Quad/Graphics (QUAD) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34806
Entity Registrant Name	Quad/Graphics, Inc.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1152983
Entity Address, Address Line One	N61 W23044 Harry’s Way
Entity Address, City or Town	Sussex
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53089-3995
City Area Code	414
Local Phone Number	566-6000
Title of 12(b) Security	Class A Common Stock, par value $0.025 per share
Trading Symbol	QUAD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001481792
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		38,676,227
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		13,261,983
Common Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total net sales	$ 654.8	$ 766.5
Total cost of sales	521.3	617.5
Operating expenses
Selling, general and administrative expenses	83.1	89.2
Depreciation and amortization	28.6	33.7
Restructuring, impairment and transaction-related charges	32.5	26
Total operating expenses	665.5	766.4
Operating income (loss)	(10.7)	0.1
Interest expense	15.2	16.3
Net pension income	(0.2)	(0.4)
Loss before income taxes	(25.7)	(15.8)
Income tax expense	2.4	8.8
Net loss	$ (28.1)	$ (24.6)
Loss per share
Basic (USD per share)	$ (0.60)	$ (0.50)
Diluted (USD per share)	$ (0.60)	$ (0.50)
Weighted average number of common shares outstanding
Basic (in shares)	47.2	49.2
Diluted (in shares)	47.2	49.2
Products
Total net sales	$ 507.2	$ 607.9
Total cost of sales	426.5	516.1
Services
Total net sales	147.6	158.6
Total cost of sales	$ 94.8	$ 101.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (28.1)	$ (24.6)
Other comprehensive income
Translation adjustments	(0.4)	6.5
Interest rate derivatives adjustments	1.1	0.8
Pension benefit plan adjustments	0.3	0.1
Other comprehensive income, before tax	1	7.4
Income tax impact related to items of other comprehensive income	(0.3)	(0.2)
Other comprehensive income, net of tax	0.7	7.2
Comprehensive loss	$ (27.4)	$ (17.4)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 10.2	$ 52.9
Receivables, less allowances for credit losses of $25.5 million at March 31, 2024, and $25.7 million at December 31, 2023	302.7	316.2
Inventories	180.6	178.8
Prepaid expenses and other current assets	56.3	39.8
Total current assets	549.8	587.7
Property, plant and equipment—net	601.8	620.6
Operating lease right-of-use assets—net	91.8	96.6
Goodwill	100.3	103
Other intangible assets—net	17.7	21.8
Other long-term assets	62.3	80
Total assets	1,423.7	1,509.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	359.8	373.6
Other current liabilities	174	237.6
Short-term debt and current portion of long-term debt	71.5	151.7
Current portion of finance lease obligations	2.4	2.5
Current portion of operating lease obligations	23.6	25.4
Total current liabilities	631.3	790.8
Long-term debt	473.9	362.5
Finance lease obligations	6	6
Operating lease obligations	74.6	77.2
Deferred income taxes	5.9	5.1
Other long-term liabilities	142.8	148.6
Total liabilities	1,334.5	1,390.2
Commitments and contingencies (Note 7)
Shareholders’ equity
Preferred stock	0	0
Additional paid-in capital	838	842.7
Treasury stock, at cost	(28.7)	(33.1)
Accumulated deficit	(604.6)	(573.9)
Accumulated other comprehensive loss	(116.9)	(117.6)
Total shareholders’ equity	89.2	119.5
Total liabilities and shareholders’ equity	1,423.7	1,509.7
Common Class A
Shareholders’ equity
Common stock	1	1
Common Class B
Shareholders’ equity
Common stock	0.4	0.4
Common Class C
Shareholders’ equity
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowances for doubtful accounts	$ 25.5	$ 25.7

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net loss	$ (28.1)	$ (24.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	28.6	33.7
Impairment charges	12.6	9.5
Amortization of debt issuance costs and original issue discount	0.3	0.5
Stock-based compensation	1.8	1
Gain on the sale or disposal of property, plant and equipment, net	(0.9)	(0.1)
Deferred income taxes	0.3	10.3
Changes in operating assets and liabilities	(66.8)	(80.9)
Net cash used in operating activities	(52.2)	(50.6)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(17.9)	(28.7)
Cost investment in unconsolidated entities	(0.2)	(0.3)
Proceeds from the sale of property, plant and equipment	1.7	7.1
Other investing activities	0.5	(4.5)
Net cash used in investing activities	(15.9)	(26.4)
FINANCING ACTIVITIES
Payments of current and long-term debt	(101)	(7.4)
Payments of finance lease obligations	(0.8)	(0.3)
Borrowings on revolving credit facilities	468.3	413.8
Payments on revolving credit facilities	(389.1)	(343.5)
Proceeds from issuance of long-term debt	52.8	0
Purchases of treasury stock	0	(0.3)
Equity awards redeemed to pay employees’ tax obligations	(2.1)	(1.7)
Payment of cash dividends	(2.4)	(0.1)
Other financing activities	(0.2)	(0.2)
Net cash provided by financing activities	25.5	60.3
Effect of exchange rates on cash and cash equivalents	(0.1)	0.2
Net decrease in cash and cash equivalents	(42.7)	(16.5)
Cash and cash equivalents at beginning of period	52.9	25.2
Cash and cash equivalents at end of period	$ 10.2	$ 8.7

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance, shares at Dec. 31, 2022		56,600,000		3,900,000
Beginning balance, Quad's shareholders equity at Dec. 31, 2022	$ 172.9	$ 1.4	$ 841.8	$ (23.5)	$ (518.5)	$ (128.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(24.6)				(24.6)
Foreign currency translation adjustments	6.5					6.5
Interest rate derivatives adjustments, net of tax	0.6					0.6
Pension benefit plan liability adjustments, net of tax	(0.1)					(0.1)
Stock-based compensation	1		1
Purchases of treasury stock (in shares)				(100,000)
Purchases of treasury stock	(0.3)			$ (0.3)
Issuance of share-based awards, net of other activity, shares				1,400,000
Issuance of share-based awards, net of other activity	0		(4.3)	$ 4.3
Equity awards redeemed to pay employees’ tax obligations, shares				(300,000)
Equity awards redeemed to pay employees’ tax obligations	(1.7)			$ (1.7)
Ending balance, shares at Mar. 31, 2023		56,600,000		2,900,000
Ending balance, Quad's shareholders' equity at Mar. 31, 2023	154.5	$ 1.4	838.5	$ (21.2)	(543.1)	(121.1)
Beginning balance, shares at Dec. 31, 2023		56,600,000		5,600,000
Beginning balance, Quad's shareholders equity at Dec. 31, 2023	119.5	$ 1.4	842.7	$ (33.1)	(573.9)	(117.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(28.1)				(28.1)
Foreign currency translation adjustments	(0.4)					(0.4)
Interest rate derivatives adjustments, net of tax	0.9					0.9
Pension benefit plan liability adjustments, net of tax	(0.2)					(0.2)
Cash dividends declared	(2.6)				(2.6)
Stock-based compensation	1.8		1.8
Conversion of class B shares, shares		(294,875)		300,000
Conversion of class B shares	0		(1.3)	$ 1.3
Issuance of share-based awards, net of other activity, shares				1,300,000
Issuance of share-based awards, net of other activity	0		(5.2)	$ 5.2
Equity awards redeemed to pay employees’ tax obligations, shares				(300,000)
Equity awards redeemed to pay employees’ tax obligations	(2.1)			$ (2.1)
Ending balance, shares at Mar. 31, 2024		56,300,000		4,300,000
Ending balance, Quad's shareholders' equity at Mar. 31, 2024	$ 89.2	$ 1.4	$ 838	$ (28.7)	$ (604.6)	$ (116.9)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividend declared (USD per share)	$ 0.05

