss) | Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Other comprehensive income (loss), net of tax (0.1 ) 1.7 (4.7 ) 3.0 (0.1 ) Total comprehensive income (loss) 44.8 100.5 3.4 (103.9 ) 44.8 Less: comprehensive (income) loss attributable to noncontrolling interest — — — — — Comprehensive income (loss) attributable to Quad/Graphics common shareholders $ 44.8 $ 100.5 $ 3.4 $ (103.9 ) $ 44.8 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2014 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 18.6 $ 35.2 $ (23.4 ) $ (12.1 ) $ 18.3 Other comprehensive income (loss), net of tax (111.0 ) (91.5 ) (47.5 ) 139.0 (111.0 ) Total comprehensive income (loss) (92.4 ) (56.3 ) (70.9 ) 126.9 (92.7 ) Less: comprehensive (income) loss attributable to noncontrolling interest — — 0.3 — 0.3 Comprehensive income (loss) attributable to Quad/Graphics common shareholders $ (92.4 ) $ (56.3 ) $ (70.6 ) $ 126.9 $ (92.4 ) Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ (641.9 ) $ (484.9 ) $ (99.5 ) $ 584.4 $ (641.9 ) Other comprehensive income (loss), net of tax (35.9 ) (1.8 ) (33.6 ) 35.4 (35.9 ) Total comprehensive income (loss) (677.8 ) (486.7 ) (133.1 ) 619.8 (677.8 ) Less: comprehensive (income) loss attributable to noncontrolling interest — — — — — Comprehensive income (loss) attributable to Quad/Graphics common shareholders $ (677.8 ) $ (486.7 ) $ (133.1 ) $ 619.8 $ (677.8 ) |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 0.3 $ 1.9 $ 6.8 $ — $ 9.0 Receivables, less allowances for doubtful accounts 439.7 37.7 86.2 — 563.6 Intercompany receivables — 720.5 — (720.5 ) — Inventories 102.2 115.9 47.3 — 265.4 Other current assets 40.6 15.7 8.3 — 64.6 Total current assets 582.8 891.7 148.6 (720.5 ) 902.6 Property, plant and equipment—net 777.3 577.9 164.7 — 1,519.9 Investment in consolidated entities 1,288.9 61.8 — (1,350.7 ) — Intangible assets—net 12.0 20.3 27.4 — 59.7 Intercompany loan receivable 104.2 — — (104.2 ) — Other long-term assets 43.5 10.1 34.3 — 87.9 Total assets $ 2,808.7 $ 1,561.8 $ 375.0 $ (2,175.4 ) $ 2,570.1 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 159.3 $ 98.5 $ 65.7 $ — $ 323.5 Intercompany accounts payable 711.2 — 9.3 (720.5 ) — Short-term debt and current portion of long-term debt and capital lease obligations 79.5 2.9 9.7 — 92.1 Other current liabilities 253.9 76.2 28.9 — 359.0 Total current liabilities 1,203.9 177.6 113.6 (720.5 ) 774.6 Long-term debt and capital lease obligations 1,022.0 2.4 14.3 — 1,038.7 Intercompany loan payable — 39.9 64.3 (104.2 ) — Other long-term liabilities 141.3 150.0 24.0 — 315.3 Total liabilities 2,367.2 369.9 216.2 (824.7 ) 2,128.6 Total shareholders' equity 441.5 1,191.9 158.8 (1,350.7 ) 441.5 Total liabilities and shareholders' equity $ 2,808.7 $ 1,561.8 $ 375.0 $ (2,175.4 ) $ 2,570.1 Condensed Consolidating Balance Sheet As of December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 2.3 $ 2.8 $ 5.7 $ — $ 10.8 Receivables, less allowances for doubtful accounts 507.5 53.3 87.9 — 648.7 Intercompany receivables — 1,007.7 — (1,007.7 ) — Inventories 95.8 138.5 45.8 — 280.1 Other current assets 24.7 20.0 7.0 — 51.7 Total current assets 630.3 1,222.3 146.4 (1,007.7 ) 991.3 Property, plant and equipment—net 849.6 652.8 173.4 — 1,675.8 Investment in consolidated entities 1,676.6 57.8 — (1,734.4 ) — Intangible assets—net 46.9 27.1 36.5 — 110.5 Intercompany loan receivable 125.8 — — (125.8 ) — Other long-term assets 27.8 8.5 33.6 — 69.9 Total assets $ 3,357.0 $ 1,968.5 $ 389.9 $ (2,867.9 ) $ 2,847.5 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 203.7 $ 85.4 $ 69.7 $ — $ 358.8 Intercompany accounts payable 997.4 — 10.3 (1,007.7 ) — Short-term debt and current portion of long-term debt and capital lease obligations 95.6 3.5 0.6 — 99.7 Other current liabilities 223.4 94.3 31.2 — 348.9 Total current liabilities 1,520.1 183.2 111.8 (1,007.7 ) 807.4 Long-term debt and capital lease obligations 1,242.5 5.3 1.8 — 1,249.6 Intercompany loan payable — 38.8 87.0 (125.8 ) — Other long-term liabilities 170.5 175.9 20.2 — 366.6 Total liabilities 2,933.1 403.2 220.8 (1,133.5 ) 2,423.6 Total shareholders' equity 423.9 1,565.3 169.1 (1,734.4 ) 423.9 Total liabilities and shareholders' equity $ 3,357.0 $ 1,968.5 $ 389.9 $ (2,867.9 ) $ 2,847.5 |
Condensed Consolidated Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 676.2 $ (341.9 ) $ 18.2 $ — $ 352.5 INVESTING ACTIVITIES Purchases of property, plant and equipment (35.9 ) (46.8 ) (23.4 ) — (106.1 ) Acquisition related investing activities—net of cash acquired (0.9 ) 0.9 — — — Intercompany investing activities (62.4 ) 368.1 3.8 (309.5 ) — Other investing activities (4.5 ) 22.4 3.8 — 21.7 Net cash from (used in) investing activities (103.7 ) 344.6 (15.8 ) (309.5 ) (84.4 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt — — 19.7 — 19.7 Payments of long-term debt and capital lease obligations (195.7 ) (3.5 ) (2.3 ) — (201.5 ) Borrowings on revolving credit facilities 806.1 — 65.8 — 871.9 Payments on revolving credit facilities (857.9 ) — (60.1 ) — (918.0 ) Purchases of treasury stock (8.8 ) — — — (8.8 ) Payment of dividends (61.1 ) — — — (61.1 ) Intercompany financing activities (285.9 ) 0.2 (23.8 ) 309.5 — Other financing activities 28.8 (0.3 ) — — 28.5 Net cash from (used in) financing activities (574.5 ) (3.6 ) (0.7 ) 309.5 (269.3 ) Effect of exchange rates on cash and cash equivalents — — (0.6 ) — (0.6 ) Net increase (decrease) in cash and cash equivalents (2.0 ) (0.9 ) 1.1 — (1.8 ) Cash and cash equivalents at beginning of year 2.3 2.8 5.7 — 10.8 Cash and cash equivalents at end of year $ 0.3 $ 1.9 $ 6.8 $ — $ 9.0 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 229.9 $ 90.7 $ 27.5 $ — $ 348.1 INVESTING ACTIVITIES Purchases of property, plant and equipment (54.7 ) (63.9 ) (14.4 ) — (133.0 ) Acquisition related investing activities—net of cash acquired (0.6 ) (63.4 ) (79.4 ) — (143.4 ) Intercompany investing activities (123.1 ) (159.6 ) (0.5 ) 283.2 — Other investing activities 13.9 34.0 11.8 — 59.7 Net cash from (used in) investing activities (164.5 ) (252.9 ) (82.5 ) 283.2 (216.7 ) FINANCING ACTIVITIES Payments of long-term debt and capital lease obligations (92.5 ) (3.4 ) — — (95.9 ) Borrowings on revolving credit facilities 1,413.7 — 48.8 — 1,462.5 Payments on revolving credit facilities (1,386.8 ) — (48.7 ) — (1,435.5 ) Payment of dividends (62.3 ) — — — (62.3 ) Intercompany financing activities 59.5 162.8 60.9 (283.2 ) — Other financing activities 3.4 (0.1 ) — — 3.3 Net cash from (used in) financing activities (65.0 ) 159.3 61.0 (283.2 ) (127.9 ) Effect of exchange rates on cash and cash equivalents — 0.1 (2.4 ) — (2.3 ) Net increase (decrease) in cash and cash equivalents 0.4 (2.8 ) 3.6 — 1.2 Cash and cash equivalents at beginning of year 1.9 5.6 2.1 — 9.6 Cash and cash equivalents at end of year $ 2.3 $ 2.8 $ 5.7 $ — $ 10.8 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 100.8 $ 194.0 $ (1.6 ) $ — $ 293.2 INVESTING ACTIVITIES Purchases of property, plant and equipment (48.7 ) (68.2 ) (22.3 ) — (139.2 ) Acquisition related investing activities—net of cash acquired (7.0 ) (105.5 ) — — (112.5 ) Intercompany investing activities (189.0 ) (157.6 ) (0.1 ) 346.7 — Other investing activities (0.4 ) 26.9 1.0 — 27.5 Net cash from (used in) investing activities (245.1 ) (304.4 ) (21.4 ) 346.7 (224.2 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt 1,047.0 — — — 1,047.0 Payments of long-term debt and capital lease obligations (802.1 ) (7.6 ) (58.1 ) — (867.8 ) Borrowings on revolving credit facilities 1,285.2 — 124.7 — 1,409.9 Payments on revolving credit facilities (1,451.1 ) — (126.5 ) — (1,577.6 ) Payment of dividends (61.2 ) — — — (61.2 ) Intercompany financing activities 137.6 128.2 80.9 (346.7 ) — Other financing activities (14.0 ) (8.0 ) — — (22.0 ) Net cash from (used in) financing activities 141.4 112.6 21.0 (346.7 ) (71.7 ) Effect of exchange rates on cash and cash equivalents — (0.1 ) (0.7 ) — (0.8 ) Net increase (decrease) in cash and cash equivalents (2.9 ) 2.1 (2.7 ) — (3.5 ) Cash and cash equivalents at beginning of year 4.8 3.5 4.8 — 13.1 Cash and cash equivalents at end of year $ 1.9 $ 5.6 $ 2.1 $ — $ 9.6 |
Basis of Presentation and Sum56
Basis of Presentation and Summary of Significant Accounting Policies (Equity Method and Cost Method Investments) (Details) | Dec. 31, 2016 | Jul. 31, 2015 |
Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in investment required for equity method | 50.00% | |
Ownership percentage in investment required for cost method (less than) | 20.00% | |
Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in investment required for equity method | 20.00% | |
Plural Editora e Grafica [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 49.00% | |
Quad Graphics Chile SA [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% |
Basis of Presentation and Sum57
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction loss | $ 6 | $ 1.4 | $ 5.9 |
Research and development costs | $ 9.3 | $ 10.3 | $ 11.3 |
Maximum maturity period of highly liquid cash investments | 3 months |
Basis of Presentation and Sum58
Basis of Presentation and Summary of Significant Accounting Policies (Concentration Risk) (Details) - customer | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Customers Above Benchmark, Number | 0 | 0 | 0 |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Customers Above Benchmark, Number | 0 | 0 | 0 |
Minimum [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 5.00% | 5.00% | 5.00% |
Minimum [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 5.00% | 5.00% |
Basis of Presentation and Sum59
Basis of Presentation and Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 15 years |
Other [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Other [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Basis of Presentation and Sum60
Basis of Presentation and Summary of Significant Accounting Policies (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Information | |||
Interest paid, net of amounts capitalized | $ 65.9 | $ 76.5 | $ 80.8 |
Income taxes paid | 34 | 1.5 | 3.5 |
Non-cash investing and financing activities: | |||
Capital lease additions (see Note 13) | 21 | 5.9 | 2.9 |
Leased equipment purchased through term loan | 1,104.5 | 1,334.5 | |
Acquisitions of businesses (see Note 2): | |||
Fair value of assets acquired, net of cash | 0 | 137 | 171.1 |
Liabilities assumed | 0 | (28.6) | (66.6) |
Goodwill | 0 | 33.8 | 5.1 |
Deferred payment for Proteus and Transpak acquisition (see Note 2) | 0 | 0.6 | 5 |
Deferred payment for UniGraphic acquisition | 0 | 0.6 | (2.1) |
Acquisition of businesses—net of cash acquired | 0 | 143.4 | 112.5 |
Equipment [Member] | |||
Non-cash investing and financing activities: | |||
Leased equipment purchased through term loan | $ 0 | $ 3.7 | $ 0 |
Acquisitions and Strategic In61
Acquisitions and Strategic Investments (Narrative) (Details) - USD ($) $ in Millions | Aug. 25, 2015 | Apr. 14, 2015 | Feb. 03, 2015 | May 30, 2014 | Feb. 05, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||||||
Acquisition of businesses—net of cash acquired | $ 0 | $ 143.4 | $ 112.5 | ||||||
Goodwill | $ 0 | $ 0 | 775.5 | ||||||
Specialty Finishing [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments for acquisition of business | $ 61 | ||||||||
Cash acquired | 0.3 | ||||||||
Acquisition of businesses—net of cash acquired | 60.7 | ||||||||
Identifiable intangible assets | 9.6 | ||||||||
Goodwill | $ 3.5 | ||||||||
Copac [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments for acquisition of business | $ 59.4 | ||||||||
Cash acquired | 0.9 | ||||||||
Acquisition of businesses—net of cash acquired | 58.5 | ||||||||
Identifiable intangible assets | $ 22.2 | ||||||||
Estimated useful life | 6 years | ||||||||
Goodwill | $ 23.5 | ||||||||
Marin's [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments for acquisition of business | $ 31.1 | ||||||||
Cash acquired | 10.1 | ||||||||
Acquisition of businesses—net of cash acquired | 21 | ||||||||
Identifiable intangible assets | 17.9 | ||||||||
Goodwill | $ 6.8 | ||||||||
Brown Printing Company [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments for acquisition of business | $ 101.1 | ||||||||
Acquisition of businesses—net of cash acquired | 97.5 | ||||||||
Identifiable intangible assets | $ 4.7 | ||||||||
Estimated useful life | 6 years | ||||||||
Anselmo L. Morvillo S.A. (Argentina) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Additional investment to increase ownership percentage | $ 6.5 | ||||||||
Current ownership percentage | 100.00% | ||||||||
UniGraphic [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition of businesses—net of cash acquired | $ 11.2 | ||||||||
Identifiable intangible assets | $ 6.9 | ||||||||
Estimated useful life | 6 years | ||||||||
Anselmo L. Morvillo S.A. (Argentina) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Previous ownership percentage | 85.00% | ||||||||
Previous noncontrolling ownership percentage | 15.00% | ||||||||
Minimum [Member] | Specialty Finishing [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated useful life | 3 years | ||||||||
Minimum [Member] | Marin's [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated useful life | 3 years | ||||||||
Maximum [Member] | Specialty Finishing [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated useful life | 6 years | ||||||||
Maximum [Member] | Marin's [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated useful life | 8 years |
Acquisitions and Strategic In62
Acquisitions and Strategic Investments (Purchase Price Allocation) (Details) - Brown Printing Company [Member] $ in Millions | May 30, 2014USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 3.6 |
Accounts receivable | 46.1 |
Other current assets | 18.8 |
Property, plant and equipment | 72.1 |
Identifiable intangible assets | 4.7 |
Other long-term assets | 7.5 |
Accounts payable and accrued liabilities | (35.1) |
