Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 28, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'RRD | ' | ' |
Entity Registrant Name | 'RR Donnelley & Sons Co | ' | ' |
Entity Central Index Key | '0000029669 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 197,791,436 | ' |
Entity Public Float | ' | ' | $2,523,169,267 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Products net sales | $8,765.80 | [1] | $8,835.10 | [1] | $9,375.10 | [1] |
Services net sales | 1,714.50 | [1] | 1,386.80 | [1] | 1,235.90 | [1] |
Total net sales | 10,480.30 | [1] | 10,221.90 | [1] | 10,611 | [1] |
Products cost of sales (exclusive of depreciation and amortization) | 6,816.90 | 6,874.20 | 7,185.20 | |||
Services cost of sales (exclusive of depreciation and amortization) | 1,332.90 | 1,014.80 | 906.6 | |||
Total cost of sales | 8,149.80 | 7,889 | 8,091.80 | |||
Products gross profit | 1,948.90 | 1,960.90 | 2,189.90 | |||
Services gross profit | 381.6 | 372 | 329.3 | |||
Total gross profit | 2,330.50 | 2,332.90 | 2,519.20 | |||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 1,181.50 | 1,102.60 | 1,236.30 | |||
Restructuring, impairment and other charges—net (Note 3) | 133.5 | 1,118.50 | 667.8 | |||
Depreciation and amortization | 435.8 | 481.6 | 549.9 | |||
Income (loss) from operations | 579.7 | -369.8 | 65.2 | |||
Interest expense—net (Note 13) | 261.4 | 251.8 | 243.3 | |||
Investment and other expense (income)—net | 27.4 | 2.3 | -10.6 | |||
Loss on debt extinguishment | 81.9 | 16.1 | 69.9 | |||
Earnings (loss) before income taxes | 209 | -640 | -237.4 | |||
Income tax expense (benefit) (Note 12) | -9.2 | 13.6 | -116.3 | |||
Net earnings (loss) | 218.2 | -653.6 | -121.1 | |||
Less: Income (loss) attributable to noncontrolling interests | 7 | -2.2 | 1.5 | |||
Net earnings (loss) attributable to RR Donnelley common shareholders | $211.20 | ($651.40) | ($122.60) | |||
Net earnings (loss) per share attributable to RR Donnelley common shareholders (Note 15): | ' | ' | ' | |||
Basic net earnings (loss) per share | $1.16 | ($3.61) | ($0.63) | |||
Diluted net earnings (loss) per share | $1.15 | ($3.61) | ($0.63) | |||
Weighted average number of common shares outstanding (Note 15): | ' | ' | ' | |||
Basic | 181.9 | 180.4 | 193.8 | |||
Diluted | 183.5 | 180.4 | 193.8 | |||
[1] | Certain prior year amounts were restated to conform to the Company’s current products and services categories. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings (loss) | $218.20 | ($653.60) | ($121.10) |
Other comprehensive income (loss), net of tax (Note 16): | ' | ' | ' |
Translation adjustments | -22.8 | 11.4 | -70.1 |
Adjustment for net periodic pension and other postretirement benefits plan cost | 563.7 | -177.6 | -303.1 |
Change in fair value of derivatives | 0.4 | 0.5 | 0.7 |
Other comprehensive income (loss) | 541.3 | -165.7 | -372.5 |
Comprehensive income (loss) | 759.5 | -819.3 | -493.6 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 7.2 | -2 | 1.9 |
Comprehensive income (loss) attributable to RR Donnelley common shareholders | $752.30 | ($817.30) | ($495.50) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,028.40 | $430.70 |
Receivables, less allowances for doubtful accounts of $44.8 in 2013 (2012—$49.6) (Note 5) | 1,832.30 | 1,878.80 |
Inventories (Note 6) | 501.2 | 510.2 |
Prepaid expenses and other current assets | 199.7 | 157.7 |
Total current assets | 3,561.60 | 2,977.40 |
Property, plant and equipment—net (Note 7) | 1,430.10 | 1,616.60 |
Goodwill (Note 4) | 1,436.30 | 1,436.40 |
Other intangible assets—net (Note 4) | 315.9 | 382.9 |
Deferred income taxes (Note 12) | 118.8 | 445.1 |
Other noncurrent assets | 375.5 | 404.3 |
Total assets | 7,238.20 | 7,262.70 |
LIABILITIES | ' | ' |
Accounts payable | 1,143 | 1,210.30 |
Accrued liabilities (Note 9) | 814.8 | 825.2 |
Short-term and current portion of long-term debt (Note 13) | 270.9 | 18.4 |
Total current liabilities | 2,228.70 | 2,053.90 |
Long-term debt (Note 13) | 3,587 | 3,420.20 |
Pension liabilities (Note 11) | 245.2 | 1,150.50 |
Other postretirement benefits plan liabilities (Note 11) | 174.1 | 241.7 |
Other noncurrent liabilities | 349.5 | 327.7 |
Total liabilities | 6,584.50 | 7,194 |
Commitments and Contingencies (Note 10) | ' | ' |
RR Donnelley shareholders’ equity | ' | ' |
Preferred stock, $1.00 par value Authorized: 2.0 shares; Issued: None | ' | ' |
Common stock, $1.25 par value Authorized: 500.0 shares; Issued: 243.0 shares in 2013 and 2012 | 303.7 | 303.7 |
Additional paid-in-capital | 2,802.40 | 2,839.40 |
Accumulated deficit | -473.4 | -496.1 |
Accumulated other comprehensive loss | -488.1 | -1,029.20 |
Treasury stock, at cost, 61.2 shares in 2013 (2012—62.6 shares) | -1,512.80 | -1,565 |
Total RR Donnelley shareholders’ equity | 631.8 | 52.8 |
Noncontrolling interests | 21.9 | 15.9 |
Total equity | 653.7 | 68.7 |
Total liabilities and equity | $7,238.20 | $7,262.70 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | $44.80 | $49.60 |
Preferred stock, par value | $1 | $1 |
Preferred stock, authorized | 2 | 2 |
Preferred stock, Issued | 0 | 0 |
Common stock, par value | $1.25 | $1.25 |
Common stock, Authorized | 500 | 500 |
Common stock, Issued | 243 | 243 |
Treasury stock, shares | 61.2 | 62.6 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net earnings (loss) | $218.20 | ($653.60) | ($121.10) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ' | ' | ' |
Impairment charges | 21.5 | 1,027.10 | 532 |
Depreciation and amortization | 435.8 | 481.6 | 549.9 |
Provision for doubtful accounts receivable | 18.2 | 8.7 | 18.8 |
Share-based compensation | 19.9 | 25.4 | 28.3 |
Deferred income taxes | -41.1 | -52 | -123 |
Change in uncertain tax positions | -18.6 | -26.4 | -107.8 |
Loss (gain) on investments and other assets—net | 21.5 | -1 | -16 |
Loss related to Venezuela currency devaluation | 3.2 | ' | ' |
Loss on debt extinguishment | 81.9 | 16.1 | 69.9 |
Net pension and other postretirement benefits plan (income) expense | -18.3 | -42.4 | 61.6 |
Gain on pension curtailment | ' | -3.7 | -38.7 |
Other | -5.1 | 41.7 | 27.3 |
Changes in operating assets and liabilities—net of acquisitions: | ' | ' | ' |
Accounts receivable—net | 13.4 | -5.7 | 38.3 |
Inventories | 5.3 | 6.5 | 43.1 |
Prepaid expenses and other current assets | -4.6 | 4 | -1.8 |
Accounts payable | -66 | 120.8 | 135.4 |
Income taxes payable and receivable | -38.1 | 6.5 | 9.5 |
Accrued liabilities and other | 77.3 | -113 | -104.8 |
Pension and other postretirement benefits plan contributions | -29.6 | -148.7 | -54.6 |
Net cash provided by operating activities | 694.8 | 691.9 | 946.3 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -216.6 | -205.9 | -250.9 |
Acquisitions of businesses, net of cash acquired | 0.4 | -126.9 | -142.4 |
Disposition of business | -12 | ' | ' |
Proceeds from return of capital and sale of investments and other assets | 13 | 50.7 | 27.2 |
Other investing activities | 2.8 | -2.7 | -9.3 |
Net cash used in investing activities | -212.4 | -284.8 | -375.4 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of long-term debt | 1,197.80 | 450 | 600 |
Net change in short-term debt | -3.2 | -1.4 | 10.7 |
Payments of current maturities and long-term debt | -830.4 | -625.2 | -495.1 |
Net payments of credit facility borrowings | ' | -65 | -55 |
Debt issuance costs | -20.4 | -23.6 | -10 |
Payments to settle forward contracts | -38 | ' | ' |
Acquisition of common stock | ' | ' | -500 |
Dividends paid | -188.5 | -187.1 | -205.2 |
Other financing activities | 5.5 | 14.3 | 3.6 |
Net cash provided by (used in) financing activities | 122.8 | -438 | -651 |
Effect of exchange rate on cash and cash equivalents | -7.5 | 11.9 | 10.7 |
Net increase (decrease) in cash and cash equivalents | 597.7 | -19 | -69.4 |
Cash and cash equivalents at beginning of year | 430.7 | 449.7 | 519.1 |
Cash and cash equivalents at end of year | 1,028.40 | 430.7 | 449.7 |
Supplemental non-cash disclosure: | ' | ' | ' |
Proceeds deposited in escrow from sale of property | ' | $8.30 | ' |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Total RR Donnelley's Shareholders' Equity | Noncontrolling Interest |
In Millions, except Share data | ||||||||
Balance at Dec. 31, 2010 | $2,245.40 | $303.70 | $2,907 | ($1,166.20) | $670.20 | ($490.40) | $2,224.30 | $21.10 |
Balance (in shares) at Dec. 31, 2010 | ' | 243,000,000 | ' | -36,400,000 | ' | ' | ' | ' |
Net earnings (loss) | -121.1 | ' | ' | ' | -122.6 | ' | -122.6 | 1.5 |
Other comprehensive income (loss) | -372.5 | ' | ' | ' | ' | -372.9 | -372.9 | 0.4 |
Share-based compensation | 28.3 | ' | 28.3 | ' | ' | ' | 28.3 | ' |
Issuance of share-based awards, net of withholdings and other | -9.2 | ' | -46.6 | 37.4 | ' | ' | -9.2 | ' |
Issuance of share-based awards, net of withholdings and other (in shares) | ' | ' | ' | 1,100,000 | ' | ' | ' | ' |
Cash dividends paid | -205.2 | ' | ' | ' | -205.2 | ' | -205.2 | ' |
Acquisition of common stock | -500 | ' | ' | -500 | ' | ' | -500 | ' |
Acquisition of common stock (in shares) | ' | ' | ' | -29,200,000 | ' | ' | ' | ' |
Distributions to noncontrolling interests | -3.5 | ' | ' | ' | ' | ' | ' | -3.5 |
Balance at Dec. 31, 2011 | 1,062.20 | 303.7 | 2,888.70 | -1,628.80 | 342.4 | -863.3 | 1,042.70 | 19.5 |
Balance (in shares) at Dec. 31, 2011 | ' | 243,000,000 | ' | -64,500,000 | ' | ' | ' | ' |
Net earnings (loss) | -653.6 | ' | ' | ' | -651.4 | ' | -651.4 | -2.2 |
Other comprehensive income (loss) | -165.7 | ' | ' | ' | ' | -165.9 | -165.9 | 0.2 |
Share-based compensation | 25.4 | ' | 25.4 | ' | ' | ' | 25.4 | ' |
Issuance of share-based awards, net of withholdings and other | -10.9 | ' | -74.7 | 63.8 | ' | ' | -10.9 | ' |
Issuance of share-based awards, net of withholdings and other (in shares) | ' | ' | ' | 1,900,000 | ' | ' | ' | ' |
Cash dividends paid | -187.1 | ' | ' | ' | -187.1 | ' | -187.1 | ' |
Acquisition of common stock (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -1.6 | ' | ' | ' | ' | ' | ' | -1.6 |
Balance at Dec. 31, 2012 | 68.7 | 303.7 | 2,839.40 | -1,565 | -496.1 | -1,029.20 | 52.8 | 15.9 |
Balance (in shares) at Dec. 31, 2012 | ' | 243,000,000 | ' | -62,600,000 | ' | ' | ' | ' |
Net earnings (loss) | 218.2 | ' | ' | ' | 211.2 | ' | 211.2 | 7 |
Other comprehensive income (loss) | 541.3 | ' | ' | ' | ' | 541.1 | 541.1 | 0.2 |
Share-based compensation | 19.9 | ' | 19.9 | ' | ' | ' | 19.9 | ' |
Issuance of share-based awards, net of withholdings and other | -4.7 | ' | -56.9 | 52.2 | ' | ' | -4.7 | ' |
Issuance of share-based awards, net of withholdings and other (in shares) | ' | ' | ' | 1,400,000 | ' | ' | ' | ' |
Cash dividends paid | -188.5 | ' | ' | ' | -188.5 | ' | -188.5 | ' |
Acquisition of common stock (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -1.2 | ' | ' | ' | ' | ' | ' | -1.2 |
Balance at Dec. 31, 2013 | $653.70 | $303.70 | $2,802.40 | ($1,512.80) | ($473.40) | ($488.10) | $631.80 | $21.90 |
Balance (in shares) at Dec. 31, 2013 | ' | 243,000,000 | ' | -61,200,000 | ' | ' | ' | ' |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation and Summary of Significant Accounting Policies | ' |
Note 1. Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation —The accompanying consolidated financial statements include the accounts of R.R. Donnelley & Sons Company and its subsidiaries (the “Company” or “RR Donnelley”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated in consolidation. The accounts of businesses acquired during 2012 and 2011 are included in the consolidated financial statements from the dates of acquisition. There were no acquisitions during the year ended December 31, 2013 (see Note 2). During the fourth quarter of 2013, management changed the Company’s reportable segments to reflect changes in the management reporting structure of the organization and the manner in which the chief operating decision maker regularly assesses information for decision-making purposes. All prior year amounts have been reclassified to conform to the Company’s current reporting structure (see Note 19.) | |
Nature of Operations —The Company helps organizations communicate more effectively by working to create, manage, produce, distribute and process content on behalf of our customers. The Company assists customers in developing and executing multichannel communication strategies that engage audiences, reduce costs, drive revenues and increase compliance. R.R. Donnelley’s innovative technologies, enhance digital and print communications to deliver integrated messages across multiple media to highly targeted audiences at optimal times for clients in virtually every private and public sector. Strategically located operations provide local service and responsiveness while leveraging the economic, geographic and technological advantages of a global organization. | |
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, inventory obsolescence, asset valuations and useful lives, employee benefits, self-insurance reserves, taxes, restructuring 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 (loss). Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be permanently reinvested. Throughout the three years ended December 31, 2013, the three-year cumulative inflation for Venezuela using the blended Consumer Price Index and National Consumer Price Index exceeded 100%. As a result, Venezuela’s economy is considered highly inflationary and the financial statements of the Company’s Venezuelan entities are remeasured as if the functional currency were the U.S. Dollar. Consistent with historical practices and the Company’s future intent, the financial statements were remeasured based on the official rate determined by the government of Venezuela. On February 8, 2013, the government of Venezuela changed its primary fixed exchange rate from 4.3 Bolivars per U.S. Dollar to 6.3 Bolivars per U.S. Dollar, devaluing the Bolivar by 32%. This devaluation resulted in a pre-tax loss of $3.2 million ($2.0 million after-tax) and a reduction in income attributable to noncontrolling interests of $1.0 million. | |
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 foreign exchange forward contracts, interest rate swaps, pension plan assets and other postretirement plan assets on a recurring basis. 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, short-term debt 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 recognizes revenue for the majority of its products upon transfer of title and the passage of the risk of ownership, which is generally upon shipment to the customer. Contracts generally specify F.O.B. shipping point terms. Under agreements with certain customers, custom products may be stored by the Company for future delivery. In these situations, the Company may also receive a logistics or warehouse management fee for the services it provides. In certain of these cases, delivery and billing schedules are outlined in the customer agreement and product revenue is recognized when manufacturing is complete, title and risk of ownership transfer to the customer, and there is a reasonable assurance as to collectability. Because the majority of products are customized, product returns are not significant; however, the Company accrues for the estimated amount of customer credits at the time of sale. | |
During the year ended December 31, 2012, the Company identified and recognized $22.7 million, of which $19.8 million was recognized in the first quarter of 2012, to correct an over-accrual for rebates owed to certain office products customers, which understated accounts receivable and net sales during the years 2008 through 2011. Following qualitative and quantitative review, the Company concluded that the over-accrual was not material to any prior period, to the full year 2012, or the trend of annual operating results. | |
Revenue from services is recognized as services are performed. For the Company’s logistics operations, whose operations include the delivery of printed material and other products, the Company recognizes revenue upon completion of the delivery of services. Within the Company’s financial operations, which serve the global financial services end market, the Company files highly customized materials such as regulatory S-filings and initial public offerings with the SEC on behalf of its customers, and performs XBRL and EDGAR-related services. Revenue is recognized for these services upon completion of the service performed or following final delivery of the related printed product. Within the Company’s business process outsourcing operations, the Company provides various outsourcing services. Depending on the nature of the service performed, revenue is recognized for outsourcing services either as services are rendered or upon completion of the service. Revenues related to the Company’s digital and creative solutions operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer. | |
The Company records deferred revenue in situations where amounts are invoiced but the revenue recognition criteria outlined above are not met. Such revenue is recognized when all criteria are subsequently met. | |
Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for third-party shipping and handling costs as well as certain postage costs, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross. In the Company’s Global Turnkey Solutions operations, contracts are evaluated using various criteria to determine if revenue for components and other materials should be recognized on a gross or net basis. In general, these revenues are recognized on a gross basis if the Company has control over selecting vendors and pricing, is the primary obligor in the arrangement, bears all credit risk and bears the risk of loss for inventory in its possession. Revenue from contracts that do not meet these criteria is recognized on a net basis. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper, but revenues for Company-supplied paper are recognized on a gross basis. | |
The Company records taxes collected from customers and remitted to governmental authorities on a net basis. | |
By-product recoveries —The Company records the sale of by-products as a reduction of cost of sales. | |
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, notes receivable and miscellaneous receivables from suppliers. No single customer comprised more than 10% of the Company’s consolidated net sales in 2013, 2012 or 2011. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. See Note 5 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 and finished goods. 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. The cost of 65.2% and 64.0% of the inventories at December 31, 2013 and 2012, respectively, has been determined using the Last-In, First-Out (LIFO) method. This method reflects the effect of inventory replacement costs within results of operations; accordingly, charges to cost of sales reflect recent costs of material, labor and factory overhead. The Company uses an external-index method of valuing LIFO inventories. The remaining inventories, primarily related to certain acquired and international operations, are valued using the First-In, First-Out (FIFO) or specific identification methods. | |
Long-lived Assets —The Company assesses potential impairments to its long-lived assets if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are reviewed annually for impairment, or more frequently, if events or changes in circumstances indicate that the carrying value 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 and other intangible assets, that are held for sale 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. | |
Goodwill —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 value. The annual goodwill impairment test, as of October 31, 2013, was performed based on the fifteen reporting units identified under the Company’s previous organization structure prior to the reorganization of the Company’s reportable segments in the fourth quarter of 2013 (the “Previous Organization Structure”). | |
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 remaining reporting units, the Company compares 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 value. If the carrying value exceeds the reporting unit’s fair value, the Company performs an additional fair value measurement calculation to determine the impairment loss, which is charged to operations in the period identified. See Note 3 for further discussion. | |
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. In the Company’s interim review for indicators of impairment as of December 31, 2013, under the Company’s current reporting structure, management concluded that there were no indicators that the fair value of any of the reporting units with goodwill was more likely than not below its carrying value. | |
Amortization —Certain costs to acquire and develop internal-use computer software are capitalized and amortized over their estimated useful life using the straight-line method, up to a maximum of five years. Amortization expense, primarily related to internally-developed software and excluding amortization expense related to other intangible assets, was $34.1 million, $26.6 million and $21.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Deferred debt issuance costs are amortized over the term of the related debt. Other intangible assets, except for those intangible assets with indefinite lives, are recognized apart from goodwill and are amortized over their estimated useful lives. Other intangible assets with indefinite lives are not amortized. See Note 4 for further discussion of other intangible assets and the related amortization expense. | |
Financial Instruments —The Company uses derivative financial instruments to hedge exposures to interest rate and foreign exchange fluctuations in the ordinary course of business. | |
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded in comprehensive income (loss), net of applicable income taxes, or in the results of operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the results of operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the results of operations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is recognized currently in the results of operations. | |
The Company’s foreign exchange forward contracts and interest rate swaps are subject to enforceable master netting agreements that allow the Company to settle positive and negative positions with the respective counterparties. The Company settles foreign exchange forward contracts on a net basis when possible. Foreign exchange forward contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. | |
See Note 14 for further discussion. | |
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 stock options, restricted stock units and performance share units. The Company recognizes compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. See Note 17 for further discussion. | |
Pension and Other Postretirement Benefits Plans —The Company records annual income and expense amounts relating to its pension and other postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. 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 effect 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. See Note 11 for further discussion. | |
Taxes on Income —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 recognizes deferred tax liabilities related to local taxes on certain foreign earnings that are not considered to be permanently reinvested. Certain other cash balances of foreign subsidiaries may be subject to U.S. or local country taxes if repatriated to the U.S. and repatriation of some foreign cash balances is further restricted by local laws. Management regularly evaluates whether foreign earnings are expected to be permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the Company and its foreign subsidiaries. Changes in economic and business conditions, foreign or U.S. tax laws, or the Company’s financial situation could result in changes to these judgments and the need to record additional tax liabilities. | |
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., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although management believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is reflected in the Company’s financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. See Note 12 for further discussion. | |
Comprehensive Income (Loss) —Comprehensive income (loss) for the Company consists of net earnings (loss), unrecognized actuarial gains and losses, prior service cost for pension and other postretirement benefit plans, changes in the fair value of certain derivative financial instruments and foreign currency translation adjustments. See Note 16 for further discussion. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Acquisitions and Dispositions | ' | ||||||||||
Note 2. Acquisitions and Dispositions | |||||||||||
During the fourth quarter of 2013, the Company sold the assets and liabilities of R.R. Donnelley SAS (“MRM France”), its direct mail business located in Cosne sur Loire, France, for a loss of $17.9 million, which was recognized in net investment and other expense (income) in the Consolidated Statements of Operations. The loss included cash incentive payments due to the purchaser of $18.8 million, of which $12.0 million was paid as of December 31, 2013. The operations of the MRM France business were included in the International segment. | |||||||||||
For the year ended December 31, 2013, the Company recorded $5.9 million of acquisition-related expenses associated with acquisitions contemplated or completed in subsequent periods within selling, general and administrative expenses in the Consolidated Statements of Operations. | |||||||||||
2012 Acquisitions | |||||||||||
On December 28, 2012, the Company acquired Presort Solutions (“Presort”), a provider of mail presorting services to businesses in various industries. The acquisition of Presort expanded the range of logistics co-mailing capabilities that the Company can provide to its customers and enhanced its integrated offerings. The purchase price for Presort was $11.7 million, net of cash acquired of $0.8 million. Presort’s operations are included in the Strategic Services segment. | |||||||||||
On December 17, 2012, the Company acquired Meisel Photographic Corporation (“Meisel”), a provider of custom designed visual graphics products to the retail market. The acquisition of Meisel expanded and enhanced the range of services the Company offers to its customers. The purchase price for Meisel was $25.4 million, net of cash acquired of $1.0 million. Meisel’s operations are included in the Variable Print segment. | |||||||||||
On September 6, 2012, the Company acquired Express Postal Options International (“XPO”), a provider of international outbound mailing services to pharmaceutical, e-commerce, financial services, information technology, catalog, direct mail and other businesses. The acquisition of XPO expanded the range of logistics capabilities that the Company can provide to its customers and enhanced its integrated offerings. The purchase price for XPO, which included the Company’s estimate of contingent consideration, was $23.4 million, net of cash acquired of $1.0 million. The former owners of XPO may receive contingent consideration in the form of cash payments of up to $4.0 million subject to XPO achieving certain gross profit targets. As of the acquisition date, the Company estimated the fair value of the contingent consideration to be $3.5 million using a probability weighting of the potential payouts. The Company has subsequently revised the estimated fair value of the contingent consideration to $0.5 million as the result of a decrease in the likelihood of achieving certain gross profit targets. The adjustment to the fair value of the contingent consideration was recognized in selling, general and administrative expenses in the Consolidated Statements of Operations. Any further changes in the estimated contingent consideration will also be recognized in the Consolidated Statements of Operations. XPO’s operations are included in the Strategic Services segment. | |||||||||||
On August 14, 2012, the Company acquired EDGAR Online, a leading provider of disclosure management services, financial data and enterprise risk analytics software and solutions. The acquisition of EDGAR Online expanded and enhanced the range of services that the Company offers to its customers. The purchase price for EDGAR Online was $71.5 million, including debt assumed of $1.4 million and net of cash acquired of $2.1 million. Immediately following the acquisition, the Company repaid the $1.4 million of debt assumed. EDGAR Online’s operations are included in the Strategic Services segment. | |||||||||||
For the year ended December, 2012, the Company recorded $2.5 million of acquisition-related expenses associated with acquisitions completed or contemplated within selling, general and administrative expenses in the Consolidated Statements of Operations. | |||||||||||
The Presort, Meisel, XPO and EDGAR Online acquisitions were recorded by allocating the cost of the acquisitions 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 acquisitions and the fair value of the contingent consideration over the net amounts assigned to the fair value of the assets acquired was recorded as goodwill. The tax deductible goodwill related to these acquisitions was $23.5 million. | |||||||||||
Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | |||||||||||
Accounts receivable | $ | 18.3 | |||||||||
Inventories | 2 | ||||||||||
Prepaid expenses and other current assets | 4.3 | ||||||||||
Property, plant and equipment | 10.4 | ||||||||||
Amortizable other intangible assets | 37.5 | ||||||||||
Other noncurrent assets | 15.1 | ||||||||||
Goodwill | 55.6 | ||||||||||
Accounts payable and accrued liabilities | (21.5 | ) | |||||||||
Other noncurrent liabilities | (0.1 | ) | |||||||||
Deferred taxes-net | 10.4 | ||||||||||
Total purchase price-net of cash acquired | 132 | ||||||||||
Less: debt assumed | 1.4 | ||||||||||
Less: fair value of contingent consideration | 3.5 | ||||||||||
Net cash paid | $ | 127.1 | |||||||||
The fair values of technology, amortizable other intangible assets, contingent consideration and goodwill associated with the acquisitions of Presort, Meisel, XPO and EDGAR Online were determined to be Level 3 under the fair value hierarchy. | |||||||||||
The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements: | |||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||
Customer relationships | $ | 31.4 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | ||||||
Attrition rate | |||||||||||
7.0% - 20.0% | |||||||||||
Technology | 14.5 | Excess earnings, relief-from-royalty method, cost approach | Discount rate | 16.0% - 17.0% | |||||||
Obsolescence factor | |||||||||||
Royalty rate (after-tax) | 10.0% - 20.0% | ||||||||||
4.50% | |||||||||||
Trade names | 3.5 | Relief-from-royalty method | Discount rate | 15.5% - 17.0% | |||||||
Royalty rate (after-tax) | |||||||||||
0.3% - 1.2% | |||||||||||
Non-compete agreements | 2.6 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | |||||||
Contingent consideration | 3.5 | Probability weighted discounted future cash flows | Discount rate | 4.50% | |||||||
2011 Acquisitions | |||||||||||
On November 21, 2011, the Company acquired StratusGroup, Inc. (“Stratus”), a full service manufacturer of custom pressure sensitive label and paperboard packaging products for health and beauty, food, beverage and other segments. Stratus’ decorative labeling and paperboard resources complement the Company’s prime label, corrugated and other global packaging capabilities. The purchase price for Stratus was $28.8 million, net of cash acquired of $0.1 million. Stratus’ operations are included in the Variable Print segment. | |||||||||||
On September 6, 2011, the Company acquired Genesis Packaging & Design Inc. (“Genesis”), a full service provider of custom packaging, including designing, printing, die cutting, finishing and assembling. The addition of Genesis complements the Company’s existing packaging and merchandising business with a centrally located facility and enhanced ability to service customers in a range of industries. The purchase price for Genesis was $10.1 million. Genesis’ operations are included in the Variable Print segment. | |||||||||||
On August 16, 2011, the Company acquired LibreDigital, Inc. (“LibreDigital”), a leading provider of digital content distribution, e-reading software, content conversion, data analytics and business intelligence services. LibreDigital’s capabilities enable the Company to offer a broader selection of digital content creation and delivery services to publishing, retail, e-reader provider and other customers. The purchase price for LibreDigital was $19.5 million, net of cash acquired of $0.1 million. LibreDigital’s operations are included in the Strategic Services segment. | |||||||||||
On August 15, 2011, the Company acquired Sequence Personal LLC (“Sequence”), a provider of proprietary software that enables readers to select relevant content to be digitally produced as specialized publications. Sequence’s software offers publishers and other customers a practical way to increase revenues by allowing advertisers to select unique ad selection criteria for targeted delivery. The purchase price for Sequence, which included the Company’s estimate of contingent consideration, was $14.6 million, net of cash acquired of $0.1 million. A former equity holder of Sequence may receive contingent consideration in the form of cash payments of up to $14.0 million, subject to Sequence achieving certain milestones related to volume or revenue in 2013 and 2014. As of the acquisition date, the Company estimated the fair value of the contingent consideration to be $6.8 million using a probability weighting of the potential payouts. The Company has subsequently revised the estimated fair value of the contingent consideration as the result of a decrease in the likelihood of achieving the milestones. The adjustment to the fair value of the contingent consideration was recognized in selling, general and administrative expenses in the Consolidated Statements of Operations. Sequence’s operations are included in the Strategic Services segment. | |||||||||||
On June 21, 2011, the Company acquired Helium, Inc. (“Helium”), an online community offering publishers, catalogers and other customers stock and custom content, as well as a comprehensive range of editorial solutions. The ability to bundle Helium’s content development solutions with the Company’s complete offering of content delivery resources addresses customers’ needs across the full breadth of the supply chain. As the Company previously held a 23.7% equity investment in Helium, the purchase price for the remaining equity of Helium was $57.0 million, net of cash acquired of $0.1 million and included an amount due from Helium of $1.1 million. The fair value of the Company’s previously held equity investment was $12.8 million, resulting in the recognition of a $10.0 million gain, which is reflected in investment and other expense (income) in the Consolidated Statements of Operations for the year ended December 31, 2011. The fair value of the previously held equity investment was determined based on the purchase price paid for the remaining equity less an estimated control premium. The inputs used to determine the fair value of the previously held equity investment were determined to be Level 3 under the fair value hierarchy. Helium’s operations are included in the Strategic Services segment. | |||||||||||
On March 24, 2011, the Company acquired Journalism Online, LLC (“Journalism Online”), an online provider of tools that allow consumers to purchase online subscriptions from publishers. Journalism Online’s Press+ offering provides subscription management and online content payment services that increase the breadth of services the Company offers to its existing base of publishing customers. The purchase price for Journalism Online was $19.6 million, net of cash acquired of $0.4 million. Journalism Online’s operations are included in the Strategic Services segment. | |||||||||||
For the year ended December 31, 2011, the Company recorded $2.2 million of acquisition-related expenses, associated with acquisitions completed or contemplated, within selling, general and administrative expenses in the Consolidated Statements of Operations. | |||||||||||
The Stratus, Genesis, LibreDigital, Sequence, Helium and Journalism Online acquisitions were recorded by allocating the cost of the acquisitions 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 acquisitions and the fair value of the previously-held investments in Helium and contingent consideration over the net amounts assigned to the fair value of the assets acquired was recorded as goodwill. The tax deductible goodwill related to these acquisitions was $46.7 million. Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | |||||||||||
Accounts receivable | $ | 6 | |||||||||
Inventories | 2.3 | ||||||||||
Prepaid expenses and other current assets | 0.4 | ||||||||||
Property, plant and equipment and other noncurrent assets | 16.8 | ||||||||||
Amortizable other intangible assets | 16.2 | ||||||||||
Goodwill | 117.6 | ||||||||||
Accounts payable and accrued liabilities | (8.2 | ) | |||||||||
Other noncurrent liabilities | (2.9 | ) | |||||||||
Deferred taxes-net | 14.2 | ||||||||||
Total purchase price-net of cash acquired | 162.4 | ||||||||||
Less: fair value of Company’s previously-held investments in Helium | 13.9 | ||||||||||
Less: fair value of contingent consideration | 6.8 | ||||||||||
Net cash paid | $ | 141.7 | |||||||||
The fair values of property, plant and equipment, amortizable other intangible assets, contingent consideration and goodwill associated with the acquisitions of Stratus, Genesis, LibreDigital, Sequence, Helium and Journalism Online were determined to be Level 3 under the fair value hierarchy. Property, plant and equipment values were estimated based on discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the equipment and current marketplace conditions. Customer relationships intangible asset values were estimated based on expected future cash flows discounted using an estimated weighted average cost of capital. Estimates of future customer attrition rates were considered in estimating the expected future cash flows from customer relationships. Tradename intangible asset values were estimated based on the relief-from-royalty method. | |||||||||||
Pro forma results | |||||||||||
If the 2012 acquisitions described above had occurred at January 1, 2011, the Company’s pro forma net sales for the year ended December 31, 2012 would have been $10,461.1 million. | |||||||||||
The unaudited pro forma net sales are not intended to represent or be indicative of the Company’s consolidated results of operations or financial condition that would have been reported had these acquisitions been completed as of the beginning of the periods presented and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. |
Restructuring_and_Impairment_C
Restructuring and Impairment Charges | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Restructuring and Impairment Charges | ' | |||||||||||||||||||||||||
Note 3. Restructuring, Impairment and Other Charges | ||||||||||||||||||||||||||
The Company recorded restructuring, impairment and other charges of $133.5 million, $1,118.5 million and $667.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||
The restructuring charges recorded are based on restructuring plans that have been committed to by management and are, in part, based upon management’s best estimates of future events. Changes to the estimates may require future adjustments to the restructuring liabilities. | ||||||||||||||||||||||||||
Restructuring, Impairment and Other Charges Recognized in Results of Operations | ||||||||||||||||||||||||||
2013 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||||
Publishing and Retail Services | $ | 17 | $ | 14.1 | $ | 31.1 | $ | 12.3 | $ | 30.3 | $ | 73.7 | ||||||||||||||
Variable Print | 2.2 | 12.5 | 14.7 | 0.9 | — | 15.6 | ||||||||||||||||||||
Strategic Services | 2.8 | 2 | 4.8 | 6.3 | 8.1 | 19.2 | ||||||||||||||||||||
International | 14.3 | 3.6 | 17.9 | 1 | — | 18.9 | ||||||||||||||||||||
Corporate | 4.1 | 1.6 | 5.7 | 0.4 | — | 6.1 | ||||||||||||||||||||
Total | $ | 40.4 | $ | 33.8 | $ | 74.2 | $ | 20.9 | $ | 38.4 | $ | 133.5 | ||||||||||||||
In 2013, the Company recorded restructuring charges of $40.4 million for employee termination costs, lease termination and other restructuring charges of $33.8 million, $17.6 million of impairment charges for other long-lived assets, $3.3 million for the impairment of other intangible assets and $38.4 million of other estimated charges as a result of its decision to withdraw from certain multi-employer pension plans. | ||||||||||||||||||||||||||
Restructuring and Impairment Charges | ||||||||||||||||||||||||||
