Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Oct. 31, 2014 |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'RRD | ' |
Entity Registrant Name | 'RR Donnelley & Sons Co | ' |
Entity Central Index Key | '0000029669 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 199.8 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $269.20 | $1,028.40 |
Receivables, less allowances for doubtful accounts of $42.1 in 2014 (2013 - $44.8) | 2,169.60 | 1,832.30 |
Inventories (Note 3) | 652.8 | 501.2 |
Prepaid expenses and other current assets | 231.8 | 199.7 |
Total current assets | 3,323.40 | 3,561.60 |
Property, plant and equipment-net (Note 4) | 1,579.90 | 1,430.10 |
Goodwill (Note 5) | 1,729.10 | 1,436.30 |
Other intangible assets-net (Note 5) | 458.6 | 315.9 |
Deferred income taxes | 83.3 | 118.8 |
Other noncurrent assets | 392.6 | 375.5 |
Total assets | 7,566.90 | 7,238.20 |
LIABILITIES | ' | ' |
Accounts payable | 1,219.80 | 1,143 |
Accrued liabilities | 862.4 | 814.8 |
Short-term and current portion of long-term debt (Note 14) | 333.5 | 270.9 |
Total current liabilities | 2,415.70 | 2,228.70 |
Long-term debt (Note 14) | 3,427.30 | 3,587 |
Pension liabilities | 178.8 | 245.2 |
Other postretirement benefits plan liabilities | 176.8 | 174.1 |
Other noncurrent liabilities | 449.9 | 349.5 |
Total liabilities | 6,648.50 | 6,584.50 |
Commitments and Contingencies (Note 13) | ' | ' |
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: 259.0 shares in 2014 (2013 - 243.0 shares) | 323.7 | 303.7 |
Additional paid-in-capital | 3,036.90 | 2,802.40 |
Accumulated deficit | -526.6 | -473.4 |
Accumulated other comprehensive loss | -499.8 | -488.1 |
Treasury stock, at cost, 59.2 shares in 2014 (2013 - 61.2 shares) | -1,438.80 | -1,512.80 |
Total RR Donnelley shareholders' equity | 895.4 | 631.8 |
Noncontrolling interests | 23 | 21.9 |
Total equity | 918.4 | 653.7 |
Total liabilities and equity | $7,566.90 | $7,238.20 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts | $42.10 | $44.80 |
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 | 259 | 243 |
Treasury stock, shares | 59.2 | 61.2 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Products net sales | $2,480.70 | $2,178.30 | $7,147.10 | $6,443 |
Services net sales | 477.1 | 436.6 | 1,387 | 1,282 |
Total net sales | 2,957.80 | 2,614.90 | 8,534.10 | 7,725 |
Products cost of sales (exclusive of depreciation and amortization) | 1,942.10 | 1,709.70 | 5,570.80 | 5,019.70 |
Services cost of sales (exclusive of depreciation and amortization) | 368.1 | 334.8 | 1,080.30 | 978.4 |
Total cost of sales | 2,310.20 | 2,044.50 | 6,651.10 | 5,998.10 |
Products gross profit | 538.6 | 468.6 | 1,576.30 | 1,423.30 |
Services gross profit | 109 | 101.8 | 306.7 | 303.6 |
Total gross profit | 647.6 | 570.4 | 1,883 | 1,726.90 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 334.4 | 291.4 | 990.2 | 867.8 |
Restructuring, impairment and other charges-net (Note 6) | 19.9 | 38.1 | 87.9 | 80.6 |
Depreciation and amortization | 119.6 | 106.3 | 357 | 330.9 |
Income from operations | 173.7 | 134.6 | 447.9 | 447.6 |
Interest expense-net | 71.2 | 65.6 | 213 | 193.9 |
Investment and other (income) expense-net | 2 | -0.3 | 8.9 | 9.2 |
Loss on debt extinguishment | 0 | 46.3 | 77.1 | 81.9 |
Earnings before income taxes | 100.5 | 23 | 148.9 | 162.6 |
Income tax expense | 35.7 | 5 | 51.7 | 52.8 |
Net earnings | 64.8 | 18 | 97.2 | 109.8 |
Less: Income (loss) attributable to noncontrolling interests | 2.6 | 3.3 | -0.7 | 2.6 |
Net earnings attributable to RR Donnelley common shareholders | $62.20 | $14.70 | $97.90 | $107.20 |
Net earnings per share attributable to RR Donnelley common shareholders (Note 10): | ' | ' | ' | ' |
Basic net earnings per share | $0.31 | $0.08 | $0.49 | $0.59 |
Diluted net earnings per share | $0.31 | $0.08 | $0.49 | $0.58 |
Dividends declared per common share | $0.26 | $0.26 | $0.78 | $0.78 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 200.3 | 182.3 | 197.9 | 181.8 |
Diluted | 201.6 | 183.9 | 199.4 | 183.3 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $64.80 | $18 | $97.20 | $109.80 |
Other comprehensive income (loss), net of tax (Note 11): | ' | ' | ' | ' |
Translation adjustments | -15 | -1.1 | -15.3 | -19.8 |
Adjustment for net periodic pension and other postretirement benefits plan cost | 1 | 5.6 | 3.3 | 9.5 |
Change in fair value of derivatives | 0 | 0.2 | 0.1 | 0.3 |
Other comprehensive income (loss) | -14 | 4.7 | -11.9 | -10 |
Comprehensive income | 50.8 | 22.7 | 85.3 | 99.8 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 2.6 | 3.3 | -0.9 | 2.7 |
Comprehensive income attributable to RR Donnelley common shareholders | $48.20 | $19.40 | $86.20 | $97.10 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net earnings | $97.20 | $109.80 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Impairment charges | 10.1 | 16.6 |
Depreciation and amortization | 357 | 330.9 |
Provision for doubtful accounts receivable | 10.8 | 11.8 |
Share-based compensation | 13.8 | 15.6 |
Deferred income taxes | -32.6 | -18 |
Changes in uncertain tax positions | -2.5 | -1.4 |
Loss on investments and other assets b net | 0.8 | 3.2 |
Loss related to Venezuela currency remeasurement b net | 18 | 3.2 |
Loss on debt extinguishment | 77.1 | 81.9 |
Net pension and other postretirement benefits plan income | -35.5 | -13.4 |
Gain on bargain purchase | -9.5 | ' |
Other | 50.3 | 8 |
Changes in operating assets and liabilities - net of acquisitions: | ' | ' |
Accounts receivable b net | -154.7 | -63.8 |
Inventories | -74.3 | -30.7 |
Prepaid expenses and other current assets | -35.4 | -1.6 |
Accounts payable | -10.8 | -106.1 |
Income taxes payable and receivable | 14 | -3.8 |
Accrued liabilities and other | -6.1 | -14.6 |
Pension and other postretirement benefits plan contributions | -33.8 | -20.5 |
Net cash provided by operating activities | 253.9 | 307.1 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -164.5 | -139.6 |
Acquisitions of businesses, net of cash acquired | -380.4 | 0.4 |
Dispositions of businesses | -3.4 | ' |
Proceeds from sale of investments and other assets | 20.9 | 10 |
Transfers (to)/from restricted cash b net | -12.3 | 3.3 |
Other investing activities | -1.1 | -0.2 |
Net cash used in investing activities | -540.8 | -126.1 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of long-term debt | 400 | 847.8 |
Net change in short-term debt | -0.4 | 2.2 |
Payments of current maturities and long-term debt | -811.3 | -830.2 |
Net proceeds from credit facility borrowings | 130 | ' |
Debt issuance costs | -13.4 | -14.7 |