Other long-term liabilities | (16.6) |
Purchase price | $ 101.1 |
Acquisitions and Strategic In63
Acquisitions and Strategic Investments (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Net sales | $ 4,329.5 | $ 4,597.1 | $ 4,777.6 |
Net earnings (loss) attributable to common shareholders | $ 44.9 | $ (641.9) | $ 18.6 |
Diluted net earnings (loss) per share attributable to common shareholders (in dollars per share) | $ 0.90 | $ (13.40) | $ 0.38 |
Brown Printing Company [Member] | |||
Business Acquisition [Line Items] | |||
Net sales, pro forma | $ 4,919.7 | ||
Net earnings (loss) attributable to common shareholders, pro forma | $ 17.8 | ||
Diluted net earnings (loss) per share attributable to common shareholders, pro forma (in dollars per share) | $ 0.36 |
Restructuring, Impairment and64
Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |||
Employee termination charges | $ 12.9 | $ 42.1 | $ 30.6 |
Impairment charges | 26.8 | 95.3 | 14.4 |
Transaction-related charges (income) | 2.2 | (6.7) | 2.6 |
Integration costs | 0.1 | 5.1 | 11.2 |
Other restructuring charges | 38.6 | 29.1 | 8.5 |
Total | $ 80.6 | $ 164.9 | $ 67.3 |
Restructuring, Impairment and65
Restructuring, Impairment and Transaction-Related Charges (Restructuring Activities) (Details) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)facilityemployee | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Employee termination charges | $ 12,900,000 | $ 42,100,000 | $ 30,600,000 | |
Integration costs | 100,000 | 5,100,000 | 11,200,000 | |
Other restructuring charge (gain) | 38,600,000 | 29,100,000 | 8,500,000 | |
Impairment charges | 26,800,000 | 95,300,000 | 14,400,000 | |
Impairment of land and building | 6,400,000 | |||
Impairment of machinery and equipment | 8,000,000 | |||
Impairment of investments | 18,600,000 | |||
Impairment of intangible assets | 0 | 7,200,000 | 0 | |
Transaction-related charges (income) | 2,200,000 | (6,700,000) | 2,600,000 | |
Gain on contract termination | 10,000,000 | |||
Professional fees | 3,300,000 | |||
Facilities Idled [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | 13,600,000 | 11,700,000 | 7,700,000 | |
Legal Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | 2,400,000 | |||
Equipment and Infrastructure Removal Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | 4,900,000 | 2,800,000 | 1,800,000 | |
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | 4,500,000 | 8,600,000 | 1,500,000 | |
Recovery of Uncollectible Receivables [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | 6,000,000 | |||
Defined Benefit Plan, Curtailments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | $ (4,900,000) | |||
Withdrawal from Multiemployer Defined Benefit Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | 11,200,000 | |||
Plan Curtailments and Settlements on Pension and Postretirement Benefit Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | 7,000,000 | |||
Accrued Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liabilities | 13,500,000 | |||
Accounts Payable [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liabilities | 900,000 | |||
Other Noncurrent Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Long-term restructuring reserve | 4,800,000 | |||
Quad Graphics Chile SA [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of equity method investment | $ 16,700,000 | 16,700,000 | ||
Excluding Argentina | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of land and building | 12,100,000 | 12,700,000 | ||
Impairment of machinery and equipment | 14,700,000 | 54,700,000 | ||
Impairment of intangible assets | 7,100,000 | |||
ARGENTINA | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges | $ 2,200,000 | |||
ARGENTINA | Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring charge (gain) | $ (1,300,000) | |||
2010 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Announced plant closures since inception | facility | 37 | |||
Number of positions eliminated since inception | employee | 11,100 |
Restructuring, Impairment and66
Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | $ 38.9 | $ 25.9 | |
Employee termination charges | 12.9 | 42.1 | $ 30.6 |
Impairment charges | 26.8 | 95.3 | 14.4 |
Transaction-related charges (income) | 2.2 | (6.7) | 2.6 |
Integration costs | 0.1 | 5.1 | 11.2 |
Other restructuring charges | 38.6 | 29.1 | 8.5 |
Restructuring expense | 80.6 | 164.9 | 67.3 |
Cash receipts (payments) | (55.6) | (49.9) | |
Non-cash adjustments/reclassifications | (44.7) | (102) | |
Balance, end of year | 19.2 | 38.9 | 25.9 |
Employee Terminations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 24.4 | 10 | |
Employee termination charges | 12.9 | 42.1 | |
Cash receipts (payments) | (29.5) | (27.3) | |
Non-cash adjustments/reclassifications | (0.2) | (0.4) | |
Balance, end of year | 7.6 | 24.4 | 10 |
Impairment Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0 | 0 | |
Impairment charges | 26.8 | 95.3 | |
Cash receipts (payments) | 0 | 0 | |
Non-cash adjustments/reclassifications | (26.8) | (95.3) | |
Balance, end of year | 0 | 0 | 0 |
Transaction-Related Charges (Income) [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0.1 | 0.5 | |
Transaction-related charges (income) | 2.2 | (6.7) | |
Cash receipts (payments) | (2.2) | 6.3 | |
Non-cash adjustments/reclassifications | 0 | 0 | |
Balance, end of year | 0.1 | 0.1 | 0.5 |
Integration Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 1.4 | 1.8 | |
Integration costs | 0.1 | 5.1 | |
Cash receipts (payments) | (0.3) | (5.1) | |
Non-cash adjustments/reclassifications | (0.1) | (0.4) | |
Balance, end of year | 1.1 | 1.4 | 1.8 |
Other Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 13 | 13.6 | |
Other restructuring charges | 38.6 | 29.1 | |
Cash receipts (payments) | (23.6) | (23.8) | |
Non-cash adjustments/reclassifications | (17.6) | (5.9) | |
Balance, end of year | $ 10.4 | $ 13 | $ 13.6 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets (Narrative) (Details) | Jul. 31, 2015USD ($)reporting_unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Goodwill [Line Items] | ||||
Goodwill | $ 0 | $ 0 | $ 775,500,000 | |
Goodwill impairment | 0 | 808,300,000 | 0 | |
Impairment of intangible assets | 0 | 7,200,000 | 0 | |
Amortization expense for other intangible assets | 50,700,000 | 79,600,000 | 75,900,000 | |
United States Print and Related Services [Member] | ||||
Goodwill [Line Items] | ||||
Number of reporting units | reporting_unit | 3 | |||
Goodwill | 0 | 0 | 751,300,000 | |
Goodwill impairment | 0 | 778,300,000 | 0 | |
International [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 0 | 24,200,000 | |
Goodwill impairment | $ 0 | 30,000,000 | $ 0 | |
Core Print and Related Services Reporting Unit [Member] | United States Print and Related Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 640,800,000 | |||
Goodwill impairment | 640,800,000 | |||
Specialty Print and Related Services Reporting Unit [Member] | United States Print and Related Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 115,600,000 | |||
Goodwill impairment | 118,900,000 | |||
Other United States Print and Related Services Reporting Unit [Member] | United States Print and Related Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 18,600,000 | |||
Goodwill impairment | 18,600,000 | |||
Latin America Reporting Unit [Member] | International [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | $ 23,300,000 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill | $ 808,300,000 | $ 808,300,000 | |
Accumulated goodwill impairment loss | (808,300,000) | (808,300,000) | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 0 | 775,500,000 | |
Acquisitions | 0 | 33,800,000 | $ 5,100,000 |
Impairment | 0 | (808,300,000) | 0 |
Translation adjustment | (1,000,000) | ||
Goodwill, ending balance | 0 | 0 | 775,500,000 |
United States Print and Related Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 778,300,000 | 778,300,000 | |
Accumulated goodwill impairment loss | (778,300,000) | (778,300,000) | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 0 | 751,300,000 | |
Impairment | 0 | (778,300,000) | 0 |
Translation adjustment | 0 | ||
Goodwill, ending balance | 0 | 0 | 751,300,000 |
International [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 30,000,000 | 30,000,000 | |
Accumulated goodwill impairment loss | (30,000,000) | (30,000,000) | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 0 | 24,200,000 | |
Impairment | 0 | (30,000,000) | 0 |
Translation adjustment | (1,000,000) | ||
Goodwill, ending balance | $ 0 | 0 | $ 24,200,000 |
Marin's [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 6,800,000 | ||
Marin's [Member] | United States Print and Related Services [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 0 | ||
Marin's [Member] | International [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 6,800,000 | ||
Copac [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 23,500,000 | ||
Copac [Member] | United States Print and Related Services [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 23,500,000 | ||
Copac [Member] | International [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 0 | ||
Specialty Finishing [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 3,500,000 | ||
Specialty Finishing [Member] | United States Print and Related Services [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | 3,500,000 | ||
Specialty Finishing [Member] | International [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | $ 0 |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets (Schedule of Intangible Assets, Excluding Goodwill) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 493,600,000 | $ 494,200,000 | |
Accumulated Amortization | (433,900,000) | (383,700,000) | |
Total | 59,700,000 | 110,500,000 | |
Impairment of intangible assets | $ 0 | $ 7,200,000 | $ 0 |
Trademarks, Patents, Licenses and Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 7 years | 7 years | |
Gross Carrying Amount | $ 21,700,000 | $ 22,100,000 | |
Accumulated Amortization | (9,300,000) | (5,500,000) | |
Total | $ 12,400,000 | $ 16,600,000 | |
Capitalized Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 5 years | 5 years | |
Gross Carrying Amount | $ 6,400,000 | $ 6,500,000 | |
Accumulated Amortization | (6,200,000) | (6,200,000) | |
Total | $ 200,000 | $ 300,000 | |
Acquired Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 5 years | 5 years | |
Gross Carrying Amount | $ 6,100,000 | $ 6,200,000 | |
Accumulated Amortization | (6,100,000) | (5,900,000) | |
Total | $ 0 | $ 300,000 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 6 years | 6 years | |
Gross Carrying Amount | $ 459,400,000 | $ 459,400,000 | |
Accumulated Amortization | (412,300,000) | (366,100,000) | |
Total | $ 47,100,000 | $ 93,300,000 |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for other intangible assets | $ 50.7 | $ 79.6 | $ 75.9 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2,017 | 18.1 | ||
2,018 | 17.4 | ||
2,019 | 12.8 | ||
2,020 | 7.5 | ||
2,021 | 2.8 | ||
2022 and thereafter | 1.1 | ||
Total | $ 59.7 | $ 110.5 |
Receivables (Details)
Receivables (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 50.1 | $ 57.8 | $ 58.9 |
Provisions | 8 | 4.2 | 5.5 |
Write-offs | (4) | (12) | (9.9) |
Translation and other | (0.6) | 0.1 | 3.3 |
Balance at end of year | $ 53.5 | $ 50.1 | $ 57.8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and manufacturing supplies | $ 142.4 | $ 154.8 |
Work in process | 45.3 | 51 |
Finished goods | 77.7 | 74.3 |
Total | $ 265.4 | $ 280.1 |
Property, Plant and Equipment73
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 126.2 | $ 135.9 | |
Buildings | 935.4 | 952.6 | |
Machinery and equipment | 3,574.4 | 3,603.9 | |
Other | 191.5 | 194.1 | |
Construction in progress | 59.5 | 24.2 | |
Property, plant and equipment—gross | 4,887 | 4,910.7 | |
Less: accumulated depreciation | (3,367.1) | (3,234.9) | |
Property, plant and equipment—net | 1,519.9 | 1,675.8 | $ 1,855.5 |
Impairment charges related to restructuring | 26.8 | 69.5 | 14.4 |
Depreciation expense | 226.4 | 245.7 | $ 260.5 |
Net book value of assets held for sale | $ 5.2 | $ 6.3 |
Equity Method Investments in 74
Equity Method Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions | Jul. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||
Other restructuring charges | $ 38.6 | $ 29.1 | $ 8.5 | ||
Gross Profit (Loss) | |||||
Net sales | 71.3 | 110.7 | 195.8 | ||
Operating loss (income) | (1.4) | 10.6 | 3.6 | ||
Net loss | $ 2.9 | 12.8 | $ 5.2 | ||
Plural [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 49.00% | ||||
Assets | |||||
Current assets | $ 29.1 | 28.9 | |||
Long-term assets | 18.3 | 26.4 | |||
Total assets | 47.4 | 55.3 | |||
Liabilities | |||||
Current liabilities | 26.1 | 33.9 | |||
Long-term liabilities | 6.3 | 4.9 | |||
Total liabilities | $ 32.4 | 38.8 | |||
Quad Graphics Chile SA [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Impairment charge | $ 16.7 | $ 16.7 | |||
Net sales proceeds | $ 10.5 |
Accrued Liabilities and Other75
Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Multiemployer pension plans – withdrawal liability | $ 48.1 | ||
Restructuring liabilities | 19.2 | $ 38.9 | $ 25.9 |
Accrued Liabilities [Member] | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities | 194.3 | 165.6 | |
Single employer pension plan obligations | 1.8 | 1.8 | |
Multiemployer pension plans – withdrawal liability | 10.6 | 9.9 | |
Tax-related liabilities | 24.6 | 29.1 | |
Restructuring liabilities | 13.5 | 31 | |
Interest and rent liabilities | 7.6 | 11 | |
Other | 104.3 | 99.1 | |
Total Accrued Liabilities and Other Liabilities | 356.7 | 347.5 | |
Other Noncurrent Liabilities [Member] | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities | 61.7 | 64.6 | |
Single employer pension plan obligations | 112.4 | 136 | |
Multiemployer pension plans – withdrawal liability | 33.4 | 31 | |