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements for Quad/Graphics, Inc. and its subsidiaries (the “Company” or “Quad”) have been prepared by the Company pursuant to the rules and regulations for interim financial information of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to such SEC rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated annual financial statements as of and for the year ended December 31, 2023, and notes thereto included in the Company’s latest Annual Report on Form 10-K filed with the SEC on February 22, 2024. The Company is subject to seasonality in its quarterly results as net sales and operating income are higher in the second half of the calendar year as compared to the first half of the calendar year. The fourth quarter is typically the highest seasonal quarter for cash flows from operating activities and Free Cash Flow due to the reduction of working capital requirements that reach peak levels during the third quarter. Seasonality is driven by increased catalogs and retail inserts primarily due to back-to-school and holiday-related advertising and promotions. The Company expects seasonality impacts to continue in future years. The financial information contained herein reflects all adjustments, in the opinion of management, necessary for a fair presentation of the Company’s results of operations for the three months ended March 31, 2024 and 2023. All of these adjustments are of a normal recurring nature, except as otherwise noted. All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue Disaggregation The following tables provide information about disaggregated revenue by the Company’s operating segments and major products and services offerings for the three months ended March 31, 2024 and 2023: United States Print International Total Three months ended March 31, 2024 Catalog, publications, retail inserts and directories $ 312.2 $ 48.2 $ 360.4 Direct mail and other printed products 121.7 23.1 144.8 Other 2.0 — 2.0 Total products 435.9 71.3 507.2 Logistics services 63.2 4.3 67.5 Marketing services and medical services 79.8 0.3 80.1 Total services 143.0 4.6 147.6 Total net sales $ 578.9 $ 75.9 $ 654.8 Three months ended March 31, 2023 Catalog, publications, retail inserts and directories $ 360.9 $ 57.3 $ 418.2 Direct mail and other printed products 142.0 45.9 187.9 Other 1.6 0.2 1.8 Total products 504.5 103.4 607.9 Logistics services 64.4 5.1 69.5 Marketing services and medical services 88.7 0.4 89.1 Total services 153.1 5.5 158.6 Total net sales $ 657.6 $ 108.9 $ 766.5 Nature of Products and Services The Company recognizes its products and services revenue based on when the transfer of control passes to the client or when the service is completed and accepted by the client. The products offering is predominantly comprised of the Company’s print operations which includes retail inserts, publications, catalogs, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement. The Company considers its logistic operations as services, which include the delivery of printed material. The services offering also includes revenues related to the Company’s marketing services operations, which include data and analytics, technology solutions, media services, creative and content solutions, managed services and execution in non-print channels (e.g., digital and broadcast), as well as medical services. Costs to Obtain Contracts In accordance with Accounting Standards Codification 606 — Revenue from Contracts with Customers , the Company defers certain contract acquisition costs paid to the client at contract inception. Costs to obtain contracts with a duration of less than one year are expensed as incurred. For all contract costs with contracts over one year, the Company amortizes the costs to obtain contracts on a straight-line basis over the estimated life of the contract and reviews quarterly for impair ment. Activity impacting costs to obtain contracts for the three months ended March 31, 2024, was as follows: Costs to Obtain Contracts Balance at December 31, 2023 $ 1.8 Amortization of costs to obtain contracts (0.2) Balance at March 31, 2024 $ 1.6

Restructuring, Impairment and T

Restructuring, Impairment and Transaction-Related Charges	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, as follows: Three Months Ended March 31, 2024 2023 Employee termination charges $ 13.7 $ 13.1 Impairment charges 12.6 9.5 Transaction-related charges 0.5 0.6 Integration costs 0.1 0.5 Other restructuring charges 5.6 2.3 Total $ 32.5 $ 26.0 The costs related to these activities have been recorded in the condensed consolidated statements of operations as restructuring, impairment and transaction-related charges. See Note 16, “Segment Information,” for restructuring, impairment and transaction-related charges by segment. Restructuring Charges The Company has a restructuring program related to eliminating excess manufacturing capacity and properly aligning its cost structure. The Company classifies the following charges as restructuring: • Employee termination charges are incurred when the Company reduces its workforce through facility consolidations and separation programs. • Integration costs are incurred primarily for the integration of acquired companies. • Other restructuring charges consisted of the following during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Vacant facility carrying costs and lease exit charges $ 4.3 $ 1.9 Equipment and infrastructure removal costs 1.1 0.3 Other restructuring activities 0.2 0.1 Other restructuring charges $ 5.6 $ 2.3 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 $12.6 million during the three months ended March 31, 2024, which consisted of $10.8 million for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction activities, and $1.8 million for operating lease right-of-use assets. The Company recognized impairment charges of $9.5 million during the three months ended March 31, 2023, which consisted primarily of certain property, plant and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction activities. The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 10, “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. If estimated fair values subsequently decline, the carrying values of the assets are adjusted accordingly. Transaction-Related Charges The Company incurs transaction-related charges primarily consisting of professional service fees related to business acquisition and divestiture activities. Transaction-related charges of $0.5 million and $0.6 million were recorded during the three months ended March 31, 2024 and 2023, respectively. Restructuring Reserves Activity impacting the Company’s restructuring reserves for the three months ended March 31, 2024, was as follows: Employee Impairment Transaction-Related Integration Other Total Balance at December 31, 2023 $ 17.6 $ — $ 2.5 $ — $ 11.8 $ 31.9 Expense, net 13.7 12.6 0.5 0.1 5.6 32.5 Cash payments, net (12.0) — (2.2) (0.1) (6.2) (20.5) Non-cash adjustments/reclassifications — (12.6) — — 0.3 (12.3) Balance at March 31, 2024 $ 19.3 $ — $ 0.8 $ — $ 11.5 $ 31.6 The Company’s restructuring reserves at March 31, 2024, included a short-term and a long-term component. The short-term portion included $22.9 million in other current liabilities and $0.6 million in accounts payable in the condensed consolidated balance sheets as the Company expects these reserves to be settled within the next twelve months. The long-term portion of $8.1 million is included in other long-term liabilities in the condensed consolidated balance sheets.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill 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. The Company recorded preliminary goodwill within the United States Print and Related Services segment related to the acquisition of DART Innovation (“DART”), an in-store digital media solutions provider, completed during the fourth quarter of 2023. The amount of preliminary goodwill is subject to the completion of the final valuation of the net assets acquired in the acquisition. Activity impacting goodwill for the three months ended March 31, 2024, was as follows: United States Print and Related Services International Total Balance at December 31, 2023 $ 103.0 $ — $ 103.0 DART acquisition (2.7) — (2.7) Balance at March 31, 2024 $ 100.3 $ — $ 100.3

Receivables

Receivables	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Receivables	Receivables Prior to granting credit, the Company evaluates each client in an underwriting process, taking into consideration the prospective client’s financial condition, past payment experience, credit bureau information and other financial and qualitative factors that may affect the client’s ability to pay. Specific credit reviews and standard industry credit scoring models are used in performing this evaluation. Clients’ financial condition is continuously monitored as part of the normal course of business. Some of the Company’s clients are highly leveraged or otherwise subject to their own operating and regulatory risks. Specific client provisions are made when a review of significant outstanding amounts, utilizing information about client creditworthiness, as well as current and future economic trends based on reasonable forecasts, indicates that collection is doubtful. The Company also records a general provision based on the overall risk profile of the receivables and through the assessment of reasonable economic forecasts. The risk profile is assessed on a quarterly basis using various methods, including external resources and credit scoring models. Accounts that are deemed uncollectible are written off when all reasonable collection efforts have been exhausted. The Company has recorded credit loss expense of $0.1 million and $0.9 million during the three months ended March 31, 2024 and 2023, respectively, which is included in selling, general and administrative expenses in the condensed consolidated statements of operations. Activity impacting the allowance for credit losses for the three months ended March 31, 2024, was as follows: Allowance for Credit Losses Balance at December 31, 2023 $ 25.7 Provisions 0.1 Write-offs (0.3) Balance at March 31, 2024 $ 25.5

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories at March 31, 2024, and December 31, 2023, were as follows: March 31, December 31, Raw materials and manufacturing supplies $ 105.9 $ 102.7 Work in process 38.6 30.1 Finished goods 36.1 46.0 Total $ 180.6 $ 178.8

