Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | DFIN | |
Entity Registrant Name | Donnelley Financial Solutions, Inc. | |
Entity Central Index Key | 0001669811 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,606,833 | |
Title of 12(b) Security | Common Stock (Par Value $0.01) | |
Security Exchange Name | NYSE | |
Entity File Number | 1-37728 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4829638 | |
Entity Address, Address Line One | 35 West Wacker Drive | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 800 | |
Local Phone Number | 823-5304 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Total net sales | $ 267.5 | $ 254 | $ 512.8 | $ 474.7 | |
Total cost of sales | [1] | 117.5 | 137.5 | 227.8 | 273.8 |
Selling, general and administrative expenses | [1] | 75.1 | 72.8 | 148.6 | 129.8 |
Depreciation and amortization | 10.1 | 14.7 | 19.9 | 27.1 | |
Restructuring, impairment and other charges, net | 2.8 | 25.1 | 3.6 | 28.2 | |
Income from operations | 62 | 3.9 | 112.9 | 15.8 | |
Interest expense, net | 5.9 | 6.3 | 11.2 | 10.9 | |
Investment and other income, net | (1.5) | (0.5) | (2.3) | (0.9) | |
Earnings (loss) before income taxes | 57.6 | (1.9) | 104 | 5.8 | |
Income tax expense (benefit) | 14.7 | (0.6) | 25.9 | 3 | |
Net earnings (loss) | $ 42.9 | $ (1.3) | $ 78.1 | $ 2.8 | |
Net earnings (loss) per share: | |||||
Basic | $ 1.27 | $ (0.04) | $ 2.32 | $ 0.08 | |
Diluted | $ 1.24 | $ (0.04) | $ 2.26 | $ 0.08 | |
Weighted average number of common shares outstanding: | |||||
Basic | 33.7 | 34 | 33.6 | 34.1 | |
Diluted | 34.5 | 34 | 34.5 | 34.1 | |
Tech-enabled Services | |||||
Total net sales | $ 134 | $ 115.4 | $ 252.5 | $ 197.3 | |
Total cost of sales | 42.7 | 47.5 | 83.7 | 90.3 | |
Software Solutions | |||||
Total net sales | 66.6 | 47.6 | 126.9 | 94.9 | |
Total cost of sales | 25.1 | 23.7 | 49.6 | 48.5 | |
Print and Distribution | |||||
Total net sales | 66.9 | 91 | 133.4 | 182.5 | |
Total cost of sales | $ 49.7 | $ 66.3 | $ 94.5 | $ 135 | |
[1] | Exclusive of depreciation and amortization |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 42.9 | $ (1.3) | $ 78.1 | $ 2.8 |
Other comprehensive (loss) income, net of tax: | ||||
Translation adjustments | (0.4) | 1.1 | 0.5 | (1.7) |
Adjustment for net periodic pension and other postretirement benefits plan | 0.8 | 0.5 | 1.4 | 1.1 |
Other comprehensive income (loss), net of tax | 0.4 | 1.6 | 1.9 | (0.6) |
Comprehensive income | $ 43.3 | $ 0.3 | $ 80 | $ 2.2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Cash and cash equivalents | $ 39.9 | $ 73.6 | |
Receivables, less allowances for expected losses of $13.4 in 2021 (2020 - $10.5) | 266 | 173.5 | |
Inventories | 4.3 | 4.9 | |
Prepaid expenses and other current assets | 14.4 | 9.7 | |
Assets held for sale | 5.5 | 5.5 | |
Total current assets | 330.1 | 267.2 | |
Property, plant and equipment, net | 18.7 | 12 | |
Operating lease right-of-use assets | 48.5 | 52.5 | |
Software, net | 51.9 | 51.2 | |
Goodwill | 410.1 | 409.9 | |
Other intangible assets, net | 9.3 | 9.8 | |
Deferred income taxes, net | 28.4 | 34 | |
Other noncurrent assets | 34.5 | 29 | |
Total assets | 931.5 | [1] | 865.6 |
LIABILITIES | |||
Accounts payable | 59.7 | 54.2 | |
Operating lease liabilities | 19.1 | 19.7 | |
Accrued liabilities | 158.4 | 164.6 | |
Total current liabilities | 237.2 | 238.5 | |
Long-term debt | 240.9 | 230.5 | |
Deferred compensation liabilities | 20.7 | 20.8 | |
Pension and other postretirement benefits plan liabilities | 46.4 | 51 | |
Noncurrent operating lease liabilities | 45.4 | 51 | |
Other noncurrent liabilities | 21.3 | 26 | |
Total liabilities | 611.9 | 617.8 | |
Commitments and Contingencies (Note 7) | |||
EQUITY | |||
Preferred stock, $0.01 par value; Authorized: 1.0 shares; Issued: None | 0 | 0 | |
Common stock, $0.01 par value; Authorized: 65.0 shares; Issued and outstanding: 35.9 shares and 33.6 shares in 2021 (2020 - 34.9 shares and 33.3 shares) | 0.4 | 0.3 | |
Treasury stock, at cost: 2.3 shares in 2021 (2020 - 1.6 shares) | (35.1) | (16) | |
Additional paid-in capital | 249.6 | 238.8 | |
Retained earnings | 183.6 | 105.5 | |
Accumulated other comprehensive loss | (78.9) | (80.8) | |
Total equity | 319.6 | 247.8 | |
Total liabilities and equity | $ 931.5 | $ 865.6 | |
[1] | Certain assets are recorded within a segment based on predominant usage, however, as they benefit more than one segment, the related operating expenses are allocated between segments. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for expected losses | $ 13.4 | $ 10.5 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, Issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Authorized | 65,000,000 | 65,000,000 |
Common stock, Issued | 35,900,000 | 34,900,000 |
Common stock, Outstanding | 33,600,000 | 33,300,000 |
Treasury stock, Shares | 2,300,000 | 1,600,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 78.1 | $ 2.8 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization | 19.9 | 27.1 |
Provision for expected losses on accounts receivable | 2.1 | 4 |
Impairment charges | 0 | 12.1 |
Share-based compensation | 9 | 5.4 |
Gain on debt Extinguishment | 0 | (2.3) |
Deferred income taxes | 5 | (4.9) |
Net pension plan income | (2.1) | (1) |
Amortization of right-of-use assets | 8.7 | 12.1 |
Other | 1.2 | 0.2 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (94.4) | (93.6) |
Inventories | 0.6 | 0.1 |
Prepaid expenses and other current assets | (5.3) | (1.6) |
Accounts payable | 4 | (4.6) |
Income taxes payable and receivable | (3.9) | 6.6 |
Accrued liabilities and other | (19.3) | 25.3 |
Lease liabilities | (10.6) | (11.1) |
Pension and other postretirement benefits plan contributions | (0.7) | (0.5) |
Net cash used in operating activities | (7.7) | (23.9) |
INVESTING ACTIVITIES | ||
Capital expenditures | (17.7) | (15.7) |
Purchase of investment | 0 | (1) |
Proceeds from sale of Investment | 0 | 12.8 |
Other investing activities | 0 | (0.3) |
Net cash used in investing activities | (17.7) | (4.2) |
FINANCING ACTIVITIES | ||
Revolving facility borrowings | 228 | 240.5 |
Payments on revolving facility borrowings | (218) | (120.5) |
Payments on long-term debt | 0 | (63.3) |
Debt issuance costs | (2.8) | 0 |
Treasury share repurchases | (19.1) | (5.3) |
Proceeds from exercise of stock options | 2 | 0 |
Other financing activities | 0 | (1.9) |
Net cash (used in) provided by financing activities | (9.9) | 49.5 |
Effect of exchange rate on cash and cash equivalents | 1.6 | (1.2) |
Net (decrease) increase in cash and cash equivalents | (33.7) | 20.2 |
Cash and cash equivalents at beginning of year | 73.6 | 17.2 |
Cash and cash equivalents at end of period | 39.9 | 37.4 |
Supplemental cash flow information | ||
Income taxes paid (net of refunds) | 24.3 | 1.2 |
Interest paid | $ 10.6 | $ 13.7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (UNAUDITED) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2019 | $ 268.6 | $ 0.3 | $ (4.2) | $ 225.2 | $ 131.9 | $ (84.6) |
Balance (in shares) at Dec. 31, 2019 | 34.5 | 0.3 | ||||
Net earnings (loss) | 2.8 | $ 0 | $ 0 | 0 | 2.8 | 0 |
Other comprehensive (loss) income | (0.6) | 0 | 0 | 0 | 0 | (0.6) |
Adoption of ASU 2016-13 | Accounting Standards Update 2016-13 | (0.5) | (0.5) | ||||
Share-based compensation | 5.4 | 0 | 0 | 5.4 | 0 | 0 |
Common stock repurchases | (3.8) | $ 0 | $ (3.8) | 0 | 0 | 0 |
Common stock repurchases, shares | 0 | 0.6 | ||||
Issuance of share-based awards, net of withholdings and other | (1.5) | $ 0 | $ (1.5) | 0 | 0 | 0 |
Issuance of share-based awards, net of withholdings and other (in shares) | 0.4 | 0.2 | ||||
Balance at Jun. 30, 2020 | 270.4 | $ 0.3 | $ (9.5) | 230.6 | 134.2 | (85.2) |
Balance (in shares) at Jun. 30, 2020 | 34.9 | 1.1 | ||||
Balance at Mar. 31, 2020 | 267.1 | $ 0.3 | $ (9.4) | 227.5 | 135.5 | (86.8) |
Balance (in shares) at Mar. 31, 2020 | 34.8 | 1 | ||||
Net earnings (loss) | (1.3) | $ 0 | $ 0 | 0 | (1.3) | 0 |
Other comprehensive (loss) income | 1.6 | 0 | 0 | 0 | 0 | 1.6 |
Share-based compensation | 3.1 | 0 | 0 | 3.1 | 0 | 0 |
Issuance of share-based awards, net of withholdings and other | (0.1) | $ 0 | $ (0.1) | 0 | 0 | 0 |
Issuance of share-based awards, net of withholdings and other (in shares) | 0.1 | 0.1 | ||||
Balance at Jun. 30, 2020 | 270.4 | $ 0.3 | $ (9.5) | 230.6 | 134.2 | (85.2) |
Balance (in shares) at Jun. 30, 2020 | 34.9 | 1.1 | ||||
Balance at Dec. 31, 2020 | $ 247.8 | $ 0.3 | $ (16) | 238.8 | 105.5 | (80.8) |
Balance (in shares) at Dec. 31, 2020 | 34.9 | 34.9 | 1.6 | |||
Net earnings (loss) | $ 78.1 | $ 0 | $ 0 | 0 | 78.1 | 0 |
Other comprehensive (loss) income | 1.9 | 0 | 0 | 0 | 0 | 1.9 |
Adoption of ASU 2016-13 | Accounting Standards Update 2016-13 | 0 | |||||
Share-based compensation | 9 | 0 | 0 | 9 | 0 | 0 |
Common stock repurchases | (10.5) | $ 0 | $ (10.5) | 0 | 0 | 0 |
Common stock repurchases, shares | 0 | 0.4 | ||||
Issuance of share-based awards, net of withholdings and other | (6.7) | $ 0.1 | $ (8.6) | 1.8 | 0 | 0 |
Issuance of share-based awards, net of withholdings and other (in shares) | 1 | 0.3 | ||||
Balance at Jun. 30, 2021 | $ 319.6 | $ 0.4 | $ (35.1) | 249.6 | 183.6 | (78.9) |
Balance (in shares) at Jun. 30, 2021 | 35.9 | 35.9 | 2.3 | |||
Balance at Mar. 31, 2021 | $ 276 | $ 0.4 | $ (27.7) | 241.9 | 140.7 | (79.3) |
Balance (in shares) at Mar. 31, 2021 | 35.6 | 2 | ||||
Net earnings (loss) | 42.9 | $ 0 | $ 0 | 0 | 42.9 | 0 |
Other comprehensive (loss) income | 0.4 | 0 | 0 | 0 | 0 | 0.4 |
Share-based compensation | 5.9 | 0 | 0 | 5.9 | 0 | 0 |
Common stock repurchases | (7.1) | $ 0 | $ (7.1) | 0 | 0 | 0 |
Common stock repurchases, shares | 0 | 0.3 | ||||
Issuance of share-based awards, net of withholdings and other | 1.5 | $ 0 | $ (0.3) | 1.8 | 0 | 0 |
Issuance of share-based awards, net of withholdings and other (in shares) | 0.3 | 0 | ||||
Balance at Jun. 30, 2021 | $ 319.6 | $ 0.4 | $ (35.1) | $ 249.6 | $ 183.6 | $ (78.9) |
Balance (in shares) at Jun. 30, 2021 | 35.9 | 35.9 | 2.3 |
Overview, Basis of Presentation
Overview, Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Overview, Basis of Presentation and Significant Accounting Policies | Note 1. Overview, Basis of Presentation and Significant Accounting Policies Description of Business DFIN is a leading global risk and compliance solutions company. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients’ regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client’s precise needs. The prevailing trend is toward clients choosing to utilize the Company’s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for cases where it is still regulatorily required or requested by shareholders. The Company serves its clients’ regulatory and compliance needs throughout their respective life cycles. For its capital markets clients, the Company offers solutions that allow public companies to comply with applicable U.S. Securities and Exchange Commission (“SEC”) regulations including filing agent services, digital document creation and online content management tools that support their corporate financial transactions and regulatory reporting; solutions to facilitate clients’ communications with their shareholders; and virtual data rooms and other deal management solutions. For investment companies, including mutual fund, insurance-investment and alternative investment companies, the Company provides solutions for creating, compiling and filing regulatory communications as well as solutions for investors designed to improve the access to and accuracy of their investment information. Services and Products The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions consist of Venue® Virtual Data Room (“Venue”), ActiveDisclosure®, eBrevia, Arc Suite and others. The Company’s tech-enabled services offerings consist of document composition, compliance-related SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services and transaction solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products as well as related shipping. Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of DFIN and all majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The financial data presented herein should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the Company’s latest Annual Report. In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Results of interim periods should not be considered indicative of the results for the full year. Significant Accounting Policies Use of Estimates— The preparation of financial statements in conformity with GAAP requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s significant accounting policies and critical accounting estimates are disclosed in the Annual Report. Inventory— The components of the Company’s inventories stated at the lower of cost or market, net of excess and obsolescence reserves for raw materials, at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Raw materials and manufacturing supplies $ 1.5 $ 2.5 Work in process 2.8 2.4 Total $ 4.3 $ 4.9 Property, Plant and Equipment— The components of the Company’s property, plant and equipment, net at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Land $ 0.3 $ 0.3 Buildings 20.2 24.1 Machinery and equipment 87.9 98.4 108.4 122.8 Less: Accumulated depreciation ( 89.7 ) ( 110.8 ) Total $ 18.7 $ 12.0 Depreciation expense was $ 1.7 million and $ 4.1 million for the three months ended June 30, 2021 and 2020, respectively, and $ 3.1 million and $ 5.8 million for the six months ended June 30, 2021 and 2020 , respectively. Assets Held for Sale —As of June 30, 2021 and December 31, 2020, the Company had one real estate property, primarily consisting of land and an office building, held for sale with a carrying value of $ 5.5 million. Software —Capitalized software development costs are amortized over their estimated useful life using the straight-line method, up to a maximum of three years . Amortization expense related to internally-developed software, excluding amortization expense related to other intangible assets, was $ 8.1 million and $ 7.3 million for the three months ended June 30, 2021 and 2020, respectively, and $ 16.3 million and $ 14.6 million for the six months ended June 30, 2021 and 2020 , respectively. Investments — The carrying value of the Company’s investments in equity securities was $ 13.3 million and $ 13.4 million at June 30, 2021 and December 31, 2020, respectively. The Company measures its equity securities that do not have a readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes. During the six months ended June 30, 2021 , the Company recorded an unrealized loss of $ 0.2 million resulting from an observable price change of an investment due to an orderly transaction for the identical or a similar investment. Current Expected Credit Loss Reserve — Transactions affecting the current expected credit loss (“CECL”) reserve during the six months ended June 30, 2021 and 2020 were as follows: June 30, 2021 June 30, 2020 Balance, beginning of year (a) $ 10.5 $ 7.7 Adoption of ASU 2016-13 (b) — 0.5 Provisions charged to expense and reclassifications 3.4 4.3 Write-offs and other ( 0.5 ) ( 1.0 ) Balance, end of period (a) $ 13.4 $ 11.5 (a) As of June 30, 2021, the CECL reserve balance is comprised of a $ 12.2 million provision for accounts receivable and a $ 1.2 million provision for unbilled receivables and contract assets. As of December 31, 2020, the CECL reserve balance was comprised of a $ 10.1 million provision for accounts receivable and a $ 0.4 million provision for unbilled receivables and contract assets. (b) On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, and recorded a $ 0.5 million cumulative-effect adjustment to retained earnings, as further disclosed in the Annual Report. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which modifies Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. ASU 2019-12 also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted the standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s Unaudited Condensed Consolidated Financial Statements. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue | Note 2. Revenue Revenue Recognition The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers as well as manages virtual data rooms and performs eXtensible Business Reporting Language (“XBRL”) and other services. Clients are provided with EDGAR filing services, XBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company’s software solutions include Venue, the Arc Suite software platform, ActiveDisclosure and data and analytics, among others. The Company also provides digital document creation, online content management and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs. Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore are not distinct. Revenue for the Company’s tech-enabled services, software solutions and print and distribution offerings is recognized either over time or at a point in time, as further disclosed in the Annual Report. Disaggregation of Revenue The following table disaggregates revenue between tech-enabled services, software solutions and print and distribution by reportable segment: Three Months Ended June 30, 2021 2020 Tech-enabled Services Software Solutions Print and Distribution Total Tech-enabled Services Software Solutions Print and Distribution Total Capital Markets - Software Solutions $ — $ 43.8 $ — $ 43.8 $ — $ 31.8 $ — $ 31.8 Capital Markets - Compliance and Communications Management 113.8 — 39.3 153.1 87.9 — 32.9 120.8 Investment Companies - Software Solutions — 22.8 — 22.8 — 15.8 — 15.8 Investment Companies - Compliance and Communications Management 20.2 — 27.6 47.8 27.5 — 58.1 85.6 Total net sales $ 134.0 $ 66.6 $ 66.9 $ 267.5 $ 115.4 $ 47.6 $ 91.0 $ 254.0 Six Months Ended June 30, 2021 2020 Tech-enabled Services Software Solutions Print and Distribution Total Tech-enabled Services Software Solutions Print and Distribution Total Capital Markets - Software Solutions $ — $ 82.3 $ — $ 82.3 $ — $ 63.0 $ — $ 63.0 Capital Markets - Compliance and Communications Management 209.8 — 81.8 291.6 145.8 — 74.1 219.9 Investment Companies - Software Solutions — 44.6 — 44.6 — 31.9 — 31.9 Investment Companies - Compliance and Communications Management 42.7 — 51.6 94.3 51.5 — 108.4 159.9 Total net sales $ 252.5 $ 126.9 $ 133.4 $ 512.8 $ 197.3 $ 94.9 $ 182.5 $ 474.7 Unbilled Receivables and Contract Balances The timing of revenue recognition may differ from the timing of invoicing customers and these timing differences result in unbilled receivables, contract assets or contract liabilities. Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists, and therefore invoicing has not yet occurred. The Company generally estimates contract assets based on historical selling price adjusted for its current experience and expected resolution of the variable consideration of the completed performance obligation. When the Company’s contracts contain variable consideration, the variable consideration is recognized only to the extent that it is probable that a significant revenue reversal will not occur in a future period. As a result, estimated revenue and contract assets may be constrained until the uncertainty associated with the variable consideration is resolved, which generally occurs in less than one year. Contract assets were $ 31.0 million and $ 18.5 million at June 30, 2021 and December 31, 2020, respectively. Generally, the contract assets balance is impacted by the recognition of additional revenue, amounts invoiced to customers and changes in the level of the constraint applied to variable consideration. Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. The Company estimates the value of unbilled receivables based on a combination of historical customer selling price and management’s assessment of realizable selling price. Unbilled receivables were $ 92.9 million and $ 39.1 million at June 30, 2021 and December 31, 2020, respectively. Unbilled receivables and contract assets are included in accounts receivable on the Unaudited Condensed Consolidated Balance Sheets. For the six months ended June 30, 2021, amounts recognized as revenue exceeded the estimates for performance obligations satisfied as of December 31, 2020 by approximately $ 22.0 million, primarily due to changes in the Company’s estimate of variable consideration and the application of the constraint. Substantially all of the Company’s contracts with significant remaining performance obligations have an initial expected duration of one year or less. Contract liabilities consist of deferred revenue and progress billings which are included in accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. Changes in contract liabilities were as follows: Balance at January 1, 2021 $ 21.7 Deferral of revenue 59.4 Revenue recognized ( 48.7 ) Balance at June 30, 2021 $ 32.4 Balance at January 1, 2020 $ 13.1 Deferral of revenue 22.9 Revenue recognized ( 21.0 ) Balance at June 30, 2020 $ 15.0 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 3. Goodwill and Other Intangible Assets The balances of goodwill by reporting unit are presented below: Gross book Accumulated Net book Foreign Net book value at June 30, 2021 Capital Markets - Software Solutions $ 103.7 $ — $ 103.7 $ — $ 103.7 Capital Markets - Compliance and Communications Management 253.0 — 253.0 0.2 253.2 Investment Companies - Software Solutions 53.2 — 53.2 — 53.2 Investment Companies - Compliance and Communications Management 40.6 ( 40.6 ) — — — Total $ 450.5 $ ( 40.6 ) $ 409.9 $ 0.2 $ 410.1 The components of other intangible assets at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Gross Accumulated Net Book Gross Accumulated Net Book Customer relationships (useful life of 15 years ) $ 10.4 $ ( 1.7 ) $ 8.7 $ 10.4 $ ( 1.4 ) $ 9.0 Trade names (useful life of 5 years ) 1.0 ( 0.5 ) 0.5 1.0 ( 0.4 ) 0.6 Software license (useful life of 3 years ) 0.3 ( 0.2 ) 0.1 0.3 ( 0.1 ) 0.2 Total other intangible assets $ 11.7 $ ( 2.4 ) $ 9.3 $ 11.7 $ ( 1.9 ) $ 9.8 Amortization expense for other intangible assets was $ 0.3 million and $ 3.3 million for the three months ended June 30, 2021 and 2020, respectively, and $ 0.5 million and $ 6.7 million for the six months ended June 30, 2021 and 2020, respectively. The weighted-average remaining useful life of the unamortized intangible assets as of June 30, 2021 is approximately twelve years . The following table outlines the estimated annual amortization expense related to other intangible assets: For the year ending December 31, Amount 2021 (excluding the six months ended June 30, 2021) $ 0.5 2022 1.0 2023 0.9 2024 0.7 2025 0.7 2026 and thereafter 5.5 Total $ 9.3 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 4. Leases The Company has operating leases for certain service centers, office space, warehouses and equipment. The Company made payments of $ 5.7 million and $ 6.1 million for three months ended June 30, 2021 and 2020, respectively, and $ 12.0 million and $ 12.9 million for the six months ended June 30, 2021 and 2020, respectively, related to its operating lease liabilities. The Company has finance leases, primarily related to certain IT equipment. Finance lease right-of-use ("ROU") assets and finance lease liabilities are recognized based on the present value of the minimum lease payments over the lease term at commencement date. As the finance leases were effective on June 30, 2021 , no expense was recognized in the Company's Unaudited Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2021 and 2020. The components of lease expense for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense $ 4.8 $ 7.2 $ 9.7 $ 13.9 Sublease income ( 1.1 ) ( 0.9 ) ( 2.2 ) ( 2.2 ) Net lease expense $ 3.7 $ 6.3 $ 7.5 $ 11.7 T he Company’s finance leases are presented within the Company’s Unaudited Condensed Consolidated Balance Sheets as follows: June 30, 2021 Property, plant and equipment, net $ 7.8 Accrued liabilities $ 1.5 Other noncurrent liabilities 6.3 Total $ 7.8 Other information related to finance leases as of and for the six months ended June 30, 2021 were as follows: June 30, 2021 Non-cash disclosure Increase in finance lease liabilities due to new ROU assets $ 7.8 Weighted-average remaining lease term 5.0 years Weighted-average discount rate 2.25 % |
Restructuring, Impairment and O