For the year ended December 31, 2013, the Company recorded net restructuring charges of $40.4 million for employee termination costs for 1,382 employees, of whom 1,363 were terminated as of December 31, 2013. These charges primarily related to the closing of two manufacturing facilities within the Publishing and Retail Services segment and one manufacturing facility within the Variable Print segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $33.8 million for the year ended December 31, 2013, of which $14.7 million related to multi-employer pension plan complete or partial withdrawal charges primarily attributable to manufacturing facility closures. For the year ended December 31, 2013, the Company also recorded $17.6 million of impairment charges primarily related to buildings and machinery and equipment associated with facility closings. The fair values of the buildings and machinery and equipment were determined to be Level 3 under the fair value hierarchy and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. | ||||||||||||||||||||||||||
During the fourth quarter of 2013, the Company recorded non-cash charges of $3.3 million related to the impairment of acquired customer relationship intangible assets in the financial reporting unit within the Strategic Services segment. The impairment of the acquired customer relationship intangible assets resulted from declines in compliance services volume from these relationships. The impairment of the acquired customer relationship intangible assets was determined using Level 3 inputs and estimated based on a cash flow analysis, which included management’s assumptions related to future revenues and profitability. See Note 8 for further discussion of these Level 3 inputs. | ||||||||||||||||||||||||||
Other Charges | ||||||||||||||||||||||||||
For the year ended December 31, 2013, the Company recorded charges of $38.4 million as a result of its decision to withdraw from certain multi-employer pension plans. These charges for multi-employer pension plan withdrawal obligations, unrelated to facility closures, represent the Company’s best estimate of the expected settlement of these withdrawal liabilities. The liabilities for these withdrawal obligations of $38.4 million were included in other noncurrent liabilities as of December 31, 2013. See Note 11 for further discussion of multi-employer pension plans. | ||||||||||||||||||||||||||
2012 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||||
Publishing and Retail Services | $ | 13.3 | $ | 5.2 | $ | 18.5 | $ | 827.7 | $ | — | $ | 846.2 | ||||||||||||||
Variable Print | 14.2 | 5.6 | 19.8 | 9.8 | — | 29.6 | ||||||||||||||||||||
Strategic Services | 7.7 | 6 | 13.7 | 132.9 | — | 146.6 | ||||||||||||||||||||
International | 11 | 4 | 15 | 50.7 | — | 65.7 | ||||||||||||||||||||
Corporate | 20.4 | 4.5 | 24.9 | 5.5 | — | 30.4 | ||||||||||||||||||||
Total | $ | 66.6 | $ | 25.3 | $ | 91.9 | $ | 1,026.60 | $ | — | $ | 1,118.50 | ||||||||||||||
Restructuring, impairment and other charges in 2012 included $848.4 million and $158.0 million for the impairment of goodwill and acquired customer relationship intangible assets, respectively. Additionally in 2012, the Company recorded restructuring charges of $66.6 million for employee termination costs, $25.3 million of lease termination and other facility closure costs and $20.2 million of impairment charges for other long-lived assets. | ||||||||||||||||||||||||||
In the fourth quarter of 2012, as a result of the Company’s annual goodwill impairment test completed under the Previous Organization Structure, the Company recorded total non-cash charges to recognize the impairment of goodwill of $461.7 million, $318.7 million and $68.0 million in the magazines, catalogs and retail inserts, books and directories and Europe reporting units, respectively. These goodwill impairment charges resulted from a reduction in the estimated fair value of the magazines, catalogs and retail inserts, books and directories and Europe reporting units based on lower expectations for future revenue, profitability and cash flows as compared to expectations as of the October 31, 2011 annual goodwill impairment test. The lower expectations for the magazines, catalogs and retail inserts reporting unit were due to price pressures driven by excess capacity in the industry and erosion of ad pages and circulation for magazines. The lower expectations for the books and directories reporting unit were due to lower demand for educational books as a result of state and local budget constraints, the impact of electronic substitution on consumer book and directory volumes and price pressures driven by excess capacity in the industry. The lower expectations for the Europe reporting unit were due to lower volumes from existing customers and price pressures driven by excess capacity in the industry. Because the fair values of these reporting units were below their carrying values, including goodwill, the Company performed an additional fair value measurement calculation to determine the amount of the impairment charge for each reporting unit. As part of this calculation, the Company also estimated the fair values of the significant tangible and intangible long-lived assets of each reporting unit. The goodwill impairment charges were determined using Level 3 inputs, including discounted cash flow analyses, comparable marketplace fair value data and management’s assumptions in valuing the significant tangible and intangible assets. Of the $461.7 million goodwill impairment charge recorded in the magazines, catalogs and retail inserts reporting unit under the Previous Organization Structure, $365.8 million and $95.9 million of impairment is now included in the Publishing and Retail Services and Strategic Services segments, respectively. Of the $318.7 million goodwill impairment charge recorded in the books and directories reporting unit under the Previous Organization Structure, $304.1 million, $10.9 million and $3.7 million of impairment is now included in the Publishing and Retail Services, Strategic Services and Variable Print segments, respectively. Of the $68.0 million goodwill impairment charge recorded in the Europe reporting unit under the Previous Organization Structure, $44.9 million and $23.1 million of impairment is now included in the International and Strategic Services segments, respectively. | ||||||||||||||||||||||||||
During the fourth quarter of 2012, the Company recorded total non-cash charges of $158.0 million related to the impairment of acquired customer relationship intangible assets consisting of $123.8 million, $28.5 million and $5.7 million in the books and directories, magazines, catalogs and retail inserts and Latin America reporting units, respectively, under the Previous Organization Structure. The impairment of the acquired customer relationship intangible assets resulted from lower expectations for future revenue to be derived from these relationships, driven by the same factors that caused the goodwill impairment in the books and directories and magazines, catalogs and retail inserts reporting units and driven by the impact of electronic substitution on forms and statement printing in the Latin America reporting unit. The impairment of the acquired customer relationship intangible assets was determined using Level 3 inputs and estimated based on cash flow analyses, which included estimates of customer attrition rates and management’s assumptions related to future revenues and profitability. Of the $123.8 million impairment of other intangible assets charge recorded in the books and directories reporting unit under the Previous Organization Structure, $121.9 million, $1.4 million and $0.5 million of impairment is now included in the Publishing and Retail Services, Variable Print and Strategic Services segments, respectively. Of the $28.5 million impairment of other intangible assets charge recorded in the magazines, catalogs and retail inserts reporting unit under the Previous Organization Structure, $28.2 million and $0.3 million of impairment is now included in the Publishing and Retail Services and Strategic Services segments, respectively. The $5.7 million impairment of other intangible assets recorded in the Latin America reporting unit under the Previous Organization Structure is now included within the International segment. See Note 8 for further discussion of these Level 3 inputs. | ||||||||||||||||||||||||||
For the year ended December 31, 2012, the Company also recorded net restructuring charges of $66.6 million for employee termination costs for 2,200 employees, substantially all of whom were terminated as of December 31, 2013. These charges primarily related to actions resulting from the reorganization of sales and administrative functions across all segments, the closing of three manufacturing facilities within the Variable Print segment, two manufacturing facilities within the Publishing and Retail Services segment and one manufacturing facility within the International segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $25.3 million for the year ended December 31, 2012. For the year ended December 31, 2012, the Company also recorded $20.2 million of impairment charges primarily related to machinery and equipment associated with facility closures and other asset disposals. The fair values of the land, buildings, machinery and equipment and leasehold improvements were determined to be Level 3 under the fair value hierarchy and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. | ||||||||||||||||||||||||||
2011 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||||
Publishing and Retail Services | $ | 21.8 | $ | 12.3 | $ | 34.1 | $ | 18.7 | $ | — | $ | 52.8 | ||||||||||||||
Variable Print | 8.3 | 13.6 | 21.9 | 365.8 | — | 387.7 | ||||||||||||||||||||
Strategic Services | 20.2 | 27.1 | 47.3 | 24.6 | — | 71.9 | ||||||||||||||||||||
International | 18.1 | 5.3 | 23.4 | 119.7 | — | 143.1 | ||||||||||||||||||||
Corporate | 8.3 | 1.3 | 9.6 | 2.7 | — | 12.3 | ||||||||||||||||||||
Total | $ | 76.7 | $ | 59.6 | $ | 136.3 | $ | 531.5 | $ | — | $ | 667.8 | ||||||||||||||
Restructuring, impairment and other charges in 2011 included $392.3 million for the impairment of goodwill and $90.7 million of impairment primarily related to acquired customer relationship intangible assets. Additionally in 2011, the Company recorded restructuring charges of $76.7 million for employee termination costs, $59.6 million for other restructuring charges, of which $15.1 million related to multi-employer pension plan complete or partial withdrawal charges and the remaining amount related to lease termination and other facility closure costs, and $48.5 million of impairment charges for other long-lived assets. | ||||||||||||||||||||||||||
In the fourth quarter of 2011, as a result of the Company’s annual goodwill impairment test completed under the Previous Organization Structure, the Company recorded non-cash charges to recognize the impairment of goodwill of $170.4 million, $99.9 million, $62.2 million and $59.8 million in the commercial, forms and labels, Canada and Latin America reporting units, respectively. These goodwill impairment charges resulted from reductions in the estimated fair value of the commercial, forms and labels, Canada and Latin America reporting units, based on lower expectations for future revenue, profitability and cash flows due to the continued impact of electronic substitution on demand for business forms and other products and price pressures. Because the fair values of these reporting units were below their carrying values, including goodwill, the Company performed an additional fair value measurement calculation to determine the amount of impairment loss. As part of this calculation, the Company also estimated the fair value of the significant tangible and intangible long-lived assets of these reporting units. The goodwill impairments were determined using Level 3 inputs, including discounted cash flow analyses, comparable marketplace fair value data and management’s assumptions in valuing the significant tangible and intangible assets. Of the $170.4 million goodwill impairment charge recorded in the commercial reporting unit under the Previous Organization Structure, $167.5 million and $2.9 million of impairment is now included in Variable Print and Strategic Services segments, respectively. The $99.9 million goodwill impairment charge recorded in the forms and labels reporting unit under the Previous Organization Structure is now included in the Variable Print segment. Of the $62.2 million and $59.8 million goodwill impairment charge recorded in the Canada and Latin America reporting units, respectively, under the Previous Organization Structure, $116.0 million and $6.0 million and of impairment is now included in the International and Strategic Services segments, respectively. | ||||||||||||||||||||||||||
Additionally, during the fourth quarter of 2011, the Company recorded $90.7 million of non-cash charges primarily related to the impairment of acquired customer relationship intangible assets in the forms and labels reporting unit under the Previous Organization Structure. The impairment of the acquired customer relationship intangible assets resulted from lower expectations for future revenue, profitability and cash flows due to the continued impact of electronic substitution on demand for business forms and price pressures in the forms and labels reporting unit. The impairment of the acquired customer relationship intangible assets was determined using Level 3 inputs and estimated based on cash flow analyses, which included estimates of customer attrition rates and management’s assumptions related to future revenues and profitability. Of the $90.7 million impairment of other intangible assets charge primarily recorded in the forms and labels reporting unit under the Previous Organization Structure, $89.7 million and $1.0 million is now included in the Variable Print and Strategic Services segments, respectively. | ||||||||||||||||||||||||||
For the year ended December 31, 2011, the Company also recorded net restructuring charges of $76.7 million for employee termination costs for 2,899 employees, all of whom were terminated as of December 31, 2013. These charges primarily related to the closings of certain facilities and headcount reductions due to the Bowne acquisition, as well as the closing of four manufacturing facilities within the Publishing and Retail Services segment and one manufacturing facility within the Variable Print segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $59.6 million for the year ended December 31, 2011, of which $15.1 million related to multi-employer pension plan complete or partial withdrawal charges primarily attributable to the closing of two manufacturing facilities within the Publishing and Retail Services segment and one manufacturing facility within the Variable Print segment. For the year ended December 31, 2011, the Company also recorded $48.5 million of impairment charges primarily related to land, buildings, machinery and equipment and leasehold improvements associated with facility closings. The fair values of the land, buildings, machinery and equipment and leasehold improvements were determined to be Level 3 under the fair value hierarchy and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. | ||||||||||||||||||||||||||
Restructuring Reserve | ||||||||||||||||||||||||||
The restructuring reserve as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013, were as follows: | ||||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | December 31, | ||||||||||||||||||||||
2012 | Charges | Exchange and | Paid | 2013 | ||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Employee terminations | $ | 23.4 | $ | 40.4 | $ | (2.1 | ) | $ | (42.0 | ) | $ | 19.7 | ||||||||||||||
Multi-employer pension plan withdrawal obligations | 25.1 | 14.7 | — | (3.0 | ) | 36.8 | ||||||||||||||||||||
Lease terminations and other | 30 | 19.1 | 1.1 | (29.1 | ) | 21.1 | ||||||||||||||||||||
Total | $ | 78.5 | $ | 74.2 | $ | (1.0 | ) | $ | (74.1 | ) | $ | 77.6 | ||||||||||||||
The current portion of restructuring reserves of $32.3 million at December 31, 2013 was included in accrued liabilities, while the long-term portion of $45.3 million, primarily related to multi-employer pension plan complete or partial withdrawal obligations related to facility closures and lease termination costs, was included in other noncurrent liabilities at December 31, 2013. | ||||||||||||||||||||||||||
The Company anticipates that payments associated with the employee terminations reflected in the above table will be substantially completed by December 2014. | ||||||||||||||||||||||||||
Payments on all of the Company’s multi-employer pension plan complete or partial withdrawal obligations, including those related to facility closures and as a result of the Company’s decision to withdraw from the plan, are scheduled to be substantially completed by 2033. Changes based on uncertainties in these estimated withdrawal obligations could affect the ultimate charges related to multi-employer pension plan withdrawals. See Note 11 for further discussion of multi-employer pension plans. | ||||||||||||||||||||||||||
The restructuring liabilities classified as “lease terminations and other” consisted of lease terminations, other facility closing costs and contract termination costs. Payments on certain of the lease obligations are scheduled to continue until 2026. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charges related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Consolidated Financial Statements of future periods. | ||||||||||||||||||||||||||
The restructuring reserve as of December 31, 2012 and 2011, and changes during the year ended December 31, 2012, were as follows: | ||||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash Paid | December 31, | ||||||||||||||||||||||
2011 | Charges | Exchange and | 2012 | |||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Employee terminations | $ | 27.2 | $ | 66.6 | $ | (1.7 | ) | $ | (68.7 | ) | $ | 23.4 | ||||||||||||||
Multi-employer pension withdrawal obligations | 27.9 | (0.4 | ) | — | (2.4 | ) | 25.1 | |||||||||||||||||||
Lease terminations and other | 32.6 | 25.7 | 2 | (30.3 | ) | 30 | ||||||||||||||||||||
Total | $ | 87.7 | $ | 91.9 | $ | 0.3 | $ | (101.4 | ) | $ | 78.5 | |||||||||||||||
The current portion of restructuring reserves of $35.8 million was included in accrued liabilities at December 31, 2012, while the long-term portion of $42.7 million, primarily related to multi-employer pension plan complete or partial withdrawal obligations and lease termination costs associated with facility closures, was included in other noncurrent liabilities at December 31, 2012. | ||||||||||||||||||||||||||
Payments associated with the employee terminations reflected in the above table were substantially completed by December 2013. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Note 4. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Publishing and Retail Services | Variable Print | Strategic | International | Total | |||||||||||||||||||||
Services | |||||||||||||||||||||||||
Net book value at January 1, 2012 | |||||||||||||||||||||||||
Goodwill | $ | 688.6 | $ | 1,629.40 | $ | 959.1 | $ | 1,243.90 | $ | 4,521.00 | |||||||||||||||
Accumulated impairment losses | — | (1,101.5 | ) | (113.7 | ) | (1,083.7 | ) | (2,298.9 | ) | ||||||||||||||||
Total | 688.6 | 527.9 | 845.4 | 160.2 | 2,222.10 | ||||||||||||||||||||
Acquisitions | — | 9.5 | 48.4 | — | 57.9 | ||||||||||||||||||||
Foreign exchange and other adjustments | (0.6 | ) | (0.1 | ) | 0.2 | 5.3 | 4.8 | ||||||||||||||||||
Impairment charges | (669.9 | ) | (3.7 | ) | (129.9 | ) | (44.9 | ) | (848.4 | ) | |||||||||||||||
Net book value at December 31, 2012 | |||||||||||||||||||||||||
Goodwill | 688 | 1,638.80 | 1,007.50 | 1,286.40 | 4,620.70 | ||||||||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (243.4 | ) | (1,165.8 | ) | (3,184.3 | ) | |||||||||||||||
Total | 18.1 | 533.6 | 764.1 | 120.6 | 1,436.40 | ||||||||||||||||||||
Foreign exchange and other adjustments | — | (0.2 | ) | (2.2 | ) | 2.3 | (0.1 | ) | |||||||||||||||||
Net book value at December 31, 2013 | |||||||||||||||||||||||||
Goodwill | 688 | 1,638.60 | 1,005.40 | 1,275.90 | 4,607.90 | ||||||||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (243.5 | ) | (1,153.0 | ) | (3,171.6 | ) | |||||||||||||||
Total | $ | 18.1 | $ | 533.4 | $ | 761.9 | $ | 122.9 | $ | 1,436.30 | |||||||||||||||
Due to the change in the Company’s reporting structure, as of December 31, 2013, the Company’s goodwill balances for certain reporting units were reallocated based on the relative fair values of the businesses. | |||||||||||||||||||||||||
In the fourth quarter of 2012, the Company recorded non-cash charges of $848.4 million to reflect impairment of goodwill. See Note 3 for further discussion regarding this impairment charge. | |||||||||||||||||||||||||
The components of other intangible assets at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | ||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Customer relationships | $ | 728.8 | $ | (448.5 | ) | $ | 280.3 | $ | 731.1 | $ | (388.0 | ) | $ | 343.1 | |||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.1 | ) | 0.2 | |||||||||||||||||
Trademarks, licenses and agreements | 31.4 | (28.2 | ) | 3.2 | 31.7 | (26.1 | ) | 5.6 | |||||||||||||||||
Trade names | 27.1 | (12.8 | ) | 14.3 | 27.1 | (11.2 | ) | 15.9 | |||||||||||||||||
Total amortizable other intangible assets | 885.6 | (587.8 | ) | 297.8 | 888.2 | (523.4 | ) | 364.8 | |||||||||||||||||
Indefinite-lived trade names | 18.1 | — | 18.1 | 18.1 | — | 18.1 | |||||||||||||||||||
Total other intangible assets | $ | 903.7 | $ | (587.8 | ) | $ | 315.9 | $ | 906.3 | $ | (523.4 | ) | $ | 382.9 | |||||||||||
In the fourth quarter of 2013, the Company recorded non-cash charges of $3.3 million to reflect the impairment of acquired customer relationships within the financial print reporting unit within the Strategic Services segment. In the fourth quarter of 2012, the Company recorded total non-cash charges of $158.0 million related to the impairment of acquired customer relationship intangible assets, consisting of $150.1 million, $5.7 million, $1.4 million and $0.8 million of impairment within the Publishing and Retail Services, International, Variable Print and Strategic Services segments, respectively. See Note 3 for further discussion regarding these impairment charges. | |||||||||||||||||||||||||
The Company recorded additions to other intangible assets of $37.5 million for acquisitions during the year ended December 31, 2012. | |||||||||||||||||||||||||
The components of other intangible assets added during 2012 were as follows: | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amount | Weighted Average | ||||||||||||||||||||||||
Amortization Period | |||||||||||||||||||||||||
Customer relationships | $ | 31.4 | 6.5 | ||||||||||||||||||||||
Trade names | 3.5 | 1.7 | |||||||||||||||||||||||
Trademarks, licenses and agreements | 2.6 | 4.2 | |||||||||||||||||||||||
Total additions | $ | 37.5 | |||||||||||||||||||||||
Amortization expense for other intangible assets was $64.0 million, $87.6 million and $112.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The following table outlines the estimated annual amortization expense related to other intangible assets as of December 31, 2013: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
2014 | $ | 60.8 | |||||||||||||||||||||||
2015 | 58 | ||||||||||||||||||||||||
2016 | 39.1 | ||||||||||||||||||||||||
2017 | 32.7 | ||||||||||||||||||||||||
2018 | 27.5 | ||||||||||||||||||||||||
2019 and thereafter | 79.7 | ||||||||||||||||||||||||
Total | $ | 297.8 | |||||||||||||||||||||||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounts Receivables | ' | ||||||||||||
Note 5. Accounts Receivable | |||||||||||||
Transactions affecting the allowance for doubtful accounts receivable during the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 49.6 | $ | 62.6 | $ | 71 | |||||||
Provisions charged to expense | 18.2 | 8.7 | 18.8 | ||||||||||
Write-offs and other | (23.0 | ) | (21.7 | ) | (27.2 | ) | |||||||
Balance, end of year | $ | 44.8 | $ | 49.6 | $ | 62.6 | |||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
Note 6. Inventories | |||||||||
The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Raw materials and manufacturing supplies | $ | 212.6 | $ | 214.2 | |||||
Work in process | 145.2 | 158.8 | |||||||
Finished goods | 235.4 | 229.3 | |||||||
LIFO reserve | (92.0 | ) | (92.1 | ) | |||||
Total | $ | 501.2 | $ | 510.2 | |||||
The Company recognized a LIFO benefit of $0.1 million and $4.3 million in 2013 and 2012, respectively, and expense of $8.4 million in 2011. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Note 7. Property, Plant and Equipment | |||||||||
The components of the Company’s property, plant and equipment at December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 94.3 | $ | 98.7 | |||||
Buildings | 1,160.60 | 1,167.00 | |||||||
Machinery and equipment | 6,024.00 | 6,022.70 | |||||||
7,278.90 | 7,288.40 | ||||||||
Accumulated depreciation | (5,848.8 | ) | (5,671.8 | ) | |||||
Total | $ | 1,430.10 | $ | 1,616.60 | |||||
During the years ended December 31, 2013, 2012 and 2011, depreciation expense was $337.7 million, $367.4 million and $415.9 million, respectively. | |||||||||
Assets Held for Sale | |||||||||
Primarily as a result of restructuring actions, certain facilities and equipment are considered held for sale. The net book value of assets held for sale was $18.5 million and $19.2 million at December 31, 2013 and 2012, respectively. These assets were included in other current assets in the Consolidated Balance Sheets at the lower of their historical net book value or their estimated fair value, less estimated costs to sell. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurement | ' | |||||||||||||
Note 8. Fair Value Measurement | ||||||||||||||
Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s assets and liabilities required to be adjusted to fair value on a recurring basis are pension and other postretirement benefits plan assets, foreign exchange forward contracts and interest rate swaps. See Note 11 for the fair value of the Company’s pension and other postretirement benefits plan assets as of December 31, 2013 and 2012 and Note 14 for the fair value of the Company’s foreign exchange forward contracts and interest rate swaps as of December 31, 2013 and 2012. See Note 13 for the fair value of the Company’s debt as of December 31, 2013, which is recorded at book value. | ||||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. See Note 2 for further discussion on the fair value of assets and liabilities associated with acquisitions. | ||||||||||||||
The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||
2013 | Impairment | Fair Value | Net Book | |||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Long-lived assets held and used | $ | 4.2 | $ | 4.2 | $ | 4 | ||||||||
Long-lived assets held for sale or disposal | 14.8 | 20.2 | 18.5 | |||||||||||
Other intangible assets | 3.3 | — | — | |||||||||||
Total | $ | 22.3 | $ | 24.4 | $ | 22.5 | ||||||||
2012 | Impairment | Fair Value | Net Book | |||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Long-lived assets held and used | $ | 8 | $ | 9.8 | $ | 8.5 | ||||||||
Long-lived assets held for sale or disposal | 15.6 | 16.4 | 6.3 | |||||||||||
Goodwill | 848.4 | 18.1 | 18.1 | |||||||||||
Other intangible assets | 158 | 3.1 | 3.1 | |||||||||||
Total | $ | 1,030.00 | $ | 47.4 | $ | 36 | ||||||||
2011 | Impairment | Fair Value | Net Book | |||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Long-lived assets held and used | $ | 14.7 | $ | 68.8 | $ | 61.3 | ||||||||
Long-lived assets held for sale or disposal | 34.3 | 12.8 | 11.7 | |||||||||||
Goodwill | 392.3 | — | — | |||||||||||
Other intangible assets | 90.7 | 2.2 | 2.1 | |||||||||||
Total | $ | 532 | $ | 83.8 | $ | 75.1 | ||||||||
The fair values of assets held for sale that were remeasured during the years ended December 31, 2013 and 2012 were reduced by estimated costs to sell of $1.4 million and $0.7 million, respectively. There were no estimated costs to sell related to long-lived assets held for sale that were remeasured during the year ended December 31, 2011. | ||||||||||||||
During the year ended December 31, 2012, goodwill for the magazines, catalogs and retail inserts, books and directories and Europe reporting units, under the Previous Organization Structure, were written down to implied fair values of $18.1 million for magazines, catalogs and retail inserts, and zero for the books and directories and Europe reporting units, respectively. During the year ended December 31, 2011, goodwill for the commercial, forms and labels, Canada and Latin America reporting units, under the Previous Organization Structure, were written down to implied fair values of zero as of October 31, 2011. As of December 31, 2011, $7.4 million of goodwill remained on the forms and labels reporting unit related to the acquisition of Stratus, which was acquired on November 21, 2011. See Note 3 for further discussion regarding these impairment charges and their presentation under the current organization structure. | ||||||||||||||
During the year ended December 31, 2013, certain acquired customer relationship assets related to the financial reporting unit were written down to an implied fair value of zero. After recording the impairment charges, remaining customer relationship intangible assets in the financial reporting unit were $101.2 million as of December 31, 2013. During the year ended December 31, 2012, certain acquired customer relationship assets related to the books and directories, magazines, catalogs and retail inserts and Latin America reporting units, under the Previous Organization Structure, were written down to an implied fair value of $3.1 million for the books and directories reporting unit and zero for both the magazines, catalogs and retail inserts and Latin America reporting units, respectively. After recording the impairment charges, remaining customer relationship intangible assets in the books and directories, magazines, catalogs and retail inserts and Latin America reporting units were $3.1 million, $22.8 million and $8.0 million, respectively, as of December 31, 2012. During the year ended December 31, 2011, certain acquired customer relationship assets, substantially all of which were related to the forms and labels reporting unit, under the Previous Organization Structure, were written down to an implied fair value of zero. The remaining acquired customer relationship asset in the forms and labels reporting unit as of December 31, 2011 was $12.2 million related to the acquisition of Stratus on November 21, 2011. Additionally, other intangible assets for the financial reporting unit, under the Previous Organization Structure, were written down to an implied fair value of $2.2 million during the year ended December 31, 2011. See Note 3 for further discussion regarding these impairment charges and their presentation under the current organization structure. | ||||||||||||||
The Company’s accounting and finance management determines the valuation policies and procedures for Level 3 fair value measurements and is responsible for the development and determination of unobservable inputs. | ||||||||||||||
The fair values of the long-lived assets held and used and long-lived assets held for sale or disposal were determined using Level 3 inputs and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. Unobservable inputs obtained from third parties are adjusted as necessary for the condition and attributes of the specific asset. | ||||||||||||||
Determination of goodwill impairment was based on Level 3 inputs, which included discounted cash flow analyses, comparable marketplace fair value data, as well as management’s assumptions in valuing significant tangible and intangible assets. See Note 3 for further discussion on the factors leading to the recognition of the impairment. | ||||||||||||||
Determinations of other intangible assets impairment charges were based on Level 3 measurements under the fair value hierarchy. | ||||||||||||||
The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2013 and 2012: | ||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||||
2013 | ||||||||||||||
Customer relationships | $ | — | With and without method | Discount rate | 16.00% | |||||||||
2012 | ||||||||||||||
Customer relationships | $ | 3.1 | Excess earnings | Discount rate | 12.5% - 15.0% | |||||||||
Attrition rate | 2.0% - 15.9% | |||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
Note 9. Accrued Liabilities | |||||||||
The components of the Company’s accrued liabilities at December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Employee-related liabilities | $ | 284.6 | $ | 266.3 | |||||
Deferred revenue | 153.6 | 150.8 | |||||||
Restructuring liabilities | 32.3 | 35.8 | |||||||
Other | 344.3 | 372.3 | |||||||
Total accrued liabilities | $ | 814.8 | $ | 825.2 | |||||
Employee-related liabilities consist primarily of payroll, sales commission, incentive compensation, employee benefit accruals and workers’ compensation. Incentive compensation accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals, other customer-related liabilities, interest expense accruals and income and other tax liabilities. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies | ' | |||||
Note 10. Commitments and Contingencies | ||||||
As of December 31, 2013, authorized expenditures on incomplete projects for the purchase of property, plant and equipment totaled approximately $76.2 million. Of this total, approximately $37.8 million had been committed. In addition, as of December 31, 2013, the Company had a commitment of $19.7 million for severance payments related to employee restructuring activities. The Company also has contractual commitments of approximately $96.1 million for outsourced services, including technology, professional, maintenance and other services. The Company has a variety of contracts with suppliers for the purchase of paper, ink and other commodities for delivery in future years at prevailing market prices. In addition, the Company has natural gas purchase commitments that are at fixed prices. As of December 31, 2013, the Company was committed to purchase $8.0 million of natural gas under these contracts. | ||||||
Future minimum rental commitments under operating leases are as follows: | ||||||
Year Ended December 31 | Amount | |||||
2014 | $ | 123.3 | ||||
2015 | 96.4 | |||||
2016 | 66.3 | |||||
2017 | 43 | |||||
2018 | 26.7 | |||||
2019 and thereafter | 94.4 | |||||
$ | 450.1 | |||||
The Company has operating lease commitments, including those for vacated facilities, totaling $450.1 million extending through various periods to 2027. Future rental commitments for leases have not been reduced by minimum non-cancelable sublease rentals aggregating approximately $41.1 million. The Company remains secondarily liable under these leases in the event that the sub-lessee defaults under the sublease terms. The Company does not believe that material payments will be required as a result of the secondary liability provisions of the primary lease agreements. | ||||||
Rent expense for facilities in use was $149.4 million, $143.7 million and $152.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Rent expense for vacated facilities was recognized as restructuring, impairment and other charges, see Note 3 for further details. | ||||||
Litigation | ||||||
The Company is subject to laws and regulations relating to the protection of the environment. The Company provides for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such accruals are adjusted as new information develops or circumstances change and are generally not discounted. The Company has been designated as a potentially responsible party or has received claims in eleven active federal and state Superfund and other multiparty remediation sites. In addition to these sites, the Company may also have the obligation to remediate ten other previously and currently owned facilities. At the Superfund sites, the Comprehensive Environmental Response, Compensation and Liability Act provides that the Company’s liability could be joint and several, meaning that the Company could be required to pay an amount in excess of its proportionate share of the remediation costs. | ||||||
The Company’s understanding of the financial strength of other potentially responsible parties at the multiparty sites and of other liable parties at the previously owned facilities has been considered, where appropriate, in the determination of the Company’s estimated liability. The Company established reserves, recorded in accrued liabilities and other noncurrent liabilities, that it believes are adequate to cover its share of the potential costs of remediation at each of the multiparty sites and the previously and currently owned facilities. It is not possible to quantify with certainty the potential impact of actions regarding environmental matters, particularly remediation and other compliance efforts that the Company may undertake in the future. However, in the opinion of management, compliance with the present environmental protection laws, before taking into account estimated recoveries from third parties, 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, 2013 | |||||||||||||||||||||||||||||||||
Retirement Plans | ' | ||||||||||||||||||||||||||||||||
Note 11. Retirement Plans | |||||||||||||||||||||||||||||||||
The Company sponsors various defined benefit retirement income pension plans in the U.S., Canada and certain other international locations, including both funded and unfunded arrangements. The Company’s primary defined benefit plans are frozen. No new employees will be permitted to enter the Company’s frozen plans 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. | |||||||||||||||||||||||||||||||||
On December 20, 2012, the Company announced a freeze on further benefit accruals under its U.K. pension plan as of December 31, 2012. As of January 1, 2013, participants ceased earning additional benefits under the plans and no new participants entered these plans. The U.K. plan freeze required a remeasurement of the plan’s assets and obligations as of December 31, 2012, which resulted in a non-cash curtailment gain of $3.7 million, which was recognized in the Consolidated Statement of Operations during the fourth quarter of 2012. Additionally, on February 1, 2012, the Company announced a freeze on further benefit accruals under its Canadian pension plans as of March 31, 2012. On November 2, 2011, the Company announced a freeze on further benefit accruals under all of its U.S. pension plans as of December 31, 2011. The remeasurement of the U.S. pension plans’ assets and obligations as of November 2, 2011, resulted in a non-cash curtailment gain of $38.7 million, which was recognized in the Consolidated Statement of Operations during the fourth quarter of 2011. | |||||||||||||||||||||||||||||||||
In addition to the pension plans, the Company sponsors a 401(k) savings plan, which is a defined contribution retirement income plan. | |||||||||||||||||||||||||||||||||
Former employees are entitled to certain healthcare and life insurance benefits provided they have met certain eligibility requirements. Generally, the Company’s benefits eligible U.S. employees become eligible for these retiree healthcare benefits if they meet all of the following requirements at the time of termination: (a) have attained at least 55 or more points (full years of service and age combined), (b) are at least fifty years of age, (c) have at least two years of continuous, regular, full-time, benefits-eligible service and (d) have completed at least two or more years of continuous service with a participating employer, which ends on their termination date. Different requirements need to be met in order to receive subsidized medical and life insurance coverage. Certain of the plan expenses are paid through a tax-exempt trust. Most of the assets of the trust are invested in trust-owned life insurance policies covering certain current and former employees of the Company. The underlying assets of the policies are invested primarily in marketable equity, corporate fixed income and government securities. | |||||||||||||||||||||||||||||||||
During the fourth quarter of 2013, the Company announced the decision to reduce life insurance benefits under the Company’s other postretirement benefits plans for certain active employees and retirees effective December 31, 2013. The remeasurement of the other postretirement benefits plans’ assets and obligations due to the plan amendment resulted in a $30.1 million reduction in the accumulated other postretirement benefits obligation as of December 31, 2013, which was recorded in accumulated other comprehensive loss in the Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||