Dividends paid | -151.1 | -141.3 |
Other financing activities | -0.5 | -4.7 |
Net cash used in financing activities | -446.7 | -140.9 |
Effect of exchange rate on cash and cash equivalents | -25.6 | -8 |
Net increase (decrease) in cash and cash equivalents | -759.2 | 32.1 |
Cash and cash equivalents at beginning of year | 1,028.40 | 430.7 |
Cash and cash equivalents at end of period | 269.2 | 462.8 |
Supplemental non-cash disclosure: | ' | ' |
Issuances of 17.0 million shares of RR Donnelley stock for acquisitions of businesses | $319 | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Statement Of Cash Flows [Abstract] | ' |
Issuance of stock for acquisitions of businesses | 17 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited condensed consolidated interim 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”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2013 filed with the SEC on February 26, 2014 and February 27, 2014, respectively. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions and Dispositions | ' | |||||||||||||||
2. Acquisitions and Dispositions | ||||||||||||||||
2014 Dispositions | ||||||||||||||||
On August 15, 2014, the Company sold the assets and liabilities of Journalism Online, LLC (“Journalism Online”), a provider of online subscription management services, for net proceeds of $10.7 million, of which $7.7 million was received as of September 30, 2014, resulting in a gain of $11.2 million. The gain was included in net investment and other (income) expense in the Consolidated Statement of Operations. The operations of the Journalism Online business were included in the Strategic Services segment. | ||||||||||||||||
On August 11, 2014, the Company’s subsidiary, RR Donnelley Argentina S.A. (“RRDA”), filed for bankruptcy liquidation in bankruptcy court in Argentina. The bankruptcy petition was approved by the court shortly thereafter and a bankruptcy trustee was appointed. As a result of the bankruptcy liquidation, the Company recorded a loss of $16.4 million in net investment and other (income) expense for the three months ended September 30, 2014. Effective as of the court’s approval, the operating results of RRDA are no longer included in the Company’s consolidated results of operations. RRDA had net sales of $22.1 million and a loss before income taxes of $3.4 million for the nine months ended September 30, 2014, compared to net sales of $40.8 million and a loss before income taxes of $3.1 million for the nine months ended September 30, 2013. The operations of RRDA were included in the International segment. | ||||||||||||||||
On February 7, 2014, the Company sold the assets and liabilities of Office Tiger Global Real Estate Service Inc. (“GRES”), its commercial and residential real estate advisory services, for net proceeds of $2.3 million and a loss of $0.8 million, which was recognized in net investment and other (income) expense in the Consolidated Statements of Operations. The operations of the GRES business were included in the International segment. | ||||||||||||||||
2014 Acquisitions | ||||||||||||||||
On March 25, 2014, the Company acquired substantially all of the North American operations of Esselte Corporation (“Esselte”), a developer and manufacturer of nationally branded and private label office and stationery products. The acquisition, combined with the Company’s existing products, created a more competitive and efficient office products supplier capable of supplying enhanced offerings across the combined customer base. The purchase price for Esselte included $82.3 million in cash and 1.0 million shares of RR Donnelley common stock, or a total transaction value of $100.6 million based on the Company’s closing share price on March 24, 2014. Esselte’s operations are included in the Variable Print segment. | ||||||||||||||||
On March 10, 2014, the Company acquired the assets of MultiCorpora R&D Inc. and MultiCorpora International Inc. (together “MultiCorpora”) for approximately $6.0 million. MultiCorpora is an international provider of translation technology solutions. The acquisition of MultiCorpora expanded the capabilities of the Company’s translation services offering which supports clients’ multi-lingual communications. MultiCorpora’s operations are included in the Strategic Services segment. | ||||||||||||||||
On January 31, 2014, the Company acquired Consolidated Graphics, Inc. (“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 acquisition enhanced the Company’s ability to provide integrated communications solutions for its customers. 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 of $118.4 million. Immediately following the acquisition, the Company repaid substantially all of the debt assumed. Consolidated Graphics’ operations are primarily included in the Variable Print segment. In the second quarter of 2014, Consolidated Graphics’ operations in the Czech Republic and Japan were moved from the Variable Print segment to the Europe and Asia reporting units, respectively, within the International segment to reflect corresponding changes in the management reporting structure of the organization. | ||||||||||||||||
For the nine months ended September 30, 2014, the Company recorded $8.2 million of acquisition-related expenses associated with acquisitions completed or contemplated, within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Acquisition-related expenses for the three months ended September 30, 2014 were de minimis. | ||||||||||||||||
The Esselte, MultiCorpora and Consolidated Graphics 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 applicable acquisition date. The excess of the cost of the acquisitions over the net amounts assigned to the fair value of the assets acquired was recorded as goodwill. The goodwill associated with these acquisitions is primarily attributable to the synergies expected to arise as a result of the acquisitions. | ||||||||||||||||
For Esselte, the fair value of the identifiable net assets acquired of approximately $110.1 million exceeded the purchase price of $100.6 million, resulting in a bargain purchase gain of $9.5 million for the nine months ended September 30, 2014, which was recorded in net investment and other (income) expense. A $1.0 million reduction in this gain was recognized as a loss during the three months ended September 30, 2014 as a result of finalizing the working capital settlement. The gain on the bargain purchase was primarily attributable to the Company’s ability to utilize certain tax operating losses. | ||||||||||||||||