Tax-related liabilities | 22.9 | 22.2 | |
Restructuring liabilities | 4.8 | 6.6 | |
Interest and rent liabilities | 3.3 | 4.2 | |
Other | 36.1 | 35.9 | |
Total Accrued Liabilities and Other Liabilities | 274.6 | 300.5 | |
Accrued Liabilities and Other Noncurrent Liabilities [Member] | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities | 256 | 230.2 | |
Single employer pension plan obligations | 114.2 | 137.8 | |
Multiemployer pension plans – withdrawal liability | 44 | 40.9 | |
Tax-related liabilities | 47.5 | 51.3 | |
Restructuring liabilities | 18.3 | 37.6 | |
Interest and rent liabilities | 10.9 | 15.2 | |
Other | 140.4 | 135 | |
Total Accrued Liabilities and Other Liabilities | $ 631.3 | $ 648 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | 60 Months Ended | 77 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||||
Remaining minimum amount committed | $ 14.6 | $ 14.6 | |||
Net sales | $ 4,329.5 | $ 4,597.1 | $ 4,777.6 | ||
PERU | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales | 95 | ||||
PERU | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales | $ 135 | ||||
CHINA | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales | $ 2 | ||||
CHINA | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales | $ 3 |
World Color Press Insolvency 77
World Color Press Insolvency Proceedings (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Dec. 31, 2014 | Jul. 02, 2010 | |
Bankruptcy Claims [Line Items] | |||||
Amounts owing in satisfaction of bankruptcy claims | $ 2.3 | $ 1.4 | |||
Restricted cash paid to Class 3 Claim creditors | 0.3 | 0.1 | |||
Refunds of restricted cash | 4 | 17.5 | |||
Unsecured notes to be issued | 5.4 | 7.1 | $ 9 | ||
Class 4 Claims [Member] | |||||
Bankruptcy Claims [Line Items] | |||||
Amounts owing in satisfaction of bankruptcy claims | $ 1.1 | ||||
Class 3 Claims Unsecured Note Recovery [Member] | |||||
Bankruptcy Claims [Line Items] | |||||
Bankruptcy claims, percentage of unsecured note of allowed class 3 claim | 50.00% | ||||
Bankruptcy claims, amount of unsecured note threshold | $ 75 | ||||
Bankruptcy claims, prepayment redemption premium | 5.00% | ||||
Amounts owing in satisfaction of bankruptcy claims [Member] | Priority Cash Recovery [Member] | |||||
Bankruptcy Claims [Line Items] | |||||
Amounts owing in satisfaction of bankruptcy claims | 1.2 | $ 1.4 | |||
Restricted cash [Member] | |||||
Bankruptcy Claims [Line Items] | |||||
Bankruptcy claims, maximum potential payout | 7.2 | ||||
Unsecured notes to be issued [Member] | |||||
Bankruptcy Claims [Line Items] | |||||
Unsecured notes to be issued | $ 5.4 | ||||
Defeasance of Unsecured Notes to be Issued [Member] | |||||
Bankruptcy Claims [Line Items] | |||||
Bankruptcy claims, maximum potential payout | $ 89.2 |
World Color Press Insolvency 78
World Color Press Insolvency Proceedings (Activity Impacting Restricted Cash and Unsecured Notes To Be Issued) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Restricted Cash [Roll Forward] | |||
Restricted cash and cash equivalents, beginning of year | $ 13.5 | ||
Restricted Cash, Class 3 Claim payments | 4.4 | $ 17.7 | $ 24.8 |
Restricted cash refunded to Quad/Graphics | (4) | (17.5) | |
Restricted Cash, Non-cash adjustments | 0 | 0 | |
Restricted cash and cash equivalents, end of year | 10.2 | 13.5 | |
Increase (Decrease) in Unsecured Note [Roll Forward] | |||
Unsecured Notes to be Issued, beginning of year | 7.1 | 9 | |
Unsecured Notes to be Issued, Class 3 Claim payments | (0.3) | (0.1) | |
Unsecured Notes to be Issued, Restricted cash refunded to Quad/Graphics | 0 | 0 | |
Unsecured Notes to be Issued, Non-cash adjustments | (1.4) | (1.8) | |
Unsecured Notes to be Issued, end of year | 5.4 | 7.1 | 9 |
Defeasance of Unsecured Notes to be Issued [Member] | |||
Increase (Decrease) in Restricted Cash [Roll Forward] | |||
Restricted cash and cash equivalents, beginning of year | 11.5 | 29.1 | |
Restricted cash and cash equivalents, end of year | 7.2 | 11.5 | $ 29.1 |
Class 3 Claims Unsecured Note Recovery [Member] | |||
Increase (Decrease) in Restricted Cash [Roll Forward] | |||
Restricted Cash, Class 3 Claim payments | $ (0.3) | $ (0.1) |
World Color Press Insolvency 79
World Color Press Insolvency Proceedings (Components of Restricted Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 10.2 | $ 13.5 |
Defeasance of Unsecured Notes to be Issued [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 7.2 | 11.5 |
Class 4 Claims [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 1.1 | 0 |
Other [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 1.9 | $ 2 |
Debt (Components of Long-term D
Debt (Components of Long-term Debt) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 28, 2014 | |
Debt Instrument [Line Items] | ||||
Total debt | $ 1,104,500,000 | $ 1,334,500,000 | ||
Debt issuance costs | (11,300,000) | (16,100,000) | ||
Less: short-term debt and current portion of long-term debt | (84,700,000) | (94,600,000) | ||
Long-term debt | $ 1,019,800,000 | 1,239,900,000 | ||
Senior Notes [Member] | Master Note and Security Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 7.47% | |||
Total debt | $ 152,600,000 | 260,400,000 | ||
Loans Payable [Member] | International Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 18,700,000 | 18,700,000 | ||
Weighted Average Interest Rate | 1.72% | |||
Total debt | $ 16,800,000 | 0 | ||
Line of Credit [Member] | International Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 14,300,000 | 14,300,000 | ||
Senior Unsecured Notes [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | |
Weighted Average Interest Rate | 7.00% | |||
Total debt | $ 243,500,000 | 300,000,000 | ||
Equipment [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | 3,700,000 | $ 0 | |
Equipment [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 4.06% | |||
Total debt | $ 9,500,000 | 13,400,000 | ||
Other Debt Obligations [Member] | Other Debt Instruments [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 20.69% | |||
Total debt | $ 1,600,000 | 2,200,000 | ||
Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 450,000,000 | |||
Term Loan A [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 450,000,000 | 450,000,000 | ||
Weighted Average Interest Rate | 2.59% | |||
Total debt | $ 376,900,000 | 410,600,000 | ||
Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 300,000,000 | |||
Term Loan B [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | ||
Weighted Average Interest Rate | 4.25% | |||
Total debt | $ 290,600,000 | 293,200,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 850,000,000 | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 850,000,000 | 850,000,000 | ||
Weighted Average Interest Rate | 2.60% | |||
Total debt | $ 19,000,000 | 70,800,000 | ||
International Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 1.01% | |||
Total debt | $ 5,300,000 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Dec. 28, 2015USD ($) | Apr. 28, 2014USD ($) | Dec. 31, 2016USD ($)loan_facilities | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,104,500,000 | $ 1,334,500,000 | |||
Principal amount repurchased | 116,600,000 | ||||
Gain (loss) on debt extinguishment | $ 14,100,000 | 0 | $ (7,200,000) | ||
Proceeds from the sale of the Senior Unsecured Notes | $ 294,800,000 | ||||
Ownership percentage | 100.00% | ||||
Fair value of total debt | $ 1,100,000,000 | 1,200,000,000 | |||
Assets pledged as collateral | $ 2,400,000,000 | ||||
Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 8 years | ||||
Equipment [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | 3,700,000 | $ 0 | ||
International Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | 14,300,000 | 14,300,000 | |||
Remaining borrowing capacity | 9,000,000 | ||||
Master Note and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount repurchased | 60,100,000 | ||||
Gain (loss) on debt extinguishment | (200,000) | ||||
Master Note and Security Agreement [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 152,600,000 | 260,400,000 | |||
Weighted average interest rate | 7.47% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | $ 47,900,000 | ||||
Remaining borrowing capacity | 783,100,000 | ||||
Unsecured Debt [Member] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 243,500,000 | 300,000,000 | |||
Weighted average interest rate | 7.00% | ||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||
Unsecured senior note percent | 7.00% | ||||
International Term Loan [Member] | Loans Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 16,800,000 | 0 | |||
Weighted average interest rate | 1.72% | ||||
Debt instrument, face amount | $ 18,700,000 | 18,700,000 | |||
Secured Debt [Member] | Equipment [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 9,500,000 | 13,400,000 | |||
Weighted average interest rate | 4.06% | ||||
Other Debt Instruments [Member] | Other Debt Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,600,000 | 2,200,000 | |||
Weighted average interest rate | 20.69% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 850,000,000 | ||||
Debt instrument, term | 5 years | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 19,000,000 | 70,800,000 | |||
Weighted average interest rate | 2.60% | ||||
Debt instrument, face amount | $ 850,000,000 | 850,000,000 | |||
International Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 5,300,000 | 0 | |||
Weighted average interest rate | 1.01% | ||||
Number of Loan Facilities | loan_facilities | 2 | ||||
Financing Agreement, April 2014 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior secured credit facility | 1,600,000,000 | ||||
Number of Loan Facilities | loan_facilities | 3 | ||||
Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 450,000,000 | ||||
Debt instrument, term | 5 years | ||||
Term Loan A [Member] | Loans Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 376,900,000 | 410,600,000 | |||
Weighted average interest rate | 2.59% | ||||
Debt instrument, face amount | $ 450,000,000 | 450,000,000 | |||
Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | ||||
Debt instrument, term | 7 years | ||||
Term Loan B [Member] | Loans Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 290,600,000 | 293,200,000 | |||
Weighted average interest rate | 4.25% | ||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | |||
International Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 18,700,000 | ||||
Debt instrument, term | 6 years | ||||
$1.9 billion debt financing arrangement [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,900,000,000 | ||||
LIBOR [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
LIBOR [Member] | Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.25% | ||||
Alternative Base Rate [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Alternative Base Rate [Member] | Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Minimum [Member] | LIBOR [Member] | Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Euro Member Countries, Euro | October 31, 2017 [Member] | International Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.95% | ||||
Euro Member Countries, Euro | November 20, 2018 [Member] | International Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.70% | ||||
Poland, Zlotych | October 31, 2017 [Member] | International Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.90% | ||||
Poland, Zlotych | November 20, 2018 [Member] | International Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.70% |
Debt (Debt Issuance Costs) (Det
Debt (Debt Issuance Costs) (Details) - USD ($) $ in Millions | Nov. 24, 2014 | Oct. 10, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Extinguishment of Debt [Line Items] | |||||
Debt issuance costs | $ 11.3 | $ 16.1 | |||
Gain (loss) on debt extinguishment | 14.1 | 0 | $ (7.2) | ||
Debt Issuance Costs [Roll Forward] | |||||
Debt issuance costs | 16.1 | 20 | |||
Debt issuance costs expensed | (1) | ||||
Debt issuance costs | 11.3 | 16.1 | 20 | ||
Amortization of debt issuance costs | (3.8) | (3.9) | (3.8) | ||
Unamortized discount, beginning balance | 2.2 | 2.7 | |||
Amortization of debt discount | (0.4) | (0.5) | (0.4) | ||
Unamortized discount, ending balance | $ 1.8 | $ 2.2 | 2.7 | ||
Senior Unsecured Notes [Member] | |||||
Debt Issuance Costs [Roll Forward] | |||||
Amortization period of debt issuance costs | 8 years | ||||
November 24, 2014 Amendment to Master Note [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt issuance costs | $ 1.2 | ||||
Senior Unsecured Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt issuance costs | $ 1 | ||||
Redemption of senior notes | $ 108.8 | ||||
Gain (loss) on debt extinguishment | (1) | ||||
Other Noncurrent Assets [Member] | November 24, 2014 Amendment to Master Note [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt issuance costs | 1 | ||||
Discharge of Debt [Member] | November 24, 2014 Amendment to Master Note [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Gain (loss) on debt extinguishment | (0.2) | ||||
Discharge of Debt [Member] | Senior Unsecured Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Gain (loss) on debt extinguishment | $ (1) | ||||
Master Note and Security Agreement [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Gain (loss) on debt extinguishment | $ (0.2) | ||||
Debt Issuance Costs [Roll Forward] | |||||
Debt issuance costs expensed | (0.2) | ||||
Senior Unsecured Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Gain (loss) on debt extinguishment | 14.3 | ||||
Debt Issuance Costs [Roll Forward] | |||||
Debt issuance costs expensed | $ (0.8) |
Debt (Gain (Loss) on Debt Extin
Debt (Gain (Loss) on Debt Extinguishment) (Details) - USD ($) | Nov. 24, 2014 | Oct. 10, 2014 | Apr. 28, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Principal amount repurchased | $ 116,600,000 | |||||
Repurchase price | 103,700,000 | |||||
Less: accrued interest paid | (2,300,000) | |||||
Net repurchase price | 101,400,000 | |||||