Restructuring, Impairment and Other Charges | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring, Impairment and Other Charges | Note 5. Restructuring, Impairment and Other Charges Restructuring, Impairment and Other Charges recognized in Results of Operations The Company records restructuring charges associated with management-approved restructuring plans, which could include the elimination of job functions, closure or relocation of facilities, reorganization of operations, changes in management structure, workforce reductions or other actions. Restructuring charges may include ongoing and enhanced termination benefits related to employee separations, contract termination costs, impairment of certain assets and other related costs associated with exit or disposal activities. For the three months ended June 30, 2021 and 2020, the Company recorded the following net restructuring and other charges by segment: Three Months Ended June 30, 2021 Employee Terminations Other Charges Total Capital Markets - Software Solutions $ 0.1 $ — $ 0.1 Capital Markets - Compliance and Communications Management 0.5 0.1 0.6 Investment Companies - Software Solutions 0.1 — 0.1 Investment Companies - Compliance and Communications Management 1.9 — 1.9 Corporate 0.1 — 0.1 Total $ 2.7 $ 0.1 $ 2.8 Three Months Ended June 30, 2020 Employee Terminations Impairment Charges Other Charges Total Capital Markets - Software Solutions $ 0.5 $ — $ — $ 0.5 Capital Markets - Compliance and Communications Management 4.7 12.1 0.1 16.9 Investment Companies - Software Solutions 0.1 — — 0.1 Investment Companies - Compliance and Communications Management 4.8 — — 4.8 Corporate 2.2 — 0.6 2.8 Total $ 12.3 $ 12.1 $ 0.7 $ 25.1 For the six months ended June 30, 2021 and 2020, the Company recorded the following net restructuring and other charges by segment: Six Months Ended June 30, 2021 Employee Terminations Other Restructuring Charges Other Charges Total Capital Markets - Software Solutions $ 0.1 $ — $ — $ 0.1 Capital Markets - Compliance and Communications Management 0.5 — 0.1 0.6 Investment Companies - Software Solutions 0.1 — — 0.1 Investment Companies - Compliance and Communications Management 2.0 0.6 — 2.6 Corporate 0.2 — — 0.2 Total $ 2.9 $ 0.6 $ 0.1 $ 3.6 Six Months Ended June 30, 2020 Employee Terminations Impairment Charges Other Charges Total Capital Markets - Software Solutions $ 0.8 $ — $ — $ 0.8 Capital Markets - Compliance and Communications Management 5.1 12.1 0.2 17.4 Investment Companies - Software Solutions 0.4 — — 0.4 Investment Companies - Compliance and Communications Management 5.2 — — 5.2 Corporate 2.4 — 2.0 4.4 Total $ 13.9 $ 12.1 $ 2.2 $ 28.2 For the three and six months ended June 30, 2021, the Company recorded net restructuring charges of $ 2.7 million and $ 2.9 million, respectively, for employee termination costs for approximately 170 employees for both the three and six months ended June 30, 2021, substantially all of whom will be terminated by December 31, 2021. The restructuring actions were primarily the result of the implementation of SEC Rule 30e-3 and amendments to SEC Rule 498A. For the three and six months ended June 30, 2020, the Company recorded net restructuring charges of $ 12.3 million and $ 13.9 million , respectively, for employee termination costs for approximately 460 and 510 employees, respectively, substantially all of whom were terminated as of December 31, 2020. The restructuring actions were primarily the result of the implementation of SEC Rule 30e-3 and amendments to SEC Rule 498A and the reorganization of certain capital markets operations as well as selling and administrative functions. The Company abandoned certain operating leases during the second quarter of 2020 with the intent to sublease. As the fair value of the ROU assets was less than the carrying value, the Company recognized impairments of ROU assets of $ 12.1 million for both the three and six months ended June 30, 2020 , reducing the carrying value of the ROU assets to an estimated combined fair value of $ 2.4 million. The Company recognized further impairments related to these ROU assets of $ 2.1 million in the fourth quarter of 2020. The fair value of these assets was estimated utilizing inputs from market comparables in order to estimate future cash flows expected from sublease income over the remaining lease terms. Future changes in the estimated amount or timing of sublease arrangements could result in further impairment charges. For the three and six months ended June 30, 2020, the Company also incurred $ 0.7 million and $ 2.2 million, respectively, of other charges, primarily related to the realignment of the Company’s operating segments. Restructuring Reserve – Employee Terminations The Company’s employee terminations liability is included in accrued liabilities in the Company’s Unaudited Condensed Consolidated Balance Sheets. Changes in the accrual for employee terminations during the six months ended June 30, 2021, were as follows: December 31, 2020 Restructuring Charges Reversals Cash Paid June 30, 2021 Employee terminations $ 8.5 $ 3.0 $ ( 0.1 ) $ ( 5.7 ) $ 5.7 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | Note 6. Retirement Plans The components of the estimated net periodic benefit income for the Company’s pension plans for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest cost $ 1.5 $ 2.2 $ 3.1 $ 4.4 Expected return on assets ( 3.6 ) ( 3.5 ) ( 7.1 ) ( 7.0 ) Amortization, net 1.0 0.8 1.9 1.6 Net pension income $ ( 1.1 ) $ ( 0.5 ) $ ( 2.1 ) $ ( 1.0 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7. Commitments and Contingencies Litigation From time to time, the Company’s customers and others file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows. Multiemployer Pension Plans Obligation On April 13, 2020, LSC Communications, Inc. (“LSC”) announced that it, along with most of its U.S. subsidiaries, voluntarily filed for business reorganization under Chapter 11 of the U.S. Bankruptcy Code (“LSC Chapter 11 Filing”). LSC and the Company separated from R. R. Donnelley & Sons Company (“RRD”) in a tax-free distribution to shareholders effective October 1, 2016 (the “Separation”). In the second quarter of 2020, the Company became aware that, subsequent to the LSC Chapter 11 Filing, LSC failed to make certain required monthly and quarterly withdrawal liability payments to multiemployer pension plans from which RRD had withdrawn prior to the Separation. Responsibility for certain pre-Separation withdrawal liability obligations, resulting in such monthly and quarterly payment obligations (the “LSC MEPP Liabilities”), had been assigned to LSC pursuant to the September 14, 2016 Separation and Distribution Agreement among the Company, RRD and LSC (the “Separation Agreement”), however, the Company and RRD remained jointly and severally liable for the LSC MEPP Liabilities pursuant to laws and regulations governing multiemployer pension plans. The Company believes the total undiscounted LSC MEPP Liabilities for which LSC was responsible at the time of the LSC Chapter 11 Filing were approximately $ 103 million (or approximately $ 57 million on a discounted basis, assuming a blended discount rate of approximately 10 %) and were payable over approximately a 15-year period (through 2034), with annual payments ranging from $ 1.6 million to $ 8.5 million at the time. On July 24, 2020, the Company and RRD signed an agreement agreeing to submit to mediation and, if required, arbitration to determine the final liability allocation between the Company and RRD with respect to the LSC MEPP Liabilities. DFIN and RRD also agreed to share all required monthly and quarterly withdrawal liability payment obligations that become due during the mediation/arbitration period, with an adjustment and repayment to be made for any such payments according to the final allocation. The Company and RRD were unable to agree upon the final liability allocation in mediation and on March 22, 2021 submitted the matter to arbitration pursuant to the terms of the Separation Agreement, which is expected to take place in the second half of 2021. The Company is required to record a liability when it is probable that a loss has been incurred and the amount can be reasonably estimated. In 2020, the Company recorded a charge of $ 19.0 million and had $ 15.2 million accrued as of December 31, 2020 for its estimated payments related to the LSC MEPP Liabilities, including the Company’s low end of the range of potential outcomes as well as the Company’s estimated shared payments until a final allocation is determined. In March 2021 and April 2021, the Company and RRD reached settlements with two of the LSC multiemployer pension plan funds, which represented approximately $ 59 million of the estimated $103 million total undiscounted LSC MEPP Liabilities at the time of the LSC Chapter 11 filing. The Company and RRD each made lump sum payments in the second quarter of 2021 to settle all obligations related to these funds. An adjustment and repayment will be made, as needed, based on the final allocation of the LSC MEPP Liabilities between the Company and RRD. As of June 30, 2021 , the Company had $ 5.9 million accrued related to the remaining contingent liability and the Company’s estimated share of required payments until a final allocation is determined. The Company is not able to reasonably estimate the maximum potential loss due to the uncertainty related to the outcome of the final allocation of the LSC MEPP Liabilities between the Company and RRD. The expense associated with this liability has been recorded in selling, general and administrative expense ("SG&A") expense within the Corporate segment in the Company’s Unaudited Condensed Consolidated Statements of Operations. There can be no assurance that the Company’s actual future liabilities relating to the LSC MEPP Liabilities will not differ materially from the contingency amount recorded in the Company’s Unaudited Condensed Consolidated Financial Statements. The Company’s outstanding LSC MEPP Liabilities could also be affected by the financial stability of other employers participating in such plans and decisions by those employers to withdraw from such plans in the future, including the financial stability of RRD. Non-income Taxes The Company does not collect sales, use or similar taxes on all amounts invoiced in all jurisdictions in which the Company has sales based on its understanding that certain transactions are not subject to tax. Sales, use and similar tax laws vary greatly by jurisdiction and may require judgment to determine the applicability to the Company’s transactions. In 2020, the Company identified certain jurisdictions where the Company has not historically collected or remitted sales tax on certain services and that the Company believes it is probable that the jurisdiction would assess sales tax. As of June 30, 2021 and December 31, 2020, the Company accrued a contingent liability of $ 4.1 million and $ 5.2 million, respectively, for certain estimated sales tax exposures. The income statement impact associated with this liability is recorded in SG&A expense in the Company’s Unaudited Condensed Consolidated Statements of Operations. Although management believes its estimates are reasonable, the resolution of the Company’s tax matters could result in tax liabilities that are higher or lower than what has been estimated by the Company. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 8. Debt The Company’s debt as of June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 8.25 % senior notes due October 15, 2024 $ 233.0 $ 233.0 Borrowings under the Revolving Facility 10.0 — Unamortized debt issuance costs ( 2.1 ) ( 2.5 ) Total long-term debt $ 240.9 $ 230.5 Maturities —At June 30, 2021 , the Company’s long-term debt was comprised of the 8.25 % senior unsecured notes due October 15, 2024 (“Notes”) and borrowings under the Revolving Facility, as defined below. Fair Value —The fair value of the Notes, which was determined using the market approach based upon interest rates available to the Company for borrowings with similar terms and maturities, was determined to be Level 2 under the fair value hierarchy. The fair value of the Company’s Notes was $ 242.2 million and $ 247.5 million as of June 30, 2021 and December 31, 2020, respectively. The fair value of the Company’s borrowings under the Revolving Facility (as defined below) is classified as Level 2 under the fair value hierarchy and approximates its carrying value as of June 30, 2021, as the Revolving Facility carries a variable rate of interest reflecting current market rates. 