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 condensed consolidated financial statements of the Company. 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 environmental 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 condensed consolidated financial position.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Senior Secured Credit Facility The Company completed the seventh amendment to its Senior Secured Credit Facility on January 24, 2023, which transitioned the Company’s reference rate from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”) effective February 1, 2023. The Company elected the practical expedient outlined in Accounting Standards Update (“ASU”) 2020-04 and ASU 2021-01 which allowed the Company to prospectively adjust the effective interest rate after the reference rate change. The transition from LIBOR to SOFR did not have a material impact on the condensed consolidated financial statements. The Company completed the eighth amendment to its Senior Secured Credit Facility on January 4, 2024, which added an additional $25.0 million principal value to the Term Loan A (under the portion maturing on November 2, 2026). On January 31, 2024, the Company used liquidity available under its revolving credit facility and available cash on hand to fund the repayment on maturity of $87.7 million aggregate principal amount, outstanding at the time, of its Term Loan A. Additionally, due to a portion of the revolving credit facility maturing on January 31, 2024, the total capacity under the revolving credit facility was reduced to $342.5 million as of this date. Press Financing Arrangements During the three months ended March 31, 2024, the Company entered into two press financing arrangements. The first arrangement of $13.8 million bears interest at a fixed rate of 8.31%, maturing in 2028. The second arrangement of $14.0 million bears interest at a current weighted average variable rate of 9.27%, maturing in 2028. Payments are made monthly on both arrangements.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company records income tax expense on an interim basis. For the three months ended March 31, 2024, the Company’s income tax expense was recorded using an actual effective income tax rate for the year-to-date period. Based on the Company’s current operating results, the Company believes the actual effective tax rate for the year-to-date period is the best estimate of the annual effective tax rate. The actual effective income tax rate differs from the statutory tax rate primarily due to net increases in valuation allowance reserves, non-deductible expenses and global intangible low taxed income (“GILTI”) from foreign controlled corporations. For the three months ended March 31, 2023, the Company used an estimated annual effective income tax rate to record its income tax expense. The estimated annual effective income tax rate differs from the statutory tax rate primarily due to estimated non-deductible expenses, income from foreign branches and net increases in valuation allowance reserves. The Company currently has various open tax audits in multiple jurisdictions. From time to time, the Company will receive tax assessments as part of the process. Based on the information available as of March 31, 2024, the Company has recorded its best estimate of the potential settlements of these audits. Actual results could differ from the estimated amounts. The Company’s liability for unrecognized tax benefits as of March 31, 2024, was $16.9 million, an increase of $0.2 million from $16.7 million as of December 31, 2023. The Company anticipates a $6.7 million decrease to its liability for unrecognized tax benefits within the next twelve months due to the resolution of income tax audits or statute expirations, of which $0.1 million would impact the Company’s effective tax rate.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024. Interest Rate Swap The Company held one interest rate swap contract until its termination on March 28, 2024. The purpose of entering into the contract was to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable rate debt. The interest rate swap was previously designated as a cash flow hedge as it effectively converted the notional value of the Company’s variable rate debt based on one-month LIBOR to a fixed rate, including a spread on underlying debt, and a monthly reset in the variable interest rate. However, the Company amended its Senior Secured Credit Facility during the second quarter of 2020, which added a 0.75% LIBOR floor to the Company’s variable rate debt, changing the critical terms of the hedged instrument. Due to this change in critical terms, the Company had elected to de-designate the swap as a cash flow hedge, resulting in future changes in fair value being recognized in interest expense. The balance of the accumulated other comprehensive loss attributable to the interest rate swap as of June 30, 2020 was then amortized to interest expense on a straight-line basis over the remaining lives of the swap contracts. Due to the Company’s transition from LIBOR to SOFR during the first quarter of 2023, the interest rate swap’s fixed swap rate was amended to be based on one-month term SOFR. The key terms of the interest rate swap were as follows: March 19, 2019 Effective date March 29, 2019 Termination date March 28, 2024 Term 5 years Notional amount $130.0 Fixed swap rate 2.40% The Company classifies interest rate swaps as Level 2 because the inputs into the valuation model are observable or can be derived or corroborated utilizing observable market data at commonly quoted intervals. The fair value of the interest rate swap classified as Level 2 as of December 31, 2023, was as follows: Balance Sheet Location December 31, 2023 Interest rate swap asset Prepaid expenses and other current assets $ 0.9 Prior to the Company’s de-designation of the interest rate swap as a cash flow hedge, the interest rate swap was considered highly effective, with no amount of ineffectiveness recorded into earnings. The change in the fair value of the interest rate swap was recorded as an adjustment to interest expense in the condensed consolidated statements of operations. The cash flows associated with the interest rate swap have been recognized as an adjustment to interest expense in the condensed consolidated statements of operations: Three Months Ended March 31, 2024 2023 Cash Flow Impacts Net interest received $ (1.0) $ (0.7) Impacts with Swap as Nonhedging Instrument Loss recognized in interest expense excluded from hedge effectiveness assessments 0.9 1.0 Amounts reclassified out of accumulated other comprehensive loss to interest expense 0.6 0.7 Net interest expense (1.0) (0.7) Total impact of swap to interest expense $ 0.5 $ 1.0 Effective April 30, 2024, the Company entered into an interest rate swap contract with a notional value of $50.0 million that will effectively convert the Company’s variable rate debt, based on one-month SOFR, to a fixed swap rate of 4.67%. The Company will pay interest on the notional value of debt at the fixed swap rate, plus a spread on underlying debt, according to the Senior Secured Credit Facility. The interest rate swap will terminate on March 31, 2027. Interest Rate Collars The Company has entered into two interest rate collar contracts, both effective February 1, 2023. The purpose of entering into the contracts is to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable rate debt. The interest rate collars will be designated as cash flow hedges as they effectively convert the notional value of the Company’s variable rate debt based on one-month term SOFR to a fixed rate if that month’s interest rate is outside of the collars’ floor and ceiling rates, including a spread on underlying debt, and a monthly reset in the variable interest rate. The key terms of the interest rate collars are as follows: December 12, 2022 December 14, 2022 Effective date February 1, 2023 February 1, 2023 Termination date October 30, 2026 October 31, 2025 Term 45 Months 33 Months Notional amount $75.0 $75.0 Floor Rate 2.09% 2.25% Ceiling Rate 5.00% 5.00% The Company classifies interest rate collars as Level 2 because the inputs into the valuation model are observable or can be derived or corroborated utilizing observable market data at commonly quoted intervals. The fair value of the interest rate collars classified as Level 2 as of March 31, 2024, and December 31, 2023, were as follows: Balance Sheet Location March 31, 2024 December 31, 2023 Interest rate collar assets Prepaid expenses and other current assets $ 0.3 $ — Interest rate collar liabilities Other long-term liabilities $ — $ (0.2) The interest rate collars were highly effective as of March 31, 2024. No amount of ineffectiveness has been recorded into earnings related to these cash flow hedges. The cash flows associated with the interest rate collars have been recognized as an adjustment to interest expense in the condensed consolidated statements of operations, and t he changes in the fair value of the interest rate collars have been included in other comprehensive income in the condensed consolidated statements of comprehensive loss: Three Months Ended March 31, 2024 2023 Cash Flow Impacts Net interest received $ (0.1) $ — Gain recognized in other comprehensive income $ (0.5) $ (0.1) Foreign Exchange Contracts 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. As of March 31, 2024, there were no open foreign currency exchange contracts. Natural Gas Forward Contracts 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 three months ended March 31, 2024 and 2023, as the Company takes delivery in the normal course of business. Debt The Company measures fair value on its debt instruments using interest rates available to the Company for borrowings with similar terms and maturities and is categorized as Level 2. 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 $0.5 billion at March 31, 2024 and December 31, 2023. Other Estimated Fair Value Measurements 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 that may result in impairment charges, which are categorized as Level 3. See Note 3, “Restructuring, Impairment and Transaction-Related Charges” and Note 4, “Goodwill” for further discussion on fair value remeasurements. See Note 3, “Restructuring, Impairment and Transaction-Related Charges” for impairment charges recorded as a result of the remeasurement of certain long-lived assets.

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Retirement Plans	Employee Retirement Plans Defined Contribution Plans The Quad/Graphics, Inc. Employee Stock Ownership Plan (“ESOP”) 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 during the three months ended March 31, 2024 and 2023. Pension 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 Inc. (“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. The components of net pension income for the three months ended March 31, 2024 and 2023, were as follows: Three Months Ended March 31, 2024 2023 Interest cost $ (4.1) $ (4.4) Expected return on plan assets 4.5 5.0 Net periodic pension income 0.4 0.6 Amortization of actuarial loss (0.2) (0.2) Net pension income $ 0.2 $ 0.4 The Company made $0.1 million in benefit payments to its non-qualified defined benefit pension plans and made no contributions to its qualified defined benefit pension plans during the three months ended March 31, 2024. Multiemployer Pension Plans (“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. The two MEPPs, the Graphic Communications International Union – Employer Retirement Fund (“GCIU”) and the Graphic Communications Conference of the International Brotherhood of Teamsters National Pension Fund (“GCC”), are significantly underfunded, and 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 a withdrawal liability based on information provided by each plan’s trustee. The Company has reserved $23.1 million for the total MEPPs withdrawal liability as of March 31, 2024, of which $21.0 million was recorded in other long-term liabilities and $2.1 million was recorded in other current liabilities in the condensed consolidated balance sheets. The Company is scheduled to make payments to the GCIU until April 2032 and made its final payment to the GCC in February 2024. The Company made payments totaling $1.4 million and $1.5 million for the three months ended March 31, 2024 and 2023, respectively.