Debt financing fees expensed | (100,000) | |||||
Debt issuance costs expensed | (1,000,000) | |||||
Loss (gain) on debt extinguishment | (14,100,000) | $ 0 | $ 7,200,000 | |||
Debt issuance costs | (11,300,000) | $ (16,100,000) | ||||
Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount repurchased | 56,500,000 | |||||
Repurchase price | 42,500,000 | |||||
Less: accrued interest paid | (1,100,000) | |||||
Net repurchase price | 41,400,000 | |||||
Debt financing fees expensed | 0 | |||||
Debt issuance costs expensed | (800,000) | |||||
Loss (gain) on debt extinguishment | (14,300,000) | |||||
Master Note and Security Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount repurchased | 60,100,000 | |||||
Repurchase price | 61,200,000 | |||||
Less: accrued interest paid | (1,200,000) | |||||
Net repurchase price | 60,000,000 | |||||
Debt financing fees expensed | (100,000) | |||||
Debt issuance costs expensed | (200,000) | |||||
Loss (gain) on debt extinguishment | $ 200,000 | |||||
$1.9 billion debt financing arrangement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ (14,300,000) | |||||
Debt instrument, face amount | $ 1,900,000,000 | |||||
Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss (gain) on debt extinguishment | 1,000,000 | |||||
Debt issuance costs | $ (1,000,000) | |||||
Redemption of senior notes | $ 108,800,000 | |||||
November 24, 2014 Amendment to Master Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ (1,200,000) | |||||
Discharge of Debt [Member] | $1.9 billion debt financing arrangement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss (gain) on debt extinguishment | 3,300,000 | |||||
Discharge of Debt [Member] | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss (gain) on debt extinguishment | 1,000,000 | |||||
Discharge of Debt [Member] | November 24, 2014 Amendment to Master Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss (gain) on debt extinguishment | 200,000 | |||||
Long-term Debt [Member] | $1.9 billion debt financing arrangement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | (11,000,000) | |||||
Debt Issuance, discount (premium) additions during period | $ 3,000,000 |
Debt (Loss on Debt Extinguishme
Debt (Loss on Debt Extinguishment) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 28, 2014 | Jul. 26, 2011 | |
Debt Instrument [Line Items] | |||||
Loss (gain) on debt extinguishment | $ (14,100,000) | $ 0 | $ 7,200,000 | ||
$1.5 billion debt financing arrangement [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,500,000,000 | ||||
$1.9 billion debt financing arrangement [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,900,000,000 | ||||
Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss (gain) on debt extinguishment | 1,000,000 | ||||
Loss on debt extinguishment [Member] | $1.5 billion debt financing arrangement [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss (gain) on debt extinguishment | 2,100,000 | ||||
Loss on debt extinguishment [Member] | November 24, 2014 Amendment to Master Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss (gain) on debt extinguishment | 200,000 | ||||
Debt Issuance Cost [Member] | $1.9 billion debt financing arrangement [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss (gain) on debt extinguishment | 3,300,000 | ||||
Original Issue Discount [Member] | $1.5 billion debt financing arrangement [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss (gain) on debt extinguishment | $ 600,000 |
Debt (Debt Covenant Compliance)
Debt (Debt Covenant Compliance) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance, leverage ratio | 2.34 |
Covenant compliance senior secured leverage ratio | 1.84 |
Interest coverage | 6.77 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Covenant compliance, leverage ratio | 3.75 |
Covenant compliance senior secured leverage ratio | 3.50 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Covenant compliance, interest coverage | 3.50 |
Financing Agreement, April 2014 [Member] | |
Debt Instrument [Line Items] | |
Covenant compliance maximum annual dividend payment | $ 120,000,000 |
Financing Agreement, April 2014 [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Covenant compliance total leverage ratio | 3 |
Senior secured leverage ratio, payment restrictions on unsecured debt | 3 |
Covenant compliance unsecured total leverage ratio | 3.50 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |||
Future amortization of debt issuance costs | $ 11.3 | $ 16.1 | $ 20 |
Future amortization of original issue discount | 1.8 | $ 2.2 | $ 2.7 |
Long-term Debt, by Maturity [Abstract] | |||
2,017 | 84.7 | ||
2,018 | 88.7 | ||
2,019 | 338.9 | ||
2,020 | 33.1 | ||
2,021 | 300.4 | ||
2022 – 2026 | 266.6 | ||
2027 – 2031 | 5.2 | ||
Total Debt, Excluding Unamortized Debt Issuance Costs and Original Issue Discount | $ 1,117.6 |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Capital Leased Assets) (Details) - Machinery and Equipment [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Leased equipment—gross | $ 37.6 | $ 23.6 |
Less: accumulated depreciation | (12.5) | (10.9) |
Leased equipment—net | $ 25.1 | $ 12.7 |
Lease Obligations (Schedule o88
Lease Obligations (Schedule of Future Minimum Capital Lease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 8.6 | |
2,018 | 6.2 | |
2,019 | 4.8 | |
2,020 | 4.1 | |
2,021 | 3.6 | |
2022 and thereafter | 1.9 | |
Total minimum payments | 29.2 | |
Less: amounts representing interest | (2.9) | |
Present value of minimum payments | 26.3 | |
Less: current portion | (7.4) | $ (5.1) |
Long-term capital lease obligations | $ 18.9 | $ 9.7 |
Lease Obligations (Schedule o89
Lease Obligations (Schedule of Future Minimum Operating Lease Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | $ 47.2 | ||
2,018 | 39.2 | ||
2,019 | 31.4 | ||
2,020 | 23.1 | ||
2,021 | 12.5 | ||
2022 and thereafter | 31.8 | ||
Total | 185.2 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Rent expense under operating leases | $ 43.7 | $ 44.8 | $ 39.6 |
Income Taxes (Income (Loss) Bef
Income Taxes (Income (Loss) Before Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 48.4 | $ (855.1) | $ 57.4 |
Foreign | 10.9 | (63.3) | (16.2) |
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | $ 59.3 | $ (918.4) | $ 41.2 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal: | |||
Current | $ 32 | $ 5.6 | $ (11.6) |
Deferred | (20) | (281.4) | 21.1 |
State: | |||
Current | 3.9 | 0.5 | (0.9) |
Deferred | (5.3) | (13.9) | 1.3 |
Foreign: | |||
Current | 3.7 | 3.6 | 5.9 |
Deferred | (1.3) | 2.8 | 4.4 |
Total income tax expense (benefit) | $ 13 | $ (282.8) | $ 20.2 |
Income Taxes (Goodwill Impairme
Income Taxes (Goodwill Impairment Impact on Income Taxes) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill Impairment Impact on Income Taxes [Line Items] | |||
Goodwill impairment | $ 0 | $ 808,300,000 | $ 0 |
Nondeductible non-cash goodwill impairment charges | 743,000,000 | ||
Tax deductible portion of goodwill impairment | 65,300,000 | ||
United States Print and Related Services [Member] | |||
Goodwill Impairment Impact on Income Taxes [Line Items] | |||
Goodwill impairment | $ 0 | 778,300,000 | $ 0 |
Goodwill Impairment [Member] | |||
Goodwill Impairment Impact on Income Taxes [Line Items] | |||
Tax benefit related to goodwill impairment | 265,900,000 | ||
Goodwill Impairment [Member] | Impact on Deductible Goodwill [Member] | |||
Goodwill Impairment Impact on Income Taxes [Line Items] | |||
Tax benefit | 24,500,000 | ||
Goodwill Impairment [Member] | United States Print and Related Services [Member] | Impact on Reduction of Deferred Tax Liability [Member] | |||
Goodwill Impairment Impact on Income Taxes [Line Items] | |||
Deferred tax benefit | $ 241,400,000 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign rate differential | (8.40%) | 0.20% | (4.50%) |
Effective Income Tax Rate Reconciliation, Worthless Stock Loss | (7.90%) | 0.00% | 0.00% |
Domestic production activity deduction | (5.60%) | (0.00%) | (1.60%) |
State taxes, net of federal benefit | (3.50%) | 0.00% | (0.20%) |
Impact from foreign branches | 6.10% | (0.30%) | 0.60% |
Adjustment of deferred tax liabilities | 3.70% | (0.10%) | 10.10% |
Adjustment to valuation allowances | 1.70% | (1.00%) | 26.10% |
Adjustment of uncertain tax positions | 1.60% | (0.10%) | (22.90%) |
Investment in United States subsidiaries | 0.00% | 26.30% | 0.00% |
Nondeductible goodwill impairment | 0.00% | (28.30%) | 0.00% |
Other | (0.80%) | (0.90%) | 6.40% |
Effective income tax rate | 21.90% | 30.80% | 49.00% |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss and other tax carryforwards | $ 150.9 | $ 157.7 |
Pension and workers compensation benefits | 82.9 | 90.5 |
Interest limitation | 84.6 | 81.3 |
Accrued compensation | 39 | 42.4 |
Accrued liabilities | 21.4 | 28.8 |
Allowance for doubtful accounts | 18 | 16.6 |
Other | 17.9 | 21.8 |
Total deferred tax assets | 414.7 | 439.1 |
Valuation allowance | (155.9) | (164.4) |
Net deferred tax assets | 258.8 | 274.7 |
Deferred tax liabilities: | ||
Property, plant and equipment | (293) | (317.1) |
Goodwill and intangible assets | 11.6 | (3.2) |
Other | (12.7) | (13.4) |
Total deferred tax liabilities | (294.1) | (333.7) |
Net deferred tax liabilities | (35.3) | (59) |
Tax credit carryforward, not subject to expiration | 31.4 | |
Valuation allowance | 155.9 | $ 164.4 |
Domestic Tax Authority [Member] | ||
Deferred tax assets: | ||
Valuation allowance | (55.5) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 0.1 | |
Capital loss carryforwards | 158.5 | |
Tax credit carryforward | 2 | |
Valuation allowance | 55.5 | |
Foreign Tax Authority [Member] | ||
Deferred tax assets: | ||
Valuation allowance | (46.5) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 148.1 | |
Net operating loss carryforwards, not subject to expiration | 61.3 | |
Valuation allowance | 46.5 | |
State and Local Jurisdiction [Member] | ||
Deferred tax assets: | ||
Valuation allowance | (53.9) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 499.3 | |
Capital loss carryforwards | 95.9 | |
Tax credit carryforward | 46.4 | |
Valuation allowance | 53.9 | |
Expires in 2017 [Member] | Domestic Tax Authority [Member] | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 149.8 | |
Expires in 2017 [Member] | State and Local Jurisdiction [Member] | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 90.9 | |
Expires in 2019 [Member] | Domestic Tax Authority [Member] | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 6.2 | |
Expires in 2019 [Member] | State and Local Jurisdiction [Member] | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 3.5 | |
Expires in 2021 [Member] | Domestic Tax Authority [Member] | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 2.5 | |
Expires in 2021 [Member] | State and Local Jurisdiction [Member] | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | $ 1.5 |
Income Taxes (Income Tax Uncert
Income Taxes (Income Tax Uncertainties) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 29.8 | $ 31.1 | $ 44.5 |
Additions for tax positions of the current year | 0.3 | 0.7 | 0.5 |
Additions for tax positions of prior years | 1 | 1.4 | 2.4 |
Reductions for tax positions of prior years | (0.7) | (0.9) | (5.1) |
Settlements during the period | 0 | (0.8) | (0.3) |
Lapses of applicable statutes of limitations | (0.8) | (1.6) | (10.8) |
Foreign exchange and other | 0 | (0.1) | (0.1) |
Balance at end of period | 29.6 | 29.8 | 31.1 |
Unrecognized tax benefits that would impact the effective tax rate, if recognized | 29.6 | ||
Interest expense | 1 | 0 | 0.8 |
Penalties recognized | 0 | (0.1) | $ 0 |
Accrued interest related to income tax uncertainties | 5.9 | 4.8 | |
Accrued penalties related to income tax uncertainties | 0.4 | $ 0.4 | |
Resolution of Audits or Statute Expirations [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Reasonably possible decrease in unrecognized tax benefits | $ 0.6 |
Financial Instruments and Fai96
Financial Instruments and Fair Value Measurements (Details) | Dec. 31, 2016contract |
Foreign Exchange Contract [Member] | |
Business Acquisition [Line Items] | |
Foreign currency exchange contracts | 0 |
Employee Retirement Plans (Defi
Employee Retirement Plans (Defined Contribution Plans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Profit Sharing Contributions | $ 0 | $ 0 | $ 0 |
Quad/Graphics Diversified Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Total assets | 1,900,000,000 | ||
Defined contribution plan, cost recognized | $ 13,300,000 | $ 16,600,000 | $ 14,600,000 |
Employee Retirement Plans (Net
Employee Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Net Periodic Benefit Cost | |||
Interest cost | $ (18.1) | $ (26.9) | $ (29.3) |
Expected return on plan assets | 30.2 | 34.9 | 34.4 |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of actuarial gain | 0 | 0 | 0 |
Net periodic benefit income | 12.1 | 8 | 5.1 |
Total income | 5.1 | 8 | 5.1 |
Postretirement Benefits [Member] | |||
Net Periodic Benefit Cost | |||
Interest cost | 0 | 0 | (0.1) |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | 0 | 0 | 5.8 |
Amortization of actuarial gain | 0 | 0 | 0.3 |
Net periodic benefit income | 0 | 0 | 6 |
Total income | 0 | 0 | 10.9 |
Curtailment/Settlement Gain [Member] | Pension Benefits [Member] | |||
Net Periodic Benefit Cost | |||
Curtailment/settlement gain | (7) | 0 | 0 |
Curtailment/Settlement Gain [Member] | Postretirement Benefits [Member] | |||
Net Periodic Benefit Cost | |||
Curtailment/settlement gain | 0 | 0 | 0 |
Termination Gain [Member] | Pension Benefits [Member] | |||
Net Periodic Benefit Cost | |||
Curtailment/settlement gain | 0 | 0 | 0 |
Termination Gain [Member] | Postretirement Benefits [Member] | |||
Net Periodic Benefit Cost | |||
Curtailment/settlement gain | $ 0 | $ 0 | $ 4.9 |
Employee Retirement Plans (Reco
Employee Retirement Plans (Reconciliation of Projected Benefit Obligation, Fair Value of Plan Assets, and Funded Status) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in benefit obligation | ||||