On August 3, 2011, the Company announced the decision to convert its current prescription drug program for certain medicare-eligible retirees to a group-based Company sponsored Medicare Part D program, or Employer Group Waiver Program (“EGWP”), available due to the adoption of the Patient Protection and Affordable Care Act. Beginning January 1, 2013, the EGWP subsidies provided to or for the benefit of this program are used to reduce the Company’s net retiree medical and prescription drug costs on a group by group basis until such net costs of the Company for such group are eliminated, and any EGWP subsidies received in excess of the amount necessary to offset such net costs are used to reduce the included group of retirees’ premiums. | |||||||||||||||||||||||||||||||||
As noted above, the Company also maintains several pension and other postretirement benefits plans in certain international locations. The expected returns on plan assets and discount rates for these plans are determined based on each plan’s investment approach, local interest rates and plan participant profiles. | |||||||||||||||||||||||||||||||||
The pension and other postretirement benefits plan obligations are calculated using generally accepted actuarial methods and are measured as of December 31. Prior to the plan freezes, actuarial gains and losses were amortized using the corridor method over the average remaining service life of active plan participants. 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 net periodic benefit (income) expense and total (income) expense were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 2.2 | $ | 5.9 | $ | 86.6 | $ | 7.3 | $ | 6.6 | $ | 8.2 | |||||||||||||||||||||
Interest cost | 178.2 | 189.2 | 192 | 16.2 | 18.4 | 22.7 | |||||||||||||||||||||||||||
Expected return on plan assets | (241.9 | ) | (262.6 | ) | (266.4 | ) | (11.8 | ) | (13.9 | ) | (14.8 | ) | |||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | (4.4 | ) | (19.7 | ) | (19.7 | ) | (12.5 | ) | |||||||||||||||||||||||
Amortization of actuarial loss (gain) | 50.5 | 32.1 | 50.1 | — | (0.1 | ) | 0.1 | ||||||||||||||||||||||||||
Curtailments | — | (3.7 | ) | (38.7 | ) | — | — | — | |||||||||||||||||||||||||
Settlements | 0.7 | 1.1 | — | — | — | — | |||||||||||||||||||||||||||
Net periodic benefit (income) expense | $ | (10.3 | ) | $ | (37.4 | ) | $ | 19.2 | $ | (8.0 | ) | $ | (8.7 | ) | $ | 3.7 | |||||||||||||||||
Weighted average assumption used to calculate net periodic benefit expense: | |||||||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.9 | % | 5.5 | % | 3.9 | % | 4.8 | % | 5.2 | % | |||||||||||||||||||||
Rate of compensation increase | 0.3 | % | 0.9 | % | 4 | % | n/a | 3.6 | % | 3.6 | % | ||||||||||||||||||||||
Expected return on plan assets | 7.9 | % | 8.4 | % | 8.4 | % | 7.3 | % | 7.6 | % | 7.6 | % | |||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 4,368.80 | $ | 3,923.60 | $ | 430.2 | $ | 403.1 | |||||||||||||||||||||||||
Service cost | 2.2 | 5.9 | 7.3 | 6.6 | |||||||||||||||||||||||||||||
Interest cost | 178.2 | 189.2 | 16.2 | 18.4 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.5 | 1.2 | 14.5 | 14.4 | |||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 2.7 | 3.3 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (404.2 | ) | 411.2 | (13.6 | ) | 27.6 | |||||||||||||||||||||||||||
Plan amendments and other | (0.1 | ) | 2.6 | (30.6 | ) | 0.5 | |||||||||||||||||||||||||||
Curtailments and settlements | (9.0 | ) | (6.5 | ) | — | — | |||||||||||||||||||||||||||
Foreign currency translation | (8.5 | ) | 17.5 | (2.9 | ) | 1.1 | |||||||||||||||||||||||||||
Benefits paid | (175.2 | ) | (175.9 | ) | (41.5 | ) | (44.8 | ) | |||||||||||||||||||||||||
Benefit obligation at end of year | $ | 3,952.70 | $ | 4,368.80 | $ | 382.3 | $ | 430.2 | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,215.30 | $ | 2,849.60 | $ | 187.1 | $ | 174.7 | |||||||||||||||||||||||||
Actual return on assets | 658 | 389.9 | 35.6 | 21 | |||||||||||||||||||||||||||||
Settlements | (8.7 | ) | (3.7 | ) | — | — | |||||||||||||||||||||||||||
Employer contributions | 21.6 | 140.7 | 8 | 8 | |||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 2.7 | 3.3 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.5 | 1.2 | 14.5 | 14.4 | |||||||||||||||||||||||||||||
Other | — | — | — | 10.2 | |||||||||||||||||||||||||||||
Foreign currency translation | (4.2 | ) | 13.5 | 0.4 | 0.3 | ||||||||||||||||||||||||||||
Benefits paid | (175.2 | ) | (175.9 | ) | (41.5 | ) | (44.8 | ) | |||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 3,707.30 | $ | 3,215.30 | $ | 206.8 | $ | 187.1 | |||||||||||||||||||||||||
Funded status at end of year | $ | (245.4 | ) | $ | (1,153.5 | ) | $ | (175.5 | ) | $ | (243.1 | ) | |||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $3,937.0 million and $4,343.9 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Prepaid pension cost (included in other noncurrent assets) | $ | 8 | $ | 4.4 | $ | — | $ | — | |||||||||||||||||||||||||
Accrued benefit cost (included in accrued liabilities) | (8.2 | ) | (7.4 | ) | (1.4 | ) | (1.4 | ) | |||||||||||||||||||||||||
Pension liabilities | (245.2 | ) | (1,150.5 | ) | — | — | |||||||||||||||||||||||||||
Other postretirement benefits plan liabilities | — | — | (174.1 | ) | (241.7 | ) | |||||||||||||||||||||||||||
Net liabilities recognized in the Consolidated Balance Sheets | $ | (245.4 | ) | $ | (1,153.5 | ) | $ | (175.5 | ) | $ | (243.1 | ) | |||||||||||||||||||||
The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | |||||||||||||||||||||||||||||||||
Net actuarial (loss) gain | $ | (957.5 | ) | $ | (1,828.9 | ) | $ | 35.6 | $ | (1.6 | ) | ||||||||||||||||||||||
Net transition obligation | (0.2 | ) | (0.2 | ) | — | — | |||||||||||||||||||||||||||
Net prior service credit | — | — | 78.4 | 68 | |||||||||||||||||||||||||||||
Total | $ | (957.7 | ) | $ | (1,829.1 | ) | $ | 114 | $ | 66.4 | |||||||||||||||||||||||
The pre-tax amounts recognized in other comprehensive income (loss) in 2013 as components of net periodic benefit costs were as follows: | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 50.5 | $ | — | |||||||||||||||||||||||||||||
Net prior service credit | — | (19.7 | ) | ||||||||||||||||||||||||||||||
Amounts arising during the period: | |||||||||||||||||||||||||||||||||
Net actuarial gain | 820.7 | 37.4 | |||||||||||||||||||||||||||||||
Net prior service credit | — | 30.1 | |||||||||||||||||||||||||||||||
Settlements | 0.7 | — | |||||||||||||||||||||||||||||||
Foreign currency loss | (0.5 | ) | (0.2 | ) | |||||||||||||||||||||||||||||
Total | $ | 871.4 | $ | 47.6 | |||||||||||||||||||||||||||||
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. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2014 are shown below: | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 31.4 | $ | — | |||||||||||||||||||||||||||||
Net prior service credit | — | (25.8 | ) | ||||||||||||||||||||||||||||||
Total | $ | 31.4 | $ | (25.8 | ) | ||||||||||||||||||||||||||||
The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.2 | % | 4.5 | % | 3.9 | % | |||||||||||||||||||||||||
Rate of compensation increase | n/a | n/a | n/a | 3.6 | % | ||||||||||||||||||||||||||||
Health care cost trend: | |||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||
Pre-Age 65 | — | — | 7.8 | % | 7.4 | % | |||||||||||||||||||||||||||
Post-Age 65 | — | — | 7.8 | % | 7.4 | % | |||||||||||||||||||||||||||
Ultimate | — | — | 4.9 | % | 5.8 | % | |||||||||||||||||||||||||||
The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligation in excess of plan assets as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,929.60 | $ | 4,348.30 | |||||||||||||||||||||||||||||
Fair value of plan assets | 3,676.10 | 3,190.30 | |||||||||||||||||||||||||||||||
The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 3,912.00 | $ | 4,321.60 | |||||||||||||||||||||||||||||
Fair value of plan assets | 3,672.60 | 3,187.40 | |||||||||||||||||||||||||||||||
The current health care cost trend rate gradually declines through 2019 to the ultimate trend rate and remains level thereafter. A one-percentage point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||||||||
1.00% | 1.00% | ||||||||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||||||||
Other postretirement benefits obligation | $ | 5.5 | $ | (4.4 | ) | ||||||||||||||||||||||||||||
Total other postretirement benefits service and interest cost components | 0.6 | (0.6 | ) | ||||||||||||||||||||||||||||||
The Company determines its assumption for the discount rate to be used for purposes of computing annual service and interest costs based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the measurement date. | |||||||||||||||||||||||||||||||||
The Company made contributions of $21.6 million to its pension plans and $8.0 million to its other postretirement benefits plans during the year ended December 31, 2013. The Company expects to make cash contributions of approximately $59 million to $79 to its pension and other postretirement benefits plans in 2014, and additional non-required contributions could be made. The Company currently estimates the amount of pension and other postretirement benefits plan contributions that will be required in 2015 to be approximately $24 million to $29 million. | |||||||||||||||||||||||||||||||||
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 included a prescription drug benefit under Medicare Part D, as well as a federal subsidy that began in 2006, to sponsors of retiree health care plans that provide a benefit that is at least actuarially equivalent, as defined in the Act, to Medicare Part D. Two of the Company’s retiree health care plans were at least actuarially equivalent to Medicare Part D and were eligible for the federal subsidy. During the years ended December 31, 2013 and 2012, the Company received approximately $0.5 million and $3.3 million in Medicare Part D subsidies. | |||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, the Company received approximately $2.7 million in EGWP subsidies. The Company will receive only EGWP subsidies going forward after the settlement of the 2013 plan year in the first half of 2014. | |||||||||||||||||||||||||||||||||
Benefit payments are expected to be paid as follows: | |||||||||||||||||||||||||||||||||
Pension | Other | Estimated Subsidy | |||||||||||||||||||||||||||||||
Benefits | Postretirement | Reimbursements | |||||||||||||||||||||||||||||||
Benefits-Gross | |||||||||||||||||||||||||||||||||
2014 | $ | 193.6 | $ | 33.8 | $ | 3.8 | |||||||||||||||||||||||||||
2015 | 194.9 | 34.3 | 4.1 | ||||||||||||||||||||||||||||||
2016 | 200.9 | 34.8 | 4.3 | ||||||||||||||||||||||||||||||
2017 | 209.2 | 35.1 | 4.7 | ||||||||||||||||||||||||||||||
2018 | 216.3 | 35.6 | 5 | ||||||||||||||||||||||||||||||
2019-2023 | 1,222.50 | 176.6 | 31 | ||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||
The Company employed a total return investment approach for its pension and other postretirement benefits plans, whereby a mix of equities, fixed income and alternative investments are used to maximize the long-term return of pension and other postretirement benefits plan assets. The intent of this strategy was to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolios contained a diversified blend of equity, fixed income and alternative investments. Furthermore, equity investments were diversified across geography, market capitalization and investment style. Fixed income investments were diversified across geography and include holdings of corporate bonds, government and agency bonds and asset-backed securities. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. 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, 2013, for both the pension and other postretirement benefits plans was approximately 75% for equity and other securities and approximately 25% for fixed income. | |||||||||||||||||||||||||||||||||
The Company segregated its plan assets by the following major categories and levels for determining their fair value as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
Equity— The values of individual equity securities were based on quoted prices in active markets. As such, these assets are classified as Level 1. Additionally, the Company invests in certain equity funds that are valued at calculated net asset value per share (“NAV”), but are not quoted on active markets. As such, these assets were classified as Level 2. Additionally, this category includes underlying securities in trust owned life insurance policies which are invested in certain equity securities. These investments are not quoted on active markets; therefore, they are classified as Level 2. | |||||||||||||||||||||||||||||||||
Fixed income— Fixed income securities are typically priced based on a valuation model rather than a last trade basis and are not exchange-traded. These valuation models involve utilizing dealer quotes, analyzing market information, estimating prepayment speeds and evaluating underlying collateral. Accordingly, the Company classified these fixed income securities as Level 2. Fixed income securities also include investments in various asset-backed securities that are part of a government sponsored program. The prices of these asset-backed securities were obtained by independent third parties using multi-dimensional, collateral specific prepayments tables. Inputs include monthly payment information and collateral performance. As the values of these assets was determined based on models incorporating observable inputs, these assets were classified as Level 2. The Company also invests in certain fixed income funds that were priced on active markets and were classified as Level 1. Additionally, this category includes underlying securities in trust owned life insurance policies which are invested in certain fixed income securities. These investments are not quoted on active markets; therefore, they are classified as Level 2. | |||||||||||||||||||||||||||||||||
Derivatives and other— This category includes assets and liabilities that are futures or swaps traded on a primary exchange and are priced by multiple providers. Accordingly, the Company classified these assets and liabilities as Level 1. This category also includes various other assets in which carrying value approximates fair value. Additionally, this category includes investments in commodity and structured credit funds that are not quoted on active markets; therefore, they are classified as Level 2. | |||||||||||||||||||||||||||||||||
Real estate —The fair market value of real estate investment trusts is based on observable inputs for similar assets in active markets, for instance, appraisals and market comparables. Accordingly, the real estate investments were categorized as Level 2. The Company also invests in certain exchange-traded real estate investment trust funds that were classified as Level 1. | |||||||||||||||||||||||||||||||||
Private equity— Includes the Company’s interest in various private equity funds that are valued by the investment manager on a periodic basis with models that use market, income and cost valuation methods. The valuation inputs are not highly observable, and these interests are not actively traded on an open market. Accordingly, this interest was categorized as Level 3. | |||||||||||||||||||||||||||||||||
For Level 2 and Level 3 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 valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. The Company invests in various assets in which valuation is determined by NAV. The Company believes that 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. | |||||||||||||||||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category were as follows: | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 79.6 | $ | 51.6 | $ | 28 | $ | — | $ | 56.9 | $ | 27.4 | $ | 29.5 | $ | — | |||||||||||||||||
Equity | 2,658.70 | 1,839.30 | 819.4 | — | 2,169.00 | 1,887.40 | 281.6 | — | |||||||||||||||||||||||||
Fixed income | 795.3 | 255 | 540.3 | — | 828 | 240.5 | 587.5 | — | |||||||||||||||||||||||||
Derivatives and other | 3.9 | 3.4 | 0.5 | — | 8.9 | 0.5 | 8.4 | — | |||||||||||||||||||||||||
Real estate | 126.4 | — | 126.4 | — | 113.6 | — | 113.6 | — | |||||||||||||||||||||||||
Private equity | 43.4 | — | — | 43.4 | 38.9 | — | — | 38.9 | |||||||||||||||||||||||||
Total | $ | 3,707.30 | $ | 2,149.30 | $ | 1,514.60 | $ | 43.4 | $ | 3,215.30 | $ | 2,155.80 | $ | 1,020.60 | $ | 38.9 | |||||||||||||||||
The fair values of the Company’s other postretirement benefits plan assets at December 31, 2013 and 2012, all of which were determined to be Level 2 under the fair value hierarchy, by asset category were as follows: | |||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.5 | $ | 8.4 | |||||||||||||||||||||||||||||
Equity | 155.1 | 133.3 | |||||||||||||||||||||||||||||||
Fixed income | 39.6 | 35.9 | |||||||||||||||||||||||||||||||
Derivatives and other | 10.6 | 9.5 | |||||||||||||||||||||||||||||||
Total | $ | 206.8 | $ | 187.1 | |||||||||||||||||||||||||||||
The following table provides a summary of changes in the fair value of the Company’s Level 3 assets: | |||||||||||||||||||||||||||||||||
Private | |||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 30.1 | |||||||||||||||||||||||||||||||
Unrealized gains—net | 5.8 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | 3 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 38.9 | |||||||||||||||||||||||||||||||
Unrealized gains—net | 8.7 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | (4.2 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 43.4 | |||||||||||||||||||||||||||||||
Employee 401(k) Savings Plan — For the benefit of most of its U.S. employees, the Company maintains a defined contribution retirement savings plan 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 may match a percentage of a participating employee’s before-tax contributions. The plan provides that annual matching contributions are discretionary. In 2012, the Company made matching contributions for most U.S. employees on a pay period basis equal to 40% of contributions on up to 6% of eligible compensation. The cost of the match was determined by the level of eligible employee before-tax contributions and Roth 401(k) contributions made to the plan. The Company recognized expense of $30.8 million for matching contributions under its 401(k) plan for the year ended December 31, 2012. The Company suspended its 401(k) match for 2013 and 2011. | |||||||||||||||||||||||||||||||||
Multi-Employer Pension Plans — Multi-employer plans receive contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements and the assets contributed by one employer may be used to fund the benefits of all employees covered within the plan. The risk and level of uncertainty related to participating in these multi-employer pension plans differs significantly from the risk associated with the Company-sponsored defined benefit plans. For example, investment decisions are made by parties unrelated to the Company and the financial stability of other employers participating in a plan may affect the Company’s obligations under the plan. | |||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company contributes to two defined benefit multi-employer pension plans, the Graphic Communications Conference of the International Brotherhood of Teamster National Pension Fund (“NPF”) and the Graphic Arts Industry Joint Pension Trust (“JPT”), in which employees in one facility within the Publishing and Retail Services segment participate. The Company is required to make contributions to these plans as determined by the terms and conditions of collective bargaining agreements and plan terms. The Company’s participation in the NPF and JPT multi-employer pension plans was subject to collective bargaining agreements that expired on July 1, 2013. Negotiations have been ongoing since the termination of the agreements. The two remaining active plans to which the Company currently contributes, are estimated to be underfunded as of December 31, 2013, with a Pension Protection Act zone status of red and rehabilitation plans in place. A zone status of red identifies plans that are under 65.0% funded, with a short-term credit balance deficiency. Both of the plans have imposed surcharges due to their critical funding status. Surcharges are imposed by a multi-employer pension plan when the plan reaches critical status, as defined under the Pension Protection Act, and such surcharges are based on a percentage of required contributions for each plan year. | |||||||||||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company made regular contributions of $1.3 million, $1.3 million and $1.7 million, respectively, to these remaining active multi-employer pension plans and other plans from which the Company has completely or partially withdrawn as of December 31, 2013. | |||||||||||||||||||||||||||||||||
The Company cannot currently estimate the amount of multi-employer pension plan contributions that will be required in 2014 and future years, but these contributions could significantly increase for the two remaining plans due to other employers’ withdrawals, changes in the funded status of the plans or changes in the Company’s workforce. The Company’s contributions to the remaining plans for 2013, 2012 and 2011 represented more than 5.0% of total contributions for those multi-employer pension plans. | |||||||||||||||||||||||||||||||||
It is reasonably possible that the Company will withdraw from the NPF and JPT multi-employer pension plans in the near term, which would give rise to additional withdrawal obligations. The Company currently estimates that the potential withdrawal obligations for these plans could range from $15 million to $25 million. | |||||||||||||||||||||||||||||||||
The Company’s withdrawal liability may be disproportionate to its current costs of continuing to participate in the plans and could be affected by the financial stability of other employers participating in the plans and any decision by other participating employers to withdraw from the plans in the future. While it is not possible to quantify the potential impact of future events or circumstances, further reductions in participation or withdrawals from multi-employer pension plans could have a material impact on the Company’s consolidated annual results of operations, financial position or cash flows. | |||||||||||||||||||||||||||||||||
For the year ended December 31, 2013, the Company recorded charges of $53.1 million related to complete or partial withdrawal from certain multi-employer pension plans. Of these charges, $38.4 million were due to the Company’s decision to withdraw from certain multi-employer pension plans and $14.7 million were primarily related to facility closures. There were no charges due to partial or complete withdrawal liabilities for the year ended December 31, 2012. For the year ended December 31, 2011, the Company recorded charges of $15.1 million related to the complete or partial withdrawal from certain multi-employer pension plans primarily resulting from the closure of three manufacturing facilities. These charges were recorded as restructuring, impairment and other charges and represent the Company’s best estimate of the expected settlement of these withdrawal liabilities. During the year ended December 31, 2013, the Company completely withdrew from two multi-employer pension plans. See Note 3 for further details of charges related to complete or partial multi-employer pension plan withdrawal liabilities recognized in the Consolidated Statements of Operations. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note 12. Income Taxes | |||||||||||||
Income taxes have been based on the following components of earnings (loss) from operations before income taxes for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. | $ | 66.7 | $ | (710.1 | ) | $ | (274.5 | ) | |||||
Foreign | 142.3 | 70.1 | 37.1 | ||||||||||
Total | $ | 209 | $ | (640.0 | ) | $ | (237.4 | ) | |||||
The components of income tax expense (benefit) from operations for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal: | |||||||||||||
Current | $ | (15.1 | ) | $ | 8.6 | $ | (10.1 | ) | |||||
Deferred | (23.9 | ) | (55.5 | ) | (82.1 | ) | |||||||
State: | |||||||||||||
Current | (4.8 | ) | 10.5 | (19.5 | ) | ||||||||
Deferred | (2.6 | ) | (18.3 | ) | (21.5 | ) | |||||||
Foreign: | |||||||||||||
Current | 51.8 | 46.5 | 36.3 | ||||||||||
Deferred | (14.6 | ) | 21.8 | (19.4 | ) | ||||||||
Total | $ | (9.2 | ) | $ | 13.6 | $ | (116.3 | ) | |||||
The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s effective income tax rate: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Adjustment of uncertain tax positions | (5.4 | ) | 3.1 | 30.2 | |||||||||
Foreign tax rate differential | (11.3 | ) | 3.2 | 15.5 | |||||||||
Adjustment of interest on uncertain tax positions | (0.8 | ) | 0.6 | 10.1 | |||||||||
Domestic manufacturing deduction | (0.1 | ) | 0.5 | 2.2 | |||||||||
Acquisition-related expenses | 0.7 | (0.1 | ) | (0.1 | ) | ||||||||
Change in valuation allowances | 3.1 | (4.4 | ) | (1.0 | ) | ||||||||
State and local income taxes, net of U.S. federal income tax benefit | 2.4 | — | (1.6 | ) | |||||||||
Restructuring, impairment and other charges | — | (40.1 | ) | (39.5 | ) | ||||||||
Reorganization | (32.8 | ) | 3.9 | — | |||||||||
Foreign tax | 4 | (1.7 | ) | — | |||||||||
Other | 0.8 | (2.1 | ) | (1.8 | ) | ||||||||
Effective income tax rate | (4.4 | %) | (2.1 | %) | 49 | % | |||||||
Included in 2013 is a $58.5 million income tax benefit related to the decline in value and reorganization of certain entities within the Publishing and Retail Services segment and a benefit of $7.2 million for the recognition of previously unrecognized tax benefits related to the expected resolution of certain federal matters. | |||||||||||||
Included in 2012 is a benefit of $26.1 million reflecting the recognition of previously unrecognized tax benefits due to the resolution of certain U.S. federal uncertain tax positions and a $22.4 million benefit related to the decline in value and reorganization of certain entities within the International segment, partially offset by a valuation allowance provision of $32.7 million on certain deferred tax assets in Latin America, within the International segment, and an $11.0 million provision related to certain foreign earnings no longer considered to be permanently reinvested. | |||||||||||||
Included in 2011 is a benefit of $74.8 million reflecting the expiration of U.S. federal statutes of limitations for certain years. | |||||||||||||
Deferred income taxes | |||||||||||||
The significant deferred tax assets and liabilities at December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Pension and other postretirement benefits plan liabilities | $ | 167.4 | $ | 524.1 | |||||||||
Net operating losses and other tax carryforwards | 328.3 | 331.6 | |||||||||||
Accrued liabilities | 153.9 | 155.2 | |||||||||||
Foreign depreciation | 51.3 | 50.5 | |||||||||||
Other | 38.7 | 48.9 | |||||||||||
Total deferred tax assets | 739.6 | 1,110.30 | |||||||||||
Valuation allowances | (268.2 | ) | (273.6 | ) | |||||||||
Net deferred tax assets | $ | 471.4 | $ | 836.7 | |||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | $ | (180.3 | ) | $ | (226.3 | ) | |||||||
Other intangible assets | (86.2 | ) | (98.6 | ) | |||||||||
Inventories | (26.9 | ) | (30.7 | ) | |||||||||
Other | (39.8 | ) | (30.2 | ) | |||||||||
Total deferred tax liabilities | (333.2 | ) | (385.8 | ) | |||||||||
Net deferred tax assets | $ | 138.2 | $ | 450.9 | |||||||||
The above amounts are classified as current or long-term in the Consolidated Balance Sheets in accordance with the asset or liability to which they relate on a jurisdiction by jurisdiction basis. | |||||||||||||
Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 273.6 | $ | 273.2 | $ | 259.5 | |||||||
Current year expense - net | 6.4 | 28.2 | 2.4 | ||||||||||
Write-offs | (8.3 | ) | (37.9 | ) | (1.8 | ) | |||||||
Foreign exchange and other | (3.5 | ) | 10.1 | 13.1 | |||||||||
Balance, end of year | $ | 268.2 | $ | 273.6 | $ | 273.2 | |||||||
As of December 31, 2013, the Company had domestic and foreign net operating loss and other tax carryforwards of approximately $79.1 million and $249.2 million, respectively ($87.6 million and $244.0 million, respectively, at December 31, 2012), of which $179.5 million expires between 2014 and 2023. Limitations on the utilization of these 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. | |||||||||||||
Deferred income taxes are not provided on the excess of the investment value for financial reporting over the tax basis of investments in those foreign subsidiaries for which such excess is considered to be permanently reinvested in those operations. The Company has recognized deferred tax liabilities of $7.9 million and $9.1 million as of December 31, 2013 and December 31, 2012, respectively, related to local taxes on certain foreign earnings which are not considered to be permanently reinvested. Determination of the amount of unrecognized U.S. income tax liabilities with respect to certain foreign earnings which have been reinvested abroad is not practical. | |||||||||||||
Cash payments for income taxes were $99.0 million, $100.0 million and $106.5 million in 2013, 2012 and 2011, respectively. Cash refunds for income taxes were $12.1 million, $18.5 million and $11.2 million in 2013, 2012 and 2011, respectively. | |||||||||||||
The Company’s income taxes payable for federal and state purposes has been reduced by the tax benefits associated with the exercise of employee stock options and the vesting of restricted stock units. A component of the income tax benefit, calculated as the tax effect of the difference between the fair market value at the time stock options are exercised or restricted stock units vest and the grant date fair market value, directly increases or reduces RR Donnelley shareholders’ equity. For the years ended December 31, 2013 and 2012, the tax expense recognized as a reduction of RR Donnelley’s shareholders’ equity was $0.9 million and $1.2 million, respectively. For the year ended December 31, 2011, a tax benefit of $3.6 million was recognized as an increase in RR Donnelley shareholders’ equity. | |||||||||||||
See Note 16 for details of the income tax expense or benefit allocated to each component of other comprehensive income. | |||||||||||||
Uncertain tax positions | |||||||||||||
Changes in the Company’s unrecognized tax benefits at December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 47.9 | $ | 76.4 | $ | 157.1 | |||||||
Additions for tax positions of the current year | 2.1 | 6.3 | 6.1 | ||||||||||
Additions for tax positions of prior years | 3.7 | 3.9 | 6 | ||||||||||
Reductions for tax positions of prior years | (16.2 | ) | (29.6 | ) | (26.9 | ) | |||||||
Settlements during the year | (0.7 | ) | (5.6 | ) | (3.3 | ) | |||||||
Lapses of applicable statutes of limitations | (3.0 | ) | (3.5 | ) | (62.3 | ) | |||||||
Foreign exchange and other | — | — | (0.3 | ) | |||||||||
Balance at end of year | $ | 33.8 | $ | 47.9 | $ | 76.4 | |||||||
As of December 31, 2013, 2012 and 2011, the Company had $33.8 million, $47.9 million and $76.4 million, respectively, of unrecognized tax benefits. Unrecognized tax benefits of $21.1 million as of December 31, 2013, if recognized, would have decreased income taxes and the corresponding effective income tax rate and increased net earnings. This potential impact on net earnings (loss) 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, 2013, it is reasonably possible that the total amount of unrecognized tax benefits will decrease within twelve months by as much as $9.0 million due to the resolution of audits or expirations of statutes of limitations related to U.S. federal, state and international tax positions. | |||||||||||||
The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The total interest expense, net of tax benefits, related to tax uncertainties recognized in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011, was a benefit of $1.8 million, $4.1 million and $24.0 million, respectively, due to the reversal of interest accrued on previously unrecognized tax benefits that were recognized during the respective years. Benefits of $2.6 million, $1.1 million and $2.5 million were recognized for the years ended December 31, 2013, 2012 and 2011, respectively, from the reversal of accrued penalties. Accrued interest of $5.5 million and $8.5 million related to income tax uncertainties were reported as a component of other noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2013 and 2012, respectively. Accrued penalties of $0.1 million and $2.7 million related to income tax uncertainties were reported in other noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2013 and 2012, respectively. | |||||||||||||
The Company has tax years from 2003 that remain open and subject to examination by the IRS, certain state taxing authorities and certain foreign tax jurisdictions. | |||||||||||||
Tax Holidays | |||||||||||||
The Company has been granted “tax holidays” in certain foreign countries as an incentive to attract international investment. Generally, a tax holiday is an agreement between the Company and a foreign government under which the Company receives certain tax benefits in that country. The Company’s tax holiday agreements have expired as of December 31, 2013. The aggregate effect on income tax expense in 2013, 2012 and 2011, as a result of these agreements, was approximately $0.6 million, $0.2 million and $7.9 million, respectively. |
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt | ' | ||||||||||||
Note 13. Debt | |||||||||||||
The Company’s debt at December 31, 2013 and 2012 consisted of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
4.95% senior notes due April 1, 2014 | $ | 258.2 | $ | 258.1 | |||||||||
5.50% senior notes due May 15, 2015 | 200 | 299.9 | |||||||||||
8.60% senior notes due August 15, 2016 | 218.7 | 347.4 | |||||||||||
6.125% senior notes due January 15, 2017 | 250.8 | 523.3 | |||||||||||
7.25% senior notes due May 15, 2018 | 350 | 600 | |||||||||||
11.25% senior notes due February 1, 2019(a) | 172.2 | 172.2 | |||||||||||
8.25% senior notes due March 15, 2019 | 450 | 450 | |||||||||||
7.625% senior notes due June 15, 2020 | 400 | 400 | |||||||||||
7.875% senior notes due March 15, 2021 | 448 | — | |||||||||||
8.875% debentures due April 15, 2021 | 80.9 | 80.9 | |||||||||||
7.00% senior notes due February 15, 2022 | 400 | — | |||||||||||
6.50% senior notes due November 15, 2023 | 350 | — | |||||||||||
6.625% debentures due April 15, 2029 | 199.4 | 199.4 | |||||||||||
8.820% debentures due April 15, 2031 | 69 | 69 | |||||||||||
Other(b) | 10.7 | 38.4 | |||||||||||
Total debt | 3,857.90 | 3,438.60 | |||||||||||
Less: current portion | (270.9 | ) | (18.4 | ) | |||||||||
Long-term debt | $ | 3,587.00 | $ | 3,420.20 | |||||||||
(a) | As of December 31, 2013 and 2012, the interest rate on the 11.25% senior notes due February 1, 2019 was 12.75% and 12.50%, respectively, as a result of downgrades in the ratings of the notes by the rating agencies. | ||||||||||||
(b) | Includes miscellaneous debt obligations, fair value adjustments to the 4.95% senior notes due April 1, 2014 and 8.25% senior notes due March 15, 2019 related to the Company’s fair value hedges and capital leases. | ||||||||||||
________ | |||||||||||||
The fair values of the senior notes and debentures, which were 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 debt was greater than its book value by approximately $343.4 million and less than its book value by approximately $3.7 million at December 31, 2013 and 2012, respectively. | |||||||||||||
There were no borrowings outstanding under the Company’s $1.15 billion senior secured revolving credit facility (the “Credit Agreement”) as of December 31, 2013 and 2012. The weighted average interest rate on borrowings under the Credit Agreement and the Company’s previous $1.75 billion revolving credit facility (the “Previous Credit Agreement”) during the years ended December 31, 2013 and 2012 was 2.00% and 2.19%, respectively. | |||||||||||||
On November 12, 2013, the Company issued $350.0 million of 6.50% senior notes due November 15, 2023. Interest on the notes is payable semi-annually on May 15 and November 15, commencing on May 15, 2014. The net proceeds from the offering, along with cash on hand and borrowings under the Credit Agreement, were used to finance the cash portion of the acquisition of Consolidated Graphics, Inc. (“Consolidated Graphics”) and for general corporate purposes. | |||||||||||||
On August 26, 2013, the Company issued $400.0 million of 7.00% senior notes due February 15, 2022. Interest on the notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2014. The net proceeds from the offering were used to repurchase $200.0 million of the 7.25% senior notes due May 15, 2018, $100.0 million of the 5.50% senior notes due May 15, 2015 and $100.0 million of the 6.125% senior notes due January 15, 2017. The repurchases resulted in a pre-tax loss on debt extinguishment of $46.3 million for the year ended December 31, 2013 related to the premiums paid, unamortized debt issuance costs and other expenses. | |||||||||||||
On March 14, 2013, the Company issued $450.0 million of 7.875% senior notes due March 15, 2021. Interest on the notes commenced on September 15, 2013 and is payable semi-annually on March 15 and September 15 of each year. The net proceeds from the offering were used to repurchase $173.5 million of the 6.125% senior notes due January 15, 2017, $130.2 million of the 8.60% senior notes due August 15, 2016 and $50.0 million of the 7.25% senior notes due May 15, 2018 and to reduce borrowings under the Credit Agreement. The repurchases resulted in a pre-tax loss on debt extinguishment of $35.6 million for the year ended December 31, 2013 related to the premiums paid, unamortized debt issuance costs and other expenses. | |||||||||||||
On October 15, 2012, the Company entered into a $1.15 billion Credit Agreement which expires October 15, 2017. Borrowings under the Credit Agreement bear interest at a base or Eurocurrency rate plus an applicable margin determined at the time of the borrowing. In addition, the Company pays facility commitment fees which fluctuate dependent on the Credit Agreement’s credit ratings. The Credit Agreement replaced the Previous Credit Agreement which was due to expire on December 17, 2013. All amounts outstanding under the Previous Credit Agreement were repaid with borrowings under the Credit Agreement resulting in a $4.0 million pre-tax loss on debt extinguishment related to unamortized debt issuance costs. The Credit Agreement is used for general corporate purposes, including acquisitions and letters of credit. The Company’s obligations under the Credit Agreement are guaranteed by material domestic subsidiaries and are secured by a pledge of the equity interests of certain subsidiaries, including most of its domestic subsidiaries, and a security interest in substantially all of the domestic current assets and mortgages of certain domestic real property of the Company. | |||||||||||||
The Credit Agreement is subject to a number of covenants, including a minimum Interest Coverage Ratio and a maximum Leverage Ratio, as defined 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 $200.0 million in aggregate, though additional dividends may be allowed subject to certain conditions. | |||||||||||||
On March 13, 2012, the Company issued $450.0 million of 8.25% senior notes due March 15, 2019. Interest on the notes commenced on September 15, 2012 and is payable semi-annually on March 15 and September 15 of each year. The net proceeds from the offering and cash on hand were used to repurchase $341.8 million of the 4.95% senior notes due April 1, 2014 and $100.0 million of the 5.50% senior notes due May 15, 2015. The repurchases resulted in a pre-tax loss on debt extinguishment of $12.1 million for the year ended December 31, 2012, consisting of a loss of $23.2 million related to the premiums paid, unamortized debt issuance costs and other expenses, partially offset by the elimination of $11.1 million of the fair value adjustment on the 4.95% senior notes. | |||||||||||||
On January 15, 2012, proceeds from borrowings under the Previous Credit Agreement were used to pay the $158.6 million 5.625% senior notes that matured on January 15, 2012. | |||||||||||||