Earning (Loss) Per Share

Earning (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earning (Loss) Per Share	Loss Per Share Basic earnings (loss) per share is computed as net earnings (loss) divided by the basic weighted average common shares outstanding. The calculation of diluted earnings (loss) 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 amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services. 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. Due to the net loss incurred during the three months ended March 31, 2024 and 2023, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share calculation. Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock for the three months ended March 31, 2024 and 2023, are summarized as follows: Three Months Ended March 31, 2024 2023 Numerator Net loss $ (28.1) $ (24.6) Denominator Basic weighted average number of common shares outstanding for all classes of common stock 47.2 49.2 Plus: effect of dilutive equity incentive instruments — — Diluted weighted average number of common shares outstanding for all classes of common stock 47.2 49.2 Loss per share Basic and diluted $ (0.60) $ (0.50) Cash dividends paid per common share for all classes of common stock $ 0.05 $ —

Equity Incentive Programs

Equity Incentive Programs	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Programs	Equity Incentive Programs Equity Incentive Compensation Expense Equity incentive compensation expense was recorded primarily in selling, general and administrative expenses in the condensed consolidated statements of operations. The total compensation expense recognized related to all equity incentive programs for the three months ended March 31, 2024 and 2023, was as follows: Three Months Ended March 31, 2024 2023 Restricted Stock (“RS”) and Restricted Stock Units (“RSU”) equity awards expense $ 1.8 $ 0.9 Deferred Stock Units (“DSU”) awards expense — 0.1 Total equity incentive compensation expense $ 1.8 $ 1.0 Total future compensation expense related to all equity incentive programs granted as of March 31, 2024, was estimated to be $11.8 million, which consists entirely of expense for RS and RSU awards. Estimated future compensation expense is $4.6 million for the remainder of 2024, $4.5 million for 2025, $2.4 million for 2026 and $0.3 million for 2027. Restricted Stock and Restricted Stock Units The following table is a summary of RS and RSU award activity for the three months ended March 31, 2024: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2023 3,990,018 $ 4.01 1.4 147,980 $ 4.00 1.4 Granted 1,288,091 5.42 44,888 5.42 Vested (869,360) 3.89 (27,087) 3.79 Forfeited (73,603) 4.03 — — Nonvested at March 31, 2024 4,335,146 $ 4.45 1.9 165,781 $ 4.42 1.9 Deferred Stock Units The following table is a summary of DSU award activity for the three months ended March 31, 2024: Deferred Stock Units Units Weighted-Average Grant Date Fair Value Per Unit Outstanding at December 31, 2023 865,267 $ 6.30 Dividend equivalents granted 8,347 6.04 Settled (18,101) 17.65 Outstanding at March 31, 2024 855,513 $ 6.05

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [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) March 31, 2024 105.0 38.7 3.8 42.5 December 31, 2023 105.0 37.4 5.1 42.5 Class B stock ($0.025 par value) March 31, 2024 80.0 13.3 — 13.3 December 31, 2023 80.0 13.6 — 13.6 Class C stock ($0.025 par value) March 31, 2024 20.0 — 0.5 0.5 December 31, 2023 20.0 — 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 common stock. The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at March 31, 2024, and December 31, 2023. The Company has no present plans to issue any preferred stock. On July 30, 2018, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s outstanding class A common stock. There were no share repurchases during the three months ended March 31, 2024, and the following repurchases occurred during the three months ended March 31, 2023: March 31, 2023 Shares of Class A common stock 64,271 Weighted average price per share $ 3.98 Total repurchases during the period (in millions) $ 0.3 As of March 31, 2024, there were $77.5 million of authorized repurchases remaining under the program. In March 2024, 294,875 shares of class B common stock were converted to class A common stock, and the class B common shares were canceled and returned to the status of authorized but unissued shares. In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common stock. The Company’s Board of Directors suspended the Company’s quarterly dividends beginning in the second quarter of 2020. On February 15, 2024, the Board of Directors reinstated the Company’s quarterly dividends. The dividend activity related to the then outstanding shares for the three months ended March 31, 2024 is as follows: Declaration Date Record Date Payment Date Dividend Amount per Share 2024 Q1 Dividend February 16, 2024 February 27, 2024 March 12, 2024 $ 0.05

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2024, were as follows: Translation Adjustments Interest Rate Derivatives Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2023 $ (75.5) $ (2.1) $ (40.0) $ (117.6) Other comprehensive income before reclassifications (0.4) 0.5 — 0.1 Amounts reclassified from accumulated other comprehensive loss to net loss — 0.4 0.2 0.6 Net other comprehensive income (0.4) 0.9 0.2 0.7 Balance at March 31, 2024 $ (75.9) $ (1.2) $ (39.8) $ (116.9) The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2023, were as follows: Translation Adjustments Interest Rate Derivatives Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2022 $ (88.6) $ (4.1) $ (35.6) $ (128.3) Other comprehensive income before reclassifications 6.5 0.1 — 6.6 Amounts reclassified from accumulated other comprehensive loss to net loss — 0.5 0.1 0.6 Net other comprehensive income 6.5 0.6 0.1 7.2 Balance at March 31, 2023 $ (82.1) $ (3.5) $ (35.5) $ (121.1) The details of the reclassifications from accumulated other comprehensive loss to net loss for the three months ended March 31, 2024 and 2023, were as follows: Details of Accumulated Other Three Months Ended March 31, Condensed Consolidated Statements of Operations Presentation 2024 2023 Amortization of amounts accumulated for interest rate swaps de-designated as a cash flow hedge $ 0.6 $ 0.7 Interest expense Impact of income taxes (0.2) (0.2) Income tax expense Amortization of amounts accumulated for interest rate swaps de-designated as a cash flow hedge, net of tax $ 0.4 $ 0.5 Amortization of pension and other postretirement benefit plan adjustments $ 0.3 $ 0.1 Net pension income Impact of income taxes (0.1) — Income tax expense Amortization of pension and other postretirement benefit plan adjustments, net of tax $ 0.2 $ 0.1 Total reclassifications for the period $ 0.9 $ 0.8 Impact of income taxes (0.3) (0.2) Total reclassifications for the period, net of tax $ 0.6 $ 0.6

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Quad is a global marketing experience (MX) company that helps brands make direct consumer connections, from household to in-store to online. The Company’s mission is to provide a better marketing experience for its clients, so they can focus on delivering the best customer experience to theirs. 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 print execution and logistics for retail inserts, catalogs, long-run publications, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, as well as other commercial and specialty printed products, along with global paper procurement, and marketing and other complementary services, such as data intelligence and analytics, technology solutions, media planning, placement and optimization, creative strategy and content creation, as well as execution in non-print channels (e.g., digital and broadcast). 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, Colombia, Mexico and Peru. This segment provides printed products and marketing and other complementary services consistent with the United States Print and Related Services segment. 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 three months ended March 31, 2024 and 2023: Net Sales Operating Income (Loss) Restructuring, Impairment and Transaction- Products Services Three months ended March 31, 2024 United States Print and Related Services $ 435.9 $ 143.0 $ (1.3) $ 31.6 International 71.3 4.6 3.4 0.8 Total operating segments 507.2 147.6 2.1 32.4 Corporate — — (12.8) 0.1 Total $ 507.2 $ 147.6 $ (10.7) $ 32.5 Three months ended March 31, 2023 United States Print and Related Services $ 504.5 $ 153.1 $ 7.3 $ 22.5 International 103.4 5.5 7.7 2.6 Total operating segments 607.9 158.6 15.0 25.1 Corporate — — (14.9) 0.9 Total $ 607.9 $ 158.6 $ 0.1 $ 26.0 Restructuring, impairment and transaction-related charges for the three months ended March 31, 2024 and 2023, are further described in Note 3, “Restructuring, Impairment and Transaction-Related Charges,” and are included in the operating income (loss) results by segment above. A reconciliation of operating income (loss) to loss before income taxes as reported in the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, was as follows: Three Months Ended March 31, 2024 2023 Operating income (loss) $ (10.7) $ 0.1 Less: interest expense 15.2 16.3 Less: net pension income (0.2) (0.4) Loss before income taxes $ (25.7) $ (15.8)