8.25 % Senior Notes Due 2024 —In the first quarter of 2020, the Company purchased and retired $ 66.5 million (notional amount) of the Notes at an average price of 95.25 and recognized a pre-tax gain on the extinguishment of debt of $ 2.3 million, which was net of unamortized debt issuance costs, and is recorded within interest expense, net in the Unaudited Condensed Consolidated Statements of Operations. The Company may redeem the Notes, in whole or in part, on or after October 15, 2021 , but prior to October 14, 2022 at the redemption price of 102.063 %, and at the redemption price of 100.000 % beginning on October 15, 2022 and thereafter, in each case, plus accrued and unpaid interest, if any. The Company’s Notes, with interest payable semi-annually on April 15 and October 15 , were issued pursuant to an indenture where certain wholly-owned domestic subsidiaries of the Company guarantee the Notes (the “Guarantors”). The Notes are jointly and severally guaranteed, on an unsecured basis, by the Guarantors, which are comprised of each of the Company’s existing and future direct and indirect wholly-owned U.S. subsidiaries that guarantee the Company’s obligations under the Credit Facilities. The Notes are not guaranteed by the Company’s foreign subsidiaries or unrestricted subsidiaries. The Notes and the related guarantees will be the Company and the Guarantors’, respective, senior unsecured obligations and rank equally in right of payment to all present and future senior debt, including the obligations under the Company’s Credit Facilities, senior in right of payment to all present and future subordinated debt, and effectively subordinated in right of payment to any of the Company and the Guarantors’ secured debt, to the extent of the value of the assets securing such debt. The indenture governing the Notes contains certain covenants applicable to the Company and its restricted subsidiaries, including limitations on: (1) liens; (2) indebtedness; (3) mergers, consolidations and acquisitions; (4) sales, transfers and other dispositions of assets; (5) loans and other investments; (6) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (7) restrictions affecting subsidiaries; (8) transactions with affiliates; and (9) designations of unrestricted subsidiaries. Each of these covenants is subject to important exceptions and qualifications. Credit Agreement —On May 27, 2021, the Company amended and restated its credit agreement dated as of September 30, 2016 (as in effect prior to such amendment and restatement, the “Credit Agreement,” and the Credit Agreement, as so amended and restated, the “Amended and Restated Credit Agreement”), by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to, among other things, provide for a $ 200 million delayed-draw term loan A facility (the “Delayed-Draw Term Loan A Facility”), extend the maturity of the $ 300 million revolving facility (the "Revolving Facility") to May 27, 2026 and modify the financial maintenance and negative covenants in the Credit Agreement. The proceeds of the Delayed-Draw Term Loan A Facility may only be used to redeem or repurchase the Company’s 8.25 % Senior Notes due 2024 which become redeemable, in whole or in part, on or after October 15, 2021 at the redemption price of 102.063%, plus accrued and unpaid interest, if any. The commitments under the Delayed-Draw Term Loan A Facility will expire on November 1, 2021 . The principal amount of loans under the Delayed-Draw Term Loan A Facility will be due and payable in equal quarterly installments of 1.25 % of the original principal amount of the loans during the first three years after funding of the loans, and 2.50 % of the original principal amount of the loans thereafter. The entire unpaid principal amount of the loans will be due and payable in full on May 27, 2026. The Amended and Restated Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and the Consolidated Net Leverage Ratio, as defined in and calculated pursuant to the Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Credit Agreement generally allows annual dividend payments of up to $ 20.0 million in the aggregate. Revolving Credit Facility —As of June 30, 2021, there was $ 10.0 million of borrowings outstanding under the Revolving Facility. The weighted average interest rate on borrowings under the Revolving Facility was 2.6 % and 2.7 % for the six months ended June 30, 2021 and 2020, respectively. The following table summarizes interest expense, net included in the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest incurred $ 6.1 $ 6.3 $ 11.5 $ 13.2 Less: Gain on debt extinguishment and other interest income ( 0.2 ) — ( 0.3 ) ( 2.3 ) Interest expense, net $ 5.9 $ 6.3 $ 11.2 $ 10.9 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 9. Earnings per Share Basic earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units, performance share units and restricted stock. The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net earnings (loss) per share: Basic $ 1.27 $ ( 0.04 ) $ 2.32 $ 0.08 Diluted $ 1.24 $ ( 0.04 ) $ 2.26 $ 0.08 Numerator: Net earnings (loss) $ 42.9 $ ( 1.3 ) $ 78.1 $ 2.8 Denominator: Weighted average number of common shares outstanding 33.7 34.0 33.6 34.1 Dilutive awards 0.8 — 0.9 — Diluted weighted average number of common shares outstanding 34.5 34.0 34.5 34.1 Weighted average number of anti-dilutive share-based awards: Restricted stock units — 1.3 0.3 1.1 Stock options — 0.7 — 0.8 Total — 2.0 0.3 1.9 |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Capital Stock | Note 10. Capital Stock The Company has 65 million shares of $ 0.01 par value common stock authorized for issuance. DFIN’s common stock is currently traded under the ticker symbol “DFIN” on the New York Stock Exchange. The Company has one million shares of $ 0.01 par value preferred stock authorized for issuance. The Board may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock. Common Stock Repurchases —On February 4, 2020, the Board authorized a stock repurchase program, under which the Company is authorized to repurchase up to $ 25.0 million of its outstanding common stock from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws. During 2020, the Company repurchased 1,149,489 shares in open market transactions for $ 10.3 million at an average price of $ 8.92 per share. As of December 31, 2020, the remaining authorized amount under the authorization was $ 14.7 million. On February 18, 2021, the Board authorized an increase to its stock repurchase program to bring the total remaining available repurchase authorization for shares on or after February 18, 2021 to $ 50.0 million and extended the expiration date of the repurchase program through December 31, 2022 . The stock repurchase program may be suspended or discontinued at any time. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors and may be completed from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so. During the first quarter of 2021, the Company repurchased 126,682 shares in open market transactions for $ 3.4 million at an average price of $ 26.92 per share. During the second quarter of 2021, the Company repurchased 250,567 shares in open market transactions for $ 7.1 million at an average price of $ 28.19 per share. As of June 30, 2021, the remaining authorized amount under the authorization was $ 39.6 million . |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Comprehensive Income | Note 11. Comprehensive Income The components of other comprehensive income (loss) and income tax expense allocated to each component for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Translation adjustments $ ( 0.3 ) $ 0.1 $ ( 0.4 ) $ 0.7 $ 0.2 $ 0.5 Adjustment for net periodic pension plan and other postretirement benefits plan 1.0 0.2 0.8 1.9 0.5 1.4 Other comprehensive income $ 0.7 $ 0.3 $ 0.4 $ 2.6 $ 0.7 $ 1.9 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Translation adjustments $ 1.1 $ — $ 1.1 $ ( 1.7 ) $ — $ ( 1.7 ) Adjustment for net periodic pension plan and other postretirement benefits plan 0.8 0.3 0.5 1.6 0.5 1.1 Other comprehensive income (loss) $ 1.9 $ 0.3 $ 1.6 $ ( 0.1 ) $ 0.5 $ ( 0.6 ) The following table summarizes changes in accumulated other comprehensive loss by component for the six months ended June 30, 2021: Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at December 31, 2020 $ ( 67.6 ) $ ( 13.2 ) $ ( 80.8 ) Other comprehensive income before reclassifications — 0.9 0.9 Amounts reclassified from accumulated other comprehensive loss 1.4 ( 0.4 ) 1.0 Net change in accumulated other comprehensive loss 1.4 0.5 1.9 Balance at June 30, 2021 $ ( 66.2 ) $ ( 12.7 ) $ ( 78.9 ) The following table summarizes changes in accumulated other comprehensive loss by component for the six months ended June 30, 2020: Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at December 31, 2019 $ ( 70.9 ) $ ( 13.7 ) $ ( 84.6 ) Other comprehensive loss before reclassifications — ( 1.7 ) ( 1.7 ) Amounts reclassified from accumulated other comprehensive loss 1.1 — 1.1 Net change in accumulated other comprehensive loss 1.1 ( 1.7 ) ( 0.6 ) Balance at June 30, 2020 $ ( 69.8 ) $ ( 15.4 ) $ ( 85.2 ) Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization of pension and other postretirement benefits plan cost: Net actuarial loss (a) $ 1.0 $ 0.8 $ 1.9 $ 1.6 Reclassification of translation adjustment (b) ( 0.5 ) — ( 0.5 ) — Reclassifications before tax 0.5 0.8 1.4 1.6 Income tax expense 0.1 0.3 0.4 0.5 Reclassifications, net of tax $ 0.4 $ 0.5 $ 1.0 $ 1.1 (a) These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in investment and other income, net in the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans ). (b) Translation adjustment reclassification resulting from the liquidation of a foreign subsidiary is included in investment and other income, net in the Unaudited Condensed Consolidated Statements of Operations. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 12. Segment Information The Company operates its business through four operating and reportable segments: Capital Markets – Software Solutions, Capital Markets – Compliance and Communications Management, Investment Companies – Software Solutions and Investment Companies – Compliance and Communications Management. Corporate is not an operating segment and consists primarily of unallocated SG&A activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain costs and earnings of employee benefit plans, such as pension and other postretirement benefit plan expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments. Capital Markets The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Exchange Act. The Company’s operating segments associated with its capital markets services and products offerings are as follows: Capital Markets – Software Solutions— The Company provides software solutions to public and private companies to help manage public and private transaction processes; extract data and analyze contracts; collaborate; and tag, validate and file SEC documents. Capital Markets – Compliance & Communications Management— The Company provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. Investment Companies The Company provides software solutions, tech-enabled services and print, distribution and fulfillment solutions to its investment companies clients that are subject to the filing and reporting requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators. The Company’s operating segments associated with its investment companies services and products offerings are as follows: Investment Companies – Software Solutions— The Company provides software solutions that enable clients to store and manage compliance and regulatory information in a self-service, central repository for documents to be easily accessed, assembled, edited, translated, rendered and submitted to regulators. Investment Companies – Compliance & Communications Management— The Company provides its investment company clients tech-enabled services to prepare and file registration forms, as well as XBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. In addition, the Company provides print and distribution solutions for its clients to communicate with their investors. Information by Segment The Company has disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision maker and is most consistent with the presentation of profitability reported within the Unaudited Condensed Consolidated Financial Statements. Net Sales Income (Loss) from Operations Depreciation and Amortization Capital Expenditures Three Months Ended June 30, 2021 Capital Markets - Software Solutions $ 43.8 $ 9.3 $ 4.1 $ 4.5 Capital Markets - Compliance and Communications Management 153.1 64.6 1.5 0.7 Investment Companies - Software Solutions 22.8 3.5 3.2 2.7 Investment Companies - Compliance and Communications Management 47.8 2.1 1.2 0.8 Total operating segments 267.5 79.5 10.0 8.7 Corporate — ( 17.5 ) 0.1 1.0 Total $ 267.5 $ 62.0 $ 10.1 $ 9.7 Net Sales Income (Loss) from Operations Depreciation and Amortization Capital Expenditures Three Months Ended June 30, 2020 Capital Markets - Software Solutions $ 31.8 $ 1.0 $ 3.6 $ 3.7 Capital Markets - Compliance and Communications Management 120.8 29.3 4.0 1.4 Investment Companies - Software Solutions 15.8 0.4 3.2 2.7 Investment Companies - Compliance and Communications Management 85.6 2.0 2.6 1.0 Total operating segments 254.0 32.7 13.4 8.8 Corporate — ( 28.8 ) 1.3 — Total $ 254.0 $ 3.9 $ 14.7 $ 8.8 Net Sales Income (Loss) from Operations Assets (1) Depreciation and Amortization Capital Expenditures Six Months Ended June 30, 2021 Capital Markets - Software Solutions $ 82.3 $ 15.8 $ 178.0 $ 7.8 $ 8.2 Capital Markets - Compliance and Communications Management 291.6 123.7 466.2 3.0 1.3 Investment Companies - Software Solutions 44.6 5.5 92.3 6.8 4.5 Investment Companies - Compliance and Communications Management 94.3 8.4 68.9 2.2 1.3 Total operating segments 512.8 153.4 805.4 19.8 15.3 Corporate — ( 40.5 ) 126.1 0.1 2.4 Total $ 512.8 $ 112.9 $ 931.5 $ 19.9 $ 17.7 Net Sales Income (Loss) from Operations Assets (1) Depreciation and Amortization Capital Expenditures Six Months Ended June 30, 2020 Capital Markets - Software Solutions $ 63.0 $ 2.8 $ 165.6 $ 6.7 $ 7.0 Capital Markets - Compliance and Communications Management 219.9 50.7 452.1 8.0 1.6 Investment Companies - Software Solutions 31.9 0.5 97.4 6.1 5.5 Investment Companies - Compliance and Communications Management 159.9 4.1 149.8 5.0 1.0 Total operating segments 474.7 58.1 864.9 25.8 15.1 Corporate — ( 42.3 ) 98.9 1.3 0.6 Total $ 474.7 $ 15.8 $ 963.8 $ 27.1 $ 15.7 (1) Certain assets are recorded within a segment based on predominant usage, however, as they benefit more than one segment, the related operating expenses are allocated between segments. |
Overview, Basis of Presentati_2
Overview, Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates— The preparation of financial statements in conformity with GAAP requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s significant accounting policies and critical accounting estimates are disclosed in the Annual Report. |
Inventories | Inventory— The components of the Company’s inventories stated at the lower of cost or market, net of excess and obsolescence reserves for raw materials, at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Raw materials and manufacturing supplies $ 1.5 $ 2.5 Work in process 2.8 2.4 Total $ 4.3 $ 4.9 |
Property, Plant and Equipment | Property, Plant and Equipment— The components of the Company’s property, plant and equipment, net at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Land $ 0.3 $ 0.3 Buildings 20.2 24.1 Machinery and equipment 87.9 98.4 108.4 122.8 Less: Accumulated depreciation ( 89.7 ) ( 110.8 ) Total $ 18.7 $ 12.0 Depreciation expense was $ 1.7 million and $ 4.1 million for the three months ended June 30, 2021 and 2020, respectively, and $ 3.1 million and $ 5.8 million for the six months ended June 30, 2021 and 2020 , respectively. |
Assets Held for Sale | Assets Held for Sale —As of June 30, 2021 and December 31, 2020, the Company had one real estate property, primarily consisting of land and an office building, held for sale with a carrying value of $ 5.5 million. |
Software | Software —Capitalized software development costs are amortized over their estimated useful life using the straight-line method, up to a maximum of three years . Amortization expense related to internally-developed software, excluding amortization expense related to other intangible assets, was $ 8.1 million and $ 7.3 million for the three months ended June 30, 2021 and 2020, respectively, and $ 16.3 million and $ 14.6 million for the six months ended June 30, 2021 and 2020 , respectively. |
Investments | Investments — The carrying value of the Company’s investments in equity securities was $ 13.3 million and $ 13.4 million at June 30, 2021 and December 31, 2020, respectively. The Company measures its equity securities that do not have a readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes. During the six months ended June 30, 2021 , the Company recorded an unrealized loss of $ 0.2 million resulting from an observable price change of an investment due to an orderly transaction for the identical or a similar investment. |
Current Expected Credit Loss Reserve | Current Expected Credit Loss Reserve — Transactions affecting the current expected credit loss (“CECL”) reserve during the six months ended June 30, 2021 and 2020 were as follows: June 30, 2021 June 30, 2020 Balance, beginning of year (a) $ 10.5 $ 7.7 Adoption of ASU 2016-13 (b) — 0.5 Provisions charged to expense and reclassifications 3.4 4.3 Write-offs and other ( 0.5 ) ( 1.0 ) Balance, end of period (a) $ 13.4 $ 11.5 (a) As of June 30, 2021, the CECL reserve balance is comprised of a $ 12.2 million provision for accounts receivable and a $ 1.2 million provision for unbilled receivables and contract assets. As of December 31, 2020, the CECL reserve balance was comprised of a $ 10.1 million provision for accounts receivable and a $ 0.4 million provision for unbilled receivables and contract assets. (b) On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, and recorded a $ 0.5 million cumulative-effect adjustment to retained earnings, as further disclosed in the Annual Report. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which modifies Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. ASU 2019-12 also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted the standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s Unaudited Condensed Consolidated Financial Statements. |
Revenue Recognition | Revenue Recognition The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers as well as manages virtual data rooms and performs eXtensible Business Reporting Language (“XBRL”) and other services. Clients are provided with EDGAR filing services, XBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company’s software solutions include Venue, the Arc Suite software platform, ActiveDisclosure and data and analytics, among others. The Company also provides digital document creation, online content management and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs. Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore are not distinct. Revenue for the Company’s tech-enabled services, software solutions and print and distribution offerings is recognized either over time or at a point in time, as further disclosed in the Annual Report. |
Overview, Basis of Presentati_3
Overview, Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Components of Inventories | The components of the Company’s inventories stated at the lower of cost or market, net of excess and obsolescence reserves for raw materials, at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Raw materials and manufacturing supplies $ 1.5 $ 2.5 Work in process 2.8 2.4 Total $ 4.3 $ 4.9 |
Components of Company's Property, Plant and Equipment | The components of the Company’s property, plant and equipment, net at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Land $ 0.3 $ 0.3 Buildings 20.2 24.1 Machinery and equipment 87.9 98.4 108.4 122.8 Less: Accumulated depreciation ( 89.7 ) ( 110.8 ) Total $ 18.7 $ 12.0 |
Summary of Current Expected Credit Loss Reserve | Transactions affecting the current expected credit loss (“CECL”) reserve during the six months ended June 30, 2021 and 2020 were as follows: June 30, 2021 June 30, 2020 Balance, beginning of year (a) $ 10.5 $ 7.7 Adoption of ASU 2016-13 (b) — 0.5 Provisions charged to expense and reclassifications 3.4 4.3 Write-offs and other ( 0.5 ) ( 1.0 ) Balance, end of period (a) $ 13.4 $ 11.5 (a) As of June 30, 2021, the CECL reserve balance is comprised of a $ 12.2 million provision for accounts receivable and a $ 1.2 million provision for unbilled receivables and contract assets. As of December 31, 2020, the CECL reserve balance was comprised of a $ 10.1 million provision for accounts receivable and a $ 0.4 million provision for unbilled receivables and contract assets. (b) On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, and recorded a $ 0.5 million cumulative-effect adjustment to retained earnings, as further disclosed in the Annual Report. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue between Tech-Enabled Services, Software Solutions and Print and Distribution by Reportable Segment | The following table disaggregates revenue between tech-enabled services, software solutions and print and distribution by reportable segment: Three Months Ended June 30, 2021 2020 Tech-enabled Services Software Solutions Print and Distribution Total Tech-enabled Services Software Solutions Print and Distribution Total Capital Markets - Software Solutions $ — $ 43.8 $ — $ 43.8 $ — $ 31.8 $ — $ 31.8 Capital Markets - Compliance and Communications Management 113.8 — 39.3 153.1 87.9 — 32.9 120.8 Investment Companies - Software Solutions — 22.8 — 22.8 — 15.8 — 15.8 Investment Companies - Compliance and Communications Management 20.2 — 27.6 47.8 27.5 — 58.1 85.6 Total net sales $ 134.0 $ 66.6 $ 66.9 $ 267.5 $ 115.4 $ 47.6 $ 91.0 $ 254.0 Six Months Ended June 30, 2021 2020 Tech-enabled Services Software Solutions Print and Distribution Total Tech-enabled Services Software Solutions Print and Distribution Total Capital Markets - Software Solutions $ — $ 82.3 $ — $ 82.3 $ — $ 63.0 $ — $ 63.0 Capital Markets - Compliance and Communications Management 209.8 — 81.8 291.6 145.8 — 74.1 219.9 Investment Companies - Software Solutions — 44.6 — 44.6 — 31.9 — 31.9 Investment Companies - Compliance and Communications Management 42.7 — 51.6 94.3 51.5 — 108.4 159.9 Total net sales $ 252.5 $ 126.9 $ 133.4 $ 512.8 $ 197.3 $ 94.9 $ 182.5 $ 474.7 |
Changes in Contract Liabilities | Contract liabilities consist of deferred revenue and progress billings which are included in accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. Changes in contract liabilities were as follows: Balance at January 1, 2021 $ 21.7 Deferral of revenue 59.4 Revenue recognized ( 48.7 ) Balance at June 30, 2021 $ 32.4 Balance at January 1, 2020 $ 13.1 Deferral of revenue 22.9 Revenue recognized ( 21.0 ) Balance at June 30, 2020 $ 15.0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Balances of Goodwill by Reporting Unit | The balances of goodwill by reporting unit are presented below: Gross book Accumulated Net book Foreign Net book value at June 30, 2021 Capital Markets - Software Solutions $ 103.7 $ — $ 103.7 $ — $ 103.7 Capital Markets - Compliance and Communications Management 253.0 — 253.0 0.2 253.2 Investment Companies - Software Solutions 53.2 — 53.2 — 53.2 Investment Companies - Compliance and Communications Management 40.6 ( 40.6 ) — — — Total $ 450.5 $ ( 40.6 ) $ 409.9 $ 0.2 $ 410.1 |
