Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 34,253,926 | ||
Entity Public Float | $ 413,269,478 | ||
Title of 12(b) Security | Common Stock (Par Value $0.01) | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-37728 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-4829638 | ||
Entity Address, Address Line One | 35 West Wacker Drive | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60601 | ||
City Area Code | 844 | ||
Local Phone Number | 866-4337 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement related to its annual meeting of stockholders scheduled to be held on May 18, 2020 are incorporated by reference into Part III of this Form 10-K. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Total net sales | $ 874.7 | $ 963 | $ 1,004.9 | ||
Total cost of sales | 542.4 | 587.3 | 621.4 | ||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 205.8 | 258.2 | 236.2 | ||
Restructuring, impairment and other charges-net (Note 5) | 13.6 | 4.4 | 7.1 | ||
Depreciation and amortization | 49.6 | 45.8 | 44.5 | ||
Other operating income | (15.2) | (53.8) | 0 | ||
Income from operations | 78.5 | 121.1 | 95.7 | ||
Interest expense-net (Note 16) | 38.1 | 36.7 | 42.9 | ||
Investment and other income-net | (11.7) | (18.3) | (3.4) | ||
Earnings before income taxes | 52.1 | 102.7 | 56.2 | ||
Income tax expense | 14.5 | 29.1 | 46.5 | ||
Net earnings | $ 37.6 | $ 73.6 | $ 9.7 | ||
Net earnings per share: | |||||
Basic | $ 1.10 | $ 2.18 | $ 0.29 | ||
Diluted | $ 1.10 | $ 2.16 | $ 0.29 | ||
Weighted average number of common shares outstanding: | |||||
Basic | 34.1 | 33.8 | 33.1 | ||
Diluted | 34.3 | 34 | 33.3 | ||
Services Net Sales | |||||
Total net sales | $ 554 | $ 618 | $ 632.1 | ||
Total cost of sales | 284.8 | 328.8 | 328.7 | ||
Products Net Sales | |||||
Total net sales | 320.7 | 345 | 372.8 | ||
Total cost of sales | 257.6 | 258.5 | 240.9 | ||
R.R. Donnelley Affiliates | Services Net Sales | |||||
Total cost of sales | [1] | 0 | 0 | 19.5 | [2] |
R.R. Donnelley Affiliates | Products Net Sales | |||||
Total cost of sales | [1] | $ 0 | $ 0 | $ 32.3 | [2] |
[1] | Beginning in the quarter ended June 30, 2017, LSC Communications, Inc. (“LSC”) no longer qualified as a related party, therefore the amounts disclosed related to LSC are presented through March 31, 2017 only. Beginning in the quarter ended September 30, 2017, R.R. Donnelley & Sons Company ("RRD") no longer qualified as a related party, therefore the amounts disclosed related to RRD are presented through June 30, 2017 only. | ||||
[2] | Beginning in the quarter ended June 30, 2017, LSC no longer qualified as a related party, therefore the amounts disclosed related to LSC are presented through March 31, 2017 only. Beginning in the quarter ended September 30, 2017, RRD no longer qualified as a related party, therefore the amounts disclosed related to RRD are presented through June 30, 2017 only. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net earnings | $ 37.6 | $ 73.6 | $ 9.7 |
Other comprehensive income (loss), net of tax: | |||
Translation adjustments | 3 | (5) | 4.4 |
Adjustment for net periodic pension and other postretirement benefits plan cost | (4.9) | (2.2) | (0.7) |
Other comprehensive (loss) income, net of tax | (1.9) | (7.2) | 3.7 |
Comprehensive income | $ 35.7 | $ 66.4 | $ 13.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 17.2 | $ 47.3 |
Receivables, less allowances for doubtful accounts of $7.7 in 2019 (2018 - $7.9) | 161.4 | 172.9 |
Inventories | 11.1 | 12.1 |
Prepaid expenses and other current assets | 15.9 | 16.7 |
Assets held for sale | 5.6 | 0 |
Total current assets | 211.2 | 249 |
Property, plant and equipment-net | 17.5 | 32.2 |
Right-of-use assets | 80.7 | 0 |
Software-net | 55 | 47.8 |
Goodwill | 450.3 | 450 |
Other intangible assets-net | 21.9 | 37.2 |
Deferred income taxes | 9 | 9.7 |
Other noncurrent assets | 41.3 | 42.8 |
Total assets | 886.9 | 868.7 |
LIABILITIES | ||
Accounts payable | 58.5 | 72.4 |
Accrued liabilities | 121 | 126 |
Total current liabilities | 179.5 | 198.4 |
Long-term debt (Note 16) | 296 | 362.7 |
Deferred compensation liabilities | 20 | 19.5 |
Pension and other postretirement benefits plan liabilities | 58.8 | 51.3 |
Noncurrent lease liabilities | 57.9 | 0 |
Other noncurrent liabilities | 6.1 | 10.8 |
Total liabilities | 618.3 | 642.7 |
Commitments and Contingencies (Note 13) | ||
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: 34.5 shares and 34.2 shares in 2019 (2018 - 34.2 shares and 34.1 shares) | 0.3 | 0.3 |
Treasury stock, at cost: 0.3 shares in 2019 (2018 - 0.1 shares) | (4.2) | (2.4) |
Additional paid-in-capital | 225.2 | 216.5 |
Retained earnings | 131.9 | 94.3 |
Accumulated other comprehensive loss | (84.6) | (82.7) |
Total equity | 268.6 | 226 |
Total liabilities and equity | $ 886.9 | $ 868.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 7.7 | $ 7.9 |
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 | 34,500,000 | 34,200,000 |
Common stock, Outstanding | 34,200,000 | 34,100,000 |
Treasury stock, Shares | 300,000 | 100,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net earnings | $ 37.6 | $ 73.6 | $ 9.7 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 49.6 | 45.8 | 44.5 |
Provision for doubtful accounts receivable | 3.2 | 4.9 | 3.9 |
Impairment charges | 3 | 0 | 0 |
Share-based compensation | 8.9 | 9.2 | 6.8 |
Loss on debt extinguishment | 4.1 | 0 | 0 |
Deferred income taxes | 2.5 | 10.5 | 12.4 |
Net pension plan expense (income) | 1.8 | (3.2) | (3.3) |
Gain on equity investments | (13.6) | (13.6) | 0 |
Net gain on sale of building | (19.2) | 0 | 0 |
Net loss (gain) on disposition of Language Solutions business | 4 | (53.8) | 0 |
Amortization of right-of-use assets | 22.1 | 0 | 0 |
Other | 3.1 | 2.3 | 2.8 |
Changes in operating assets and liabilities - net of acquisitions: | |||
Accounts receivable – net | 8.7 | (25.3) | 18 |
Inventories | 1 | (1.6) | 0.8 |
Prepaid expenses and other current assets | 2.6 | 1.2 | (3.5) |
Accounts payable | (13.6) | 10.7 | (18.3) |
Income taxes payable and receivable | (13) | 9.2 | 5.4 |
Accrued liabilities and other | (13.5) | (1.7) | 14.4 |
Lease liabilities | (23.8) | 0 | 0 |
Pension and other postretirement benefits plan contributions | (1) | (1.9) | (2.2) |
Net cash provided by operating activities | 54.5 | 66.3 | 91.4 |
INVESTING ACTIVITIES | |||
Capital expenditures | (44.8) | (37.1) | (27.8) |
Proceeds from sale of building | 30.6 | 0 | 0 |
Acquisition of business, net of cash acquired | (4.5) | (12.5) | 0 |
Purchase of investment | (2.3) | 0 | (3.4) |
Proceeds from sale of investment | 12.8 | 3.1 | 0 |
(Payments for) proceeds from disposition of Language Solutions business | (4) | 77.5 | 0 |
Other investing activities | 0 | (0.8) | 0.2 |
Net cash (used in) provided by investing activities | (12.2) | 30.2 | (31) |
FINANCING ACTIVITIES | |||
Revolving facility borrowings | 515.5 | 360 | 298.5 |
Payments on revolving facility borrowings | (515.5) | (360) | (298.5) |
Payments on long-term debt | (72.5) | (97.5) | (133) |
Proceeds from the issuance of common stock | 0 | 1.2 | 18.8 |
Treasury share repurchases | (1.8) | (1.5) | (0.9) |
Debt issuance costs | (0.2) | (1.2) | (2.1) |
Separation-related payment from R.R. Donnelley | 0 | 0 | 68 |
Proceeds from issuance of long-term debt | 0 | 0 | 3.1 |
Other financing activities | 0 | 0 | 0.4 |
Net cash used in financing activities | (74.5) | (99) | (45.7) |
Effect of exchange rate on cash and cash equivalents | 2.1 | (2.2) | 1.1 |
Net (decrease) increase in cash and cash equivalents | (30.1) | (4.7) | 15.8 |
Cash and cash equivalents at beginning of year | 47.3 | 52 | 36.2 |
Cash and cash equivalents at end of period | 17.2 | 47.3 | 52 |
Supplemental cash flow information: | |||
Income taxes paid (net of refunds) | 25 | 10.1 | 30.5 |
Interest paid | $ 31.9 | $ 34.6 | $ 40 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in-Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | |
Balance at Dec. 31, 2016 | $ 111.1 | $ 0.3 | $ 0 | $ 179.9 | $ (0.8) | $ (68.3) | |
Balance (in shares) at Dec. 31, 2016 | 32,600,000 | 0 | |||||
Net earnings | 9.7 | $ 0 | $ 0 | 0 | 9.7 | 0 | |
Other comprehensive income (loss) | 3.7 | 0 | 0 | 0 | 0 | 3.7 | |
Separation-related adjustments | 0.2 | 0 | 0 | 0.2 | 0 | 0 | |
Issuance of additional common shares | 18.8 | $ 0 | $ 0 | 18.8 | 0 | 0 | |
Issuance of additional common shares (in shares) | 900,000 | 0 | |||||
Share-based compensation | 6.8 | $ 0 | $ 0 | 6.8 | 0 | 0 | |
Issuance of share-based awards, net of withholdings and other | (0.9) | $ 0 | $ (0.9) | 0 | 0 | 0 | |
Issuance of share-based awards, net of withholdings and other (in shares) | 300,000 | 0 | |||||
Balance at Dec. 31, 2017 | 149.4 | $ 0.3 | $ (0.9) | 205.7 | 8.9 | (64.6) | |
Balance (in shares) at Dec. 31, 2017 | 33,800,000 | 0 | |||||
Net earnings | 73.6 | $ 0 | $ 0 | 0 | 73.6 | 0 | |
Other comprehensive income (loss) | (7.2) | 0 | 0 | 0 | 0 | (7.2) | |
Adoption of ASU 2018-02 | 0 | 0 | 0 | 0 | 10.9 | (10.9) | [1] |
Adoption of ASU 2014-09 | 0.9 | 0 | 0 | 0 | 0.9 | 0 | |
Share-based compensation | 9.2 | 0 | 0 | 9.2 | 0 | 0 | |
Issuance of share-based awards, net of withholdings and other | 0.1 | $ 0 | $ (1.5) | 1.6 | 0 | 0 | |
Issuance of share-based awards, net of withholdings and other (in shares) | 400,000 | 100,000 | |||||
Balance at Dec. 31, 2018 | $ 226 | $ 0.3 | $ (2.4) | 216.5 | 94.3 | (82.7) | |
Balance (in shares) at Dec. 31, 2018 | 34,200,000 | 34,200,000 | 100,000 | ||||
Net earnings | $ 37.6 | $ 0 | $ 0 | 0 | 37.6 | 0 | |
Other comprehensive income (loss) | (1.9) | 0 | 0 | 0 | 0 | (1.9) | |
Share-based compensation | 8.9 | 0 | 0 | 8.9 | 0 | 0 | |
Issuance of share-based awards, net of withholdings and other | (2) | $ 0 | $ (1.8) | (0.2) | 0 | 0 | |
Issuance of share-based awards, net of withholdings and other (in shares) | 300,000 | 200,000 | |||||
Balance at Dec. 31, 2019 | $ 268.6 | $ 0.3 | $ (4.2) | $ 225.2 | $ 131.9 | $ (84.6) | |
Balance (in shares) at Dec. 31, 2019 | 34,500,000 | 34,500,000 | 300,000 | ||||
[1] | In February 2018, the FASB issued Accounting Standards Update No. 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which provides entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Act to retained earnings. The Company early adopted the standard in the fourth quarter of 2018. The impact of the adoption resulted in an increase in accumulated comprehensive loss and an increase in retained earnings of $10.9 million. |
Overview and Basis of Presentat
Overview and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Overview and Basis of Presentation | Note 1. Overview and Basis of Presentation Description of Business Donnelley Financial Solutions, Inc. and subsidiaries (“DFIN,” or the “Company”) is a leading global risk and compliance solutions company. The Company provides regulatory filing and deal solutions via its software-as-a-service (“SaaS”), technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve their regulatory and compliance needs. For corporate clients within its capital markets offerings, the Company offers technology-enabled filing solutions that allow U.S. 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 the investment markets clients, including alternative investment and insurance investment companies, the Company provides technology-enabled filing solutions including cloud-based tools for creating and filing regulatory documents as well as solutions for investors designed to improve the speed of access to and accuracy of investment information. Throughout a company’s life cycle, the Company serves its clients’ regulatory and compliance needs. The Company’s deep industry and regulatory expertise and a commitment to exceptional service guides its clients to navigate a complex and ever-changing regulatory environment. DFIN’s Registration Statement on Form 10, as amended, was declared effective by the SEC on September 20, 2016. On October 1, 2016, DFIN became an independent publicly traded company through the distribution by R.R. Donnelley & Sons Company (“RRD”) of approximately 26.2 million shares, or 80.75%, of DFIN common stock to RRD shareholders (the “Separation”). Holders of RRD common stock received one share of DFIN common stock for every eight shares of RRD common stock held on September 23, 2016. As part of the Separation, RRD retained approximately 6.2 million shares of DFIN common stock, or a 19.25% interest in DFIN. DFIN’s common stock began regular-way trading under the ticker symbol “DFIN” on the New York Stock Exchange on October 3, 2016. On October 1, 2016, RRD also completed the previously announced separation of LSC Communications, Inc. (“LSC”), its publishing and retail-centric print services and office products business. On March 28, 2017, RRD completed the sale of 6.2 million shares of LSC common stock (RRD’s remaining ownership stake in LSC) in an underwritten public offering. As a result, beginning in the quarter ended June 30, 2017, LSC no longer qualified as a related party of the Company, therefore amounts disclosed related to LSC are presented through March 31, 2017 only. On March 24, 2017, pursuant to the Stockholder and Registration Rights Agreement, dated as of September 30, 2016, by and between the Company and RRD, the Company filed a Registration Statement on Form S-1 to register the offering and sale of shares of the Company’s common stock retained by RRD. The Registration Statement on Form S-1, as amended, was declared effective by the SEC on June 13, 2017. On June 21, 2017, RRD completed the sale of approximately 6.1 million shares of the Company’s common stock in an underwritten public offering. Upon the consummation of the offering, RRD retained approximately 0.1 million shares of the Company’s common stock which were subsequently sold by RRD on August 4, 2017. In conjunction with the underwritten public offering, the underwriters exercised their option to purchase approximately 0.9 million of the Company’s shares (the “Option Shares”). The Company received approximately $18.8 million in net proceeds from the sale of the Option Shares, after deducting estimated underwriting discounts and commissions. The proceeds were used to reduce outstanding debt under the Revolving Facility (as defined in Note 16, Debt ). Beginning in the quarter ended September 30, 2017, RRD no longer qualified as a related party, therefore amounts disclosed related to RRD are presented through June 30, 2017 only. Basis of Presentation The 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”) and in accordance with the rules and regulations of the SEC. All intercompany transactions have been eliminated in consolidation. DFIN generates a portion of net revenue from sales to RRD’s subsidiaries. Included in the consolidated financial statements are net revenues from sales to RRD and affiliates of $8.3 million for the six months ended June 30, 2017. DFIN utilizes RRD for freight and logistics, production of certain printed products and outsourced business services functions. Included in the consolidated financial statements are cost of sales to RRD and affiliates of $51.8 million for the six months ended June 30, 2017. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires the extensive use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes thereto. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, pension, goodwill and other intangible assets, asset valuations and useful lives, income taxes and other provisions and contingencies. Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) while transaction gains and losses are recorded in net earnings. Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be indefinitely reinvested. Fair Value Measurements— Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its pension plan assets on a recurring basis. See Note 14, , for the fair value of the Company’s pension plan assets as of December 31, 2019. The Company measures its equity investments 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. See Note 11, Investments In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held for sale, goodwill and other intangible assets. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values. The three-tier value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. Revenue Recognition — The Company manages highly-customized data and materials, such as filings on behalf of its customers with the SEC related to the Securities Exchange Act of 1934 as amended (the “Exchange Act”), the Securities Act of 1933, as amended (the “Securities Act”), and performs eXtensible Business Reporting Language (“XBRL”) and related services. The Company’s SaaS offerings include the Venue Virtual Data Room, the FundSuiteArc 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. The Company separately reports its net sales and related cost of sales for its services and products offerings. The Company’s services offerings consist of document composition, compliance-related EDGAR filing services, transaction solutions, and the Company’s SaaS solutions, including Venue, FundSuiteArc, ActiveDisclosure, EDGAR Online and others. The Company’s product offerings primarily consist of conventional and digital printed products and related shipping costs. Prior to the sale of the Company’s Language Solutions business on July 22, 2018, the Company provided language solutions services to international clients. Refer to Note 3 , Revenue , for a discussion of the Company’s revenue recognition following the 2018 adoption of the Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) . Cash and cash equivalents — The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. Receivables — Receivables are stated net of allowances for doubtful accounts and primarily include trade receivables as well as miscellaneous receivables from suppliers. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. No single customer comprised more than 10% of the Company’s net sales in 2019, 2018 or 2017. See Note 8, for details of activity affecting the allowance for doubtful accounts receivable. Inventories — Inventories include material, labor and factory overhead and are stated at the lower of cost or market and net of excess and obsolescence reserves for raw materials. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory. Specific excess and obsolescence provisions are also made when a review of specific balances indicates that the inventories will not be utilized in production or sold. Inventory is valued using the First-In, First-Out (FIFO) method. Prepaid Expenses — Prepaid expenses as of December 31, 2019 and 2018 were $9.6 million and $13.9 million, respectively. Long-Lived Assets — The Company assesses potential impairments to its long-lived assets, including long-lived intangible assets, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impaired asset is written down to its estimated fair value based upon the most recent information available. Estimated fair market value is generally measured by discounting estimated future cash flows. Long-lived assets, other than goodwill, are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. Property, plant and equipment — Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 15 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 15 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. Software — The Company incurs costs to develop software applications for internal-use and for the development of SaaS solutions sold to its clients. These costs include both direct costs from third-party vendors and eligible salaries and payroll-related costs of employees. The Company capitalizes costs associated with internal-use software and SaaS solutions when management with the relevant authority authorizes and commits to the funding of the software project and it is probable that the project will be completed and the software will be used to perform the functions intended. Costs associated with upgrades and enhancements of internal-use software and SaaS solutions are capitalized only if such modifications result in additional functionality of the software, whereas costs incurred for preliminary project stage activities, training, project management and maintenance is expensed as incurred. 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 $27.6 million, $24.3 million and $22.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. Goodwill — Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit in certain circumstances. Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. For certain reporting units, the Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing this qualitative analysis, the Company considers various factors, including the excess of prior year estimates of fair value compared to carrying value, the effect of market or industry changes and the reporting units’ actual results compared to projected results. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. For the year ended December 31, 2019, each of the reporting units was reviewed for impairment using a quantitative assessment. The Company compared each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying amount. If the carrying amount exceeds the reporting unit’s fair value, the Company will recognize an impairment loss for the amount by which the carrying amount exceeds the fair value. The results of the quantitative assessment of goodwill impairment as of October 31, 2019, indicated that the estimated fair values for each of the reporting units exceeded their respective carrying amounts. Therefore, no impairment losses were recognized. Other long-lived intangible assets are recognized separately from goodwill and are amortized on a straight-line basis over their estimated useful lives. See Note 6, Goodwill and Other Intangible Assets, Share-Based Compensation — The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including non-qualified stock options (“stock options”), restricted stock units (“RSUs”), performance-based restricted stock (“PBRS”) and performance share units (“PSUs”). The Company recognizes compensation costs for RSUs expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. Compensation expense for PBRS awards granted in 2016, which vest on a graded basis, is recognized utilizing a graded vesting schedule. Compensation expense for PBRS awards granted in 2017, which cliff vest, is recognized on a straight-line basis over the performance period of the award. The Company recognizes compensation costs for PSUs, which cliff vest, on a straight-line basis over the performance period of the award. Compensation expense for stock options is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of four years. See Note 18, , for further discussion. Pension and Other Post-Retirement Plans — DFIN engages outside actuaries to assist in the determination of the obligations and costs under these plans, which are frozen to new participants. The annual income and expense amounts relating to the pension plan and other postretirement benefit plan are based on calculations which include various actuarial assumptions including, mortality expectations, discount rates and expected long-term rates of return. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effects of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive income (loss) and amortized into operating earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. Refer to Note 14, , for further discussion. Income Taxes — Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company maintains an income taxes payable or receivable account in each jurisdiction and, with the exception of certain entities outside the U.S. that transferred to the Company at Separation, the Company is deemed to settle current tax balances with the RRD tax paying entities in the respective jurisdictions. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not ( i.e., Income Taxes, Commitments and Contingencies — The Company is subject to lawsuits, investigations and other claims related to environmental, employment, commercial and other matters, as well as preference claims related to amounts received from customers and others prior to their seeking bankruptcy protection. Periodically, the Company reviews the status of each significant matter and assesses potential financial exposure. See Note 13, , for further discussion. Restructuring — The Company records restructuring charges when liabilities are incurred as part of a plan approved by management with the appropriate level of authority for the elimination of duplicative functions, the closure of facilities, or the exit of a line of business, generally in order to reduce the Company’s overall cost structure. See Note 5, , for further discussion. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, which requires lessees to record most leases on the balance sheet but recognize expense on the income statement in a manner similar to the former accounting standard. The Company adopted the standard and all related amendments on January 1, 2019 using the optional transition method. The comparative periods have not been restated and continue to be reported under the accounting standards in effect for those periods. Refer to Note 7, Leases Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss model with a current expected credit loss (“CECL”) model and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. This standard applies to financial assets, measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases and trade accounts receivable. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The Company will adopt the standard in the first quarter of 2020. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40).” The standard requires a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and to expense the capitalized implementation costs over the term of the hosting arrangement. The standard is effective for fiscal years beginning after December 15, 2019, and the interim periods within those fiscal years. The Company will adopt the amendment prospectively in the first quarter of 2020. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which modifies ASC 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 tax 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 . Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its con solidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue | Note 3. Revenue Revenue Recognition The Company manages highly-customized data and materials, such as the Exchange Act, the Securities Act and the Investment Company Act filings with the SEC on behalf of its customers as well as manages virtual data rooms and performs XBRL and related services. Clients are provided with the Electronic Data, Gathering, Analysis and Retrieval (“EDGAR”) filing services, XBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among others. The Company’s SaaS offerings include the Venue Virtual Data Room, the FundSuiteArc software platform, ActiveDisclosure and data and analytics, and others. Substantially all of the Company’s revenue is derived from contracts with an initial expected duration of one year or less. Generally, customer payment is due within ten days upon invoicing. 