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The Company is evaluating the impact of the adoption of 2023-07 on the consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosures to consistently categorize and provide greater disaggregation of information in the rate reconciliation, including dollar value and percentage impacts of each component of the reconciliation, as well as further disaggregates income taxes paid. This guidance is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the impact of the adoption of the 2023-09 on the consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Declaration of Quarterly Dividend On April 22, 2024, the Company declared a quarterly dividend of $0.05 per share, which will be paid on June 7, 2024, to shareholders of record as of May 22, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (28.1)	$ (24.6)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fair Value Measurement	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 March 31, 2024.
Earnings Per Share	The calculation of diluted earnings (loss) 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 amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services. 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. Due to the net loss incurred during the three months ended March 31, 2024 and 2023, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share calculation.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables provide information about disaggregated revenue by the Company’s operating segments and major products and services offerings for the three months ended March 31, 2024 and 2023: United States Print International Total Three months ended March 31, 2024 Catalog, publications, retail inserts and directories $ 312.2 $ 48.2 $ 360.4 Direct mail and other printed products 121.7 23.1 144.8 Other 2.0 — 2.0 Total products 435.9 71.3 507.2 Logistics services 63.2 4.3 67.5 Marketing services and medical services 79.8 0.3 80.1 Total services 143.0 4.6 147.6 Total net sales $ 578.9 $ 75.9 $ 654.8 Three months ended March 31, 2023 Catalog, publications, retail inserts and directories $ 360.9 $ 57.3 $ 418.2 Direct mail and other printed products 142.0 45.9 187.9 Other 1.6 0.2 1.8 Total products 504.5 103.4 607.9 Logistics services 64.4 5.1 69.5 Marketing services and medical services 88.7 0.4 89.1 Total services 153.1 5.5 158.6 Total net sales $ 657.6 $ 108.9 $ 766.5
Costs to Obtain Contracts with Customers	Activity impacting costs to obtain contracts for the three months ended March 31, 2024, was as follows: Costs to Obtain Contracts Balance at December 31, 2023 $ 1.8 Amortization of costs to obtain contracts (0.2) Balance at March 31, 2024 $ 1.6

Restructuring, Impairment and_2

Restructuring, Impairment and Transaction-Related Charges (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring, Impairment and Transaction-Related Charges	The Company recorded restructuring, impairment and transaction-related charges for the three months ended March 31, 2024 and 2023, as follows: Three Months Ended March 31, 2024 2023 Employee termination charges $ 13.7 $ 13.1 Impairment charges 12.6 9.5 Transaction-related charges 0.5 0.6 Integration costs 0.1 0.5 Other restructuring charges 5.6 2.3 Total $ 32.5 $ 26.0 Other restructuring charges consisted of the following during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Vacant facility carrying costs and lease exit charges $ 4.3 $ 1.9 Equipment and infrastructure removal costs 1.1 0.3 Other restructuring activities 0.2 0.1 Other restructuring charges $ 5.6 $ 2.3
Activity Impacting Reserves for Restructuring, Impairment and Transaction-Related Charges	Activity impacting the Company’s restructuring reserves for the three months ended March 31, 2024, was as follows: Employee Impairment Transaction-Related Integration Other Total Balance at December 31, 2023 $ 17.6 $ — $ 2.5 $ — $ 11.8 $ 31.9 Expense, net 13.7 12.6 0.5 0.1 5.6 32.5 Cash payments, net (12.0) — (2.2) (0.1) (6.2) (20.5) Non-cash adjustments/reclassifications — (12.6) — — 0.3 (12.3) Balance at March 31, 2024 $ 19.3 $ — $ 0.8 $ — $ 11.5 $ 31.6

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Activity impacting goodwill for the three months ended March 31, 2024, was as follows: United States Print and Related Services International Total Balance at December 31, 2023 $ 103.0 $ — $ 103.0 DART acquisition (2.7) — (2.7) Balance at March 31, 2024 $ 100.3 $ — $ 100.3

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Activity Impacting Allowance for Credit Losses	Activity impacting the allowance for credit losses for the three months ended March 31, 2024, was as follows: Allowance for Credit Losses Balance at December 31, 2023 $ 25.7 Provisions 0.1 Write-offs (0.3) Balance at March 31, 2024 $ 25.5

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventories at March 31, 2024, and December 31, 2023, were as follows: March 31, December 31, Raw materials and manufacturing supplies $ 105.9 $ 102.7 Work in process 38.6 30.1 Finished goods 36.1 46.0 Total $ 180.6 $ 178.8

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Interest Rate Derivatives	The key terms of the interest rate swap were as follows: March 19, 2019 Effective date March 29, 2019 Termination date March 28, 2024 Term 5 years Notional amount $130.0 Fixed swap rate 2.40% Balance Sheet Location December 31, 2023 Interest rate swap asset Prepaid expenses and other current assets $ 0.9 December 12, 2022 December 14, 2022 Effective date February 1, 2023 February 1, 2023 Termination date October 30, 2026 October 31, 2025 Term 45 Months 33 Months Notional amount $75.0 $75.0 Floor Rate 2.09% 2.25% Ceiling Rate 5.00% 5.00% Balance Sheet Location March 31, 2024 December 31, 2023 Interest rate collar assets Prepaid expenses and other current assets $ 0.3 $ — Interest rate collar liabilities Other long-term liabilities $ — $ (0.2)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The cash flows associated with the interest rate swap have been recognized as an adjustment to interest expense in the condensed consolidated statements of operations: Three Months Ended March 31, 2024 2023 Cash Flow Impacts Net interest received $ (1.0) $ (0.7) Impacts with Swap as Nonhedging Instrument Loss recognized in interest expense excluded from hedge effectiveness assessments 0.9 1.0 Amounts reclassified out of accumulated other comprehensive loss to interest expense 0.6 0.7 Net interest expense (1.0) (0.7) Total impact of swap to interest expense $ 0.5 $ 1.0 he changes in the fair value of the interest rate collars have been included in other comprehensive income in the condensed consolidated statements of comprehensive loss: Three Months Ended March 31, 2024 2023 Cash Flow Impacts Net interest received $ (0.1) $ — Gain recognized in other comprehensive income $ (0.5) $ (0.1)

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Pension Income	The components of net pension income for the three months ended March 31, 2024 and 2023, were as follows: Three Months Ended March 31, 2024 2023 Interest cost $ (4.1) $ (4.4) Expected return on plan assets 4.5 5.0 Net periodic pension income 0.4 0.6 Amortization of actuarial loss (0.2) (0.2) Net pension income $ 0.2 $ 0.4

Earning (Loss) Per Share (Table

Earning (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earning (Loss) 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 three months ended March 31, 2024 and 2023, are summarized as follows: Three Months Ended March 31, 2024 2023 Numerator Net loss $ (28.1) $ (24.6) Denominator Basic weighted average number of common shares outstanding for all classes of common stock 47.2 49.2 Plus: effect of dilutive equity incentive instruments — — Diluted weighted average number of common shares outstanding for all classes of common stock 47.2 49.2 Loss per share Basic and diluted $ (0.60) $ (0.50) Cash dividends paid per common share for all classes of common stock $ 0.05 $ —

Equity Incentive Programs (Tabl

Equity Incentive Programs (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Total Compensation Expense	The total compensation expense recognized related to all equity incentive programs for the three months ended March 31, 2024 and 2023, was as follows: Three Months Ended March 31, 2024 2023 Restricted Stock (“RS”) and Restricted Stock Units (“RSU”) equity awards expense $ 1.8 $ 0.9 Deferred Stock Units (“DSU”) awards expense — 0.1 Total equity incentive compensation expense $ 1.8 $ 1.0
Summary of RS and RSU Award Activity	The following table is a summary of RS and RSU award activity for the three months ended March 31, 2024: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2023 3,990,018 $ 4.01 1.4 147,980 $ 4.00 1.4 Granted 1,288,091 5.42 44,888 5.42 Vested (869,360) 3.89 (27,087) 3.79 Forfeited (73,603) 4.03 — — Nonvested at March 31, 2024 4,335,146 $ 4.45 1.9 165,781 $ 4.42 1.9
Summary of DSU Award Activity	The following table is a summary of DSU award activity for the three months ended March 31, 2024: Deferred Stock Units Units Weighted-Average Grant Date Fair Value Per Unit Outstanding at December 31, 2023 865,267 $ 6.30 Dividend equivalents granted 8,347 6.04 Settled (18,101) 17.65 Outstanding at March 31, 2024 855,513 $ 6.05