The tax deductible goodwill related to the Consolidated Graphics, Esselte and MultiCorpora acquisitions was $74.1 million. | ||||||||||||||||
Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | ||||||||||||||||
Accounts receivable | $ | 241.4 | ||||||||||||||
Inventories | 89.6 | |||||||||||||||
Prepaid expenses and other current assets | 17.3 | |||||||||||||||
Property, plant and equipment | 334.1 | |||||||||||||||
Other intangible assets | 205 | |||||||||||||||
Other noncurrent assets | 11.9 | |||||||||||||||
Goodwill | 300.1 | |||||||||||||||
Accounts payable and accrued liabilities | (218.0 | ) | ||||||||||||||
Other noncurrent liabilities | (57.5 | ) | ||||||||||||||
Deferred taxes-net | (96.6 | ) | ||||||||||||||
Total purchase price-net of cash acquired | 827.3 | |||||||||||||||
Less: debt assumed | 118.4 | |||||||||||||||
Less: value of common stock issued | 319 | |||||||||||||||
Less: gain on bargain purchase | 9.5 | |||||||||||||||
Net cash paid | $ | 380.4 | ||||||||||||||
The fair values of other intangible assets, technology and goodwill associated with the acquisitions of Esselte, MultiCorpora and Consolidated Graphics were determined to be Level 3 under the fair value hierarchy. The following table presents the fair values, valuation techniques and related unobservable inputs for these Level 3 measurements: | ||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||||||
Customer relationships | $ | 178.2 | Excess earnings | Discount rate | 17.0% - 21.0% | |||||||||||
Attrition rate | 5.0% - 9.5% | |||||||||||||||
Trade names | 26.5 | Relief-from-royalty method | Discount rate | 19.00% | ||||||||||||
Royalty rate (after-tax) | 0.5% - 1.5% | |||||||||||||||
Technology | 1.1 | Excess earnings | Discount rate | 17.00% | ||||||||||||
The fair values of property, plant and equipment associated with the Consolidated Graphics, Esselte, and MultiCorpora acquisitions were determined to be Level 3 under the fair value hierarchy. Property, plant and equipment values were estimated using either the cost or market approach, if a secondhand market existed. | ||||||||||||||||
2013 Disposition | ||||||||||||||||
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 (income) expense in the Consolidated Statements of Operations. The loss included cash incentive payments due to the purchaser of $18.8 million, of which $16.4 million was paid as of September 30, 2014 with the remaining balance to be paid by January 2016. The operations of the MRM France business were included in the International segment. | ||||||||||||||||
For the three and nine months ended September 30, 2013, the Company recorded $1.1 million and $2.2 million of acquisition-related expenses, respectively, associated with acquisitions contemplated within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. | ||||||||||||||||
Pro forma results | ||||||||||||||||
The following unaudited pro forma financial information for the three and nine months ended September 30, 2014 and 2013 presents the combined results of operations of the Company and the 2014 acquisitions described above, as if the acquisitions had occurred at January 1, 2013. | ||||||||||||||||
The unaudited pro forma financial information is 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. Pro forma adjustments are tax-effected at the applicable statutory tax rates. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 2,957.80 | $ | 2,952.80 | $ | 8,686.90 | $ | 8,699.20 | ||||||||
Net earnings attributable to RR Donnelley common shareholders | 68.5 | 16.6 | 127.3 | 83.2 | ||||||||||||
Net earnings per share attributable to RR Donnelley common | ||||||||||||||||
shareholders: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.08 | $ | 0.64 | $ | 0.42 | ||||||||
Diluted | $ | 0.34 | $ | 0.08 | $ | 0.63 | $ | 0.42 | ||||||||
The unaudited pro forma financial information includes amortization of purchased intangibles of $19.9 million and $60.8 million for the three and nine months ended September 30, 2014, respectively and $21.2 million and $64.0 million for the three and nine months ended September 30, 2013, respectively. The unaudited pro forma financial information includes restructuring, impairment and other charges from operations of $13.6 million and $61.5 million for the three and nine months ended September 30, 2014, respectively and $47.1 million and $111.9 million for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
Additionally, the pro forma adjustments affecting net earnings attributable to RR Donnelley common shareholders for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation and amortization of purchased assets, pre-tax | $ | 1.3 | $ | (2.7 | ) | $ | 2.9 | $ | (7.2 | ) | ||||||
Acquisition-related expenses, pre-tax | (0.1 | ) | 2.1 | 18.8 | (14.4 | ) | ||||||||||
Restructuring, impairment and other charges, pre-tax | 6.3 | (6.2 | ) | 28.4 | (27.4 | ) | ||||||||||
Inventory fair value adjustments, pre-tax | — | — | 14.3 | (14.3 | ) | |||||||||||
Other pro forma adjustments, pre-tax | 2.2 | (7.7 | ) | (2.3 | ) | (6.3 | ) | |||||||||
Income taxes | (3.4 | ) | 1.4 | (17.1 | ) | 19.3 | ||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
3. Inventories | ||||||||
The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at September 30, 2014 and December 31, 2013 were as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials and manufacturing supplies | $ | 287.3 | $ | 212.6 | ||||
Work in process | 203.2 | 145.2 | ||||||
Finished goods | 254.8 | 235.4 | ||||||
LIFO reserve | (92.5 | ) | (92.0 | ) | ||||
Total | $ | 652.8 | $ | 501.2 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property Plant And Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
4. Property, Plant and Equipment | ||||||||
The components of the Company’s property, plant and equipment at September 30, 2014 and December 31, 2013 were as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 116 | $ | 94.3 | ||||
Buildings | 1,222.70 | 1,160.60 | ||||||
Machinery and equipment | 6,182.50 | 6,024.00 | ||||||
7,521.20 | 7,278.90 | |||||||
Accumulated depreciation | (5,941.3 | ) | (5,848.8 | ) | ||||
Total | $ | 1,579.90 | $ | 1,430.10 | ||||
During the three and nine months ended September 30, 2014, depreciation expense was $88.5 million and $267.8 million, respectively. During the three and nine months ended September 30, 2013 depreciation expense was $81.7 million and $256.6 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 $22.4 million and $18.5 million at September 30, 2014 and December 31, 2013, respectively. These assets were included in other current assets in the Condensed Consolidated Balance Sheets at September 30, 2014 and December 31, 2013 at the lower of their historical net book value or their estimated fair value, less estimated costs to sell. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
5. Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2014 were as follows: | ||||||||||||||||||||||||
Publishing and | Strategic | |||||||||||||||||||||||
Retail Services | Variable Print | Services | International | Total | ||||||||||||||||||||
Net book value as of 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 | |||||||||||||||||||
Acquisitions | — | 276.2 | 3.4 | 20.5 | 300.1 | |||||||||||||||||||
Foreign exchange and other adjustments | — | (0.1 | ) | — | (7.2 | ) | (7.3 | ) | ||||||||||||||||
Net book value at September 30, 2014 | ||||||||||||||||||||||||
Goodwill | 688 | 1,914.70 | 989 | 1,254.70 | 4,846.40 | |||||||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (223.7 | ) | (1,118.5 | ) | (3,117.3 | ) | ||||||||||||||
Total | $ | 18.1 | $ | 809.5 | $ | 765.3 | $ | 136.2 | $ | 1,729.10 | ||||||||||||||
The components of other intangible assets at September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||
Carrying | Accumulated | Net Book | Carrying | Accumulated | Net Book | |||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | |||||||||||||||||||
Customer relationships | $ | 895.3 | $ | (494.3 | ) | $ | 401 | $ | 728.8 | $ | (448.5 | ) | $ | 280.3 | ||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.3 | ) | — | ||||||||||||||||
Trademarks, licenses and agreements | 31.5 | (29.4 | ) | 2.1 | 31.4 | (28.2 | ) | 3.2 | ||||||||||||||||
Trade names | 43.8 | (15.1 | ) | 28.7 | 27.1 | (12.8 | ) | 14.3 | ||||||||||||||||
Total amortizable other intangible assets | 1,068.90 | (637.1 | ) | 431.8 | 885.6 | (587.8 | ) | 297.8 | ||||||||||||||||
Indefinite-lived trade names | 26.8 | — | 26.8 | 18.1 | — | 18.1 | ||||||||||||||||||
Total other intangible assets | $ | 1,095.70 | $ | (637.1 | ) | $ | 458.6 | $ | 903.7 | $ | (587.8 | ) | $ | 315.9 | ||||||||||
The Company recorded additions to other intangible assets of $205.0 million for acquisitions during the nine months ended September 30, 2014, the components of which were as follows: | ||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
Amount | Amortization Period | |||||||||||||||||||||||
Customer relationships | $ | 178.2 | 9.7 | |||||||||||||||||||||
Trade names (amortizable) | 17.8 | 10 | ||||||||||||||||||||||
Trade names (indefinite-lived) | 8.7 | n/a | ||||||||||||||||||||||
Non-compete agreements | 0.3 | 3 | ||||||||||||||||||||||
Total additions | $ | 205 | ||||||||||||||||||||||
Amortization expense for other intangible assets was $19.9 million and $16.0 million for the three months ended September 30, 2014 and 2013, respectively, and $58.7 million and $48.4 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
The following table outlines the estimated annual amortization expense related to other intangible assets as of September 30, 2014: | ||||||||||||||||||||||||
For the year ending December 31, | Amount | |||||||||||||||||||||||
2014 | $ | 78.7 | ||||||||||||||||||||||
2015 | 77.3 | |||||||||||||||||||||||
2016 | 59.1 | |||||||||||||||||||||||
2017 | 52.8 | |||||||||||||||||||||||
2018 | 47.6 | |||||||||||||||||||||||
2019 and thereafter | 175 | |||||||||||||||||||||||
Total | $ | 490.5 | ||||||||||||||||||||||
Restructuring_Impairment_and_O
Restructuring, Impairment and Other Charges | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | |||||||||||||||||||||||
Restructuring, Impairment and Other Charges | ' | |||||||||||||||||||||||
6. Restructuring, Impairment and Other Charges | ||||||||||||||||||||||||
Restructuring, Impairment and Other Charges Recognized in Results of Operations | ||||||||||||||||||||||||
For the three months ended September 30, 2014 and 2013, the Company recorded the following net restructuring, impairment and other charges: | ||||||||||||||||||||||||
Other | Total | |||||||||||||||||||||||
Three Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-14 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | (0.2 | ) | $ | 1.8 | $ | 1.6 | $ | (1.2 | ) | $ | 7.4 | $ | 7.8 | ||||||||||
Variable Print | 1.6 | 2.8 | 4.4 | 1.7 | 2.2 | 8.3 | ||||||||||||||||||
Strategic Services | 0.9 | 0.2 | 1.1 | — | 0.1 | 1.2 | ||||||||||||||||||
International | 1.9 | 0.2 | 2.1 | (0.2 | ) | — | 1.9 | |||||||||||||||||
Corporate | 0.6 | 0.1 | 0.7 | — | — | 0.7 | ||||||||||||||||||
Total | $ | 4.8 | $ | 5.1 | $ | 9.9 | $ | 0.3 | $ | 9.7 | $ | 19.9 | ||||||||||||
Other | Total | |||||||||||||||||||||||
Three Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-13 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | 13.5 | $ | 3.1 | $ | 16.6 | $ | 6.2 | $ | — | $ | 22.8 | ||||||||||||
Variable Print | — | 2.8 | 2.8 | 0.6 | — | 3.4 | ||||||||||||||||||
Strategic Services | 0.6 | 0.7 | 1.3 | 0.9 | 4.7 | 6.9 | ||||||||||||||||||
International | 4 | 0.6 | 4.6 | 0.2 | — | 4.8 | ||||||||||||||||||
Corporate | (0.2 | ) | 0.4 | 0.2 | — | — | 0.2 | |||||||||||||||||
Total | $ | 17.9 | $ | 7.6 | $ | 25.5 | $ | 7.9 | $ | 4.7 | $ | 38.1 | ||||||||||||
For the nine months ended September 30, 2014 and 2013, the Company recorded the following net restructuring, impairment and other charges: | ||||||||||||||||||||||||
Other | Total | |||||||||||||||||||||||
Nine Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-14 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | 0.2 | $ | 5.6 | $ | 5.8 | $ | 2.4 | $ | 23.7 | $ | 31.9 | ||||||||||||
Variable Print | 15.7 | 6.2 | 21.9 | 6.9 | 6.3 | 35.1 | ||||||||||||||||||
Strategic Services | 3.3 | 1.7 | 5 | — | 4 | 9 | ||||||||||||||||||
International | 5.9 | 0.8 | 6.7 | 0.8 | — | 7.5 | ||||||||||||||||||
Corporate | 2.7 | 1.7 | 4.4 | — | — | 4.4 | ||||||||||||||||||
Total | $ | 27.8 | $ | 16 | $ | 43.8 | $ | 10.1 | $ | 34 | $ | 87.9 | ||||||||||||
Other | Total | |||||||||||||||||||||||
Nine Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-13 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | 17 | $ | 10.9 | $ | 27.9 | $ | 10.7 | $ | — | $ | 38.6 | ||||||||||||
Variable Print | 1.8 | 10 | 11.8 | 1 | — | 12.8 | ||||||||||||||||||
Strategic Services | 2.2 | 2 | 4.2 | 2.7 | 4.7 | 11.6 | ||||||||||||||||||
International | 9.6 | 1.9 | 11.5 | 0.9 | — | 12.4 | ||||||||||||||||||
Corporate | 3.4 | 1.4 | 4.8 | 0.4 | — | 5.2 | ||||||||||||||||||
Total | $ | 34 | $ | 26.2 | $ | 60.2 | $ | 15.7 | $ | 4.7 | $ | 80.6 | ||||||||||||
Restructuring and Impairment Charges | ||||||||||||||||||||||||