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 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 services and products is recognized either over time or at a point in time, as outlined below. Over time The Company recognizes revenue for certain services over time. • The Company’s SaaS solutions, including the Venue Virtual Data Room, the FundSuiteArc software platform, ActiveDisclosure, data and analytics and others, are generally provided on a subscription basis and allow customers access to use the products over the contract period. As a result, revenue for SaaS solutions are recognized ratably over time as the customer receives the benefit throughout the contract period. The timing of invoicing varies, however the customer may be invoiced before the end of the contract period, resulting in a deferred revenue balance. • Revenue for warehousing services are recognized ratably over time as the customer receives the benefit throughout the storage period. Point in time All remaining revenue arrangements are generally recognized at a point in time and are primarily invoiced upon completion of all services or upon shipment to the customer. • Certain arrangements include multiple performance obligations and revenue is recognized upon completion of each performance obligation, such as when a document is filed with a regulatory agency and upon completion of printing the related document. For arrangements with multiple performance obligations, the transaction price is allocated to the separate performance obligations. The Company provides customer specific solutions and as such, observable standalone selling price is rarely available. Standalone selling price is determined using an estimate of the standalone selling price of each distinct service or product, taking into consideration historical selling price by customer for each distinct service or product. These estimates may vary from the final amounts invoiced to the customer and are adjusted upon completion of all performance obligations. Customers may be invoiced subsequent to the recognition of revenue for completed performance obligations , resulting in contract asset balances, which are reflected within accounts receivable in the Company’s consolidated balance sheets, as further described below. • Revenue for arrangements which include assisting customers in completing regulatory filings for transactions, such as mergers and acquisitions or other public capital market transactions, is recognized upon completion of all obligations, including the services performed and printing of the related document, if applicable. • Revenue for arrangements without a regulatory filing generally have a single performance obligation. As the services and products provided are not distinct within the context of the contract, the revenue is recognized upon completion of the services performed or upon completion of printing of the related product. • Warehousing, fulfillment services and shipping and handling are each separate performance obligations. As a result, when the Company provides warehousing and future fulfillment services, revenue for the composition services performed and printing of the product is recognized upon completion of the performance obligation(s), as control of the inventory has transferred to the customer and the inventory is being stored at the customer’s request. Because substantially all of the Company’s products are customized, product returns are not significant; however, the Company accrues for the estimated amount of customer credits at the time of sale. The Company records deferred revenue when amounts are invoiced but the revenue recognition criteria are not yet met. Such revenue is recognized when all criteria are subsequently met. Certain revenues earned by the Company require significant judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for shipping and handling costs as well as certain postage costs, and out-of-pocket expenses are recorded gross. Revenue is not recognized for customer-supplied postage. The Company’s printing operations process paper that may be supplied directly by customers or may be purchased by the Company from third parties and sold to customers. Revenue is not recognized for customer-supplied paper; however, revenues for Company-supplied paper are recognized on a gross basis. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to authorities. The Company expenses the costs to obtain the contract, primarily commissions, as incurred. Disaggregation of revenue The following tables disaggregates revenue by reporting unit and timing of revenue recognition for the year ended December 31, 2019 and 2018: Year Ended December 31, 2019 Point in time Over time Total U.S. Capital Markets $ 323.7 $ 97.3 $ 421.0 Investment Markets 295.0 45.4 340.4 Total U.S. 618.7 142.7 761.4 International 85.3 28.0 113.3 Total net sales $ 704.0 $ 170.7 $ 874.7 Year Ended December 31, 2018 Point in time Over time Total U.S. Capital Markets $ 358.9 $ 97.1 $ 456.0 Investment Markets 291.6 50.5 342.1 Language Solutions 13.7 — 13.7 Total U.S. 664.2 147.6 811.8 International 132.2 19.0 151.2 Total net sales $ 796.4 $ 166.6 $ 963.0 Contract Balances The timing of revenue recognition may differ from the timing of invoicing to 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. Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. Contract assets were $ 8.9 Contract liabilities consist of deferred revenue and progress billings which are included in accrued liabilities on the consolidated balance sheet. Changes in contract liabilities were as follows: Balance at January 1, 2019 $ 12.0 Deferral of revenue 51.2 Revenue recognized (50.1 ) Balance at December 31, 2019 $ 13.1 Balance at January 1, 2018 $ 14.2 Deferral of revenue 47.1 Revenue recognized (47.9 ) Disposition (1.6 ) Acquisition 0.2 Balance at December 31, 2018 $ 12.0 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Note 4. Acquisitions and Dispositions Acquisition On December 18, 2018, the Company acquired eBrevia, Inc. (“eBrevia”), a leading provider of artificial intelligence-based data extraction and contract analytics software solutions. The eBrevia technology provides leading enterprise contract review and analysis solutions, leveraging machine learning to produce faster and more accurate results. eBrevia's software, which extracts and summarizes key legal provisions and other information, can be used in due diligence, contract management, lease abstraction and document drafting. The acquisition enhances the Company’s Venue offerings to provide clients with secure data aggregation, due diligence, compliance and risk management solutions. The Company previously held a 12.8% investment in eBrevia prior to the acquisition. The purchase price for the remaining equity of eBrevia, which includes the Company’s estimate of contingent consideration, was $ million, net of cash acquired of $0.2 million. $4.5 million of the purchase price was paid during 2019. The fair value of the Company’s previously held investment was $3.3 million, resulting in the recognition of a $1.8 million gain, which is reflected in investment and other income in the consolidated statements of operations for the year ended December 31, 2018. The fair value of the previously held investment was determined based on the purchase price paid for the remaining equity less an estimated control premium. The former owners of eBrevia, excluding the Company, may receive additional contingent consideration of up to $3.5 million in cash subject to eBrevia achieving certain financial targets during the twenty-four months post acquisition. As of the acquisition date and as of December 31, 2019, the Company estimated the fair value of contingent consideration to be $0.8 million using a probability weighting of the potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation will be recognized in the Company’s consolidated statement of operations. The operations of eBrevia are included within the Capital Markets reporting unit in the U.S. segment. For the years ended December 31, 2019 and 2018, the Company recorded $0.1 million and $0.8 million, respectively, of acquisition-related expenses associated with acquisitions completed or contemplated within selling, general and administrative expenses in the consolidated statements of operations. The eBrevia acquisition was recorded by allocating the cost of the acquisition to the assets acquired, including other intangible assets, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired was recorded as goodwill. There is no tax deductible goodwill related to the eBrevia acquisition. The final allocation of consideration paid for the eBrevia acquisition is summarized as follows: Accounts receivable $ 0.3 Other intangible assets 11.4 Software 0.8 Goodwill 12.8 Accounts payable and accrued liabilities (0.4 ) Deferred taxes-net (1.6 ) Total purchase price-net of cash acquired 23.3 Less: fair value of the Company's previously held investment in eBrevia (3.3 ) Less: fair value of contingent consideration (0.8 ) Less: amounts held in escrow and liabilities assumed (2.2 ) Net cash paid $ 17.0 Disposition On July 22, 2018, the Company sold its Language Solutions business, which helped companies adapt their business content into different languages for specific countries, markets and regions, for net proceeds of $77.5 million in cash, all of which was received as of December 31, 2018, resulting in a gain of $53.8 million, which was recognized in other operating income in the consolidated statement of operations for the year ended December 31, 2018. During the year ended December 31, 2019, the Company recognized a $4.0 million loss related to the disposition of the Language Solutions business which is reflected in other operating income in the consolidated statement of operations. Language Solutions' operating results were included within the Language Solutions reporting unit within the U.S. segment as well as the International segment. |
Restructuring, Impairment and O
Restructuring, Impairment and Other Charges | 12 Months Ended |
Dec. 31, 2019 | |
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 Employee Total Restructuring Other 2019 Terminations Charges Impairment Charges Total U.S. $ 5.3 $ 5.3 $ 2.0 (1) $ 0.2 $ 7.5 International 1.2 1.2 1.0 (2) — 2.2 Corporate 2.6 2.6 0.4 0.9 3.9 Total $ 9.1 $ 9.1 $ 3.4 $ 1.1 $ 13.6 (1) See Note 11 , Investments (2) See Note 6, Goodwill and Other Intangible Assets For the year ended December 31, 2019, the Company recorded net restructuring charges of $9.1 million for employee termination costs for 271 employees, substantially all of whom were terminated as of December 31, 2019. These charges primarily related to the reorganization of certain operations and certain administrative functions. During the year ended December 31, 2019, the Company also incurred $1.1 million of other charges. Employee Other Restructuring Total Restructuring Other 2018 Terminations Charges Charges Charges Total U.S. $ 1.0 $ 0.8 $ 1.8 $ 0.2 $ 2.0 International 1.8 — 1.8 — 1.8 Corporate 0.6 — 0.6 — 0.6 Total $ 3.4 $ 0.8 $ 4.2 $ 0.2 $ 4.4 For the year ended December 31, 2018, the Company recorded net restructuring charges of $3.4 million for employee termination costs for 89 employees, all of whom were terminated as of December 31, 2019. These charges primarily related to the reorganization of certain operations and certain administrative functions. During the year ended December 31, 2018, the Company also incurred $0.8 million of net lease termination and other restructuring costs and $0.2 million for other charges . Employee Other Restructuring Total Restructuring Other 2017 Terminations Charges Charges Impairment Charges Total U.S. $ 3.3 $ 0.2 $ 3.5 $ 0.2 $ 0.2 $ 3.9 International 2.1 0.1 2.2 — — 2.2 Corporate 1.0 — 1.0 — — 1.0 Total $ 6.4 $ 0.3 $ 6.7 $ 0.2 $ 0.2 $ 7.1 For the year ended December 31, 2017, the Company recorded net restructuring charges of $6.4 million for employee termination costs for 192 employees, all of whom were terminated as of December 31, 2018. These charges primarily related to the reorganization of certain operations and certain administrative functions. During the year ended December 31, 2017, the Company also incurred $0.3 million of net lease termination and other restructuring costs, $0.2 million of net impairment charges related to leasehold improvements associated with facility closures and $0.2 million for other charges. Restructuring Reserve The restructuring reserve as of December 31, 2019 and 2018, and changes during the year ended December 31, 2019, were as follows: December 31, 2018 Restructuring Charges Reversals Adoption of ASU 2016-02 Cash Paid December 31, 2019 Employee terminations $ 0.4 $ 9.2 $ (0.1 ) $ — $ (7.6 ) $ 1.9 Lease terminations and other 1.3 — — (1.1 ) (0.1 ) 0.1 Total $ 1.7 $ 9.2 $ (0.1 ) $ (1.1 ) $ (7.7 ) $ 2.0 The restructuring reserve of $2.0 million at December 31, 2019 was included in accrued liabilities. The Company anticipates that payments associated with the employee terminations reflected in the above table will be substantially completed by June 30, 2020. Upon adoption of ASU 2016-02, the restructuring liabilities related to lease terminations as of January 1, 2019 were recorded as a reduction to the related ROU assets recorded on January 1, 2019. Refer to Note 7, Leases The restructuring reserve as of December 31, 2018 and 2017, and changes during the year ended December 31, 2018, were as follows: December 31, Restructuring Cash December 31, 2017 Charges Reversals Paid 2018 Employee terminations $ 1.3 $ 3.6 $ (0.2 ) $ (4.3 ) $ 0.4 Lease terminations and other 2.1 0.8 — (1.6 ) 1.3 Total $ 3.4 $ 4.4 $ (0.2 ) $ (5.9 ) $ 1.7 The current portion of restructuring reserves of $1.4 million at December 31, 2018 was included in accrued liabilities, while the long-term portion of $0.3 million, primarily related to lease termination costs, was included in other noncurrent liabilities at December 31, 2018. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by segment for the years ended December 31, 2019 and 2018 were as follows: U.S. International Total Net book value as of January 1, 2018 $ 429.2 $ 18.2 $ 447.4 Acquisition 12.8 — 12.8 Disposition (3.5 ) (5.8 ) (9.3 ) Foreign exchange and other adjustments — (0.9 ) (0.9 ) Net book value as of December 31, 2018 438.5 11.5 450.0 Foreign exchange and other adjustments — 0.3 0.3 Net book value as of December 31, 2019 $ 438.5 $ 11.8 $ 450.3 The components of other intangible assets at December 31, 2019 and 2018 were as follows: December 31, 2019 Gross Carrying Amount Accumulated Impairment Charges Accumulated Amortization Net Book Value Customer relationships (useful life of 10-15 years) $ 149.8 $ (1.0 ) $ (127.7 ) $ 21.1 Trade names (useful life of 5 years) 3.9 — (3.1 ) 0.8 Total other intangible assets $ 153.7 $ (1.0 ) $ (130.8 ) $ 21.9 December 31, 2018 Gross Carrying Amount Accumulated Impairment Charges Accumulated Amortization Net Book Value Customer relationships (useful life of 10-15 years) $ 149.3 $ — $ (113.1 ) $ 36.2 Trade names (useful life of 5 years) 3.9 — (2.9 ) 1.0 Total other intangible assets $ 153.2 $ — $ (116.0 ) $ 37.2 Impairment of Other Intangible Assets —For the year ended December 31, 2019, the Company recognized impairment charges of $1.0 million related to customer relationship intangible assets from the Company’s European operations. Other Intangible Assets —Amortization expense for other intangible assets was $14.3 million, $13.7 million and $15.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. The weighted-average remaining useful life for the unamortized intangible assets as of December 31, 2019 is approximately seven years. The following table outlines the estimated annual amortization expense related to other intangible assets as of December 31, 2019: For the year ending December 31, Amount 2020 $ 12.3 2021 0.9 2022 0.9 2023 0.9 2024 0.7 2025 and thereafter 6.2 Total $ 21.9 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 7. Leases In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)” (“ASU 2016-02”), which requires lessees to recognize most leases on the balance sheet but recognize expense on the income statement in a manner similar to current accounting. For lessors, ASU 2016-02 also modifies the classification criteria and the accounting for sales-type and direct financing leases. On January 1, 2019, the Company adopted the standard and all related amendments, using the optional transition method applied to leases at the adoption date. The comparative periods have not been restated and continue to be reported under the accounting standards in effect for those periods. The Company elected the optional package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company also elected the practical expedient to not separate lease components from non-lease components for real estate leases. a lease liability of $101.6 million and a right-of-use (“ROU”) asset of The Company has operating leases for certain service centers, office space, warehouses and equipment. Depending on the lease type, the original lease terms generally range from one year to 35 years . The remaining terms of the Company’s leases range from less than a year to six years . Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Upon adoption of ASU 2016-02, ROU assets were adjusted for deferred rent, restructuring liabilities, prepaids and favorable/onerous lease balances as of January 1, 2019. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s incremental borrowing rate is used in determining the present value of future payments at the commencement date of the lease, or for the adoption of ASU 2016-02, at January 1, 2019. Balances related to operating leases are included in ROU assets, accrued liabilities and noncurrent lease liabilities on the consolidated balance sheet s . All real estate leases are recorded on the consolidated balance sheets. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. Lease agreements for some locations provide for rent escalations and renewal options. Lease terms include the option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain real estate leases require payment for taxes, insurance and maintenance which are considered non-lease components. The Company accounts for real estate leases and the related fixed non-lease components together as a single component. The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. The Company has non-cancelable sublease rental arrangements which did not reduce the future maturities of the operating lease liabilities at December The components of net lease expense for the year ended December Year ended December 31, 2019 Operating lease expense $ 26.2 Sublease income (5.1 ) Net lease expense $ 21.1 Other information related to operating leases as of and for the year ended December 31, 2019 were as follows: Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term 4.4 years Weighted average discount rate 4.6 % Year ended Lease Liabilities December 31, 2019 Cash paid related to lease liabilities $ 27.9 Non-cash disclosure: Increase in lease liabilities due to new ROU assets $ 9.9 Decrease in lease liabilities due to lease modifications and remeasurements (7.9 ) Maturities of lease liabilities for operating leases as of December 31, 2019 were as follows: Amount 2020 $ 25.7 2021 20.7 2022 16.1 2023 10.6 2024 8.2 2025 and thereafter 7.6 Total lease payments 88.9 Less: Interest (8.4 ) Present value of lease liabilities $ 80.5 As of December 31, 2019 Accrued liabilities $ 22.6 Noncurrent lease liabilities 57.9 Total $ 80.5 Rent expense for facilities in use and equipment was $25.1 million and $27.4 million for the years ended December Disclosures related to periods prior to adoption of ASU 2016-02 Future minimum rental commitments under non-cancellable operating leases as of December 31, 2018 were expected to be as follows: Year ended December 31 Amount 2019 $ 26.4 2020 22.6 2021 16.6 2022 10.9 2023 8.7 2024 and thereafter 16.3 Total $ 101.5 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | Note 8. Accounts Receivable Transactions affecting the allowances for doubtful accounts receivable during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance, beginning of year $ 7.9 $ 7.3 $ 6.4 Provisions charged to expense 3.2 4.9 3.9 Write-offs and other (3.4 ) (4.3 ) (3.0 ) Balance, end of year $ 7.7 $ 7.9 $ 7.3 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9. Inventories The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials, at December 31, 2019 and 2018 were as follows: 2019 2018 Raw materials and manufacturing supplies $ 3.9 $ 4.0 Work in process 7.2 8.1 Total $ 11.1 $ 12.1 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 10. Property, Plant and Equipment The components of the Company’s property, plant and equipment at December 31, 2019 and 2018 were as follows: 2019 2018 Land $ 0.3 $ 10.0 Buildings 26.8 36.2 Machinery and equipment 111.9 106.3 139.0 152.5 Less: Accumulated depreciation (121.5 ) (120.3 ) Total $ 17.5 $ 32.2 During the years ended December 31, 2019, 2018 and 2017, depreciation expense was $7.7 million, $7.5 million and $7.0 million, respectively. Assets Held for Sale —As of December 31, 2019, the Company had one real estate property, primarily consisting of land and an office building, held for sale with a carrying value of $5.6 million. Sale of Real Estate —On September 27, 2019, the Company entered into a sale-leaseback agreement in which it sold a building and land at fair market value for proceeds of $30.6 million, and entered into an operating lease of the property through September 2029 with the option to terminate after three years. The Company recorded a net gain of $19.2 million on the sale of the property for the year ended December 31, 2019, which is reflected in other operating income in the consolidated statements of operations and is included within the U.S. segment. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 11. Investments The carrying value of the Company’s investments in equity securities was $25.2 million and $22.1 million as of December 31, 2019 and December 31, 2018, respectively. In the third quarter of 2019, the Company acquired a 6.3% interest in a private company for $2.3 million. The Company measures its equity securities that do not have a readily determinable fair value, at The Company received proceeds of $12.8 million and $3.1 million from the sale of certain equity securities in 2019 and 2018, respectively. The following table summarizes realized and unrealized gains on the equity securities recorded in investment and other income in the consolidated statements of operations for the years ended December 31, 2019 and 2018: 2019 2018 Gain on equity investments $ 13.6 $ 11.8 Less: net gain recognized on equity securities sold (6.8 ) (2.4 ) Unrealized net gain recognized on equity securities still held at the reporting date $ 6.8 $ 9.4 Refer to Note 4, Acquisitions and Dispositions |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | Note 12. Accrued Liabilities The components of the Company’s accrued liabilities at December 31, 2019 and 2018 were as follows: 2019 2018 Employee-related liabilities $ 56.9 $ 63.3 Short-term lease liabilities 22.6 — Customer-related liabilities 16.7 16.1 Accrued interest payable 5.7 5.8 Income taxes payable 2.7 12.4 Restructuring liabilities 2.0 1.4 Other 14.4 27.0 Total accrued liabilities $ 121.0 $ 126.0 Employee-related liabilities consist primarily of sales commission, incentive compensation as well as employee benefit and payroll accruals. Customer-related liabilities consist primarily of deferred revenue, progress billings and volume discount accruals. Other accrued liabilities include miscellaneous operating accruals and other tax liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies As of December 31, 2019, the Company had commitments of approximately $32.7 million for outsourced services, primarily relating to information technology, professional, maintenance and other services as well as $5.8 million of miscellaneous other obligations. The Company has contractual commitments of $1.9 million for severance payments related to employee restructuring activities. 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. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | Note 14. Retirement Plans Subsequent to the Separation, certain pension plan liabilities and assets were transferred from RRD to the Company upon the legal split of those plans. The Company’s primary defined benefit plan is frozen. No new employees are permitted to enter the Company’s frozen plan and participants will earn no additional benefits. Benefits are generally based upon years of service and compensation. These defined benefit retirement income plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all funded plans using actuarial cost methods and assumptions acceptable under government regulations. In the third quarter of 2019, the Company communicated to certain former employees the option to receive a lump-sum pension payment. Payments to certain participants who elected to receive a lump-sum pension payment were funded from existing pension plan assets and constituted a complete settlement of pension liabilities with respect to these participants. As a result, plan assets and plan liabilities were remeasured during the fourth quarter of 2019, resulting in a net actuarial loss of $6.4 million recorded within accumulated other comprehensive loss, and a $3.9 million non-cash pension settlement charge recorded within net investment and other income during the year ended December 31, 2019 . The annual income and expense amounts relating to the pension plan are based on calculations which include various actuarial assumptions including, mortality expectations, discount rates and expected long-term rates of return. The Company reviews its actuarial assumptions on an annual basis as of December 31 (or more frequently if a significant event requiring remeasurement occurs, such as a settlement) and modifies the assumptions based on current rates and trends when it is appropriate to do so. The effects of modifications are recognized immediately on the consolidated balance sheets, but are amortized into operating earnings over future periods, with the deferred amount recorded in accumulated other comprehensive loss. Total pension expense (income) was $1.8 million, $(3.2) million and $(3.3) million in 2019, 2018 and 2017, respectively, which is included within investment and other income in the consolidated statement of operations. During the year ended December 31, 2019, the Company used the Society of Actuaries Pri-2012 base rate and MP-2019 mortality tables in the calculation of the Company’s U.S. pension plan obligations. The Company made cash contributions of $0.9 million and $0.1 million to its pension and other postretirement benefit plans, respectively, during the year ended December 31, 2019. The Company expects to make cash contributions of approximately $1.3 million and $0.1 million to its pension and other postretirement benefit plans, respectively, in 2020. The pension plan obligations are calculated using generally accepted actuarial methods and are measured as of December 31. Actuarial gains and losses for frozen plans are amortized using the corridor method over the average remaining expected life of active plan participants. The components of the estimated net periodic benefit cost/(income) for DFIN’s pension plans for the years ended December 31, 2019, 2018 and 2017 were as follows: Pension Benefits 2019 2018 2017 Interest cost $ 10.9 $ 10.3 $ 10.6 Expected return on plan assets (14.8 ) (16.0 ) (16.0 ) Amortization of actuarial loss 1.8 2.5 2.1 Settlements 3.9 — — Net periodic benefit cost (income) $ 1.8 $ (3.2 ) $ (3.3 ) Weighted average assumption used to calculate net periodic benefit expense: Discount rate 3.3 % 3.7 % 4.2 % Expected return on plan assets 6.3 % 6.8 % 7.0 % Reconciliation of funded status Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Benefit obligation at beginning of year $ 280.4 $ 309.9 $ 1.0 $ 1.2 Interest cost 10.9 10.3 — — Actuarial loss (gain) 43.3 (25.8 ) 0.6 — Settlements (12.4 ) — — — Foreign currency translation loss (gain) — — 0.1 (0.1 ) Benefits paid (10.9 ) (14.0 ) (0.1 ) (0.1 ) Benefit obligation at end of year $ 311.3 $ 280.4 $ 1.6 $ 1.0 Fair value of plan assets at beginning of year $ 228.9 $ 256.4 $ — $ — Actual return on assets 46.2 (15.3 ) — — Settlements (12.4 ) — — — Employer contributions 0.9 1.8 0.1 0.1 Benefits paid (10.9 ) (14.0 ) (0.1 ) (0.1 ) Fair value of plan assets at end of year $ 252.7 $ 228.9 $ — $ — Under funded status at end of year $ (58.6 ) $ (51.5 ) $ (1.6 ) $ (1.0 ) The accumulated benefit obligation for all defined benefit pension and other postretirement benefit plans was $312.9 million and $281.4 million at December 31, 2019 and 2018, respectively. Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Accrued benefit cost (included in accrued liabilities) $ (1.3 ) $ (1.2 ) $ (0.1 ) $ — Pension and other postretirement benefits plan liabilities (57.3 ) (50.3 ) (1.5 ) (1.0 ) Net liabilities recognized in the Consolidated Balance Sheets $ (58.6 ) $ (51.5 ) $ (1.6 ) $ (1.0 ) The amounts included in accumulated other comprehensive loss in the consolidated balance sheets, excluding tax effects, that have not been recognized as components of net periodic benefit cost at December 31, 2019 and 2018 were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Accumulated other comprehensive (loss) income Net actuarial (loss) gain $ (96.7 ) $ (90.7 ) $ (0.5 ) $ 0.1 Total $ (96.7 ) $ (90.7 ) $ (0.5 ) $ 0.1 The pre-tax amounts recognized in other comprehensive income (loss) in 2019, 2018, and 2017 as components of net periodic costs were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2017 2019 2018 2017 Amortization of: Net actuarial loss $ 1.8 $ 2.5 $ 2.1 $ — $ — $ — Amounts arising during the period: Settlements 3.9 — — — — — Net actuarial loss (11.8 ) (5.6 ) (2.7 ) (0.6 ) — — Total $ (6.1 ) $ (3.1 ) $ (0.6 ) $ (0.6 ) $ — $ — Actuarial gains and losses in excess of 10.0 % of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in 2020 are shown below: Pension Benefits Amortization of: Net actuarial loss $ 3.1 Total $ 3.1 The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Discount rate 3.2 % 4.4 % 3.0 % 3.5 % The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2019 and 2018: Pension Benefits 2019 2018 Projected benefit obligation $ 311.3 $ 280.4 Fair value of plan assets 252.7 228.9 As discussed above, the Company’s defined benefit plan is frozen and no new employees are permitted to enter the plan. Participants do not earn additional service benefits. Consequently, the projected benefit obligation and accumulated benefit obligation are the same amounts. Benefit payments are expected to be paid as follows: Pension Benefits Other Postretirement Benefits 2020 $ 17.2 $ 0.1 2021 18.2 0.1 2022 19.0 0.1 2023 18.2 0.1 2024 18.2 0.1 2025-2029 93.4 0.6 Plan Assets The Company’s U.S. pension plans are frozen and the Company has a risk management approach for its U.S. pension plan assets. The overall investment objective of this approach is to reduce the risk of significant decreases in the plan’s funded status by allocating a larger portion of the plan’s assets to investments expected to hedge the impact of interest rate risks on the plan’s obligation. The expected long-term rate of return for plan assets is based upon many factors including asset allocations, historical asset returns, current and expected future market conditions, risk and active management premiums. The target asset allocation percentage as of December 31, 2019, for the primary U.S. pension plan was approximately 50.0% for return seeking investments and approximately 50.0% for fixed income investments. The fair values of the Company’s pension plan assets at December 31, 2019 and 2018, by asset category were as follows: December 31, 2019 Asset Category Total Level 1 Level 2 Cash and cash equivalents $ 1.4 $ 0.1 $ 1.3 Real estate funds 10.1 — 10.1 Assets measured at NAV 241.2 — — Total $ 252.7 $ 0.1 $ 11.4 December 31, 2018 Asset Category Total Level 1 Level 2 Cash and cash equivalents $ 1.5 $ 1.2 $ 0.3 Real estate funds 9.5 — 9.5 Assets measured at NAV 217.9 — — Total $ 228.9 $ 1.2 $ 9.8 The Company segregated its plan assets by the following major categories and levels for determining their fair value as of 2019: Cash and cash equivalents— Carrying value approximates fair value. As such, these assets were classified as Level 1. The Company also invests in certain short-term investments which are valued using the amortized cost method. As such, these assets were classified as Level 2. Real estate funds— Real estate fund assets are valued by third-party appraisers utilizing valuation approaches based upon current cost to reproduce, discounted cash flows or relative sales value of comparable properties. Key inputs and assumptions used to determine fair value include rental revenue and expenses, revenue and expense growth rates, terminal capitalization rates and discount rates. As the value of these assets was determined based on observable inputs obtained by third parties, the Company classified these assets as Level 2. Assets measured at NAV - The Company invests in certain funds that are valued at calculated net asset value per share (“NAV”), but are not quoted on active markets such as certain equity common funds, fixed income funds, hedge funds and corporate bond funds. The Company believes that the NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption of these investments or other reasons to indicate that the investment would be redeemed at an amount different than the NAV. For Level 2 plan assets, management reviews significant investments on a quarterly basis including investigation of unusual fluctuations in price or returns and obtaining an understanding of the pricing methodology to assess the reliability of third-party pricing estimates. The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. Employer 401(k) Savings Plan — For the benefit of most of its U.S. employees, the Company maintains a defined contribution retirement savings plan (401(k)) that is intended to be qualified under Section 401(a) of the Internal Revenue Code. Under this plan, employees may contribute a percentage of eligible compensation on both a before-tax and after-tax basis. The Company provided a 401(k) discretionary match to participants in 2018 and 2017, payable to participants' accounts in the first quarter of 2019 and in the first quarter of 2018, respectively. The total expense attributable to the match was $1.1 million and $3.4 million for the years ended December 31, 2018 and 2017, respectively. The Company does not expect to provide a 401(k) discretionary match to participants for the year ended December 31, 2019 in 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes Income taxes have been based on the following components of earnings from operations before income taxes for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 U.S. $ 54.1 $ 69.3 $ 49.1 Foreign (2.0 ) 33.4 7.1 Earnings before income taxes $ 52.1 $ 102.7 $ 56.2 The components of income tax expense (benefit) from operations for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Current: U.S. Federal $ 7.7 $ 6.9 $ 12.5 U.S. State and Local 2.3 5.3 5.1 Foreign 2.0 6.3 3.4 Current income tax expense 12.0 18.5 21.0 Non-Current: U.S. Federal — 0.1 12.5 U.S. State and Local — — 0.6 Non-current income tax expense — 0.1 13.1 Deferred: U.S. Federal 2.3 6.8 13.3 U.S. State and Local 0.4 2.9 (0.1 ) Foreign (0.2 ) 0.8 (0.8 ) Deferred income tax expense 2.5 10.5 12.4 Total $ 14.5 $ 29.1 $ 46.5 The following table outlines the reconciliation of differences between the U.S. Federal statutory tax rate and the Company’s worldwide effective income tax rate: 2019 2018 2017 Federal statutory tax rate 21.0 % 21.0 % 35.0 % Provision to return (7.2 ) — — State and local income taxes, net of U.S. federal income tax benefit 6.8 6.5 5.7 Changes in valuation allowances 6.4 0.5 0.5 Non-deductible expenses 4.6 1.9 3.6 Foreign-derived intangible income (1.9 ) — — Credits and incentives (1.6 ) (1.3 ) — Foreign tax rate differential (0.8 ) 1.1 (1.3 ) Tax exempt income and expense (0.1 ) (2.9 ) — Global intangible low-taxed income provision — 2.0 — Federal and state transition tax on foreign earnings — 0.1 25.3 Tax Act revaluation of U.S. net deferred tax assets — (2.2 ) 14.8 Other 0.6 1.6 (0.9 ) Effective income tax rate 27.8 % 28.3 % 82.7 % The effective income tax rate was 27.8% for the year ended December 31, 2019 compared to 28.3% for the year ended December 31, 2018. The 2019 effective income tax rate was impacted by favorable return to provision adjustments primarily related to foreign-derived intangible income, state and local income taxes and income tax credits, partially offset by increases in valuation allowances and non-deductible expenses. The 2018 effective income tax rate is lower as compared to the 2017 effective income tax rate mainly due to impacts of the changes to U.S. tax legislation as a result of the enactment of the Tax Cuts and Jobs Act (H.R. 1) (“the Tax Act”) on December 22, 2017. The 2018 effective income tax rate was impacted by the global intangible low-taxed income ("GILTI") provision, non-deductible expenses and also reflects the tax impact of the sale of the Language Solutions business. Along with the effects of the Tax Act, the 2017 effective income tax rate was impacted by non-deductible expenses incurred by the Company in 2017 which were previously incurred by RRD on behalf of the Company during pre-Separation periods. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, the Company revalued its U.S. deferred tax assets and liabilities as of December 31, 2017. The Company recorded a reduction in the value of its net U.S. deferred tax asset of approximately $8.2 million, which was recorded as additional deferred income tax expense in the Company’s consolidated statement of operations for the year ended December 31, 2017. Due to the transition to a territorial tax system under the Tax Act, the Company was deemed to repatriate its foreign subsidiaries’ untaxed accumulated earnings and pay a mandatory U.S. federal tax (“the transition tax”) of 15.5% on the portion of the earnings that are in cash and cash equivalents and 8.0% on the portion of earnings that are in non-cash and non-cash equivalent assets. The Company estimated this tax liability (federal and state) to be approximately $14.2 million which was recorded as income tax expense in the consolidated statement of operations for the year ended December 31, 2017. The impact of the revaluation of deferred tax assets ($8.2 million) and the transition tax ($14.2 million) were recorded in the Company’s consolidated financial statements for the year ended December 31, 2017 as provisional amounts as the Company was able to reasonably estimate the impact of these items. During the year ended December 31, 2018, the Company recorded a $0.1 million increase to the deemed repatriation tax liability and a $2.2 million benefit related to the revaluation of deferred tax assets and liabilities. The adjustments were the result of the Company’s completion of the analysis of the impact of the Tax Act including changes in interpretations and assumptions that the Company previously made for the prior year provisional estimates as well as the impact from additional regulatory guidance issued. During the year ended December 31, 2018, the Company also updated its indefinite reinvestment assertion in accordance with SAB 118. There was no financial impact related to the Company’s indefinite reinvestment assertion update. As of December 31, 2018, the Company’s analysis for the income tax effect of the Tax Act was completed. As available under the Tax Act, the Company made an election to pay the transition tax liability in installments over eight years. However, since the Company was in a tax overpayment position on its 2017 tax return, the Department of the U.S. Treasury Internal Revenue Service (“IRS”) satisfied the full transition tax liability by reducing the overpayment carried forward into the 2018 tax return. Consequently, there is no transition tax payable recorded in the Company’s consolidated balance sheet as of December 31, 2019. The Company recorded $13.1 million of this liability as noncurrent taxes payable and $1.1 million as current taxes payable in the Company’s consolidated balance sheet as of December 31, 2017. Along with the change to a territorial tax system, the Tax Act created the GILTI provision. The GILTI provision imposes a tax on foreign income in excess of a deemed return on tangible assets of foreign subsidiary corporations. The Company is subject to the GILTI tax for the years ended December 31, 2019 and 2018. The determination of whether the Company is subject to the GILTI provision will be an annual analysis of several factors under the provision, including the amount of foreign income generated by the Company’s foreign subsidiaries and whether the Company has income subject to the GILTI tax, which may change from year to year. In January 2018, the FASB released guidance on the accounting for GILTI tax, which allows an accounting policy election for companies to either account for deferred taxes related to GILTI inclusions or to treat any taxes on GILTI inclusions as period costs. The Company has adopted the accounting policy to treat taxes on GILTI inclusions as period costs. Deferred income taxes The significant deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows: 2019 2018 Deferred tax assets: Pension and other postretirement benefit plans liabilities $ 16.0 $ 15.1 Net operating losses and other tax carryforwards 10.5 9.1 Accrued liabilities 9.1 12.2 Share-based compensation 2.3 3.0 Allowance for doubtful accounts 1.8 2.2 Interest — 1.4 Other 2.3 0.9 Total deferred tax assets 42.0 43.9 Valuation allowances (5.2 ) (2.1 ) Total deferred tax assets $ 36.8 $ 41.8 Deferred tax liabilities: Accelerated depreciation $ (12.7 ) $ (12.3 ) Other intangible assets (10.0 ) (12.6 ) Investments (3.0 ) (3.1 ) Prepaid assets (0.3 ) (1.4 ) Lease obligations — (1.3 ) Other (1.8 ) (1.6 ) Total deferred tax liabilities (27.8 ) (32.3 ) Net deferred tax assets $ 9.0 $ 9.5 The amounts above are included in the consolidated balance sheets as either a net asset or liability on a jurisdiction by jurisdiction basis. Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance, beginning of year $ 2.1 $ 1.5 $ 1.2 Current year expense-net 3.1 0.7 0.3 Foreign exchange and other — (0.1 ) — Balance, end of year $ 5.2 $ 2.1 $ 1.5 As of December 31, 2019, the Company had domestic and foreign net operating loss deferred tax assets of approximately $10.5 million ($9.1 million at December 31, 2018), of which $9.2 million expires between 2020 and 2039. Limitations on the utilization of these deferred tax assets may apply. The Company has provided valuation allowances to reduce the carrying value of certain deferred tax assets, as management has concluded that, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be fully realized. Earnings generated by a foreign subsidiary are presumed to ultimately be transferred to the parent company. Therefore, the establishment of deferred taxes may be required with respect to the excess of the investment value for financial reporting over the tax basis of investments in those foreign subsidiaries (also referred to as book-over-tax outside basis differences). A company may overcome this presumption and forgo recording a deferred tax liability in its financial statements if it can assert that management has the intent and ability to indefinitely reinvest the earnings of its foreign subsidiaries. Prior to the year ended De cember 31, 2017, the Company had not provided deferred U.S., foreign or local income taxes on the book-over-tax outside basis differences of its foreign subs idiaries because such excess had been considered to be indefinitely reinvested in the local country businesses. As a result of the transition tax incurred pursuant to the Tax Act, the Company now has the ability to repatriate any previously taxed foreign cash associated with the foreign earnings subjected to U.S. tax to the U.S. parent with minimal additional tax consequences. Due to the changes under the Tax Act, t he Company updated its assertion in 2018 related to indefinite reinvestment on all foreign earnings and other outside basis differences to indicate that the Company remains indefinitely reinvested in operations outside of the U.S. with the exception of the previously taxed foreign cash already subject to U.S. tax. The Company began repatriating earnings up to its net earnings previously subject to U.S. tax during 2019. Uncertain tax positions Changes in the Company’s unrecognized tax benefits at December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance at beginning of year $ 0.3 $ 0.3 $ 1.9 Additions for tax positions of the current year 0.1 0.2 — Additions for tax positions of prior years 0.1 0.1 — Settlements during the year — (0.1 ) (1.4 ) Releases — (0.2 ) (0.2 ) Balance at end of year $ 0.5 $ 0.3 $ 0.3 As of December 31, 2019, 2018 and 2017, the Company had unrecognized tax benefits of $0.5 million, $0.3 million and $0.3 million, respectively. Unrecognized tax benefits of $0.5 million as of December 31, 2019, if recognized, would have decreased income taxes and the corresponding effective income tax rate and increased net earnings. This potential impact on net earnings reflects the reduction of these unrecognized tax benefits, net of certain deferred tax assets and the federal tax benefit of state income tax items. As of December 31, 2019, no portion of the total amount of unrecognized tax benefits is expected to decrease within twelve months due to the resolution of audits or expirations of statutes of limitations related to U.S. federal, state or international tax positions. The Company classifies interest expense and any penalties related to income tax uncertainties as a component of income tax expense. The total interest expense/(benefit), net of tax benefits, related to tax uncertainties recognized in the consolidated statements of operations was de minimis for the years ended December 31, 2019 and 2018, and ($0.2) million for the year ended December 31, 2017. There were no benefits from the reversal of accrued penalties for the years ended December 31, 2019, 2018 and 2017. There were no accrued interest liabilities or accrued penalties related to income tax uncertainties at December 31, 2019 and 2018. The Company has tax years from 2009 that remain open and subject to examination by certain U.S. state taxing authorities and/or certain foreign tax jurisdictions. There are no U.S. federal income tax years prior to the short period ending December 31, 2016 subject to IRS examination. All U.S. federal income tax years including and subsequent to the short period ending December 31, 2016 remain open and subject to IRS examination. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 16. Debt The Company’s debt as of December 31, 2019 and 2018 consisted of the following: December 31, December 31, 2019 2018 8.25% senior notes due October 15, 2024 $ 300.0 $ 300.0 Term Loan Credit Facility — 71.3 Unamortized debt issuance costs (4.0 ) (8.6 ) Total long-term debt $ 296.0 $ 362.7 Maturities —At December 31, 2019, the Company’s long-term debt was comprised of the 8.25% senior unsecured notes (“Notes”), which are due in full in 2024. Fair Value —The fair value of the senior notes, which was determined using the market approach based upon interest rates available to the Company for borrowings with similar terms and maturities, were determined to be Level 2 under the fair value hierarchy. The fair value of the Company’s senior notes was $308.4 million and $298.1 million at December 31, 2019 and 2018, respectively. 8.25% Senior Notes Due 2024 — 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 will 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 September 30, 2016, in connection with the Separation, the Company entered into a Credit Agreement (the “Credit Agreement”) by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement provides for a $ 350.0 million senior secured term loan B facility (the “Term Loan Credit Facility”) and a $ 300.0 million senior secured revolving credit facility (the “Revolving Facility”, and, together with the Term Loan Credit Facility, the “Credit Facilities”). The Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and a maximum 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 . Term Loan Credit Facility —During the year ended December 31, 2019, the Company paid in full the remaining balance of the Term Loan Credit Facility of $72.5 . As a result of the transaction, the Company recognized a pre-tax loss on extinguishment of debt of $4.1 million for the year ended December 31, 2019, related to unamortized debt issuance costs and the original issuance discount, which is recorded within interest expense, net, in the consolidated statements of operations. Revolving Credit Facility —On December 18, 2018, the Company entered into a second amendment to the Credit Agreement which extended the maturity date of the Revolving Facility to December 18, 2023, reduced the interest rate margin percentages and facility fees applicable to the Revolving Facility, increased the allowable annual dividends from $15.0 million to $20.0 million in the aggregate and modified the financial maintenance and negative covenants in the Credit Agreement. As of December 31, 2019, there were no outstanding borrowings under the Revolving Facility. As of December 31, 2019, the Company had $3.4 million in outstanding letters of credit and bank guarantees, of which none reduced the availability under the Revolving Facility The following table summarizes interest expense included in the consolidated statements of operations: 2019 2018 2017 Interest incurred $ 34.3 $ 37.1 $ 43.5 Loss on debt extinguishment 4.1 — — Less: interest capitalized as property, plant and equipment (0.3 ) (0.4 ) (0.6 ) Interest expense, net $ 38.1 $ 36.7 $ 42.9 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 17. Earnings per Share Basic earnings per share is calculated by dividing net earnings 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, RSUs, PSUs 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 years ended December 31, 2019, 2018 and 2017, were as follows. 2019 2018 2017 Net earnings per share: Basic $ 1.10 $ 2.18 $ 0.29 Diluted 1.10 2.16 0.29 Numerator: Net earnings $ 37.6 $ 73.6 $ 9.7 Denominator: Weighted average number of common shares outstanding 34.1 33.8 33.1 Dilutive awards 0.2 0.2 0.2 Diluted weighted average number of common shares outstanding 34.3 34.0 33.3 Weighted average number of anti-dilutive share-based awards: Restricted stock units 0.7 0.3 0.2 Stock options 0.8 0.6 0.3 Total 1.5 0.9 0.5 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | Note 18. Share-Based Compensation The Company’s share-based compensation plan under which it may grant future awards, the Donnelley Financial Solutions, Inc. Amended and Restated 2016 Performance Incentive Plan (as amended, the “2016 PIP”), was approved by the Board of Directors (the “Board”) to provide incentives to key employees of the Company. Awards under the 2016 PIP may include, cash or stock bonuses, stock options, stock appreciation rights, restricted stock or RSUs. In addition, non-employee members of the Board may receive awards under the 2016 PIP. On May 30, 2019, the Board authorized 3.4 million additional shares of common stock for issuance under the 2016 PIP. At December 31, 2019, there were 3.3 million remaining shares of common stock authorized and available for grant under the 2016 PIP. For all share-based awards granted to employees and directors, including stock options, RSUs, PBRS and PSUs, the Company recognizes compensation expense based on estimated grant date fair values as well as certain assumptions as of the grant date, if applicable. The Company estimates the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. The Company recognizes compensation costs for RSUs expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. Compensation expense for PBRS awards granted in 2016, which vest on a graded basis, is recognized utilizing a graded vesting schedule. Compensation expense for PBRS awards granted in 2017 and thereafter, which cliff vest, is recognized on a straight-line basis over the performance period of the award. The Company recognizes compensation costs for PSUs, which cliff vest, on a straight-line basis over the performance period of the award. Compensation expense for stock options is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of four years. The stock options, RSUs, PBRS and PSUs granted during 2017, 2018, and 2019 are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death or permanent disability of the grantee or a change in control of the Company. In addition, upon a change in control of the Company, PBRS and PSUs will be measured at 100% attainment of the target performance metrics and will remain subject to time based vesting until the end of the vesting period; provided that the award will vest in full if, within three months prior to or two years after the date of the change in control of the Company, the grantee’s employment is terminated without cause by the Company or for good reason by the grantee. Total compensation expense related to all share-based compensation plans was $8.9 million, $9.2 million and $6.8 million for years ended December 31, 2019, 2018 and 2017, respectively. The income tax benefit related to share-based compensation expense was $1.9 million, $2.5 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, $12.0 million of total unrecognized compensation expense related to share-based compensation awards is expected to be recognized over a weighted-average period of 1.9 years. Stock Options The fair value of each stock option award was estimated on each grant date using the Black-Scholes option pricing model. The Company used the following methods to determine its underlying assumptions: • Expected volatility was estimated based on a weighted-average of historical volatilities for the Company’s peer group • The risk-free interest rate was based on the U.S Treasury yield curve in effect on the date of grant • The expected term of options granted was based on the simplified method of using the mid-point between the vesting term and the original contractual term • The expected dividend yield was based on the Company’s current dividend rate The following table summarizes the annual weighted-average assumptions: 2019 2018 2017 Expected volatility 27.47 % 27.75 % 30.71 % Risk-free interest rate 2.58 % 2.71 % 2.17 % Expected life (years) 6.25 6.25 6.25 Expected dividend yield 0.00 % 0.00 % 0.00 % The weighted-average fair value of options granted during the years ended December 31, 2019, 2018 and 2017 was $4.67, $5.83, and $7.77, respectively. There were no options exercised for the year ended December 31, 2019. The total intrinsic value of options exercised was $1.0 million, $0.1 million for the years ended December 31, 2018 and 2017, respectively. Stock outstanding Weighted Average Weighted Remaining Aggregate Shares Under Average Contractual Intrinsic Option Exercise Term Value (thousands) Price (years) (millions) Outstanding at December 31, 2018 635 $ 21.44 7.2 $ — Granted 196 14.15 9.2 — Cancelled/forfeited/expired (35 ) — — — Outstanding at December 31, 2019 796 19.83 6.9 — Vested and expected to vest at December 31, 2019 766 $ 19.93 6.8 — Exercisable at December 31, 2019 305 $ 23.95 4.4 — As $2.0 million of Restricted Stock Units The fair value of RSUs was determined based on the Company’s stock price on the grant date. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2019, 2018 and 2017 was $13.94, $17.53 and $22.41, respectively. RSUs outstanding as of December 31, 2018 and December 31, 2019, and changes during the year ended December 31, 2019, were as follows: Weighted Shares Average Grant (Thousands) Date Fair Value Nonvested at December 31, 2018 700 $ 19.60 Granted 614 13.94 Vested (351 ) 17.67 Forfeited (93 ) 16.58 Nonvested at December 31, 2019 870 $ 15.79 As of December 31, 2019, $7.4 million of unrecognized share-based compensation expense related to RSUs are expected to vest over a weighted-average period of 1.9 years. Performance-Based Restricted Stock There were no PBRS awards granted during the years ended December 31, 2019 and 2018. Compensation expense for the PBRS awards is currently being recognized based on 80% attainment of the targeted performance metrics for the PBRS awards granted in 2017, or approximately 69,000 shares. The maximum payout of 156,169 shares was achieved as of December 31, 2017 for the PBRS awards granted during 2016, of which 50% vested during the fourth quarter of 2018 and the remaining 50% vested during the fourth quarter of 2019. As of December 31, 2019, there was no unrecognized compensation expense related to PBRS awards. Performance Share Units The fair value of PSUs was determined based on the Company’s stock price on the grant date. The Company accounts for the 2019 PSU grants as equity awards and continues to assess the classification as an equity award on a quarterly basis throughout the life of the award. The weighted-average grant date fair value of PSUs granted during the years ended December 31, 2019, 2018 and 2017 was $14.15, $17.65 and $22.41, respectively. PSUs outstanding Weighted Shares Average Grant (Thousands) Date Fair Value Nonvested at December 31, 2018 251 $ 18.23 Granted 329 14.15 Forfeited (43 ) 17.21 Nonvested at December 31, 2019 537 $ 15.81 The performance period for the shares awarded in 2019 is January 1, 2019 through December 31, 2021. Distributions under the 2019 awards are payable at the end of the performance period in either common stock or cash at the discretion of the Compensation Committee of the Board. As of December 31, 2019, the total potential payout for 2019 PSU awards ranged from zero to 469,900 shares, based on the achievement of certain performance targets. Compensation expense for the PSUs granted in 2019, 2018, and 2017 is currently being recognized based on 66%, 43% and 80% attainment of the targeted performance metrics or approximately 204,000, 89,000 and 21,000 shares, net of forfeitures, for each respective period. As of December 31, 2019, there was $2.6 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted average period of 1.9 years. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | Note 19. 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 and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Exchange Act. The timing and amount of any shares repurchased will be determined by the Company based on its evaluation of market conditions and other factors. 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 under insider trading laws. The stock repurchase program will be effective through December 31, 2021, however, it may be suspended or discontinued at any time |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income | Note 20. Comprehensive Income The components of other comprehensive income and income tax expense allocated to each component for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Amount Expense Amount Amount Expense Amount Amount Expense Amount Translation adjustments $ 3.0 $ — $ 3.0 $ (5.0 ) $ — $ (5.0 ) $ 4.4 $ — $ 4.4 Adjustment for net periodic pension plan and other postretirement benefits plan cost (6.7 ) (1.8 ) (4.9 ) (3.1 ) (0.9 ) (2.2 ) (0.6 ) 0.1 (0.7 ) Other comprehensive income $ (3.7 ) $ (1.8 ) $ (1.9 ) $ (8.1 ) $ (0.9 ) $ (7.2 ) $ 3.8 $ 0.1 $ 3.7 The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2019, 2018 and 2017: Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at January 1, 2017 $ (52.2 ) $ (16.1 ) $ (68.3 ) Other comprehensive income (loss) before reclassifications (2.1 ) 4.4 2.3 Amounts reclassified from accumulated other comprehensive loss 1.4 — 1.4 Net change in accumulated other comprehensive loss (0.7 ) 4.4 3.7 Balance at December 31, 2017 $ (52.9 ) $ (11.7 ) $ (64.6 ) Other comprehensive (loss) income before reclassifications (4.0 ) (5.0 ) (9.0 ) Amounts reclassified from accumulated other comprehensive loss 1.8 — 1.8 Amounts reclassified in accordance with ASU 2018-02 (1) (10.9 ) — (10.9 ) Net change in accumulated other comprehensive loss (13.1 ) (5.0 ) (18.1 ) Balance at December 31, 2018 $ (66.0 ) $ (16.7 ) $ (82.7 ) Other comprehensive (loss) income before reclassifications 1.3 3.0 4.3 Amounts reclassified from accumulated other comprehensive loss (6.2 ) — (6.2 ) Net change in accumulated other comprehensive loss (4.9 ) 3.0 (1.9 ) Balance at December 31, 2019 $ (70.9 ) $ (13.7 ) $ (84.6 ) (1) In February 2018, the FASB issued Accounting Standards Update No. 