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [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) March 31, 2024 105.0 38.7 3.8 42.5 December 31, 2023 105.0 37.4 5.1 42.5 Class B stock ($0.025 par value) March 31, 2024 80.0 13.3 — 13.3 December 31, 2023 80.0 13.6 — 13.6 Class C stock ($0.025 par value) March 31, 2024 20.0 — 0.5 0.5 December 31, 2023 20.0 — 0.5 0.5
Schedule of Share Repurchases	There were no share repurchases during the three months ended March 31, 2024, and the following repurchases occurred during the three months ended March 31, 2023: March 31, 2023 Shares of Class A common stock 64,271 Weighted average price per share $ 3.98 Total repurchases during the period (in millions) $ 0.3
Schedule of Dividend Activity Related to the Outstanding Shares	The dividend activity related to the then outstanding shares for the three months ended March 31, 2024 is as follows: Declaration Date Record Date Payment Date Dividend Amount per Share 2024 Q1 Dividend February 16, 2024 February 27, 2024 March 12, 2024 $ 0.05

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss By Component, Net of Tax	The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2024, were as follows: Translation Adjustments Interest Rate Derivatives Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2023 $ (75.5) $ (2.1) $ (40.0) $ (117.6) Other comprehensive income before reclassifications (0.4) 0.5 — 0.1 Amounts reclassified from accumulated other comprehensive loss to net loss — 0.4 0.2 0.6 Net other comprehensive income (0.4) 0.9 0.2 0.7 Balance at March 31, 2024 $ (75.9) $ (1.2) $ (39.8) $ (116.9) The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2023, were as follows: Translation Adjustments Interest Rate Derivatives Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2022 $ (88.6) $ (4.1) $ (35.6) $ (128.3) Other comprehensive income before reclassifications 6.5 0.1 — 6.6 Amounts reclassified from accumulated other comprehensive loss to net loss — 0.5 0.1 0.6 Net other comprehensive income 6.5 0.6 0.1 7.2 Balance at March 31, 2023 $ (82.1) $ (3.5) $ (35.5) $ (121.1) The details of the reclassifications from accumulated other comprehensive loss to net loss for the three months ended March 31, 2024 and 2023, were as follows: Details of Accumulated Other Three Months Ended March 31, Condensed Consolidated Statements of Operations Presentation 2024 2023 Amortization of amounts accumulated for interest rate swaps de-designated as a cash flow hedge $ 0.6 $ 0.7 Interest expense Impact of income taxes (0.2) (0.2) Income tax expense Amortization of amounts accumulated for interest rate swaps de-designated as a cash flow hedge, net of tax $ 0.4 $ 0.5 Amortization of pension and other postretirement benefit plan adjustments $ 0.3 $ 0.1 Net pension income Impact of income taxes (0.1) — Income tax expense Amortization of pension and other postretirement benefit plan adjustments, net of tax $ 0.2 $ 0.1 Total reclassifications for the period $ 0.9 $ 0.8 Impact of income taxes (0.3) (0.2) Total reclassifications for the period, net of tax $ 0.6 $ 0.6

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Segment Information	The following is a summary of segment information for the three months ended March 31, 2024 and 2023: Net Sales Operating Income (Loss) Restructuring, Impairment and Transaction- Products Services Three months ended March 31, 2024 United States Print and Related Services $ 435.9 $ 143.0 $ (1.3) $ 31.6 International 71.3 4.6 3.4 0.8 Total operating segments 507.2 147.6 2.1 32.4 Corporate — — (12.8) 0.1 Total $ 507.2 $ 147.6 $ (10.7) $ 32.5 Three months ended March 31, 2023 United States Print and Related Services $ 504.5 $ 153.1 $ 7.3 $ 22.5 International 103.4 5.5 7.7 2.6 Total operating segments 607.9 158.6 15.0 25.1 Corporate — — (14.9) 0.9 Total $ 607.9 $ 158.6 $ 0.1 $ 26.0
Reconciliation of Operating Income (Loss) to Earnings (Loss) Before Income Taxes and Equity in Loss of Unconsolidated Entities	A reconciliation of operating income (loss) to loss before income taxes as reported in the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, was as follows: Three Months Ended March 31, 2024 2023 Operating income (loss) $ (10.7) $ 0.1 Less: interest expense 15.2 16.3 Less: net pension income (0.2) (0.4) Loss before income taxes $ (25.7) $ (15.8)

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 654.8	$ 766.5
Products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	507.2	607.9
Catalog, publications, retail inserts and directories
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	360.4	418.2
Direct mail and other printed products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	144.8	187.9
Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	2	1.8
Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	147.6	158.6
Logistics services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	67.5	69.5
Marketing services and medical services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	80.1	89.1
United States Print and Related Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	578.9	657.6
United States Print and Related Services | Products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	435.9	504.5
United States Print and Related Services | Catalog, publications, retail inserts and directories
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	312.2	360.9
United States Print and Related Services | Direct mail and other printed products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	121.7	142
United States Print and Related Services | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	2	1.6
United States Print and Related Services | Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	143	153.1
United States Print and Related Services | Logistics services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	63.2	64.4
United States Print and Related Services | Marketing services and medical services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	79.8	88.7
International
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	75.9	108.9
International | Products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	71.3	103.4
International | Catalog, publications, retail inserts and directories
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	48.2	57.3
International | Direct mail and other printed products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	23.1	45.9
International | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0	0.2
International | Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4.6	5.5
International | Logistics services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4.3	5.1
International | Marketing services and medical services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 0.3	$ 0.4

Revenue Recognition - Costs to

Revenue Recognition - Costs to Obtain Contracts (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Change in Capitalized Contract Costs [Roll Forward]
Balance at December 31, 2023	$ 1.8
Amortization of costs to obtain contracts	(0.2)
Balance at March 31, 2024	$ 1.6

Restructuring, Impairment and_3

Restructuring, Impairment and Transaction-Related Charges - Schedule of Restructuring, Impairment and Transaction-Related Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Employee termination charges	$ 13.7	$ 13.1
Impairment charges	12.6	9.5
Transaction-related charges	0.5	0.6
Integration costs	0.1	0.5
Other restructuring charges	5.6	2.3
Restructuring, impairment and transaction-related charges	$ 32.5	$ 26

Restructuring, Impairment and_4

Restructuring, Impairment and Transaction-Related Charges - Schedule of Other Restructuring (Income) Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Other restructuring charges	$ 5.6	$ 2.3
Facilities Idled
Restructuring Cost and Reserve [Line Items]
Vacant facility carrying costs and lease exit charges	4.3	1.9
Equipment and Infrastructure Removal Charges
Restructuring Cost and Reserve [Line Items]
Equipment and infrastructure removal costs	1.1	0.3
Other restructuring charges
Restructuring Cost and Reserve [Line Items]
Other restructuring activities	$ 0.2	$ 0.1

Restructuring, Impairment and_5

Restructuring, Impairment and Transaction-Related Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Impairment charges	$ 12.6	$ 9.5
Transaction-related charges	0.5	$ 0.6
Machinery and equipment
Restructuring Cost and Reserve [Line Items]
Impairment charges	10.8
Operating And Finance Lease, Right-Of-Use Asset
Restructuring Cost and Reserve [Line Items]
Impairment charges	1.8
Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Short-term restructuring reserve	22.9
Accounts Payable
Restructuring Cost and Reserve [Line Items]
Short-term restructuring reserve	0.6
Other long-term liabilities
Restructuring Cost and Reserve [Line Items]
Long-term restructuring reserve	$ 8.1