For the three and nine months ended September 30, 2014, the Company recorded net restructuring charges of $4.8 million and $27.8 million, respectively, for employee termination costs for 546 employees, of whom 518 were terminated as of September 30, 2014. These charges primarily related to the integration of Consolidated Graphics, including the closure of seven Consolidated Graphics facilities as well as one additional facility closure within the Variable Print segment, one facility closure in the Publishing and Retail Services segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $5.1 million and $16.0 million, respectively, for the three and nine months ended September 30, 2014, including charges related to multi-employer pension plan withdrawal obligations as a result of facility closures. For the three and nine months ended September 30, 2014, the Company also recorded $0.3 million and $10.1 million, respectively, of impairment charges primarily related to buildings, machinery and equipment and trade names associated with facility closures. The impairment charges are net of gains related to the sale of previously impaired other long-lived assets. 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. | ||||||||||||||||||||||||
For the three and nine months ended September 30, 2013, the Company recorded net restructuring charges of $17.9 million and $34.0 million, respectively, for employee termination costs for 1,276 employees, substantially all of whom were terminated as of September 30, 2014. 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 $7.6 million and $26.2 million, respectively, for the three and nine months ended September 30, 2013, including charges related to multi-employer pension plan withdrawal obligations. For the three and nine months ended September 30, 2013, the Company also recorded $7.9 million and $15.7 million, respectively, of impairment charges primarily related to buildings and machinery and equipment associated with facility closures. | ||||||||||||||||||||||||
Other Charges | ||||||||||||||||||||||||
For the three and nine months ended September 30, 2014, the Company recorded other charges of $9.7 million and $34.0 million, respectively, as a result of its decision to withdraw from all multi-employer pension plans serving facilities that are currently operating. 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 total liabilities for the withdrawal obligations associated with the Company’s decision to withdraw from all multi-employer pension plans included in accrued liabilities and other noncurrent liabilities are $8.9 million and $95.5 million, respectively, as of September 30, 2014. | ||||||||||||||||||||||||
The Company’s withdrawal liabilities could be affected by the financial stability of other employers participating in the plans and any decisions by those employers to withdraw from the plans in the future. While it is not possible to quantify the potential impact of future events or circumstances, reductions in other employers’ participation in multi-employer pension plans, including certain plans from which the Company has previously withdrawn, could have a material impact on the Company’s previously estimated withdrawal liabilities, consolidated results of operations, financial position or cash flows. | ||||||||||||||||||||||||
Restructuring Reserve | ||||||||||||||||||||||||
The restructuring reserve as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | September 30, | ||||||||||||||||||||
2013 | Charges | Exchange and | Paid | 2014 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Employee terminations | $ | 19.7 | $ | 27.8 | $ | 1 | $ | (31.2 | ) | $ | 17.3 | |||||||||||||
Multi-employer pension withdrawal obligations | 36.8 | 2.6 | (0.6 | ) | (3.4 | ) | 35.4 | |||||||||||||||||
Lease terminations and other | 21.1 | 13.4 | 1.5 | (19.6 | ) | 16.4 | ||||||||||||||||||
Total | $ | 77.6 | $ | 43.8 | $ | 1.9 | $ | (54.2 | ) | $ | 69.1 | |||||||||||||
The current portion of restructuring reserves of $27.0 million at September 30, 2014 was included in accrued liabilities, while the long-term portion of $42.1 million, primarily related to multi-employer pension plan withdrawal obligations related to facility closures and lease termination costs, was included in other noncurrent liabilities at September 30, 2014. | ||||||||||||||||||||||||
The Company anticipates that payments associated with the employee terminations reflected in the above table will be substantially completed by September 2015. | ||||||||||||||||||||||||
Payments on all of the Company’s multi-employer pension plan withdrawal obligations are scheduled to be substantially completed by 2034. Changes based on uncertainties in these estimated withdrawal obligations could affect the ultimate charges related to multi-employer pension plan withdrawals. | ||||||||||||||||||||||||
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 Company’s financial statements. |
Employee_Benefits
Employee Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefits | ' | |||||||||||||||
7. Employee Benefits | ||||||||||||||||
The components of the estimated net pension and other postretirement benefits plan income for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pension (income) expense | ||||||||||||||||
Service cost | $ | 0.5 | $ | 0.7 | $ | 1.6 | $ | 2.3 | ||||||||
Interest cost | 49.7 | 44.6 | 146.3 | 133.7 | ||||||||||||
Expected return on plan assets | (65.9 | ) | (60.6 | ) | (195.1 | ) | (181.8 | ) | ||||||||
Amortization, net | 7.8 | 12.4 | 24.1 | 37.6 | ||||||||||||
Settlements | — | 0.8 | — | 0.8 | ||||||||||||
Net pension income | $ | (7.9 | ) | $ | (2.1 | ) | $ | (23.1 | ) | $ | (7.4 | ) | ||||
Other postretirement benefits plan (income) expense | ||||||||||||||||
Service cost | $ | 1.1 | $ | 1.8 | $ | 3.4 | $ | 5.5 | ||||||||
Interest cost | 4.2 | 4.1 | 12.6 | 12.2 | ||||||||||||
Expected return on plan assets | (2.9 | ) | (3.0 | ) | (9.1 | ) | (8.9 | ) | ||||||||
Amortization, net | (6.4 | ) | (4.9 | ) | (19.3 | ) | (14.8 | ) | ||||||||
Net other postretirement benefits plan income | $ | (4.0 | ) | $ | (2.0 | ) | $ | (12.4 | ) | $ | (6.0 | ) | ||||
As the majority of the Company’s pension plans have been frozen as of December 31, 2012, the Company continues to transition to a risk management approach for its U.S. pension plan assets. The overall investment objective of this approach is to further reduce the risk of significant decreases in the plan’s funded status by allocating a larger portion of the plan’s assets to investments expected to hedge the impact of interest rate risks on the plan’s obligations. Over time, the target asset allocation percentage for the pension plan is expected to decrease for equity and other securities and increase for fixed income investments. The assumed long-term rate of return for plan assets, which is determined annually, is likely to decrease as the asset allocation shifts over time. | ||||||||||||||||