As of December 31, 2013, the Company had $76.7 million in outstanding letters of credit, of which $43.7 million were issued under the Credit Agreement. The letters of credit issued under the Credit Agreement did not reduce availability under the Credit Agreement as of December 31, 2013 as the amount issued was less than the reduction in availability from the Leverage Ratio covenant. Additionally, the Company had $176.0 million in other uncommitted credit facilities, primarily outside the U.S., (the “Other Facilities”). As of December 31, 2013, letters of credit, guarantees and factoring arrangements of $12.8 million were issued, and reduced availability, under the Company’s Other Facilities. As of December 31, 2013 and 2012, total borrowings under the Credit Agreement and the Other Facilities (the “Combined Facilities”) were $9.1 million and $10.4 million, respectively. | |||||||||||||
At December, 31, 2013, the future maturities of debt, including capitalized leases, were as follows: | |||||||||||||
Amount | |||||||||||||
2014 | $ | 269.7 | |||||||||||
2015 | 204 | ||||||||||||
2016 | 220.4 | ||||||||||||
2017 | 251.5 | ||||||||||||
2018 | 350 | ||||||||||||
2019 and thereafter | 2,572.10 | ||||||||||||
Total(a) | $ | 3,867.70 | |||||||||||
(a) | Excludes a discount of $4.6 million and an adjustment for fair value hedges of $5.2 million related to the Company’s 4.95% senior notes due April 1, 2014 and 8.25% senior notes due March 15, 2019, which do not represent contractual commitments with a fixed amount or maturity date. | ||||||||||||
________________________ | |||||||||||||
The following table summarizes interest expense included in the Consolidated Statements of Operations: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest incurred | $ | 276 | $ | 271.1 | $ | 259.8 | |||||||
Less: interest income | (11.5 | ) | (15.2 | ) | (13.6 | ) | |||||||
Less: interest capitalized as property, plant and equipment | (3.1 | ) | (4.1 | ) | (2.9 | ) | |||||||
Interest expense, net | $ | 261.4 | $ | 251.8 | $ | 243.3 | |||||||
Interest paid, net of interest received, was $245.0 million, $250.1 million and $252.2 million in 2013, 2012 and 2011, respectively. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivatives | ' | ||||||||||||||||||||
Note 14. Derivatives | |||||||||||||||||||||
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities in the Consolidated Balance Sheets at their respective fair values. Unrealized gains and losses related to derivatives are recorded in other comprehensive income (loss), net of applicable income taxes, or in the Consolidated Statements of Operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as cash flow hedges, the effective portion of the unrealized gain or loss related to the derivatives are generally recorded in other comprehensive income (loss) until the transaction affects earnings. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the Consolidated Statements of Operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the Consolidated Statements of Operations. At the inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is also recognized currently in the Consolidated Statements of Operations. | |||||||||||||||||||||
The Company is exposed to the impact of foreign currency fluctuations in certain countries in which it operates. The exposure to foreign currency movements is limited in many countries because the operating revenues and expenses of its various subsidiaries and business units are substantially in the local currency of the country in which they operate. To the extent borrowings, sales, purchases, revenues, expenses or other transactions are not in the local currency of the subsidiary or operating unit, the Company is exposed to currency risk. Periodically, the Company uses foreign exchange spot and forward contracts to hedge exposures resulting from foreign exchange fluctuations. Accordingly, the implied gains and losses associated with the fair values of foreign currency exchange contracts are generally offset by gains and losses on underlying payables, receivables and net investments in foreign subsidiaries. The Company does not use derivative financial instruments for trading or speculative purposes. | |||||||||||||||||||||
The Company has entered into foreign exchange forward contracts in order to manage the currency exposure of certain assets and liabilities. The foreign exchange forward contracts were not designated as hedges, and accordingly, the fair value gains or losses from these foreign currency derivatives are recognized currently in the Consolidated Statements of Operations, generally offsetting the foreign exchange gains or losses on the exposures being managed. The aggregate notional value of the forward contracts at December 31, 2013 and 2012 was $372.1 million and $654.2 million, respectively. The fair values of foreign exchange forward contracts were determined to be Level 2 under the fair value hierarchy and are valued using market exchange rates. | |||||||||||||||||||||
On March 13, 2012, the Company entered into interest rate swap agreements to manage interest rate risk exposure, effectively changing the interest rate on $400.0 million of its fixed-rate senior notes to a floating-rate based on LIBOR plus a basis point spread. The interest rate swaps, with a notional value of $400.0 million, are designated as fair value hedges against changes in the value of the Company’s $450.0 million 8.25% senior notes due March 15, 2019, which are attributable to changes in the benchmark interest rate. | |||||||||||||||||||||
On April 9, 2010, the Company entered into interest rate swap agreements to manage interest rate risk exposure, effectively changing the interest rate on $600.0 million of its fixed-rate senior notes to a floating-rate LIBOR plus a basis point spread. The interest rate swaps, with a notional value of $600.0 million at inception, are designated as fair value hedges against changes in the value of the Company’s 4.95% senior notes due April 1, 2014, which are attributable to changes in the benchmark interest rate. During March 2012, the Company repurchased $341.8 million of the 4.95% senior notes due April 1, 2014, and related interest rate swaps with a notional amount of $342.0 million were terminated, resulting in proceeds of $11.0 million for the fair value of the interest rate swaps. | |||||||||||||||||||||
The fair values of interest rate swaps were determined to be Level 2 under the fair value hierarchy and were developed using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates derived from observed market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. The Company evaluates the credit value adjustments of the interest rate swap agreements, which take into account the possibility of counterparty and the Company’s own default, on at least a quarterly basis. | |||||||||||||||||||||
The Company’s foreign exchange forward contracts and interest rate swaps are subject to enforceable master netting agreements that allow the Company to settle positive and negative positions with the respective counterparties. The Company settles foreign exchange forward contracts on a net basis when possible. Foreign exchange forward contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. | |||||||||||||||||||||
The Company manages credit risk for its derivative positions on a counterparty-by-counterparty basis, considering the net portfolio exposure with each counterparty, consistent with its risk management strategy for such transactions. The Company’s agreements with each of its counterparties contain a provision where the Company could be declared in default on its derivative obligations if it either defaults or, in certain cases, is capable of being declared in default of any of its indebtedness greater than specified thresholds. These agreements also contain a provision where the Company could be declared in default subsequent to a merger or restructuring type event if the creditworthiness of the resulting entity is materially weaker. | |||||||||||||||||||||
At December 31, 2013 and 2012, the total fair value of the Company’s foreign exchange forward contracts, which were the only derivatives not designated as hedges, and fair value hedges, along with the accounts in the Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 0.4 | $ | 0.6 | |||||||||||||||||
Accrued liabilities | 1.5 | 24 | |||||||||||||||||||
Derivatives designated as fair value hedges | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1.3 | $ | — | |||||||||||||||||
Other noncurrent assets | — | 14.7 | |||||||||||||||||||
Other noncurrent liabilities | 9.1 | — | |||||||||||||||||||
The gross and net amounts of foreign exchange forward contracts and interest rate swaps recognized in the Consolidated Balance Sheets as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
2013 | Gross Amounts | Impact of | Net Amounts of Assets and | All Other Amounts | Potential Net | ||||||||||||||||
of Assets and | Netting | Liabilities Presented in the | Subject to Master | Amounts of Assets | |||||||||||||||||
Liabilities | Consolidated | Netting Agreements | and Liabilities | ||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 0.4 | $ | — | $ | 0.4 | $ | (0.4 | ) | $ | — | ||||||||||
Interest rate swaps | 1.3 | — | 1.3 | (0.2 | ) | 1.1 | |||||||||||||||
Total | $ | 1.7 | $ | — | $ | 1.7 | $ | (0.6 | ) | $ | 1.1 | ||||||||||
Liabilities | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 1.5 | $ | — | $ | 1.5 | $ | (0.2 | ) | $ | 1.3 | ||||||||||
Interest rate swaps | 9.1 | — | 9.1 | (0.4 | ) | 8.7 | |||||||||||||||
Total | $ | 10.6 | $ | — | $ | 10.6 | $ | (0.6 | ) | $ | 10 | ||||||||||
2012 | Gross Amounts | Impact of | Net Amounts of Assets and | All Other Amounts | Potential Net | ||||||||||||||||
of Assets and | Netting | Liabilities Presented in the | Subject to Master | Amounts of Assets | |||||||||||||||||
Liabilities | Consolidated | Netting Agreements | and Liabilities | ||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 0.6 | $ | — | $ | 0.6 | $ | (0.1 | ) | $ | 0.5 | ||||||||||
Interest rate swaps | 14.7 | — | 14.7 | (3.5 | ) | 11.2 | |||||||||||||||
Total | $ | 15.3 | $ | — | $ | 15.3 | $ | (3.6 | ) | $ | 11.7 | ||||||||||
Liabilities | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 24 | $ | — | $ | 24 | $ | (3.6 | ) | $ | 20.4 | ||||||||||
The pre-tax losses related to derivatives not designated as hedges recognized in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
Classification of Loss | 2013 | 2012 | 2011 | ||||||||||||||||||
Recognized in the Consolidated | |||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | 17 | $ | 24.8 | $ | 4.7 | ||||||||||||||
For derivatives designated as fair value hedges, the pre-tax (gains) losses related to the hedged items, attributable to changes in the hedged benchmark interest rate and the offsetting gain on the related interest rate swaps for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
Classification of (Gain) Loss | 2013 | 2012 | 2011 | ||||||||||||||||||
Recognized in the Consolidated | |||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
Interest rate swaps | Investment and other expense | $ | 22.5 | $ | (5.7 | ) | $ | (3.1 | ) | ||||||||||||
(income)—net | |||||||||||||||||||||
Hedged items | Investment and other expense | (20.8 | ) | 4.4 | 1.9 | ||||||||||||||||
(income)—net | |||||||||||||||||||||
Total (gain) loss recognized as ineffectiveness in the consolidated statements of operations | Investment and other expense | $ | 1.7 | $ | (1.3 | ) | $ | (1.2 | ) | ||||||||||||
(income)—net | |||||||||||||||||||||
The Company also recognized a net reduction to interest expense of $8.7 million, $8.0 million and $9.9 million for the years ended December 31, 2013, 2012 and 2011, respectively, related to the Company’s fair value hedges, which includes interest accruals on the derivatives and amortization of the basis in the hedged items. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings per Share | ' | ||||||||||||
Note 15. Earnings per Share | |||||||||||||
Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to RR Donnelley common shareholders by the weighted average number of common shares outstanding for the period. In computing diluted earnings (loss) per share, basic earnings (loss) per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units and performance share units. Performance share units are considered anti-dilutive and excluded if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Additionally, stock options are considered anti-dilutive when the exercise price exceeds the average market value of the Company’s stock price during the applicable period. | |||||||||||||
On May 3, 2011, the Board of Directors of the Company approved a program that authorized the repurchase of up to $1.0 billion of the Company’s common stock through December 31, 2012. Share repurchases under the program were allowable through a variety of methods as determined by the Company’s management. The repurchase authorizations did not obligate the Company to acquire any particular amount of common stock or adopt any particular method of repurchase. | |||||||||||||
As part of the share repurchase program, the Company entered into an accelerated share repurchase agreement (“ASR”) in 2011 with an investment bank under which the Company repurchased $500.0 million of its common stock, receiving an initial delivery of 19.9 million shares on May 10, 2011 and an additional 9.3 million shares on November 17, 2011. Both the initial and final delivery of shares resulted in a reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted net earnings per share. No other shares were repurchased under this share repurchase program. | |||||||||||||
During the years ended December 31, 2013 and 2012, no shares of common stock were purchased by the Company, however, shares were withheld for tax liabilities upon the vesting of equity awards. | |||||||||||||
The reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share calculation and the anti-dilutive share-based awards for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net earnings (loss) per share attributable to RR Donnelley common shareholders | |||||||||||||
Basic | $ | 1.16 | $ | (3.61 | ) | $ | (0.63 | ) | |||||
Diluted | $ | 1.15 | $ | (3.61 | ) | $ | (0.63 | ) | |||||
Dividends declared per common share | $ | 1.04 | $ | 1.04 | $ | 1.04 | |||||||
Numerator: | |||||||||||||
Net earnings (loss) attributable to RR Donnelley common shareholders | $ | 211.2 | $ | (651.4 | ) | $ | (122.6 | ) | |||||
Denominator: | |||||||||||||
Weighted average number of common shares outstanding | 181.9 | 180.4 | 193.8 | ||||||||||
Dilutive options and awards | 1.6 | — | — | ||||||||||
Diluted weighted average number of common shares outstanding | 183.5 | 180.4 | 193.8 | ||||||||||
Weighted average number of anti-dilutive share-based awards: | |||||||||||||
Restricted stock units | 1.5 | 3.6 | 5 | ||||||||||
Performance share units | 0.6 | 0.4 | 0.2 | ||||||||||
Stock options | 3.9 | 4.6 | 4 | ||||||||||
Total | 6 | 8.6 | 9.2 | ||||||||||
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||
Note 16. Comprehensive Income | |||||||||||||||||||||||||||||||||||||
Income tax expense allocated to each component of other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | Before | Income | Net of | |||||||||||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | |||||||||||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | Amount | Expense | Amount | |||||||||||||||||||||||||||||
(Benefit) | (Benefit) | ||||||||||||||||||||||||||||||||||||
Translation adjustments | $ | (22.8 | ) | $ | - | $ | (22.8 | ) | $ | 11.4 | $ | — | $ | 11.4 | $ | (70.1 | ) | $ | — | $ | (70.1 | ) | |||||||||||||||
Adjustment for net periodic pension and other postretirement benefits plan cost | 919 | 355.3 | 563.7 | (285.1 | ) | (107.5 | ) | (177.6 | ) | (485.9 | ) | (182.8 | ) | (303.1 | ) | ||||||||||||||||||||||
Change in fair value of derivatives | 0.6 | 0.2 | 0.4 | 0.8 | 0.3 | 0.5 | 1.1 | 0.4 | 0.7 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 896.8 | $ | 355.5 | $ | 541.3 | $ | (272.9 | ) | $ | (107.2 | ) | $ | (165.7 | ) | $ | (554.9 | ) | $ | (182.4 | ) | $ | (372.5 | ) | |||||||||||||
During the year ended December 31, 2013, translation adjustments and income tax expense on pension and other postretirement benefits plan cost were adjusted to reflect previously recorded changes at their historical exchange rates. | |||||||||||||||||||||||||||||||||||||
The following table summarizes changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||
Changes in | Pension and | Translation | Total | ||||||||||||||||||||||||||||||||||
the Fair | Other | Adjustments | |||||||||||||||||||||||||||||||||||
Value of | Postretirement | ||||||||||||||||||||||||||||||||||||
Derivatives | Benefits Plan | ||||||||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | (1.8 | ) | $ | (604.4 | ) | $ | 115.8 | $ | (490.4 | ) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | — | (300.0 | ) | (70.5 | ) | (370.5 | ) | ||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | 0.7 | (3.1 | ) | — | (2.4 | ) | |||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.7 | (303.1 | ) | (70.5 | ) | (372.9 | ) | ||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | (1.1 | ) | $ | (907.5 | ) | $ | 45.3 | $ | (863.3 | ) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | (184.0 | ) | 11.2 | (172.8 | ) | |||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | 0.5 | 6.4 | — | 6.9 | |||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.5 | (177.6 | ) | 11.2 | (165.9 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (0.6 | ) | $ | (1,085.1 | ) | $ | 56.5 | $ | (1,029.2 | ) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | 543.9 | (23.0 | ) | 520.9 | ||||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | 0.4 | 19.8 | — | 20.2 | |||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.4 | 563.7 | (23.0 | ) | 541.1 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | ||||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | Classification in the | ||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||
Amortization of pension and other postretirement benefits plan cost: | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 50.5 | $ | 32 | $ | 50.2 | (a) | ||||||||||||||||||||||||||||||
Net prior service credit | (19.7 | ) | (19.1 | ) | (16.9 | ) | (a) | ||||||||||||||||||||||||||||||
Curtailments and settlements | 0.7 | (2.6 | ) | (38.7 | ) | (a) | |||||||||||||||||||||||||||||||
Reclassifications before tax | 31.5 | 10.3 | (5.4 | ) | |||||||||||||||||||||||||||||||||
Income tax expense | 11.7 | 3.9 | (2.3 | ) | |||||||||||||||||||||||||||||||||
Reclassifications, net of tax | $ | 19.8 | $ | 6.4 | $ | (3.1 | ) | ||||||||||||||||||||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 11). |
Stock_and_Incentive_Programs_f
Stock and Incentive Programs for Employees | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock and Incentive Programs for Employees | ' | ||||||||||||||||
Note 17. Stock and Incentive Programs for Employees | |||||||||||||||||
The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors, including stock options, restricted stock units and performance share units. The Company estimates the fair value of share-based awards based on assumptions as of the grant date. The Company recognizes these compensation costs for only those awards expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years for restricted stock awards and stock options and the performance period for performance share units. 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. | |||||||||||||||||
Share-Based Compensation Expense | |||||||||||||||||
The total compensation expense related to all share-based compensation plans was $19.9 million, $25.4 million and $28.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The income tax benefit related to share-based compensation expense was $7.7 million, $9.9 million and $11.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, $19.7 million of total unrecognized compensation expense related to share-based compensation plans is expected to be recognized over a weighted-average period of 2.1 years. The total unrecognized share-based compensation expense to be recognized in future periods as of December 31, 2013 does not consider the effect of share-based awards that may be issued in subsequent periods. | |||||||||||||||||
Share-Based Compensation Plans | |||||||||||||||||
The Company has one share-based compensation plan under which it may grant future awards, as described below, and one terminated or expired share-based compensation plans under which awards remain outstanding. | |||||||||||||||||
The 2012 Performance Incentive Plan (the “2012 PIP”) was approved by shareholders to provide incentives to key employees of the Company and its subsidiaries. Awards under the 2012 PIP are generally not restricted to any specific form or structure and could include, without limitation, stock options, stock units, restricted stock awards, cash or stock bonuses and stock appreciation rights. There were 10 million shares of common stock reserved and authorized for issuance under the 2012 PIP. At December 31, 2013, there were 8.0 million shares of common stock authorized and available for grant under the 2012 PIP. | |||||||||||||||||
General Terms of Awards | |||||||||||||||||
Under various incentive plans, the Company has granted certain employees non-qualified stock options and restricted stock units. The Human Resources Committee of the Board of Directors has discretion to establish the terms and conditions for grants, including the number of shares, vesting and required service or other performance criteria. The maximum term of any award under the 2012 PIP and previous plans is ten years. | |||||||||||||||||
For all of the Company’s stock options outstanding at December 31, 2013, the exercise price of the stock option equals the fair market value of the Company’s common stock on the option grant date. Options generally vest over four years or less from the date of grant, upon retirement or upon a change in control of the Company. Options granted prior to November 2004 and after December 2006 expire ten years from the date of grant or five years after the date of retirement, whichever is earlier. | |||||||||||||||||
The rights granted to the recipient of restricted stock unit awards generally accrue ratably over the restriction or vesting period, which is generally four years. Restricted stock unit awards 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, termination of the grantee’s employment under certain circumstances or a change in control of the Company. The Company records compensation expense of restricted stock unit awards based on the fair market value of the awards at the date of grant ratably over the period during which the restrictions lapse. Dividends are not paid to restricted stock unit holders. | |||||||||||||||||
The Company also issues restricted stock units as share-based compensation for members of the Board of Directors. Director restricted stock units granted after January 2009 vest ratably over three years from the date of grant with the opportunity to defer any tranche of vesting restricted stock units until termination of service on the Board of Directors. Awards granted between January 2008 and January 2009 vested ratably over three years from the date of grant and were amended in May 2009 to provide the opportunity to defer any tranche of vesting restricted stock units until termination of service on the Board of Directors. For awards granted prior to January 2008, one-third of the restricted stock units vested on the third anniversary of the grant date, and the remaining two-thirds of the restricted stock units vested upon termination of the holder’s service on the Board of Directors; the holder could also elect to defer delivery of the initial one-third of the restricted stock units until termination of service on the Board of Directors. In the event of termination of a holder’s service on the Board of Directors prior to a vesting date, all restricted stock units of such holder will vest. All awards granted prior to December 31, 2007 are payable in shares of common stock or cash. In 2009, the option to have awards paid in cash was removed for awards granted in 2008 and future years. Awards that may be paid in cash are classified as liability awards due to their expected settlement in cash, and are included in accrued liabilities in the Consolidated Balance Sheets. Compensation expense for these awards is measured based upon the fair market value of the awards at the end of each reporting period. Awards payable only in shares are classified as equity awards due to their expected settlement in common stock. Compensation expense for these awards is measured based upon the fair market value of the awards at the date of grant. Dividend equivalents are accrued for shares awarded to the Board of Directors and paid in the form of cash. | |||||||||||||||||
The Company has granted performance share unit awards to certain executive officers during the years ended December 31, 2013, 2012 and 2011. Distributions under these awards are payable at the end of their respective performance periods (December 31, 2015, 2014 and 2013) in common stock or cash, at the Company’s discretion. The number of share units awarded can range from zero to 100%, depending on achievement of a targeted performance metric. These awards are subject to forfeiture upon termination by the Company under certain circumstances prior to vesting. The Company expenses the cost of the performance share unit awards based on the fair market value of the awards at the date of grant and the estimated achievement of the performance metric, ratably over the performance period of three years. | |||||||||||||||||
Stock Options | |||||||||||||||||
There were no options granted during the year ended December 31, 2013. The Company granted 1,221,000 and 200,000 stock options with grant date fair market values of $2.96 and $4.39 during the years ended December 31, 2012 and 2011, respectively. The fair market value of each stock option award was estimated based on the assumptions below as of the grant date using the Black-Scholes-Merton option pricing model. | |||||||||||||||||
The assumptions used to determine the fair market value of the stock options granted during the years ended December 31, 2012 and 2011 were as follows: | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Expected volatility | 39.71 | % | 36.69 | % | |||||||||||||
Risk-free interest rate | 1.18 | % | 2.54 | % | |||||||||||||
Expected life (years) | 6.25 | 6.25 | |||||||||||||||
Expected dividend yield | 5.06 | % | 4.57 | % | |||||||||||||
Stock option awards as of December 31, 2012 and 2013, and changes during the year ended December 31, 2013, were as follows: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Under | Average | Average | Intrinsic Value | ||||||||||||||
Option | Exercise | Remaining | (millions) | ||||||||||||||
(thousands) | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Outstanding at December 31, 2012 | 4,726 | $ | 18.9 | 6.2 | $ | 2.1 | |||||||||||
Exercised | (203 | ) | 10.57 | ||||||||||||||
Cancelled/forfeited/expired | (384 | ) | 17.94 | ||||||||||||||
Outstanding at December 31, 2013 | 4,139 | 19.39 | 5.6 | 21.2 | |||||||||||||
Vested and expected to vest at December 31, 2013 | 4,098 | 19.46 | 5.6 | 20.9 | |||||||||||||
Exercisable at December 31, 2013 | 1,774 | $ | 11.7 | 5.9 | $ | 15.2 | |||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2013 and 2012, respectively, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on December 31, 2013 and 2012. This amount will change in future periods based on the fair market value of the Company’s stock and the number of options outstanding. Total intrinsic value of options exercised for the years ended December 31, 2013, 2012 and 2011 was $0.7 million, $1.2 million and $1.0 million, respectively. | |||||||||||||||||
Compensation expense related to stock options for the years ended December 31, 2013, 2012 and 2011 was $1.5 million, $3.2 million and $2.7 million, respectively. As of December 31, 2013, $1.7 million of total unrecognized compensation expense related to stock options is expected to be recognized over a weighted average period of 1.9 years. | |||||||||||||||||
Cash received from the option exercises for the year ended December 31, 2013, 2012 and 2011 was $2.2 million, $1.4 million and $1.0 million, respectively. The actual tax benefit realized for the tax deduction from option exercises totaled $0.3 million, $0.5 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Excess tax benefits on stock option exercises, shown as financing cash inflows as a component of issuance of common stock in the Consolidated Statements of Cash Flows, were $0.2 million, $0.4 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Nonvested restricted stock unit awards as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013 were as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
(thousands) | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at December 31, 2012 | 3,246 | $ | 11.85 | ||||||||||||||
Granted | 1,402 | 9.7 | |||||||||||||||
Vested | (2,023 | ) | 10.25 | ||||||||||||||
Forfeited | (130 | ) | 11.04 | ||||||||||||||
Nonvested at December 31, 2013 | 2,495 | $ | 11.97 | ||||||||||||||
Compensation expense related to restricted stock units was $15.9 million, $21.0 million and $24.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, there was $14.3 million of unrecognized share-based compensation expense related to approximately 2.4 million restricted stock unit awards, with a weighted-average grant date fair value of $12.03, that are expected to vest over a weighted-average period of 2.2 years. The fair value of these awards was determined based on the Company’s stock price on the grant date reduced by the present value of expected dividends through the vesting period. | |||||||||||||||||
Excess tax benefits on restricted stock units that vested, shown as financing cash inflows as a component of issuance of common stock in the Consolidated Statements of Cash Flows, were $2.1 million, $3.2 million and $5.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Performance Share Units | |||||||||||||||||
Nonvested performance share unit awards as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013, were as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
(thousands) | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at December 31, 2012 | 468 | $ | 12.84 | ||||||||||||||
Granted | 485 | 8.85 | |||||||||||||||
Nonvested at December 31, 2013 | 953 | $ | 10.81 | ||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, 485,000, 233,000 and 235,000 performance share unit awards were granted to certain executive officers, payable upon the achievement of certain established performance targets. The performance periods for the shares awarded during the years ended December 31, 2013, 2012 and 2011 are January 1, 2013 through December 31, 2015, January 1, 2012 through December 31, 2014 and January 1, 2011 through December 31, 2013, respectively. Distributions under these awards are payable at the end of the performance period in common stock or cash, at the Company’s discretion. The total potential payouts for awards granted during the years ended December 31, 2013, 2012 and 2011 range from 242,500 to 485,000 shares, 116,500 to 233,000 shares and 117,500 to 235,000 shares, respectively, should certain performance targets be achieved. The fair value of these awards was determined on the date of grant based on the Company’s stock price reduced by the present value of expected dividends through the vesting period. These awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death, permanent disability or retirement of the grantee or a change in control of the Company. | |||||||||||||||||
Compensation expense for the awards granted in 2013 and 2012 is currently being recognized based on the maximum estimated payout of 485,000 and 233,000 shares, for each respective period. Compensation expense for awards granted during 2011 was recognized based on the achieved payout of 55%, or 129,463 shares, which are expected to be distributed during the first quarter of 2014. Compensation expense related to performance share unit awards for the years ended December 31, 2013, 2012 and 2011 was $2.5 million, $1.2 million and $1.2 million, respectively. As of December 31, 2013, there was $3.7 million of unrecognized compensation expense related to performance share unit awards, which is expected to be recognized over a weighted average period of 1.8 years. | |||||||||||||||||
Board of Directors Liability Awards | |||||||||||||||||
At December 31, 2013, 2012 and 2011, approximately 124,599, 147,263 and 147,263 restricted stock units issued to directors were outstanding for liability awards, respectively. For the years ended December 31, 2013, 2012 and 2011, the compensation expense recorded for these awards was expense of $2.2 million, income of $0.2 million and expense of $0.1 million, respectively. The Board of Directors equity awards are included above in the section “Restricted Stock Units.” | |||||||||||||||||
Other Information | |||||||||||||||||
Authorized unissued shares or treasury shares may be used for issuance under the Company’s share-based compensation plans. The Company intends to use treasury shares of its common stock to meet the stock requirements of its awards in the future. On May 3, 2011, the Company’s Board of Directors approved a share repurchase program, which authorized the repurchase of up to $1.0 billion of the Company’s common stock through December 31, 2012 and terminated its existing authorization of October 29, 2008 for the repurchase of up to 10 million shares. During the year ended December 31, 2011, the Company purchased 29.2 million shares of its common stock at a total cost of $500.0 million under the ASR (see Note 15) entered into on May 5, 2011. No shares were repurchased for the years ended December 31, 2013 and 2012, however, shares were withheld for tax liabilities upon the vesting of equity awards. |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock | ' |
Note 18. Preferred Stock | |
The Company has two million shares of $1.00 par value preferred stock authorized for issuance. The Board of Directors 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. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||
Note 19. Segment Information | |||||||||||||||||||||||||||||
The Company operates primarily in the print and related services industry, with product and service offerings designed to offer customers complete solutions for communicating their messages to target audiences. | |||||||||||||||||||||||||||||
During the fourth quarter of 2013, management changed the Company’s reportable segments to reflect changes in the management reporting structure of the organization and the manner in which the chief operating decision maker regularly assesses information for decision-making purposes, including allocation of resources. The revised reporting structure includes four operating segments: “Publishing and Retail Services,” “Variable Print,” “Strategic Services,” and “International.” All prior periods have been reclassified to conform to the current reporting structure. | |||||||||||||||||||||||||||||
The Company’s segments and their product and service offerings are summarized below: | |||||||||||||||||||||||||||||
Publishing and Retail Services | |||||||||||||||||||||||||||||
The Publishing and Retail Services segment’s primary product offerings include magazines, catalogs, retail inserts, books, directories and packaging. | |||||||||||||||||||||||||||||
The Publishing and Retail Services segment accounted for 26.5% of the Company’s consolidated net sales in 2013. | |||||||||||||||||||||||||||||
Variable Print | |||||||||||||||||||||||||||||
The Variable Print segment includes the Company’s U.S. short-run and transactional printing operations. This segment’s primary product offerings include commercial and digital print, direct mail, labels, statement printing, office products, forms and packaging. | |||||||||||||||||||||||||||||
The Variable Print segment accounted for 24.7% of the Company’s consolidated net sales in 2013. | |||||||||||||||||||||||||||||
Strategic Services | |||||||||||||||||||||||||||||
The Strategic Services segment includes the Company’s financial print products and related services, logistics services, digital and creative solutions and print management offerings. | |||||||||||||||||||||||||||||
The Strategic Services segment accounted for 23.4% of the Company’s consolidated net sales in 2013. | |||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||
The International segment includes the Company’s non-U.S. printing operations in Asia, Europe, Latin America and Canada. This segment’s product and service offerings include magazines, catalogs, retail inserts, books, directories, direct mail, packaging, forms, labels, manuals, statement printing, commercial and digital print, logistics services and digital and creative solutions. Additionally, this segment includes the Company’s business process outsourcing and Global Turnkey Solutions operations. Business process outsourcing provides transactional print and outsourcing services, statement printing, direct mail and print management offerings through its operations in Europe, Asia and North America. Global Turnkey Solutions provides outsourcing capabilities, including product configuration, customized kitting and order fulfillment for technology, medical device and other companies around the world through its operations in Europe, North America and Asia. | |||||||||||||||||||||||||||||
The International segment accounted for 25.4% of the Company’s consolidated net sales in 2013. | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Corporate consists of unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, communications, certain facility costs and LIFO inventory provisions. In addition, certain costs and earnings of employee benefit plans, such as pension and other postretirement benefits plan expense and share-based compensation, are included in Corporate and not allocated to the operating segments. Corporate also manages the Company’s cash pooling structures, which enables participating international locations to draw on the Company’s overseas cash resources to meet local liquidity needs. | |||||||||||||||||||||||||||||
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 | Intersegment | Net | Income | Assets of | Depreciation | Capital | |||||||||||||||||||||||
Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | |||||||||||||||||||||||
from | Amortization | ||||||||||||||||||||||||||||
Operations | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,777.70 | $ | (2.9 | ) | $ | 2,774.80 | $ | 109.6 | $ | 1,369.60 | $ | 166 | $ | 57.7 | ||||||||||||||
Variable Print | 2,650.70 | (57.9 | ) | 2,592.80 | 197.9 | 1,567.10 | 103.4 | 63.4 | |||||||||||||||||||||
Strategic Services | 2,587.70 | (134.7 | ) | 2,453.00 | 232.8 | 1,355.60 | 58.4 | 34.9 | |||||||||||||||||||||
International | 2,746.90 | (87.2 | ) | 2,659.70 | 147.3 | 2,060.00 | 102.5 | 50.8 | |||||||||||||||||||||
Total operating segments | 10,763.00 | (282.7 | ) | 10,480.30 | 687.6 | 6,352.30 | 430.3 | 206.8 | |||||||||||||||||||||
Corporate | — | — | — | (107.9 | ) | 885.9 | 5.5 | 9.8 | |||||||||||||||||||||
Total operations | $ | 10,763.00 | $ | (282.7 | ) | $ | 10,480.30 | $ | 579.7 | $ | 7,238.20 | $ | 435.8 | $ | 216.6 | ||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,938.30 | $ | (18.8 | ) | $ | 2,919.50 | $ | (659.4 | ) | $ | 1,517.80 | $ | 213.5 | $ | 57.8 | |||||||||||||
Variable Print | 2,697.50 | (60.3 | ) | 2,637.20 | 202.1 | 1,616.00 | 103.8 | 42.7 | |||||||||||||||||||||
Strategic Services | 2,210.20 | (144.8 | ) | 2,065.40 | 59 | 1,404.30 | 52.3 | 39.9 | |||||||||||||||||||||
International | 2,678.60 | (78.8 | ) | 2,599.80 | 91.6 | 2,192.10 | 105.8 | 43.9 | |||||||||||||||||||||
Total operating segments | 10,524.60 | (302.7 | ) | 10,221.90 | (306.7 | ) | 6,730.20 | 475.4 | 184.3 | ||||||||||||||||||||
Corporate | — | — | — | (63.1 | ) | 532.5 | 6.2 | 21.6 | |||||||||||||||||||||
Total operations | $ | 10,524.60 | $ | (302.7 | ) | $ | 10,221.90 | $ | (369.8 | ) | $ | 7,262.70 | $ | 481.6 | $ | 205.9 | |||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 3,205.20 | $ | (30.1 | ) | $ | 3,175.10 | $ | 227.6 | $ | 2,529.50 | $ | 240.2 | $ | 51.7 | ||||||||||||||
Variable Print | 2,825.80 | (61.8 | ) | 2,764.00 | (204.7 | ) | 1,651.80 | 135.7 | 54.2 | ||||||||||||||||||||
Strategic Services | 2,196.10 | (137.3 | ) | 2,058.80 | 180.6 | 1,541.60 | 48.2 | 34.6 | |||||||||||||||||||||
International | 2,682.80 | (69.7 | ) | 2,613.10 | 23.6 | 2,213.80 | 116.2 | 91.1 | |||||||||||||||||||||
Total operating segments | 10,909.90 | (298.9 | ) | 10,611.00 | 227.1 | 7,936.70 | 540.3 | 231.6 | |||||||||||||||||||||
Corporate | — | — | — | (161.9 | ) | 345 | 9.6 | 19.3 | |||||||||||||||||||||
Total operations | $ | 10,909.90 | $ | (298.9 | ) | $ | 10,611.00 | $ | 65.2 | $ | 8,281.70 | $ | 549.9 | $ | 250.9 | ||||||||||||||