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which provides entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Act to retained earnings. The Company early adopted the standard in the fourth quarter of 2018. The impact of the adoption resulted in an increase in accumulated comprehensive loss and an increase in retained earnings of $10.9 million. Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2019, 2018 and 2017 were as follows: Classification in the Consolidated 2019 2018 2017 Statements of Operations Amortization of pension and other postretirement benefits plan cost: Net actuarial loss $ 1.8 $ 2.5 $ 2.1 (a) Reclassifications before tax 1.8 2.5 2.1 Income tax expense 0.5 0.7 0.7 Reclassifications, net of tax $ 1.3 $ 1.8 $ 1.4 (a) These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense, and recognized in investment and other income in the consolidated statements of operations (see Note 14, Retirement Plans ). |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Note 21. Segment Information The Company’s segments are summarized below: United States The U.S. segment serves capital market and investment market clients in the U.S. by delivering services and products to help create, manage, and deliver, accurate and timely financial communications to investors and regulators. The Company also provides virtual data rooms to facilitate the deal management requirements of capital markets and mergers and acquisitions transactions, and provides data and analytics services that help professionals uncover intelligence from disclosures contained within public filings made with the SEC. The U.S. segment also includes commercial print. In addition, prior to the sale of the Company’s Language Solutions business on July 22, 2018, the U.S. segment included language solutions capabilities, through which the Company translated documents and created content in up to 140 different languages for its clients. International The International segment includes the Company’s operations in Asia, Europe, Canada and Latin America. The international business is primarily focused on working with international capital markets clients on capital markets offerings and regulatory compliance-related activities into or within the United States. In addition, the international segment provided language translation services and shareholder communication services to investment market clients prior to the sale of the Company’s Language Solutions business on July 22, 2018, as further disclosed in Note 4, Ac quisitions and Dispositions. Corporate Corporate consists of unallocated general and administrative activities and associated expenses including, in part, executive, legal, finance, communications and certain facility costs. In addition, certain costs and earnings of employee benefit plans, such as pension and other postretirement benefit plan expense (income) and allocated costs for share-based compensation, are included in Corporate and not allocated to the operating segments. 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 consolidated financial statements. Total Sales Intersegment Sales Net Sales Income (Loss) From Operations Assets of Operations (1) Depreciation and Amortization (1) Capital Expenditures (1) Year ended December 31, 2019 U.S. $ 768.9 $ (7.5 ) $ 761.4 $ 113.5 $ 704.0 $ 41.3 $ 44.2 International 115.8 (2.5 ) 113.3 (2.3 ) 73.7 7.6 0.3 Total operating segments 884.7 (10.0 ) 874.7 111.2 777.7 48.9 44.5 Corporate — — — (32.7 ) 109.2 0.7 0.3 Total operations $ 884.7 $ (10.0 ) $ 874.7 $ 78.5 $ 886.9 $ 49.6 $ 44.8 Total Sales Intersegment Sales Net Sales Income (Loss) From Operations Assets of Operations (1) Depreciation and Amortization (1) Capital Expenditures (1) Year ended December 31, 2018 U.S. $ 821.0 $ (9.2 ) $ 811.8 $ 134.0 $ 681.9 $ 39.6 $ 34.8 International 153.2 (2.0 ) $ 151.2 31.6 77.6 5.7 1.2 Total operating segments 974.2 (11.2 ) 963.0 165.6 759.5 45.3 36.0 Corporate — — — (44.5 ) 109.2 0.5 1.1 Total operations $ 974.2 $ (11.2 ) $ 963.0 $ 121.1 $ 868.7 $ 45.8 $ 37.1 Total Sales Intersegment Sales Net Sales Income (Loss) From Operations Assets of Operations (1) Depreciation and Amortization (1) Capital Expenditures (1) Year ended December 31, 2017 U.S. $ 856.6 $ (8.7 ) $ 847.9 $ 127.6 $ 664.7 $ 38.2 $ 24.7 International 160.8 (3.8 ) 157.0 7.2 90.4 6.3 1.4 Total operating segments 1,017.4 (12.5 ) 1,004.9 134.8 755.1 44.5 26.1 Corporate — — — (39.1 ) 138.4 — 1.7 Total operations $ 1,017.4 $ (12.5 ) $ 1,004.9 $ 95.7 $ 893.5 $ 44.5 $ 27.8 Corporate assets primarily consisted of the following items at December 31, 2019 and 2018: 2019 2018 Software, net (1) $ 52.1 $ 46.9 Right-of-use assets 11.7 — Cash and cash equivalents 11.2 27.2 Deferred income tax assets, net of valuation allowances 6.3 9.1 |
Geographic Area and Services an
Geographic Area and Services and Products Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic Area and Services and Products Information | Note 22. Geographic Area and Services and Products Information The table below presents net sales and long-lived assets by geographic region for the years ended December 31, 2019, 2018 and 2017. U.S. Europe Asia Canada Other Consolidated 2019 Net sales $ 761.4 $ 34.5 $ 46.8 $ 29.4 $ 2.6 $ 874.7 Long-lived assets (a) 178.3 4.2 11.0 1.0 — 194.5 2018 Net sales $ 811.8 $ 59.7 $ 55.5 $ 33.4 $ 2.6 $ 963.0 Long-lived assets (a) 117.2 3.1 2.4 0.1 — 122.8 2017 Net sales $ 847.9 $ 70.6 $ 47.2 $ 36.0 $ 3.2 $ 1,004.9 Long-lived assets (a) 107.2 4.5 1.6 0.6 — 113.9 (a) Includes net property, plant and equipment, net software and other noncurrent assets. 2019 balances also include right-of-use assets. The following table summarizes net sales for services and products for the years ended December 31, 2019, 2018 and 2017. 2019 Net Sales 2018 Net Sales 2017 Net Sales Capital Markets $ 395.8 $ 408.3 $ 396.7 Investment Markets 158.2 167.4 164.0 Language Solutions — 42.3 71.4 Total services 554.0 618.0 632.1 Investment Markets 199.8 194.0 217.9 Capital Markets 120.9 151.0 154.9 Total products 320.7 345.0 372.8 Total net sales $ 874.7 $ 963.0 $ 1,004.9 |
Guarantor Financial Information
Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Guarantor Financial Information | Note 23. Guarantor Financial Information As described in Note 16, Debt The guarantee of the Notes by a subsidiary guarantor will be automatically released under certain situations, including upon the sale or disposition of such subsidiary guarantor to a person that is not DFIN or a subsidiary guarantor of the notes, the liquidation or dissolution of such subsidiary guarantor, and if such subsidiary guarantor is released from its guarantee obligations under the Company’s Credit Facilities. The following tables set forth consolidating statements of operations for the years ended December 31, 2019, 2018, and 2017, consolidating statements of financial position as of December 31, 2019 and December 31, 2018, and consolidating statements of cash flows for the years ended December 31, 2019, 2018, and 2017. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions. For purposes of the tables below, the Company is referred to as “Parent” and the Guarantors are referred to as “Guarantor Subsidiaries.” Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated Services net sales $ — $ 471.8 $ 88.7 $ (6.5 ) $ 554.0 Products net sales — 297.1 27.1 (3.5 ) 320.7 Total net sales — 768.9 115.8 (10.0 ) 874.7 Services cost of sales (exclusive of depreciation and amortization) — 231.5 58.9 (5.6 ) 284.8 Products cost of sales (exclusive of depreciation and amortization) — 242.4 19.6 (4.4 ) 257.6 Total cost of sales — 473.9 78.5 (10.0 ) 542.4 Selling, general and administrative expenses (exclusive of depreciation and amortization) — 176.9 28.9 — 205.8 Restructuring, impairment and other charges-net — 11.4 2.2 — 13.6 Depreciation and amortization — 42.0 7.6 — 49.6 Other operating (income) expense — (16.5 ) 1.3 — (15.2 ) Income from operations — 81.2 (2.7 ) — 78.5 Interest expense (income)-net 38.9 (0.1 ) (0.7 ) — 38.1 Intercompany interest (income) expense-net (22.3 ) 22.3 — — — Investment and other (income) expense-net — (11.8 ) 0.1 — (11.7 ) Earnings (loss) before income taxes and equity in net income of subsidiaries (16.6 ) 70.8 (2.1 ) — 52.1 Income tax (benefit) expense (4.2 ) 16.9 1.8 — 14.5 Earnings (loss) before equity in net income of subsidiaries (12.4 ) 53.9 (3.9 ) — 37.6 Equity in net income (loss) of subsidiaries 50.0 (3.9 ) — (46.1 ) — Net earnings (loss) $ 37.6 $ 50.0 $ (3.9 ) $ (46.1 ) $ 37.6 Comprehensive income (loss) $ 35.7 $ 45.5 $ (1.3 ) $ (44.2 ) $ 35.7 Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated Services net sales $ — $ 508.0 $ 116.4 $ (6.4 ) $ 618.0 Products net sales — 313.0 36.8 (4.8 ) 345.0 Total net sales — 821.0 153.2 (11.2 ) 963.0 Services cost of sales (exclusive of depreciation and amortization) — 258.4 76.6 (6.2 ) 328.8 Products cost of sales (exclusive of depreciation and amortization) — 236.7 26.8 (5.0 ) 258.5 Total cost of sales — 495.1 103.4 (11.2 ) 587.3 Selling, general and administrative expenses (exclusive of depreciation and amortization) — 220.0 38.2 — 258.2 Restructuring, impairment and other charges-net — 2.6 1.8 — 4.4 Depreciation and amortization — 40.1 5.7 — 45.8 Other operating income — (26.6 ) (27.2 ) — (53.8 ) Income from operations — 89.8 31.3 — 121.1 Interest expense (income)-net 37.6 (0.3 ) (0.6 ) — 36.7 Intercompany interest (income) expense-net (25.5 ) 25.6 (0.1 ) — — Investment and other income-net — (16.9 ) (1.4 ) — (18.3 ) Earnings (loss) before income taxes and equity in net income of subsidiaries (12.1 ) 81.4 33.4 — 102.7 Income tax (benefit) expense (5.9 ) 27.9 7.1 — 29.1 Earnings (loss) before equity in net income of subsidiaries (6.2 ) 53.5 26.3 — 73.6 Equity in net income of subsidiaries 79.8 26.3 — (106.1 ) — Net earnings (loss) $ 73.6 $ 79.8 $ 26.3 $ (106.1 ) $ 73.6 Comprehensive income (loss) $ 66.4 $ 72.6 $ 21.3 $ (93.9 ) $ 66.4 Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated Services net sales $ — $ 518.5 $ 121.7 $ (8.1 ) $ 632.1 Products net sales — 338.1 39.1 (4.4 ) 372.8 Total net sales — 856.6 160.8 (12.5 ) 1,004.9 Services cost of sales (exclusive of depreciation and amortization) — 257.3 78.8 (7.4 ) 328.7 Services cost of sales with R.R. Donnelley affiliates (exclusive of depreciation and amortization)* — 18.4 1.1 — 19.5 Products cost of sales (exclusive of depreciation and amortization) — 221.5 24.5 (5.1 ) 240.9 Products cost of sales with R.R. Donnelley affiliates (exclusive of depreciation and amortization)* — 30.1 2.2 — 32.3 Total cost of sales — 527.3 106.6 (12.5 ) 621.4 Selling, general and administrative expenses (exclusive of depreciation and amortization) — 197.4 38.8 — 236.2 Restructuring, impairment and other charges-net — 4.9 2.2 — 7.1 Depreciation and amortization — 38.2 6.3 — 44.5 Income from operations — 88.8 6.9 — 95.7 Interest expense (income)-net 43.1 (0.1 ) (0.1 ) — 42.9 Investment and other income-net — (3.3 ) (0.1 ) — (3.4 ) Earnings (loss) before income taxes and equity in net income of subsidiaries (43.1 ) 92.2 7.1 — 56.2 Income tax (benefit) expense (16.7 ) 60.6 2.6 — 46.5 Earnings (loss) before equity in net income of subsidiaries (26.4 ) 31.6 4.5 — 9.7 Equity in net income of subsidiaries 36.1 4.5 — (40.6 ) — Net earnings (loss) $ 9.7 $ 36.1 $ 4.5 $ (40.6 ) $ 9.7 Comprehensive income (loss) $ 13.4 $ 39.8 $ 8.9 $ (48.7 ) $ 13.4 * Beginning in the quarter ended June 30, 2017, LSC no longer qualified as a related party, therefore the amounts disclosed related to LSC are presented through March 31, 2017 only. Beginning in the quarter ended September 30, 2017, RRD no longer qualified as a related party, therefore the amounts disclosed related to RRD are presented through June 30, 2017 only. Consolidating Balance Sheet December 31, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 9.0 $ 2.0 $ 6.2 — $ 17.2 Receivables, less allowances — 130.5 30.9 — 161.4 Intercompany receivables — 117.3 — (117.3 ) — Intercompany short-term note receivable-net — — 12.0 (12.0 ) — Inventories — 9.5 1.6 — 11.1 Prepaid expenses and other current assets 3.0 9.9 3.0 — 15.9 Assets held for sale — 5.6 — — 5.6 Total current assets 12.0 274.8 53.7 (129.3 ) 211.2 Property, plant and equipment-net — 16.2 1.3 — 17.5 Right-of-use assets — 68.4 12.3 — 80.7 Software-net — 55.0 — — 55.0 Goodwill — 438.5 11.8 — 450.3 Other intangible assets-net — 20.5 1.4 — 21.9 Deferred income taxes — 8.3 2.6 (1.9 ) 9.0 Intercompany long-term note receivable 240.0 — — (240.0 ) — Other noncurrent assets 3.1 34.2 4.0 — 41.3 Investments in consolidated subsidiaries 441.8 51.2 — (493.0 ) — Total assets $ 696.9 $ 967.1 $ 87.1 $ (864.2 ) $ 886.9 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ — $ 51.0 $ 7.5 $ — $ 58.5 Intercompany payables 117.3 — — (117.3 ) — Intercompany short-term note payable-net 12.0 — — (12.0 ) — Accrued liabilities 2.2 100.0 18.8 — 121.0 Total current liabilities 131.5 151.0 26.3 (129.3 ) 179.5 Long-term debt 296.0 — — — 296.0 Intercompany long-term note payable — 240.0 — (240.0 ) — Deferred compensation liabilities — 20.0 — — 20.0 Pension and other postretirement benefits plan liabilities — 57.3 1.5 — 58.8 Noncurrent lease liabilities — 50.6 7.3 — 57.9 Other noncurrent liabilities 0.8 6.4 0.8 (1.9 ) 6.1 Total liabilities 428.3 525.3 35.9 (371.2 ) 618.3 Total equity 268.6 441.8 51.2 (493.0 ) 268.6 Total liabilities and equity $ 696.9 $ 967.1 $ 87.1 $ (864.2 ) $ 886.9 Consolidating Balance Sheet December 31, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 24.9 $ 5.0 $ 17.4 $ — $ 47.3 Receivables, less allowances — 141.6 31.3 — 172.9 Intercompany receivables — 123.6 — (123.6 ) — Intercompany short-term note receivable-net — — 60.5 (60.5 ) — Inventories — 10.4 1.7 — 12.1 Prepaid expenses and other current assets — 13.5 3.2 — 16.7 Total current assets 24.9 294.1 114.1 (184.1 ) 249.0 Property, plant and equipment-net — 29.3 2.9 — 32.2 Software-net — 47.8 — — 47.8 Goodwill — 438.5 11.5 — 450.0 Other intangible assets-net — 32.6 4.6 — 37.2 Deferred income taxes — 37.2 2.4 (29.9 ) 9.7 Intercompany long-term note receivable 298.0 — — (298.0 ) — Other noncurrent assets 3.6 35.1 4.1 — 42.8 Investments in consolidated subsidiaries 445.9 106.0 — (551.9 ) — Total assets $ 772.4 $ 1,020.6 $ 139.6 $ (1,063.9 ) $ 868.7 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ — $ 61.0 $ 11.4 $ — $ 72.4 Intercompany payable 120.9 — 2.7 (123.6 ) — Intercompany short-term note payable-net 60.0 0.5 — (60.5 ) — Accrued liabilities 0.1 109.2 16.7 — 126.0 Total current liabilities 181.0 170.7 30.8 (184.1 ) 198.4 Long-term debt 362.7 — — — 362.7 Intercompany long-term note payable — 298.0 — (298.0 ) — Deferred compensation liabilities — 19.5 — — 19.5 Pension and other postretirement benefits plan liabilities — 50.3 1.0 — 51.3 Other noncurrent liabilities 2.7 36.2 1.8 (29.9 ) 10.8 Total liabilities 546.4 574.7 33.6 (512.0 ) 642.7 Total equity 226.0 445.9 106.0 (551.9 ) 226.0 Total liabilities and equity $ 772.4 $ 1,020.6 $ 139.6 $ (1,063.9 ) $ 868.7 Consolidating Statements of Cash Flows Year Ended December 31, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 48.7 $ 66.0 $ (7.1 ) $ (53.1 ) $ 54.5 INVESTING ACTIVITIES Capital expenditures — (44.5 ) (0.3 ) — (44.8 ) Proceeds from sale of building — 30.6 — — 30.6 Acquisition of business, net of cash acquired — (4.5 ) — — (4.5 ) Purchase of investment — (2.3 ) — — (2.3 ) Proceeds from sale of investment — 12.8 — — 12.8 Payments related to disposition of Language Solutions business — (2.7 ) (1.3 ) — (4.0 ) Intercompany note receivable, net — — 48.5 (48.5 ) — Net cash (used in) provided by investing activities — (10.6 ) 46.9 (48.5 ) (12.2 ) FINANCING ACTIVITIES Revolving facility borrowings 515.5 — — — 515.5 Payments on revolving facility borrowings (515.5 ) — — — (515.5 ) Payments on long-term debt (72.5 ) — — — (72.5 ) Intercompany note payable, net 9.9 (58.4 ) — 48.5 — Intercompany dividends — — (53.1 ) 53.1 — Treasury share repurchases (1.8 ) — — — (1.8 ) Debt issuance costs (0.2 ) — — — (0.2 ) Net cash (used in) provided by financing activities (64.6 ) (58.4 ) (53.1 ) 101.6 (74.5 ) Effect of exchange rate on cash and cash equivalents — — 2.1 — 2.1 Net decrease in cash and cash equivalents (15.9 ) (3.0 ) (11.2 ) — (30.1 ) Cash and cash equivalents at beginning of year 24.9 5.0 17.4 — 47.3 Cash and cash equivalents at end of period $ 9.0 $ 2.0 $ 6.2 $ — $ 17.2 Supplemental non-cash disclosure: Intercompany debt allocation $ (240.0 ) $ 240.0 $ — $ — $ — Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 85.9 $ (12.0 ) $ (7.6 ) $ — $ 66.3 INVESTING ACTIVITIES Capital expenditures — (35.9 ) (1.2 ) — (37.1 ) Acquisition of business, net of cash acquired — (12.5 ) — — (12.5 ) Proceeds from sale of investment — 3.1 — — 3.1 Proceeds from disposition of Language Solutions business — 34.4 43.1 — 77.5 Intercompany note receivable, net — — (30.5 ) 30.5 — Other investing activities — (0.8 ) — — (0.8 ) Net cash (used in) provided by investing activities — (11.7 ) 11.4 30.5 30.2 FINANCING ACTIVITIES Revolving facility borrowings 360.0 — — — 360.0 Payments on revolving facility borrowings (360.0 ) — — — (360.0 ) Payments on long-term debt (97.5 ) — — — (97.5 ) Intercompany note payable, net 29.7 0.8 — (30.5 ) — Proceeds from the issuance of common stock 1.2 — — — 1.2 Treasury stock repurchases (1.5 ) — — — (1.5 ) Debt issuance costs (1.2 ) — — — (1.2 ) Net cash (used in) provided by financing activities (69.3 ) 0.8 — (30.5 ) (99.0 ) Effect of exchange rate on cash and cash equivalents — — (2.2 ) — (2.2 ) Net increase (decrease) in cash and cash equivalents 16.6 (22.9 ) 1.6 — (4.7 ) Cash and cash equivalents at beginning of year 8.3 27.9 15.8 — 52.0 Cash and cash equivalents at end of period $ 24.9 $ 5.0 $ 17.4 $ — $ 47.3 Supplemental non-cash disclosure: Intercompany debt allocation $ (298.0 ) $ 298.0 $ — $ — $ — Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated OPERATING ACTIVITIES Net cash provided by operating activities $ 39.3 $ 35.7 $ 14.0 $ 2.4 $ 91.4 INVESTING ACTIVITIES Capital expenditures — (26.4 ) (1.4 ) — (27.8 ) Purchase of investment — (3.4 ) — — (3.4 ) Intercompany note receivable, net — — (14.7 ) 14.7 — Other investing activities — 0.2 — — 0.2 Net cash (used in) provided by investing activities — (29.6 ) (16.1 ) 14.7 (31.0 ) FINANCING ACTIVITIES Revolving facility borrowings 298.5 — — — 298.5 Payments on revolving facility borrowings (298.5 ) — — — (298.5 ) Payments on long-term debt (133.0 ) — — — (133.0 ) Debt issuance costs (2.1 ) — — — (2.1 ) Separation-related payment from R.R. Donnelley 68.0 — — — 68.0 Proceeds from the issuance of common stock 18.8 — — — 18.8 Proceeds from issuance of long-term debt 3.1 — — — 3.1 Treasury stock repurchases (0.9 ) — — — (0.9 ) Intercompany note payable, net 14.7 — — (14.7 ) — Other financing activities 0.4 — — — 0.4 Net cash used in financing activities (31.0 ) — — (14.7 ) (45.7 ) Effect of exchange rate on cash and cash equivalents — — 1.1 — 1.1 Net increase (decrease) in cash and cash equivalents 8.3 6.1 (1.0 ) 2.4 15.8 Cash and cash equivalents at beginning of year — 21.8 16.8 (2.4 ) 36.2 Cash and cash equivalents at end of period $ 8.3 $ 27.9 $ 15.8 $ — $ 52.0 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires the extensive use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes thereto. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, pension, goodwill and other intangible assets, asset valuations and useful lives, income taxes and other provisions and contingencies. |
Foreign Operations | Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) while transaction gains and losses are recorded in net earnings. Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be indefinitely reinvested. |
Fair Value Measurements | Fair Value Measurements— Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its pension plan assets on a recurring basis. See Note 14, , for the fair value of the Company’s pension plan assets as of December 31, 2019. The Company measures its equity investments 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. See Note 11, Investments In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held for sale, goodwill and other intangible assets. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values. The three-tier value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. |
Revenue Recognition | Revenue Recognition — The Company manages highly-customized data and materials, such as filings on behalf of its customers with the SEC related to the Securities Exchange Act of 1934 as amended (the “Exchange Act”), the Securities Act of 1933, as amended (the “Securities Act”), and performs eXtensible Business Reporting Language (“XBRL”) and related services. The Company’s SaaS offerings include the Venue Virtual Data Room, the FundSuiteArc 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. The Company separately reports its net sales and related cost of sales for its services and products offerings. The Company’s services offerings consist of document composition, compliance-related EDGAR filing services, transaction solutions, and the Company’s SaaS solutions, including Venue, FundSuiteArc, ActiveDisclosure, EDGAR Online and others. The Company’s product offerings primarily consist of conventional and digital printed products and related shipping costs. Prior to the sale of the Company’s Language Solutions business on July 22, 2018, the Company provided language solutions services to international clients. Refer to Note 3 , Revenue , for a discussion of the Company’s revenue recognition following the 2018 adoption of the Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) . Revenue Recognition The Company manages highly-customized data and materials, such as the Exchange Act, the Securities Act and the Investment Company Act filings with the SEC on behalf of its customers as well as manages virtual data rooms and performs XBRL and related services. Clients are provided with the Electronic Data, Gathering, Analysis and Retrieval (“EDGAR”) filing services, XBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among others. The Company’s SaaS offerings include the Venue Virtual Data Room, the FundSuiteArc software platform, ActiveDisclosure and data and analytics, and others. Substantially all of the Company’s revenue is derived from contracts with an initial expected duration of one year or less. Generally, customer payment is due within ten days upon invoicing. 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 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 services and products is recognized either over time or at a point in time, as outlined below. Over time The Company recognizes revenue for certain services over time. • The Company’s SaaS solutions, including the Venue Virtual Data Room, the FundSuiteArc software platform, ActiveDisclosure, data and analytics and others, are generally provided on a subscription basis and allow customers access to use the products over the contract period. As a result, revenue for SaaS solutions are recognized ratably over time as the customer receives the benefit throughout the contract period. The timing of invoicing varies, however the customer may be invoiced before the end of the contract period, resulting in a deferred revenue balance. • Revenue for warehousing services are recognized ratably over time as the customer receives the benefit throughout the storage period. Point in time All remaining revenue arrangements are generally recognized at a point in time and are primarily invoiced upon completion of all services or upon shipment to the customer. • Certain arrangements include multiple performance obligations and revenue is recognized upon completion of each performance obligation, such as when a document is filed with a regulatory agency and upon completion of printing the related document. For arrangements with multiple performance obligations, the transaction price is allocated to the separate performance obligations. The Company provides customer specific solutions and as such, observable standalone selling price is rarely available. Standalone selling price is determined using an estimate of the standalone selling price of each distinct service or product, taking into consideration historical selling price by customer for each distinct service or product. These estimates may vary from the final amounts invoiced to the customer and are adjusted upon completion of all performance obligations. Customers may be invoiced subsequent to the recognition of revenue for completed performance obligations , resulting in contract asset balances, which are reflected within accounts receivable in the Company’s consolidated balance sheets, as further described below. • Revenue for arrangements which include assisting customers in completing regulatory filings for transactions, such as mergers and acquisitions or other public capital market transactions, is recognized upon completion of all obligations, including the services performed and printing of the related document, if applicable. • Revenue for arrangements without a regulatory filing generally have a single performance obligation. As the services and products provided are not distinct within the context of the contract, the revenue is recognized upon completion of the services performed or upon completion of printing of the related product. • Warehousing, fulfillment services and shipping and handling are each separate performance obligations. As a result, when the Company provides warehousing and future fulfillment services, revenue for the composition services performed and printing of the product is recognized upon completion of the performance obligation(s), as control of the inventory has transferred to the customer and the inventory is being stored at the customer’s request. Because substantially all of the Company’s products are customized, product returns are not significant; however, the Company accrues for the estimated amount of customer credits at the time of sale. The Company records deferred revenue when amounts are invoiced but the revenue recognition criteria are not yet met. Such revenue is recognized when all criteria are subsequently met. Certain revenues earned by the Company require significant judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for shipping and handling costs as well as certain postage costs, and out-of-pocket expenses are recorded gross. Revenue is not recognized for customer-supplied postage. The Company’s printing operations process paper that may be supplied directly by customers or may be purchased by the Company from third parties and sold to customers. Revenue is not recognized for customer-supplied paper; however, revenues for Company-supplied paper are recognized on a gross basis. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to authorities. The Company expenses the costs to obtain the contract, primarily commissions, as incurred. |
Cash and Cash Equivalents | Cash and cash equivalents — The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. |
Receivables | Receivables — Receivables are stated net of allowances for doubtful accounts and primarily include trade receivables as well as miscellaneous receivables from suppliers. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. No single customer comprised more than 10% of the Company’s net sales in 2019, 2018 or 2017. See Note 8, for details of activity affecting the allowance for doubtful accounts receivable. |
Inventories | Inventories — Inventories include material, labor and factory overhead and are stated at the lower of cost or market and net of excess and obsolescence reserves for raw materials. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory. Specific excess and obsolescence provisions are also made when a review of specific balances indicates that the inventories will not be utilized in production or sold. Inventory is valued using the First-In, First-Out (FIFO) method. |
Prepaid Expenses | Prepaid Expenses — Prepaid expenses as of December 31, 2019 and 2018 were $9.6 million and $13.9 million, respectively. |
Long-Lived Assets | Long-Lived Assets — The Company assesses potential impairments to its long-lived assets, including long-lived intangible assets, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impaired asset is written down to its estimated fair value based upon the most recent information available. Estimated fair market value is generally measured by discounting estimated future cash flows. Long-lived assets, other than goodwill, are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. |
Property, Plant and Equipment | Property, plant and equipment — Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 15 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 15 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. |