Restructuring, Impairment and_6

Restructuring, Impairment and Transaction-Related Charges - Schedule of Restructuring Reserves (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 31.9
Expense, net	32.5
Cash payments, net	(20.5)
Non-cash adjustments/reclassifications	(12.3)
Balance, end of period	31.6
Employee Termination Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period	17.6
Expense, net	13.7
Cash payments, net	(12)
Non-cash adjustments/reclassifications	0
Balance, end of period	19.3
Impairment Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Expense, net	12.6
Cash payments, net	0
Non-cash adjustments/reclassifications	(12.6)
Balance, end of period	0
Transaction-Related Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period	2.5
Expense, net	0.5
Cash payments, net	(2.2)
Non-cash adjustments/reclassifications	0
Balance, end of period	0.8
Integration Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Expense, net	0.1
Cash payments, net	0.1
Non-cash adjustments/reclassifications	0
Balance, end of period	0
Other Restructuring Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period	11.8
Expense, net	5.6
Cash payments, net	(6.2)
Non-cash adjustments/reclassifications	0.3
Balance, end of period	$ 11.5

Goodwill (Details)

Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2023	$ 103
DART acquisition	(2.7)
Balance at March 31, 2024	100.3
United States Print and Related Services
Goodwill [Roll Forward]
Balance at December 31, 2023	103
DART acquisition	(2.7)
Balance at March 31, 2024	100.3
International
Goodwill [Roll Forward]
Balance at December 31, 2023	0
DART acquisition	0
Balance at March 31, 2024	$ 0

Receivables - Narrative (Detail

Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Receivables [Abstract]
Accounts receivable, credit loss expense	$ 0.1	$ 0.9

Receivables - Rollforward (Deta

Receivables - Rollforward (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 25.7
Provisions	0.1
Write-offs	(0.3)
Balance at end of period	$ 25.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and manufacturing supplies	$ 105.9	$ 102.7
Work in process	38.6	30.1
Finished goods	36.1	46
Total	$ 180.6	$ 178.8

Debt (Details)

Debt (Details) $ in Millions		3 Months Ended
	Jan. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) arrangement	Jan. 04, 2024 USD ($)
Debt Instrument [Line Items]
Number of instruments | arrangement		2
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 342.5
Term Loan A | Senior Notes
Debt Instrument [Line Items]
Accordion feature, increase limit			$ 25
Repayments of long-term debt	$ 87.7
Press Financing Arrangements
Debt Instrument [Line Items]
Debt instrument, face amount		$ 13.8
Interest rate, percentage		8.31%
Press Financing Arrangements, Variable Rate
Debt Instrument [Line Items]
Debt instrument, face amount		$ 14
Weighted average interest rate		9.27%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Liability for unrecognized tax benefits	$ 16.9	$ 16.7
Increase in unrecognized tax benefits	0.2
Anticipated decrease in unrecognized tax benefits within the next twelve months	6.7
Anticipated decrease in unrecognized tax benefits, effective rate impact	$ 0.1

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 1,423,700,000	$ 1,509,700,000
Liabilities	1,334,500,000	$ 1,390,200,000
Fair Value, Inputs, Level 3 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0
Liabilities	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Interest Rate Swaps (Details)	3 Months Ended		60 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 28, 2024 contract	Apr. 23, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 29, 2020	Mar. 19, 2019 USD ($)
Revolving credit facility | Fourth Amendment To Senior Secured Credit Facility
Derivative [Line Items]
LIBOR interest rate floor						0.75%
Interest Rate Swap
Derivative [Line Items]
Number of contracts | contract			1
Term			5 years
Notional amount							$ 130,000,000
Fixed swap rate							2.40%
Cash flow hedge ineffectiveness recorded in earnings	$ 0
Interest income (expense) on interest rate swap	500,000	$ 1,000,000
Interest Rate Swap | Subsequent Event
Derivative [Line Items]
Notional amount				$ 50,000,000
Fixed swap rate				4.67%
Other Current Assets | Interest Rate Swap
Derivative [Line Items]
Interest rate swap asset					$ 900,000
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Interest income (expense) on interest rate swap	(1,000,000)	(700,000)
Loss recognized in interest expense excluded from hedge effectiveness assessments	900,000	1,000,000
Amounts reclassified out of accumulated other comprehensive loss to interest expense	$ 600,000	$ 700,000

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Foreign Exchange Contracts (Details)	Mar. 31, 2024 contract
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	0

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Interest Rate Collars (Details)	3 Months Ended		33 Months Ended	45 Months Ended	60 Months Ended
	Mar. 31, 2024 USD ($) contract	Mar. 31, 2023 USD ($)	Oct. 31, 2025	Oct. 30, 2026	Mar. 28, 2024 contract	Dec. 31, 2023 USD ($)	Dec. 14, 2022 USD ($)	Dec. 12, 2022 USD ($)	Mar. 19, 2019 USD ($)
Derivative [Line Items]
Interest rate derivatives adjustments	$ 1,100,000	$ 800,000
Interest Rate Collar
Derivative [Line Items]
Number of contracts | contract	2
Interest rate derivatives adjustments	$ (500,000)	(100,000)
Interest Rate Collar | Interest Expense
Derivative [Line Items]
Interest income (expense) on interest rate swap	(100,000)	0
Interest Rate Collar | Other Current Assets
Derivative [Line Items]
Interest rate swap asset	300,000					$ 0
Interest Rate Collar | Other long-term liabilities
Derivative [Line Items]
Interest rate swap asset	0					200,000
Interest Rate Collar | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount							$ 75,000,000	$ 75,000,000
Floor Rate							2.25%	2.09%
Ceiling Rate							5%	5%
Interest Rate Collar | Cash Flow Hedging | Designated as Hedging Instrument | Forecast
Derivative [Line Items]
Term			33 months	45 months
Interest Rate Swap
Derivative [Line Items]
Number of contracts | contract					1
Term					5 years
Notional amount									$ 130,000,000
Interest income (expense) on interest rate swap	500,000	1,000,000
Interest Rate Swap | Interest Expense
Derivative [Line Items]
Interest income (expense) on interest rate swap	$ (1,000,000)	$ (700,000)
Interest Rate Swap | Other Current Assets
Derivative [Line Items]
Interest rate swap asset						$ 900,000

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of company debt	$ 500	$ 500

Employee Retirement Plans - Def

Employee Retirement Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee stock ownership plan contribution expense	$ 0	$ 0

Employee Retirement Plans - Pen

Employee Retirement Plans - Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension income	$ 0.2	$ 0.4
Pension Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	(4.1)	(4.4)
Expected return on plan assets	4.5	5
Net periodic pension income	0.4	0.6
Amortization of actuarial loss	(0.2)	(0.2)
Net pension income	0.2	$ 0.4
Pension Plans | Non-qualified
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Benefit payments on non-qualified pension plans	0.1
Pension Plans | Qualified
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Contributions on qualified pension plans	$ 0

Employee Retirement Plans - Mul

Employee Retirement Plans - Multiemployer Pension Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) plan	Mar. 31, 2023 USD ($)
Multiemployer Plans [Line Items]
Number of underfunded plans | plan	2
Withdrawal obligation	$ 23.1
Payments to multiemployer pension plans	1.4	$ 1.5
Other Long-Term Liabilities
Multiemployer Plans [Line Items]
Withdrawal obligation	21
Other Current Liabilities
Multiemployer Plans [Line Items]
Withdrawal obligation	$ 2.1

Earning (Loss) Per Share - Sche

Earning (Loss) Per Share - Schedule of Calculation of Numerator and Denominator in Earning (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss	$ (28.1)	$ (24.6)
Denominator
Basic weighted average number of common shares outstanding for all classes of common shares (in shares)	47.2	49.2
Plus: effect of dilutive equity incentive instruments (in shares)	0	0
Diluted weighted average number of common shares outstanding for all classes of common shares (in shares)	47.2	49.2
Loss per share
Basic (USD per share)	$ (0.60)	$ (0.50)
Diluted (USD per share)	(0.60)	(0.50)
Cash dividends paid per common share for all classes of common shares (USD per share)	$ 0.05	$ 0

Equity Incentive Programs - Equ

Equity Incentive Programs - Equity Incentive Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity incentive compensation expense	$ 1.8	$ 1
Estimated future compensation expense	11.8
Estimated Future Expense in 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense	4.6
Estimated Future Expense in 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense	4.5
Estimated Future Expense in 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense	2.4
Estimated Future Expense in 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense	0.3
Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1.8	0.9
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0	$ 0.1