Corporate assets primarily consisted of the following items at December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 494.9 | $ | (137.2 | ) | $ | (138.1 | ) | |||||||||||||||||||||
Current and deferred income tax assets net of valuation allowances | 39.2 | 324.5 | 152.7 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 61.7 | 60.7 | 81.8 | ||||||||||||||||||||||||||
Software, net | 71.1 | 71.8 | 53.1 | ||||||||||||||||||||||||||
Deferred compensation plan assets | 63 | 57.2 | 50.6 | ||||||||||||||||||||||||||
LIFO reserves | (92.0 | ) | (92.1 | ) | (96.4 | ) | |||||||||||||||||||||||
Restructuring, impairment and other charges by segment for 2013, 2012 and 2011 are described in Note 3. |
Geographic_Area_and_Products_a
Geographic Area and Products and Services Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Geographic Area and Products and Services Information | ' | ||||||||||||||||||||
Note 20. Geographic Area and Products and Services Information | |||||||||||||||||||||
The table below presents net sales and long-lived assets by geographic region. The amounts in this table differ from the segment data presented in Note 19 because each operating segment includes operations in multiple geographic regions, based on the Company’s management reporting structure. | |||||||||||||||||||||
U.S. | Europe | Asia | Other | Combined | |||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 7,866.20 | $ | 975.2 | $ | 841.5 | $ | 797.4 | $ | 10,480.30 | |||||||||||
Long-lived assets(a) | 1,435.70 | 160.7 | 152.2 | 175.8 | 1,924.40 | ||||||||||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 7,719.90 | $ | 1,025.80 | $ | 733 | $ | 743.2 | $ | 10,221.90 | |||||||||||
Long-lived assets(a) | 1,915.40 | 181.4 | 167.7 | 201.5 | 2,466.00 | ||||||||||||||||
2011 | |||||||||||||||||||||
Net sales | $ | 8,073.10 | $ | 1,067.60 | $ | 668 | $ | 802.3 | $ | 10,611.00 | |||||||||||
Long-lived assets(a) | 1,902.70 | 207.3 | 164.2 | 226.5 | 2,500.70 | ||||||||||||||||
(a) | Includes net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. | ||||||||||||||||||||
_____________________ | |||||||||||||||||||||
The following table summarizes net sales by the Company’s products and services categories for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Products and services(a) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net Sales | Net Sales | Net Sales | |||||||||||||||||||
Magazines, catalogs and retail inserts | $ | 2,370.00 | $ | 2,445.10 | $ | 2,468.40 | |||||||||||||||
Direct mail | 571.7 | 559.9 | 592.4 | ||||||||||||||||||
Statements | 666 | 747.4 | 729.9 | ||||||||||||||||||
Books | 1,202.20 | 1,117.00 | 1,314.00 | ||||||||||||||||||
Directories | 225.8 | 294.1 | 356.3 | ||||||||||||||||||
Forms | 491.9 | 480.5 | 524 | ||||||||||||||||||
Labels | 488.1 | 463.4 | 503.8 | ||||||||||||||||||
Commercial and digital print | 966.4 | 1,021.10 | 1,108.50 | ||||||||||||||||||
Financial print | 775.1 | 747.4 | 893.2 | ||||||||||||||||||
Packaging and related products | 464.3 | 407 | 373 | ||||||||||||||||||
Global Turnkey Solutions | 305.4 | 289.7 | 290.9 | ||||||||||||||||||
Office products | 238.9 | 262.5 | 220.7 | ||||||||||||||||||
Total products | 8,765.80 | 8,835.10 | 9,375.10 | ||||||||||||||||||
Logistics services | 1,105.90 | 786.7 | 706.8 | ||||||||||||||||||
Financial print related services | 230.2 | 212.9 | 161.3 | ||||||||||||||||||
Business process outsourcing | 188.8 | 211 | 203.2 | ||||||||||||||||||
Digital and creative solutions | 189.6 | 176.2 | 164.6 | ||||||||||||||||||
Total services | 1,714.50 | 1,386.80 | 1,235.90 | ||||||||||||||||||
Total net sales | $ | 10,480.30 | $ | 10,221.90 | $ | 10,611.00 | |||||||||||||||
(a) | Certain prior year amounts were restated to conform to the Company’s current products and services categories. | ||||||||||||||||||||
____________________ | |||||||||||||||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements | ' |
Note 21. New Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-01 “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects” (“ASU 2014-01”), which modifies the criteria an entity must meet in order to account for its investments in qualified affordable housing projects using the proportional amortization method. ASU 2014-01 will be effective for the Company in the first quarter of 2015. The adoption of ASU 2014-01 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”), which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. ASU 2013-11 will be effective for the Company in the first quarter of 2014. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-10 “Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes” (“ASU 2013-10”), which permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes and removes the restriction on using different benchmark rates for similar hedges. ASU 2013-10 was effective for and adopted by the Company in the third quarter of 2013 and did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In March 2013, the FASB issued Accounting Standards Update No. 2013-05 “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”), which requires the release of cumulative translation adjustments into net income when an entity ceases to have a controlling financial interest resulting in the complete or substantially complete liquidation of a subsidiary or group of assets within a foreign entity. ASU 2013-05 will be effective for the Company in the first quarter of 2014. The adoption of ASU 2013-05 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-04 “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date” (“ASU 2013-04”), which requires the measurement of joint and several liability arrangements, when the total amount of the obligation is fixed as of the reporting date, as the sum of the amount the entity has agreed to pay as well as any additional amounts expected to be paid on behalf of co-obligors. ASU 2013-04 will be effective for the Company in the first quarter of 2014. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In December 2011, the FASB issued Accounting Standards Update No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), which requires disclosures of gross and net information about financial and derivative instruments eligible for offset in the statement of financial position or subject to a master netting agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), which narrows the scope of the disclosure requirements to derivatives, securities borrowings, and securities lending transactions that are either offset or subject to a master netting arrangement. ASU 2011-11 and ASU 2013-01 were effective for and adopted by the Company in the first quarter of 2013 and required additional disclosures, but otherwise did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In June 2011, the FASB issued Accounting Standards Update No. 2011-05 “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”), which prohibits the presentation of other comprehensive income in the statement of changes in stockholders’ equity and requires the presentation of net income, items of other comprehensive income and total comprehensive income in one continuous statement or two separate but consecutive statements. In December 2011, the FASB issued Accounting Standards Update No. 2011-12 “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05” (“ASU 2011-12”), which deferred the requirement to present reclassification adjustments for each component of other comprehensive income on the face of the financial statements. In February 2013, the FASB issued Accounting Standards Update No. 2013-02 “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), which requires disclosures of the amounts reclassified out of accumulated other comprehensive income by component, including the respective line items of net income if the amount is required to be reclassified to net income in its entirety in the same reporting period. ASU 2011-05 and 2011-12 were effective for and adopted by the Company in the first quarter of 2012 and ASU 2013-02 was effective and adopted by the Company in the first quarter of 2013. The ASUs have impacted the Company’s financial statement presentation and disclosures, but otherwise did not impact the Company’s consolidated financial position, results of operations or cash flows. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Note 22. Subsequent Events | |
On January 31, 2014, the Company acquired Consolidated Graphics, a provider of digital and commercial printing, fulfillment services, print management and proprietary Internet-based technology solutions with operations in North America, Europe and Asia. The purchase price for Consolidated Graphics was $359.9 million in cash and 16.0 million shares of RR Donnelley common stock, or a total transaction value of $660.6 million based on the Company’s closing share price on January 30, 2014, plus the assumption of Consolidated Graphics’ debt. Immediately following the acquisition, the Company repaid the debt assumed. Consolidated Graphics’ operations will be included in the Variable Print segment. The Company is still in process of completing the purchase price allocation. | |
On January 6, 2014, the Company announced that it had entered into a definitive agreement to acquire substantially all of the North American operations of Esselte Corporation (“Esselte”). The purchase price includes a combination of cash and up to 1.0 million shares of RR Donnelley common stock for a total transaction value of approximately $96.5 million. Esselte is a developer and manufacturer of nationally branded and private label office and stationery products. The completion of the transaction is subject to customary closing conditions. Esselte’s operations will be included in the Variable Print segment. | |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Operations | ' |
Nature of Operations —The Company helps organizations communicate more effectively by working to create, manage, produce, distribute and process content on behalf of our customers. The Company assists customers in developing and executing multichannel communication strategies that engage audiences, reduce costs, drive revenues and increase compliance. R.R. Donnelley’s innovative technologies, enhance digital and print communications to deliver integrated messages across multiple media to highly targeted audiences at optimal times for clients in virtually every private and public sector. Strategically located operations provide local service and responsiveness while leveraging the economic, geographic and technological advantages of a global organization. | |
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, inventory obsolescence, asset valuations and useful lives, employee benefits, self-insurance reserves, taxes, restructuring 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 (loss). Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be permanently reinvested. Throughout the three years ended December 31, 2013, the three-year cumulative inflation for Venezuela using the blended Consumer Price Index and National Consumer Price Index exceeded 100%. As a result, Venezuela’s economy is considered highly inflationary and the financial statements of the Company’s Venezuelan entities are remeasured as if the functional currency were the U.S. Dollar. Consistent with historical practices and the Company’s future intent, the financial statements were remeasured based on the official rate determined by the government of Venezuela. On February 8, 2013, the government of Venezuela changed its primary fixed exchange rate from 4.3 Bolivars per U.S. Dollar to 6.3 Bolivars per U.S. Dollar, devaluing the Bolivar by 32%. This devaluation resulted in a pre-tax loss of $3.2 million ($2.0 million after-tax) and a reduction in income attributable to noncontrolling interests of $1.0 million. | |
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 foreign exchange forward contracts, interest rate swaps, pension plan assets and other postretirement plan assets on a recurring basis. 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, short-term debt 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 recognizes revenue for the majority of its products upon transfer of title and the passage of the risk of ownership, which is generally upon shipment to the customer. Contracts generally specify F.O.B. shipping point terms. Under agreements with certain customers, custom products may be stored by the Company for future delivery. In these situations, the Company may also receive a logistics or warehouse management fee for the services it provides. In certain of these cases, delivery and billing schedules are outlined in the customer agreement and product revenue is recognized when manufacturing is complete, title and risk of ownership transfer to the customer, and there is a reasonable assurance as to collectability. Because the majority of products are customized, product returns are not significant; however, the Company accrues for the estimated amount of customer credits at the time of sale. | |
During the year ended December 31, 2012, the Company identified and recognized $22.7 million, of which $19.8 million was recognized in the first quarter of 2012, to correct an over-accrual for rebates owed to certain office products customers, which understated accounts receivable and net sales during the years 2008 through 2011. Following qualitative and quantitative review, the Company concluded that the over-accrual was not material to any prior period, to the full year 2012, or the trend of annual operating results. | |
Revenue from services is recognized as services are performed. For the Company’s logistics operations, whose operations include the delivery of printed material and other products, the Company recognizes revenue upon completion of the delivery of services. Within the Company’s financial operations, which serve the global financial services end market, the Company files highly customized materials such as regulatory S-filings and initial public offerings with the SEC on behalf of its customers, and performs XBRL and EDGAR-related services. Revenue is recognized for these services upon completion of the service performed or following final delivery of the related printed product. Within the Company’s business process outsourcing operations, the Company provides various outsourcing services. Depending on the nature of the service performed, revenue is recognized for outsourcing services either as services are rendered or upon completion of the service. Revenues related to the Company’s digital and creative solutions operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer. | |
The Company records deferred revenue in situations where amounts are invoiced but the revenue recognition criteria outlined above are not met. Such revenue is recognized when all criteria are subsequently met. | |
Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for third-party shipping and handling costs as well as certain postage costs, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross. In the Company’s Global Turnkey Solutions operations, contracts are evaluated using various criteria to determine if revenue for components and other materials should be recognized on a gross or net basis. In general, these revenues are recognized on a gross basis if the Company has control over selecting vendors and pricing, is the primary obligor in the arrangement, bears all credit risk and bears the risk of loss for inventory in its possession. Revenue from contracts that do not meet these criteria is recognized on a net basis. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper, but revenues for Company-supplied paper are recognized on a gross basis. | |
The Company records taxes collected from customers and remitted to governmental authorities on a net basis. | |
By-Product Recoveries | ' |
By-product recoveries —The Company records the sale of by-products as a reduction of cost of sales. | |
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, notes receivable and miscellaneous receivables from suppliers. No single customer comprised more than 10% of the Company’s consolidated net sales in 2013, 2012 or 2011. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. See Note 5 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 and finished goods. 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. The cost of 65.2% and 64.0% of the inventories at December 31, 2013 and 2012, respectively, has been determined using the Last-In, First-Out (LIFO) method. This method reflects the effect of inventory replacement costs within results of operations; accordingly, charges to cost of sales reflect recent costs of material, labor and factory overhead. The Company uses an external-index method of valuing LIFO inventories. The remaining inventories, primarily related to certain acquired and international operations, are valued using the First-In, First-Out (FIFO) or specific identification methods. | |
Long-lived Assets | ' |
Long-lived Assets —The Company assesses potential impairments to its long-lived assets if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are reviewed annually for impairment, or more frequently, if events or changes in circumstances indicate that the carrying value 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 and other intangible assets, that are held for sale 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. | |
Goodwill | ' |
Goodwill —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 value. The annual goodwill impairment test, as of October 31, 2013, was performed based on the fifteen reporting units identified under the Company’s previous organization structure prior to the reorganization of the Company’s reportable segments in the fourth quarter of 2013 (the “Previous Organization Structure”). | |
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 remaining reporting units, the Company compares 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 value. If the carrying value exceeds the reporting unit’s fair value, the Company performs an additional fair value measurement calculation to determine the impairment loss, which is charged to operations in the period identified. See Note 3 for further discussion. | |
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. In the Company’s interim review for indicators of impairment as of December 31, 2013, under the Company’s current reporting structure, management concluded that there were no indicators that the fair value of any of the reporting units with goodwill was more likely than not below its carrying value. | |
Amortization | ' |
Amortization —Certain costs to acquire and develop internal-use computer software are capitalized and amortized over their estimated useful life using the straight-line method, up to a maximum of five years. Amortization expense, primarily related to internally-developed software and excluding amortization expense related to other intangible assets, was $34.1 million, $26.6 million and $21.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Deferred debt issuance costs are amortized over the term of the related debt. Other intangible assets, except for those intangible assets with indefinite lives, are recognized apart from goodwill and are amortized over their estimated useful lives. Other intangible assets with indefinite lives are not amortized. See Note 4 for further discussion of other intangible assets and the related amortization expense. | |
Financial Instruments | ' |
Financial Instruments —The Company uses derivative financial instruments to hedge exposures to interest rate and foreign exchange fluctuations in the ordinary course of business. | |
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded in comprehensive income (loss), net of applicable income taxes, or in the results of operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the results of operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the results of operations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is recognized currently in the results of operations. | |
The Company’s foreign exchange forward contracts and interest rate swaps are subject to enforceable master netting agreements that allow the Company to settle positive and negative positions with the respective counterparties. The Company settles foreign exchange forward contracts on a net basis when possible. Foreign exchange forward contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. | |
See Note 14 for further discussion. | |
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 stock options, restricted stock units and performance share units. The Company recognizes compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. See Note 17 for further discussion. | |
Pension and Other Postretirement Benefits Plans | ' |
Pension and Other Postretirement Benefits Plans —The Company records annual income and expense amounts relating to its pension and other postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. 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 effect 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. See Note 11 for further discussion. | |
Taxes on Income | ' |
Taxes on Income —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 recognizes deferred tax liabilities related to local taxes on certain foreign earnings that are not considered to be permanently reinvested. Certain other cash balances of foreign subsidiaries may be subject to U.S. or local country taxes if repatriated to the U.S. and repatriation of some foreign cash balances is further restricted by local laws. Management regularly evaluates whether foreign earnings are expected to be permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the Company and its foreign subsidiaries. Changes in economic and business conditions, foreign or U.S. tax laws, or the Company’s financial situation could result in changes to these judgments and the need to record additional tax liabilities. | |
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., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although management believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is reflected in the Company’s financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. See Note 12 for further discussion. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss) —Comprehensive income (loss) for the Company consists of net earnings (loss), unrecognized actuarial gains and losses, prior service cost for pension and other postretirement benefit plans, changes in the fair value of certain derivative financial instruments and foreign currency translation adjustments. See Note 16 for further discussion. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value, Valuation Techniques and Related Unobservable Inputs of Level Three | ' | |||||||||||
The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2013 and 2012: | ||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||
2013 | ||||||||||||
Customer relationships | $ | — | With and without method | Discount rate | 16.00% | |||||||
2012 | ||||||||||||
Customer relationships | $ | 3.1 | Excess earnings | Discount rate | 12.5% - 15.0% | |||||||
Attrition rate | 2.0% - 15.9% | |||||||||||
Presort, Meisel, XPO and EDGAR Online Acquisitions | ' | |||||||||||
Schedule of Purchase Price Allocation for Acquisitions | ' | |||||||||||
Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | ||||||||||||
Accounts receivable | $ | 18.3 | ||||||||||
Inventories | 2 | |||||||||||
Prepaid expenses and other current assets | 4.3 | |||||||||||
Property, plant and equipment | 10.4 | |||||||||||
Amortizable other intangible assets | 37.5 | |||||||||||
Other noncurrent assets | 15.1 | |||||||||||
Goodwill | 55.6 | |||||||||||
Accounts payable and accrued liabilities | (21.5 | ) | ||||||||||
Other noncurrent liabilities | (0.1 | ) | ||||||||||
Deferred taxes-net | 10.4 | |||||||||||
Total purchase price-net of cash acquired | 132 | |||||||||||
Less: debt assumed | 1.4 | |||||||||||
Less: fair value of contingent consideration | 3.5 | |||||||||||
Net cash paid | $ | 127.1 | ||||||||||
Fair Value, Valuation Techniques and Related Unobservable Inputs of Level Three | ' | |||||||||||
The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements: | ||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||
Customer relationships | $ | 31.4 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | |||||||
Attrition rate | ||||||||||||
7.0% - 20.0% | ||||||||||||
Technology | 14.5 | Excess earnings, relief-from-royalty method, cost approach | Discount rate | 16.0% - 17.0% | ||||||||
Obsolescence factor | ||||||||||||
Royalty rate (after-tax) | 10.0% - 20.0% | |||||||||||
4.50% | ||||||||||||
Trade names | 3.5 | Relief-from-royalty method | Discount rate | 15.5% - 17.0% | ||||||||
Royalty rate (after-tax) | ||||||||||||
0.3% - 1.2% | ||||||||||||
Non-compete agreements | 2.6 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | ||||||||
Contingent consideration | 3.5 | Probability weighted discounted future cash flows | Discount rate | 4.50% | ||||||||
Stratus Genesis Libre Digital Sequence Helium And Journalism Online Acquisitions | ' | |||||||||||
Schedule of Purchase Price Allocation for Acquisitions | ' | |||||||||||
The Stratus, Genesis, LibreDigital, Sequence, Helium and Journalism Online acquisitions were recorded by allocating the cost of the acquisitions 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 acquisitions and the fair value of the previously-held investments in Helium and contingent consideration over the net amounts assigned to the fair value of the assets acquired was recorded as goodwill. The tax deductible goodwill related to these acquisitions was $46.7 million. Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | ||||||||||||
Accounts receivable | $ | 6 | ||||||||||
Inventories | 2.3 | |||||||||||
Prepaid expenses and other current assets | 0.4 | |||||||||||
Property, plant and equipment and other noncurrent assets | 16.8 | |||||||||||
Amortizable other intangible assets | 16.2 | |||||||||||
Goodwill | 117.6 | |||||||||||
Accounts payable and accrued liabilities | (8.2 | ) | ||||||||||
Other noncurrent liabilities | (2.9 | ) | ||||||||||
Deferred taxes-net | 14.2 | |||||||||||
Total purchase price-net of cash acquired | 162.4 | |||||||||||
Less: fair value of Company’s previously-held investments in Helium | 13.9 | |||||||||||
Less: fair value of contingent consideration | 6.8 | |||||||||||
Net cash paid | $ | 141.7 | ||||||||||
Restructuring_Impairment_and_O
Restructuring, Impairment and Other Charges (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Net Restructuring, Impairment and Other Charges | ' | |||||||||||||||||||||||||
Restructuring, Impairment and Other Charges Recognized in Results of Operations | ||||||||||||||||||||||||||
2013 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||||
Publishing and Retail Services | $ | 17 | $ | 14.1 | $ | 31.1 | $ | 12.3 | $ | 30.3 | $ | 73.7 | ||||||||||||||
Variable Print | 2.2 | 12.5 | 14.7 | 0.9 | — | 15.6 | ||||||||||||||||||||
Strategic Services | 2.8 | 2 | 4.8 | 6.3 | 8.1 | 19.2 | ||||||||||||||||||||
International | 14.3 | 3.6 | 17.9 | 1 | — | 18.9 | ||||||||||||||||||||
Corporate | 4.1 | 1.6 | 5.7 | 0.4 | — | 6.1 | ||||||||||||||||||||
Total | $ | 40.4 | $ | 33.8 | $ | 74.2 | $ | 20.9 | $ | 38.4 | $ | 133.5 | ||||||||||||||
2012 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||||
Publishing and Retail Services | $ | 13.3 | $ | 5.2 | $ | 18.5 | $ | 827.7 | $ | — | $ | 846.2 | ||||||||||||||
Variable Print | 14.2 | 5.6 | 19.8 | 9.8 | — | 29.6 | ||||||||||||||||||||
Strategic Services | 7.7 | 6 | 13.7 | 132.9 | — | 146.6 | ||||||||||||||||||||
International | 11 | 4 | 15 | 50.7 | — | 65.7 | ||||||||||||||||||||
Corporate | 20.4 | 4.5 | 24.9 | 5.5 | — | 30.4 | ||||||||||||||||||||
Total | $ | 66.6 | $ | 25.3 | $ | 91.9 | $ | 1,026.60 | $ | — | $ | 1,118.50 | ||||||||||||||
2011 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||||
Publishing and Retail Services | $ | 21.8 | $ | 12.3 | $ | 34.1 | $ | 18.7 | $ | — | $ | 52.8 | ||||||||||||||
Variable Print | 8.3 | 13.6 | 21.9 | 365.8 | — | 387.7 | ||||||||||||||||||||
Strategic Services | 20.2 | 27.1 | 47.3 | 24.6 | — | 71.9 | ||||||||||||||||||||
International | 18.1 | 5.3 | 23.4 | 119.7 | — | 143.1 | ||||||||||||||||||||
Corporate | 8.3 | 1.3 | 9.6 | 2.7 | — | 12.3 | ||||||||||||||||||||
Total | $ | 76.7 | $ | 59.6 | $ | 136.3 | $ | 531.5 | $ | — | $ | 667.8 | ||||||||||||||
Restructuring Reserve | ' | |||||||||||||||||||||||||
The restructuring reserve as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013, were as follows: | ||||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | December 31, | ||||||||||||||||||||||
2012 | Charges | Exchange and | Paid | 2013 | ||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Employee terminations | $ | 23.4 | $ | 40.4 | $ | (2.1 | ) | $ | (42.0 | ) | $ | 19.7 | ||||||||||||||
Multi-employer pension plan withdrawal obligations | 25.1 | 14.7 | — | (3.0 | ) | 36.8 | ||||||||||||||||||||
Lease terminations and other | 30 | 19.1 | 1.1 | (29.1 | ) | 21.1 | ||||||||||||||||||||
Total | $ | 78.5 | $ | 74.2 | $ | (1.0 | ) | $ | (74.1 | ) | $ | 77.6 | ||||||||||||||
The restructuring reserve as of December 31, 2012 and 2011, and changes during the year ended December 31, 2012, were as follows: | ||||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash Paid | December 31, | ||||||||||||||||||||||
2011 | Charges | Exchange and | 2012 | |||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Employee terminations | $ | 27.2 | $ | 66.6 | $ | (1.7 | ) | $ | (68.7 | ) | $ | 23.4 | ||||||||||||||
Multi-employer pension withdrawal obligations | 27.9 | (0.4 | ) | — | (2.4 | ) | 25.1 | |||||||||||||||||||
Lease terminations and other | 32.6 | 25.7 | 2 | (30.3 | ) | 30 | ||||||||||||||||||||
Total | $ | 87.7 | $ | 91.9 | $ | 0.3 | $ | (101.4 | ) | $ | 78.5 | |||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Publishing and Retail Services | Variable Print | Strategic | International | Total | |||||||||||||||||||||
Services | |||||||||||||||||||||||||
Net book value at January 1, 2012 | |||||||||||||||||||||||||
Goodwill | $ | 688.6 | $ | 1,629.40 | $ | 959.1 | $ | 1,243.90 | $ | 4,521.00 | |||||||||||||||
Accumulated impairment losses | — | (1,101.5 | ) | (113.7 | ) | (1,083.7 | ) | (2,298.9 | ) | ||||||||||||||||
Total | 688.6 | 527.9 | 845.4 | 160.2 | 2,222.10 | ||||||||||||||||||||
Acquisitions | — | 9.5 | 48.4 | — | 57.9 | ||||||||||||||||||||
Foreign exchange and other adjustments | (0.6 | ) | (0.1 | ) | 0.2 | 5.3 | 4.8 | ||||||||||||||||||
Impairment charges | (669.9 | ) | (3.7 | ) | (129.9 | ) | (44.9 | ) | (848.4 | ) | |||||||||||||||
Net book value at December 31, 2012 | |||||||||||||||||||||||||
Goodwill | 688 | 1,638.80 | 1,007.50 | 1,286.40 | 4,620.70 | ||||||||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (243.4 | ) | (1,165.8 | ) | (3,184.3 | ) | |||||||||||||||
Total | 18.1 | 533.6 | 764.1 | 120.6 | 1,436.40 | ||||||||||||||||||||
Foreign exchange and other adjustments | — | (0.2 | ) | (2.2 | ) | 2.3 | (0.1 | ) | |||||||||||||||||
Net book value at December 31, 2013 | |||||||||||||||||||||||||
Goodwill | 688 | 1,638.60 | 1,005.40 | 1,275.90 | 4,607.90 | ||||||||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (243.5 | ) | (1,153.0 | ) | (3,171.6 | ) | |||||||||||||||
Total | $ | 18.1 | $ | 533.4 | $ | 761.9 | $ | 122.9 | $ | 1,436.30 | |||||||||||||||
Components of Other Intangible Assets | ' | ||||||||||||||||||||||||
The components of other intangible assets at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | ||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Customer relationships | $ | 728.8 | $ | (448.5 | ) | $ | 280.3 | $ | 731.1 | $ | (388.0 | ) | $ | 343.1 | |||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.1 | ) | 0.2 | |||||||||||||||||
Trademarks, licenses and agreements | 31.4 | (28.2 | ) | 3.2 | 31.7 | (26.1 | ) | 5.6 | |||||||||||||||||
Trade names | 27.1 | (12.8 | ) | 14.3 | 27.1 | (11.2 | ) | 15.9 | |||||||||||||||||
Total amortizable other intangible assets | 885.6 | (587.8 | ) | 297.8 | 888.2 | (523.4 | ) | 364.8 | |||||||||||||||||
Indefinite-lived trade names | 18.1 | — | 18.1 | 18.1 | — | 18.1 | |||||||||||||||||||
Total other intangible assets | $ | 903.7 | $ | (587.8 | ) | $ | 315.9 | $ | 906.3 | $ | (523.4 | ) | $ | 382.9 | |||||||||||
Additions to Intangible Assets | ' | ||||||||||||||||||||||||
The components of other intangible assets added during 2012 were as follows: | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amount | Weighted Average | ||||||||||||||||||||||||
Amortization Period | |||||||||||||||||||||||||
Customer relationships | $ | 31.4 | 6.5 | ||||||||||||||||||||||
Trade names | 3.5 | 1.7 | |||||||||||||||||||||||
Trademarks, licenses and agreements | 2.6 | 4.2 | |||||||||||||||||||||||
Total additions | $ | 37.5 | |||||||||||||||||||||||
Estimated Annual Amortization Expense Related to Intangible Assets | ' | ||||||||||||||||||||||||
The following table outlines the estimated annual amortization expense related to other intangible assets as of December 31, 2013: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
2014 | $ | 60.8 | |||||||||||||||||||||||
2015 | 58 | ||||||||||||||||||||||||
2016 | 39.1 | ||||||||||||||||||||||||
2017 | 32.7 | ||||||||||||||||||||||||
2018 | 27.5 | ||||||||||||||||||||||||
2019 and thereafter | 79.7 | ||||||||||||||||||||||||
Total | $ | 297.8 | |||||||||||||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Transactions Affecting Allowance for Doubtful Accounts | ' | ||||||||||||
Transactions affecting the allowance for doubtful accounts receivable during the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 49.6 | $ | 62.6 | $ | 71 | |||||||
Provisions charged to expense | 18.2 | 8.7 | 18.8 | ||||||||||
Write-offs and other | (23.0 | ) | (21.7 | ) | (27.2 | ) | |||||||
Balance, end of year | $ | 44.8 | $ | 49.6 | $ | 62.6 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of the Company's Inventories | ' | ||||||||
The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Raw materials and manufacturing supplies | $ | 212.6 | $ | 214.2 | |||||
Work in process | 145.2 | 158.8 | |||||||
Finished goods | 235.4 | 229.3 | |||||||
LIFO reserve | (92.0 | ) | (92.1 | ) | |||||
Total | $ | 501.2 | $ | 510.2 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Company's Property, Plant and Equipment | ' | ||||||||
The components of the Company’s property, plant and equipment at December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 94.3 | $ | 98.7 | |||||
Buildings | 1,160.60 | 1,167.00 | |||||||
Machinery and equipment | 6,024.00 | 6,022.70 | |||||||
7,278.90 | 7,288.40 | ||||||||
Accumulated depreciation | (5,848.8 | ) | (5,671.8 | ) | |||||
Total | $ | 1,430.10 | $ | 1,616.60 | |||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ' | |||||||||||||
The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||
2013 | Impairment | Fair Value | Net Book | |||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Long-lived assets held and used | $ | 4.2 | $ | 4.2 | $ | 4 | ||||||||
Long-lived assets held for sale or disposal | 14.8 | 20.2 | 18.5 | |||||||||||
Other intangible assets | 3.3 | — | — | |||||||||||
Total | $ | 22.3 | $ | 24.4 | $ | 22.5 | ||||||||
2012 | Impairment | Fair Value | Net Book | |||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Long-lived assets held and used | $ | 8 | $ | 9.8 | $ | 8.5 | ||||||||
Long-lived assets held for sale or disposal | 15.6 | 16.4 | 6.3 | |||||||||||
Goodwill | 848.4 | 18.1 | 18.1 | |||||||||||
Other intangible assets | 158 | 3.1 | 3.1 | |||||||||||
Total | $ | 1,030.00 | $ | 47.4 | $ | 36 | ||||||||
2011 | Impairment | Fair Value | Net Book | |||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Long-lived assets held and used | $ | 14.7 | $ | 68.8 | $ | 61.3 | ||||||||
Long-lived assets held for sale or disposal | 34.3 | 12.8 | 11.7 | |||||||||||
Goodwill | 392.3 | — | — | |||||||||||
Other intangible assets | 90.7 | 2.2 | 2.1 | |||||||||||
Total | $ | 532 | $ | 83.8 | $ | 75.1 | ||||||||
Fair Value, Valuation Techniques and Related Unobservable Inputs of Level Three | ' | |||||||||||||
The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2013 and 2012: | ||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||||
2013 | ||||||||||||||
Customer relationships | $ | — | With and without method | Discount rate | 16.00% | |||||||||
2012 | ||||||||||||||
Customer relationships | $ | 3.1 | Excess earnings | Discount rate | 12.5% - 15.0% | |||||||||
Attrition rate | 2.0% - 15.9% | |||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Accrued Liabilities | ' | ||||||||
The components of the Company’s accrued liabilities at December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Employee-related liabilities | $ | 284.6 | $ | 266.3 | |||||
Deferred revenue | 153.6 | 150.8 | |||||||
Restructuring liabilities | 32.3 | 35.8 | |||||||
Other | 344.3 | 372.3 | |||||||
Total accrued liabilities | $ | 814.8 | $ | 825.2 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Future Minimum Rental Commitments Under Operating Lease | ' | |||||
Future minimum rental commitments under operating leases are as follows: | ||||||
Year Ended December 31 | Amount | |||||
2014 | $ | 123.3 | ||||
2015 | 96.4 | |||||
2016 | 66.3 | |||||
2017 | 43 | |||||
2018 | 26.7 | |||||
2019 and thereafter | 94.4 | |||||
$ | 450.1 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense | ' | ||||||||||||||||||||||||||||||||
The components of the net periodic benefit (income) expense and total (income) expense were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 2.2 | $ | 5.9 | $ | 86.6 | $ | 7.3 | $ | 6.6 | $ | 8.2 | |||||||||||||||||||||
Interest cost | 178.2 | 189.2 | 192 | 16.2 | 18.4 | 22.7 | |||||||||||||||||||||||||||
Expected return on plan assets | (241.9 | ) | (262.6 | ) | (266.4 | ) | (11.8 | ) | (13.9 | ) | (14.8 | ) | |||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | (4.4 | ) | (19.7 | ) | (19.7 | ) | (12.5 | ) | |||||||||||||||||||||||
Amortization of actuarial loss (gain) | 50.5 | 32.1 | 50.1 | — | (0.1 | ) | 0.1 | ||||||||||||||||||||||||||
Curtailments | — | (3.7 | ) | (38.7 | ) | — | — | — | |||||||||||||||||||||||||
Settlements | 0.7 | 1.1 | — | — | — | — | |||||||||||||||||||||||||||
Net periodic benefit (income) expense | $ | (10.3 | ) | $ | (37.4 | ) | $ | 19.2 | $ | (8.0 | ) | $ | (8.7 | ) | $ | 3.7 | |||||||||||||||||
Weighted average assumption used to calculate net periodic benefit expense: | |||||||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.9 | % | 5.5 | % | 3.9 | % | 4.8 | % | 5.2 | % | |||||||||||||||||||||
Rate of compensation increase | 0.3 | % | 0.9 | % | 4 | % | n/a | 3.6 | % | 3.6 | % | ||||||||||||||||||||||
Expected return on plan assets | 7.9 | % | 8.4 | % | 8.4 | % | 7.3 | % | 7.6 | % | 7.6 | % | |||||||||||||||||||||
Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans | ' | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 4,368.80 | $ | 3,923.60 | $ | 430.2 | $ | 403.1 | |||||||||||||||||||||||||
Service cost | 2.2 | 5.9 | 7.3 | 6.6 | |||||||||||||||||||||||||||||
Interest cost | 178.2 | 189.2 | 16.2 | 18.4 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.5 | 1.2 | 14.5 | 14.4 | |||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 2.7 | 3.3 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (404.2 | ) | 411.2 | (13.6 | ) | 27.6 | |||||||||||||||||||||||||||
Plan amendments and other | (0.1 | ) | 2.6 | (30.6 | ) | 0.5 | |||||||||||||||||||||||||||
Curtailments and settlements | (9.0 | ) | (6.5 | ) | — | — | |||||||||||||||||||||||||||
Foreign currency translation | (8.5 | ) | 17.5 | (2.9 | ) | 1.1 | |||||||||||||||||||||||||||
Benefits paid | (175.2 | ) | (175.9 | ) | (41.5 | ) | (44.8 | ) | |||||||||||||||||||||||||
Benefit obligation at end of year | $ | 3,952.70 | $ | 4,368.80 | $ | 382.3 | $ | 430.2 | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,215.30 | $ | 2,849.60 | $ | 187.1 | $ | 174.7 | |||||||||||||||||||||||||
Actual return on assets | 658 | 389.9 | 35.6 | 21 | |||||||||||||||||||||||||||||
Settlements | (8.7 | ) | (3.7 | ) | — | — | |||||||||||||||||||||||||||
Employer contributions | 21.6 | 140.7 | 8 | 8 | |||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 2.7 | 3.3 | |||||||||||||||||||||||||||||
Plan participants’ contributions | 0.5 | 1.2 | 14.5 | 14.4 | |||||||||||||||||||||||||||||
Other | — | — | — | 10.2 | |||||||||||||||||||||||||||||
Foreign currency translation | (4.2 | ) | 13.5 | 0.4 | 0.3 | ||||||||||||||||||||||||||||
Benefits paid | (175.2 | ) | (175.9 | ) | (41.5 | ) | (44.8 | ) | |||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 3,707.30 | $ | 3,215.30 | $ | 206.8 | $ | 187.1 | |||||||||||||||||||||||||
Funded status at end of year | $ | (245.4 | ) | $ | (1,153.5 | ) | $ | (175.5 | ) | $ | (243.1 | ) | |||||||||||||||||||||