Software | Software — The Company incurs costs to develop software applications for internal-use and for the development of SaaS solutions sold to its clients. These costs include both direct costs from third-party vendors and eligible salaries and payroll-related costs of employees. The Company capitalizes costs associated with internal-use software and SaaS solutions when management with the relevant authority authorizes and commits to the funding of the software project and it is probable that the project will be completed and the software will be used to perform the functions intended. Costs associated with upgrades and enhancements of internal-use software and SaaS solutions are capitalized only if such modifications result in additional functionality of the software, whereas costs incurred for preliminary project stage activities, training, project management and maintenance is expensed as incurred. 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 $27.6 million, $24.3 million and $22.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Goodwill and Other Intangible Assets | Goodwill — Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit in certain circumstances. Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. For certain reporting units, the Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing this qualitative analysis, the Company considers various factors, including the excess of prior year estimates of fair value compared to carrying value, the effect of market or industry changes and the reporting units’ actual results compared to projected results. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. For the year ended December 31, 2019, each of the reporting units was reviewed for impairment using a quantitative assessment. The Company compared each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying amount. If the carrying amount exceeds the reporting unit’s fair value, the Company will recognize an impairment loss for the amount by which the carrying amount exceeds the fair value. The results of the quantitative assessment of goodwill impairment as of October 31, 2019, indicated that the estimated fair values for each of the reporting units exceeded their respective carrying amounts. Therefore, no impairment losses were recognized. Other long-lived intangible assets are recognized separately from goodwill and are amortized on a straight-line basis over their estimated useful lives. See Note 6, Goodwill and Other Intangible Assets, |
Share-Based Compensation | Share-Based Compensation — The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including non-qualified stock options (“stock options”), restricted stock units (“RSUs”), performance-based restricted stock (“PBRS”) and performance share units (“PSUs”). The Company recognizes compensation costs for RSUs expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. Compensation expense for PBRS awards granted in 2016, which vest on a graded basis, is recognized utilizing a graded vesting schedule. Compensation expense for PBRS awards granted in 2017, which cliff vest, is recognized on a straight-line basis over the performance period of the award. The Company recognizes compensation costs for PSUs, which cliff vest, on a straight-line basis over the performance period of the award. Compensation expense for stock options is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of four years. See Note 18, , for further discussion. |
Pension and Other Postretirement Benefit Plans | Pension and Other Post-Retirement Plans — DFIN engages outside actuaries to assist in the determination of the obligations and costs under these plans, which are frozen to new participants. The annual income and expense amounts relating to the pension plan and other postretirement benefit plan are based on calculations which include various actuarial assumptions including, mortality expectations, discount rates and expected long-term rates of return. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effects of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive income (loss) and amortized into operating earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. Refer to Note 14, , for further discussion. |
Taxes on Income | Income Taxes — Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company maintains an income taxes payable or receivable account in each jurisdiction and, with the exception of certain entities outside the U.S. that transferred to the Company at Separation, the Company is deemed to settle current tax balances with the RRD tax paying entities in the respective jurisdictions. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not ( i.e., Income Taxes, |
Commitments and Contingencies | Commitments and Contingencies — The Company is subject to lawsuits, investigations and other claims related to environmental, employment, commercial and other matters, as well as preference claims related to amounts received from customers and others prior to their seeking bankruptcy protection. Periodically, the Company reviews the status of each significant matter and assesses potential financial exposure. See Note 13, , for further discussion. |
Restructuring | Restructuring — The Company records restructuring charges when liabilities are incurred as part of a plan approved by management with the appropriate level of authority for the elimination of duplicative functions, the closure of facilities, or the exit of a line of business, generally in order to reduce the Company’s overall cost structure. See Note 5, , for further discussion. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, which requires lessees to record most leases on the balance sheet but recognize expense on the income statement in a manner similar to the former accounting standard. The Company adopted the standard and all related amendments on January 1, 2019 using the optional transition method. The comparative periods have not been restated and continue to be reported under the accounting standards in effect for those periods. Refer to Note 7, Leases |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss model with a current expected credit loss (“CECL”) model and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. This standard applies to financial assets, measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases and trade accounts receivable. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The Company will adopt the standard in the first quarter of 2020. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40).” The standard requires a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and to expense the capitalized implementation costs over the term of the hosting arrangement. The standard is effective for fiscal years beginning after December 15, 2019, and the interim periods within those fiscal years. The Company will adopt the amendment prospectively in the first quarter of 2020. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which modifies ASC 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 tax 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 . Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its con solidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue by Reporting Unit and Timing of Revenue Recognition | The following tables disaggregates revenue by reporting unit and timing of revenue recognition for the year ended December 31, 2019 and 2018: Year Ended December 31, 2019 Point in time Over time Total U.S. Capital Markets $ 323.7 $ 97.3 $ 421.0 Investment Markets 295.0 45.4 340.4 Total U.S. 618.7 142.7 761.4 International 85.3 28.0 113.3 Total net sales $ 704.0 $ 170.7 $ 874.7 Year Ended December 31, 2018 Point in time Over time Total U.S. Capital Markets $ 358.9 $ 97.1 $ 456.0 Investment Markets 291.6 50.5 342.1 Language Solutions 13.7 — 13.7 Total U.S. 664.2 147.6 811.8 International 132.2 19.0 151.2 Total net sales $ 796.4 $ 166.6 $ 963.0 |
Changes in Contract Liabilities | Contract liabilities consist of deferred revenue and progress billings which are included in accrued liabilities on the consolidated balance sheet. Changes in contract liabilities were as follows: Balance at January 1, 2019 $ 12.0 Deferral of revenue 51.2 Revenue recognized (50.1 ) Balance at December 31, 2019 $ 13.1 Balance at January 1, 2018 $ 14.2 Deferral of revenue 47.1 Revenue recognized (47.9 ) Disposition (1.6 ) Acquisition 0.2 Balance at December 31, 2018 $ 12.0 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
eBrevia | |
Acquisitions And Dispositions [Line Items] | |
Schedule of Final Allocation of Consideration Paid for Acquisition | The final allocation of consideration paid for the eBrevia acquisition is summarized as follows: Accounts receivable $ 0.3 Other intangible assets 11.4 Software 0.8 Goodwill 12.8 Accounts payable and accrued liabilities (0.4 ) Deferred taxes-net (1.6 ) Total purchase price-net of cash acquired 23.3 Less: fair value of the Company's previously held investment in eBrevia (3.3 ) Less: fair value of contingent consideration (0.8 ) Less: amounts held in escrow and liabilities assumed (2.2 ) Net cash paid $ 17.0 |
Restructuring, Impairment and_2
Restructuring, Impairment and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring, Impairment and Other Charges Recognized in Results of Operations | Employee Total Restructuring Other 2019 Terminations Charges Impairment Charges Total U.S. $ 5.3 $ 5.3 $ 2.0 (1) $ 0.2 $ 7.5 International 1.2 1.2 1.0 (2) — 2.2 Corporate 2.6 2.6 0.4 0.9 3.9 Total $ 9.1 $ 9.1 $ 3.4 $ 1.1 $ 13.6 (1) See Note 11 , Investments (2) See Note 6, Goodwill and Other Intangible Assets Employee Other Restructuring Total Restructuring Other 2018 Terminations Charges Charges Charges Total U.S. $ 1.0 $ 0.8 $ 1.8 $ 0.2 $ 2.0 International 1.8 — 1.8 — 1.8 Corporate 0.6 — 0.6 — 0.6 Total $ 3.4 $ 0.8 $ 4.2 $ 0.2 $ 4.4 Employee Other Restructuring Total Restructuring Other 2017 Terminations Charges Charges Impairment Charges Total U.S. $ 3.3 $ 0.2 $ 3.5 $ 0.2 $ 0.2 $ 3.9 International 2.1 0.1 2.2 — — 2.2 Corporate 1.0 — 1.0 — — 1.0 Total $ 6.4 $ 0.3 $ 6.7 $ 0.2 $ 0.2 $ 7.1 |
Schedule of Changes in the Restructuring Reserve | The restructuring reserve as of December 31, 2019 and 2018, and changes during the year ended December 31, 2019, were as follows: December 31, 2018 Restructuring Charges Reversals Adoption of ASU 2016-02 Cash Paid December 31, 2019 Employee terminations $ 0.4 $ 9.2 $ (0.1 ) $ — $ (7.6 ) $ 1.9 Lease terminations and other 1.3 — — (1.1 ) (0.1 ) 0.1 Total $ 1.7 $ 9.2 $ (0.1 ) $ (1.1 ) $ (7.7 ) $ 2.0 The restructuring reserve as of December 31, 2018 and 2017, and changes during the year ended December 31, 2018, were as follows: December 31, Restructuring Cash December 31, 2017 Charges Reversals Paid 2018 Employee terminations $ 1.3 $ 3.6 $ (0.2 ) $ (4.3 ) $ 0.4 Lease terminations and other 2.1 0.8 — (1.6 ) 1.3 Total $ 3.4 $ 4.4 $ (0.2 ) $ (5.9 ) $ 1.7 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment for the years ended December 31, 2019 and 2018 were as follows: U.S. International Total Net book value as of January 1, 2018 $ 429.2 $ 18.2 $ 447.4 Acquisition 12.8 — 12.8 Disposition (3.5 ) (5.8 ) (9.3 ) Foreign exchange and other adjustments — (0.9 ) (0.9 ) Net book value as of December 31, 2018 438.5 11.5 450.0 Foreign exchange and other adjustments — 0.3 0.3 Net book value as of December 31, 2019 $ 438.5 $ 11.8 $ 450.3 |
Components of Other Intangible Assets | The components of other intangible assets at December 31, 2019 and 2018 were as follows: December 31, 2019 Gross Carrying Amount Accumulated Impairment Charges Accumulated Amortization Net Book Value Customer relationships (useful life of 10-15 years) $ 149.8 $ (1.0 ) $ (127.7 ) $ 21.1 Trade names (useful life of 5 years) 3.9 — (3.1 ) 0.8 Total other intangible assets $ 153.7 $ (1.0 ) $ (130.8 ) $ 21.9 December 31, 2018 Gross Carrying Amount Accumulated Impairment Charges Accumulated Amortization Net Book Value Customer relationships (useful life of 10-15 years) $ 149.3 $ — $ (113.1 ) $ 36.2 Trade names (useful life of 5 years) 3.9 — (2.9 ) 1.0 Total other intangible assets $ 153.2 $ — $ (116.0 ) $ 37.2 |
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 as of December 31, 2019: For the year ending December 31, Amount 2020 $ 12.3 2021 0.9 2022 0.9 2023 0.9 2024 0.7 2025 and thereafter 6.2 Total $ 21.9 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Components of Net Lease Expense | The components of net lease expense for the year ended December Year ended December 31, 2019 Operating lease expense $ 26.2 Sublease income (5.1 ) Net lease expense $ 21.1 |
Summary of Other Information Related to Operating Leases | Other information related to operating leases as of and for the year ended December 31, 2019 were as follows: Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term 4.4 years Weighted average discount rate 4.6 % Year ended Lease Liabilities December 31, 2019 Cash paid related to lease liabilities $ 27.9 Non-cash disclosure: Increase in lease liabilities due to new ROU assets $ 9.9 Decrease in lease liabilities due to lease modifications and remeasurements (7.9 ) |
Summary of Maturities of Lease Liabilities for Operating Leases | Maturities of lease liabilities for operating leases as of December 31, 2019 were as follows: Amount 2020 $ 25.7 2021 20.7 2022 16.1 2023 10.6 2024 8.2 2025 and thereafter 7.6 Total lease payments 88.9 Less: Interest (8.4 ) Present value of lease liabilities $ 80.5 As of December 31, 2019 Accrued liabilities $ 22.6 Noncurrent lease liabilities 57.9 Total $ 80.5 |
Summary of Future Minimum Rental Commitments Under Non-cancellable Operating Leases | Future minimum rental commitments under non-cancellable operating leases as of December 31, 2018 were expected to be as follows: Year ended December 31 Amount 2019 $ 26.4 2020 22.6 2021 16.6 2022 10.9 2023 8.7 2024 and thereafter 16.3 Total $ 101.5 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Transactions Affecting Allowance for Doubtful Accounts | Transactions affecting the allowances for doubtful accounts receivable during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance, beginning of year $ 7.9 $ 7.3 $ 6.4 Provisions charged to expense 3.2 4.9 3.9 Write-offs and other (3.4 ) (4.3 ) (3.0 ) Balance, end of year $ 7.7 $ 7.9 $ 7.3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials, at December 31, 2019 and 2018 were as follows: 2019 2018 Raw materials and manufacturing supplies $ 3.9 $ 4.0 Work in process 7.2 8.1 Total $ 11.1 $ 12.1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Components of Company's Property, Plant and Equipment | The components of the Company’s property, plant and equipment at December 31, 2019 and 2018 were as follows: 2019 2018 Land $ 0.3 $ 10.0 Buildings 26.8 36.2 Machinery and equipment 111.9 106.3 139.0 152.5 Less: Accumulated depreciation (121.5 ) (120.3 ) Total $ 17.5 $ 32.2 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Realized and Unrealized Gains on Equity Securities Recorded in Investment and Other Income in Consolidated Statements of Operations | The following table summarizes realized and unrealized gains on the equity securities recorded in investment and other income in the consolidated statements of operations for the years ended December 31, 2019 and 2018: 2019 2018 Gain on equity investments $ 13.6 $ 11.8 Less: net gain recognized on equity securities sold (6.8 ) (2.4 ) Unrealized net gain recognized on equity securities still held at the reporting date $ 6.8 $ 9.4 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities Current [Abstract] | |
Components of Accrued Liabilities | The components of the Company’s accrued liabilities at December 31, 2019 and 2018 were as follows: 2019 2018 Employee-related liabilities $ 56.9 $ 63.3 Short-term lease liabilities 22.6 — Customer-related liabilities 16.7 16.1 Accrued interest payable 5.7 5.8 Income taxes payable 2.7 12.4 Restructuring liabilities 2.0 1.4 Other 14.4 27.0 Total accrued liabilities $ 121.0 $ 126.0 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Estimated Net Periodic Benefit Cost/(Income) | The components of the estimated net periodic benefit cost/(income) for DFIN’s pension plans for the years ended December 31, 2019, 2018 and 2017 were as follows: Pension Benefits 2019 2018 2017 Interest cost $ 10.9 $ 10.3 $ 10.6 Expected return on plan assets (14.8 ) (16.0 ) (16.0 ) Amortization of actuarial loss 1.8 2.5 2.1 Settlements 3.9 — — Net periodic benefit cost (income) $ 1.8 $ (3.2 ) $ (3.3 ) Weighted average assumption used to calculate net periodic benefit expense: Discount rate 3.3 % 3.7 % 4.2 % Expected return on plan assets 6.3 % 6.8 % 7.0 % |
Reconciliation of Funded Status | Reconciliation of funded status Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Benefit obligation at beginning of year $ 280.4 $ 309.9 $ 1.0 $ 1.2 Interest cost 10.9 10.3 — — Actuarial loss (gain) 43.3 (25.8 ) 0.6 — Settlements (12.4 ) — — — Foreign currency translation loss (gain) — — 0.1 (0.1 ) Benefits paid (10.9 ) (14.0 ) (0.1 ) (0.1 ) Benefit obligation at end of year $ 311.3 $ 280.4 $ 1.6 $ 1.0 Fair value of plan assets at beginning of year $ 228.9 $ 256.4 $ — $ — Actual return on assets 46.2 (15.3 ) — — Settlements (12.4 ) — — — Employer contributions 0.9 1.8 0.1 0.1 Benefits paid (10.9 ) (14.0 ) (0.1 ) (0.1 ) Fair value of plan assets at end of year $ 252.7 $ 228.9 $ — $ — Under funded status at end of year $ (58.6 ) $ (51.5 ) $ (1.6 ) $ (1.0 ) |
Amount Recognized on Consolidated and Combined Balance Sheets | Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Accrued benefit cost (included in accrued liabilities) $ (1.3 ) $ (1.2 ) $ (0.1 ) $ — Pension and other postretirement benefits plan liabilities (57.3 ) (50.3 ) (1.5 ) (1.0 ) Net liabilities recognized in the Consolidated Balance Sheets $ (58.6 ) $ (51.5 ) $ (1.6 ) $ (1.0 ) |
Amounts in Accumulated Other Comprehensive Loss | The amounts included in accumulated other comprehensive loss in the consolidated balance sheets, excluding tax effects, that have not been recognized as components of net periodic benefit cost at December 31, 2019 and 2018 were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Accumulated other comprehensive (loss) income Net actuarial (loss) gain $ (96.7 ) $ (90.7 ) $ (0.5 ) $ 0.1 Total $ (96.7 ) $ (90.7 ) $ (0.5 ) $ 0.1 |
Amounts Recognized in Other Comprehensive Income (Loss) | The pre-tax amounts recognized in other comprehensive income (loss) in 2019, 2018, and 2017 as components of net periodic costs were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2017 2019 2018 2017 Amortization of: Net actuarial loss $ 1.8 $ 2.5 $ 2.1 $ — $ — $ — Amounts arising during the period: Settlements 3.9 — — — — — Net actuarial loss (11.8 ) (5.6 ) (2.7 ) (0.6 ) — — Total $ (6.1 ) $ (3.1 ) $ (0.6 ) $ (0.6 ) $ — $ — |
Schedule of Accumulated Other Comprehensive Loss Expected to Recognized as Components of Net Periodic Benefit Costs | The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in 2020 are shown below: Pension Benefits Amortization of: Net actuarial loss $ 3.1 Total $ 3.1 |
Weighted Average Assumptions Used to Determine Benefit Obligation | The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Discount rate 3.2 % 4.4 % 3.0 % 3.5 % |
Summary of Projected Benefit Obligations in Excess of Plan Assets | The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2019 and 2018: Pension Benefits 2019 2018 Projected benefit obligation $ 311.3 $ 280.4 Fair value of plan assets 252.7 228.9 |
Expected Benefit Payments | Benefit payments are expected to be paid as follows: Pension Benefits Other Postretirement Benefits 2020 $ 17.2 $ 0.1 2021 18.2 0.1 2022 19.0 0.1 2023 18.2 0.1 2024 18.2 0.1 2025-2029 93.4 0.6 |
Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2019 and 2018, by asset category were as follows: December 31, 2019 Asset Category Total Level 1 Level 2 Cash and cash equivalents $ 1.4 $ 0.1 $ 1.3 Real estate funds 10.1 — 10.1 Assets measured at NAV 241.2 — — Total $ 252.7 $ 0.1 $ 11.4 December 31, 2018 Asset Category Total Level 1 Level 2 Cash and cash equivalents $ 1.5 $ 1.2 $ 0.3 Real estate funds 9.5 — 9.5 Assets measured at NAV 217.9 — — Total $ 228.9 $ 1.2 $ 9.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings from Operations Before Income Taxes | Income taxes have been based on the following components of earnings from operations before income taxes for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 U.S. $ 54.1 $ 69.3 $ 49.1 Foreign (2.0 ) 33.4 7.1 Earnings before income taxes $ 52.1 $ 102.7 $ 56.2 |
Components of Income Tax Expense (Benefit) from Operations | The components of income tax expense (benefit) from operations for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Current: U.S. Federal $ 7.7 $ 6.9 $ 12.5 U.S. State and Local 2.3 5.3 5.1 Foreign 2.0 6.3 3.4 Current income tax expense 12.0 18.5 21.0 Non-Current: U.S. Federal — 0.1 12.5 U.S. State and Local — — 0.6 Non-current income tax expense — 0.1 13.1 Deferred: U.S. Federal 2.3 6.8 13.3 U.S. State and Local 0.4 2.9 (0.1 ) Foreign (0.2 ) 0.8 (0.8 ) Deferred income tax expense 2.5 10.5 12.4 Total $ 14.5 $ 29.1 $ 46.5 |
Reconciliation of Differences Between U.S Federal Statutory and Effective Income Tax Rate | The following table outlines the reconciliation of differences between the U.S. Federal statutory tax rate and the Company’s worldwide effective income tax rate: 2019 2018 2017 Federal statutory tax rate 21.0 % 21.0 % 35.0 % Provision to return (7.2 ) — — State and local income taxes, net of U.S. federal income tax benefit 6.8 6.5 5.7 Changes in valuation allowances 6.4 0.5 0.5 Non-deductible expenses 4.6 1.9 3.6 Foreign-derived intangible income (1.9 ) — — Credits and incentives (1.6 ) (1.3 ) — Foreign tax rate differential (0.8 ) 1.1 (1.3 ) Tax exempt income and expense (0.1 ) (2.9 ) — Global intangible low-taxed income provision — 2.0 — Federal and state transition tax on foreign earnings — 0.1 25.3 Tax Act revaluation of U.S. net deferred tax assets — (2.2 ) 14.8 Other 0.6 1.6 (0.9 ) Effective income tax rate 27.8 % 28.3 % 82.7 % |
Significant Deferred Tax Assets and Liabilities | The significant deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows: 2019 2018 Deferred tax assets: Pension and other postretirement benefit plans liabilities $ 16.0 $ 15.1 Net operating losses and other tax carryforwards 10.5 9.1 Accrued liabilities 9.1 12.2 Share-based compensation 2.3 3.0 Allowance for doubtful accounts 1.8 2.2 Interest — 1.4 Other 2.3 0.9 Total deferred tax assets 42.0 43.9 Valuation allowances (5.2 ) (2.1 ) Total deferred tax assets $ 36.8 $ 41.8 Deferred tax liabilities: Accelerated depreciation $ (12.7 ) $ (12.3 ) Other intangible assets (10.0 ) (12.6 ) Investments (3.0 ) (3.1 ) Prepaid assets (0.3 ) (1.4 ) Lease obligations — (1.3 ) Other (1.8 ) (1.6 ) Total deferred tax liabilities (27.8 ) (32.3 ) Net deferred tax assets $ 9.0 $ 9.5 |
Transactions Affecting Valuation Allowance On Deferred Tax Assets | Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance, beginning of year $ 2.1 $ 1.5 $ 1.2 Current year expense-net 3.1 0.7 0.3 Foreign exchange and other — (0.1 ) — Balance, end of year $ 5.2 $ 2.1 $ 1.5 |
Unrecognized Tax Benefits | Changes in the Company’s unrecognized tax benefits at December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance at beginning of year $ 0.3 $ 0.3 $ 1.9 Additions for tax positions of the current year 0.1 0.2 — Additions for tax positions of prior years 0.1 0.1 — Settlements during the year — (0.1 ) (1.4 ) Releases — (0.2 ) (0.2 ) Balance at end of year $ 0.5 $ 0.3 $ 0.3 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of the Company's Debt | The Company’s debt as of December 31, 2019 and 2018 consisted of the following: December 31, December 31, 2019 2018 8.25% senior notes due October 15, 2024 $ 300.0 $ 300.0 Term Loan Credit Facility — 71.3 Unamortized debt issuance costs (4.0 ) (8.6 ) Total long-term debt $ 296.0 $ 362.7 |
Summary of Interest Expense | The following table summarizes interest expense included in the consolidated statements of operations: 2019 2018 2017 Interest incurred $ 34.3 $ 37.1 $ 43.5 Loss on debt extinguishment 4.1 — — Less: interest capitalized as property, plant and equipment (0.3 ) (0.4 ) (0.6 ) Interest expense, net $ 38.1 $ 36.7 $ 42.9 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017, were as follows. 2019 2018 2017 Net earnings per share: Basic $ 1.10 $ 2.18 $ 0.29 Diluted 1.10 2.16 0.29 Numerator: Net earnings $ 37.6 $ 73.6 $ 9.7 Denominator: Weighted average number of common shares outstanding 34.1 33.8 33.1 Dilutive awards 0.2 0.2 0.2 Diluted weighted average number of common shares outstanding 34.3 34.0 33.3 Weighted average number of anti-dilutive share-based awards: Restricted stock units 0.7 0.3 0.2 Stock options 0.8 0.6 0.3 Total 1.5 0.9 0.5 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation [Abstract] | |
Summary of Annual Weighted-Average Assumptions | The following table summarizes the annual weighted-average assumptions: 2019 2018 2017 Expected volatility 27.47 % 27.75 % 30.71 % Risk-free interest rate 2.58 % 2.71 % 2.17 % Expected life (years) 6.25 6.25 6.25 Expected dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Stock Option Awards Outstanding | Stock outstanding Weighted Average Weighted Remaining Aggregate Shares Under Average Contractual Intrinsic Option Exercise Term Value (thousands) Price (years) (millions) Outstanding at December 31, 2018 635 $ 21.44 7.2 $ — Granted 196 14.15 9.2 — Cancelled/forfeited/expired (35 ) — — — Outstanding at December 31, 2019 796 19.83 6.9 — Vested and expected to vest at December 31, 2019 766 $ 19.93 6.8 — Exercisable at December 31, 2019 305 $ 23.95 4.4 — |
Summary of Nonvested Restricted Stock Unit Awards | RSUs outstanding as of December 31, 2018 and December 31, 2019, and changes during the year ended December 31, 2019, were as follows: Weighted Shares Average Grant (Thousands) Date Fair Value Nonvested at December 31, 2018 700 $ 19.60 Granted 614 13.94 Vested (351 ) 17.67 Forfeited (93 ) 16.58 Nonvested at December 31, 2019 870 $ 15.79 |
Summary of Nonvested Performance Share Units | PSUs outstanding Weighted Shares Average Grant (Thousands) Date Fair Value Nonvested at December 31, 2018 251 $ 18.23 Granted 329 14.15 Forfeited (43 ) 17.21 Nonvested at December 31, 2019 537 $ 15.81 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income and Income Tax Expense Allocated to Each Component | The components of other comprehensive income and income tax expense allocated to each component for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Before Tax Income Tax Net of Tax Amount Expense Amount Amount Expense Amount Amount Expense Amount Translation adjustments $ 3.0 $ — $ 3.0 $ (5.0 ) $ — $ (5.0 ) $ 4.4 $ — $ 4.4 Adjustment for net periodic pension plan and other postretirement benefits plan cost (6.7 ) (1.8 ) (4.9 ) (3.1 ) (0.9 ) (2.2 ) (0.6 ) 0.1 (0.7 ) Other comprehensive income $ (3.7 ) $ (1.8 ) $ (1.9 ) $ (8.1 ) $ (0.9 ) $ (7.2 ) $ 3.8 $ 0.1 $ 3.7 |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2019, 2018 and 2017: Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at January 1, 2017 $ (52.2 ) $ (16.1 ) $ (68.3 ) Other comprehensive income (loss) before reclassifications (2.1 ) 4.4 2.3 Amounts reclassified from accumulated other comprehensive loss 1.4 — 1.4 Net change in accumulated other comprehensive loss (0.7 ) 4.4 3.7 Balance at December 31, 2017 $ (52.9 ) $ (11.7 ) $ (64.6 ) Other comprehensive (loss) income before reclassifications (4.0 ) (5.0 ) (9.0 ) Amounts reclassified from accumulated other comprehensive loss 1.8 — 1.8 Amounts reclassified in accordance with ASU 2018-02 (1) (10.9 ) — (10.9 ) Net change in accumulated other comprehensive loss (13.1 ) (5.0 ) (18.1 ) Balance at December 31, 2018 $ (66.0 ) $ (16.7 ) $ (82.7 ) Other comprehensive (loss) income before reclassifications 1.3 3.0 4.3 Amounts reclassified from accumulated other comprehensive loss (6.2 ) — (6.2 ) Net change in accumulated other comprehensive loss (4.9 ) 3.0 (1.9 ) Balance at December 31, 2019 $ (70.9 ) $ (13.7 ) $ (84.6 ) (1) In February 2018, the FASB issued Accounting Standards Update No. 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which provides entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Act to retained earnings. The Company early adopted the standard in the fourth quarter of 2018. The impact of the adoption resulted in an increase in accumulated comprehensive loss and an increase in retained earnings of $10.9 million. |