Benefits paid | $ 56.4 | $ 74.8 | ||
Liability benefit from lump-sum settlement | 17.8 | $ 0 | ||
Changes in plan assets | ||||
Fair value of plan assets, beginning of year | 508.1 | |||
Benefits paid | $ (56.4) | (74.8) | ||
Fair value of plan assets, end of year | 446.4 | 508.1 | ||
Pension Benefits [Member] | ||||
Changes in benefit obligation | ||||
Projected benefit obligation, beginning of year | (645.9) | (711.3) | ||
Interest cost | (18.1) | (26.9) | $ (29.3) | |
Actuarial gain (loss) | (22.3) | 39.3 | ||
Benefits paid | 107.9 | 53 | ||
Projected benefit obligation, end of year | (560.6) | (645.9) | (711.3) | |
Changes in plan assets | ||||
Fair value of plan assets, beginning of year | 508.1 | 548.6 | ||
Actual return on plan assets | 33.8 | (0.5) | ||
Employer contributions | 12.4 | 13 | ||
Benefits paid | (107.9) | (53) | ||
Fair value of plan assets, end of year | 446.4 | 508.1 | $ 548.6 | |
Funded status | ||||
Funded status | $ (114.2) | $ (137.8) |
Employee Retirement Plans (Accu
Employee Retirement Plans (Accumulated Benefit Obligations, Amounts Recognized on Balance Sheets, and Reconciliation of AOCI) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Amount arising during the period | $ (800,000) | $ 3,700,000 | $ (95,200,000) | |
Benefits paid | $ 56,400,000 | 74,800,000 | ||
Pension liabilities settled | 92,600,000 | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ||||
Current liabilities | (1,800,000) | (1,800,000) | ||
Noncurrent liabilities | (112,400,000) | (136,000,000) | ||
Total amount recognized | (114,200,000) | (137,800,000) | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Plan curtailments included in net loss | 7,000,000 | 0 | 0 | |
Benefits paid | 107,900,000 | 53,000,000 | ||
Amortization of amounts in accumulated other comprehensive income expected to be recognized as components of net periodic pension income | 0 | |||
Postretirement Benefits [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Plan curtailments included in net loss | 0 | 0 | (4,900,000) | |
Actuarial Gain (Loss), net [Member] | Pension Benefits [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Accumulated other comprehensive income (loss), before Tax, beginning balance | (40,900,000) | (44,600,000) | ||
Amount arising during the period | (800,000) | 3,700,000 | ||
Plan curtailments included in net loss | 7,000,000 | |||
Accumulated other comprehensive income (loss), before Tax, ending balance | (34,700,000) | (40,900,000) | (44,600,000) | |
Defined Benefit Plan, Termination [Member] | Pension Benefits [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Curtailment/settlement gain | 0 | 0 | 0 | |
Defined Benefit Plan, Termination [Member] | Postretirement Benefits [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Curtailment/settlement gain | 0 | 0 | 4,900,000 | |
Defined Benefit Plan, Curtailments [Member] | Pension Benefits [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Curtailment/settlement gain | (7,000,000) | 0 | 0 | |
Defined Benefit Plan, Curtailments [Member] | Postretirement Benefits [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Curtailment/settlement gain | 0 | $ 0 | $ 0 | |
Restructuring Charges [Member] | Defined Benefit Plan, Curtailments [Member] | Pension Benefits [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||||
Curtailment/settlement gain | $ 7,000,000 |
Employee Retirement Plans (Weig
Employee Retirement Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | |||
Discount rate (beginning of year rate) | 3.32% | 3.90% | 4.80% |
Expected long-term return on plan assets | 6.50% | 6.50% | 6.50% |
Weighted-average assumptions used to determine benefit obligations at December 31, | |||
Discount rate (end of year rate) | 3.91% | 4.14% | |
Postretirement Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | |||
Discount rate (beginning of year rate) | 3.60% |
Employee Retirement Plans (Esti
Employee Retirement Plans (Estimated Contributions and Benefit Payments) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Non-qualified [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer benefit payments in next fiscal year | $ 1.8 |
Pension Benefits [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments | |
2,017 | 44.2 |
2,018 | 42.6 |
2,019 | 41.4 |
2,020 | 40.7 |
2,021 | 39.5 |
2022 – 2026 | 181.6 |
Thereafter | 170.6 |
Total | $ 560.6 |
Employee Retirement Plans (Plan
Employee Retirement Plans (Plan Assets and Investment Strategy) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 446,400,000 | $ 508,100,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 22,900,000 | 26,600,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 144,500,000 | 163,900,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 0 | $ 0 |
Equity Securities [Member] | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation percentage of assets | 55.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Actual plan asset allocations | 56.00% | 54.00% |
Fair value of plan assets | $ 75,100,000 | $ 81,200,000 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 22,000,000 | 22,900,000 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 53,100,000 | 58,300,000 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 0 | 0 |
Debt Securities [Member] | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation percentage of assets | 45.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 91,400,000 | 105,600,000 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 91,400,000 | 105,600,000 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 0 | $ 0 |
Debt Securities [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Actual plan asset allocations | 44.00% | 46.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 900,000 | $ 3,700,000 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 900,000 | 3,700,000 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Pension Plan Assets, Excluding Investments Measured At NAV [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 167,400,000 | 190,500,000 |
Investments Measured at NAV [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | 279,000,000 | 317,600,000 |
JP Morgan Chase Bank Strategic Property Fund [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 26,400 | $ 31,000 |
Redemption notice period | 45 days | 45 days |
Pyramis Long Corporate A or Better [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 53,200 | $ 61,200 |
Redemption notice period | 15 days | 15 days |
Pyramis Long Duration [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 52,600 | $ 61,600 |
Redemption notice period | 15 days | 15 days |
Russell 1000 Index NL [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | ||
Fair value of plan assets | $ 146,800 | $ 163,800 |
Redemption notice period | 1 day | 1 day |
Employee Retirement Plans (Mult
Employee Retirement Plans (Multiemployer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer plans, plan contributions | $ 11.8 | $ 11.4 | $ 13.9 |
Withdrawal liability | 48.1 | ||
Other Noncurrent Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Withdrawal liability | 33.4 | 31 | |
Accrued Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Withdrawal liability | 10.6 | $ 9.9 | |
Unsecured Notes [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Withdrawal liability | $ 4.1 | ||
Graphics Communications International Union Employer Retirement Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage of plan (less than) | 65.00% | ||
MEPPs insolvency projection period | 20 years | ||
Graphics Communications Conference of the International Brotherhood of Teamsters National PensionFund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage of plan (less than) | 65.00% | ||
MEPPs insolvency projection period | 15 years |
Earnings (Loss) Per Share At105
Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||
Decrease to basic and diluted earning per share due to participating securities | $ (0.01) | ||||||||||||||
Numerator: | |||||||||||||||
Net earnings (loss) attributable to Quad/Graphics common shareholders | $ 44.9 | $ (641.9) | $ 18.6 | ||||||||||||
Allocation to participating securities | 0 | 0 | (0.3) | ||||||||||||
Net earnings (loss) attributable to Quad/Graphics common shareholders - adjusted | $ 44.9 | $ (641.9) | $ 18.3 | ||||||||||||
Denominator: | |||||||||||||||
Basic weighted average number of common shares outstanding for all classes of common shares (in shares) | 47.9 | 47.9 | 47.5 | ||||||||||||
Plus: effect of dilutive equity incentive instruments (in shares) | 1.9 | 0 | 1 | ||||||||||||
Diluted weighted average number of common shares outstanding for all classes of common shares (in shares) | 49.8 | 47.9 | 48.5 | ||||||||||||
Earnings (loss) per share attributable to Quad/Graphics common shareholders: | |||||||||||||||
Basic (in dollars per share) | $ 0.94 | $ (13.40) | $ 0.39 | ||||||||||||
Diluted (in dollars per share) | 0.90 | (13.40) | 0.38 | ||||||||||||
Dividends declared (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 |
Cash dividends paid per common share for all classes of common shares (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | |||
Stock Options [Member] | |||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||
Anti-dilutive equity instruments (in shares) | 1.9 | 1.8 |
Equity Incentive Programs (Addi
Equity Incentive Programs (Additional Information) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional number of shares approved for issuance | 3,000,000 | |||
Shares of Class A stock reserved for issuance | 10,871,652 | |||
Stock option exercise price floor of fair market value of class A common stock (percent) | 100.00% | |||
Shares available for issuance | 2,856,394 | |||
Stock-based compensation charges | $ 15.2 | $ 7.2 | $ 17.3 | |
Total future compensation expense | 14.2 | |||
Tax benefit on equity award activity, operating activities | 0.4 | |||
Tax benefit on equity award activity, financing activities | $ 0 | $ 2.8 | $ 0.8 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Estimated Expense in 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total future compensation expense | $ 9 | |||
Estimated Expense in 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total future compensation expense | 4.6 | |||
Estimated Expense in 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total future compensation expense | $ 0.6 |
Equity Incentive Programs (Sche
Equity Incentive Programs (Schedule of Stock Option Activity Rollforward) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | $ 14,200,000 | ||
Shares Under Option | |||
Granted, Shares Under Option (in shares) | 0 | 0 | 0 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Compensation expense recognized | $ 0 | $ 200,000 | $ 7,200,000 |
Total future compensation expense | $ 0 | ||
Shares Under Option | |||
Outstanding, beginning of year, Shares Under Option (in shares) | 3,290,336 | ||
Granted, Shares Under Option (in shares) | 0 | ||
Exercised, Shares Under Option (in shares) | (1,558,806) | ||
Canceled/forfeited/expired, Shares Under Option (in shares) | (28,664) | ||
Outstanding, end of year, Shares Under Option (in shares) | 1,702,866 | 3,290,336 | |
Exercisable, Shares Under Option (in shares) | 2,086,529 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning of year, Weighted Average Exercise Price (in dollars per share) | $ 21.37 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | 0 | ||
Exercised, Weighted Average Exercise Price (in dollars per share) | 19.42 | ||
Canceled/forfeited/expired, Weighted Average Exercise Price (in dollars per share) | 30.23 | ||
Outstanding, end of year, Weighted Average Exercise Price (in dollars per share) | 23 | $ 21.37 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 22.50 | ||
Weighted Average Remaining Contractual Term (years) | |||
Outstanding, Weighted Average Remaining Contractual Term | 3 years 4 months | 3 years 7 months | |
Exercisable, Weighted Average Remaining Contractual Term (years) | 3 years 4 months | ||
Aggregate Intrinsic Value (millions) | |||
Outstanding, Aggregate Intrinsic Value | $ 12,300,000 | $ 0 | |
Exercisable, Aggregate Intrinsic Value | $ 14,700,000 | ||
Annual Anniversary Grant Date of Award [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 10 years | ||
Termination for Death [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 24 months | ||
Termination for Retirement or Disability [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 36 months | ||
Employment Terminated, Any Other Reason [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 90 days | ||
Vested in first year [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 0.00% | ||
Vested in second year [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 33.33% | ||
Vested in third year [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 33.33% | ||
Vested in fourth year [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 33.34% |
Equity Incentive Programs (S108
Equity Incentive Programs (Schedule of Stock Option Exercises and Vesting Activity) (Details) - Stock Options [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $ 12.4 | $ 1.3 | $ 1.5 |
Cash received from stock option exercises | 30.3 | 2.2 | 2.7 |
Total grant date fair value of stock options vested | $ 0.3 | $ 1.8 | $ 3.4 |
Equity Incentive Programs (PS a
Equity Incentive Programs (PS and PSU Activity Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | $ 14,200,000 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Units (in shares) | 0 | 0 | 0 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Units (in shares) | 0 | 0 | 0 |
Performance Shares and Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Compensation expense recognized | $ 0 | $ (4,500,000) | $ 2,200,000 |
Total future compensation expense | $ 0 |
Equity Incentive Programs (S110