In June 2014 the Company communicated to certain former employees the option to receive a lump-sum pension payment or annuity, with payments beginning in the fourth quarter of 2014. To the extent eligible individuals elect the option to receive a lump-sum pension payment or annuity, the Company’s pension obligations will be reduced. Payments to eligible participants who elect to participate in the offer will be funded from existing pension plan assets and will constitute a complete settlement of the Company’s pension liabilities with respect to these participants. The discount rates and actuarial assumptions used to calculate the payouts will be determined according to federal regulations. The reduction in the reported pension obligation is expected to be approximately $395 million to $415 million, compared to expected payout amounts of approximately $295 million to $310 million. The Company expects to record a non-cash settlement charge of approximately $105 million to $115 million in the fourth quarter in connection with the settlement payments. This charge will result from the recognition in earnings of a portion of the losses recorded in accumulated other comprehensive loss based on the proportion of the obligation settled. The actual amount of this charge will depend on the discount rate and asset values on the settlement date. | ||||||||||||||||
On August 8, 2014, the Highway and Transportation Funding Act (the “Act”) was signed into law. The Act includes certain pension-related provisions designed to lower the pension plan contributions that plan-sponsoring companies are required to make by delaying a scheduled phase-down of the existing formula for calculating required minimum contributions. The Company anticipates that provisions in the Act will significantly reduce the minimum required annual contributions related to its defined benefit pension plans in 2014. The Company expects to make cash contributions of approximately $39 million to its pension and other postretirement benefits plans for the full year 2014, of which $33.8 million were made during the nine months ended September 30, 2014. The Company estimates that it will make cash contributions totaling approximately $25 million to its pension and other postretirement benefits plans in 2015. | ||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Share Based Compensation [Abstract] | ' | |||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
8. Share-Based Compensation | ||||||||||||||||
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 total compensation expense related to all share-based compensation plans was $3.9 million and $13.8 million for the three and nine months ended September 30, 2014, respectively. The total compensation expense related to all share-based compensation plans was $4.5 million and $15.6 million for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
Stock Options | ||||||||||||||||
There were no options granted during the nine months ended September 30, 2014 and 2013. | ||||||||||||||||
Stock option awards as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||
Shares Under Option | Weighted | Weighted | Aggregate | |||||||||||||
(thousands) | Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | |||||||||||||||
Per Share | Term | |||||||||||||||
(years) | ||||||||||||||||
Outstanding at December 31, 2013 | 4,139 | $ | 19.39 | 5.6 | $ | 21.2 | ||||||||||
Exercised | (144 | ) | 10.9 | |||||||||||||
Cancelled/forfeited/expired | (140 | ) | 27.55 | |||||||||||||
Outstanding at September 30, 2014 | 3,855 | 19.42 | 5 | 11.9 | ||||||||||||
Vested and expected to vest at September 30, 2014 | 3,828 | 19.46 | 5 | 11.9 | ||||||||||||
Exercisable at September 30, 2014 | 1,363 | $ | 8.95 | 5.3 | $ | 10.2 | ||||||||||
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 September 30, 2014 and December 31, 2013, 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 September 30, 2014 and December 31, 2013. 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 three and nine months ended September 30, 2014 was $0.1 million and $1.1 million, respectively. Total intrinsic value of options exercised for the three and nine months ended September 30, 2013 was $0.3 million and $0.7 million, respectively. Excess tax benefits on stock option exercises, shown as financing cash inflows in the Condensed Consolidated Statements of Cash Flows, were $0.3 million and $0.1 for the nine months ended September 30, 2014 and 2013, respectively. Excess tax benefits on stock option exercises for the three months ended September 30, 2014 and 2013 were de minimis. | ||||||||||||||||
Compensation expense related to stock options for the three and nine months ended September 30, 2014 was $0.2 million and $0.7 million, respectively. Compensation expense related to stock options for the three and nine months ended September 30, 2013 was $0.3 million and $1.1 million, respectively. As of September 30, 2014, $0.9 million of total unrecognized compensation expense related to stock options is expected to be recognized over a weighted average period of 1.3 years. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Nonvested restricted stock unit awards as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Per Share | ||||||||||||||||
Nonvested at December 31, 2013 | 2,495 | $ | 11.97 | |||||||||||||
Granted | 729 | 16.53 | ||||||||||||||
Vested | (1,168 | ) | 13.82 | |||||||||||||
Forfeited | (4 | ) | 16.27 | |||||||||||||
Nonvested at September 30, 2014 | 2,052 | $ | 12.53 | |||||||||||||
Compensation expense related to restricted stock units for the three and nine months ended September 30, 2014 was $2.7 million and $10.5 million, respectively. Compensation expense related to restricted stock units for the three and nine months ended September 30, 2013 was $3.6 million and $12.8 million, respectively. As of September 30, 2014, there was $15.4 million of unrecognized share-based compensation expense related to approximately 2.0 million restricted stock units, with a weighted average grant date fair market value of $12.52, that are expected to vest over a weighted average period of 2.3 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 in the Condensed Consolidated Statements of Cash Flows, were $2.5 million and $2.2 million for the nine months ended September 30, 2014 and 2013, respectively. No restricted stock units vested during the three months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Nonvested performance share unit awards as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Per Share | ||||||||||||||||