Components of Other Intangible Assets | The components of other intangible assets at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Gross Accumulated Net Book Gross Accumulated Net Book Customer relationships (useful life of 15 years ) $ 10.4 $ ( 1.7 ) $ 8.7 $ 10.4 $ ( 1.4 ) $ 9.0 Trade names (useful life of 5 years ) 1.0 ( 0.5 ) 0.5 1.0 ( 0.4 ) 0.6 Software license (useful life of 3 years ) 0.3 ( 0.2 ) 0.1 0.3 ( 0.1 ) 0.2 Total other intangible assets $ 11.7 $ ( 2.4 ) $ 9.3 $ 11.7 $ ( 1.9 ) $ 9.8 |
Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets | The following table outlines the estimated annual amortization expense related to other intangible assets: For the year ending December 31, Amount 2021 (excluding the six months ended June 30, 2021) $ 0.5 2022 1.0 2023 0.9 2024 0.7 2025 0.7 2026 and thereafter 5.5 Total $ 9.3 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense $ 4.8 $ 7.2 $ 9.7 $ 13.9 Sublease income ( 1.1 ) ( 0.9 ) ( 2.2 ) ( 2.2 ) Net lease expense $ 3.7 $ 6.3 $ 7.5 $ 11.7 |
Summary of Company's Finance Leases Presented within Unaudited Condensed Consolidated Balance Sheets | he Company’s finance leases are presented within the Company’s Unaudited Condensed Consolidated Balance Sheets as follows: June 30, 2021 Property, plant and equipment, net $ 7.8 Accrued liabilities $ 1.5 Other noncurrent liabilities 6.3 Total $ 7.8 |
Summary of Other Information Related to Finance Leases | Other information related to finance leases as of and for the six months ended June 30, 2021 were as follows: June 30, 2021 Non-cash disclosure Increase in finance lease liabilities due to new ROU assets $ 7.8 Weighted-average remaining lease term 5.0 years Weighted-average discount rate 2.25 % |
Restructuring, Impairment and_2
Restructuring, Impairment and Other Charges (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of Restructuring and Other Charges by Segment Recognized in Results of Operations | For the three months ended June 30, 2021 and 2020, the Company recorded the following net restructuring and other charges by segment: Three Months Ended June 30, 2021 Employee Terminations Other Charges Total Capital Markets - Software Solutions $ 0.1 $ — $ 0.1 Capital Markets - Compliance and Communications Management 0.5 0.1 0.6 Investment Companies - Software Solutions 0.1 — 0.1 Investment Companies - Compliance and Communications Management 1.9 — 1.9 Corporate 0.1 — 0.1 Total $ 2.7 $ 0.1 $ 2.8 Three Months Ended June 30, 2020 Employee Terminations Impairment Charges Other Charges Total Capital Markets - Software Solutions $ 0.5 $ — $ — $ 0.5 Capital Markets - Compliance and Communications Management 4.7 12.1 0.1 16.9 Investment Companies - Software Solutions 0.1 — — 0.1 Investment Companies - Compliance and Communications Management 4.8 — — 4.8 Corporate 2.2 — 0.6 2.8 Total $ 12.3 $ 12.1 $ 0.7 $ 25.1 For the six months ended June 30, 2021 and 2020, the Company recorded the following net restructuring and other charges by segment: Six Months Ended June 30, 2021 Employee Terminations Other Restructuring Charges Other Charges Total Capital Markets - Software Solutions $ 0.1 $ — $ — $ 0.1 Capital Markets - Compliance and Communications Management 0.5 — 0.1 0.6 Investment Companies - Software Solutions 0.1 — — 0.1 Investment Companies - Compliance and Communications Management 2.0 0.6 — 2.6 Corporate 0.2 — — 0.2 Total $ 2.9 $ 0.6 $ 0.1 $ 3.6 Six Months Ended June 30, 2020 Employee Terminations Impairment Charges Other Charges Total Capital Markets - Software Solutions $ 0.8 $ — $ — $ 0.8 Capital Markets - Compliance and Communications Management 5.1 12.1 0.2 17.4 Investment Companies - Software Solutions 0.4 — — 0.4 Investment Companies - Compliance and Communications Management 5.2 — — 5.2 Corporate 2.4 — 2.0 4.4 Total $ 13.9 $ 12.1 $ 2.2 $ 28.2 |
Employee Severance | |
Schedule of Changes in the Employee Terminations Liability | The Company’s employee terminations liability is included in accrued liabilities in the Company’s Unaudited Condensed Consolidated Balance Sheets. Changes in the accrual for employee terminations during the six months ended June 30, 2021, were as follows: December 31, 2020 Restructuring Charges Reversals Cash Paid June 30, 2021 Employee terminations $ 8.5 $ 3.0 $ ( 0.1 ) $ ( 5.7 ) $ 5.7 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Estimated Net Periodic Benefit Income | The components of the estimated net periodic benefit income for the Company’s pension plans for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest cost $ 1.5 $ 2.2 $ 3.1 $ 4.4 Expected return on assets ( 3.6 ) ( 3.5 ) ( 7.1 ) ( 7.0 ) Amortization, net 1.0 0.8 1.9 1.6 Net pension income $ ( 1.1 ) $ ( 0.5 ) $ ( 2.1 ) $ ( 1.0 ) |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of the Company's Debt | The Company’s debt as of June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 8.25 % senior notes due October 15, 2024 $ 233.0 $ 233.0 Borrowings under the Revolving Facility 10.0 — Unamortized debt issuance costs ( 2.1 ) ( 2.5 ) Total long-term debt $ 240.9 $ 230.5 |
Summary of Interest Expense, Net | The following table summarizes interest expense, net included in the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest incurred $ 6.1 $ 6.3 $ 11.5 $ 13.2 Less: Gain on debt extinguishment and other interest income ( 0.2 ) — ( 0.3 ) ( 2.3 ) Interest expense, net $ 5.9 $ 6.3 $ 11.2 $ 10.9 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator of Basic and Diluted Earnings per Share Calculation and Anti-dilutive Share-based Awards | The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net earnings (loss) per share: Basic $ 1.27 $ ( 0.04 ) $ 2.32 $ 0.08 Diluted $ 1.24 $ ( 0.04 ) $ 2.26 $ 0.08 Numerator: Net earnings (loss) $ 42.9 $ ( 1.3 ) $ 78.1 $ 2.8 Denominator: Weighted average number of common shares outstanding 33.7 34.0 33.6 34.1 Dilutive awards 0.8 — 0.9 — Diluted weighted average number of common shares outstanding 34.5 34.0 34.5 34.1 Weighted average number of anti-dilutive share-based awards: Restricted stock units — 1.3 0.3 1.1 Stock options — 0.7 — 0.8 Total — 2.0 0.3 1.9 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) and Income Tax Expense Allocated to Each Component | The components of other comprehensive income (loss) and income tax expense allocated to each component for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Translation adjustments $ ( 0.3 ) $ 0.1 $ ( 0.4 ) $ 0.7 $ 0.2 $ 0.5 Adjustment for net periodic pension plan and other postretirement benefits plan 1.0 0.2 0.8 1.9 0.5 1.4 Other comprehensive income $ 0.7 $ 0.3 $ 0.4 $ 2.6 $ 0.7 $ 1.9 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Translation adjustments $ 1.1 $ — $ 1.1 $ ( 1.7 ) $ — $ ( 1.7 ) Adjustment for net periodic pension plan and other postretirement benefits plan 0.8 0.3 0.5 1.6 0.5 1.1 Other comprehensive income (loss) $ 1.9 $ 0.3 $ 1.6 $ ( 0.1 ) $ 0.5 $ ( 0.6 ) |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table summarizes changes in accumulated other comprehensive loss by component for the six months ended June 30, 2021: Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at December 31, 2020 $ ( 67.6 ) $ ( 13.2 ) $ ( 80.8 ) Other comprehensive income before reclassifications — 0.9 0.9 Amounts reclassified from accumulated other comprehensive loss 1.4 ( 0.4 ) 1.0 Net change in accumulated other comprehensive loss 1.4 0.5 1.9 Balance at June 30, 2021 $ ( 66.2 ) $ ( 12.7 ) $ ( 78.9 ) The following table summarizes changes in accumulated other comprehensive loss by component for the six months ended June 30, 2020: Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at December 31, 2019 $ ( 70.9 ) $ ( 13.7 ) $ ( 84.6 ) Other comprehensive loss before reclassifications — ( 1.7 ) ( 1.7 ) Amounts reclassified from accumulated other comprehensive loss 1.1 — 1.1 Net change in accumulated other comprehensive loss 1.1 ( 1.7 ) ( 0.6 ) Balance at June 30, 2020 $ ( 69.8 ) $ ( 15.4 ) $ ( 85.2 ) |
Reclassifications from Accumulated Other Comprehensive Loss, Amortization of Pension Plan Cost | Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization of pension and other postretirement benefits plan cost: Net actuarial loss (a) $ 1.0 $ 0.8 $ 1.9 $ 1.6 Reclassification of translation adjustment (b) ( 0.5 ) — ( 0.5 ) — Reclassifications before tax 0.5 0.8 1.4 1.6 Income tax expense 0.1 0.3 0.4 0.5 Reclassifications, net of tax $ 0.4 $ 0.5 $ 1.0 $ 1.1 (a) These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in investment and other income, net in the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans ). (b) Translation adjustment reclassification resulting from the liquidation of a foreign subsidiary is included in investment and other income, net in the Unaudited Condensed Consolidated Statements of Operations. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The Company has disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision maker and is most consistent with the presentation of profitability reported within the Unaudited Condensed Consolidated Financial Statements. Net Sales Income (Loss) from Operations Depreciation and Amortization Capital Expenditures Three Months Ended June 30, 2021 Capital Markets - Software Solutions $ 43.8 $ 9.3 $ 4.1 $ 4.5 Capital Markets - Compliance and Communications Management 153.1 64.6 1.5 0.7 Investment Companies - Software Solutions 22.8 3.5 3.2 2.7 Investment Companies - Compliance and Communications Management 47.8 2.1 1.2 0.8 Total operating segments 267.5 79.5 10.0 8.7 Corporate — ( 17.5 ) 0.1 1.0 Total $ 267.5 $ 62.0 $ 10.1 $ 9.7 Net Sales Income (Loss) from Operations Depreciation and Amortization Capital Expenditures Three Months Ended June 30, 2020 Capital Markets - Software Solutions $ 31.8 $ 1.0 $ 3.6 $ 3.7 Capital Markets - Compliance and Communications Management 120.8 29.3 4.0 1.4 Investment Companies - Software Solutions 15.8 0.4 3.2 2.7 Investment Companies - Compliance and Communications Management 85.6 2.0 2.6 1.0 Total operating segments 254.0 32.7 13.4 8.8 Corporate — ( 28.8 ) 1.3 — Total $ 254.0 $ 3.9 $ 14.7 $ 8.8 Net Sales Income (Loss) from Operations Assets (1) Depreciation and Amortization Capital Expenditures Six Months Ended June 30, 2021 Capital Markets - Software Solutions $ 82.3 $ 15.8 $ 178.0 $ 7.8 $ 8.2 Capital Markets - Compliance and Communications Management 291.6 123.7 466.2 3.0 1.3 Investment Companies - Software Solutions 44.6 5.5 92.3 6.8 4.5 Investment Companies - Compliance and Communications Management 94.3 8.4 68.9 2.2 1.3 Total operating segments 512.8 153.4 805.4 19.8 15.3 Corporate — ( 40.5 ) 126.1 0.1 2.4 Total $ 512.8 $ 112.9 $ 931.5 $ 19.9 $ 17.7 Net Sales Income (Loss) from Operations Assets (1) Depreciation and Amortization Capital Expenditures Six Months Ended June 30, 2020 Capital Markets - Software Solutions $ 63.0 $ 2.8 $ 165.6 $ 6.7 $ 7.0 Capital Markets - Compliance and Communications Management 219.9 50.7 452.1 8.0 1.6 Investment Companies - Software Solutions 31.9 0.5 97.4 6.1 5.5 Investment Companies - Compliance and Communications Management 159.9 4.1 149.8 5.0 1.0 Total operating segments 474.7 58.1 864.9 25.8 15.1 Corporate — ( 42.3 ) 98.9 1.3 0.6 Total $ 474.7 $ 15.8 $ 963.8 $ 27.1 $ 15.7 (1) Certain assets are recorded within a segment based on predominant usage, however, as they benefit more than one segment, the related operating expenses are allocated between segments. |
Overview, Basis of Presentati_4
Overview, Basis of Presentation and Significant Accounting Policies - Components of Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Net [Abstract] | ||
Raw materials and manufacturing supplies | $ 1.5 | $ 2.5 |
Work in process | 2.8 | 2.4 |
Total | $ 4.3 | $ 4.9 |
Overview, Basis of Presentati_5
Overview, Basis of Presentation and Significant Accounting Policies - Components of Company's Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 108.4 | $ 122.8 |
Less: Accumulated depreciation | (89.7) | (110.8) |
Total | 18.7 | 12 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 0.3 | 0.3 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 20.2 | 24.1 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 87.9 | $ 98.4 |