Equity Incentive Programs (Schedule of Restricted Stock and Restricted Stock Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | $ 14.2 | ||
Estimated Expense in 2017 [Member] | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 9 | ||
Estimated Expense in 2018 [Member] | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 4.6 | ||
Estimated Expense in 2019 [Member] | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | $ 0.6 | ||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of days dividends will be paid after vesting, maximum | 45 days | ||
Weighted- Average Grant Date Fair Value Per Share | |||
Compensation expense recognized | $ 14.4 | $ 10.7 | $ 7.3 |
Total future compensation expense | 14.2 | ||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | Estimated Expense in 2017 [Member] | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 9 | ||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | Estimated Expense in 2018 [Member] | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 4.6 | ||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | Estimated Expense in 2019 [Member] | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | $ 0.6 | ||
Restricted Stock [Member] | |||
Shares | |||
Nonvested at beginning of year, (in shares) | 1,549,624 | ||
Granted, Units (in shares) | 1,315,571 | 603,377 | 706,490 |
Vested (in shares) | (337,979) | ||
Forfeited, Units (in shares) | (41,827) | ||
Nonvested at end of year, (in shares) | 2,485,389 | 1,549,624 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 22.56 | ||
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 9.43 | $ 22.87 | $ 23.44 |
Vested, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 20.44 | ||
Forfeited, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 23.07 | ||
Nonvested, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 15.89 | $ 22.56 | |
Nonvested, Weighted- Average Remaining Contractual Term (Years) | 1 year 6 months | 1 year 4 months | |
Restricted Stock Units (RSUs) [Member] | |||
Shares | |||
Nonvested at beginning of year, (in shares) | 97,746 | ||
Granted, Units (in shares) | 175,228 | 113,792 | 17,767 |
Vested (in shares) | (22,282) | ||
Forfeited, Units (in shares) | (14,806) | ||
Nonvested at end of year, (in shares) | 235,886 | 97,746 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 16.58 | ||
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 10.08 | $ 17.78 | $ 23.45 |
Vested, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 22.76 | ||
Forfeited, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 18.55 | ||
Nonvested, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 11.04 | $ 16.58 | |
Nonvested, Weighted- Average Remaining Contractual Term (Years) | 1 year 9 months | 1 year 8 months |
Equity Incentive Programs (Defe
Equity Incentive Programs (Deferred Stock Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Number of shares each deferred stock unit will convert to upon the earlier of the separation date of the grantee or the second anniversary of the grant date | 1 | ||
Deferred Stock Units (DSUs) [Member] | |||
Units | |||
Outstanding, Units, beginning balance (in shares) | 156,807 | ||
Granted, Units (in shares) | 78,750 | 34,139 | 26,316 |
Dividend equivalents granted, Units (in shares) | 14,182 | 11,864 | 5,392 |
Settled, Units (in shares) | 0 | ||
Forfeited, Units (in shares) | 0 | ||
Outstanding, Units, ending balance (in shares) | 249,739 | 156,807 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Outstanding, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 20.51 | ||
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 9.30 | $ 23.11 | $ 23.45 |
Dividend equivalents granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 20.63 | ||
Settled, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 0 | ||
Forfeited, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 0 | ||
Outstanding, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 16.98 | $ 20.51 | |
Compensation expense recognized | $ 0.8 | $ 0.8 | $ 0.6 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Stock by Class) (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016USD ($)votestock_class$ / sharesshares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015$ / sharesshares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2014$ / sharesshares | Sep. 30, 2014$ / shares | Jun. 30, 2014$ / shares | Mar. 31, 2014$ / shares | Dec. 31, 2016USD ($)votestock_class$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Sep. 06, 2011USD ($) | |
Class of Stock [Line Items] | ||||||||||||||||
Number of classes of common stock | stock_class | 3 | 3 | ||||||||||||||
Treasury Stock (shares) | 4,100,000 | 5,900,000 | 4,100,000 | 5,900,000 | ||||||||||||
Preferred stock authorized (in shares) | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||
Preferred stock, par value (in dollars per shares) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Dividend Amount Per Share (in dollars per share) | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||||
Preferred stock issued | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 | |
Common Class A [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized Shares | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||||||||||
Common Stock Outstanding (shares) | 37,200,000 | 35,400,000 | 34,700,000 | 37,200,000 | 35,400,000 | 34,700,000 | ||||||||||
Treasury Stock (shares) | 2,800,000 | 4,600,000 | 5,300,000 | 2,800,000 | 4,600,000 | 5,300,000 | ||||||||||
Total Issued Shares | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||||
Number of votes per share | vote | 1 | 1 | ||||||||||||||
Number of shares repurchased | 984,190 | 0 | 0 | |||||||||||||
Purchases of treasury stock | $ | $ 8,800,000 | |||||||||||||||
Average cost per share (in dollars per share) | $ / shares | $ 8.96 | |||||||||||||||
Remaining authorized repurchase amount | $ | $ 82,900,000 | $ 82,900,000 | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | ||||||||||
Common Class B [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized Shares | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||||||||||
Common Stock Outstanding (shares) | 14,200,000 | 14,200,000 | 14,200,000 | 14,200,000 | 14,200,000 | 14,200,000 | ||||||||||
Treasury Stock (shares) | 800,000 | 800,000 | 800,000 | 800,000 | 800,000 | 800,000 | ||||||||||
Total Issued Shares | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | ||||||||||
Number of votes per share | vote | 10 | 10 | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | ||||||||||
Common Class C [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized Shares | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||
Common Stock Outstanding (shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Treasury Stock (shares) | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||
Total Issued Shares | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||
Number of votes per share | vote | 10 | 10 | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | ||||||||||
Treasury Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of shares repurchased | (1,100,000) | |||||||||||||||
Purchases of treasury stock | $ | $ (8,800,000) | |||||||||||||||
Treasury Stock [Member] | Common Class A [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock repurchase program, authorized amount | $ | $ 100,000,000 |
Accumulated Other Comprehens113
Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | $ (152.5) | $ (116.6) | |
Other comprehensive income (loss) before reclassifications | (4.4) | (43.6) | |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 4.3 | 7.7 | $ (6.9) |
Other comprehensive loss, net of tax | (0.1) | (35.9) | (111) |
Accumulated other comprehensive loss, ending balance | (152.6) | (152.5) | (116.6) |
Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (126.9) | (88.7) | |
Other comprehensive income (loss) before reclassifications | (3.9) | (45.9) | |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0 | 7.7 | |
Other comprehensive loss, net of tax | (3.9) | (38.2) | |
Accumulated other comprehensive loss, ending balance | (130.8) | (126.9) | (88.7) |
Pension Benefit Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (25.6) | (27.9) | |
Other comprehensive income (loss) before reclassifications | (0.5) | 2.3 | |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 4.3 | 0 | |
Other comprehensive loss, net of tax | 3.8 | 2.3 | |
Accumulated other comprehensive loss, ending balance | $ (21.8) | $ (25.6) | $ (27.9) |
Accumulated Other Comprehens114
Accumulated Other Comprehensive Loss (Reclassifications from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service credits included in net earnings (loss) | $ 0 | $ 0 | $ (5.8) |
Amortization of prior service credits on postretirement benefit plans, net of tax | 0 | 0 | (3.6) |
Postretirement benefit plan termination | 0 | 0 | (0.3) |
Amortization of net actuarial loss on pension and postretirement benefit plans, net of tax | 0 | 0 | (0.2) |
Total reclassifications for the period | 7 | 7.7 | (11) |
Impact of income taxes | (2.7) | 0 | 4.1 |
Total reclassifications for the period, net of tax | (4.3) | (7.7) | 6.9 |
Pension Plan [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge on pension benefit plans, net of tax | 4.3 | 0 | 0 |
Postretirement Benefits [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge on pension benefit plans, net of tax | 0 | 0 | (3.1) |
Selling, General and Administrative Expenses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service credits included in net earnings (loss) | 0 | 0 | (5.8) |
Restructuring Charges [Member] | Pension Plan [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge on pension benefit plans | 7 | 0 | 0 |
Restructuring Charges [Member] | Postretirement Benefits [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge on pension benefit plans | 0 | 0 | (4.9) |
Income Tax Expense (Benefit) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Impact of income taxes | 0 | 0 | 2.2 |
Impact of income taxes | 0 | 0 | 0.1 |
Income Tax Expense (Benefit) [Member] | Pension Plan [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Impact of income taxes | (2.7) | 0 | 0 |
Income Tax Expense (Benefit) [Member] | Postretirement Benefits [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Impact of income taxes | 0 | 0 | 1.8 |
Cost of Sales [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Postretirement benefit plan termination | 0 | 0 | (0.3) |
Quad Graphics Chile SA [Member] | Restructuring Charges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Revaluation (gain) loss on sale | $ 0 | $ 7.7 | $ 0 |
Segment Information (Summary of
Segment Information (Summary of Segment Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Products | $ 3,717,100,000 | $ 3,949,700,000 | $ 4,112,700,000 |
Services | 612,400,000 | 647,400,000 | 664,900,000 |
Operating Income(Loss) | 122,400,000 | (830,000,000) | 141,300,000 |
Depreciation and Amortization | 277,100,000 | 325,300,000 | 336,400,000 |
Capital Expenditures | 106,100,000 | 133,000,000 | 139,200,000 |
Restructuring, impairment and transaction-related charges | 80,600,000 | 164,900,000 | 67,300,000 |
Goodwill impairment | $ 0 | 808,300,000 | 0 |
Unrestricted subsidiaries under the Senior Unsecured Notes indenture as percentage of total consolidated assets (less than) | 2.00% | ||
Unrestricted subsidiaries under the Senior Unsecured Notes indenture as a percentage of total consolidated net sales (less than) | 2.00% | ||
United States Print and Related Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Products | $ 3,335,100,000 | 3,580,100,000 | 3,685,700,000 |
Services | 591,900,000 | 628,500,000 | 645,200,000 |
Operating Income(Loss) | 186,100,000 | (706,100,000) | 197,900,000 |
Depreciation and Amortization | 252,400,000 | 297,500,000 | 305,300,000 |
Capital Expenditures | 88,100,000 | 121,500,000 | 118,400,000 |
Restructuring, impairment and transaction-related charges | 59,300,000 | 101,400,000 | 52,100,000 |
Goodwill impairment | 0 | 778,300,000 | 0 |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Products | 382,000,000 | 369,600,000 | 427,000,000 |
Services | 20,500,000 | 18,900,000 | 19,700,000 |
Operating Income(Loss) | 13,500,000 | (63,400,000) | (11,200,000) |
Depreciation and Amortization | 24,100,000 | 26,100,000 | 29,200,000 |
Capital Expenditures | 18,000,000 | 11,500,000 | 20,800,000 |
Restructuring, impairment and transaction-related charges | (1,100,000) | 38,800,000 | 9,200,000 |
Goodwill impairment | 0 | 30,000,000 | 0 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Products | 3,717,100,000 | 3,949,700,000 | 4,112,700,000 |
Services | 612,400,000 | 647,400,000 | 664,900,000 |
Operating Income(Loss) | 199,600,000 | (769,500,000) | 186,700,000 |
Depreciation and Amortization | 276,500,000 | 323,600,000 | 334,500,000 |
Capital Expenditures | 106,100,000 | 133,000,000 | 139,200,000 |
Restructuring, impairment and transaction-related charges | 58,200,000 | 140,200,000 | 61,300,000 |
Goodwill impairment | 0 | 808,300,000 | 0 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Products | 0 | 0 | 0 |
Services | 0 | 0 | 0 |
Operating Income(Loss) | (77,200,000) | (60,500,000) | (45,400,000) |
Depreciation and Amortization | 600,000 | 1,700,000 | 1,900,000 |
Capital Expenditures | 0 | 0 | 0 |
Restructuring, impairment and transaction-related charges | 22,400,000 | 24,700,000 | 6,000,000 |
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Operating Profit from Segment to Consolidated) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||
Operating income (loss) | $ 122.4 | $ (830) | $ 141.3 |
Less: interest expense | 77.2 | 88.4 | 92.9 |
Less: loss (gain) on debt extinguishment | (14.1) | 0 | 7.2 |
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | $ 59.3 | $ (918.4) | $ 41.2 |
Segment Information (Assets by
Segment Information (Assets by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,570.1 | $ 2,847.5 | $ 4,008.8 |