Nonvested at December 31, 2013 | 953 | $ | 10.81 | |||||||||||||
Granted | 319 | 16.46 | ||||||||||||||
Expired | (114 | ) | 15.54 | |||||||||||||
Vested | (121 | ) | 15.54 | |||||||||||||
Nonvested at September 30, 2014 | 1,037 | $ | 11.48 | |||||||||||||
During the nine months ended September 30, 2014, 319,000 performance share unit awards were granted to certain executive officers, payable upon the achievement of certain established performance targets. The performance period for the shares awarded is January 1, 2014 through December 31, 2016. 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 nine months ended September 30, 2014 range from 154,500 to 319,000 shares, should certain performance targets be achieved. 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. These awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including termination without cause, death, permanent disability or retirement of the grantee or a change in control of the Company. | ||||||||||||||||
Compensation expense for the performance share unit awards granted in 2014, 2013, and 2012 is being recognized based on the maximum estimated payout of 319,000, 485,000, and 233,000 shares, for each respective grant year. Compensation expense for awards granted during 2011 was recognized based on the achieved target of 52%, or 121,431 shares, which were distributed during the three months ended March 31, 2014. Compensation expense related to performance share unit awards for the three and nine months ended September 30, 2014 was $1.0 million and $2.6 million, respectively. Compensation expense related to performance share unit awards for the three and nine months ended September 30, 2013 was $0.6 million and $1.7 million, respectively. As of September 30, 2014, there was $6.2 million of unrecognized compensation expense related to performance share unit awards, which is expected to be recognized over a weighted average period of 1.9 years. |
Equity
Equity | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Equity | ' | |||||||||||
9. Equity | ||||||||||||
The Company’s equity as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2013 | $ | 631.8 | $ | 21.9 | $ | 653.7 | ||||||
Net earnings (loss) | 97.9 | (0.7 | ) | 97.2 | ||||||||
Other comprehensive loss | (11.7 | ) | (0.2 | ) | (11.9 | ) | ||||||
Share-based compensation | 13.8 | — | 13.8 | |||||||||
Issuances of common stock | 300.7 | — | 300.7 | |||||||||
Issuances of treasury stock | 18.3 | — | 18.3 | |||||||||
Issuance of share-based awards, net of withholdings and other | (4.3 | ) | — | (4.3 | ) | |||||||
Cash dividends paid | (151.1 | ) | — | (151.1 | ) | |||||||
Noncontrolling interests in acquired business | — | 2.7 | 2.7 | |||||||||
Distributions to noncontrolling interests | — | (0.7 | ) | (0.7 | ) | |||||||
Balance at September 30, 2014 | $ | 895.4 | $ | 23 | $ | 918.4 | ||||||
During the three months ended March 31, 2014, the Company issued stock in conjunction with the Consolidated Graphics and Esselte acquisitions with closing date values of $300.7 million and $18.3 million, respectively. | ||||||||||||
The Company’s equity as of December 31, 2012 and September 30, 2013, and changes during the nine months ended September 30, 2013, were as follows: | ||||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2012 | $ | 52.8 | $ | 15.9 | $ | 68.7 | ||||||
Net earnings | 107.2 | 2.6 | 109.8 | |||||||||
Other comprehensive income (loss) | (10.1 | ) | 0.1 | (10.0 | ) | |||||||
Share-based compensation | 15.6 | — | 15.6 | |||||||||
Issuance of share-based awards, net of withholdings and other | (5.3 | ) | — | (5.3 | ) | |||||||
Cash dividends paid | (141.3 | ) | — | (141.3 | ) | |||||||
Distributions to noncontrolling interests | — | (1.1 | ) | (1.1 | ) | |||||||
Balance at September 30, 2013 | $ | 18.9 | $ | 17.5 | $ | 36.4 | ||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings per Share | ' | |||||||||||||||
10. Earnings per Share | ||||||||||||||||
Basic earnings per share is calculated by dividing net earnings attributable to RR Donnelley common shareholders by the weighted average number of common shares outstanding for the period. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units 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 yet 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 of the Company’s stock price during the applicable period. | ||||||||||||||||
During the nine months ended September 30, 2014 and 2013, no shares of common stock were purchased by the Company; however, shares were withheld for tax liabilities upon the vesting of equity awards. During the nine months ended September 30, 2014, the Company issued stock in conjunction with the Consolidated Graphics and Esselte acquisitions of 16.0 million shares and 1.0 million shares, respectively. | ||||||||||||||||
The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net earnings per share attributable to RR Donnelley common shareholders: | ||||||||||||||||
Basic | $ | 0.31 | $ | 0.08 | $ | 0.49 | $ | 0.59 | ||||||||
Diluted | $ | 0.31 | $ | 0.08 | $ | 0.49 | $ | 0.58 | ||||||||
Dividends declared per common share | $ | 0.26 | $ | 0.26 | $ | 0.78 | $ | 0.78 | ||||||||
Numerator: | ||||||||||||||||
Net earnings attributable to RR Donnelley common shareholders | $ | 62.2 | $ | 14.7 | $ | 97.9 | $ | 107.2 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common shares outstanding | 200.3 | 182.3 | 197.9 | 181.8 | ||||||||||||
Dilutive options and awards | 1.3 | 1.6 | 1.5 | 1.5 | ||||||||||||
Diluted weighted average number of common shares outstanding | 201.6 | 183.9 | 199.4 | 183.3 | ||||||||||||
Weighted average number of anti-dilutive share-based awards: | ||||||||||||||||
Restricted stock units | 1.2 | 1.4 | 1.2 | 1.6 | ||||||||||||
Performance share units | 1 | 1 | 1 | 0.8 | ||||||||||||
Stock options | 3.4 | 3.7 | 3.4 | 4 | ||||||||||||
Total | 5.6 | 6.1 | 5.6 | 6.4 | ||||||||||||
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||||||
11. Comprehensive Income | ||||||||||||||||||||||||
The components of other comprehensive income (loss) and income tax expense allocated to each component for the three and nine months ended September 30, 2014 and 2013 was as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||