Reclassifications from Accumulated Other Comprehensive Loss, Amortization of Pension Plan Cost | Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2019, 2018 and 2017 were as follows: Classification in the Consolidated 2019 2018 2017 Statements of Operations Amortization of pension and other postretirement benefits plan cost: Net actuarial loss $ 1.8 $ 2.5 $ 2.1 (a) Reclassifications before tax 1.8 2.5 2.1 Income tax expense 0.5 0.7 0.7 Reclassifications, net of tax $ 1.3 $ 1.8 $ 1.4 (a) These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense, and recognized in investment and other income in the consolidated statements of operations (see Note 14, Retirement Plans ). |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 consolidated financial statements. Total Sales Intersegment Sales Net Sales Income (Loss) From Operations Assets of Operations (1) Depreciation and Amortization (1) Capital Expenditures (1) Year ended December 31, 2019 U.S. $ 768.9 $ (7.5 ) $ 761.4 $ 113.5 $ 704.0 $ 41.3 $ 44.2 International 115.8 (2.5 ) 113.3 (2.3 ) 73.7 7.6 0.3 Total operating segments 884.7 (10.0 ) 874.7 111.2 777.7 48.9 44.5 Corporate — — — (32.7 ) 109.2 0.7 0.3 Total operations $ 884.7 $ (10.0 ) $ 874.7 $ 78.5 $ 886.9 $ 49.6 $ 44.8 Total Sales Intersegment Sales Net Sales Income (Loss) From Operations Assets of Operations (1) Depreciation and Amortization (1) Capital Expenditures (1) Year ended December 31, 2018 U.S. $ 821.0 $ (9.2 ) $ 811.8 $ 134.0 $ 681.9 $ 39.6 $ 34.8 International 153.2 (2.0 ) $ 151.2 31.6 77.6 5.7 1.2 Total operating segments 974.2 (11.2 ) 963.0 165.6 759.5 45.3 36.0 Corporate — — — (44.5 ) 109.2 0.5 1.1 Total operations $ 974.2 $ (11.2 ) $ 963.0 $ 121.1 $ 868.7 $ 45.8 $ 37.1 Total Sales Intersegment Sales Net Sales Income (Loss) From Operations Assets of Operations (1) Depreciation and Amortization (1) Capital Expenditures (1) Year ended December 31, 2017 U.S. $ 856.6 $ (8.7 ) $ 847.9 $ 127.6 $ 664.7 $ 38.2 $ 24.7 International 160.8 (3.8 ) 157.0 7.2 90.4 6.3 1.4 Total operating segments 1,017.4 (12.5 ) 1,004.9 134.8 755.1 44.5 26.1 Corporate — — — (39.1 ) 138.4 — 1.7 Total operations $ 1,017.4 $ (12.5 ) $ 1,004.9 $ 95.7 $ 893.5 $ 44.5 $ 27.8 |
Schedule of Corporate Assets | Corporate assets primarily consisted of the following items at December 31, 2019 and 2018: 2019 2018 Software, net (1) $ 52.1 $ 46.9 Right-of-use assets 11.7 — Cash and cash equivalents 11.2 27.2 Deferred income tax assets, net of valuation allowances 6.3 9.1 |
Geographic Area and Services _2
Geographic Area and Services and Products Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales and Long-lived Assets by Geographic Region | The table below presents net sales and long-lived assets by geographic region for the years ended December 31, 2019, 2018 and 2017. U.S. Europe Asia Canada Other Consolidated 2019 Net sales $ 761.4 $ 34.5 $ 46.8 $ 29.4 $ 2.6 $ 874.7 Long-lived assets (a) 178.3 4.2 11.0 1.0 — 194.5 2018 Net sales $ 811.8 $ 59.7 $ 55.5 $ 33.4 $ 2.6 $ 963.0 Long-lived assets (a) 117.2 3.1 2.4 0.1 — 122.8 2017 Net sales $ 847.9 $ 70.6 $ 47.2 $ 36.0 $ 3.2 $ 1,004.9 Long-lived assets (a) 107.2 4.5 1.6 0.6 — 113.9 (a) Includes net property, plant and equipment, net software and other noncurrent assets. 2019 balances also include right-of-use assets. |
Summary of Net Sales for Services and Products | The following table summarizes net sales for services and products for the years ended December 31, 2019, 2018 and 2017. 2019 Net Sales 2018 Net Sales 2017 Net Sales Capital Markets $ 395.8 $ 408.3 $ 396.7 Investment Markets 158.2 167.4 164.0 Language Solutions — 42.3 71.4 Total services 554.0 618.0 632.1 Investment Markets 199.8 194.0 217.9 Capital Markets 120.9 151.0 154.9 Total products 320.7 345.0 372.8 Total net sales $ 874.7 $ 963.0 $ 1,004.9 |
Guarantor Financial Informati_2
Guarantor Financial Information - (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Guarantor Financial Information Consolidating Statements of Operations and Comprehensive Income (Loss) | Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated Services net sales $ — $ 471.8 $ 88.7 $ (6.5 ) $ 554.0 Products net sales — 297.1 27.1 (3.5 ) 320.7 Total net sales — 768.9 115.8 (10.0 ) 874.7 Services cost of sales (exclusive of depreciation and amortization) — 231.5 58.9 (5.6 ) 284.8 Products cost of sales (exclusive of depreciation and amortization) — 242.4 19.6 (4.4 ) 257.6 Total cost of sales — 473.9 78.5 (10.0 ) 542.4 Selling, general and administrative expenses (exclusive of depreciation and amortization) — 176.9 28.9 — 205.8 Restructuring, impairment and other charges-net — 11.4 2.2 — 13.6 Depreciation and amortization — 42.0 7.6 — 49.6 Other operating (income) expense — (16.5 ) 1.3 — (15.2 ) Income from operations — 81.2 (2.7 ) — 78.5 Interest expense (income)-net 38.9 (0.1 ) (0.7 ) — 38.1 Intercompany interest (income) expense-net (22.3 ) 22.3 — — — Investment and other (income) expense-net — (11.8 ) 0.1 — (11.7 ) Earnings (loss) before income taxes and equity in net income of subsidiaries (16.6 ) 70.8 (2.1 ) — 52.1 Income tax (benefit) expense (4.2 ) 16.9 1.8 — 14.5 Earnings (loss) before equity in net income of subsidiaries (12.4 ) 53.9 (3.9 ) — 37.6 Equity in net income (loss) of subsidiaries 50.0 (3.9 ) — (46.1 ) — Net earnings (loss) $ 37.6 $ 50.0 $ (3.9 ) $ (46.1 ) $ 37.6 Comprehensive income (loss) $ 35.7 $ 45.5 $ (1.3 ) $ (44.2 ) $ 35.7 Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated Services net sales $ — $ 508.0 $ 116.4 $ (6.4 ) $ 618.0 Products net sales — 313.0 36.8 (4.8 ) 345.0 Total net sales — 821.0 153.2 (11.2 ) 963.0 Services cost of sales (exclusive of depreciation and amortization) — 258.4 76.6 (6.2 ) 328.8 Products cost of sales (exclusive of depreciation and amortization) — 236.7 26.8 (5.0 ) 258.5 Total cost of sales — 495.1 103.4 (11.2 ) 587.3 Selling, general and administrative expenses (exclusive of depreciation and amortization) — 220.0 38.2 — 258.2 Restructuring, impairment and other charges-net — 2.6 1.8 — 4.4 Depreciation and amortization — 40.1 5.7 — 45.8 Other operating income — (26.6 ) (27.2 ) — (53.8 ) Income from operations — 89.8 31.3 — 121.1 Interest expense (income)-net 37.6 (0.3 ) (0.6 ) — 36.7 Intercompany interest (income) expense-net (25.5 ) 25.6 (0.1 ) — — Investment and other income-net — (16.9 ) (1.4 ) — (18.3 ) Earnings (loss) before income taxes and equity in net income of subsidiaries (12.1 ) 81.4 33.4 — 102.7 Income tax (benefit) expense (5.9 ) 27.9 7.1 — 29.1 Earnings (loss) before equity in net income of subsidiaries (6.2 ) 53.5 26.3 — 73.6 Equity in net income of subsidiaries 79.8 26.3 — (106.1 ) — Net earnings (loss) $ 73.6 $ 79.8 $ 26.3 $ (106.1 ) $ 73.6 Comprehensive income (loss) $ 66.4 $ 72.6 $ 21.3 $ (93.9 ) $ 66.4 Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated Services net sales $ — $ 518.5 $ 121.7 $ (8.1 ) $ 632.1 Products net sales — 338.1 39.1 (4.4 ) 372.8 Total net sales — 856.6 160.8 (12.5 ) 1,004.9 Services cost of sales (exclusive of depreciation and amortization) — 257.3 78.8 (7.4 ) 328.7 Services cost of sales with R.R. Donnelley affiliates (exclusive of depreciation and amortization)* — 18.4 1.1 — 19.5 Products cost of sales (exclusive of depreciation and amortization) — 221.5 24.5 (5.1 ) 240.9 Products cost of sales with R.R. Donnelley affiliates (exclusive of depreciation and amortization)* — 30.1 2.2 — 32.3 Total cost of sales — 527.3 106.6 (12.5 ) 621.4 Selling, general and administrative expenses (exclusive of depreciation and amortization) — 197.4 38.8 — 236.2 Restructuring, impairment and other charges-net — 4.9 2.2 — 7.1 Depreciation and amortization — 38.2 6.3 — 44.5 Income from operations — 88.8 6.9 — 95.7 Interest expense (income)-net 43.1 (0.1 ) (0.1 ) — 42.9 Investment and other income-net — (3.3 ) (0.1 ) — (3.4 ) Earnings (loss) before income taxes and equity in net income of subsidiaries (43.1 ) 92.2 7.1 — 56.2 Income tax (benefit) expense (16.7 ) 60.6 2.6 — 46.5 Earnings (loss) before equity in net income of subsidiaries (26.4 ) 31.6 4.5 — 9.7 Equity in net income of subsidiaries 36.1 4.5 — (40.6 ) — Net earnings (loss) $ 9.7 $ 36.1 $ 4.5 $ (40.6 ) $ 9.7 Comprehensive income (loss) $ 13.4 $ 39.8 $ 8.9 $ (48.7 ) $ 13.4 * Beginning in the quarter ended June 30, 2017, LSC no longer qualified as a related party, therefore the amounts disclosed related to LSC are presented through March 31, 2017 only. Beginning in the quarter ended September 30, 2017, RRD no longer qualified as a related party, therefore the amounts disclosed related to RRD are presented through June 30, 2017 only. |
Guarantor Financial Information Consolidating Balance Sheet | Consolidating Balance Sheet December 31, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 9.0 $ 2.0 $ 6.2 — $ 17.2 Receivables, less allowances — 130.5 30.9 — 161.4 Intercompany receivables — 117.3 — (117.3 ) — Intercompany short-term note receivable-net — — 12.0 (12.0 ) — Inventories — 9.5 1.6 — 11.1 Prepaid expenses and other current assets 3.0 9.9 3.0 — 15.9 Assets held for sale — 5.6 — — 5.6 Total current assets 12.0 274.8 53.7 (129.3 ) 211.2 Property, plant and equipment-net — 16.2 1.3 — 17.5 Right-of-use assets — 68.4 12.3 — 80.7 Software-net — 55.0 — — 55.0 Goodwill — 438.5 11.8 — 450.3 Other intangible assets-net — 20.5 1.4 — 21.9 Deferred income taxes — 8.3 2.6 (1.9 ) 9.0 Intercompany long-term note receivable 240.0 — — (240.0 ) — Other noncurrent assets 3.1 34.2 4.0 — 41.3 Investments in consolidated subsidiaries 441.8 51.2 — (493.0 ) — Total assets $ 696.9 $ 967.1 $ 87.1 $ (864.2 ) $ 886.9 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ — $ 51.0 $ 7.5 $ — $ 58.5 Intercompany payables 117.3 — — (117.3 ) — Intercompany short-term note payable-net 12.0 — — (12.0 ) — Accrued liabilities 2.2 100.0 18.8 — 121.0 Total current liabilities 131.5 151.0 26.3 (129.3 ) 179.5 Long-term debt 296.0 — — — 296.0 Intercompany long-term note payable — 240.0 — (240.0 ) — Deferred compensation liabilities — 20.0 — — 20.0 Pension and other postretirement benefits plan liabilities — 57.3 1.5 — 58.8 Noncurrent lease liabilities — 50.6 7.3 — 57.9 Other noncurrent liabilities 0.8 6.4 0.8 (1.9 ) 6.1 Total liabilities 428.3 525.3 35.9 (371.2 ) 618.3 Total equity 268.6 441.8 51.2 (493.0 ) 268.6 Total liabilities and equity $ 696.9 $ 967.1 $ 87.1 $ (864.2 ) $ 886.9 Consolidating Balance Sheet December 31, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 24.9 $ 5.0 $ 17.4 $ — $ 47.3 Receivables, less allowances — 141.6 31.3 — 172.9 Intercompany receivables — 123.6 — (123.6 ) — Intercompany short-term note receivable-net — — 60.5 (60.5 ) — Inventories — 10.4 1.7 — 12.1 Prepaid expenses and other current assets — 13.5 3.2 — 16.7 Total current assets 24.9 294.1 114.1 (184.1 ) 249.0 Property, plant and equipment-net — 29.3 2.9 — 32.2 Software-net — 47.8 — — 47.8 Goodwill — 438.5 11.5 — 450.0 Other intangible assets-net — 32.6 4.6 — 37.2 Deferred income taxes — 37.2 2.4 (29.9 ) 9.7 Intercompany long-term note receivable 298.0 — — (298.0 ) — Other noncurrent assets 3.6 35.1 4.1 — 42.8 Investments in consolidated subsidiaries 445.9 106.0 — (551.9 ) — Total assets $ 772.4 $ 1,020.6 $ 139.6 $ (1,063.9 ) $ 868.7 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ — $ 61.0 $ 11.4 $ — $ 72.4 Intercompany payable 120.9 — 2.7 (123.6 ) — Intercompany short-term note payable-net 60.0 0.5 — (60.5 ) — Accrued liabilities 0.1 109.2 16.7 — 126.0 Total current liabilities 181.0 170.7 30.8 (184.1 ) 198.4 Long-term debt 362.7 — — — 362.7 Intercompany long-term note payable — 298.0 — (298.0 ) — Deferred compensation liabilities — 19.5 — — 19.5 Pension and other postretirement benefits plan liabilities — 50.3 1.0 — 51.3 Other noncurrent liabilities 2.7 36.2 1.8 (29.9 ) 10.8 Total liabilities 546.4 574.7 33.6 (512.0 ) 642.7 Total equity 226.0 445.9 106.0 (551.9 ) 226.0 Total liabilities and equity $ 772.4 $ 1,020.6 $ 139.6 $ (1,063.9 ) $ 868.7 |
Guarantor Financial Information Consolidating Statements of Cash Flows | Consolidating Statements of Cash Flows Year Ended December 31, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 48.7 $ 66.0 $ (7.1 ) $ (53.1 ) $ 54.5 INVESTING ACTIVITIES Capital expenditures — (44.5 ) (0.3 ) — (44.8 ) Proceeds from sale of building — 30.6 — — 30.6 Acquisition of business, net of cash acquired — (4.5 ) — — (4.5 ) Purchase of investment — (2.3 ) — — (2.3 ) Proceeds from sale of investment — 12.8 — — 12.8 Payments related to disposition of Language Solutions business — (2.7 ) (1.3 ) — (4.0 ) Intercompany note receivable, net — — 48.5 (48.5 ) — Net cash (used in) provided by investing activities — (10.6 ) 46.9 (48.5 ) (12.2 ) FINANCING ACTIVITIES Revolving facility borrowings 515.5 — — — 515.5 Payments on revolving facility borrowings (515.5 ) — — — (515.5 ) Payments on long-term debt (72.5 ) — — — (72.5 ) Intercompany note payable, net 9.9 (58.4 ) — 48.5 — Intercompany dividends — — (53.1 ) 53.1 — Treasury share repurchases (1.8 ) — — — (1.8 ) Debt issuance costs (0.2 ) — — — (0.2 ) Net cash (used in) provided by financing activities (64.6 ) (58.4 ) (53.1 ) 101.6 (74.5 ) Effect of exchange rate on cash and cash equivalents — — 2.1 — 2.1 Net decrease in cash and cash equivalents (15.9 ) (3.0 ) (11.2 ) — (30.1 ) Cash and cash equivalents at beginning of year 24.9 5.0 17.4 — 47.3 Cash and cash equivalents at end of period $ 9.0 $ 2.0 $ 6.2 $ — $ 17.2 Supplemental non-cash disclosure: Intercompany debt allocation $ (240.0 ) $ 240.0 $ — $ — $ — Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 85.9 $ (12.0 ) $ (7.6 ) $ — $ 66.3 INVESTING ACTIVITIES Capital expenditures — (35.9 ) (1.2 ) — (37.1 ) Acquisition of business, net of cash acquired — (12.5 ) — — (12.5 ) Proceeds from sale of investment — 3.1 — — 3.1 Proceeds from disposition of Language Solutions business — 34.4 43.1 — 77.5 Intercompany note receivable, net — — (30.5 ) 30.5 — Other investing activities — (0.8 ) — — (0.8 ) Net cash (used in) provided by investing activities — (11.7 ) 11.4 30.5 30.2 FINANCING ACTIVITIES Revolving facility borrowings 360.0 — — — 360.0 Payments on revolving facility borrowings (360.0 ) — — — (360.0 ) Payments on long-term debt (97.5 ) — — — (97.5 ) Intercompany note payable, net 29.7 0.8 — (30.5 ) — Proceeds from the issuance of common stock 1.2 — — — 1.2 Treasury stock repurchases (1.5 ) — — — (1.5 ) Debt issuance costs (1.2 ) — — — (1.2 ) Net cash (used in) provided by financing activities (69.3 ) 0.8 — (30.5 ) (99.0 ) Effect of exchange rate on cash and cash equivalents — — (2.2 ) — (2.2 ) Net increase (decrease) in cash and cash equivalents 16.6 (22.9 ) 1.6 — (4.7 ) Cash and cash equivalents at beginning of year 8.3 27.9 15.8 — 52.0 Cash and cash equivalents at end of period $ 24.9 $ 5.0 $ 17.4 $ — $ 47.3 Supplemental non-cash disclosure: Intercompany debt allocation $ (298.0 ) $ 298.0 $ — $ — $ — Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated OPERATING ACTIVITIES Net cash provided by operating activities $ 39.3 $ 35.7 $ 14.0 $ 2.4 $ 91.4 INVESTING ACTIVITIES Capital expenditures — (26.4 ) (1.4 ) — (27.8 ) Purchase of investment — (3.4 ) — — (3.4 ) Intercompany note receivable, net — — (14.7 ) 14.7 — Other investing activities — 0.2 — — 0.2 Net cash (used in) provided by investing activities — (29.6 ) (16.1 ) 14.7 (31.0 ) FINANCING ACTIVITIES Revolving facility borrowings 298.5 — — — 298.5 Payments on revolving facility borrowings (298.5 ) — — — (298.5 ) Payments on long-term debt (133.0 ) — — — (133.0 ) Debt issuance costs (2.1 ) — — — (2.1 ) Separation-related payment from R.R. Donnelley 68.0 — — — 68.0 Proceeds from the issuance of common stock 18.8 — — — 18.8 Proceeds from issuance of long-term debt 3.1 — — — 3.1 Treasury stock repurchases (0.9 ) — — — (0.9 ) Intercompany note payable, net 14.7 — — (14.7 ) — Other financing activities 0.4 — — — 0.4 Net cash used in financing activities (31.0 ) — — (14.7 ) (45.7 ) Effect of exchange rate on cash and cash equivalents — — 1.1 — 1.1 Net increase (decrease) in cash and cash equivalents 8.3 6.1 (1.0 ) 2.4 15.8 Cash and cash equivalents at beginning of year — 21.8 16.8 (2.4 ) 36.2 Cash and cash equivalents at end of period $ 8.3 $ 27.9 $ 15.8 $ — $ 52.0 |
Overview and Basis of Present_2
Overview and Basis of Presentation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | Aug. 04, 2017 | Jun. 21, 2017 | Mar. 28, 2017 | Oct. 01, 2016 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Distribution of common shares during spinoff | 26.2 | |||||||
Percentage of distribution of common shares during spinoff | 80.75% | |||||||
Description of distribution of common shares during spinoff | Holders of RRD common stock received one share of DFIN common stock for every eight shares of RRD common stock held on September 23, 2016. | |||||||
Proceeds from the issuance of common stock | $ 0 | $ 1.2 | $ 18.8 | |||||
R.R. Donnelley & Sons Company | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of common stock retained | 0.1 | 6.2 | ||||||
Ownership percentage | 19.25% | |||||||
Number of common stock sold | 0.1 | |||||||
RRD and Affiliates | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Net Sales | $ 8.3 | |||||||
Cost of sales | $ 51.8 | |||||||
Underwritten Public Offering | R.R. Donnelley & Sons Company | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of common stock sold | 6.1 | |||||||
Underwritten Public Offering | R.R. Donnelley & Sons Company | LSC Communication Inc. | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of common stock sold | 6.2 | |||||||
Over Allotment Option | R.R. Donnelley & Sons Company | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Proceeds from the issuance of common stock | $ 18.8 | |||||||
Over Allotment Option | R.R. Donnelley & Sons Company | Common Stock | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued upon exercise of underwriters options | 0.9 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Customer | Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($)Customer | |
Significant Accounting Policies [Line Items] | |||
Number of single customers comprising more than 10% of consolidated net sales | Customer | 0 | 0 | 0 |
Percentage of net sales per customer, maximum | 10.00% | 10.00% | 10.00% |
Prepaid expenses | $ 9,600,000 | $ 13,900,000 | |
Annual goodwill impairment testing date | --10-31 | ||
Goodwill impairment loss | $ 0 | ||
RSUs | |||
Significant Accounting Policies [Line Items] | |||
Share-based compensation award, vesting period | 3 years | ||
Stock Options | |||
Significant Accounting Policies [Line Items] | |||
Share-based compensation award, vesting period | 4 years | ||
Computer Software, Intangible Asset | |||
Significant Accounting Policies [Line Items] | |||
Amortization expense related to internally-developed software | $ 27,600,000 | $ 24,300,000 | $ 22,500,000 |
Maximum | Computer Software, Intangible Asset | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of computer software | 3 years | ||
Buildings | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 15 years | ||
Buildings | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 40 years | ||
Machinery and Equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Machinery and Equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 15 years | ||
Leasehold Improvements | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 7 years |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Period due on customer payment upon invoicing | 10 days | |
Contract assets | $ 8.9 | $ 8.7 |
Invoiced to customers amount that exceeded estimates of standalone selling price | $ 1.5 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Reporting Unit and Timing of Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total net sales | $ 874.7 | $ 963 | $ 1,004.9 |
U.S. | |||
Total net sales | 761.4 | 811.8 | $ 847.9 |
International | |||
Total net sales | 113.3 | 151.2 | |
Point in time | |||
Total net sales | 704 | 796.4 | |
Point in time | U.S. | |||
Total net sales | 618.7 | 664.2 | |
Point in time | International | |||
Total net sales | 85.3 | 132.2 | |
Over time | |||
Total net sales | 170.7 | 166.6 | |
Over time | U.S. | |||
Total net sales | 142.7 | 147.6 | |
Over time | International | |||
Total net sales | 28 | 19 | |
Capital Markets | U.S. | |||
Total net sales | 421 | 456 | |
Capital Markets | Point in time | U.S. | |||
Total net sales | 323.7 | 358.9 | |
Capital Markets | Over time | U.S. | |||
Total net sales | 97.3 | 97.1 | |
Investment Markets | U.S. | |||
Total net sales | 340.4 | 342.1 | |
Investment Markets | Point in time | U.S. | |||
Total net sales | 295 | 291.6 | |
Investment Markets | Over time | U.S. | |||
Total net sales | $ 45.4 | 50.5 | |
Language Solutions | U.S. | |||
Total net sales | 13.7 | ||
Language Solutions | Point in time | U.S. | |||
Total net sales | $ 13.7 |
Revenue - Changes in Contract L
Revenue - Changes in Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Financial Position [Abstract] | ||
Balance beginning | $ 12 | $ 14.2 |
Deferral of revenue | 51.2 | 47.1 |
Revenue recognized | (50.1) | (47.9) |
Disposition | (1.6) | |
Acquisition | 0.2 | |
Balance ending | $ 13.1 | $ 12 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Details) - USD ($) | Dec. 18, 2018 | Jul. 22, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 17, 2018 |
Acquisitions And Dispositions [Line Items] | ||||||
Paid for initial consideration of business acquisition | $ 4,500,000 | $ 12,500,000 | $ 0 | |||
Gain (loss) on sale of business | (4,000,000) | 53,800,000 | $ 0 | |||
Language Solutions | ||||||
Acquisitions And Dispositions [Line Items] | ||||||
Proceeds from disposition | $ 77,500,000 | |||||
Other Operating Income | Language Solutions | ||||||
Acquisitions And Dispositions [Line Items] | ||||||
Gain (loss) on sale of business | (4,000,000) | 53,800,000 | ||||
eBrevia | ||||||
Acquisitions And Dispositions [Line Items] | ||||||
Percentage of investment held in prior to acquisition | 12.80% | |||||
Business consideration including contingent consideration | $ 23,300,000 | |||||
Payments to acquire business, net of cash acquired | 200,000 | |||||
Paid for initial consideration of business acquisition | 17,000,000 | 4,500,000 | ||||
Fair value of investment held in prior to acquisition | 3,300,000 | 3,300,000 | ||||
Maximum additional contingent consideration | 3,500,000 | |||||
Estimated fair value of contingent consideration | 800,000 | 800,000 | ||||
Acquisition related expenses | $ 100,000 | 800,000 | ||||
Tax deductible goodwill | $ 0 | |||||
eBrevia | Investment and Other Income | ||||||
Acquisitions And Dispositions [Line Items] | ||||||
Recognition of gain in previously held investment | $ 1,800,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Final Allocation of Consideration Paid for Acquisition (Details) - USD ($) $ in Millions | Dec. 18, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquisitions And Dispositions [Line Items] | ||||
Goodwill | $ 450.3 | $ 450 | $ 447.4 | |
Net cash paid | 4.5 | 12.5 | $ 0 | |
eBrevia | ||||
Acquisitions And Dispositions [Line Items] | ||||
Accounts receivable | $ 0.3 | |||
Goodwill | 12.8 | |||
Accounts payable and accrued liabilities | (0.4) | |||
Deferred taxes-net | (1.6) | |||
Total purchase price-net of cash acquired | 23.3 | |||
Less: fair value of the Company's previously held investment in eBrevia | (3.3) | $ (3.3) | ||
Less: fair value of contingent consideration | (0.8) | (0.8) | ||
Less: amounts held in escrow and liabilities assumed | (2.2) | |||
Net cash paid | 17 | $ 4.5 | ||
eBrevia | Other Intangible Assets | ||||
Acquisitions And Dispositions [Line Items] | ||||
Intangible assets | 11.4 | |||
eBrevia | Software | ||||
Acquisitions And Dispositions [Line Items] | ||||
Intangible assets | $ 0.8 |
Restructuring, Impairment and_3
Restructuring, Impairment and Other Charges - Schedule of Restructuring, Impairment and Other Charges Recognized in Results of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | $ 9.1 | $ 3.4 | $ 6.4 | |
Other Restructuring Charges | 0.8 | 0.3 | ||
Total Restructuring Charges | 9.1 | 4.2 | 6.7 | |
Impairment | 3.4 | 0.2 | ||
Other Charges | 1.1 | 0.2 | 0.2 | |
Total | 13.6 | 4.4 | 7.1 | |
U.S. | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 5.3 | 1 | 3.3 | |
Other Restructuring Charges | 0.8 | 0.2 | ||
Total Restructuring Charges | 5.3 | 1.8 | 3.5 | |
Impairment | 2 | [1] | 0.2 | |
Other Charges | 0.2 | 0.2 | 0.2 | |
Total | 7.5 | 2 | 3.9 | |
International | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 1.2 | 1.8 | 2.1 | |
Other Restructuring Charges | 0 | 0.1 | ||
Total Restructuring Charges | 1.2 | 1.8 | 2.2 | |
Impairment | 1 | [2] | 0 | |
Other Charges | 0 | 0 | 0 | |
Total | 2.2 | 1.8 | 2.2 | |
Corporate | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 2.6 | 0.6 | 1 | |
Other Restructuring Charges | 0 | 0 | ||
Total Restructuring Charges | 2.6 | 0.6 | 1 | |
Impairment | 0.4 | 0 | ||
Other Charges | 0.9 | 0 | 0 | |
Total | $ 3.9 | $ 0.6 | $ 1 | |
[1] | See Note 11 , Investments | |||
[2] | See Note 6, Goodwill and Other Intangible Assets |
Restructuring, Impairment and_4
Restructuring, Impairment and Other Charges - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Employee | Dec. 31, 2018USD ($)Employee | Dec. 31, 2017USD ($)Employee | |
Restructuring And Related Activities [Abstract] | |||
Employee termination costs | $ 9.1 | $ 3.4 | $ 6.4 |
Number of employees used to determine employee termination costs | Employee | 271 | 89 | 192 |
Other charges | $ 1.1 | $ 0.2 | $ 0.2 |
Other restructuring charges | $ 0.8 | 0.3 | |
Impairment charges | $ 3.4 | $ 0.2 |
Restructuring, Impairment and_5
Restructuring, Impairment and Other Charges - Schedule of Changes in the Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost And Reserve [Line Items] | ||
Balance at the beginning | $ 1.7 | $ 3.4 |
Restructuring Charges | 9.2 | 4.4 |
Reversals | (0.1) | (0.2) |
Cash Paid | (7.7) | (5.9) |
Balance at the end | 2 | 1.7 |
ASU 2016-02 | ||
Restructuring Cost And Reserve [Line Items] | ||
Adoption of ASU 2016-02 | (1.1) | |
Employee terminations | ||
Restructuring Cost And Reserve [Line Items] | ||
Balance at the beginning | 0.4 | 1.3 |
Restructuring Charges | 9.2 | 3.6 |
Reversals | (0.1) | (0.2) |
Cash Paid | (7.6) | (4.3) |
Balance at the end | 1.9 | 0.4 |
Employee terminations | ASU 2016-02 | ||
Restructuring Cost And Reserve [Line Items] | ||
Adoption of ASU 2016-02 | 0 | |
Lease terminations and other | ||
Restructuring Cost And Reserve [Line Items] | ||
Balance at the beginning | 1.3 | 2.1 |
Restructuring Charges | 0 | 0.8 |
Reversals | 0 | 0 |
Cash Paid | (0.1) | (1.6) |
Balance at the end | 0.1 | $ 1.3 |
Lease terminations and other | ASU 2016-02 | ||
Restructuring Cost And Reserve [Line Items] | ||
Adoption of ASU 2016-02 | $ (1.1) |
Restructuring, Impairment and_6
Restructuring, Impairment and Other Charges - Restructuring Reserve - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Restructuring Cost And Reserve [Line Items] | ||
Current restructuring reserve (included in accrued liabilities) | $ 2 | $ 1.4 |
Accrued Liabilities | ||
Restructuring Cost And Reserve [Line Items] | ||
Current restructuring reserve (included in accrued liabilities) | $ 2 | 1.4 |
Other Noncurrent Liabilities | Contract Termination | ||
Restructuring Cost And Reserve [Line Items] | ||
Noncurrent restructuring reserve (included in other noncurrent liabilities) | $ 0.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill net book value, beginning balance | $ 450 | $ 447.4 |
Acquisition | 12.8 | |
Disposition | (9.3) | |
Foreign exchange and other adjustments | 0.3 | (0.9) |
Goodwill net book value, ending balance | 450.3 | 450 |
U.S. | ||
Goodwill [Line Items] | ||
Goodwill net book value, beginning balance | 438.5 | 429.2 |
Acquisition | 12.8 | |
Disposition | (3.5) | |
Goodwill net book value, ending balance | 438.5 | 438.5 |
International | ||
Goodwill [Line Items] | ||
Goodwill net book value, beginning balance | 11.5 | 18.2 |
Disposition | (5.8) | |
Foreign exchange and other adjustments | 0.3 | (0.9) |
Goodwill net book value, ending balance | $ 11.8 | $ 11.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 153.7 | $ 153.2 |
Accumulated Impairment Charges | (1) | 0 |
Accumulated Amortization | (130.8) | (116) |
Net Book Value | 21.9 | 37.2 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 149.8 | 149.3 |
Accumulated Impairment Charges | (1) | 0 |
Accumulated Amortization | (127.7) | (113.1) |
Net Book Value | 21.1 | 36.2 |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3.9 | 3.9 |
Accumulated Amortization | (3.1) | (2.9) |
Net Book Value | $ 0.8 | $ 1 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of computer software | 5 years | 5 years |
Minimum | Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of computer software | 10 years | 10 years |
Maximum | Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of computer software | 15 years | 15 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Line Items] | |||
Amortization expense for other intangible assets | $ 14.3 | $ 13.7 | $ 15 |
Weighted-average remaining useful life for unamortized intangible assets | 7 years | ||
Customer Relationships | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Impairment charges of intangible assets | $ 1 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 12.3 | |
2021 | 0.9 | |
2022 | 0.9 | |
2023 | 0.9 | |
2024 | 0.7 | |
2025 and thereafter | 6.2 | |
Net Book Value | $ 21.9 | $ 37.2 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Lessee Lease Description [Line Items] | ||||
Operating lease, liability | $ 80.5 | |||
Operating lease, right-of-use asset | $ 80.7 | $ 0 | ||
Lease remaining terms | 4 years 4 months 24 days | |||
Minimum non-cancelable sublease rental commitments | $ 24.7 | 28.5 | ||
Rent expense | $ 25.1 | $ 27.4 | ||
Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Original lease terms | 1 year | |||
Lease remaining terms, description | less than a year | |||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Original lease terms | 35 years | |||
Lease remaining terms | 6 years | |||
ASU 2016-02 | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, liability | $ 101.6 | |||
Operating lease, right-of-use asset | $ 100.8 |
Leases - Summary of Components