Amounts Recognized on Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Prepaid pension cost (included in other noncurrent assets) | $ | 8 | $ | 4.4 | $ | — | $ | — | |||||||||||||||||||||||||
Accrued benefit cost (included in accrued liabilities) | (8.2 | ) | (7.4 | ) | (1.4 | ) | (1.4 | ) | |||||||||||||||||||||||||
Pension liabilities | (245.2 | ) | (1,150.5 | ) | — | — | |||||||||||||||||||||||||||
Other postretirement benefits plan liabilities | — | — | (174.1 | ) | (241.7 | ) | |||||||||||||||||||||||||||
Net liabilities recognized in the Consolidated Balance Sheets | $ | (245.4 | ) | $ | (1,153.5 | ) | $ | (175.5 | ) | $ | (243.1 | ) | |||||||||||||||||||||
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 yet been recognized as components of net periodic benefit cost at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | |||||||||||||||||||||||||||||||||
Net actuarial (loss) gain | $ | (957.5 | ) | $ | (1,828.9 | ) | $ | 35.6 | $ | (1.6 | ) | ||||||||||||||||||||||
Net transition obligation | (0.2 | ) | (0.2 | ) | — | — | |||||||||||||||||||||||||||
Net prior service credit | — | — | 78.4 | 68 | |||||||||||||||||||||||||||||
Total | $ | (957.7 | ) | $ | (1,829.1 | ) | $ | 114 | $ | 66.4 | |||||||||||||||||||||||
Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||
The pre-tax amounts recognized in other comprehensive income (loss) in 2013 as components of net periodic benefit costs were as follows: | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 50.5 | $ | — | |||||||||||||||||||||||||||||
Net prior service credit | — | (19.7 | ) | ||||||||||||||||||||||||||||||
Amounts arising during the period: | |||||||||||||||||||||||||||||||||
Net actuarial gain | 820.7 | 37.4 | |||||||||||||||||||||||||||||||
Net prior service credit | — | 30.1 | |||||||||||||||||||||||||||||||
Settlements | 0.7 | — | |||||||||||||||||||||||||||||||
Foreign currency loss | (0.5 | ) | (0.2 | ) | |||||||||||||||||||||||||||||
Total | $ | 871.4 | $ | 47.6 | |||||||||||||||||||||||||||||
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year | ' | ||||||||||||||||||||||||||||||||
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. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2014 are shown below: | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 31.4 | $ | — | |||||||||||||||||||||||||||||
Net prior service credit | — | (25.8 | ) | ||||||||||||||||||||||||||||||
Total | $ | 31.4 | $ | (25.8 | ) | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.2 | % | 4.5 | % | 3.9 | % | |||||||||||||||||||||||||
Rate of compensation increase | n/a | n/a | n/a | 3.6 | % | ||||||||||||||||||||||||||||
Health care cost trend: | |||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||
Pre-Age 65 | — | — | 7.8 | % | 7.4 | % | |||||||||||||||||||||||||||
Post-Age 65 | — | — | 7.8 | % | 7.4 | % | |||||||||||||||||||||||||||
Ultimate | — | — | 4.9 | % | 5.8 | % | |||||||||||||||||||||||||||
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 obligation in excess of plan assets as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,929.60 | $ | 4,348.30 | |||||||||||||||||||||||||||||
Fair value of plan assets | 3,676.10 | 3,190.30 | |||||||||||||||||||||||||||||||
Accumulated Benefit Obligations in Excess of Plan Assets | ' | ||||||||||||||||||||||||||||||||
The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 3,912.00 | $ | 4,321.60 | |||||||||||||||||||||||||||||
Fair value of plan assets | 3,672.60 | 3,187.40 | |||||||||||||||||||||||||||||||
Effects of One-percentage Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||||||||||
The current health care cost trend rate gradually declines through 2019 to the ultimate trend rate and remains level thereafter. A one-percentage point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||||||||
1.00% | 1.00% | ||||||||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||||||||
Other postretirement benefits obligation | $ | 5.5 | $ | (4.4 | ) | ||||||||||||||||||||||||||||
Total other postretirement benefits service and interest cost components | 0.6 | (0.6 | ) | ||||||||||||||||||||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||||||||||||||||||
Benefit payments are expected to be paid as follows: | |||||||||||||||||||||||||||||||||
Pension | Other | Estimated Subsidy | |||||||||||||||||||||||||||||||
Benefits | Postretirement | Reimbursements | |||||||||||||||||||||||||||||||
Benefits-Gross | |||||||||||||||||||||||||||||||||
2014 | $ | 193.6 | $ | 33.8 | $ | 3.8 | |||||||||||||||||||||||||||
2015 | 194.9 | 34.3 | 4.1 | ||||||||||||||||||||||||||||||
2016 | 200.9 | 34.8 | 4.3 | ||||||||||||||||||||||||||||||
2017 | 209.2 | 35.1 | 4.7 | ||||||||||||||||||||||||||||||
2018 | 216.3 | 35.6 | 5 | ||||||||||||||||||||||||||||||
2019-2023 | 1,222.50 | 176.6 | 31 | ||||||||||||||||||||||||||||||
Changes in Fair Value of Level 3 Assets | ' | ||||||||||||||||||||||||||||||||
The following table provides a summary of changes in the fair value of the Company’s Level 3 assets: | |||||||||||||||||||||||||||||||||
Private | |||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 30.1 | |||||||||||||||||||||||||||||||
Unrealized gains—net | 5.8 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | 3 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 38.9 | |||||||||||||||||||||||||||||||
Unrealized gains—net | 8.7 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements | (4.2 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 43.4 | |||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit | ' | ||||||||||||||||||||||||||||||||
Allocation of Plan Assets | ' | ||||||||||||||||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category were as follows: | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 79.6 | $ | 51.6 | $ | 28 | $ | — | $ | 56.9 | $ | 27.4 | $ | 29.5 | $ | — | |||||||||||||||||
Equity | 2,658.70 | 1,839.30 | 819.4 | — | 2,169.00 | 1,887.40 | 281.6 | — | |||||||||||||||||||||||||
Fixed income | 795.3 | 255 | 540.3 | — | 828 | 240.5 | 587.5 | — | |||||||||||||||||||||||||
Derivatives and other | 3.9 | 3.4 | 0.5 | — | 8.9 | 0.5 | 8.4 | — | |||||||||||||||||||||||||
Real estate | 126.4 | — | 126.4 | — | 113.6 | — | 113.6 | — | |||||||||||||||||||||||||
Private equity | 43.4 | — | — | 43.4 | 38.9 | — | — | 38.9 | |||||||||||||||||||||||||
Total | $ | 3,707.30 | $ | 2,149.30 | $ | 1,514.60 | $ | 43.4 | $ | 3,215.30 | $ | 2,155.80 | $ | 1,020.60 | $ | 38.9 | |||||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit | ' | ||||||||||||||||||||||||||||||||
Allocation of Plan Assets | ' | ||||||||||||||||||||||||||||||||
The fair values of the Company’s other postretirement benefits plan assets at December 31, 2013 and 2012, all of which were determined to be Level 2 under the fair value hierarchy, by asset category were as follows: | |||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.5 | $ | 8.4 | |||||||||||||||||||||||||||||
Equity | 155.1 | 133.3 | |||||||||||||||||||||||||||||||
Fixed income | 39.6 | 35.9 | |||||||||||||||||||||||||||||||
Derivatives and other | 10.6 | 9.5 | |||||||||||||||||||||||||||||||
Total | $ | 206.8 | $ | 187.1 | |||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Earnings (Loss) from Operations Before Income Taxes | ' | ||||||||||||
Income taxes have been based on the following components of earnings (loss) from operations before income taxes for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. | $ | 66.7 | $ | (710.1 | ) | $ | (274.5 | ) | |||||
Foreign | 142.3 | 70.1 | 37.1 | ||||||||||
Total | $ | 209 | $ | (640.0 | ) | $ | (237.4 | ) | |||||
Components of Income Tax Expense (Benefit) from Operations | ' | ||||||||||||
The components of income tax expense (benefit) from operations for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal: | |||||||||||||
Current | $ | (15.1 | ) | $ | 8.6 | $ | (10.1 | ) | |||||
Deferred | (23.9 | ) | (55.5 | ) | (82.1 | ) | |||||||
State: | |||||||||||||
Current | (4.8 | ) | 10.5 | (19.5 | ) | ||||||||
Deferred | (2.6 | ) | (18.3 | ) | (21.5 | ) | |||||||
Foreign: | |||||||||||||
Current | 51.8 | 46.5 | 36.3 | ||||||||||
Deferred | (14.6 | ) | 21.8 | (19.4 | ) | ||||||||
Total | $ | (9.2 | ) | $ | 13.6 | $ | (116.3 | ) | |||||
Reconciliation of Differences Between Federal Statutory and Effective Income Tax Rate | ' | ||||||||||||
The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s effective income tax rate: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Adjustment of uncertain tax positions | (5.4 | ) | 3.1 | 30.2 | |||||||||
Foreign tax rate differential | (11.3 | ) | 3.2 | 15.5 | |||||||||
Adjustment of interest on uncertain tax positions | (0.8 | ) | 0.6 | 10.1 | |||||||||
Domestic manufacturing deduction | (0.1 | ) | 0.5 | 2.2 | |||||||||
Acquisition-related expenses | 0.7 | (0.1 | ) | (0.1 | ) | ||||||||
Change in valuation allowances | 3.1 | (4.4 | ) | (1.0 | ) | ||||||||
State and local income taxes, net of U.S. federal income tax benefit | 2.4 | — | (1.6 | ) | |||||||||
Restructuring, impairment and other charges | — | (40.1 | ) | (39.5 | ) | ||||||||
Reorganization | (32.8 | ) | 3.9 | — | |||||||||
Foreign tax | 4 | (1.7 | ) | — | |||||||||
Other | 0.8 | (2.1 | ) | (1.8 | ) | ||||||||
Effective income tax rate | (4.4 | %) | (2.1 | %) | 49 | % | |||||||
Significant Deferred Tax Assets and Liabilities | ' | ||||||||||||
The significant deferred tax assets and liabilities at December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Pension and other postretirement benefits plan liabilities | $ | 167.4 | $ | 524.1 | |||||||||
Net operating losses and other tax carryforwards | 328.3 | 331.6 | |||||||||||
Accrued liabilities | 153.9 | 155.2 | |||||||||||
Foreign depreciation | 51.3 | 50.5 | |||||||||||
Other | 38.7 | 48.9 | |||||||||||
Total deferred tax assets | 739.6 | 1,110.30 | |||||||||||
Valuation allowances | (268.2 | ) | (273.6 | ) | |||||||||
Net deferred tax assets | $ | 471.4 | $ | 836.7 | |||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | $ | (180.3 | ) | $ | (226.3 | ) | |||||||
Other intangible assets | (86.2 | ) | (98.6 | ) | |||||||||
Inventories | (26.9 | ) | (30.7 | ) | |||||||||
Other | (39.8 | ) | (30.2 | ) | |||||||||
Total deferred tax liabilities | (333.2 | ) | (385.8 | ) | |||||||||
Net deferred tax assets | $ | 138.2 | $ | 450.9 | |||||||||
Transactions Affecting Valuation Allowance On Deferred Tax Assets | ' | ||||||||||||
Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 273.6 | $ | 273.2 | $ | 259.5 | |||||||
Current year expense - net | 6.4 | 28.2 | 2.4 | ||||||||||
Write-offs | (8.3 | ) | (37.9 | ) | (1.8 | ) | |||||||
Foreign exchange and other | (3.5 | ) | 10.1 | 13.1 | |||||||||
Balance, end of year | $ | 268.2 | $ | 273.6 | $ | 273.2 | |||||||
Unrecognized Tax Benefits | ' | ||||||||||||
Changes in the Company’s unrecognized tax benefits at December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 47.9 | $ | 76.4 | $ | 157.1 | |||||||
Additions for tax positions of the current year | 2.1 | 6.3 | 6.1 | ||||||||||
Additions for tax positions of prior years | 3.7 | 3.9 | 6 | ||||||||||
Reductions for tax positions of prior years | (16.2 | ) | (29.6 | ) | (26.9 | ) | |||||||
Settlements during the year | (0.7 | ) | (5.6 | ) | (3.3 | ) | |||||||
Lapses of applicable statutes of limitations | (3.0 | ) | (3.5 | ) | (62.3 | ) | |||||||
Foreign exchange and other | — | — | (0.3 | ) | |||||||||
Balance at end of year | $ | 33.8 | $ | 47.9 | $ | 76.4 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Debt | ' | ||||||||||||
The Company’s debt at December 31, 2013 and 2012 consisted of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
4.95% senior notes due April 1, 2014 | $ | 258.2 | $ | 258.1 | |||||||||
5.50% senior notes due May 15, 2015 | 200 | 299.9 | |||||||||||
8.60% senior notes due August 15, 2016 | 218.7 | 347.4 | |||||||||||
6.125% senior notes due January 15, 2017 | 250.8 | 523.3 | |||||||||||
7.25% senior notes due May 15, 2018 | 350 | 600 | |||||||||||
11.25% senior notes due February 1, 2019(a) | 172.2 | 172.2 | |||||||||||
8.25% senior notes due March 15, 2019 | 450 | 450 | |||||||||||
7.625% senior notes due June 15, 2020 | 400 | 400 | |||||||||||
7.875% senior notes due March 15, 2021 | 448 | — | |||||||||||
8.875% debentures due April 15, 2021 | 80.9 | 80.9 | |||||||||||
7.00% senior notes due February 15, 2022 | 400 | — | |||||||||||
6.50% senior notes due November 15, 2023 | 350 | — | |||||||||||
6.625% debentures due April 15, 2029 | 199.4 | 199.4 | |||||||||||
8.820% debentures due April 15, 2031 | 69 | 69 | |||||||||||
Other(b) | 10.7 | 38.4 | |||||||||||
Total debt | 3,857.90 | 3,438.60 | |||||||||||
Less: current portion | (270.9 | ) | (18.4 | ) | |||||||||
Long-term debt | $ | 3,587.00 | $ | 3,420.20 | |||||||||
(a) | As of December 31, 2013 and 2012, the interest rate on the 11.25% senior notes due February 1, 2019 was 12.75% and 12.50%, respectively, as a result of downgrades in the ratings of the notes by the rating agencies. | ||||||||||||
(b) | Includes miscellaneous debt obligations, fair value adjustments to the 4.95% senior notes due April 1, 2014 and 8.25% senior notes due March 15, 2019 related to the Company’s fair value hedges and capital leases. | ||||||||||||
________ | |||||||||||||
Future Maturities of Debt | ' | ||||||||||||
At December, 31, 2013, the future maturities of debt, including capitalized leases, were as follows: | |||||||||||||
Amount | |||||||||||||
2014 | $ | 269.7 | |||||||||||
2015 | 204 | ||||||||||||
2016 | 220.4 | ||||||||||||
2017 | 251.5 | ||||||||||||
2018 | 350 | ||||||||||||
2019 and thereafter | 2,572.10 | ||||||||||||
Total(a) | $ | 3,867.70 | |||||||||||
— | Excludes a discount of $4.6 million and an adjustment for fair value hedges of $5.2 million related to the Company’s 4.95% senior notes due April 1, 2014 and 8.25% senior notes due March 15, 2019, which do not represent contractual commitments with a fixed amount or maturity date. | ||||||||||||
Summary Of Interest Expense | ' | ||||||||||||
The following table summarizes interest expense included in the Consolidated Statements of Operations: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest incurred | $ | 276 | $ | 271.1 | $ | 259.8 | |||||||
Less: interest income | (11.5 | ) | (15.2 | ) | (13.6 | ) | |||||||
Less: interest capitalized as property, plant and equipment | (3.1 | ) | (4.1 | ) | (2.9 | ) | |||||||
Interest expense, net | $ | 261.4 | $ | 251.8 | $ | 243.3 | |||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value of Derivatives Not Designated and Designated as Hedges | ' | ||||||||||||||||||||
At December 31, 2013 and 2012, the total fair value of the Company’s foreign exchange forward contracts, which were the only derivatives not designated as hedges, and fair value hedges, along with the accounts in the Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 0.4 | $ | 0.6 | |||||||||||||||||
Accrued liabilities | 1.5 | 24 | |||||||||||||||||||
Derivatives designated as fair value hedges | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1.3 | $ | — | |||||||||||||||||
Other noncurrent assets | — | 14.7 | |||||||||||||||||||
Other noncurrent liabilities | 9.1 | — | |||||||||||||||||||
Total Fair Value of Foreign Exchange Contracts Not Designated and Designated as Hedges | ' | ||||||||||||||||||||
The pre-tax losses related to derivatives not designated as hedges recognized in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
Classification of Loss | 2013 | 2012 | 2011 | ||||||||||||||||||
Recognized in the Consolidated | |||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | 17 | $ | 24.8 | $ | 4.7 | ||||||||||||||
Schedule of Gains (Losses) for Derivatives Designated as Fair Value Hedges | ' | ||||||||||||||||||||
For derivatives designated as fair value hedges, the pre-tax (gains) losses related to the hedged items, attributable to changes in the hedged benchmark interest rate and the offsetting gain on the related interest rate swaps for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
Classification of (Gain) Loss | 2013 | 2012 | 2011 | ||||||||||||||||||
Recognized in the Consolidated | |||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
Interest rate swaps | Investment and other expense | $ | 22.5 | $ | (5.7 | ) | $ | (3.1 | ) | ||||||||||||
(income)—net | |||||||||||||||||||||
Hedged items | Investment and other expense | (20.8 | ) | 4.4 | 1.9 | ||||||||||||||||
(income)—net | |||||||||||||||||||||
Total (gain) loss recognized as ineffectiveness in the consolidated statements of operations | Investment and other expense | $ | 1.7 | $ | (1.3 | ) | $ | (1.2 | ) | ||||||||||||
(income)—net | |||||||||||||||||||||
Balance Sheet Offsetting | ' | ||||||||||||||||||||
Gross and Net Amounts of Foreign Exchange Forward Contracts and Interest Rate Swaps | ' | ||||||||||||||||||||
The gross and net amounts of foreign exchange forward contracts and interest rate swaps recognized in the Consolidated Balance Sheets as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
2013 | Gross Amounts | Impact of | Net Amounts of Assets and | All Other Amounts | Potential Net | ||||||||||||||||
of Assets and | Netting | Liabilities Presented in the | Subject to Master | Amounts of Assets | |||||||||||||||||
Liabilities | Consolidated | Netting Agreements | and Liabilities | ||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 0.4 | $ | — | $ | 0.4 | $ | (0.4 | ) | $ | — | ||||||||||
Interest rate swaps | 1.3 | — | 1.3 | (0.2 | ) | 1.1 | |||||||||||||||
Total | $ | 1.7 | $ | — | $ | 1.7 | $ | (0.6 | ) | $ | 1.1 | ||||||||||
Liabilities | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 1.5 | $ | — | $ | 1.5 | $ | (0.2 | ) | $ | 1.3 | ||||||||||
Interest rate swaps | 9.1 | — | 9.1 | (0.4 | ) | 8.7 | |||||||||||||||
Total | $ | 10.6 | $ | — | $ | 10.6 | $ | (0.6 | ) | $ | 10 | ||||||||||
2012 | Gross Amounts | Impact of | Net Amounts of Assets and | All Other Amounts | Potential Net | ||||||||||||||||
of Assets and | Netting | Liabilities Presented in the | Subject to Master | Amounts of Assets | |||||||||||||||||
Liabilities | Consolidated | Netting Agreements | and Liabilities | ||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 0.6 | $ | — | $ | 0.6 | $ | (0.1 | ) | $ | 0.5 | ||||||||||
Interest rate swaps | 14.7 | — | 14.7 | (3.5 | ) | 11.2 | |||||||||||||||
Total | $ | 15.3 | $ | — | $ | 15.3 | $ | (3.6 | ) | $ | 11.7 | ||||||||||
Liabilities | |||||||||||||||||||||
Foreign exchange forward contracts reported gross | $ | 24 | $ | — | $ | 24 | $ | (3.6 | ) | $ | 20.4 | ||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Earnings per Share | ' | ||||||||||||
The reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share calculation and the anti-dilutive share-based awards for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net earnings (loss) per share attributable to RR Donnelley common shareholders | |||||||||||||
Basic | $ | 1.16 | $ | (3.61 | ) | $ | (0.63 | ) | |||||
Diluted | $ | 1.15 | $ | (3.61 | ) | $ | (0.63 | ) | |||||
Dividends declared per common share | $ | 1.04 | $ | 1.04 | $ | 1.04 | |||||||
Numerator: | |||||||||||||
Net earnings (loss) attributable to RR Donnelley common shareholders | $ | 211.2 | $ | (651.4 | ) | $ | (122.6 | ) | |||||
Denominator: | |||||||||||||
Weighted average number of common shares outstanding | 181.9 | 180.4 | 193.8 | ||||||||||
Dilutive options and awards | 1.6 | — | — | ||||||||||
Diluted weighted average number of common shares outstanding | 183.5 | 180.4 | 193.8 | ||||||||||
Weighted average number of anti-dilutive share-based awards: | |||||||||||||
Restricted stock units | 1.5 | 3.6 | 5 | ||||||||||
Performance share units | 0.6 | 0.4 | 0.2 | ||||||||||
Stock options | 3.9 | 4.6 | 4 | ||||||||||
Total | 6 | 8.6 | 9.2 | ||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||
Income tax expense allocated to each component of other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | Before | Income | Net of | |||||||||||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | |||||||||||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | Amount | Expense | Amount | |||||||||||||||||||||||||||||
(Benefit) | (Benefit) | ||||||||||||||||||||||||||||||||||||
Translation adjustments | $ | (22.8 | ) | $ | - | $ | (22.8 | ) | $ | 11.4 | $ | — | $ | 11.4 | $ | (70.1 | ) | $ | — | $ | (70.1 | ) | |||||||||||||||
Adjustment for net periodic pension and other postretirement benefits plan cost | 919 | 355.3 | 563.7 | (285.1 | ) | (107.5 | ) | (177.6 | ) | (485.9 | ) | (182.8 | ) | (303.1 | ) | ||||||||||||||||||||||
Change in fair value of derivatives | 0.6 | 0.2 | 0.4 | 0.8 | 0.3 | 0.5 | 1.1 | 0.4 | 0.7 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 896.8 | $ | 355.5 | $ | 541.3 | $ | (272.9 | ) | $ | (107.2 | ) | $ | (165.7 | ) | $ | (554.9 | ) | $ | (182.4 | ) | $ | (372.5 | ) | |||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||
Changes in | Pension and | Translation | Total | ||||||||||||||||||||||||||||||||||
the Fair | Other | Adjustments | |||||||||||||||||||||||||||||||||||
Value of | Postretirement | ||||||||||||||||||||||||||||||||||||
Derivatives | Benefits Plan | ||||||||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | (1.8 | ) | $ | (604.4 | ) | $ | 115.8 | $ | (490.4 | ) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | — | (300.0 | ) | (70.5 | ) | (370.5 | ) | ||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | 0.7 | (3.1 | ) | — | (2.4 | ) | |||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.7 | (303.1 | ) | (70.5 | ) | (372.9 | ) | ||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | (1.1 | ) | $ | (907.5 | ) | $ | 45.3 | $ | (863.3 | ) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | (184.0 | ) | 11.2 | (172.8 | ) | |||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | 0.5 | 6.4 | — | 6.9 | |||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.5 | (177.6 | ) | 11.2 | (165.9 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (0.6 | ) | $ | (1,085.1 | ) | $ | 56.5 | $ | (1,029.2 | ) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | 543.9 | (23.0 | ) | 520.9 | ||||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | 0.4 | 19.8 | — | 20.2 | |||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.4 | 563.7 | (23.0 | ) | 541.1 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | ||||||||||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Loss Amortization of Pension and Other postretirement Benefit Plan Cost | ' | ||||||||||||||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | Classification in the | ||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||
Amortization of pension and other postretirement benefits plan cost: | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 50.5 | $ | 32 | $ | 50.2 | (a) | ||||||||||||||||||||||||||||||
Net prior service credit | (19.7 | ) | (19.1 | ) | (16.9 | ) | (a) | ||||||||||||||||||||||||||||||
Curtailments and settlements | 0.7 | (2.6 | ) | (38.7 | ) | (a) | |||||||||||||||||||||||||||||||
Reclassifications before tax | 31.5 | 10.3 | (5.4 | ) | |||||||||||||||||||||||||||||||||
Income tax expense | 11.7 | 3.9 | (2.3 | ) | |||||||||||||||||||||||||||||||||
Reclassifications, net of tax | $ | 19.8 | $ | 6.4 | $ | (3.1 | ) | ||||||||||||||||||||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 11). |
Stock_and_Incentive_Programs_f1
Stock and Incentive Programs for Employees (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Black-Scholes-Merton Option Pricing Model | ' | ||||||||||||||||
The assumptions used to determine the fair market value of the stock options granted during the years ended December 31, 2012 and 2011 were as follows: | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Expected volatility | 39.71 | % | 36.69 | % | |||||||||||||
Risk-free interest rate | 1.18 | % | 2.54 | % | |||||||||||||
Expected life (years) | 6.25 | 6.25 | |||||||||||||||
Expected dividend yield | 5.06 | % | 4.57 | % | |||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
Stock option awards as of December 31, 2012 and 2013, and changes during the year ended December 31, 2013, were as follows: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Under | Average | Average | Intrinsic Value | ||||||||||||||
Option | Exercise | Remaining | (millions) | ||||||||||||||
(thousands) | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Outstanding at December 31, 2012 | 4,726 | $ | 18.9 | 6.2 | $ | 2.1 | |||||||||||
Exercised | (203 | ) | 10.57 | ||||||||||||||
Cancelled/forfeited/expired | (384 | ) | 17.94 | ||||||||||||||
Outstanding at December 31, 2013 | 4,139 | 19.39 | 5.6 | 21.2 | |||||||||||||
Vested and expected to vest at December 31, 2013 | 4,098 | 19.46 | 5.6 | 20.9 | |||||||||||||
Exercisable at December 31, 2013 | 1,774 | $ | 11.7 | 5.9 | $ | 15.2 | |||||||||||
Nonvested Restricted Stock Unit Awards | ' | ||||||||||||||||
Nonvested restricted stock unit awards as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013 were as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
(thousands) | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at December 31, 2012 | 3,246 | $ | 11.85 | ||||||||||||||
Granted | 1,402 | 9.7 | |||||||||||||||
Vested | (2,023 | ) | 10.25 | ||||||||||||||
Forfeited | (130 | ) | 11.04 | ||||||||||||||
Nonvested at December 31, 2013 | 2,495 | $ | 11.97 | ||||||||||||||
Nonvested Performance Share Unit Awards | ' | ||||||||||||||||
Nonvested performance share unit awards as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013, were as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
(thousands) | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at December 31, 2012 | 468 | $ | 12.84 | ||||||||||||||
Granted | 485 | 8.85 | |||||||||||||||
Nonvested at December 31, 2013 | 953 | $ | 10.81 | ||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
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 | Intersegment | Net | Income | Assets of | Depreciation | Capital | |||||||||||||||||||||||
Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | |||||||||||||||||||||||
from | Amortization | ||||||||||||||||||||||||||||
Operations | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,777.70 | $ | (2.9 | ) | $ | 2,774.80 | $ | 109.6 | $ | 1,369.60 | $ | 166 | $ | 57.7 | ||||||||||||||
Variable Print | 2,650.70 | (57.9 | ) | 2,592.80 | 197.9 | 1,567.10 | 103.4 | 63.4 | |||||||||||||||||||||
Strategic Services | 2,587.70 | (134.7 | ) | 2,453.00 | 232.8 | 1,355.60 | 58.4 | 34.9 | |||||||||||||||||||||
International | 2,746.90 | (87.2 | ) | 2,659.70 | 147.3 | 2,060.00 | 102.5 | 50.8 | |||||||||||||||||||||
Total operating segments | 10,763.00 | (282.7 | ) | 10,480.30 | 687.6 | 6,352.30 | 430.3 | 206.8 | |||||||||||||||||||||
Corporate | — | — | — | (107.9 | ) | 885.9 | 5.5 | 9.8 | |||||||||||||||||||||
Total operations | $ | 10,763.00 | $ | (282.7 | ) | $ | 10,480.30 | $ | 579.7 | $ | 7,238.20 | $ | 435.8 | $ | 216.6 | ||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,938.30 | $ | (18.8 | ) | $ | 2,919.50 | $ | (659.4 | ) | $ | 1,517.80 | $ | 213.5 | $ | 57.8 | |||||||||||||
Variable Print | 2,697.50 | (60.3 | ) | 2,637.20 | 202.1 | 1,616.00 | 103.8 | 42.7 | |||||||||||||||||||||
Strategic Services | 2,210.20 | (144.8 | ) | 2,065.40 | 59 | 1,404.30 | 52.3 | 39.9 | |||||||||||||||||||||
International | 2,678.60 | (78.8 | ) | 2,599.80 | 91.6 | 2,192.10 | 105.8 | 43.9 | |||||||||||||||||||||
Total operating segments | 10,524.60 | (302.7 | ) | 10,221.90 | (306.7 | ) | 6,730.20 | 475.4 | 184.3 | ||||||||||||||||||||
Corporate | — | — | — | (63.1 | ) | 532.5 | 6.2 | 21.6 | |||||||||||||||||||||
Total operations | $ | 10,524.60 | $ | (302.7 | ) | $ | 10,221.90 | $ | (369.8 | ) | $ | 7,262.70 | $ | 481.6 | $ | 205.9 | |||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 3,205.20 | $ | (30.1 | ) | $ | 3,175.10 | $ | 227.6 | $ | 2,529.50 | $ | 240.2 | $ | 51.7 | ||||||||||||||
Variable Print | 2,825.80 | (61.8 | ) | 2,764.00 | (204.7 | ) | 1,651.80 | 135.7 | 54.2 | ||||||||||||||||||||
Strategic Services | 2,196.10 | (137.3 | ) | 2,058.80 | 180.6 | 1,541.60 | 48.2 | 34.6 | |||||||||||||||||||||
International | 2,682.80 | (69.7 | ) | 2,613.10 | 23.6 | 2,213.80 | 116.2 | 91.1 | |||||||||||||||||||||
Total operating segments | 10,909.90 | (298.9 | ) | 10,611.00 | 227.1 | 7,936.70 | 540.3 | 231.6 | |||||||||||||||||||||
Corporate | — | — | — | (161.9 | ) | 345 | 9.6 | 19.3 | |||||||||||||||||||||
Total operations | $ | 10,909.90 | $ | (298.9 | ) | $ | 10,611.00 | $ | 65.2 | $ | 8,281.70 | $ | 549.9 | $ | 250.9 | ||||||||||||||
Schedule of Corporate Assets | ' | ||||||||||||||||||||||||||||
Corporate assets primarily consisted of the following items at December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 494.9 | $ | (137.2 | ) | $ | (138.1 | ) | |||||||||||||||||||||
Current and deferred income tax assets net of valuation allowances | 39.2 | 324.5 | 152.7 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 61.7 | 60.7 | 81.8 | ||||||||||||||||||||||||||
Software, net | 71.1 | 71.8 | 53.1 | ||||||||||||||||||||||||||
Deferred compensation plan assets | 63 | 57.2 | 50.6 | ||||||||||||||||||||||||||
LIFO reserves | (92.0 | ) | (92.1 | ) | (96.4 | ) | |||||||||||||||||||||||
Geographic_Area_and_Products_a1
Geographic Area and Products and Services Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Net Sales and Long-Lived Assets by Geographic Region | ' | ||||||||||||||||||||
The table below presents net sales and long-lived assets by geographic region. The amounts in this table differ from the segment data presented in Note 19 because each operating segment includes operations in multiple geographic regions, based on the Company’s management reporting structure. | |||||||||||||||||||||
U.S. | Europe | Asia | Other | Combined | |||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 7,866.20 | $ | 975.2 | $ | 841.5 | $ | 797.4 | $ | 10,480.30 | |||||||||||
Long-lived assets(a) | 1,435.70 | 160.7 | 152.2 | 175.8 | 1,924.40 | ||||||||||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 7,719.90 | $ | 1,025.80 | $ | 733 | $ | 743.2 | $ | 10,221.90 | |||||||||||
Long-lived assets(a) | 1,915.40 | 181.4 | 167.7 | 201.5 | 2,466.00 | ||||||||||||||||
2011 | |||||||||||||||||||||
Net sales | $ | 8,073.10 | $ | 1,067.60 | $ | 668 | $ | 802.3 | $ | 10,611.00 | |||||||||||
Long-lived assets(a) | 1,902.70 | 207.3 | 164.2 | 226.5 | 2,500.70 | ||||||||||||||||
(a) | Includes net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. | ||||||||||||||||||||
Revenues by Products and Services | ' | ||||||||||||||||||||
The following table summarizes net sales by the Company’s products and services categories for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Products and services(a) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net Sales | Net Sales | Net Sales | |||||||||||||||||||
Magazines, catalogs and retail inserts | $ | 2,370.00 | $ | 2,445.10 | $ | 2,468.40 | |||||||||||||||
Direct mail | 571.7 | 559.9 | 592.4 | ||||||||||||||||||
Statements | 666 | 747.4 | 729.9 | ||||||||||||||||||
Books | 1,202.20 | 1,117.00 | 1,314.00 | ||||||||||||||||||
Directories | 225.8 | 294.1 | 356.3 | ||||||||||||||||||
Forms | 491.9 | 480.5 | 524 | ||||||||||||||||||
Labels | 488.1 | 463.4 | 503.8 | ||||||||||||||||||
Commercial and digital print | 966.4 | 1,021.10 | 1,108.50 | ||||||||||||||||||
Financial print | 775.1 | 747.4 | 893.2 | ||||||||||||||||||
Packaging and related products | 464.3 | 407 | 373 | ||||||||||||||||||
Global Turnkey Solutions | 305.4 | 289.7 | 290.9 | ||||||||||||||||||
Office products | 238.9 | 262.5 | 220.7 | ||||||||||||||||||
Total products | 8,765.80 | 8,835.10 | 9,375.10 | ||||||||||||||||||
Logistics services | 1,105.90 | 786.7 | 706.8 | ||||||||||||||||||
Financial print related services | 230.2 | 212.9 | 161.3 | ||||||||||||||||||
Business process outsourcing | 188.8 | 211 | 203.2 | ||||||||||||||||||
Digital and creative solutions | 189.6 | 176.2 | 164.6 | ||||||||||||||||||
Total services | 1,714.50 | 1,386.80 | 1,235.90 | ||||||||||||||||||
Total net sales | $ | 10,480.30 | $ | 10,221.90 | $ | 10,611.00 | |||||||||||||||
(a) | Certain prior year amounts were restated to conform to the Company’s current products and services categories. | ||||||||||||||||||||
____________________ | |||||||||||||||||||||
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 08, 2013 | Feb. 07, 2013 | Feb. 08, 2013 | Dec. 31, 2013 |
Customer | Customer | Customer | Computer Software, Intangible Asset | Computer Software, Intangible Asset | Computer Software, Intangible Asset | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Reversal of Over Accrual for Rebates | Reversal of Over Accrual for Rebates | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | |
Buildings | Machinery and Equipment | Computer Software, Intangible Asset | Buildings | Leasehold Improvements | Machinery and Equipment | Before Rate Change | After Rate Change | Noncontrolling Interest | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum three year cumulative inflation using the blended Consumer Price Index and National Consumer Price Index | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' |
Foreign currency exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.3 | 6.3 | ' |
Percentage of foreign currency devaluation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | ' | ' | ' |
Gain (loss) on foreign currency transaction and translation, pre-tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3.20) | ' | ' | ' | ' | ' | ' | ($1) |
Gain (loss) on foreign currency transaction and translation, after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' |
Immaterial error correction, impact on accounts receivable and net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.8 | 22.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of single customers comprising more than 10% of consolidated net sales | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Net Sales Per Customer Maximum | 10.00% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of inventory valued at LIFO | 65.20% | 64.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | '15 years | '3 years | ' | '40 years | '7 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual goodwill impairment testing date | '--10-31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of computer software | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, primarily related to internally-developed software | $64 | $87.60 | $112.20 | $34.10 | $26.60 | $21.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2012 | Dec. 17, 2012 | Dec. 31, 2012 | Sep. 06, 2012 | Sep. 06, 2012 | Aug. 14, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 21, 2011 | Dec. 31, 2011 | Sep. 06, 2011 | Dec. 31, 2011 | Aug. 16, 2011 | Dec. 31, 2011 | Aug. 15, 2011 | Aug. 15, 2011 | Jun. 21, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 24, 2011 | Dec. 31, 2011 |
Strategic Services segment | MRM France | MRM France | Presort Solutions | Presort Solutions | Meisel Photographic Corporation | Meisel Photographic Corporation | Express Postal Options International | Express Postal Options International | Express Postal Options International | Edgar Online | Edgar Online | Presort, Meisel, XPO and EDGAR Online Acquisitions | Presort, Meisel, XPO and EDGAR Online Acquisitions | Stratusgroup Inc | Stratusgroup Inc | Genesis Packaging And Design Inc | Genesis Packaging And Design Inc | Libredigital Inc | Libredigital Inc | Sequence Personal Llc | Sequence Personal Llc | Sequence Personal Llc | Helium Inc | Helium Inc | Journalism Online Llc | Journalism Online Llc | Stratus Genesis Libre Digital Sequence Helium And Journalism Online Acquisitions | ||||
International | International | Strategic Services segment | Strategic Services segment | Variable Print | Variable Print | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | Variable Print | Variable Print | Variable Print | Variable Print | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | Strategic Services segment | ||||||||
Maximum | Maximum | ||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related expenses | $5.90 | $2.50 | $2.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from sale of direct mail marketing business | ' | ' | ' | ' | -17.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss due to cash incentive payments to purchaser | ' | ' | ' | ' | ' | 18.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash incentive paid to the purchaser | 12 | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date of acquisition | ' | ' | ' | ' | ' | ' | 28-Dec-12 | ' | 17-Dec-12 | ' | 6-Sep-12 | ' | ' | ' | 14-Aug-12 | ' | ' | 21-Nov-11 | ' | 6-Sep-11 | ' | 16-Aug-11 | ' | 15-Aug-11 | ' | ' | ' | 21-Jun-11 | 24-Mar-11 | ' | ' |
Purchase price of acquisition | ' | ' | ' | ' | ' | ' | ' | 11.7 | ' | 25.4 | ' | 23.4 | ' | 71.5 | ' | ' | 132 | ' | 28.8 | ' | 10.1 | ' | 19.5 | ' | 14.6 | ' | 57 | ' | ' | 19.6 | 162.4 |
Cash acquired from acquisition | ' | ' | ' | ' | ' | ' | ' | 0.8 | ' | 1 | ' | 1 | ' | 2.1 | ' | ' | ' | ' | 0.1 | ' | ' | ' | 0.1 | ' | 0.1 | ' | 0.1 | ' | ' | 0.4 | ' |
Maximum entitled cash payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | 6.8 | ' | ' | ' | ' | ' | 6.8 |
Debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt assumed in acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill related to acquisitions tax deductible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.7 |
Ownership in equity investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.70% | ' | ' | ' | ' |
Loan to acquired company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' |
Fair value of Company's previously held equity investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.8 | ' | ' | ' | ' |
Gain on equity investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' |
Pro forma net sales | ' | $10,461.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Purchase_Price_All
Schedule of Purchase Price Allocation for Acquisitions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $1,436.30 | $1,436.40 | $2,222.10 |
Presort, Meisel, XPO and EDGAR Online Acquisitions | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Accounts receivable | ' | 18.3 | ' |
Inventories | ' | 2 | ' |
Prepaid expenses and other current assets | ' | 4.3 | ' |
Property, plant and equipment | ' | 10.4 | ' |
Amortizable other intangible assets | ' | 37.5 | ' |
Other noncurrent assets | ' | 15.1 | ' |
Goodwill | ' | 55.6 | ' |
Accounts payable and accrued liabilities | ' | -21.5 | ' |
Other noncurrent liabilities | ' | -0.1 | ' |
Deferred taxes-net | ' | 10.4 | ' |
Total purchase price-net of cash acquired | ' | 132 | ' |
Less: debt assumed | ' | 1.4 | ' |
Less: fair value of contingent consideration | ' | 3.5 | ' |
Net cash paid | ' | 127.1 | ' |
Stratus Genesis Libre Digital Sequence Helium And Journalism Online Acquisitions | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Accounts receivable | ' | ' | 6 |
Inventories | ' | ' | 2.3 |
Prepaid expenses and other current assets | ' | ' | 0.4 |
Property, plant and equipment and other noncurrent assets | ' | ' | 16.8 |
Amortizable other intangible assets | ' | ' | 16.2 |
Goodwill | ' | ' | 117.6 |
Accounts payable and accrued liabilities | ' | ' | -8.2 |
Other noncurrent liabilities | ' | ' | -2.9 |
Deferred taxes-net | ' | ' | 14.2 |
Total purchase price-net of cash acquired | ' | ' | 162.4 |
Less: fair value of contingent consideration | ' | ' | 6.8 |
Less: fair value of Company's previously-held investments in Helium | ' | ' | 13.9 |
Net cash paid | ' | ' | $141.70 |
Fair_Value_Valuation_Technique
Fair Value, Valuation Techniques and Related Unobservable Inputs (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | $37.50 |
Customer Relationships | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | 31.4 |
Customer Relationships | Fair Value, Inputs, Level 3 | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | 3.1 |
Valuation Technique | 'With and without method | 'Excess earnings |
Discount rate | 16.00% | ' |
Customer Relationships | Fair Value, Inputs, Level 3 | Minimum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 12.50% |
Attrition rate | ' | 2.00% |
Customer Relationships | Fair Value, Inputs, Level 3 | Maximum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 15.00% |
Attrition rate | ' | 15.90% |
Trade Names | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | 3.5 |
Presort, Meisel, XPO and EDGAR Online Acquisitions | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Contingent consideration | ' | 3.5 |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Contingent Consideration | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Contingent consideration | ' | 3.5 |
Valuation Technique | ' | 'Probability weighted discounted future cash flows |
Discount rate | ' | 4.50% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | 31.4 |
Valuation Technique | ' | 'Excess earnings, with and without method |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 16.00% |
Attrition rate | ' | 7.00% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 17.00% |