United States Print and Related Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,241.3 | 2,498.1 | 3,492.4 |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 312.7 | 327.2 | 445.2 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,554 | 2,825.3 | 3,937.6 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 16.1 | $ 22.2 | $ 71.2 |
Geographic Area and Product 118
Geographic Area and Product Information (Net Sales and Long-Lived Assets by Geographic Region) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | |||
Products | $ 3,717.1 | $ 3,949.7 | $ 4,112.7 |
Services | 612.4 | 647.4 | 664.9 |
Property, plant and equipment—net | 1,519.9 | 1,675.8 | 1,855.5 |
Intangible assets—net | 59.7 | 110.5 | 149.1 |
Other long-term assets | 84.3 | 65.5 | 52.8 |
United States [Member] | |||
Net sales | |||
Products | 3,299.1 | 3,545.8 | 3,667.1 |
Services | 591.9 | 628.5 | 645.2 |
Property, plant and equipment—net | 1,362.8 | 1,512.2 | 1,660.6 |
Intangible assets—net | 47.6 | 93 | 141.6 |
Other long-term assets | 71.6 | 54.4 | 52.2 |
Europe [Member] | |||
Net sales | |||
Products | 169.8 | 162.9 | 171.3 |
Services | 20.5 | 18.9 | 19.7 |
Property, plant and equipment—net | 79.7 | 86.1 | 95.2 |
Intangible assets—net | 12.1 | 16.6 | 2.2 |
Other long-term assets | 0.3 | 0.3 | 0.2 |
Latin America [Member] | |||
Net sales | |||
Products | 217.4 | 215.1 | 264.5 |
Services | 0 | 0 | 0 |
Property, plant and equipment—net | 67.7 | 73.1 | 99.5 |
Intangible assets—net | 0 | 0.9 | 5.3 |
Other long-term assets | 12.2 | 10.6 | 0.4 |
Other [Member] | |||
Net sales | |||
Products | 30.8 | 25.9 | 9.8 |
Services | 0 | 0 | 0 |
Property, plant and equipment—net | 9.7 | 4.4 | 0.2 |
Intangible assets—net | 0 | 0 | 0 |
Other long-term assets | $ 0.2 | $ 0.2 | $ 0 |
Geographic Area and Product 119
Geographic Area and Product Information (Consolidated Net Sales by Products and Services) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Products | $ 3,717.1 | $ 3,949.7 | $ 4,112.7 |
Services | 612.4 | 647.4 | 664.9 |
Total net sales | 4,329.5 | 4,597.1 | 4,777.6 |
Catalog, magazines, retail inserts, books and directories [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Products | 2,983.6 | 3,254 | 3,470.3 |
Direct mail and other printed products [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Products | 676.9 | 635.8 | 588.8 |
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Products | 56.6 | 59.9 | 53.6 |
Logistics services [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Services | 427.3 | 453.7 | 483.7 |
Imaging and other services [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Services | $ 185.1 | $ 193.7 | $ 181.2 |
Separate Financial Informati120
Separate Financial Information of Subsidiary Guarantors of Indebtedness Narrative (Details) | Dec. 31, 2016 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Ownership percentage | 100.00% |
Separate Financial Informati121
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||||
Net sales | $ 4,329,500,000 | $ 4,597,100,000 | $ 4,777,600,000 | |||
Cost of sales | 3,394,800,000 | 3,680,300,000 | 3,807,100,000 | |||
Selling, general and administrative expenses | 454,600,000 | 448,300,000 | 425,500,000 | |||
Depreciation and amortization | 277,100,000 | 325,300,000 | 336,400,000 | |||
Restructuring, impairment and transaction-related charges | 80,600,000 | 164,900,000 | 67,300,000 | |||
Goodwill impairment | 0 | 808,300,000 | 0 | |||
Total operating expenses | 4,207,100,000 | 5,427,100,000 | 4,636,300,000 | |||
Operating income (loss) | 122,400,000 | (830,000,000) | 141,300,000 | |||
Interest expense | 77,200,000 | 88,400,000 | 92,900,000 | |||
Loss (gain) on debt extinguishment | (14,100,000) | 0 | 7,200,000 | |||
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | 59,300,000 | (918,400,000) | 41,200,000 | |||
Income tax expense (benefit) | 13,000,000 | (282,800,000) | 20,200,000 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 46,300,000 | (635,600,000) | 21,000,000 | |||
Equity in (earnings) loss of consolidated entities | 0 | 0 | 0 | |||
Equity in loss of unconsolidated entities | 1,400,000 | 6,300,000 | 2,700,000 | |||
Net earnings (loss) | 44,900,000 | (641,900,000) | 18,300,000 | |||
Net loss attributable to noncontrolling interests | 0 | 0 | 300,000 | |||
Net earnings (loss) attributable to Quad/Graphics common shareholders | 44,900,000 | (641,900,000) | 18,600,000 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings (loss) | 44,900,000 | (641,900,000) | 18,300,000 | |||
Other comprehensive income (loss), net of tax | (100,000) | (35,900,000) | (111,000,000) | |||
Total comprehensive income (loss) | 44,800,000 | (677,800,000) | (92,700,000) | |||
Less: comprehensive loss attributable to noncontrolling interests | 0 | 0 | 300,000 | |||
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | 44,800,000 | (677,800,000) | (92,400,000) | |||
ASSETS | ||||||
Cash and cash equivalents | 10,800,000 | 9,600,000 | 13,100,000 | $ 9,000,000 | $ 10,800,000 | $ 9,600,000 |
Receivables, less allowances for doubtful accounts | 563,600,000 | 648,700,000 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 265,400,000 | 280,100,000 | ||||
Other current assets | 64,600,000 | 51,700,000 | ||||
Total current assets | 902,600,000 | 991,300,000 | ||||
Property, plant and equipment—net | 1,519,900,000 | 1,675,800,000 | 1,855,500,000 | |||
Investment in consolidated entities | 0 | 0 | ||||
Intangible assets—net | 59,700,000 | 110,500,000 | 149,100,000 | |||
Intercompany loan receivable | 0 | 0 | ||||
Other long-term assets | 87,900,000 | 69,900,000 | ||||
Total assets | 2,570,100,000 | 2,847,500,000 | 4,008,800,000 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Accounts payable | 323,500,000 | 358,800,000 | ||||
Intercompany accounts payable | 0 | 0 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 92,100,000 | 99,700,000 | ||||
Other current liabilities | 359,000,000 | 348,900,000 | ||||
Total current liabilities | 774,600,000 | 807,400,000 | ||||
Long-term debt and capital lease obligations | 1,038,700,000 | 1,249,600,000 | ||||
Intercompany loan payable | 0 | 0 | ||||
Other long-term liabilities | 315,300,000 | 366,600,000 | ||||
Total liabilities | 2,128,600,000 | 2,423,600,000 | ||||
Total shareholders' equity | 441,500,000 | 423,900,000 | ||||
Total liabilities and shareholders' equity | 2,570,100,000 | 2,847,500,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 352,500,000 | 348,100,000 | 293,200,000 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (106,100,000) | (133,000,000) | (139,200,000) | |||
Acquisition related investing activities—net of cash acquired | 0 | (143,400,000) | (112,500,000) | |||
Intercompany investing activities | 0 | 0 | 0 | |||
Other investing activities | 21,700,000 | 59,700,000 | 27,500,000 | |||
Net cash used in investing activities | (84,400,000) | (216,700,000) | (224,200,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 19,700,000 | 0 | 1,047,000,000 | |||
Payments of long-term debt and capital lease obligations | (201,500,000) | (95,900,000) | (867,800,000) | |||
Borrowings on revolving credit facilities | 871,900,000 | 1,462,500,000 | 1,409,900,000 | |||
Payments on revolving credit facilities | (918,000,000) | (1,435,500,000) | (1,577,600,000) | |||
Purchases of treasury stock | (8,800,000) | 0 | 0 | |||
Payment of cash dividends | (61,100,000) | (62,300,000) | (61,200,000) | |||
Intercompany financing activities | 0 | 0 | 0 | |||
Other financing activities | 28,500,000 | 3,300,000 | (22,000,000) | |||
Net cash used in financing activities | (269,300,000) | (127,900,000) | (71,700,000) | |||
Effect of exchange rates on cash and cash equivalents | (600,000) | (2,300,000) | (800,000) | |||
Net increase (decrease) in cash and cash equivalents | (1,800,000) | 1,200,000 | (3,500,000) | |||
Cash and cash equivalents at beginning of year | 10,800,000 | 9,600,000 | 13,100,000 | |||
Cash and cash equivalents at end of year | 9,000,000 | 10,800,000 | 9,600,000 | |||
Parent Company [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 1,863,600,000 | 1,881,500,000 | 1,915,300,000 | |||
Cost of sales | 1,381,100,000 | 1,423,000,000 | 1,467,800,000 | |||
Selling, general and administrative expenses | 257,800,000 | 258,700,000 | 191,200,000 | |||
Depreciation and amortization | 146,800,000 | 179,300,000 | 129,100,000 | |||
Restructuring, impairment and transaction-related charges | 56,800,000 | 56,600,000 | 9,500,000 | |||
Goodwill impairment | 0 | |||||
Total operating expenses | 1,842,500,000 | 1,917,600,000 | 1,797,600,000 | |||
Operating income (loss) | 21,100,000 | (36,100,000) | 117,700,000 | |||
Interest expense | 76,000,000 | 85,700,000 | 85,800,000 | |||
Loss (gain) on debt extinguishment | (14,100,000) | 7,200,000 | ||||
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | (40,800,000) | (121,800,000) | 24,700,000 | |||
Income tax expense (benefit) | 15,200,000 | (39,600,000) | 20,600,000 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | (56,000,000) | (82,200,000) | 4,100,000 | |||
Equity in (earnings) loss of consolidated entities | (100,900,000) | 559,700,000 | (14,500,000) | |||
Equity in loss of unconsolidated entities | 0 | 0 | 0 | |||
Net earnings (loss) | 44,900,000 | (641,900,000) | 18,600,000 | |||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net earnings (loss) attributable to Quad/Graphics common shareholders | 44,900,000 | (641,900,000) | 18,600,000 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings (loss) | 44,900,000 | (641,900,000) | 18,600,000 | |||
Other comprehensive income (loss), net of tax | (100,000) | (35,900,000) | (111,000,000) | |||
Total comprehensive income (loss) | 44,800,000 | (677,800,000) | (92,400,000) | |||
Less: comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | 44,800,000 | (677,800,000) | (92,400,000) | |||
ASSETS | ||||||
Cash and cash equivalents | 2,300,000 | 1,900,000 | 4,800,000 | 300,000 | 2,300,000 | 1,900,000 |
Receivables, less allowances for doubtful accounts | 439,700,000 | 507,500,000 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 102,200,000 | 95,800,000 | ||||
Other current assets | 40,600,000 | 24,700,000 | ||||
Total current assets | 582,800,000 | 630,300,000 | ||||
Property, plant and equipment—net | 777,300,000 | 849,600,000 | ||||
Investment in consolidated entities | 1,288,900,000 | 1,676,600,000 | ||||
Intangible assets—net | 12,000,000 | 46,900,000 | ||||
Intercompany loan receivable | 104,200,000 | 125,800,000 | ||||
Other long-term assets | 43,500,000 | 27,800,000 | ||||
Total assets | 2,808,700,000 | 3,357,000,000 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Accounts payable | 159,300,000 | 203,700,000 | ||||
Intercompany accounts payable | 711,200,000 | 997,400,000 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 79,500,000 | 95,600,000 | ||||
Other current liabilities | 253,900,000 | 223,400,000 | ||||
Total current liabilities | 1,203,900,000 | 1,520,100,000 | ||||
Long-term debt and capital lease obligations | 1,022,000,000 | 1,242,500,000 | ||||
Intercompany loan payable | 0 | 0 | ||||
Other long-term liabilities | 141,300,000 | 170,500,000 | ||||
Total liabilities | 2,367,200,000 | 2,933,100,000 | ||||
Total shareholders' equity | 441,500,000 | 423,900,000 | ||||
Total liabilities and shareholders' equity | 2,808,700,000 | 3,357,000,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 676,200,000 | 229,900,000 | 100,800,000 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (35,900,000) | (54,700,000) | (48,700,000) | |||
Acquisition related investing activities—net of cash acquired | (900,000) | (600,000) | (7,000,000) | |||
Intercompany investing activities | (62,400,000) | (123,100,000) | (189,000,000) | |||
Other investing activities | (4,500,000) | 13,900,000 | (400,000) | |||
Net cash used in investing activities | (103,700,000) | (164,500,000) | (245,100,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 0 | 1,047,000,000 | ||||
Payments of long-term debt and capital lease obligations | (195,700,000) | (92,500,000) | (802,100,000) | |||
Borrowings on revolving credit facilities | 806,100,000 | 1,413,700,000 | 1,285,200,000 | |||
Payments on revolving credit facilities | (857,900,000) | (1,386,800,000) | (1,451,100,000) | |||
Purchases of treasury stock | (8,800,000) | |||||
Payment of cash dividends | (61,100,000) | (62,300,000) | (61,200,000) | |||
Intercompany financing activities | (285,900,000) | 59,500,000 | 137,600,000 | |||
Other financing activities | 28,800,000 | 3,400,000 | (14,000,000) | |||
Net cash used in financing activities | (574,500,000) | (65,000,000) | 141,400,000 | |||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | (2,000,000) | 400,000 | (2,900,000) | |||
Cash and cash equivalents at beginning of year | 2,300,000 | 1,900,000 | 4,800,000 | |||
Cash and cash equivalents at end of year | 300,000 | 2,300,000 | 1,900,000 | |||
Guarantor Subsidiaries [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 2,429,000,000 | 2,720,100,000 | 2,853,600,000 | |||
Cost of sales | 2,067,300,000 | 2,343,700,000 | 2,393,100,000 | |||
Selling, general and administrative expenses | 152,500,000 | 148,400,000 | 207,800,000 | |||
Depreciation and amortization | 100,100,000 | 114,800,000 | 178,100,000 | |||
Restructuring, impairment and transaction-related charges | 25,200,000 | 70,100,000 | 47,600,000 | |||
Goodwill impairment | 754,700,000 | |||||
Total operating expenses | 2,345,100,000 | 3,431,700,000 | 2,826,600,000 | |||
Operating income (loss) | 83,900,000 | (711,600,000) | 27,000,000 | |||
Interest expense | (4,100,000) | (2,300,000) | (800,000) | |||
Loss (gain) on debt extinguishment | 0 | 0 | ||||
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | 88,000,000 | (709,300,000) | 27,800,000 | |||
Income tax expense (benefit) | (4,800,000) | (249,100,000) | (9,800,000) | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 92,800,000 | (460,200,000) | 37,600,000 | |||
Equity in (earnings) loss of consolidated entities | (6,000,000) | 24,700,000 | 2,400,000 | |||