Overview, Basis of Presentati_6
Overview, Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Depreciation expense | $ 1.7 | $ 4.1 | $ 3.1 | $ 5.8 | |
Real Estate Held for sale | 5.5 | 5.5 | $ 5.5 | ||
Equity investments carrying value | 13.3 | 13.3 | $ 13.4 | ||
Unrealized loss on investment | 0.2 | ||||
Computer Software, Intangible Asset | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Amortization expense related to internally-developed software | $ 8.1 | $ 7.3 | $ 16.3 | $ 14.6 | |
Maximum | Computer Software, Intangible Asset | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Estimated useful life of computer software | 3 years |
Overview, Basis of Presentati_7
Overview, Basis of Presentation and Significant Accounting Policies - Summary of Current Expected Credit Loss Reserve (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of year | $ 7.7 | $ 10.5 | $ 7.7 |
Provisions charged to expense and reclassifications | 3.4 | 4.3 | |
Write-offs and other | (0.5) | (1) | |
Balance, end of period | 13.4 | 11.5 | |
Adoption of ASU 2016-13 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Prior period reclassification adjustment | $ 0.5 | $ 0 | $ 0.5 |
Overview, Basis of Presentati_8
Overview, Basis of Presentation and Significant Accounting Policies - Summary of Current Expected Credit Loss Reserve (Parenthetical) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Accounts and Financing Receivable, Allowance for Credit Loss | $ 12.2 | $ 10.1 | ||
Provision of unbilled receivables and contract assets | 1.2 | $ 0.4 | ||
Adoption of ASU 2016-13 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Prior period reclassification adjustment | $ 0.5 | $ 0 | $ 0.5 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Revenue Recognition [Abstract] | ||
Unbilled receivables | $ 92.9 | $ 39.1 |
Contract assets | 31 | $ 18.5 |
Invoiced to customers amount that exceeded estimates of standalone selling price | $ 22 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue between Tech-Enabled Services, Software Solutions and Print and Distribution by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total net sales | $ 267.5 | $ 254 | $ 512.8 | $ 474.7 |
Tech-enabled Services | ||||
Total net sales | 134 | 115.4 | 252.5 | 197.3 |
Software Solutions | ||||
Total net sales | 66.6 | 47.6 | 126.9 | 94.9 |
Print and Distribution | ||||
Total net sales | 66.9 | 91 | 133.4 | 182.5 |
Capital Markets - Software Solutions | ||||
Total net sales | 43.8 | 31.8 | 82.3 | 63 |
Capital Markets - Software Solutions | Tech-enabled Services | ||||
Total net sales | 0 | 0 | 0 | 0 |
Capital Markets - Software Solutions | Software Solutions | ||||
Total net sales | 43.8 | 31.8 | 82.3 | 63 |
Capital Markets - Software Solutions | Print and Distribution | ||||
Total net sales | 0 | 0 | 0 | 0 |
Capital Markets - Compliance and Communications Management | ||||
Total net sales | 153.1 | 120.8 | 291.6 | 219.9 |
Capital Markets - Compliance and Communications Management | Tech-enabled Services | ||||
Total net sales | 113.8 | 87.9 | 209.8 | 145.8 |
Capital Markets - Compliance and Communications Management | Software Solutions | ||||
Total net sales | 0 | 0 | 0 | 0 |
Capital Markets - Compliance and Communications Management | Print and Distribution | ||||
Total net sales | 39.3 | 32.9 | 81.8 | 74.1 |
Investment Companies - Software Solutions | ||||
Total net sales | 22.8 | 15.8 | 44.6 | 31.9 |
Investment Companies - Software Solutions | Tech-enabled Services | ||||
Total net sales | 0 | 0 | 0 | 0 |
Investment Companies - Software Solutions | Software Solutions | ||||
Total net sales | 22.8 | 15.8 | 44.6 | 31.9 |
Investment Companies - Software Solutions | Print and Distribution | ||||
Total net sales | 0 | 0 | 0 | 0 |
Investment Companies - Compliance and Communications Management | ||||
Total net sales | 47.8 | 85.6 | 94.3 | 159.9 |
Investment Companies - Compliance and Communications Management | Tech-enabled Services | ||||
Total net sales | 20.2 | 27.5 | 42.7 | 51.5 |
Investment Companies - Compliance and Communications Management | Software Solutions | ||||
Total net sales | 0 | 0 | 0 | 0 |
Investment Companies - Compliance and Communications Management | Print and Distribution | ||||
Total net sales | $ 27.6 | $ 58.1 | $ 51.6 | $ 108.4 |
Revenue - Changes in Contract L
Revenue - Changes in Contract Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Financial Position [Abstract] | ||
Balance beginning | $ 21.7 | $ 13.1 |
Deferral of revenue | 59.4 | 22.9 |
Revenue recognized | (48.7) | (21) |
Balance ending | $ 32.4 | $ 15 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Balances of Goodwill by Reporting Unit (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Gross book value | $ 450.5 | |
Accumulated impairment charges | (40.6) | |
Goodwill, beginning balance | $ 409.9 | |
Foreign exchange and other adjustments | 0.2 | |
Goodwill, ending balance | 410.1 | |
Capital Markets - Software Solutions | ||
Goodwill [Line Items] | ||
Gross book value | 103.7 | |
Accumulated impairment charges | 0 | |
Goodwill, beginning balance | 103.7 | |
Foreign exchange and other adjustments | 0 | |
Goodwill, ending balance | 103.7 | |
Capital Markets - Compliance and Communications Management | ||
Goodwill [Line Items] | ||
Gross book value | 253 | |
Accumulated impairment charges | 0 | |
Goodwill, beginning balance | 253 | |
Foreign exchange and other adjustments | 0.2 | |
Goodwill, ending balance | 253.2 | |
Investment Companies - Software Solutions | ||
Goodwill [Line Items] | ||
Gross book value | 53.2 | |
Accumulated impairment charges | 0 | |
Goodwill, beginning balance | 53.2 | |
Foreign exchange and other adjustments | 0 | |
Goodwill, ending balance | 53.2 | |
Investment Companies - Compliance and Communications Management | ||
Goodwill [Line Items] | ||
Gross book value | 40.6 | |
Accumulated impairment charges | $ (40.6) | |
Goodwill, beginning balance | 0 | |
Foreign exchange and other adjustments | 0 | |
Goodwill, ending balance | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 11.7 | $ 11.7 |
Accumulated Amortization | (2.4) | (1.9) |
Net Book Value | 9.3 | 9.8 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10.4 | 10.4 |
Accumulated Amortization | (1.7) | (1.4) |
Net Book Value | 8.7 | 9 |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1 | 1 |
Accumulated Amortization | (0.5) | (0.4) |
Net Book Value | 0.5 | 0.6 |
Software License | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0.3 | 0.3 |
Accumulated Amortization | (0.2) | (0.1) |
Net Book Value | $ 0.1 | $ 0.2 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of computer software | 15 years | 15 years |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of computer software | 5 years | 5 years |
Software License | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of computer software | 3 years | 3 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense for other intangible assets | $ 0.3 | $ 3.3 | $ 0.5 | $ 6.7 |
Weighted-average remaining useful life for unamortized intangible assets | 12 years |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2021 (excluding the six months ended June 30, 2021) | $ 0.5 | |
2022 | 1 | |
2023 | 0.9 | |
2024 | 0.7 | |
2025 | 0.7 | |
2026 and thereafter | 5.5 | |
Net Book Value | $ 9.3 | $ 9.8 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease payments | $ 5.7 | $ 6.1 | $ 12 | $ 12.9 |
Finance lease, interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 4.8 | $ 7.2 | $ 9.7 | $ 13.9 |
Sublease income | (1.1) | (0.9) | (2.2) | (2.2) |
Net lease expense | $ 3.7 | $ 6.3 | $ 7.5 | $ 11.7 |
Leases - Summary of Company's F
Leases - Summary of Company's Finance Leases Presented within Unaudited Condensed Consolidated Balance Sheets (Details) $ in Millions | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
Finance lease, right-of-use asset, net | $ 7.8 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property Plant And Equipment Net |
Finance lease liability, current | $ 1.5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities Current |
Finance lease liability, non-current | $ 6.3 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities Noncurrent |
Total | $ 7.8 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Finance Leases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Leases [Abstract] | |
Increase in finance lease liabilities due to new ROU assets | $ 7.8 |
Weighted-average remaining lease term | 5 years |
Weighted-average discount rate | 2.25% |
Restructuring, Impairment and_3
Restructuring, Impairment and Other Charges - Schedule of Restructuring and Other Charges by Segment Recognized in Results of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | $ 2.7 | $ 12.3 | $ 2.9 | $ 13.9 |
Impairment Charges | 12.1 | 12.1 | ||
Other Restructuring Charges | 0.6 | |||
Other Charges | 0.1 | 0.7 | 0.1 | 2.2 |
Total | 2.8 | 25.1 | 3.6 | 28.2 |
Operating Segments | Capital Markets - Software Solutions | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 0.1 | 0.5 | 0.1 | 0.8 |
Impairment Charges | 0 | 0 | ||
Other Restructuring Charges | 0 | |||
Other Charges | 0 | 0 | 0 | 0 |
Total | 0.1 | 0.5 | 0.1 | 0.8 |
Operating Segments | Capital Markets - Compliance and Communications Management | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 0.5 | 4.7 | 0.5 | 5.1 |
Impairment Charges | 12.1 | 12.1 | ||
Other Restructuring Charges | 0 | |||
Other Charges | 0.1 | 0.1 | 0.1 | 0.2 |
Total | 0.6 | 16.9 | 0.6 | 17.4 |
Operating Segments | Investment Companies - Software Solutions | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 0.1 | 0.1 | 0.1 | 0.4 |
Impairment Charges | 0 | 0 | ||
Other Restructuring Charges | 0 | |||
Other Charges | 0 | 0 | 0 | 0 |
Total | 0.1 | 0.1 | 0.1 | 0.4 |
Operating Segments | Investment Companies - Compliance and Communications Management | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 1.9 | 4.8 | 2 | 5.2 |
Impairment Charges | 0 | 0 | ||
Other Restructuring Charges | 0.6 | |||
Other Charges | 0 | 0 | 0 | 0 |
Total | 1.9 | 4.8 | 2.6 | 5.2 |
Corporate | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 0.1 | 2.2 | 0.2 | 2.4 |
Impairment Charges | 0 | 0 | ||
Other Restructuring Charges | 0 | |||
Other Charges | 0 | 0.6 | 0 | 2 |
Total | $ 0.1 | $ 2.8 | $ 0.2 | $ 4.4 |
Restructuring, Impairment and_4
Restructuring, Impairment and Other Charges - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)Employee | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($)Employee | Jun. 30, 2021USD ($)Employee | Jun. 30, 2020USD ($)Employee | |
Restructuring And Related Activities [Abstract] | |||||
Employee Terminations | $ 2.7 | $ 12.3 | $ 2.9 | $ 13.9 | |
Number of employees used to determine employee termination costs | Employee | 170 | 460 | 170 | 510 | |
Other Charges | $ 0.1 | $ 0.7 | $ 0.1 | $ 2.2 | |
Impairment charge, operating lease ROU asset | $ 2.1 | $ 12.1 | 12.1 | ||
Fair value of ROU asset | $ 2.4 |
Restructuring, Impairment and_5
Restructuring, Impairment and Other Charges - Schedule of Changes in the Employee Terminations Liability (Details) - Employee Severance $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Balance at the beginning | $ 8.5 |
Restructuring Charges | 3 |
Reversals | (0.1) |
Cash Paid | (5.7) |
Balance at the end | $ 5.7 |
Retirement Plans - Components o
Retirement Plans - Components of Estimated Net Periodic Benefit Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension income | $ (2.1) | $ (1) | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1.5 | $ 2.2 | 3.1 | 4.4 |
Expected return on assets | (3.6) | (3.5) | (7.1) | (7) |
Amortization, net | 1 | 0.8 | 1.9 | 1.6 |
Net pension income | $ (1.1) | $ (0.5) | $ (2.1) | $ (1) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
LSC Communications | |||
Loss Contingencies [Line Items] | |||
Estimated share of MEPP obligation | $ 19 | ||
Loss contingency accrual | $ 5.9 | 15.2 | |
Non Income Tax [Member] | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | 4.1 | $ 5.2 | |
LSC Communications | |||
Loss Contingencies [Line Items] | |||