Attrition rate | ' | 20.00% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | 14.5 |
Valuation Technique | ' | 'Excess earnings, relief-from-royalty method, cost approach |
Royalty rate (after-tax) | ' | 4.50% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 16.00% |
Obsolescence factor | ' | 10.00% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 17.00% |
Obsolescence factor | ' | 20.00% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | 3.5 |
Valuation Technique | ' | 'Relief-from-royalty method |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 15.50% |
Royalty rate (after-tax) | ' | 0.30% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 17.00% |
Royalty rate (after-tax) | ' | 1.20% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Noncompete Agreements | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | ' | $2.60 |
Valuation Technique | ' | 'Excess earnings, with and without method |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Noncompete Agreements | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 16.00% |
Presort, Meisel, XPO and EDGAR Online Acquisitions | Noncompete Agreements | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Discount rate | ' | 17.00% |
Restructuring_Impairment_and_O1
Restructuring, Impairment and Other Charges - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee | Employee | Employee | |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Restructuring and impairment charges | $133.50 | $1,118.50 | $667.80 |
Number of employees used to determine employee termination costs | 1,382 | 2,200 | 2,899 |
Number of employees who were terminated as of date | 1,363 | ' | ' |
Other Restructuring Charges | 33.8 | 25.3 | 59.6 |
Impairment of intangible assets | 3.3 | 158 | 90.7 |
Employee Terminations | 40.4 | 66.6 | 76.7 |
Impairment Charges | 20.9 | 1,026.60 | 531.5 |
Goodwill impairment charges | ' | 848.4 | 392.3 |
Other Restructuring Charges | 38.4 | ' | ' |
Current restructuring reserve (included in accrued liabilities) | 32.3 | 35.8 | ' |
Noncurrent restructuring reserve (included in noncurrent liabilities) | 45.3 | 42.7 | ' |
Previous Organization Structure | Books And Directories | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 318.7 | ' |
Previous Organization Structure | Magazines Catalogs And Retail Inserts | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 461.7 | ' |
Previous Organization Structure | Latin America | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 59.8 |
Previous Organization Structure | Commercial | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 170.4 |
Previous Organization Structure | Canada | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 62.2 |
Previous Organization Structure | Europe | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 68 | ' |
International | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Restructuring and impairment charges | 18.9 | 65.7 | 143.1 |
Other Restructuring Charges | 3.6 | 4 | 5.3 |
Employee Terminations | 14.3 | 11 | 18.1 |
Number of manufacturing facilities closed | ' | 1 | ' |
Impairment Charges | 1 | 50.7 | 119.7 |
Goodwill impairment charges | ' | 44.9 | ' |
Other Restructuring Charges | ' | ' | ' |
International | Previous Organization Structure | Canada And Latin America | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 116 |
International | Previous Organization Structure | Europe | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 44.9 | ' |
Publishing And Retail Services Segment | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 150.1 | ' |
Number of manufacturing facilities closed | 2 | 2 | 4 |
Goodwill impairment charges | ' | 669.9 | ' |
Publishing And Retail Services Segment | Previous Organization Structure | Magazines Catalogs And Retail Inserts | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 365.8 | ' |
Publishing And Retail Services Segment | Previous Organization Structure | Books | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 304.1 | ' |
Variable Print | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Restructuring and impairment charges | 15.6 | 29.6 | 387.7 |
Other Restructuring Charges | 12.5 | 5.6 | 13.6 |
Impairment of intangible assets | ' | 1.4 | ' |
Employee Terminations | 2.2 | 14.2 | 8.3 |
Number of manufacturing facilities closed | 1 | 3 | 1 |
Impairment Charges | 0.9 | 9.8 | 365.8 |
Goodwill impairment charges | ' | 3.7 | ' |
Other Restructuring Charges | ' | ' | ' |
Variable Print | Previous Organization Structure | Books | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 3.7 | ' |
Variable Print | Previous Organization Structure | Commercial | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 167.5 |
Variable Print | Previous Organization Structure | Forms And Labels | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | ' | 89.7 |
Goodwill impairment charges | ' | ' | 99.9 |
Strategic Services segment | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 0.8 | 1 |
Strategic Services segment | Previous Organization Structure | Books And Directories | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 10.9 | ' |
Strategic Services segment | Previous Organization Structure | Magazines Catalogs And Retail Inserts | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 95.9 | ' |
Strategic Services segment | Previous Organization Structure | Europe | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 23.1 | ' |
Strategic Services | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Restructuring and impairment charges | 19.2 | 146.6 | 71.9 |
Other Restructuring Charges | 2 | 6 | 27.1 |
Employee Terminations | 2.8 | 7.7 | 20.2 |
Impairment Charges | 6.3 | 132.9 | 24.6 |
Goodwill impairment charges | ' | 129.9 | ' |
Other Restructuring Charges | 8.1 | ' | ' |
Strategic Services | Previous Organization Structure | Commercial | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 2.9 |
Strategic Services | Previous Organization Structure | Canada And Latin America | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 6 |
Customer Relationships | Previous Organization Structure | Books And Directories | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 123.8 | ' |
Customer Relationships | Previous Organization Structure | Magazines Catalogs And Retail Inserts | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 28.5 | ' |
Customer Relationships | Previous Organization Structure | Latin America | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 5.7 | ' |
Customer Relationships | International | Previous Organization Structure | Latin America | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 5.7 | ' |
Customer Relationships | Publishing And Retail Services Segment | Previous Organization Structure | Magazines Catalogs And Retail Inserts | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 28.2 | ' |
Customer Relationships | Publishing And Retail Services Segment | Previous Organization Structure | Books | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 121.9 | ' |
Customer Relationships | Variable Print | Previous Organization Structure | Books And Directories | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 1.4 | ' |
Customer Relationships | Strategic Services segment | Previous Organization Structure | Books And Directories | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 0.5 | ' |
Customer Relationships | Strategic Services segment | Previous Organization Structure | Magazines Catalogs And Retail Inserts | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 0.3 | ' |
Multi-employer pension plan withdrawal obligations | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Other Restructuring Charges | 14.7 | ' | 15.1 |
Other Restructuring Charges | 38.4 | ' | ' |
Other Long Lived Assets | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Impairment Charges | $17.60 | $20.20 | $48.50 |
Net_Restructuring_Impairment_a
Net Restructuring, Impairment and Other Charges (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Employee Terminations | $40.40 | $66.60 | $76.70 |
Other Restructuring Charges | 33.8 | 25.3 | 59.6 |
Total Restructuring Charges | 74.2 | 91.9 | 136.3 |
Impairment | 20.9 | 1,026.60 | 531.5 |
Other Charges | 38.4 | ' | ' |
Total | 133.5 | 1,118.50 | 667.8 |
Publishing and Retail Services | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Employee Terminations | 17 | 13.3 | 21.8 |
Other Restructuring Charges | 14.1 | 5.2 | 12.3 |
Total Restructuring Charges | 31.1 | 18.5 | 34.1 |
Impairment | 12.3 | 827.7 | 18.7 |
Other Charges | 30.3 | ' | ' |
Total | 73.7 | 846.2 | 52.8 |
Variable Print | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Employee Terminations | 2.2 | 14.2 | 8.3 |
Other Restructuring Charges | 12.5 | 5.6 | 13.6 |
Total Restructuring Charges | 14.7 | 19.8 | 21.9 |
Impairment | 0.9 | 9.8 | 365.8 |
Other Charges | ' | ' | ' |
Total | 15.6 | 29.6 | 387.7 |
Strategic Services | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Employee Terminations | 2.8 | 7.7 | 20.2 |
Other Restructuring Charges | 2 | 6 | 27.1 |
Total Restructuring Charges | 4.8 | 13.7 | 47.3 |
Impairment | 6.3 | 132.9 | 24.6 |
Other Charges | 8.1 | ' | ' |
Total | 19.2 | 146.6 | 71.9 |
International | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Employee Terminations | 14.3 | 11 | 18.1 |
Other Restructuring Charges | 3.6 | 4 | 5.3 |
Total Restructuring Charges | 17.9 | 15 | 23.4 |
Impairment | 1 | 50.7 | 119.7 |
Other Charges | ' | ' | ' |
Total | 18.9 | 65.7 | 143.1 |
Corporate | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Employee Terminations | 4.1 | 20.4 | 8.3 |
Other Restructuring Charges | 1.6 | 4.5 | 1.3 |
Total Restructuring Charges | 5.7 | 24.9 | 9.6 |
Impairment | 0.4 | 5.5 | 2.7 |
Other Charges | ' | ' | ' |
Total | $6.10 | $30.40 | $12.30 |
Restructuring_Reserve_Detail
Restructuring Reserve (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Balance at the beginning | $78.50 | $87.70 | ' |
Restructuring Charges | 74.2 | 91.9 | 136.3 |
Foreign Exchange and Other | -1 | 0.3 | ' |
Cash Paid | -74.1 | -101.4 | ' |
Balance at the end | 77.6 | 78.5 | 87.7 |
Employee terminations | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Balance at the beginning | 23.4 | 27.2 | ' |
Restructuring Charges | 40.4 | 66.6 | ' |
Foreign Exchange and Other | -2.1 | -1.7 | ' |
Cash Paid | -42 | -68.7 | ' |
Balance at the end | 19.7 | 23.4 | ' |
Multi-employer pension plan withdrawal obligations | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Balance at the beginning | 25.1 | 27.9 | ' |
Restructuring Charges | 14.7 | -0.4 | ' |
Cash Paid | -3 | -2.4 | ' |
Balance at the end | 36.8 | 25.1 | ' |
Lease terminations and other | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' |
Balance at the beginning | 30 | 32.6 | ' |
Restructuring Charges | 19.1 | 25.7 | ' |
Foreign Exchange and Other | 1.1 | 2 | ' |
Cash Paid | -29.1 | -30.3 | ' |
Balance at the end | $21.10 | $30 | ' |
Goodwill_Detail
Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | $4,607.90 | $4,620.70 | $4,521 |
Accumulated impairment losses | -3,171.60 | -3,184.30 | -2,298.90 |
Goodwill | 1,436.30 | 1,436.40 | 2,222.10 |
Acquisitions | ' | 57.9 | ' |
Foreign exchange and other adjustments | -0.1 | 4.8 | ' |
Impairment charges | ' | -848.4 | -392.3 |
Publishing And Retail Services Segment | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | 688 | 688 | 688.6 |
Accumulated impairment losses | -669.9 | -669.9 | ' |
Goodwill | 18.1 | 18.1 | 688.6 |
Acquisitions | ' | ' | ' |
Foreign exchange and other adjustments | ' | -0.6 | ' |
Impairment charges | ' | -669.9 | ' |
Variable Print | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | 1,638.60 | 1,638.80 | 1,629.40 |
Accumulated impairment losses | -1,105.20 | -1,105.20 | -1,101.50 |
Goodwill | 533.4 | 533.6 | 527.9 |
Acquisitions | ' | 9.5 | ' |
Foreign exchange and other adjustments | -0.2 | -0.1 | ' |
Impairment charges | ' | -3.7 | ' |
Strategic Services | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | 1,005.40 | 1,007.50 | 959.1 |
Accumulated impairment losses | -243.5 | -243.4 | -113.7 |
Goodwill | 761.9 | 764.1 | 845.4 |
Acquisitions | ' | 48.4 | ' |
Foreign exchange and other adjustments | -2.2 | 0.2 | ' |
Impairment charges | ' | -129.9 | ' |
International | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | 1,275.90 | 1,286.40 | 1,243.90 |
Accumulated impairment losses | -1,153 | -1,165.80 | -1,083.70 |
Goodwill | 122.9 | 120.6 | 160.2 |
Acquisitions | ' | ' | ' |
Foreign exchange and other adjustments | 2.3 | 5.3 | ' |
Impairment charges | ' | ($44.90) | ' |
Components_of_Other_Intangible
Components of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | $885.60 | $888.20 |
Net Book Value, indefinite-lived trade names | 18.1 | 18.1 |
Gross Carrying Amount, total other intangible assets | 903.7 | 906.3 |
Accumulated Amortization, amortizable intangible assets | -587.8 | -523.4 |
Net Book Value, amortizable intangible assets | 297.8 | 364.8 |
Net Book Value, total other intangible assets | 315.9 | 382.9 |
Customer Relationships | ' | ' |
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 728.8 | 731.1 |
Accumulated Amortization, amortizable intangible assets | -448.5 | -388 |
Net Book Value, amortizable intangible assets | 280.3 | 343.1 |
Patents | ' | ' |
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 98.3 | 98.3 |
Accumulated Amortization, amortizable intangible assets | -98.3 | -98.1 |
Net Book Value, amortizable intangible assets | ' | 0.2 |
Trademarks, licenses and agreements | ' | ' |
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 31.4 | 31.7 |
Accumulated Amortization, amortizable intangible assets | -28.2 | -26.1 |
Net Book Value, amortizable intangible assets | 3.2 | 5.6 |
Trade Names | ' | ' |
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 27.1 | 27.1 |
Accumulated Amortization, amortizable intangible assets | -12.8 | -11.2 |
Net Book Value, amortizable intangible assets | $14.30 | $15.90 |
Additions_to_Intangible_Assets
Additions to Intangible Assets (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Amount | $37.50 |
Customer Relationships | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Amount | 31.4 |
Weighted Average Amortization Period | '6 years 1 month 6 days |
Trade Names | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Amount | 3.5 |
Weighted Average Amortization Period | '1 year 8 months 12 days |
Trademarks, licenses and agreements | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Amount | $2.60 |
Weighted Average Amortization Period | '4 years 3 months 18 days |
Estimated_Annual_Amortization_
Estimated Annual Amortization Expense Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite Lived Intangible Assets [Line Items] | ' | ' |
2014 | $60.80 | ' |
2015 | 58 | ' |
2016 | 39.1 | ' |
2017 | 32.7 | ' |
2018 | 27.5 | ' |
2019 and thereafter | 79.7 | ' |
Total | $297.80 | $364.80 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | $848.40 | $392.30 |
Impairment of intangible assets | 3.3 | 158 | 90.7 |
Amount | ' | 37.5 | ' |
Amortization expense for other intangible assets | 64 | 87.6 | 112.2 |
Previous Organization Structure | Latin America | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | ' | 59.8 |
Strategic Services | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 129.9 | ' |
Strategic Services | Impairment of Intangibles | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Impairment of intangible assets | 3.3 | ' | ' |
Publishing And Retail Services Segment | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 669.9 | ' |
Impairment of intangible assets | ' | 150.1 | ' |
Variable Print | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment charges | ' | 3.7 | ' |
Impairment of intangible assets | ' | 1.4 | ' |
Strategic Services segment | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | 0.8 | 1 |
Customer Relationships | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Amount | ' | 31.4 | ' |
Customer Relationships | Previous Organization Structure | Latin America | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | $5.70 | ' |
Transactions_Affecting_Allowan
Transactions Affecting Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balance, beginning of year | $49.60 | $62.60 | $71 |
Provisions charged to expense | 18.2 | 8.7 | 18.8 |
Write-offs and other | -23 | -21.7 | -27.2 |
Balance, end of year | $44.80 | $49.60 | $62.60 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and manufacturing supplies | $212.60 | $214.20 |
Work in process | 145.2 | 158.8 |
Finished goods | 235.4 | 229.3 |
LIFO reserve | -92 | -92.1 |
Total | $501.20 | $510.20 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory [Line Items] | ' | ' | ' |
LIFO expense (benefit) | ($0.10) | ($4.30) | $8.40 |
Components_of_Property_Plant_a
Components of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ' | ' |
Land | $94.30 | $98.70 |
Buildings | 1,160.60 | 1,167 |
Machinery and equipment | 6,024 | 6,022.70 |
Property, plant and equipment, gross | 7,278.90 | 7,288.40 |
Accumulated depreciation | -5,848.80 | -5,671.80 |
Total | $1,430.10 | $1,616.60 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $337.70 | $367.40 | $415.90 |
Book value of assets held for sale | $18.50 | $19.20 | ' |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill, impairment charge | ' | $848.40 | $392.30 |
Impairment of intangible assets | 3.3 | 158 | 90.7 |
Total, impairment charge | 21.5 | 1,027.10 | 532 |
Goodwill | 1,436.30 | 1,436.40 | 2,222.10 |
Other intangible assets, net book value | 297.8 | 364.8 | ' |
Fair Value, Measurements, Nonrecurring | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Long-lived assets held and used, impairment charge | 4.2 | 8 | 14.7 |
Long-lived assets held for sale or disposal, impairment charge | 14.8 | 15.6 | 34.3 |
Goodwill, impairment charge | ' | 848.4 | 392.3 |
Impairment of intangible assets | 3.3 | 158 | 90.7 |
Total, impairment charge | 22.3 | 1,030 | 532 |
Long-lived assets held and used, net book value | 4 | 8.5 | 61.3 |
Long-lived assets held for sale or disposal, net book value | 18.5 | 6.3 | 11.7 |
Goodwill | ' | 18.1 | ' |
Other intangible assets, net book value | ' | 3.1 | 2.1 |
Total Assets | 22.5 | 36 | 75.1 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Long-lived assets held and used, fair value measurement | 4.2 | 9.8 | 68.8 |
Long-lived assets held for sale or disposal, fair value measurement | 20.2 | 16.4 | 12.8 |
Goodwill, impairment charge | ' | 18.1 | ' |
Other intangible assets, fair value measurement | ' | 3.1 | 2.2 |
Total, fair value measurement | $24.40 | $47.40 | $83.80 |
Fair_Value_Valuation_Technique1
Fair Value, Valuation Techniques and Related Unobservable Inputs for Level Three (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Amount | ' | $37.50 |
Customer Relationships | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Amount | ' | 31.4 |
Fair Value, Inputs, Level 3 | Customer Relationships | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Amount | ' | $3.10 |
Valuation Technique | 'With and without method | 'Excess earnings |
Discount rate | 16.00% | ' |
Fair Value, Inputs, Level 3 | Customer Relationships | Minimum | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | ' | 12.50% |
Attrition rate | ' | 2.00% |
Fair Value, Inputs, Level 3 | Customer Relationships | Maximum | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | ' | 15.00% |
Attrition rate | ' | 15.90% |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 |
Customer Relationships | Customer Relationships | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Magazines Catalogs And Retail Inserts | Magazines Catalogs And Retail Inserts | Books And Directories | Books And Directories | Books And Directories | Europe | Commercial | Forms And Labels | Forms And Labels | Forms And Labels | Canada | Latin America | Latin America | Financial | Financial | Financial Print And Related Services | ||||
Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Customer Relationships | Previous Organization Structure | Customer Relationships | Fair Value, Measurements, Nonrecurring | Previous Organization Structure | Previous Organization Structure | Previous Organization Structure | Previous Organization Structure | Previous Organization Structure | Previous Organization Structure | Customer Relationships | Previous Organization Structure | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Customer Relationships | ||||||||||
Fair Value, Inputs, Level 3 | Customer Relationships | Customer Relationships | Fair Value, Inputs, Level 3 | ||||||||||||||||||||||||
Customer Relationships | |||||||||||||||||||||||||||
Assets Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair values reduced by estimated costs to sell | $1.40 | $0.70 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, fair value measurement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.1 | ' | ' | 18.1 | ' | ' | 0 | 0 | 0 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' |
Goodwill (Note 4) | 1,436.30 | 1,436.40 | 2,222.10 | ' | ' | ' | 18.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, fair value measurement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.1 | 2.2 | 0 | ' | ' | 3.1 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | 2.2 | 101.2 |
Other intangible assets, net book value | $297.80 | $364.80 | ' | $280.30 | $343.10 | ' | $3.10 | $2.10 | ' | ' | ' | $22.80 | ' | $3.10 | ' | ' | ' | ' | ' | ' | $12.20 | ' | $8 | ' | ' | ' | ' |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule Of Accrued Liabilities [Line Items] | ' | ' |
Employee-related liabilities | $284.60 | $266.30 |
Deferred revenue | 153.6 | 150.8 |
Restructuring liabilities | 32.3 | 35.8 |
Other | 344.3 | 372.3 |
Total accrued liabilities | $814.80 | $825.20 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Facility | |||
Commitment And Contingencies [Line Items] | ' | ' | ' |
Authorized expenditures on incomplete projects for purchase of property, plant and equipment | $76.20 | ' | ' |
Committed total of property, plant and equipment expenditure | 37.8 | ' | ' |
Severance payments related to restructuring | 19.7 | ' | ' |
Purchase commitment for outsourced services | 96.1 | ' | ' |
Commitment to purchase natural gas | 8 | ' | ' |
Operating lease commitments | 450.1 | ' | ' |
Rent expense | 149.4 | 143.7 | 152.7 |
Minimum non-cancelable sublease rentals aggregating | $41.10 | ' | ' |
Number of sites cited as potentially responsible party | 11 | ' | ' |
Number of previously and currently owned sites with potential remediation obligations | 10 | ' | ' |
Future_Minimum_Rental_Commitme
Future Minimum Rental Commitments Under Operating Lease (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $123.30 |
2015 | 96.4 |
2016 | 66.3 |
2017 | 43 |
2018 | 26.7 |
2019 and thereafter | 94.4 |
Future minimum rental commitments under operating leases | $450.10 |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Gain on curtailment | ' | $3.70 | $38.70 |
Defined benefit plan, accumulated benefit obligation | 3,937 | 4,343.90 | ' |
Pension and postretirement contributions | 29.6 | 148.7 | 54.6 |
Threshold for recognition in net periodic benefit costs, percentage of projected benefit obligation or fair value of plan assets | 10.00% | ' | ' |
Employer matching contributions rate | ' | 40.00% | ' |
Maximum participant contributions as a percentage of eligible compensation per pay period | ' | 6.00% | ' |
Recognized expense | ' | 30.8 | ' |
Multi-employer plan, period contributions | 1.3 | 1.3 | 1.7 |
Percentage of employer contribution, maximum | 5.00% | 5.00% | 5.00% |
Reduction in pension liability due to curtailment | 30.1 | ' | ' |
Red zone status, percentage | 65.00% | ' | ' |
Other Charges | 38.4 | ' | ' |
Multi-employer pension plan withdrawal obligations | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other Charges | 38.4 | ' | 15.1 |
Multi-employer pension plan withdrawal obligations | Complete And Partial Withdrawal From Multi Employer Pension Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other Charges | 53.1 | ' | ' |
Multi-employer pension plan withdrawal obligations | Facility closures | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other Charges | 14.7 | ' | ' |
Equity Securities and Other Investments | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target asset allocation percentage | 75.00% | ' | ' |
Fixed Income | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target asset allocation percentage | 25.00% | ' | ' |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Potential withdrawal obligations | 15 | ' | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Potential withdrawal obligations | 25 | ' | ' |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Gain on curtailment | ' | 3.7 | 38.7 |
Pension and postretirement contributions | 21.6 | 140.7 | ' |
Medicare reimbursements | ' | ' | ' |
Reduction in pension liability due to curtailment | 0.1 | -2.6 | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Gain on curtailment | ' | ' | ' |
Pension and postretirement contributions | 8 | 8 | ' |
Medicare reimbursements | 2.7 | 3.3 | ' |
Reduction in pension liability due to curtailment | 30.6 | -0.5 | ' |
Other Postretirement Benefit Plans, Defined Benefit | Medicare Part D Subsidies | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Medicare reimbursements | 0.5 | 3.3 | ' |
Pension Plans Defined benefit | Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and other postretirement expected contributions for next year | 59 | ' | ' |
Pension and other postretirement expected contributions for 2015 | 24 | ' | ' |
Pension Plans Defined benefit | Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and other postretirement expected contributions for next year | 79 | ' | ' |
Pension and other postretirement expected contributions for 2015 | 29 | ' | ' |
EGWP | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Medicare reimbursements | $2.70 | ' | ' |
Components_of_Net_Pension_and_
Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Gain on pension curtailment | ' | ($3.70) | ($38.70) |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 2.2 | 5.9 | 86.6 |
Interest cost | 178.2 | 189.2 | 192 |
Expected return on plan assets | -241.9 | -262.6 | -266.4 |
Amortization of prior service credit | ' | 0.6 | -4.4 |
Amortization of actuarial loss (gain) | 50.5 | 32.1 | 50.1 |
Gain on pension curtailment | ' | -3.7 | -38.7 |
Settlements | 0.7 | 1.1 | ' |
Net periodic benefit (income) expense | -10.3 | -37.4 | 19.2 |
Discount rate | 4.20% | 4.90% | 5.50% |
Rate of compensation increase | 0.30% | 0.90% | 4.00% |
Expected return on plan assets | 7.90% | 8.40% | 8.40% |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 7.3 | 6.6 | 8.2 |
Interest cost | 16.2 | 18.4 | 22.7 |
Expected return on plan assets | -11.8 | -13.9 | -14.8 |
Amortization of prior service credit | -19.7 | -19.7 | -12.5 |
Amortization of actuarial loss (gain) | ' | -0.1 | 0.1 |
Gain on pension curtailment | ' | ' | ' |
Settlements | ' | ' | ' |
Net periodic benefit (income) expense | ($8) | ($8.70) | $3.70 |
Discount rate | 3.90% | 4.80% | 5.20% |
Rate of compensation increase | ' | 3.60% | 3.60% |
Expected return on plan assets | 7.30% | 7.60% | 7.60% |
Reconciliation_of_Benefit_Obli
Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan amendments and other | ($30.10) | ' | ' |
Employer contributions | 29.6 | 148.7 | 54.6 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 4,368.80 | 3,923.60 | ' |
Service cost | 2.2 | 5.9 | 86.6 |
Interest cost | 178.2 | 189.2 | 192 |
Plan participants’ contributions | 0.5 | 1.2 | ' |
Medicare reimbursements | ' | ' | ' |
Actuarial (gain) loss | -404.2 | 411.2 | ' |
Plan amendments and other | -0.1 | 2.6 | ' |
Curtailments and settlements | -9 | -6.5 | ' |
Foreign currency translation | -8.5 | 17.5 | ' |
Benefits paid | -175.2 | -175.9 | ' |
Benefit obligation at end of year | 3,952.70 | 4,368.80 | 3,923.60 |
Fair value of plan assets at beginning of year | 3,215.30 | 2,849.60 | ' |
Actual return on assets | 658 | 389.9 | ' |
Settlements | -8.7 | -3.7 | ' |
Employer contributions | 21.6 | 140.7 | ' |
Medicare reimbursements | ' | ' | ' |
Plan participants’ contributions | 0.5 | 1.2 | ' |
Other | ' | ' | ' |
Foreign currency translation | -4.2 | 13.5 | ' |
Benefits paid | -175.2 | -175.9 | ' |
Fair value of plan assets at end of year | 3,707.30 | 3,215.30 | 2,849.60 |
Funded status at end of year | -245.4 | -1,153.50 | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 430.2 | 403.1 | ' |
Service cost | 7.3 | 6.6 | 8.2 |
Interest cost | 16.2 | 18.4 | 22.7 |
Plan participants’ contributions | 14.5 | 14.4 | ' |
Medicare reimbursements | 2.7 | 3.3 | ' |
Actuarial (gain) loss | -13.6 | 27.6 | ' |
Plan amendments and other | -30.6 | 0.5 | ' |
Curtailments and settlements | ' | ' | ' |
Foreign currency translation | -2.9 | 1.1 | ' |
Benefits paid | -41.5 | -44.8 | ' |
Benefit obligation at end of year | 382.3 | 430.2 | 403.1 |
Fair value of plan assets at beginning of year | 187.1 | 174.7 | ' |
Actual return on assets | 35.6 | 21 | ' |
Settlements | ' | ' | ' |
Employer contributions | 8 | 8 | ' |
Medicare reimbursements | 2.7 | 3.3 | ' |
Plan participants’ contributions | 14.5 | 14.4 | ' |
Other | ' | 10.2 | ' |
Foreign currency translation | 0.4 | 0.3 | ' |
Benefits paid | -41.5 | -44.8 | ' |
Fair value of plan assets at end of year | 206.8 | 187.1 | 174.7 |
Funded status at end of year | ($175.50) | ($243.10) | ' |
Amounts_Recognized_on_Consolid
Amounts Recognized on Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accrued benefit cost (included in accrued liabilities) | ($344.30) | ($372.30) |
Pension liabilities | -245.2 | -1,150.50 |
Other postretirement benefits plan liabilities | -174.1 | -241.7 |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prepaid pension cost (included in other noncurrent assets) | 8 | 4.4 |
Accrued benefit cost (included in accrued liabilities) | -8.2 | -7.4 |
Pension liabilities | -245.2 | -1,150.50 |
Other postretirement benefits plan liabilities | ' | ' |
Net liabilities recognized in the Consolidated Balance Sheets | -245.4 | -1,153.50 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prepaid pension cost (included in other noncurrent assets) | ' | ' |
Accrued benefit cost (included in accrued liabilities) | -1.4 | -1.4 |
Pension liabilities | ' | ' |
Other postretirement benefits plan liabilities | -174.1 | -241.7 |
Net liabilities recognized in the Consolidated Balance Sheets | ($175.50) | ($243.10) |
Amounts_in_Accumulated_Other_C
Amounts in Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net actuarial (loss) gain | ($957.50) | ($1,828.90) |
Net transition obligation | -0.2 | -0.2 |
Net prior service credit | ' | ' |
Total | -957.7 | -1,829.10 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net actuarial (loss) gain | 35.6 | -1.6 |
Net transition obligation | ' | ' |
Net prior service credit | 78.4 | 68 |
Total | $114 | $66.40 |
Amounts_Recognized_in_Other_Co
Amounts Recognized in Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total | ($919) | $285.10 | $485.90 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of Net actuarial loss | 50.5 | ' | ' |
Amounts arising during the period, Net actuarial gain | 820.7 | ' | ' |
Amounts arising during the period, Net prior service credit | ' | ' | ' |
Amounts arising during the period, Settlements | 0.7 | ' | ' |
Foreign currency loss | -0.5 | ' | ' |
Total | 871.4 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of Net actuarial loss | ' | ' | ' |
Amortization of Net prior service credit | -19.7 | ' | ' |
Amounts arising during the period, Net actuarial gain | 37.4 | ' | ' |
Amounts arising during the period, Net prior service credit | 30.1 | ' | ' |
Foreign currency loss | -0.2 | ' | ' |
Total | $47.60 | ' | ' |
Amounts_in_Accumulated_Other_C1
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | $31.40 |
Net prior service credit | ' |
Total | 31.4 |
Other Postretirement Benefit Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | ' |
Net prior service credit | -25.8 |
Total | ($25.80) |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used to Determine Benefit Obligation (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 5.00% | 4.20% |
Health care cost trend, Ultimate | ' | ' |
Pension Plans, Defined Benefit | Pre Age Sixty Five | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend, Current | ' | ' |
Pension Plans, Defined Benefit | Post Age Sixty Five | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend, Current | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.50% | ' |
Rate of compensation increase | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | ' | 3.90% |
Rate of compensation increase | ' | 3.60% |
Health care cost trend, Ultimate | 4.90% | 5.80% |
Other Postretirement Benefit Plans, Defined Benefit | Pre Age Sixty Five | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend, Current | 7.80% | 7.40% |
Other Postretirement Benefit Plans, Defined Benefit | Post Age Sixty Five | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend, Current | 7.80% | 7.40% |
Summary_of_Projected_Benefit_O
Summary of Projected Benefit Obligations in Excess of Plan Assets (Detail) (Pension Plans, Defined Benefit, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $3,929.60 | $4,348.30 |
Fair value of plan assets | $3,676.10 | $3,190.30 |
Accumulated_Benefit_Obligation
Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (Pension Plans, Defined Benefit, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $3,912 | $4,321.60 |
Fair value of plan assets | $3,672.60 | $3,187.40 |
Effects_of_Onepercentage_Point
Effects of One-percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) (Other Postretirement Benefit Plans, Defined Benefit, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Other Postretirement Benefit Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Postretirement benefit obligation, 1% increase | $5.50 |
Total postretirement service and interest cost components, 1% increase | 0.6 |
Postretirement benefit obligation, 1% Decrease | -4.4 |
Total postretirement service and interest cost components, 1% Decrease | ($0.60) |
Expected_Benefit_Payments_Deta
Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $193.60 |
2015 | 194.9 |
2016 | 200.9 |
2017 | 209.2 |
2018 | 216.3 |
2019-2023 | 1,222.50 |
Other Postretirement Benefit Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 33.8 |
2015 | 34.3 |
2016 | 34.8 |
2017 | 35.1 |
2018 | 35.6 |
2019-2023 | 176.6 |
Estimated Subsidy Reimbursements | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 3.8 |
2015 | 4.1 |
2016 | 4.3 |
2017 | 4.7 |
2018 | 5 |
2019-2023 | $31 |
Allocation_of_Plan_Assets_Pens
Allocation of Plan Assets, Pension Plan (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Private Equity Funds | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | $43.40 | $38.90 | $30.10 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 3,707.30 | 3,215.30 | 2,849.60 |
Pension Plans, Defined Benefit | Fair Value, Inputs, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 2,149.30 | 2,155.80 | ' |
Pension Plans, Defined Benefit | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 1,514.60 | 1,020.60 | ' |
Pension Plans, Defined Benefit | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 43.4 | 38.9 | ' |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 79.6 | 56.9 | ' |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 51.6 | 27.4 | ' |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 28 | 29.5 | ' |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 2,658.70 | 2,169 | ' |
Pension Plans, Defined Benefit | Equity Funds | Fair Value, Inputs, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 1,839.30 | 1,887.40 | ' |
Pension Plans, Defined Benefit | Equity Funds | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 819.4 | 281.6 | ' |
Pension Plans, Defined Benefit | Equity Funds | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Fixed Income Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 795.3 | 828 | ' |
Pension Plans, Defined Benefit | Fixed Income Funds | Fair Value, Inputs, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 255 | 240.5 | ' |
Pension Plans, Defined Benefit | Fixed Income Funds | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 540.3 | 587.5 | ' |
Pension Plans, Defined Benefit | Fixed Income Funds | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Derivative | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 3.9 | 8.9 | ' |
Pension Plans, Defined Benefit | Derivative | Fair Value, Inputs, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 3.4 | 0.5 | ' |
Pension Plans, Defined Benefit | Derivative | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 0.5 | 8.4 | ' |
Pension Plans, Defined Benefit | Derivative | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 126.4 | 113.6 | ' |
Pension Plans, Defined Benefit | Real Estate | Fair Value, Inputs, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Real Estate | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 126.4 | 113.6 | ' |
Pension Plans, Defined Benefit | Real Estate | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Private Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 43.4 | 38.9 | ' |
Pension Plans, Defined Benefit | Private Equity Funds | Fair Value, Inputs, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Private Equity Funds | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | ' | ' | ' |
Pension Plans, Defined Benefit | Private Equity Funds | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | $43.40 | $38.90 | ' |
Allocation_of_Plan_Assets_Post
Allocation of Plan Assets, Postretirement Benefit Plan (Detail) (Other Postretirement Benefit Plans, Defined Benefit, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | $206.80 | $187.10 | $174.70 |
Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 206.8 | 187.1 | ' |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 1.5 | 8.4 | ' |
Equity Funds | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 155.1 | 133.3 | ' |
Fixed Income Funds | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | 39.6 | 35.9 | ' |
Derivative | Fair Value, Inputs, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of the company's benefit plan assets | $10.60 | $9.50 | ' |
Changes_in_Fair_Value_of_Level
Changes in Fair Value of Level Three Assets (Detail) (Fair Value, Inputs, Level 3, Private Equity Funds, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Inputs, Level 3 | Private Equity Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | $38.90 | $30.10 |
Unrealized gains/losses—net | 8.7 | 5.8 |
Purchases, sales and settlements | -4.2 | 3 |
Fair value of plan assets at end of year | $43.40 | $38.90 |
Components_Of_Earnings_Loss_Fr
Components Of Earnings (Loss) From Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Income Before Income Tax [Line Items] | ' | ' | ' |
U.S. | $66.70 | ($710.10) | ($274.50) |
Foreign | 142.3 | 70.1 | 37.1 |
Earnings (loss) before income taxes | $209 | ($640) | ($237.40) |
Components_Of_Income_Tax_Expen
Components Of Income Tax Expense (Benefit) From Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | ' | ' | ' |
Federal, Current | ($15.10) | $8.60 | ($10.10) |
Federal, Deferred | -23.9 | -55.5 | -82.1 |
State, Current | -4.8 | 10.5 | -19.5 |
State, Deferred | -2.6 | -18.3 | -21.5 |
Foreign, Current | 51.8 | 46.5 | 36.3 |
Foreign, Deferred | -14.6 | 21.8 | -19.4 |
Total | ($9.20) | $13.60 | ($116.30) |
Reconciliation_From_Federal_St
Reconciliation From Federal Statutory Tax Rate To Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Effective Tax Rates [Line Items] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Adjustment of uncertain tax positions | -5.40% | 3.10% | 30.20% |
Foreign tax rate differential | -11.30% | 3.20% | 15.50% |
Adjustment of interest on uncertain tax positions | -0.80% | 0.60% | 10.10% |
Domestic manufacturing deduction | -0.10% | 0.50% | 2.20% |
Acquisition-related expenses | 0.70% | -0.10% | -0.10% |
Change in valuation allowances | 3.10% | -4.40% | -1.00% |
State and local income taxes, net of U.S. federal income tax benefit | 2.40% | ' | -1.60% |
Restructuring, impairment and other charges | ' | -40.10% | -39.50% |
Reorganization | -32.80% | 3.90% | ' |
Foreign tax | 4.00% | -1.70% | ' |
Other | 0.80% | -2.10% | -1.80% |
Effective income tax rate | -4.40% | -2.10% | 49.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Recognized tax benefits | $7.20 | $26.10 | ' | ' |
Income tax benefits related to European restructuring | ' | 22.4 | ' | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | -11 | -74.8 | ' |
Net operating loss and other carryforwards expiring between 2014 and 2023 | 179.5 | ' | ' | ' |
Deferred tax liabilities related to foreign earnings | 7.9 | 9.1 | ' | ' |
Cash payments for income taxes | 99 | 100 | 106.5 | ' |
Cash refunds for income taxes | 12.1 | 18.5 | 11.2 | ' |
Income tax benefit associated with dispositions of employee stock options | 0.9 | 1.2 | -3.6 | ' |