Equity in loss of unconsolidated entities | 0 | 0 | 0 | |||
Net earnings (loss) | 98,800,000 | (484,900,000) | 35,200,000 | |||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net earnings (loss) attributable to Quad/Graphics common shareholders | 98,800,000 | (484,900,000) | 35,200,000 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings (loss) | 98,800,000 | (484,900,000) | 35,200,000 | |||
Other comprehensive income (loss), net of tax | 1,700,000 | (1,800,000) | (91,500,000) | |||
Total comprehensive income (loss) | 100,500,000 | (486,700,000) | (56,300,000) | |||
Less: comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | 100,500,000 | (486,700,000) | (56,300,000) | |||
ASSETS | ||||||
Cash and cash equivalents | 2,800,000 | 5,600,000 | 3,500,000 | 1,900,000 | 2,800,000 | 5,600,000 |
Receivables, less allowances for doubtful accounts | 37,700,000 | 53,300,000 | ||||
Intercompany receivables | 720,500,000 | 1,007,700,000 | ||||
Inventories | 115,900,000 | 138,500,000 | ||||
Other current assets | 15,700,000 | 20,000,000 | ||||
Total current assets | 891,700,000 | 1,222,300,000 | ||||
Property, plant and equipment—net | 577,900,000 | 652,800,000 | ||||
Investment in consolidated entities | 61,800,000 | 57,800,000 | ||||
Intangible assets—net | 20,300,000 | 27,100,000 | ||||
Intercompany loan receivable | 0 | 0 | ||||
Other long-term assets | 10,100,000 | 8,500,000 | ||||
Total assets | 1,561,800,000 | 1,968,500,000 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Accounts payable | 98,500,000 | 85,400,000 | ||||
Intercompany accounts payable | 0 | 0 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 2,900,000 | 3,500,000 | ||||
Other current liabilities | 76,200,000 | 94,300,000 | ||||
Total current liabilities | 177,600,000 | 183,200,000 | ||||
Long-term debt and capital lease obligations | 2,400,000 | 5,300,000 | ||||
Intercompany loan payable | 39,900,000 | 38,800,000 | ||||
Other long-term liabilities | 150,000,000 | 175,900,000 | ||||
Total liabilities | 369,900,000 | 403,200,000 | ||||
Total shareholders' equity | 1,191,900,000 | 1,565,300,000 | ||||
Total liabilities and shareholders' equity | 1,561,800,000 | 1,968,500,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | (341,900,000) | 90,700,000 | 194,000,000 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (46,800,000) | (63,900,000) | (68,200,000) | |||
Acquisition related investing activities—net of cash acquired | 900,000 | (63,400,000) | (105,500,000) | |||
Intercompany investing activities | 368,100,000 | (159,600,000) | (157,600,000) | |||
Other investing activities | 22,400,000 | 34,000,000 | 26,900,000 | |||
Net cash used in investing activities | 344,600,000 | (252,900,000) | (304,400,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 0 | 0 | ||||
Payments of long-term debt and capital lease obligations | (3,500,000) | (3,400,000) | (7,600,000) | |||
Borrowings on revolving credit facilities | 0 | 0 | 0 | |||
Payments on revolving credit facilities | 0 | 0 | 0 | |||
Purchases of treasury stock | 0 | |||||
Payment of cash dividends | 0 | 0 | 0 | |||
Intercompany financing activities | 200,000 | 162,800,000 | 128,200,000 | |||
Other financing activities | (300,000) | (100,000) | (8,000,000) | |||
Net cash used in financing activities | (3,600,000) | 159,300,000 | 112,600,000 | |||
Effect of exchange rates on cash and cash equivalents | 0 | 100,000 | (100,000) | |||
Net increase (decrease) in cash and cash equivalents | (900,000) | (2,800,000) | 2,100,000 | |||
Cash and cash equivalents at beginning of year | 2,800,000 | 5,600,000 | 3,500,000 | |||
Cash and cash equivalents at end of year | 1,900,000 | 2,800,000 | 5,600,000 | |||
Non-Guarantor Subsidiaries [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 454,600,000 | 428,600,000 | 442,400,000 | |||
Cost of sales | 364,100,000 | 346,700,000 | 379,900,000 | |||
Selling, general and administrative expenses | 44,300,000 | 41,200,000 | 26,500,000 | |||
Depreciation and amortization | 30,200,000 | 31,200,000 | 29,200,000 | |||
Restructuring, impairment and transaction-related charges | (1,400,000) | 38,200,000 | 10,200,000 | |||
Goodwill impairment | 53,600,000 | |||||
Total operating expenses | 437,200,000 | 510,900,000 | 445,800,000 | |||
Operating income (loss) | 17,400,000 | (82,300,000) | (3,400,000) | |||
Interest expense | 5,300,000 | 5,000,000 | 7,900,000 | |||
Loss (gain) on debt extinguishment | 0 | 0 | ||||
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | 12,100,000 | (87,300,000) | (11,300,000) | |||
Income tax expense (benefit) | 2,600,000 | 5,900,000 | 9,400,000 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 9,500,000 | (93,200,000) | (20,700,000) | |||
Equity in (earnings) loss of consolidated entities | 0 | 0 | 0 | |||
Equity in loss of unconsolidated entities | 1,400,000 | 6,300,000 | 2,700,000 | |||
Net earnings (loss) | 8,100,000 | (99,500,000) | (23,400,000) | |||
Net loss attributable to noncontrolling interests | 0 | 0 | 300,000 | |||
Net earnings (loss) attributable to Quad/Graphics common shareholders | 8,100,000 | (99,500,000) | (23,100,000) | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings (loss) | 8,100,000 | (99,500,000) | (23,400,000) | |||
Other comprehensive income (loss), net of tax | (4,700,000) | (33,600,000) | (47,500,000) | |||
Total comprehensive income (loss) | 3,400,000 | (133,100,000) | (70,900,000) | |||
Less: comprehensive loss attributable to noncontrolling interests | 0 | 0 | 300,000 | |||
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | 3,400,000 | (133,100,000) | (70,600,000) | |||
ASSETS | ||||||
Cash and cash equivalents | 5,700,000 | 2,100,000 | 4,800,000 | 6,800,000 | 5,700,000 | 2,100,000 |
Receivables, less allowances for doubtful accounts | 86,200,000 | 87,900,000 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 47,300,000 | 45,800,000 | ||||
Other current assets | 8,300,000 | 7,000,000 | ||||
Total current assets | 148,600,000 | 146,400,000 | ||||
Property, plant and equipment—net | 164,700,000 | 173,400,000 | ||||
Investment in consolidated entities | 0 | 0 | ||||
Intangible assets—net | 27,400,000 | 36,500,000 | ||||
Intercompany loan receivable | 0 | 0 | ||||
Other long-term assets | 34,300,000 | 33,600,000 | ||||
Total assets | 375,000,000 | 389,900,000 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Accounts payable | 65,700,000 | 69,700,000 | ||||
Intercompany accounts payable | 9,300,000 | 10,300,000 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 9,700,000 | 600,000 | ||||
Other current liabilities | 28,900,000 | 31,200,000 | ||||
Total current liabilities | 113,600,000 | 111,800,000 | ||||
Long-term debt and capital lease obligations | 14,300,000 | 1,800,000 | ||||
Intercompany loan payable | 64,300,000 | 87,000,000 | ||||
Other long-term liabilities | 24,000,000 | 20,200,000 | ||||
Total liabilities | 216,200,000 | 220,800,000 | ||||
Total shareholders' equity | 158,800,000 | 169,100,000 | ||||
Total liabilities and shareholders' equity | 375,000,000 | 389,900,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 18,200,000 | 27,500,000 | (1,600,000) | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (23,400,000) | (14,400,000) | (22,300,000) | |||
Acquisition related investing activities—net of cash acquired | 0 | (79,400,000) | 0 | |||
Intercompany investing activities | 3,800,000 | (500,000) | (100,000) | |||
Other investing activities | 3,800,000 | 11,800,000 | 1,000,000 | |||
Net cash used in investing activities | (15,800,000) | (82,500,000) | (21,400,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 19,700,000 | 0 | ||||
Payments of long-term debt and capital lease obligations | (2,300,000) | 0 | (58,100,000) | |||
Borrowings on revolving credit facilities | 65,800,000 | 48,800,000 | 124,700,000 | |||
Payments on revolving credit facilities | (60,100,000) | (48,700,000) | (126,500,000) | |||
Purchases of treasury stock | 0 | |||||
Payment of cash dividends | 0 | 0 | 0 | |||
Intercompany financing activities | (23,800,000) | 60,900,000 | 80,900,000 | |||
Other financing activities | 0 | 0 | 0 | |||
Net cash used in financing activities | (700,000) | 61,000,000 | 21,000,000 | |||
Effect of exchange rates on cash and cash equivalents | (600,000) | (2,400,000) | (700,000) | |||
Net increase (decrease) in cash and cash equivalents | 1,100,000 | 3,600,000 | (2,700,000) | |||
Cash and cash equivalents at beginning of year | 5,700,000 | 2,100,000 | 4,800,000 | |||
Cash and cash equivalents at end of year | 6,800,000 | 5,700,000 | 2,100,000 | |||
Intersegment Eliminations [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | (417,700,000) | (433,100,000) | (433,700,000) | |||
Cost of sales | (417,700,000) | (433,100,000) | (433,700,000) | |||
Selling, general and administrative expenses | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Restructuring, impairment and transaction-related charges | 0 | 0 | 0 | |||
Goodwill impairment | 0 | |||||
Total operating expenses | (417,700,000) | (433,100,000) | (433,700,000) | |||
Operating income (loss) | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | |||
Loss (gain) on debt extinguishment | 0 | 0 | ||||
Earnings (loss) before income taxes and equity in loss of unconsolidated entities | 0 | 0 | 0 | |||
Income tax expense (benefit) | 0 | 0 | 0 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 0 | 0 | 0 | |||
Equity in (earnings) loss of consolidated entities | 106,900,000 | (584,400,000) | 12,100,000 | |||
Equity in loss of unconsolidated entities | 0 | 0 | 0 | |||
Net earnings (loss) | (106,900,000) | 584,400,000 | (12,100,000) | |||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net earnings (loss) attributable to Quad/Graphics common shareholders | (106,900,000) | 584,400,000 | (12,100,000) | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings (loss) | (106,900,000) | 584,400,000 | (12,100,000) | |||
Other comprehensive income (loss), net of tax | 3,000,000 | 35,400,000 | 139,000,000 | |||
Total comprehensive income (loss) | (103,900,000) | 619,800,000 | 126,900,000 | |||
Less: comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad/Graphics common shareholders | (103,900,000) | 619,800,000 | 126,900,000 | |||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | $ 0 |
Receivables, less allowances for doubtful accounts | 0 | 0 | ||||
Intercompany receivables | (720,500,000) | (1,007,700,000) | ||||
Inventories | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Total current assets | (720,500,000) | (1,007,700,000) | ||||
Property, plant and equipment—net | 0 | 0 | ||||
Investment in consolidated entities | (1,350,700,000) | (1,734,400,000) | ||||
Intangible assets—net | 0 | 0 | ||||
Intercompany loan receivable | (104,200,000) | (125,800,000) | ||||
Other long-term assets | 0 | 0 | ||||
Total assets | (2,175,400,000) | (2,867,900,000) | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Accounts payable | 0 | 0 | ||||
Intercompany accounts payable | (720,500,000) | (1,007,700,000) | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | (720,500,000) | (1,007,700,000) | ||||
Long-term debt and capital lease obligations | 0 | 0 | ||||
Intercompany loan payable | (104,200,000) | (125,800,000) | ||||
Other long-term liabilities | 0 | 0 | ||||
Total liabilities | (824,700,000) | (1,133,500,000) | ||||
Total shareholders' equity | (1,350,700,000) | (1,734,400,000) | ||||
Total liabilities and shareholders' equity | $ (2,175,400,000) | $ (2,867,900,000) | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 0 | 0 | 0 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | |||
Acquisition related investing activities—net of cash acquired | 0 | 0 | 0 | |||
Intercompany investing activities | (309,500,000) | 283,200,000 | 346,700,000 | |||
Other investing activities | 0 | 0 | 0 | |||
Net cash used in investing activities | (309,500,000) | 283,200,000 | 346,700,000 | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 0 | 0 | ||||
Payments of long-term debt and capital lease obligations | 0 | 0 | 0 | |||
Borrowings on revolving credit facilities | 0 | 0 | 0 | |||
Payments on revolving credit facilities | 0 | 0 | 0 | |||
Purchases of treasury stock | 0 | |||||
Payment of cash dividends | 0 | 0 | 0 | |||
Intercompany financing activities | 309,500,000 | (283,200,000) | (346,700,000) | |||
Other financing activities | 0 | 0 | 0 | |||
Net cash used in financing activities | 309,500,000 | (283,200,000) | (346,700,000) | |||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | |||
Cash and cash equivalents at end of year | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 28, 2017 | Feb. 17, 2017 | Feb. 10, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 07, 2017 |
Subsequent Event [Line Items] | |||||||||||||||||||
Long-term debt | $ 1,104,500,000 | $ 1,334,500,000 | $ 1,104,500,000 | $ 1,334,500,000 | |||||||||||||||
Dividends declared (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 | ||||
Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Dividends declared (in dollars per share) | $ 0.30 | ||||||||||||||||||
Interest Rate Swap [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Derivative, Notional Amount | $ 250,000,000 | ||||||||||||||||||
Derivative, Fixed Interest Rate | 3.89% | ||||||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.00% | ||||||||||||||||||
Derivative, Term of Contract | 5 years | ||||||||||||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Senior secured credit facility | $ 725,000,000 | ||||||||||||||||||
Debt instrument, term | 4 years | ||||||||||||||||||
Term Loan A [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Debt instrument, term | 4 years | ||||||||||||||||||
Long-term debt | $ 375,000,000 | ||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan A [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||
Base Rate [Member] | Term Loan A [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 1.00% |