Equity Incentive Programs - Sch

Equity Incentive Programs - Schedule of Restricted Stock and Restricted Stock Unit Award Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restricted Stock
Shares
Nonvested at beginning of period (in shares)	3,990,018
Granted (in shares)	1,288,091
Vested (in shares)	(869,360)
Forfeited (in shares)	(73,603)
Nonvested at end of period (in shares)	4,335,146	3,990,018
Weighted- Average Grant Date Fair Value Per Share
Nonvested at beginning of period (USD per share)	$ 4.01
Granted (USD per share)	5.42
Vested (USD per share)	3.89
Forfeited (USD per share)	4.03
Nonvested at end of period (USD per share)	$ 4.45	$ 4.01
Weighted- Average Remaining Contractual Term (years)
Nonvested at beginning of period	1 year 10 months 24 days	1 year 4 months 24 days
Nonvested at end of period	1 year 10 months 24 days	1 year 4 months 24 days
Restricted Stock Units
Shares
Nonvested at beginning of period (in shares)	147,980
Granted (in shares)	44,888
Vested (in shares)	(27,087)
Forfeited (in shares)	0
Nonvested at end of period (in shares)	165,781	147,980
Weighted- Average Grant Date Fair Value Per Share
Nonvested at beginning of period (USD per share)	$ 4
Granted (USD per share)	5.42
Vested (USD per share)	3.79
Forfeited (USD per share)	0
Nonvested at end of period (USD per share)	$ 4.42	$ 4
Weighted- Average Remaining Contractual Term (years)
Nonvested at beginning of period	1 year 10 months 24 days	1 year 4 months 24 days
Nonvested at end of period	1 year 10 months 24 days	1 year 4 months 24 days

Equity Incentive Programs - Def

Equity Incentive Programs - Deferred Stock Unit Activity (Details) - Deferred Stock Units (DSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Units
Outstanding at beginning of period (in shares) | shares	865,267
Dividend equivalents granted (in shares) | shares	8,347
Settled (in shares) | shares	(18,101)
Outstanding at end of period (in shares) | shares	855,513
Weighted-Average Grant Date Fair Value Per Unit
Outstanding at beginning of period (USD per share) | $ / shares	$ 6.30
Dividend equivalents granted (in dollars per share) | $ / shares	6.04
Settled (USD per share) | $ / shares	17.65
Outstanding at end of period (USD per share) | $ / shares	$ 6.05

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Stock by Class (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common Class A
Class of Stock [Line Items]
Common stock, par value (USD per share)	$ 0.025
Authorized Shares	105,000,000	105,000,000
Outstanding	38,700,000	37,400,000
Treasury	3,800,000	5,100,000
Total Issued Shares	42,500,000	42,500,000
Common Class B
Class of Stock [Line Items]
Common stock, par value (USD per share)	$ 0.025
Authorized Shares	80,000,000	80,000,000
Outstanding	13,300,000	13,600,000
Treasury	0	0
Total Issued Shares	13,300,000	13,600,000
Common Class C
Class of Stock [Line Items]
Common stock, par value (USD per share)	$ 0.025
Authorized Shares	20,000,000	20,000,000
Outstanding	0	0
Treasury	500,000	500,000
Total Issued Shares	500,000	500,000

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) vote stock_class $ / shares shares	Dec. 31, 2023 $ / shares shares	Jul. 30, 2018 USD ($)
Shareholders' Equity [Line Items]
Number of classes of common stock | stock_class	3
Preferred stock, authorized shares | shares	500,000	500,000
Preferred stock, par value (USD per share) | $ / shares	$ 0.01	$ 0.01
Preferred stock, issued shares | shares	0	0
Remaining authorized repurchases | $	$ 77,500,000
Common Stock
Shareholders' Equity [Line Items]
Conversion of class B shares, shares | shares	294,875
Common Class A
Shareholders' Equity [Line Items]
Number of votes | vote	1
Share repurchase program, authorized amount | $			$ 100,000,000
Common Class B
Shareholders' Equity [Line Items]
Number of votes | vote	10
Common Class C
Shareholders' Equity [Line Items]
Number of votes | vote	10

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Share Repurchases (Details) - Common Class A - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Purchases of treasury stock (in shares)	0	64,271
Shares repurchased, price per share (USD per share)		$ 3.98
Shares repurchased, total purchase price		$ 0.3

Shareholders' Equity - Schedu_3

Shareholders' Equity - Schedule of Dividend Activity Related to the Outstanding Shares (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends paid per common share for all classes of common shares (USD per share)	$ 0.05	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - By Component (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period	$ (117.6)	$ (128.3)
Other comprehensive income (loss) before reclassifications	0.1	6.6
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)	0.6	0.6
Other comprehensive income, net of tax	0.7	7.2
Accumulated other comprehensive income (loss), net of tax, end of period	(116.9)	(121.1)
Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period	(75.5)	(88.6)
Other comprehensive income (loss) before reclassifications	(0.4)	6.5
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)	0	0
Other comprehensive income, net of tax	(0.4)	6.5
Accumulated other comprehensive income (loss), net of tax, end of period	(75.9)	(82.1)
Interest Rate Derivatives Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period	(2.1)	(4.1)
Other comprehensive income (loss) before reclassifications	0.5	0.1
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)	0.4	0.5
Other comprehensive income, net of tax	0.9	0.6
Accumulated other comprehensive income (loss), net of tax, end of period	(1.2)	(3.5)
Pension Benefit Plan Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period	(40)	(35.6)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)	0.2	0.1
Other comprehensive income, net of tax	0.2	0.1
Accumulated other comprehensive income (loss), net of tax, end of period	$ (39.8)	$ (35.5)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	$ (15.2)	$ (16.3)
Net pension income	0.2	0.4
Loss before income taxes	(25.7)	(15.8)
Income tax expense	(2.4)	(8.8)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Loss before income taxes	0.9	0.8
Income tax expense	(0.3)	(0.2)
Total reclassifications for the period, net of tax	0.6	0.6
Interest Rate Derivatives Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	0.6	0.7
Income tax expense	(0.2)	(0.2)
Total reclassifications for the period, net of tax	0.4	0.5
Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net pension income	0.3	0.1
Income tax expense	(0.1)	0
Total reclassifications for the period, net of tax	$ 0.2	$ 0.1

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total net sales	$ 654.8	$ 766.5
Operating Income (Loss)	(10.7)	0.1
Restructuring, Impairment and Transaction- Related Charges	32.5	26
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	2.1	15
Restructuring, Impairment and Transaction- Related Charges	32.4	25.1
Corporate
Segment Reporting Information [Line Items]
Operating Income (Loss)	(12.8)	(14.9)
Restructuring, Impairment and Transaction- Related Charges	0.1	0.9
United States Print and Related Services
Segment Reporting Information [Line Items]
Total net sales	578.9	657.6
United States Print and Related Services | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	(1.3)	7.3
Restructuring, Impairment and Transaction- Related Charges	31.6	22.5
International
Segment Reporting Information [Line Items]
Total net sales	75.9	108.9
International | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	3.4	7.7
Restructuring, Impairment and Transaction- Related Charges	0.8	2.6
Products
Segment Reporting Information [Line Items]
Total net sales	507.2	607.9
Products | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	507.2	607.9
Products | Corporate
Segment Reporting Information [Line Items]
Total net sales	0	0
Products | United States Print and Related Services
Segment Reporting Information [Line Items]
Total net sales	435.9	504.5
Products | United States Print and Related Services | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	435.9	504.5
Products | International
Segment Reporting Information [Line Items]
Total net sales	71.3	103.4
Products | International | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	71.3	103.4
Services
Segment Reporting Information [Line Items]
Total net sales	147.6	158.6
Services | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	147.6	158.6
Services | Corporate
Segment Reporting Information [Line Items]
Total net sales	0	0
Services | United States Print and Related Services
Segment Reporting Information [Line Items]
Total net sales	143	153.1
Services | United States Print and Related Services | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	143	153.1
Services | International
Segment Reporting Information [Line Items]
Total net sales	4.6	5.5
Services | International | Operating Segments
Segment Reporting Information [Line Items]
Total net sales	$ 4.6	$ 5.5

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Profit from Segment to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Operating income (loss)	$ (10.7)	$ 0.1
Less: interest expense	15.2	16.3
Less: net pension income	(0.2)	(0.4)
Loss before income taxes	$ (25.7)	$ (15.8)

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
	Apr. 22, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Cash dividend declared (USD per share)		$ 0.05
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (USD per share)	$ 0.05