Unrecognized tax benefits | 33.8 | 47.9 | 76.4 | 157.1 |
Unrecognized tax benefits that would impact effective tax rate | 21.1 | ' | ' | ' |
Amount of unrecognized tax benefit that will decrease within 12 months | 9 | ' | ' | ' |
Total interest expense related to remaining tax uncertainties | 1.8 | 4.1 | 24 | ' |
Penalty amounts recognized | 2.6 | 1.1 | 2.5 | ' |
Accrued interest related to income tax uncertainties | 5.5 | 8.5 | ' | ' |
Accrued penalties related to income tax uncertainties | 0.1 | 2.7 | ' | ' |
Aggregate effect on income tax expense as a result of the "tax holiday" agreements | 0.6 | 0.2 | 7.9 | ' |
Domestic | ' | ' | ' | ' |
Domestic and foreign net operating loss carryforwards | 79.1 | 87.6 | ' | ' |
Foreign | ' | ' | ' | ' |
Domestic and foreign net operating loss carryforwards | 249.2 | 244 | ' | ' |
Latin America | ' | ' | ' | ' |
Valuation allowance on deferred tax assets, benefit | ' | 32.7 | ' | ' |
Publishing And Retail Services Segment | ' | ' | ' | ' |
Income tax benefits from value decline and reorganization | $58.50 | ' | ' | ' |
Schedule_Of_Significant_Deferr
Schedule Of Significant Deferred Tax Assets And Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Pension and other postretirement benefits plan liabilities | $167.40 | $524.10 |
Net operating losses and other tax carryforwards | 328.3 | 331.6 |
Accrued liabilities | 153.9 | 155.2 |
Foreign depreciation | 51.3 | 50.5 |
Other | 38.7 | 48.9 |
Total deferred tax assets | 739.6 | 1,110.30 |
Valuation allowances | -268.2 | -273.6 |
Net deferred tax assets | 471.4 | 836.7 |
Accelerated depreciation | -180.3 | -226.3 |
Other intangible assets | -86.2 | -98.6 |
Inventories | -26.9 | -30.7 |
Other | -39.8 | -30.2 |
Total deferred tax liabilities | -333.2 | -385.8 |
Net deferred tax assets | $138.20 | $450.90 |
Schedule_Of_Transactions_Affec
Schedule Of Transactions Affecting Valuation Allowance On Deferred Tax Assets (Detail) (Valuation Allowance of Deferred Tax Assets, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance, beginning of year | $273.60 | $273.20 | $259.50 |
Current year expense - net | 6.4 | 28.2 | 2.4 |
Write-offs | -8.3 | -37.9 | -1.8 |
Foreign exchange and other | -3.5 | 10.1 | 13.1 |
Balance, end of year | $268.20 | $273.60 | $273.20 |
Unrecognized_Tax_Benefits_Deta
Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Balance at beginning of year | $47.90 | $76.40 | $157.10 |
Additions for tax positions of the current year | 2.1 | 6.3 | 6.1 |
Additions for tax positions of prior years | 3.7 | 3.9 | 6 |
Reductions for tax positions of prior years | -16.2 | -29.6 | -26.9 |
Settlements during the year | -0.7 | -5.6 | -3.3 |
Lapses of applicable statutes of limitations | -3 | -3.5 | -62.3 |
Foreign exchange and other | ' | ' | -0.3 |
Balance at end of year | $33.80 | $47.90 | $76.40 |
Components_of_Debt_Detail
Components of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Other | $10.70 | [1] | $38.40 | [1] |
Total debt | 3,857.90 | 3,438.60 | ||
Less: current portion | -270.9 | -18.4 | ||
Long-term debt (Note 13) | 3,587 | 3,420.20 | ||
Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 258.2 | 258.1 | ||
Senior Notes Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 200 | 299.9 | ||
Senior Notes Eight Point Six Zero Percent Due August Fifteen Two Thousand Sixteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 218.7 | 347.4 | ||
Senior Notes Six Point One Two Five Percent Due January Fifteen Two Thousand Seventeen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 250.8 | 523.3 | ||
Senior Notes Seven Point Two Five Percent Due May Fifteen Two Thousand Eighteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 350 | 600 | ||
Debentures Eleven Point Two Five Percent Due February One Two Thousand Nineteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 172.2 | [2] | 172.2 | [2] |
Senior Notes Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 450 | 450 | ||
Senior Notes Seven Point Six Two Five Percent Due June Fifteen Two Thousand Twenty | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 400 | 400 | ||
Senior Notes Seven Point Eight Seven Five Percent Due March Fifteen Two Thousand Twenty One | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 448 | ' | ||
Debentures Eight Point Eight Seven Five Percent Due April Fifteen Two Thousand Twenty One | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debentures | 80.9 | 80.9 | ||
Senior Notes Seven Point Zero Percent Due February Fifteen Two Thousand Twenty Two | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 400 | ' | ||
Senior Notes Six Point Five Zero Percent Due November Fifteen Two Thousand Twenty Three | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 350 | ' | ||
Debentures Six Point Six Two Five Percent Due April Fifteen Two Thousand Twenty Nine | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debentures | 199.4 | 199.4 | ||
Debentures Eight Point Eight Two Zero Percent Due April Fifteen Two Thousand Thirty One | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debentures | $69 | $69 | ||
[1] | Includes miscellaneous debt obligations, fair value adjustments to the 4.95% senior notes due April 1, 2014 and 8.25% senior notes due March 15, 2019 related to the Company’s fair value hedges and capital leases. | |||
[2] | As of December 31, 2013 and 2012, the interest rate on the 11.25% senior notes due February 1, 2019 was 12.75% and 12.50%, respectively, as a result of downgrades in the ratings of the notes by the rating agencies. |
Components_of_Debt_Parenthetic
Components of Debt (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Debentures Eleven Point Two Five Percent Due February One Two Thousand Nineteen | Debentures Eleven Point Two Five Percent Due February One Two Thousand Nineteen | Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | Senior Notes Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | Senior Notes Eight Point Six Zero Percent Due August Fifteen Two Thousand Sixteen | Senior Notes Six Point One Two Five Percent Due January Fifteen Two Thousand Seventeen | Senior Notes Seven Point Two Five Percent Due May Fifteen Two Thousand Eighteen | Senior Notes Eleven Point Two Five Percent Due February One Two Thousand Nineteen | Senior Notes Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | Senior Notes Seven Point Six Two Five Percent Due June Fifteen Two Thousand Twenty | Senior Notes Seven Point Eight Seven Five Percent Due March Fifteen Two Thousand Twenty One | Debentures Eight Point Eight Seven Five Percent Due April Fifteen Two Thousand Twenty One | Senior Notes Seven Point Zero Percent Due February Fifteen Two Thousand Twenty Two | Senior Notes Six Point Five Zero Percent Due November Fifteen Two Thousand Twenty Three | Debentures Six Point Six Two Five Percent Due April Fifteen Two Thousand Twenty Nine | Debentures Eight Point Eight Two Zero Percent Due April Fifteen Two Thousand Thirty One | ||
Scenario, Adjustment | Scenario, Adjustment | Scenario, Actual | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate | 12.75% | 12.50% | 4.95% | 5.50% | 8.60% | 6.13% | 7.25% | 11.25% | [1] | 8.25% | 7.63% | 7.88% | 8.88% | 7.00% | 6.50% | 6.63% | 8.82% |
Maturity date | ' | ' | 1-Apr-14 | 15-May-15 | 15-Aug-16 | 15-Jan-17 | 15-May-18 | 1-Feb-19 | 15-Mar-19 | 15-Jun-20 | 15-Mar-21 | 15-Apr-21 | 15-Feb-22 | 15-Nov-23 | 15-Apr-29 | 15-Apr-31 | |
[1] | As of December 31, 2013 and 2012, the interest rate on the 11.25% senior notes due February 1, 2019 was 12.75% and 12.50%, respectively, as a result of downgrades in the ratings of the notes by the rating agencies. |
Future_Maturities_Of_Debt_Deta
Future Maturities Of Debt (Detail) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Long Term Debt Maturities | ' | |
2014 | $269.70 | |
2015 | 204 | |
2016 | 220.4 | |
2017 | 251.5 | |
2018 | 350 | |
2019 and thereafter | 2,572.10 | |
Total | $3,867.70 | [1] |
[1] | Excludes a discount of $4.6 million and an adjustment for fair value hedges of $5.2 million related to the Company’s 4.95% senior notes due April 1, 2014 and 8.25% senior notes due March 15, 2019, which do not represent contractual commitments with a fixed amount or maturity date. |
Summary_Of_Interest_Expense_De
Summary Of Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Interest incurred | $276 | $271.10 | $259.80 |
Less: interest income | -11.5 | -15.2 | -13.6 |
Less: interest capitalized as property, plant and equipment | -3.1 | -4.1 | -2.9 |
Interest expense, net | $261.40 | $251.80 | $243.30 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 12, 2013 | Dec. 31, 2013 | Aug. 26, 2013 | Mar. 14, 2013 | Aug. 26, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 13, 2012 | Mar. 14, 2013 | Aug. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 13, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Apr. 09, 2010 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Senior Notes Six Point Five Zero Percent Due November Fifteen Two Thousand Twenty Three | Senior Notes Six Point Five Zero Percent Due November Fifteen Two Thousand Twenty Three | Senior Notes Seven Point Zero Percent Due February Fifteen Two Thousand Twenty Two | Senior Notes Seven Point Zero Percent Due February Fifteen Two Thousand Twenty Two | Senior Notes Seven Point Two Five Percent Due May Fifteen Two Thousand Eighteen | Senior Notes Seven Point Two Five Percent Due May Fifteen Two Thousand Eighteen | Senior Notes Seven Point Two Five Percent Due May Fifteen Two Thousand Eighteen | Senior Notes Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | Senior Notes Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | Senior Notes Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | Senior Notes Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | Senior Notes Six Point One Two Five Percent Due January Fifteen Two Thousand Seventeen | Senior Notes Six Point One Two Five Percent Due January Fifteen Two Thousand Seventeen | Senior Notes Six Point One Two Five Percent Due January Fifteen Two Thousand Seventeen | Senior Notes Extinguished1 | Senior Notes Seven Point Eight Seven Five Percent Due March Fifteen Two Thousand Twenty One | Senior Notes Seven Point Eight Seven Five Percent Due March Fifteen Two Thousand Twenty One | Senior Notes Eight Point Six Zero Percent Due August Fifteen Two Thousand Sixteen | Senior Notes Eight Point Six Zero Percent Due August Fifteen Two Thousand Sixteen | Senior Notes Extinguished2 | New Credit Agreement | New Credit Agreement | Prior Credit Agreement | Prior Credit Agreement | Senior Notes Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | Senior Notes Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen And Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | Senior Notes Five Point Six Two Five Percent Due January Fifteen Two Thousand Twelve | Revolving Credit Facility | Previous Credit Agreement | Previous Credit Agreement | Credit Agreements | Foreign Facilities | Other Facilities | Credit Agreements | Credit Agreements | ||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of difference between fair value and book value | $343.40 | ($3.70) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility borrowings | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.1 | 10.4 |
Total amount of revolving credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150 | ' | 1,750 | ' | 176 | ' | ' | ' |
Weighted average interest rate on borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.19% | ' | 2.00% | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | 350 | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | ' | ' | ' | ' | ' | ' | ' | 450 | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 6.50% | ' | 7.00% | ' | ' | ' | 7.25% | ' | ' | 5.50% | 5.50% | ' | ' | 6.13% | ' | 7.88% | ' | ' | 8.60% | ' | ' | ' | ' | ' | 8.25% | 8.25% | 4.95% | ' | 4.95% | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | 15-Nov-23 | ' | 15-Feb-22 | ' | ' | ' | 15-May-18 | 15-May-15 | ' | 15-May-15 | ' | ' | ' | 15-Jan-17 | ' | 15-Mar-21 | ' | ' | 15-Aug-16 | ' | ' | ' | ' | ' | 15-Mar-19 | ' | 1-Apr-14 | ' | ' | ' | 15-Jan-12 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Debt | 830.4 | 625.2 | 495.1 | ' | ' | ' | ' | 50 | 200 | ' | 100 | 100 | ' | ' | 173.5 | 100 | ' | ' | ' | ' | 130.2 | ' | ' | ' | ' | ' | ' | ' | ' | 341.8 | ' | ' | ' | 158.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | -81.9 | -16.1 | -69.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46.3 | ' | ' | ' | ' | -35.6 | ' | ' | ' | -4 | ' | ' | ' | ' | ' | -12.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit agreement, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-17 | ' | 17-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowable annual dividend payment under credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' |
Debt extinguishment - premiums paid, unamortized debt issuance costs and other expenses | ' | -23.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain due to termination of related interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit, guarantees and factoring agreements | 76.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.7 | ' | 12.8 | ' | ' |
Interest paid | $245 | $250.10 | $252.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future_Maturities_Of_Debt_Pare
Future Maturities Of Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Senior Notes | ' |
Debt Instrument [Line Items] | ' |
Discount on Senior Notes | $4.60 |
Adjustment for fair value hedges | $5.20 |
Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | ' |
Debt Instrument [Line Items] | ' |
Interest rate | 4.95% |
Maturity date | 1-Apr-14 |
Senior Notes Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | ' |
Debt Instrument [Line Items] | ' |
Interest rate | 8.25% |
Maturity date | 15-Mar-19 |
Fair_Value_of_Derivatives_Not_
Fair Value of Derivatives Not Designated and Designated as Hedges (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives assets | $0.40 | $0.60 |
Not Designated as Hedging Instrument | Accrued Liabilities | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives liabilities | 1.5 | 24 |
Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives assets | 1.3 | ' |
Designated as Hedging Instrument | Other Noncurrent Assets | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives assets | ' | 14.7 |
Designated as Hedging Instrument | Other Non-current Liabilities | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives liabilities | $9.10 | ' |
Gross_and_Net_Amounts_of_Forei
Gross and Net Amounts of Foreign Exchange Forward Contracts and Interest Rate Swaps (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | $1.70 | $15.30 |
Impact of Netting, Assets | ' | ' |
Derivatives assets | 1.7 | 15.3 |
All Other Amounts Subject to Master Netting Agreements, Assets | -0.6 | -3.6 |
Potential Net Amounts of Assets | 1.1 | 11.7 |
Gross Amounts of Liabilities | 10.6 | ' |
Impact of Netting, Liabilities | ' | ' |
Derivatives liabilities | 10.6 | ' |
All Other Amounts Subject to Master Netting Agreements, Liabilities | -0.6 | ' |
Potential Net Amounts of Liabilities | 10 | ' |
Not Designated as Hedging Instrument | Foreign Exchange Forward Contracts Reported Gross | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 0.4 | 0.6 |
Impact of Netting, Assets | ' | ' |
Derivatives assets | 0.4 | 0.6 |
All Other Amounts Subject to Master Netting Agreements, Assets | -0.4 | -0.1 |
Potential Net Amounts of Assets | ' | 0.5 |
Gross Amounts of Liabilities | 1.5 | 24 |
Impact of Netting, Liabilities | ' | ' |
Derivatives liabilities | 1.5 | 24 |
All Other Amounts Subject to Master Netting Agreements, Liabilities | -0.2 | -3.6 |
Potential Net Amounts of Liabilities | 1.3 | 20.4 |
Designated as Hedging Instrument | Interest Rate Swap | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 1.3 | 14.7 |
Impact of Netting, Assets | ' | ' |
Derivatives assets | 1.3 | 14.7 |
All Other Amounts Subject to Master Netting Agreements, Assets | -0.2 | -3.5 |
Potential Net Amounts of Assets | 1.1 | 11.2 |
Gross Amounts of Liabilities | 9.1 | ' |
Impact of Netting, Liabilities | ' | ' |
Derivatives liabilities | 9.1 | ' |
All Other Amounts Subject to Master Netting Agreements, Liabilities | -0.4 | ' |
Potential Net Amounts of Liabilities | $8.70 | ' |
PreTax_Gains_Related_to_Deriva
Pre-Tax Gains Related to Derivatives Not Designated as Hedges (Detail) (Not Designated as Hedging Instrument, Foreign Exchange Forward Contracts, Selling, General and Administrative Expenses, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Not Designated as Hedging Instrument | Foreign Exchange Forward Contracts | Selling, General and Administrative Expenses | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' |
Total (gain) loss recognized in the consolidated statements of operations | $17 | $24.80 | $4.70 |
Schedule_of_Gains_Losses_for_D
Schedule of Gains (Losses) for Derivatives Designated as Fair Value Hedges (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' |
Total (gain) loss recognized as ineffectiveness in the condensed consolidated statements of operations | $1.70 | ($1.30) | ($1.20) |
Interest Rate Swap | Investment and Other Expense (Income) - Net | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' |
Total (gain) loss recognized as ineffectiveness in the condensed consolidated statements of operations | 22.5 | -5.7 | -3.1 |
Hedged Items | Investment and Other Expense (Income) - Net | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' |
Total (gain) loss recognized as ineffectiveness in the condensed consolidated statements of operations | ($20.80) | $4.40 | $1.90 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Mar. 13, 2012 | Mar. 31, 2012 | Apr. 09, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Apr. 09, 2010 |
Fair Value Hedging | Fair Value Hedging | Fair Value Hedging | Senior Notes Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | Senior Notes Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | ||||
Foreign Exchange Contract | Foreign Exchange Contract | Interest Rate Swap | Interest Rate Swap | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate notional value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $372.10 | $654.20 | $400 | $600 |
Derivative, inception date | ' | ' | ' | ' | ' | ' | 13-Mar-12 | ' | 9-Apr-10 | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | 450 | 450 | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | 8.25% | 8.25% | 4.95% | 4.95% | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | 15-Mar-19 | ' | 1-Apr-14 | ' | ' | ' | ' | ' |
Repayment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 341.8 | ' | ' | ' | ' | ' |
Terminated portion of interest rate swap agreement, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | 342 | ' | ' | ' | ' | ' |
Proceeds from termination of interest rate swaps | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction to interest expense | $261.40 | $251.80 | $243.30 | $8.70 | $8 | $9.90 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Attributabl
Earnings per Share Attributable to Parent (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings (loss) per share attributable to RR Donnelley common shareholders | ' | ' | ' |
Basic | $1.16 | ($3.61) | ($0.63) |
Diluted | $1.15 | ($3.61) | ($0.63) |
Dividends declared per common share | $1.04 | $1.04 | $1.04 |
Numerator: | ' | ' | ' |
Net earnings (loss) attributable to RR Donnelley common shareholders | $211.20 | ($651.40) | ($122.60) |
Denominator: | ' | ' | ' |
Weighted average number of common shares outstanding | 181.9 | 180.4 | 193.8 |
Dilutive options and awards | 1.6 | ' | ' |
Diluted weighted average number of common shares outstanding | 183.5 | 180.4 | 193.8 |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 6 | 8.6 | 9.2 |
Restricted stock units | ' | ' | ' |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 1.5 | 3.6 | 5 |
Performance share units | ' | ' | ' |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 0.6 | 0.4 | 0.2 |
Stock options | ' | ' | ' |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 3.9 | 4.6 | 4 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) (USD $) | 12 Months Ended | 20 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 17, 2011 | 10-May-11 | Dec. 31, 2011 | |
Stock Repurchase Program | Accelerated Share Repurchase Program | Accelerated Share Repurchase Program | Accelerated Share Repurchase Program | |||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | $1,000,000,000 | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | ' | ' | $500,000,000 |
Treasury stock, shares acquired | 0 | 0 | ' | 9,300,000 | 19,900,000 | 29,200,000 |
Income_Tax_Expense_Allocated_t
Income Tax Expense Allocated to Each Component of Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income [Line Items] | ' | ' | ' |
Translation adjustments - Before Tax Amount | ($22.80) | $11.40 | ($70.10) |
Adjustment for net periodic pension and other postretirement benefits plan cost - Before Tax Amount | 919 | -285.1 | -485.9 |
Change in fair value of derivatives - Before Tax Amount | 0.6 | 0.8 | 1.1 |
Other comprehensive income (loss) - Before Tax Amount | 896.8 | -272.9 | -554.9 |
Translation adjustments - Income Tax Expense (Benefit) | ' | ' | ' |
Adjustment for net periodic pension and other postretirement benefits plan cost - Income Tax Expense (Benefit) | 355.3 | -107.5 | -182.8 |
Change in fair value of derivatives - Income Tax Expense (Benefit) | 0.2 | 0.3 | 0.4 |
Other comprehensive income (loss) - Income Tax Expense (Benefit) | 355.5 | -107.2 | -182.4 |
Translation adjustments - Net of Tax Amount | -22.8 | 11.4 | -70.1 |
Adjustment for net periodic pension and other postretirement benefits plan cost | 563.7 | -177.6 | -303.1 |
Change in fair value of derivatives - Net of Tax Amount | 0.4 | 0.5 | 0.7 |
Other comprehensive income (loss) - Net of Tax Amount | $541.30 | ($165.70) | ($372.50) |
Summary_of_Changes_in_Accumula
Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at Beginning of Period | ($1,029.20) | ($863.30) | ($490.40) |
Other comprehensive income (loss) before reclassifications | 520.9 | -172.8 | -370.5 |
Amount reclassified from accumulated other comprehensive loss | 20.2 | 6.9 | -2.4 |
Net change in accumulated other comprehensive loss | 541.1 | -165.9 | -372.9 |
Balance at End of Period | -488.1 | -1,029.20 | -863.3 |
Fair Value Of Derivative Instruments | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at Beginning of Period | -0.6 | -1.1 | -1.8 |
Amount reclassified from accumulated other comprehensive loss, change in fair value of derivatives | 0.4 | 0.5 | 0.7 |
Net change in accumulated other comprehensive loss | 0.4 | 0.5 | 0.7 |
Balance at End of Period | -0.2 | -0.6 | -1.1 |
Pension and Other Postretirement Benefit Plan Cost | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at Beginning of Period | -1,085.10 | -907.5 | -604.4 |
Other comprehensive income (loss) before reclassifications, Pension and Other Postretirement Benefits Plan Cost | 543.9 | -184 | -300 |
Amount reclassified from accumulated other comprehensive loss, Pension and Other Postretirement Benefits Plan Cost | 19.8 | 6.4 | -3.1 |
Net change in accumulated other comprehensive loss | 563.7 | -177.6 | -303.1 |
Balance at End of Period | -521.4 | -1,085.10 | -907.5 |
Accumulated Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 56.5 | 45.3 | 115.8 |
Other comprehensive income (loss) before reclassifications, translation adjustment | -23 | 11.2 | -70.5 |
Amount reclassified from accumulated other comprehensive loss, translation adjustment | ' | ' | ' |
Net change in accumulated other comprehensive loss | -23 | 11.2 | -70.5 |
Balance at End of Period | $33.50 | $56.50 | $45.30 |
Reclassifications_out_of_Accum
Reclassifications out of Accumulated Other Comprehensive Loss Amortization of Pension and Other postretirement Benefit Plan Cost (Detail) (Pension and Other Postretirement Benefit Plan Cost, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Pension and Other Postretirement Benefit Plan Cost | ' | ' | ' | |||
Amortization of pension and other postretirement benefits plan cost: | ' | ' | ' | |||
Net actuarial loss | $50.50 | [1] | $32 | [1] | $50.20 | [1] |
Net prior service credit | -19.7 | [1] | -19.1 | [1] | -16.9 | [1] |
Curtailments and settlements | 0.7 | [1] | -2.6 | [1] | -38.7 | [1] |
Reclassifications before tax | 31.5 | 10.3 | -5.4 | |||
Income tax expense | 11.7 | 3.9 | -2.3 | |||
Reclassifications, net of tax | $19.80 | $6.40 | ($3.10) | |||
[1] | (a)These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 11). |
Stock_and_Incentive_Programs_f2
Stock and Incentive Programs for Employees - Additional Information (Detail) (USD $) | 12 Months Ended | 20 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | 2-May-11 | Nov. 17, 2011 | 10-May-11 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CompensationPlan | Stock Repurchase Program | Two Thousand And Eight Share Repurchase Program | Accelerated Share Repurchase Program | Accelerated Share Repurchase Program | Accelerated Share Repurchase Program | Stock Compensation Plan | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Performance Share Unit Awards | Performance Share Unit Awards | Performance Share Unit Awards | |||
Director | Director | Director | Between January 2008 And January 2009 | Maximum | Minimum | Maximum | Maximum | Maximum | Minimum | |||||||||||||||||||
Prior To November Twenty Zero Four And After December Twenty Zero Six | After Retirement Date | |||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | $19,900,000 | $25,400,000 | $28,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense, income tax benefit | 7,700,000 | 9,900,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation cost | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' |
Unrecognized compensation expense, weighted-average period of recognition | '2 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 24 days | ' | ' | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' |
Number of active Share-based compensation plan | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of terminated or expired share-based compensation plans | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved and authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized and available for grant under the 2012 PIP | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | '10 years | '10 years | '5 years | ' | ' | ' | ' |
Award vesting term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | '3 years | ' | ' | ' | '4 years | '4 years | ' | '3 years | '3 years | ' | ' |
Amount payable as a percentage of initial award, contingent upon maximum performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,221,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair market value of options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.96 | $4.39 | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 1,200,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cash received from option exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | 1,400,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized for tax deduction from option exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 500,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits shown as financing cash inflows | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 3,200,000 | 5,700,000 | ' | ' | ' | ' | ' | ' | 200,000 | 400,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,900,000 | 21,000,000 | 24,400,000 | 2,200,000 | -200,000 | 100,000 | ' | ' | ' | 1,500,000 | 3,200,000 | 2,700,000 | ' | ' | ' | ' | 2,500,000 | 1,200,000 | 1,200,000 |
Equity instruments other than options expected to vest, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity instruments other than options expected to vest, weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,000 | 233,000 | 235,000 |
Equity instruments other than options, payout range , minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242,500 | 116,500 | 117,500 |
Equity instruments other than options, payout range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,000 | 233,000 | 235,000 |
Equity instruments other than options vested in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,463 |
Equity instruments other than options, percentage of expected payout | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% |
Equity instruments other than options, outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,599 | 147,263 | 147,263 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, shares authorized | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares acquired | 0 | 0 | ' | ' | ' | 9,300,000 | 19,900,000 | 29,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment for share repurchase under ASR program | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BlackScholesMerton_Option_Pric
Black-Scholes-Merton Option Pricing Model (Detail) (Employee Stock Option) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Option | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Expected volatility | 39.71% | 36.69% |
Risk-free interest rate | 1.18% | 2.54% |
Expected life (years) | '6 years 3 months | '6 years 3 months |
Expected dividend yield | 5.06% | 4.57% |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Shares Under Option | ' | ' |
Outstanding at beginning of period | 4,726 | ' |
Exercised | -203 | ' |
Cancelled/forfeited/expired | -384 | ' |
Outstanding at end of period | 4,139 | 4,726 |
Vested and expected to vest at end of period | 4,098 | ' |
Exercisable at end of period | 1,774 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding at beginning of period | $18.90 | ' |
Exercised | $10.57 | ' |
Cancelled/forfeited/expired | $17.94 | ' |
Outstanding at end of period | $19.39 | $18.90 |
Vested and expected to vest at end of period | $19.46 | ' |
Exercisable at end of period | $11.70 | ' |
Weighted Average Remaining Contractual Term (years) | ' | ' |
Outstanding | '5 years 7 months 6 days | '6 years 2 months 12 days |
Vested and expected to vest at end of period | '5 years 7 months 6 days | ' |
Exercisable at end of period | '5 years 10 months 24 days | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding at beginning of period | $2.10 | ' |
Outstanding at end of period | 21.2 | 2.1 |
Vested and expected to vest at end of period | 20.9 | ' |
Exercisable at end of period | $15.20 | ' |
Nonvested_Restricted_Stock_Uni
Nonvested Restricted Stock Unit Awards (Detail) (Restricted stock units, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted stock units | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Shares | 3,246,000 |
Granted, Shares | 1,402,000 |
Vested, Shares | -2,023,000 |
Forfeited, Shares | -130,000 |
Nonvested at end of period, Shares | 2,495,000 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $11.85 |
Granted, Weighted-Average Grant Date Fair Value | $9.70 |
Vested, Weighted-Average Grant Date Fair Value | $10.25 |
Forfeited, Weighted-Average Grant Date Fair Value | $11.04 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $11.97 |
Nonvested_Performance_Share_Un
Nonvested Performance Share Unit Awards (Detail) (Performance share units, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Performance share units | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Shares | 468,000 |
Granted, Shares | 485,000 |
Nonvested at end of period, Shares | 953,000 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $12.84 |
Granted, Weighted-Average Grant Date Fair Value | $8.85 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $10.81 |
Preferred_Stock_Additional_Inf
Preferred Stock - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Class Of Stock [Line Items] | ' | ' |
Preferred stock, authorized | 2 | 2 |
Preferred stock, par value | $1 | $1 |
Segment_Reporting_Information_
Segment Reporting Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | $10,480.30 | [1] | $10,221.90 | [1] | $10,611 | [1] |
Income (Loss) from Operations | 579.7 | -369.8 | 65.2 | |||
Depreciation and amortization | 435.8 | 481.6 | 549.9 | |||
Capital Expenditures | 216.6 | 205.9 | 250.9 | |||
Assets of Operations | 7,238.20 | 7,262.70 | 8,281.70 | |||
Publishing and Retail Services | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,774.80 | 2,919.50 | 3,175.10 | |||
Income (Loss) from Operations | 109.6 | -659.4 | 227.6 | |||
Depreciation and amortization | 166 | 213.5 | 240.2 | |||
Capital Expenditures | 57.7 | 57.8 | 51.7 | |||
Assets of Operations | 1,369.60 | 1,517.80 | 2,529.50 | |||
Variable Print | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,592.80 | 2,637.20 | 2,764 | |||
Income (Loss) from Operations | 197.9 | 202.1 | -204.7 | |||
Depreciation and amortization | 103.4 | 103.8 | 135.7 | |||
Capital Expenditures | 63.4 | 42.7 | 54.2 | |||
Assets of Operations | 1,567.10 | 1,616 | 1,651.80 | |||
Strategic Services | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,453 | 2,065.40 | 2,058.80 | |||
Income (Loss) from Operations | 232.8 | 59 | 180.6 | |||
Depreciation and amortization | 58.4 | 52.3 | 48.2 | |||
Capital Expenditures | 34.9 | 39.9 | 34.6 | |||
Assets of Operations | 1,355.60 | 1,404.30 | 1,541.60 | |||
International | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,659.70 | 2,599.80 | 2,613.10 | |||
Income (Loss) from Operations | 147.3 | 91.6 | 23.6 | |||
Depreciation and amortization | 102.5 | 105.8 | 116.2 | |||
Capital Expenditures | 50.8 | 43.9 | 91.1 | |||
Assets of Operations | 2,060 | 2,192.10 | 2,213.80 | |||
Total Operating Segments | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 10,480.30 | 10,221.90 | 10,611 | |||
Income (Loss) from Operations | 687.6 | -306.7 | 227.1 | |||
Depreciation and amortization | 430.3 | 475.4 | 540.3 | |||
Capital Expenditures | 206.8 | 184.3 | 231.6 | |||
Assets of Operations | 6,352.30 | 6,730.20 | 7,936.70 | |||
Corporate | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Income (Loss) from Operations | -107.9 | -63.1 | -161.9 | |||
Depreciation and amortization | 5.5 | 6.2 | 9.6 | |||
Capital Expenditures | 9.8 | 21.6 | 19.3 | |||
Assets of Operations | 885.9 | 532.5 | 345 | |||
Total Sales | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 10,763 | 10,524.60 | 10,909.90 | |||
Total Sales | Publishing and Retail Services | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,777.70 | 2,938.30 | 3,205.20 | |||
Total Sales | Variable Print | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,650.70 | 2,697.50 | 2,825.80 | |||
Total Sales | Strategic Services | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,587.70 | 2,210.20 | 2,196.10 | |||
Total Sales | International | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 2,746.90 | 2,678.60 | 2,682.80 | |||
Total Sales | Total Operating Segments | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | 10,763 | 10,524.60 | 10,909.90 | |||
Intersegment Eliminations | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | -282.7 | -302.7 | -298.9 | |||
Intersegment Eliminations | Publishing and Retail Services | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | -2.9 | -18.8 | -30.1 | |||
Intersegment Eliminations | Variable Print | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | -57.9 | -60.3 | -61.8 | |||
Intersegment Eliminations | Strategic Services | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | -134.7 | -144.8 | -137.3 | |||
Intersegment Eliminations | International | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | -87.2 | -78.8 | -69.7 | |||
Intersegment Eliminations | Total Operating Segments | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Sales | ($282.70) | ($302.70) | ($298.90) | |||
[1] | Certain prior year amounts were restated to conform to the Company’s current products and services categories. |
Schedule_of_Corporate_Assets_D
Schedule of Corporate Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,028.40 | $430.70 | $449.70 | $519.10 |
Current and deferred income tax assets net of valuation allowances | 471.4 | 836.7 | ' | ' |
Property, plant and equipment, net | 1,430.10 | 1,616.60 | ' | ' |
LIFO reserve | -92 | -92.1 | ' | ' |
Corporate | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 494.9 | -137.2 | -138.1 | ' |
Current and deferred income tax assets net of valuation allowances | 39.2 | 324.5 | 152.7 | ' |
Property, plant and equipment, net | 61.7 | 60.7 | 81.8 | ' |
Software, net | 71.1 | 71.8 | 53.1 | ' |
Deferred compensation plan assets | 63 | 57.2 | 50.6 | ' |
LIFO reserve | ($92) | ($92.10) | ($96.40) | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Publishing and Retail Services | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of net sales by segment | 26.50% |
Variable Print | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of net sales by segment | 24.70% |
Strategic Services | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of net sales by segment | 23.40% |
International | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of net sales by segment | 25.40% |
Net_Sales_and_LongLived_Assets
Net Sales and Long-Lived Assets by Geographic Region (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | |||
Net Sales | $10,480.30 | [1] | $10,221.90 | [1] | $10,611 | [1] |
Long-lived assets | 1,924.40 | [2] | 2,466 | [2] | 2,500.70 | [2] |
U.S. | ' | ' | ' | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | |||
Net Sales | 7,866.20 | 7,719.90 | 8,073.10 | |||
Long-lived assets | 1,435.70 | [2] | 1,915.40 | [2] | 1,902.70 | [2] |
Europe | ' | ' | ' | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | |||
Net Sales | 975.2 | 1,025.80 | 1,067.60 | |||
Long-lived assets | 160.7 | [2] | 181.4 | [2] | 207.3 | [2] |
Asia | ' | ' | ' | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | |||
Net Sales | 841.5 | 733 | 668 | |||
Long-lived assets | 152.2 | [2] | 167.7 | [2] | 164.2 | [2] |
Other | ' | ' | ' | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | |||
Net Sales | 797.4 | 743.2 | 802.3 | |||
Long-lived assets | $175.80 | [2] | $201.50 | [2] | $226.50 | [2] |
[1] | Certain prior year amounts were restated to conform to the Company’s current products and services categories. | |||||
[2] | Includes net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. |
Product_and_Services_Net_Sales
Product and Services Net Sales (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | $8,765.80 | [1] | $8,835.10 | [1] | $9,375.10 | [1] |
Total services | 1,714.50 | [1] | 1,386.80 | [1] | 1,235.90 | [1] |
Total net sales | 10,480.30 | [1] | 10,221.90 | [1] | 10,611 | [1] |
Magazines Catalogs And Retail Inserts | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 2,370 | [1] | 2,445.10 | [1] | 2,468.40 | [1] |
Direct Mail | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 571.7 | [1] | 559.9 | [1] | 592.4 | [1] |
Statements | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 666 | [1] | 747.4 | [1] | 729.9 | [1] |
Books | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 1,202.20 | [1] | 1,117 | [1] | 1,314 | [1] |
Directories | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 225.8 | [1] | 294.1 | [1] | 356.3 | [1] |
Forms | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 491.9 | [1] | 480.5 | [1] | 524 | [1] |
Labels | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 488.1 | [1] | 463.4 | [1] | 503.8 | [1] |
Commercial and digital print | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 966.4 | [1] | 1,021.10 | [1] | 1,108.50 | [1] |
Financial print related services | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 775.1 | [1] | 747.4 | [1] | 893.2 | [1] |
Total services | 230.2 | [1] | 212.9 | [1] | 161.3 | [1] |
Packaging and related products | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 464.3 | [1] | 407 | [1] | 373 | [1] |
Global Turnkey Solutions | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 305.4 | [1] | 289.7 | [1] | 290.9 | [1] |
Office products | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total products | 238.9 | [1] | 262.5 | [1] | 220.7 | [1] |
Logistics services | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total services | 1,105.90 | [1] | 786.7 | [1] | 706.8 | [1] |
Business process outsourcing | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total services | 188.8 | [1] | 211 | [1] | 203.2 | [1] |
Digital And Creative Solutions | ' | ' | ' | |||
Entity Wide Information Revenue From External Customer [Line Items] | ' | ' | ' | |||
Total services | $189.60 | [1] | $176.20 | [1] | $164.60 | [1] |
[1] | Certain prior year amounts were restated to conform to the Company’s current products and services categories. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, Variable Print, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 |
Consolidated Graphics | ' |
Subsequent Event [Line Items] | ' |
Effective date of acquisition | 31-Jan-14 |
Purchase price of acquisition paid in cash | $359.90 |
Purchase price of acquisition | 660.6 |
Business Acquisition, Issuable shares | 16 |
Esselte | ' |
Subsequent Event [Line Items] | ' |
Purchase price of acquisition | $96.50 |
Business Acquisition, Issuable shares | 1 |