Leases - Summary of Components of Net Lease Expense (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 26.2 |
Sublease income | (5.1) |
Net lease expense | $ 21.1 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Operating Leases (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Weighted average remaining lease term | 4 years 4 months 24 days |
Weighted average discount rate | 4.60% |
Cash paid related to lease liabilities | $ 27.9 |
Non-cash disclosure: | |
Increase in lease liabilities due to new ROU assets | 9.9 |
Decrease in lease liabilities due to lease modifications and remeasurements | $ (7.9) |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities for Operating Leases (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 25.7 |
2021 | 20.7 |
2022 | 16.1 |
2023 | 10.6 |
2024 | 8.2 |
2025 and thereafter | 7.6 |
Total lease payments | 88.9 |
Less: Interest | (8.4) |
Present value of lease liabilities | $ 80.5 |
Leases - Summary of Maturitie_2
Leases - Summary of Maturities of Lease Liabilities for Operating Leases (Detail1) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Accrued liabilities | $ 22.6 | |
Operating lease liabilities, balance sheet line item | us-gaap:AccruedLiabilitiesCurrent | |
Noncurrent lease liabilities | $ 57.9 | $ 0 |
Present value of lease liabilities | $ 80.5 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rental Commitments Under Non-cancellable Operating Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 26.4 |
2020 | 22.6 |
2021 | 16.6 |
2022 | 10.9 |
2023 | 8.7 |
2024 and thereafter | 16.3 |
Total | $ 101.5 |
Accounts Receivable - Transacti
Accounts Receivable - Transactions Affecting Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Balance, beginning of year | $ 7.9 | $ 7.3 | $ 6.4 |
Provisions charged to expense | 3.2 | 4.9 | 3.9 |
Write-offs and other | (3.4) | (4.3) | (3) |
Balance, end of year | $ 7.7 | $ 7.9 | $ 7.3 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Net [Abstract] | ||
Raw materials and manufacturing supplies | $ 3.9 | $ 4 |
Work in process | 7.2 | 8.1 |
Total | $ 11.1 | $ 12.1 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Company's Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 139 | $ 152.5 |
Less: Accumulated depreciation | (121.5) | (120.3) |
Total | 17.5 | 32.2 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 0.3 | 10 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 26.8 | 36.2 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 111.9 | $ 106.3 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 7.7 | $ 7.5 | $ 7 |
Real estate property held-for-sale carrying value | 5.6 | ||
Net proceeds from sale of building and land | 30.6 | 0 | 0 |
Net gain on the sale of property | $ 19.2 | $ 0 | $ 0 |
Operating lease, Option to terminate description | option to terminate after three years | ||
Operating lease expiration period | 2029-09 | ||
Operating lease, Option to terminate | true |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |||||
Equity investments carrying value | $ 25.2 | $ 25.2 | $ 22.1 | ||
Investment in equity securities, percentage acquired | 6.30% | ||||
Payment to acquire equity securities | $ 2.3 | 2.3 | 0 | $ 3.4 | |
Non-cash impairment charge on equity security | $ 2 | ||||
Proceeds from sale of certain equity securities | $ 12.8 | $ 3.1 | $ 0 |
Investments - Summary of Realiz
Investments - Summary of Realized and Unrealized Gains on Equity Securities Recorded in Investment and Other Income in Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Securities Fv Ni Gain Loss Alternative [Abstract] | ||
Gain on equity investments | $ 13.6 | $ 11.8 |
Less: net gain recognized on equity securities sold | (6.8) | (2.4) |
Unrealized net gain recognized on equity securities still held at the reporting date | $ 6.8 | $ 9.4 |
Accrued Liabilities - Component
Accrued Liabilities - Components of Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities Current [Abstract] | ||
Employee-related liabilities | $ 56.9 | $ 63.3 |
Short-term lease liabilities | 22.6 | 0 |
Customer-related liabilities | 16.7 | 16.1 |
Accrued interest payable | 5.7 | 5.8 |
Income taxes payable | 2.7 | 12.4 |
Restructuring liabilities | 2 | 1.4 |
Other | 14.4 | 27 |
Total accrued liabilities | $ 121 | $ 126 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Commitments [Line Items] | |||
Commitments for outsourced services, professional, maintenance and other services | $ 32.7 | ||
Miscellaneous other obligations | 5.8 | ||
Severance commitments related to restructuring | 2 | $ 1.7 | $ 3.4 |
Employee terminations | |||
Other Commitments [Line Items] | |||
Severance commitments related to restructuring | $ 1.9 | $ 0.4 | $ 1.3 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension plan expense (income) | $ 1,800,000 | $ (3,200,000) | $ (3,300,000) | |
Pension and postretirement contributions | 1,000,000 | 1,900,000 | 2,200,000 | |
Defined benefit plan, accumulated benefit obligation | $ 312,900,000 | $ 312,900,000 | 281,400,000 | |
Threshold for recognition in net periodic benefit costs, percentage of projected benefit obligation or fair value of plan assets | 10.00% | |||
Total expense attributable to defined contribution retirement savings plan, employer contribution | $ 0 | 1,100,000 | 3,400,000 | |
Return Seeking Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 50.00% | 50.00% | ||
Fixed Income Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 50.00% | 50.00% | ||
Net Investment and Other Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-cash pension settlement charges | $ 3,900,000 | |||
Lump-sum Pension Payment | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | $ 6,400,000 | |||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | (43,300,000) | 25,800,000 | ||
Net pension plan expense (income) | 1,800,000 | (3,200,000) | $ (3,300,000) | |
Pension and postretirement contributions | 900,000 | |||
Pension and other postretirement expected contributions for next year | 1,300,000 | 1,300,000 | ||
Other Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | (600,000) | $ 0 | ||
Pension and postretirement contributions | 100,000 | |||
Pension and other postretirement expected contributions for next year | $ 100,000 | $ 100,000 |
Retirement Plans - Components o
Retirement Plans - Components of Estimated Net Periodic Benefit Cost/(Income) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost (income) | $ 1.8 | $ (3.2) | $ (3.3) |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 10.9 | 10.3 | 10.6 |
Expected return on plan assets | (14.8) | (16) | (16) |
Amortization of actuarial loss | 1.8 | 2.5 | 2.1 |
Settlements | 3.9 | 0 | 0 |
Net periodic benefit cost (income) | $ 1.8 | $ (3.2) | $ (3.3) |
Weighted average assumption used to calculate net periodic benefit expense: | |||
Discount rate | 3.30% | 3.70% | 4.20% |
Expected return on plan assets | 6.30% | 6.80% | 7.00% |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 280.4 | $ 309.9 | |
Interest cost | 10.9 | 10.3 | $ 10.6 |
Actuarial loss (gain) | 43.3 | (25.8) | |
Settlements | (12.4) | 0 | |
Benefits paid | (10.9) | (14) | |
Benefit obligation at end of year | 311.3 | 280.4 | 309.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 228.9 | 256.4 | |
Actual return on assets | 46.2 | (15.3) | |
Settlements | (12.4) | 0 | |
Employer contributions | 0.9 | 1.8 | |
Benefits paid | (10.9) | (14) | |
Fair value of plan assets at end of year | 252.7 | 228.9 | 256.4 |
Under funded status at end of year | (58.6) | (51.5) | |
Other Postretirement Benefit Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1 | 1.2 | |
Actuarial loss (gain) | 0.6 | 0 | |
Foreign currency translation loss (gain) | 0.1 | (0.1) | |
Benefits paid | (0.1) | (0.1) | |
Benefit obligation at end of year | 1.6 | 1 | 1.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 0.1 | 0.1 | |
Benefits paid | (0.1) | (0.1) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Under funded status at end of year | $ (1.6) | $ (1) |
Retirement Plans - Amount Recog
Retirement Plans - Amount Recognized on Consolidated and Combined Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost (included in accrued liabilities) | $ (121) | $ (126) |
Pension and other postretirement benefits plan liabilities | (58.8) | (51.3) |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost (included in accrued liabilities) | (1.3) | (1.2) |
Pension and other postretirement benefits plan liabilities | (57.3) | (50.3) |
Net liabilities recognized in the Consolidated Balance Sheets | (58.6) | (51.5) |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost (included in accrued liabilities) | (0.1) | 0 |
Pension and other postretirement benefits plan liabilities | (1.5) | (1) |
Net liabilities recognized in the Consolidated Balance Sheets | $ (1.6) | $ (1) |
Retirement Plans - Amounts in A
Retirement Plans - Amounts in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (96.7) | $ (90.7) |
Total | (96.7) | (90.7) |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (0.5) | 0.1 |
Total | $ (0.5) | $ 0.1 |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan | |||
Amortization of: | |||
Net actuarial loss | $ 1.8 | $ 2.5 | $ 2.1 |
Amounts arising during the period: | |||
Settlements | 3.9 | 0 | 0 |
Net actuarial loss | (11.8) | (5.6) | (2.7) |
Total | (6.1) | (3.1) | (0.6) |
Other Postretirement Benefit Plan | |||
Amounts arising during the period: | |||
Net actuarial loss | (0.6) | 0 | 0 |
Total | $ (0.6) | $ 0 | $ 0 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Accumulated Other Comprehensive Loss Expected to Recognized as Components of Net Periodic Benefit Costs (Details) - Pension Plan $ in Millions | Dec. 31, 2019USD ($) |
Amortization of: | |
Net actuarial loss | $ 3.1 |
Total | $ 3.1 |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.20% | 4.40% |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.00% | 3.50% |
Retirement Plans - Summary of P
Retirement Plans - Summary of Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 311.3 | $ 280.4 |
Fair value of plan assets | $ 252.7 | $ 228.9 |
Retirement Plans - Expected Ben
Retirement Plans - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 17.2 |
2021 | 18.2 |
2022 | 19 |
2023 | 18.2 |
2024 | 18.2 |
2025-2029 | 93.4 |
Other Postretirement Benefit Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 0.1 |
2021 | 0.1 |
2022 | 0.1 |
2023 | 0.1 |
2024 | 0.1 |
2025-2029 | $ 0.6 |
Retirement Plans - Allocation o
Retirement Plans - Allocation of Plan Assets, Pension Plan (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | $ 252.7 | $ 228.9 | $ 256.4 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 0.1 | 1.2 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 11.4 | 9.8 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1.4 | 1.5 | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 0.1 | 1.2 | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1.3 | 0.3 | |
Real Estate Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 10.1 | 9.5 | |
Real Estate Funds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 10.1 | 9.5 | |
Assets Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | $ 241.2 | $ 217.9 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings From Operations Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
U.S. | $ 54.1 | $ 69.3 | $ 49.1 |
Foreign | (2) | 33.4 | 7.1 |
Earnings before income taxes | $ 52.1 | $ 102.7 | $ 56.2 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) From Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
U.S. Federal, Current | $ 7.7 | $ 6.9 | $ 12.5 |
U.S. State and Local, Current | 2.3 | 5.3 | 5.1 |
Foreign, Current | 2 | 6.3 | 3.4 |
Current income tax expense | 12 | 18.5 | 21 |
U.S. Federal, Non-Current | 0 | 0.1 | 12.5 |
U.S. State and Local, Non-Current | 0 | 0 | 0.6 |
Non-current income tax expense | 0 | 0.1 | 13.1 |
U.S. Federal, Deferred | 2.3 | 6.8 | 13.3 |
U.S. State and Local, Deferred | 0.4 | 2.9 | (0.1) |
Foreign, Deferred | (0.2) | 0.8 | (0.8) |
Deferred income tax expense | 2.5 | 10.5 | 12.4 |
Total | $ 14.5 | $ 29.1 | $ 46.5 |
Income Taxes - Reconciliation F
Income Taxes - Reconciliation From U.S. Federal Statutory Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Federal statutory tax rate | 21.00% | 21.00% | 35.00% |
Provision to return | (7.20%) | 0.00% | 0.00% |
State and local income taxes, net of U.S. federal income tax benefit | 6.80% | 6.50% | 5.70% |
Changes in valuation allowances | 6.40% | 0.50% | 0.50% |
Non-deductible expenses | 4.60% | 1.90% | 3.60% |
Foreign-derived intangible income | (1.90%) | 0.00% | 0.00% |
Credits and incentives | (1.60%) | (1.30%) | 0.00% |
Foreign tax rate differential | (0.80%) | 1.10% | (1.30%) |
Tax exempt income and expense | (0.10%) | (2.90%) | 0.00% |
Global intangible low-taxed income provision | 0.00% | 2.00% | 0.00% |
Federal and state transition tax on foreign earnings | 0.00% | 0.10% | 25.30% |
Tax Act revaluation of U.S. net deferred tax assets | 0.00% | (2.20%) | 14.80% |
Other | 0.60% | 1.60% | (0.90%) |
Effective income tax rate | 27.80% | 28.30% | 82.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective income tax rate | 27.80% | 28.30% | 82.70% | |
Income tax rate | 21.00% | 21.00% | 35.00% | |
Reduction of net deferred tax asset recorded as additional deferred income tax expense | $ 8,200,000 | |||
Percentage of tax payable on portion of earnings that are in cash and cash equivalents | 15.50% | |||
Percentage of tax payable on portion of earnings that are in non-cash and non-cash equivalent assets | 8.00% | |||
Income tax expense | $ 14,500,000 | $ 29,100,000 | $ 46,500,000 | |
Noncurrent taxes payable | 0 | |||
Current taxes payable | 0 | |||
Increase to the deemed repatriation tax liability | 100,000 | |||
Benefit related to the revaluation of deferred tax assets and liabilities | 2,200,000 | |||
Domestic and foreign net operating loss | 10,500,000 | 9,100,000 | ||
Net operating loss expiring between 2020 and 2027 | 9,200,000 | |||
Unrecognized tax benefits | 500,000 | 300,000 | 300,000 | $ 1,900,000 |
Unrecognized tax benefits that would impact effective tax rate | 500,000 | |||
Amount of unrecognized tax benefit expected to decrease within twelve months | 0 | |||
Total interest expense/(benefit), net of tax benefits related to tax uncertainties | (200,000) | |||
Benefits from reversal of accrued penalties | 0 | 0 | 0 | |
Accrued interest related to income tax uncertainties | 0 | 0 | ||
Accrued penalties related to income tax uncertainties | $ 0 | $ 0 | ||
Minimum | ||||
Net operating loss carryforwards expiration year | 2020 | |||
Maximum | ||||
Net operating loss carryforwards expiration year | 2039 | |||
Scenario | ||||
Income tax rate | 21.00% | |||
Federal and State | ||||
Income tax expense | 14,200,000 | |||
Term required to pay transition tax liability | 8 years | |||
Noncurrent taxes payable | 13,100,000 | |||
Current taxes payable | $ 1,100,000 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Pension and other postretirement benefit plans liabilities | $ 16 | $ 15.1 |
Net operating losses and other tax carryforwards | 10.5 | 9.1 |
Accrued liabilities | 9.1 | 12.2 |
Share-based compensation | 2.3 | 3 |
Allowance for doubtful accounts | 1.8 | 2.2 |
Interest | 0 | 1.4 |
Other | 2.3 | 0.9 |
Total deferred tax assets | 42 | 43.9 |
Valuation allowances | (5.2) | (2.1) |
Total deferred tax assets | 36.8 | 41.8 |
Accelerated depreciation | (12.7) | (12.3) |
Other intangible assets | (10) | (12.6) |
Investments | (3) | (3.1) |
Prepaid assets | (0.3) | (1.4) |
Lease obligations | 0 | (1.3) |
Other | (1.8) | (1.6) |
Total deferred tax liabilities | (27.8) | (32.3) |
Net deferred tax assets | $ 9 | $ 9.5 |
Income Taxes - Schedule of Tran
Income Taxes - Schedule of Transactions Affecting Valuation Allowance on Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |||
Balance, beginning of year | $ 2.1 | $ 1.5 | $ 1.2 |
Current year expense-net | 3.1 | 0.7 | 0.3 |
Foreign exchange and other | 0 | (0.1) | 0 |
Balance, end of year | $ 5.2 | $ 2.1 | $ 1.5 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at beginning of year | $ 0.3 | $ 0.3 | $ 1.9 |
Additions for tax positions of the current year | 0.1 | 0.2 | 0 |
Additions for tax positions of prior years | 0.1 | 0.1 | 0 |
Settlements during the year | 0 | (0.1) | (1.4) |
Releases | 0 | (0.2) | (0.2) |
Balance at end of year | $ 0.5 | $ 0.3 | $ 0.3 |
Debt - Schedule of the Company'
Debt - Schedule of the Company's Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (4) | $ (8.6) |
Total long-term debt | 296 | 362.7 |
8.25% Senior Notes Due October 15, 2024 | ||
Debt Instrument [Line Items] | ||
Senior Unsecured notes | 300 | 300 |
Senior Secured Term Loan B Facility | ||
Debt Instrument [Line Items] | ||
Credit facility | $ 0 | $ 71.3 |
Debt - Schedule of the Compan_2
Debt - Schedule of the Company's Debt (Parenthetical) (Details) - 8.25% Senior Notes Due October 15, 2024 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 ($) | Dec. 18, 2018 | Dec. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2016 |
Debt Instrument [Line Items] | ||||||
Pre-tax loss on extinguishment of debt | $ 4,100,000 | $ 0 | $ 0 | |||
Repayment of term loan credit facility | 72,500,000 | 97,500,000 | $ 133,000,000 | |||
Outstanding letters of credit and bank guarantees | 3,400,000 | |||||
Senior Secured Term Loan B Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | $ 350,000,000 | |||||
Borrowings | 0 | $ 71,300,000 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | 300,000,000 | |||||
Borrowings | $ 0 | |||||
Weighted average interest rate on borrowings | 5.00% | 5.00% | ||||
Letters of credit outstanding reduced to available under credit agreement amount | $ 0 | |||||
Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Allowable annual dividend payment under credit agreement | $ 20,000,000 | |||||
8.25% Senior Notes Due October 15, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Fair value of senior notes | $ 308,400,000 | $ 298,100,000 | ||||
Interest rate, stated percentage | 8.25% | 8.25% | ||||
Frequency of interest payable | interest payable semi-annually on April 15 and October 15 | |||||
Second Amended Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, extended maturity date | Dec. 18, 2023 | |||||
Debt instrument, allowable annual dividend | $ 20,000,000 | $ 15,000,000 |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instruments [Abstract] | |||
Interest incurred | $ 34.3 | $ 37.1 | $ 43.5 |
Loss on debt extinguishment | 4.1 | 0 | 0 |
Less: interest capitalized as property, plant and equipment | (0.3) | (0.4) | (0.6) |
Interest expense, net | $ 38.1 | $ 36.7 | $ 42.9 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Basic And Diluted [Line Items] | |||
Basic | $ 1.10 | $ 2.18 | $ 0.29 |
Diluted | $ 1.10 | $ 2.16 | $ 0.29 |
Net earnings | $ 37.6 | $ 73.6 | $ 9.7 |
Weighted average number of common shares outstanding | 34.1 | 33.8 | 33.1 |
Dilutive awards | 0.2 | 0.2 | 0.2 |
Diluted weighted average number of common shares outstanding | 34.3 | 34 | 33.3 |
Total weighted average number of anti-dilutive share-based awards | 1.5 | 0.9 | 0.5 |
Restricted stock units | |||
Earnings Per Share Basic And Diluted [Line Items] | |||
Total weighted average number of anti-dilutive share-based awards | 0.7 | 0.3 | 0.2 |
Stock options | |||
Earnings Per Share Basic And Diluted [Line Items] | |||
Total weighted average number of anti-dilutive share-based awards | 0.8 | 0.6 | 0.3 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | May 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation | $ 8,900,000 | $ 9,200,000 | $ 6,800,000 | |||
Share-based compensation expense, income tax benefit | 1,900,000 | $ 2,500,000 | $ 3,000,000 | |||
Unrecognized share-based compensation expense | $ 12,000,000 | $ 12,000,000 | ||||
Unrecognized share-based compensation expense, vest over weighted-average period | 1 year 10 months 24 days | |||||
RSUs | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation award, vesting period | 3 years | |||||
Unrecognized share-based compensation expense | 7,400,000 | $ 7,400,000 | ||||
Unrecognized share-based compensation expense, vest over weighted-average period | 1 year 10 months 24 days | |||||
Share-based compensation award, weighted-average grant date fair value | $ 13.94 | $ 17.53 | $ 22.41 | |||
Share-based compensation award, granted | 614,000 | |||||
Stock Options | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation award, vesting period | 4 years | |||||
Unrecognized share-based compensation expense | 2,000,000 | $ 2,000,000 | ||||
Unrecognized share-based compensation expense, vest over weighted-average period | 2 years 3 months 18 days | |||||
Share-based compensation award, weighted-average fair value | $ 4.67 | $ 5.83 | $ 7.77 | |||
Share-based compensation award, options exercised | 0 | |||||
Intrinsic value of options exercised | $ 1,000,000 | $ 100,000 | ||||
Performance-Based Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized share-based compensation expense | $ 0 | $ 0 | ||||
Share-based compensation award, granted | 0 | 0 | 69,000 | |||
Share-based compensation expense, targeted performance percentage | 80.00% | |||||
Maximum payout for awards | 156,169 | |||||
Performance-Based Restricted Stock | Share-based Compensation Award, Tranche One | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 50.00% | 50.00% | ||||
Performance Share Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized share-based compensation expense | $ 2,600,000 | $ 2,600,000 | ||||
Unrecognized share-based compensation expense, vest over weighted-average period | 1 year 10 months 24 days | |||||
Share-based compensation award, weighted-average grant date fair value | $ 14.15 | $ 17.65 | $ 22.41 | |||
Share-based compensation award, granted | 329,000 | |||||
Share-based compensation expense, targeted performance percentage | 66.00% | 43.00% | 80.00% | |||
Number of shares used to determine compensation expense for granted PSUs | 204,000 | 89,000 | 21,000 | |||
Performance Share Units | Minimum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Potential payout for awards | 0 | |||||
Performance Share Units | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Potential payout for awards | 469,900 | |||||
2016 PIP | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Additional shares of common stock authorized | 3,400,000 | |||||
Shares authorized and available for grant | 3,300,000 | 3,300,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Annual Weighted-Average Assumptions (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 27.47% | 27.75% | 30.71% |
Risk-free interest rate | 2.58% | 2.71% | 2.17% |
Expected life (years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Option Awards Outstanding (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Outstanding at beginning of period | 635 | |
Granted | 196 | |
Cancelled/forfeited/expired | (35) | |
Outstanding at end of period | 796 | 635 |
Vested and expected to vest at end of period | 766 | |
Exercisable at end of period | 305 | |
Outstanding at beginning of period | $ 21.44 | |
Granted | 14.15 | |
Outstanding at end of period | 19.83 | $ 21.44 |
Vested and expected to vest at end of period | 19.93 | |
Exercisable at end of period | $ 23.95 | |
Outstanding at beginning of period | 6 years 10 months 24 days | 7 years 2 months 12 days |
Granted | 9 years 2 months 12 days | |
Vested and expected to vest at end of period | 6 years 9 months 18 days | |
Exercisable at end of period | 4 years 4 months 24 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Nonvested Restricted Stock Unit Awards (Details) - RSUs - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested at beginning of period, Shares | 700 | ||
Granted, Shares | 614 | ||
Vested, Shares | (351) | ||
Forfeited, Shares | (93) | ||
Nonvested at end of period, Shares | 870 | 700 | |
Nonvested at beginning of period, Weighted Average Grant Date Fair Value | $ 19.60 | ||
Granted, Weighted Average Grant Date Fair Value | 13.94 | $ 17.53 | $ 22.41 |
Vested, Weighted Average Grant Date Fair Value | 17.67 | ||
Forfeited, Weighted Average Grant Date Fair Value | 16.58 | ||
Nonvested at end of period, Weighted Average Grant Date Fair Value | $ 15.79 | $ 19.60 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Nonvested Performance Share Units (Details) - Performance Share Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested at beginning of period, Shares | 251 | ||
Granted, Shares | 329 | ||
Forfeited, Shares | (43) | ||
Nonvested at end of period, Shares | 537 | 251 | |
Nonvested at beginning of period, Weighted Average Grant Date Fair Value | $ 18.23 | ||
Granted, Weighted Average Grant Date Fair Value | 14.15 | $ 17.65 | $ 22.41 |
Vested, Weighted Average Grant Date Fair Value | 17.21 | ||
Nonvested at end of period, Weighted Average Grant Date Fair Value | $ 15.81 | $ 18.23 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | Feb. 04, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
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 | |
Subsequent Event | Common Stock | |||
Class Of Stock [Line Items] | |||
Outstanding common stock value authorized to repurchase under stock repurchase program | $ 25,000,000 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Components of Other Comprehensive Income and Income Tax Expense Allocated to Each Component (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive (loss) income, Before Tax Amount | $ (3.7) | $ (8.1) | $ 3.8 |
Other comprehensive (loss) income, Income Tax Expense | (1.8) | (0.9) | 0.1 |
Other comprehensive (loss) income, net of tax | (1.9) | (7.2) | 3.7 |
Translation adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive (loss) income, Before Tax Amount | 3 | (5) | 4.4 |
Other comprehensive (loss) income, Income Tax Expense | 0 | 0 | 0 |
Other comprehensive (loss) income, net of tax | 3 | (5) | 4.4 |
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 | (6.7) | (3.1) | (0.6) |
Other comprehensive (loss) income, Income Tax Expense | (1.8) | (0.9) | 0.1 |
Other comprehensive (loss) income, net of tax | $ (4.9) | $ (2.2) | $ (0.7) |
Comprehensive Income - Schedu_2
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | $ 226 | $ 149.4 | $ 111.1 | |
Adoption of ASU 2018-02 | 0 | |||
Balance | 268.6 | 226 | 149.4 | |
Pension and Other Postretirement Benefits Plan Cost | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (66) | (52.9) | (52.2) | |
Other comprehensive (loss) income before reclassifications | 1.3 | (4) | (2.1) | |
Amounts reclassified from accumulated other comprehensive loss | (6.2) | 1.8 | 1.4 | |
Adoption of ASU 2018-02 | [1] | (10.9) | ||
Net change in accumulated other comprehensive loss | (4.9) | (13.1) | (0.7) | |
Balance | (70.9) | (66) | (52.9) | |
Translation adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (16.7) | (11.7) | (16.1) | |
Other comprehensive (loss) income before reclassifications | 3 | (5) | 4.4 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | |
Adoption of ASU 2018-02 | [1] | 0 | ||
Net change in accumulated other comprehensive loss | 3 | (5) | 4.4 | |
Balance | (13.7) | (16.7) | (11.7) | |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (82.7) | (64.6) | (68.3) | |
Other comprehensive (loss) income before reclassifications | 4.3 | (9) | 2.3 | |
Amounts reclassified from accumulated other comprehensive loss | (6.2) | 1.8 | 1.4 | |
Adoption of ASU 2018-02 | [1] | (10.9) | ||
Net change in accumulated other comprehensive loss | (1.9) | (18.1) | 3.7 | |
Balance | $ (84.6) | $ (82.7) | $ (64.6) | |
[1] | In February 2018, the FASB issued Accounting Standards Update No. 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which provides entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Act to retained earnings. The Company early adopted the standard in the fourth quarter of 2018. The impact of the adoption resulted in an increase in accumulated comprehensive loss and an increase in retained earnings of $10.9 million. |
Comprehensive Income - Schedu_3
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Impact of adoption increase in accumulated comprehensive loss and retained earnings | $ 0 | ||
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Impact of adoption increase in accumulated comprehensive loss and retained earnings | [1] | (10.9) | |
Retained Earnings | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Impact of adoption increase in accumulated comprehensive loss and retained earnings | $ 10.9 | ||
Accounting Standards Update 2018-02 | Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Impact of adoption increase in accumulated comprehensive loss and retained earnings | $ 10.9 | ||
Accounting Standards Update 2018-02 | Retained Earnings | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Impact of adoption increase in accumulated comprehensive loss and retained earnings | $ 10.9 | ||
[1] | In February 2018, the FASB issued Accounting Standards Update No. 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which provides entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Act to retained earnings. The Company early adopted the standard in the fourth quarter of 2018. The impact of the adoption resulted in an increase in accumulated comprehensive loss and an increase in retained earnings of $10.9 million. |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Loss Amortization of Pension Plan Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Defined Benefit Plans Adjustment, Net Actuarial loss | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of pension and other postretirement benefits plan cost: Reclassifications before tax | [1] | $ 1.8 | $ 2.5 | $ 2.1 |