Future cash payment on MEPP liabilities, total | 103 | ||
Present value of MEPP liabilities | $ 57 | ||
Blended discount rate on MEPP liabilties | 10.00% | ||
Term of future cash payment on MEPP liabilities | 15 years | ||
Settlement of MEPP liabilities | $ 59 | ||
Minimum [Member] | LSC Communications | |||
Loss Contingencies [Line Items] | |||
Future cash payment on MEPP liabilities per annum | $ 1.6 | ||
Maximum | LSC Communications | |||
Loss Contingencies [Line Items] | |||
Future cash payment on MEPP liabilities per annum | $ 8.5 |
Debt - Schedule of the Company'
Debt - Schedule of the Company's Debt (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (2.1) | $ (2.5) |
Total long-term debt | 240.9 | 230.5 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowings under the Revolving Facility | 10 | 0 |
8.25% Senior Notes Due October 15, 2024 | ||
Debt Instrument [Line Items] | ||
Senior Unsecured notes | $ 233 | $ 233 |
Debt - Schedule of the Compan_2
Debt - Schedule of the Company's Debt (Parenthetical) (Details) - 8.25% Senior Notes Due October 15, 2024 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 8.25% | 8.25% |
Maturity date | Oct. 15, 2024 | Oct. 15, 2024 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | May 27, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Pre-tax gain on extinguishment of debt | $ 0 | $ 2,300,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit | $ 10,000,000 | $ 0 | |||
Weighted average interest rate on borrowing | 2.60% | 2.70% | |||
8.25% Senior Notes Due October 15, 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 8.25% | 8.25% | |||
Maturity date | Oct. 15, 2024 | Oct. 15, 2024 | |||
Fair value of senior notes | $ 242,200,000 | $ 247,500,000 | |||
Notional amount of notes | $ 66,500,000 | ||||
Average purchase and retired price of notes | $ 95.25 | ||||
Pre-tax gain on extinguishment of debt | $ 2,300,000 | ||||
Frequency of principal payments | interest payable semi-annually on April 15 and October 15 | ||||
8.25% Senior Notes Due October 15, 2024 | Debt Instrument, Redemption, Prior October 14, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price, percentage | 102.063% | ||||
Debt instrument, redemption period, start date | Oct. 15, 2021 | ||||
Debt instrument, redemption period, end date | Oct. 14, 2022 | ||||
8.25% Senior Notes Due October 15, 2024 | Debt Instrument, Redemption on October 15, 2022 and Thereafter [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price, percentage | 100.00% | ||||
Debt instrument, redemption period, start date | Oct. 15, 2022 | ||||
Amended and Restated Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 300,000,000 | ||||
Allowable annual dividend payment under credit agreement | $ 20,000,000 | ||||
Amended and Restated Credit Agreement | Delayed-Draw Term Loan A Facility | |||||
Debt Instrument [Line Items] | |||||
Maturity date | May 27, 2026 | ||||
Frequency of principal payments | quarterly | ||||
Line of credit | $ 200,000,000 | ||||
Delayed-draw expiration date | Nov. 1, 2021 | ||||
Quarterly installment payments of term loan as a percentage of original principal, Year One | 1.25% | ||||
Quarterly installment payments of term loan as a percentage of original principal, Year Two | 1.25% | ||||
Quarterly installment payments of term loan as a percentage of original principal, Year Three | 1.25% | ||||
Quarterly installment payments of term loan as a percentage of original principal, After Year Three | 2.50% |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Instruments [Abstract] | ||||
Interest incurred | $ 6.1 | $ 6.3 | $ 11.5 | $ 13.2 |
Less: Gain on debt extinguishment and other interest income | (0.2) | 0 | (0.3) | (2.3) |
Interest expense, net | $ 5.9 | $ 6.3 | $ 11.2 | $ 10.9 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Numerator and Denominator of Basic and Diluted Earnings per Share Calculation and Anti-dilutive Share-based Awards (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Basic | $ 1.27 | $ (0.04) | $ 2.32 | $ 0.08 |
Diluted | $ 1.24 | $ (0.04) | $ 2.26 | $ 0.08 |
Net earnings (loss) | $ 42.9 | $ (1.3) | $ 78.1 | $ 2.8 |
Weighted average number of common shares outstanding | 33.7 | 34 | 33.6 | 34.1 |
Dilutive awards | 0.8 | 0 | 0.9 | 0 |
Diluted weighted average number of common shares outstanding | 34.5 | 34 | 34.5 | 34.1 |
Total weighted average number of anti-dilutive share-based awards | 0 | 2 | 0.3 | 1.9 |
Restricted stock units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Total weighted average number of anti-dilutive share-based awards | 0 | 1.3 | 0.3 | 1.1 |
Stock Options | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Total weighted average number of anti-dilutive share-based awards | 0 | 0.7 | 0 | 0.8 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | Feb. 18, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Feb. 04, 2020 |
Class Of Stock [Line Items] | |||||
Common stock, Authorized | 65,000,000 | 65,000,000 | |||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Preferred stock, authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||
Repurchases of common stock, shares | 126,682 | 250,567 | 1,149,489 | ||
Repurchases of common stock, value | $ 3,400,000 | $ 7,100,000 | $ 10,300,000 | ||
Shares repurchased average price | $ 26.92 | $ 28.19 | $ 8.92 | ||
Stock repurchase program, remaining authorized amount | $ 39,600,000 | $ 14,700,000 | |||
Common Stock | |||||
Class Of Stock [Line Items] | |||||
Outstanding common stock value authorized to repurchase under stock repurchase program | $ 50,000,000 | $ 25,000,000 | |||
Stock Repurchase Program Expiration Date | Dec. 31, 2022 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Components of Other Comprehensive Income (Loss) and Income Tax Expense Allocated to Each Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive (loss) income, Before Tax Amount | $ 0.7 | $ 1.9 | $ 2.6 | $ (0.1) |
Other comprehensive (loss) income, Income Tax Expense | 0.3 | 0.3 | 0.7 | 0.5 |
Other comprehensive income (loss), net of tax | 0.4 | 1.6 | 1.9 | (0.6) |
Translation adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive (loss) income, Before Tax Amount | (0.3) | 1.1 | 0.7 | (1.7) |
Other comprehensive (loss) income, Income Tax Expense | 0.1 | 0 | 0.2 | 0 |
Other comprehensive income (loss), net of tax | (0.4) | 1.1 | 0.5 | (1.7) |
Adjustment for Net Periodic Pension Plan and Other Postretirement Benefits Plan Cost | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive (loss) income, Before Tax Amount | 1 | 0.8 | 1.9 | 1.6 |
Other comprehensive (loss) income, Income Tax Expense | 0.2 | 0.3 | 0.5 | 0.5 |
Other comprehensive income (loss), net of tax | $ 0.8 | $ 0.5 | $ 1.4 | $ 1.1 |
Comprehensive Income - Schedu_2
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 247.8 | $ 268.6 |
Balance | 319.6 | 270.4 |
Pension and Other Postretirement Benefits Plan Cost | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (67.6) | (70.9) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 1.4 | 1.1 |
Net change in accumulated other comprehensive loss | 1.4 | 1.1 |
Balance | (66.2) | (69.8) |
Translation adjustments | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (13.2) | (13.7) |
Other comprehensive income before reclassifications | 0.9 | (1.7) |
Amounts reclassified from accumulated other comprehensive loss | (0.4) | 0 |
Net change in accumulated other comprehensive loss | 0.5 | (1.7) |
Balance | (12.7) | (15.4) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (80.8) | (84.6) |
Other comprehensive income before reclassifications | 0.9 | (1.7) |
Amounts reclassified from accumulated other comprehensive loss | 1 | 1.1 |
Net change in accumulated other comprehensive loss | 1.9 | (0.6) |
Balance | $ (78.9) | $ (85.2) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Loss Amortization of Pension Plan Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications before taxes | $ 0.5 | $ 0.8 | $ 1.4 | $ 1.6 | |
Income tax expense (benefit) | 0.1 | 0.3 | 0.4 | 0.5 | |
Reclassifications, net of tax | 0.4 | 0.5 | 1 | 1.1 | |
Accumulated Defined Benefit Plans Adjustment, Net Actuarial loss | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications before taxes | [1] | 1 | $ 0.8 | 1.9 | $ 1.6 |
Translation Adjustments | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications before taxes | [2] | $ (0.5) | $ (0.5) | ||
[1] | These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in investment and other income, net in the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans ). | ||||
[2] | Translation adjustment reclassification resulting from the liquidation of a foreign subsidiary is included in investment and other income, net in the Unaudited Condensed Consolidated Statements of Operations. |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 4 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | $ 267.5 | $ 254 | $ 512.8 | $ 474.7 | ||||||
Income (Loss) from Operations | 62 | 3.9 | 112.9 | 15.8 | ||||||
Assets | 931.5 | [1] | 963.8 | [1] | 931.5 | [1] | 963.8 | [1] | $ 865.6 | |
Depreciation and Amortization | 10.1 | 14.7 | 19.9 | 27.1 | ||||||
Capital Expenditures | 9.7 | 8.8 | 17.7 | 15.7 | ||||||
Capital Markets - Software Solutions | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 43.8 | 31.8 | 82.3 | 63 | ||||||
Capital Markets - Compliance and Communications Management | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 153.1 | 120.8 | 291.6 | 219.9 | ||||||
Investment Companies - Software Solutions | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 22.8 | 15.8 | 44.6 | 31.9 | ||||||
Investment Companies - Compliance and Communications Management | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 47.8 | 85.6 | 94.3 | 159.9 | ||||||
Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 267.5 | 254 | 512.8 | 474.7 | ||||||
Income (Loss) from Operations | 79.5 | 32.7 | 153.4 | 58.1 | ||||||
Assets | [1] | 805.4 | 864.9 | 805.4 | 864.9 | |||||
Depreciation and Amortization | 10 | 13.4 | 19.8 | 25.8 | ||||||
Capital Expenditures | 8.7 | 8.8 | 15.3 | 15.1 | ||||||
Operating Segments | Capital Markets - Software Solutions | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 43.8 | 31.8 | 82.3 | 63 | ||||||
Income (Loss) from Operations | 9.3 | 1 | 15.8 | 2.8 | ||||||
Assets | [1] | 178 | 165.6 | 178 | 165.6 | |||||
Depreciation and Amortization | 4.1 | 3.6 | 7.8 | 6.7 | ||||||
Capital Expenditures | 4.5 | 3.7 | 8.2 | 7 | ||||||
Operating Segments | Capital Markets - Compliance and Communications Management | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 153.1 | 120.8 | 291.6 | 219.9 | ||||||
Income (Loss) from Operations | 64.6 | 29.3 | 123.7 | 50.7 | ||||||
Assets | [1] | 466.2 | 452.1 | 466.2 | 452.1 | |||||
Depreciation and Amortization | 1.5 | 4 | 3 | 8 | ||||||
Capital Expenditures | 0.7 | 1.4 | 1.3 | 1.6 | ||||||
Operating Segments | Investment Companies - Software Solutions | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 22.8 | 15.8 | 44.6 | 31.9 | ||||||
Income (Loss) from Operations | 3.5 | 0.4 | 5.5 | 0.5 | ||||||
Assets | [1] | 92.3 | 97.4 | 92.3 | 97.4 | |||||
Depreciation and Amortization | 3.2 | 3.2 | 6.8 | 6.1 | ||||||
Capital Expenditures | 2.7 | 2.7 | 4.5 | 5.5 | ||||||
Operating Segments | Investment Companies - Compliance and Communications Management | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 47.8 | 85.6 | 94.3 | 159.9 | ||||||
Income (Loss) from Operations | 2.1 | 2 | 8.4 | 4.1 | ||||||
Assets | [1] | 68.9 | 149.8 | 68.9 | 149.8 | |||||
Depreciation and Amortization | 1.2 | 2.6 | 2.2 | 5 | ||||||
Capital Expenditures | 0.8 | 1 | 1.3 | 1 | ||||||
Corporate | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Sales | 0 | 0 | 0 | 0 | ||||||
Income (Loss) from Operations | (17.5) | (28.8) | (40.5) | (42.3) | ||||||
Assets | [1] | 126.1 | 98.9 | 126.1 | 98.9 | |||||
Depreciation and Amortization | 0.1 | 1.3 | 0.1 | 1.3 | ||||||
Capital Expenditures | $ 1 | $ 0 | $ 2.4 | $ 0.6 | ||||||
[1] | Certain assets are recorded within a segment based on predominant usage, however, as they benefit more than one segment, the related operating expenses are allocated between segments. |