Pension and Other Postretirement Benefits Plan Cost | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of pension and other postretirement benefits plan cost: Reclassifications before tax | 1.8 | 2.5 | 2.1 | |
Income tax expense | 0.5 | 0.7 | 0.7 | |
Reclassifications, net of tax | $ 1.3 | $ 1.8 | $ 1.4 | |
[1] | (a) These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense, and recognized in investment and other income in the consolidated statements of operations (see Note 14, Retirement Plans ). |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 874.7 | $ 963 | $ 1,004.9 |
Income (Loss) from Operations | 78.5 | 121.1 | 95.7 |
Assets of Operations | 886.9 | 868.7 | 893.5 |
Depreciation and amortization | 49.6 | 45.8 | 44.5 |
Capital Expenditures | 44.8 | 37.1 | 27.8 |
Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 884.7 | 974.2 | 1,017.4 |
Income (Loss) from Operations | 111.2 | 165.6 | 134.8 |
Assets of Operations | 777.7 | 759.5 | 755.1 |
Depreciation and amortization | 48.9 | 45.3 | 44.5 |
Capital Expenditures | 44.5 | 36 | 26.1 |
Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Total net sales | (10) | (11.2) | (12.5) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | (32.7) | (44.5) | (39.1) |
Assets of Operations | 109.2 | 109.2 | 138.4 |
Depreciation and amortization | 0.7 | 0.5 | 0 |
Capital Expenditures | 0.3 | 1.1 | 1.7 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 761.4 | 811.8 | 847.9 |
U.S. | Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 768.9 | 821 | 856.6 |
Income (Loss) from Operations | 113.5 | 134 | 127.6 |
Assets of Operations | 704 | 681.9 | 664.7 |
Depreciation and amortization | 41.3 | 39.6 | 38.2 |
Capital Expenditures | 44.2 | 34.8 | 24.7 |
U.S. | Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Total net sales | (7.5) | (9.2) | (8.7) |
International | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 113.3 | 151.2 | 157 |
International | Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 115.8 | 153.2 | 160.8 |
Income (Loss) from Operations | (2.3) | 31.6 | 7.2 |
Assets of Operations | 73.7 | 77.6 | 90.4 |
Depreciation and amortization | 7.6 | 5.7 | 6.3 |
Capital Expenditures | 0.3 | 1.2 | 1.4 |
International | Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Total net sales | $ (2.5) | $ (2) | $ (3.8) |
Segment Information - Schedul_2
Segment Information - Schedule of Corporate Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Software, net | $ 55 | $ 47.8 |
Right-of-use assets | 80.7 | 0 |
Cash and cash equivalents | 17.2 | 47.3 |
Deferred income tax assets, net of valuation allowances | 36.8 | 41.8 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Software, net | 52.1 | 46.9 |
Right-of-use assets | 11.7 | 0 |
Cash and cash equivalents | 11.2 | 27.2 |
Deferred income tax assets, net of valuation allowances | $ 6.3 | $ 9.1 |
Geographic Area and Services _3
Geographic Area and Services and Products Information - Schedule of Net Sales and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total net sales | $ 874.7 | $ 963 | $ 1,004.9 | |
Long-lived assets | [1] | 194.5 | 122.8 | 113.9 |
U.S. | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total net sales | 761.4 | 811.8 | 847.9 | |
Long-lived assets | [1] | 178.3 | 117.2 | 107.2 |
Europe | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total net sales | 34.5 | 59.7 | 70.6 | |
Long-lived assets | [1] | 4.2 | 3.1 | 4.5 |
Asia | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total net sales | 46.8 | 55.5 | 47.2 | |
Long-lived assets | [1] | 11 | 2.4 | 1.6 |
Canada | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total net sales | 29.4 | 33.4 | 36 | |
Long-lived assets | [1] | 1 | 0.1 | 0.6 |
Other | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total net sales | 2.6 | 2.6 | 3.2 | |
Long-lived assets | [1] | $ 0 | $ 0 | $ 0 |
[1] | Includes net property, plant and equipment, net software and other noncurrent assets. 2019 balances also include right-of-use assets. |
Geographic Area and Services _4
Geographic Area and Services and Products Information - Summary of Net Sales for Services and Products (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | $ 874.7 | $ 963 | $ 1,004.9 |
Services Net Sales | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | 554 | 618 | 632.1 |
Services Net Sales | Capital Markets | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | 395.8 | 408.3 | 396.7 |
Services Net Sales | Investment Markets | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | 158.2 | 167.4 | 164 |
Services Net Sales | Language Solutions | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | 0 | 42.3 | 71.4 |
Products Net Sales | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | 320.7 | 345 | 372.8 |
Products Net Sales | Capital Markets | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | 120.9 | 151 | 154.9 |
Products Net Sales | Investment Markets | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | $ 199.8 | $ 194 | $ 217.9 |
Guarantor Financial Informati_3
Guarantor Financial Information - Additional Information (Details) | Dec. 31, 2019 |
Donnelley Financial, LLC and DFS International Holding, Inc | |
Condensed Income Statements Captions [Line Items] | |
Percentage of ownership in directly owned subsidiaries | 100.00% |
Guarantor Financial Informati_4
Guarantor Financial Information - Consolidating Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | $ 874.7 | $ 963 | $ 1,004.9 | ||
Total cost of sales | 542.4 | 587.3 | 621.4 | ||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 205.8 | 258.2 | 236.2 | ||
Restructuring, impairment and other charges-net | 13.6 | 4.4 | 7.1 | ||
Depreciation and amortization | 49.6 | 45.8 | 44.5 | ||
Other operating (income) expense | (15.2) | (53.8) | 0 | ||
Income from operations | 78.5 | 121.1 | 95.7 | ||
Interest expense (income)-net | 38.1 | 36.7 | 42.9 | ||
Intercompany interest (income) expense-net | 0 | ||||
Investment and other (income) expense-net | (11.7) | (18.3) | (3.4) | ||
Earnings (loss) before income taxes and equity in net income of subsidiaries | 52.1 | 102.7 | 56.2 | ||
Income tax expense | 14.5 | 29.1 | 46.5 | ||
Earnings (loss) before equity in net income of subsidiaries | 37.6 | 73.6 | 9.7 | ||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | ||
Net earnings | 37.6 | 73.6 | 9.7 | ||
Comprehensive income (loss) | 35.7 | 66.4 | 13.4 | ||
Eliminations | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | (10) | (11.2) | (12.5) | ||
Total cost of sales | (10) | (11.2) | (12.5) | ||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 0 | 0 | 0 | ||
Restructuring, impairment and other charges-net | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | ||
Income from operations | 0 | 0 | 0 | ||
Interest expense (income)-net | 0 | 0 | 0 | ||
Intercompany interest (income) expense-net | 0 | 0 | |||
Investment and other (income) expense-net | 0 | 0 | |||
Earnings (loss) before income taxes and equity in net income of subsidiaries | 0 | 0 | 0 | ||
Income tax expense | 0 | 0 | 0 | ||
Earnings (loss) before equity in net income of subsidiaries | 0 | 0 | 0 | ||
Equity in net income (loss) of subsidiaries | (46.1) | (106.1) | (40.6) | ||
Net earnings | (46.1) | (106.1) | (40.6) | ||
Comprehensive income (loss) | (44.2) | (93.9) | (48.7) | ||
Services Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 554 | 618 | 632.1 | ||
Total cost of sales | 284.8 | 328.8 | 328.7 | ||
Services Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [1] | 0 | 0 | 19.5 | [2] |
Services Net Sales | Eliminations | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | (6.5) | (6.4) | (8.1) | ||
Total cost of sales | (5.6) | (6.2) | (7.4) | ||
Services Net Sales | Eliminations | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | 0 | |||
Products Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 320.7 | 345 | 372.8 | ||
Total cost of sales | 257.6 | 258.5 | 240.9 | ||
Products Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [1] | 0 | 0 | 32.3 | [2] |
Products Net Sales | Eliminations | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | (3.5) | (4.8) | (4.4) | ||
Total cost of sales | (4.4) | (5) | (5.1) | ||
Products Net Sales | Eliminations | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | 0 | |||
Parent | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 0 | 0 | 0 | ||
Total cost of sales | 0 | 0 | 0 | ||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 0 | 0 | 0 | ||
Restructuring, impairment and other charges-net | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | ||
Income from operations | 0 | 0 | 0 | ||
Interest expense (income)-net | 38.9 | 37.6 | 43.1 | ||
Intercompany interest (income) expense-net | (22.3) | (25.5) | |||
Investment and other (income) expense-net | 0 | 0 | 0 | ||
Earnings (loss) before income taxes and equity in net income of subsidiaries | (16.6) | (12.1) | (43.1) | ||
Income tax expense | (4.2) | (5.9) | (16.7) | ||
Earnings (loss) before equity in net income of subsidiaries | (12.4) | (6.2) | (26.4) | ||
Equity in net income (loss) of subsidiaries | 50 | 79.8 | 36.1 | ||
Net earnings | 37.6 | 73.6 | 9.7 | ||
Comprehensive income (loss) | 35.7 | 66.4 | 13.4 | ||
Parent | Services Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 0 | 0 | 0 | ||
Total cost of sales | 0 | 0 | 0 | ||
Parent | Services Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | 0 | |||
Parent | Products Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 0 | 0 | 0 | ||
Total cost of sales | 0 | 0 | 0 | ||
Parent | Products Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | 0 | |||
Guarantor Subsidiaries | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 768.9 | 821 | 856.6 | ||
Total cost of sales | 473.9 | 495.1 | 527.3 | ||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 176.9 | 220 | 197.4 | ||
Restructuring, impairment and other charges-net | 11.4 | 2.6 | 4.9 | ||
Depreciation and amortization | 42 | 40.1 | 38.2 | ||
Other operating (income) expense | (16.5) | (26.6) | |||
Income from operations | 81.2 | 89.8 | 88.8 | ||
Interest expense (income)-net | (0.1) | (0.3) | (0.1) | ||
Intercompany interest (income) expense-net | 22.3 | 25.6 | |||
Investment and other (income) expense-net | (11.8) | (16.9) | (3.3) | ||
Earnings (loss) before income taxes and equity in net income of subsidiaries | 70.8 | 81.4 | 92.2 | ||
Income tax expense | 16.9 | 27.9 | 60.6 | ||
Earnings (loss) before equity in net income of subsidiaries | 53.9 | 53.5 | 31.6 | ||
Equity in net income (loss) of subsidiaries | (3.9) | 26.3 | 4.5 | ||
Net earnings | 50 | 79.8 | 36.1 | ||
Comprehensive income (loss) | 45.5 | 72.6 | 39.8 | ||
Guarantor Subsidiaries | Services Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 471.8 | 508 | 518.5 | ||
Total cost of sales | 231.5 | 258.4 | 257.3 | ||
Guarantor Subsidiaries | Services Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | 18.4 | |||
Guarantor Subsidiaries | Products Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 297.1 | 313 | 338.1 | ||
Total cost of sales | 242.4 | 236.7 | 221.5 | ||
Guarantor Subsidiaries | Products Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | 30.1 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 115.8 | 153.2 | 160.8 | ||
Total cost of sales | 78.5 | 103.4 | 106.6 | ||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 28.9 | 38.2 | 38.8 | ||
Restructuring, impairment and other charges-net | 2.2 | 1.8 | 2.2 | ||
Depreciation and amortization | 7.6 | 5.7 | 6.3 | ||
Other operating (income) expense | 1.3 | (27.2) | |||
Income from operations | (2.7) | 31.3 | 6.9 | ||
Interest expense (income)-net | (0.7) | (0.6) | (0.1) | ||
Intercompany interest (income) expense-net | 0 | (0.1) | |||
Investment and other (income) expense-net | 0.1 | (1.4) | (0.1) | ||
Earnings (loss) before income taxes and equity in net income of subsidiaries | (2.1) | 33.4 | 7.1 | ||
Income tax expense | 1.8 | 7.1 | 2.6 | ||
Earnings (loss) before equity in net income of subsidiaries | (3.9) | 26.3 | 4.5 | ||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | ||
Net earnings | (3.9) | 26.3 | 4.5 | ||
Comprehensive income (loss) | (1.3) | 21.3 | 8.9 | ||
Non-Guarantor Subsidiaries | Services Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 88.7 | 116.4 | 121.7 | ||
Total cost of sales | 58.9 | 76.6 | 78.8 | ||
Non-Guarantor Subsidiaries | Services Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | 1.1 | |||
Non-Guarantor Subsidiaries | Products Net Sales | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total net sales | 27.1 | 36.8 | 39.1 | ||
Total cost of sales | $ 19.6 | $ 26.8 | 24.5 | ||
Non-Guarantor Subsidiaries | Products Net Sales | R.R. Donnelley Affiliates | |||||
Condensed Income Statements Captions [Line Items] | |||||
Total cost of sales | [2] | $ 2.2 | |||
[1] | Beginning in the quarter ended June 30, 2017, LSC Communications, Inc. (“LSC”) no longer qualified as a related party, therefore the amounts disclosed related to LSC are presented through March 31, 2017 only. Beginning in the quarter ended September 30, 2017, R.R. Donnelley & Sons Company ("RRD") no longer qualified as a related party, therefore the amounts disclosed related to RRD are presented through June 30, 2017 only. | ||||
[2] | Beginning in the quarter ended June 30, 2017, LSC no longer qualified as a related party, therefore the amounts disclosed related to LSC are presented through March 31, 2017 only. Beginning in the quarter ended September 30, 2017, RRD no longer qualified as a related party, therefore the amounts disclosed related to RRD are presented through June 30, 2017 only. |
Guarantor Financial Informati_5
Guarantor Financial Information - Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 17.2 | $ 47.3 | ||
Receivables, less allowances | 161.4 | 172.9 | ||
Intercompany receivables | 0 | 0 | ||
Intercompany short-term note receivable-net | 0 | 0 | ||
Inventories | 11.1 | 12.1 | ||
Prepaid expenses and other current assets | 15.9 | 16.7 | ||
Assets held for sale | 5.6 | 0 | ||
Total current assets | 211.2 | 249 | ||
Property, plant and equipment-net | 17.5 | 32.2 | ||
Right-of-use assets | 80.7 | 0 | ||
Software-net | 55 | 47.8 | ||
Goodwill | 450.3 | 450 | $ 447.4 | |
Other intangible assets-net | 21.9 | 37.2 | ||
Deferred income taxes | 9 | 9.7 | ||
Intercompany long-term note receivable | 0 | 0 | ||
Other noncurrent assets | 41.3 | 42.8 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Total assets | 886.9 | 868.7 | 893.5 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 58.5 | 72.4 | ||
Intercompany payables | 0 | 0 | ||
Intercompany short-term note payable-net | 0 | 0 | ||
Accrued liabilities | 121 | 126 | ||
Total current liabilities | 179.5 | 198.4 | ||
Long-term debt | 296 | 362.7 | ||
Intercompany long-term note payable | 0 | 0 | ||
Deferred compensation liabilities | 20 | 19.5 | ||
Pension and other postretirement benefits plan liabilities | 58.8 | 51.3 | ||
Noncurrent lease liabilities | 57.9 | 0 | ||
Other noncurrent liabilities | 6.1 | 10.8 | ||
Total liabilities | 618.3 | 642.7 | ||
Total equity | 268.6 | 226 | $ 149.4 | $ 111.1 |
Total liabilities and equity | 886.9 | 868.7 | ||
Eliminations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, less allowances | 0 | 0 | ||
Intercompany receivables | (117.3) | (123.6) | ||
Intercompany short-term note receivable-net | (12) | (60.5) | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Assets held for sale | 0 | |||
Total current assets | (129.3) | (184.1) | ||
Property, plant and equipment-net | 0 | 0 | ||
Right-of-use assets | 0 | |||
Software-net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets-net | 0 | 0 | ||
Deferred income taxes | (1.9) | (29.9) | ||
Intercompany long-term note receivable | (240) | (298) | ||
Other noncurrent assets | 0 | 0 | ||
Investments in consolidated subsidiaries | (493) | (551.9) | ||
Total assets | (864.2) | (1,063.9) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 0 | 0 | ||
Intercompany payables | (117.3) | (123.6) | ||
Intercompany short-term note payable-net | (12) | (60.5) | ||
Accrued liabilities | 0 | 0 | ||
Total current liabilities | (129.3) | (184.1) | ||
Long-term debt | 0 | 0 | ||
Intercompany long-term note payable | (240) | (298) | ||
Deferred compensation liabilities | 0 | 0 | ||
Pension and other postretirement benefits plan liabilities | 0 | 0 | ||
Noncurrent lease liabilities | 0 | |||
Other noncurrent liabilities | (1.9) | (29.9) | ||
Total liabilities | (371.2) | (512) | ||
Total equity | (493) | (551.9) | ||
Total liabilities and equity | (864.2) | (1,063.9) | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 9 | 24.9 | ||
Receivables, less allowances | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Intercompany short-term note receivable-net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 3 | 0 | ||
Assets held for sale | 0 | |||
Total current assets | 12 | 24.9 | ||
Property, plant and equipment-net | 0 | 0 | ||
Right-of-use assets | 0 | |||
Software-net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets-net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany long-term note receivable | 240 | 298 | ||
Other noncurrent assets | 3.1 | 3.6 | ||
Investments in consolidated subsidiaries | 441.8 | 445.9 | ||
Total assets | 696.9 | 772.4 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 0 | 0 | ||
Intercompany payables | 117.3 | 120.9 | ||
Intercompany short-term note payable-net | 12 | 60 | ||
Accrued liabilities | 2.2 | 0.1 | ||
Total current liabilities | 131.5 | 181 | ||
Long-term debt | 296 | 362.7 | ||
Intercompany long-term note payable | 0 | 0 | ||
Deferred compensation liabilities | 0 | 0 | ||
Pension and other postretirement benefits plan liabilities | 0 | 0 | ||
Noncurrent lease liabilities | 0 | |||
Other noncurrent liabilities | 0.8 | 2.7 | ||
Total liabilities | 428.3 | 546.4 | ||
Total equity | 268.6 | 226 | ||
Total liabilities and equity | 696.9 | 772.4 | ||
Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 2 | 5 | ||
Receivables, less allowances | 130.5 | 141.6 | ||
Intercompany receivables | 117.3 | 123.6 | ||
Intercompany short-term note receivable-net | 0 | 0 | ||
Inventories | 9.5 | 10.4 | ||
Prepaid expenses and other current assets | 9.9 | 13.5 | ||
Assets held for sale | 5.6 | |||
Total current assets | 274.8 | 294.1 | ||
Property, plant and equipment-net | 16.2 | 29.3 | ||
Right-of-use assets | 68.4 | |||
Software-net | 55 | 47.8 | ||
Goodwill | 438.5 | 438.5 | ||
Other intangible assets-net | 20.5 | 32.6 | ||
Deferred income taxes | 8.3 | 37.2 | ||
Intercompany long-term note receivable | 0 | 0 | ||
Other noncurrent assets | 34.2 | 35.1 | ||
Investments in consolidated subsidiaries | 51.2 | 106 | ||
Total assets | 967.1 | 1,020.6 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 51 | 61 | ||
Intercompany payables | 0 | 0 | ||
Intercompany short-term note payable-net | 0 | 0.5 | ||
Accrued liabilities | 100 | 109.2 | ||
Total current liabilities | 151 | 170.7 | ||
Long-term debt | 0 | 0 | ||
Intercompany long-term note payable | 240 | 298 | ||
Deferred compensation liabilities | 20 | 19.5 | ||
Pension and other postretirement benefits plan liabilities | 57.3 | 50.3 | ||
Noncurrent lease liabilities | 50.6 | |||
Other noncurrent liabilities | 6.4 | 36.2 | ||
Total liabilities | 525.3 | 574.7 | ||
Total equity | 441.8 | 445.9 | ||
Total liabilities and equity | 967.1 | 1,020.6 | ||
Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 6.2 | 17.4 | ||
Receivables, less allowances | 30.9 | 31.3 | ||
Intercompany receivables | 0 | 0 | ||
Intercompany short-term note receivable-net | 12 | 60.5 | ||
Inventories | 1.6 | 1.7 | ||
Prepaid expenses and other current assets | 3 | 3.2 | ||
Assets held for sale | 0 | |||
Total current assets | 53.7 | 114.1 | ||
Property, plant and equipment-net | 1.3 | 2.9 | ||
Right-of-use assets | 12.3 | |||
Software-net | 0 | |||
Goodwill | 11.8 | 11.5 | ||
Other intangible assets-net | 1.4 | 4.6 | ||
Deferred income taxes | 2.6 | 2.4 | ||
Intercompany long-term note receivable | 0 | 0 | ||
Other noncurrent assets | 4 | 4.1 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Total assets | 87.1 | 139.6 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 7.5 | 11.4 | ||
Intercompany payables | 0 | 2.7 | ||
Intercompany short-term note payable-net | 0 | 0 | ||
Accrued liabilities | 18.8 | 16.7 | ||
Total current liabilities | 26.3 | 30.8 | ||
Long-term debt | 0 | 0 | ||
Intercompany long-term note payable | 0 | 0 | ||
Deferred compensation liabilities | 0 | 0 | ||
Pension and other postretirement benefits plan liabilities | 1.5 | 1 | ||
Noncurrent lease liabilities | 7.3 | |||
Other noncurrent liabilities | 0.8 | 1.8 | ||
Total liabilities | 35.9 | 33.6 | ||
Total equity | 51.2 | 106 | ||
Total liabilities and equity | $ 87.1 | $ 139.6 |
Guarantor Financial Informati_6
Guarantor Financial Information - Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | ||||
Net cash provided by (used in) operating activities | $ 54.5 | $ 66.3 | $ 91.4 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (44.8) | (37.1) | (27.8) | |
Proceeds from sale of building | 30.6 | 0 | 0 | |
Acquisition of business, net of cash acquired | (4.5) | (12.5) | 0 | |
Purchase of investment | $ (2.3) | (2.3) | 0 | (3.4) |
Proceeds from sale of investment | 12.8 | 3.1 | 0 | |
(Payments for) proceeds from disposition of Language Solutions business | (4) | 77.5 | 0 | |
Intercompany note receivable, net | 0 | 0 | 0 | |
Other investing activities | 0 | (0.8) | 0.2 | |
Net cash (used in) provided by investing activities | (12.2) | 30.2 | (31) | |
FINANCING ACTIVITIES | ||||
Revolving facility borrowings | 515.5 | 360 | 298.5 | |
Payments on revolving facility borrowings | (515.5) | (360) | (298.5) | |
Payments on long-term debt | (72.5) | (97.5) | (133) | |
Intercompany note payable, net | 0 | 0 | ||
Proceeds from the issuance of common stock | 0 | 1.2 | 18.8 | |
Treasury share repurchases | (1.8) | (1.5) | (0.9) | |
Debt issuance costs | (0.2) | (1.2) | (2.1) | |
Separation-related payment from R.R. Donnelley | 0 | 0 | 68 | |
Proceeds from issuance of long-term debt | 0 | 0 | 3.1 | |
Other financing activities | 0 | 0 | 0.4 | |
Net cash used in financing activities | (74.5) | (99) | (45.7) | |
Effect of exchange rate on cash and cash equivalents | 2.1 | (2.2) | 1.1 | |
Net (decrease) increase in cash and cash equivalents | (30.1) | (4.7) | 15.8 | |
Cash and cash equivalents at beginning of year | 47.3 | 52 | 36.2 | |
Cash and cash equivalents at end of period | 17.2 | 47.3 | 52 | |
Supplemental non-cash disclosure: | ||||
Intercompany debt allocation | 0 | 0 | ||
Eliminations | ||||
OPERATING ACTIVITIES | ||||
Net cash provided by (used in) operating activities | (53.1) | 2.4 | ||
INVESTING ACTIVITIES | ||||
Capital expenditures | 0 | 0 | 0 | |
Proceeds from sale of building | 0 | |||
Acquisition of business, net of cash acquired | 0 | 0 | ||
Purchase of investment | 0 | 0 | ||
Proceeds from sale of investment | 0 | |||
(Payments for) proceeds from disposition of Language Solutions business | 0 | 0 | ||
Intercompany note receivable, net | (48.5) | 30.5 | 14.7 | |
Other investing activities | 0 | 0 | ||
Net cash (used in) provided by investing activities | (48.5) | 30.5 | 14.7 | |
FINANCING ACTIVITIES | ||||
Revolving facility borrowings | 0 | 0 | 0 | |
Payments on revolving facility borrowings | 0 | 0 | 0 | |
Payments on long-term debt | 0 | 0 | 0 | |
Intercompany note payable, net | 48.5 | (30.5) | (14.7) | |
Intercompany dividends | 53.1 | |||
Proceeds from the issuance of common stock | 0 | 0 | ||
Treasury share repurchases | 0 | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 | |
Separation-related payment from R.R. Donnelley | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Other financing activities | 0 | |||
Net cash used in financing activities | 101.6 | (30.5) | (14.7) | |
Effect of exchange rate on cash and cash equivalents | 0 | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 2.4 | |
Cash and cash equivalents at beginning of year | 0 | 0 | (2.4) | |
Cash and cash equivalents at end of period | 0 | 0 | 0 | |
Supplemental non-cash disclosure: | ||||
Intercompany debt allocation | 0 | 0 | ||
Parent | ||||
OPERATING ACTIVITIES | ||||
Net cash provided by (used in) operating activities | 48.7 | 85.9 | 39.3 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | 0 | 0 | 0 | |
Proceeds from sale of building | 0 | |||
Acquisition of business, net of cash acquired | 0 | 0 | ||
Purchase of investment | 0 | 0 | ||
Proceeds from sale of investment | 0 | |||
(Payments for) proceeds from disposition of Language Solutions business | 0 | 0 | ||
Intercompany note receivable, net | 0 | 0 | 0 | |
Other investing activities | 0 | 0 | ||
Net cash (used in) provided by investing activities | 0 | 0 | 0 | |
FINANCING ACTIVITIES | ||||
Revolving facility borrowings | 515.5 | 360 | 298.5 | |
Payments on revolving facility borrowings | (515.5) | (360) | (298.5) | |
Payments on long-term debt | (72.5) | (97.5) | (133) | |
Intercompany note payable, net | 9.9 | 29.7 | 14.7 | |
Intercompany dividends | 0 | |||
Proceeds from the issuance of common stock | 1.2 | 18.8 | ||
Treasury share repurchases | (1.8) | (1.5) | (0.9) | |
Debt issuance costs | (0.2) | (1.2) | (2.1) | |
Separation-related payment from R.R. Donnelley | 68 | |||
Proceeds from issuance of long-term debt | 3.1 | |||
Other financing activities | 0.4 | |||
Net cash used in financing activities | (64.6) | (69.3) | (31) | |
Effect of exchange rate on cash and cash equivalents | 0 | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | (15.9) | 16.6 | 8.3 | |
Cash and cash equivalents at beginning of year | 24.9 | 8.3 | 0 | |
Cash and cash equivalents at end of period | 9 | 24.9 | 8.3 | |
Supplemental non-cash disclosure: | ||||
Intercompany debt allocation | (240) | (298) | ||
Guarantor Subsidiaries | ||||
OPERATING ACTIVITIES | ||||
Net cash provided by (used in) operating activities | 66 | (12) | 35.7 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (44.5) | (35.9) | (26.4) | |
Proceeds from sale of building | 30.6 | |||
Acquisition of business, net of cash acquired | (4.5) | (12.5) | ||
Purchase of investment | (2.3) | (3.4) | ||
Proceeds from sale of investment | 12.8 | 3.1 | ||
(Payments for) proceeds from disposition of Language Solutions business | (2.7) | 34.4 | ||
Intercompany note receivable, net | 0 | 0 | 0 | |
Other investing activities | (0.8) | 0.2 | ||
Net cash (used in) provided by investing activities | (10.6) | (11.7) | (29.6) | |
FINANCING ACTIVITIES | ||||
Revolving facility borrowings | 0 | 0 | 0 | |
Payments on revolving facility borrowings | 0 | 0 | 0 | |
Payments on long-term debt | 0 | 0 | 0 | |
Intercompany note payable, net | (58.4) | 0.8 | 0 | |
Intercompany dividends | 0 | |||
Proceeds from the issuance of common stock | 0 | 0 | ||
Treasury share repurchases | 0 | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 | |
Separation-related payment from R.R. Donnelley | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Other financing activities | 0 | |||
Net cash used in financing activities | (58.4) | 0.8 | 0 | |
Effect of exchange rate on cash and cash equivalents | 0 | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | (3) | (22.9) | 6.1 | |
Cash and cash equivalents at beginning of year | 5 | 27.9 | 21.8 | |
Cash and cash equivalents at end of period | 2 | 5 | 27.9 | |
Supplemental non-cash disclosure: | ||||
Intercompany debt allocation | 240 | 298 | ||
Non-Guarantor Subsidiaries | ||||
OPERATING ACTIVITIES | ||||
Net cash provided by (used in) operating activities | (7.1) | (7.6) | 14 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (0.3) | (1.2) | (1.4) | |
Proceeds from sale of building | 0 | |||
Acquisition of business, net of cash acquired | 0 | |||
Purchase of investment | 0 | 0 | ||
Proceeds from sale of investment | 0 | |||
(Payments for) proceeds from disposition of Language Solutions business | (1.3) | 43.1 | ||
Intercompany note receivable, net | 48.5 | (30.5) | (14.7) | |
Other investing activities | 0 | 0 | ||
Net cash (used in) provided by investing activities | 46.9 | 11.4 | (16.1) | |
FINANCING ACTIVITIES | ||||
Revolving facility borrowings | 0 | 0 | 0 | |
Payments on revolving facility borrowings | 0 | 0 | 0 | |
Payments on long-term debt | 0 | 0 | 0 | |
Intercompany note payable, net | 0 | 0 | 0 | |
Intercompany dividends | (53.1) | |||
Proceeds from the issuance of common stock | 0 | 0 | ||
Treasury share repurchases | 0 | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 | |
Separation-related payment from R.R. Donnelley | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Other financing activities | 0 | |||
Net cash used in financing activities | (53.1) | 0 | 0 | |
Effect of exchange rate on cash and cash equivalents | 2.1 | (2.2) | 1.1 | |
Net (decrease) increase in cash and cash equivalents | (11.2) | 1.6 | (1) | |
Cash and cash equivalents at beginning of year | 17.4 | 15.8 | 16.8 | |
Cash and cash equivalents at end of period | 6.2 | 17.4 | $ 15.8 | |
Supplemental non-cash disclosure: | ||||
Intercompany debt allocation | $ 0 | $ 0 |