Before Tax | Income Tax | Net of Tax | Before Tax | Income Tax | Net of Tax | |||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | |||||||||||||||||||
Translation adjustments | $ | (15.0 | ) | $ | — | $ | (15.0 | ) | $ | (15.3 | ) | $ | — | $ | (15.3 | ) | ||||||||
Adjustment for net periodic pension and other | 1.4 | 0.4 | 1 | 4.8 | 1.5 | 3.3 | ||||||||||||||||||
postretirement benefits plan cost | ||||||||||||||||||||||||
Change in fair value of derivatives | — | — | — | 0.2 | 0.1 | 0.1 | ||||||||||||||||||
Other comprehensive income (loss) | $ | (13.6 | ) | $ | 0.4 | $ | (14.0 | ) | $ | (10.3 | ) | $ | 1.6 | $ | (11.9 | ) | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||
Before Tax | Income Tax | Net of Tax | Before Tax | Income Tax | Net of Tax | |||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | |||||||||||||||||||
Translation adjustments | $ | (1.1 | ) | $ | — | $ | (1.1 | ) | $ | (19.8 | ) | $ | — | $ | (19.8 | ) | ||||||||
Adjustment for net periodic pension and other | 8.5 | 2.9 | 5.6 | 23.9 | 14.4 | 9.5 | ||||||||||||||||||
postretirement benefits plan cost | ||||||||||||||||||||||||
Change in fair value of derivatives | 0.3 | 0.1 | 0.2 | 0.5 | 0.2 | 0.3 | ||||||||||||||||||
Other comprehensive income (loss) | $ | 7.7 | $ | 3 | $ | 4.7 | $ | 4.6 | $ | 14.6 | $ | (10.0 | ) | |||||||||||
Accumulated other comprehensive income (loss) by component as of December 31, 2013 and September 30, 2014, and changes for the nine months ended September 30, 2014, were as follows: | ||||||||||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | |||||||||||||
Other comprehensive loss before reclassifications | — | — | (15.1 | ) | (15.1 | ) | ||||||||||||||||||
Amount reclassified from accumulated other comprehensive | 0.1 | 3.3 | — | 3.4 | ||||||||||||||||||||
loss | ||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.1 | 3.3 | (15.1 | ) | (11.7 | ) | ||||||||||||||||||
Balance at September 30, 2014 | $ | (0.1 | ) | $ | (518.1 | ) | $ | 18.4 | $ | (499.8 | ) | |||||||||||||
Accumulated other comprehensive income (loss) by component as of December 31, 2012 and September 30, 2013, and changes for the nine months ended September 30, 2013, were as follows: | ||||||||||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||||||||||
Balance at December 31, 2012 | $ | (0.6 | ) | $ | (1,085.1 | ) | $ | 56.5 | $ | (1,029.2 | ) | |||||||||||||
Other comprehensive loss before reclassifications | — | (5.6 | ) | (19.9 | ) | (25.5 | ) | |||||||||||||||||
Amount reclassified from accumulated other comprehensive | 0.3 | 15.1 | — | 15.4 | ||||||||||||||||||||
loss | ||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.3 | 9.5 | (19.9 | ) | (10.1 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | (0.3 | ) | $ | (1,075.6 | ) | $ | 36.6 | $ | (1,039.3 | ) | |||||||||||||
Reclassifications from accumulated other comprehensive loss for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Classification in the Condensed | ||||||||||||||||||||||
September 30, | September 30, | Consolidated | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Statements of Operations | ||||||||||||||||||||
Amortization of pension and other postretirement benefits | ||||||||||||||||||||||||
plan cost: | ||||||||||||||||||||||||
Net actuarial loss | $ | 7.8 | $ | 12.4 | $ | 24.1 | $ | 37.6 | (a) | |||||||||||||||
Net prior service credit | (6.4 | ) | (4.9 | ) | (19.3 | ) | (14.8 | ) | (a) | |||||||||||||||
Settlements | — | 0.8 | — | 0.8 | ||||||||||||||||||||
Reclassifications before tax | 1.4 | 8.3 | 4.8 | 23.6 | ||||||||||||||||||||
Income tax expense | 0.4 | 2.9 | 1.5 | 8.5 | ||||||||||||||||||||
Reclassifications, net of tax | $ | 1 | $ | 5.4 | $ | 3.3 | $ | 15.1 | ||||||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations (see Note 7). |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||
12. 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. | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
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 (income) 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 Condensed Consolidated Financial Statements. | ||||||||||||||||||||||||||||
In the second quarter of 2014, Consolidated Graphics’ operations in the Czech Republic and Japan were moved from the Variable Print segment to the Europe and Asia reporting units, respectively, within the International segment to reflect corresponding changes in the management reporting structure of the organization. All prior periods have been reclassified to conform to the current reporting structure. | ||||||||||||||||||||||||||||
Three Months Ended | Total | Intersegment | Net | Income | Depreciation | Capital | ||||||||||||||||||||||
30-Sep-14 | Sales | Sales | Sales | (Loss) | and | Expenditures | ||||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 685.3 | $ | (4.3 | ) | $ | 681 | $ | 34.1 | $ | 35.8 | $ | 9.8 | |||||||||||||||
Variable Print | 1,003.80 | (15.7 | ) | 988.1 | 68.8 | 40.8 | 15.2 | |||||||||||||||||||||
Strategic Services | 665.1 | (34.4 | ) | 630.7 | 56.5 | 16.1 | 10.5 | |||||||||||||||||||||
International | 684.3 | (26.3 | ) | 658 | 24.7 | 25.2 | 19.9 | |||||||||||||||||||||
Total operating segments | 3,038.50 | (80.7 | ) | 2,957.80 | 184.1 | 117.9 | 55.4 | |||||||||||||||||||||
Corporate | — | — | — | (10.4 | ) | 1.7 | 2.8 | |||||||||||||||||||||
Total operations | $ | 3,038.50 | $ | (80.7 | ) | $ | 2,957.80 | $ | 173.7 | $ | 119.6 | $ | 58.2 | |||||||||||||||
Three Months Ended | Total | Intersegment | Net | Income | Depreciation | Capital | ||||||||||||||||||||||
30-Sep-13 | Sales | Sales | Sales | (Loss) | and | Expenditures | ||||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 718 | $ | (3.0 | ) | $ | 715 | $ | 34.3 | $ | 40.9 | $ | 14.8 | |||||||||||||||
Variable Print | 658.7 | (14.9 | ) | 643.8 | 46.8 | 24.9 | 16 | |||||||||||||||||||||
Strategic Services | 612.2 | (30.5 | ) | 581.7 | 43 | 14.5 | 10.3 | |||||||||||||||||||||
International | 694.4 | (20.0 | ) | 674.4 | 42.3 | 24.8 | 11.8 | |||||||||||||||||||||
Total operating segments | 2,683.30 | (68.4 | ) | 2,614.90 | 166.4 | 105.1 | 52.9 | |||||||||||||||||||||
Corporate | (0.1 | ) | 0.1 | — | (31.8 | ) | 1.2 | 2.4 | ||||||||||||||||||||
Total operations | $ | 2,683.20 | $ | (68.3 | ) | $ | 2,614.90 | $ | 134.6 | $ | 106.3 | $ | 55.3 | |||||||||||||||
Nine Months Ended | Total | Intersegment | Net | Income | Assets of | Depreciation | Capital | |||||||||||||||||||||
30-Sep-14 | Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | |||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 1,958.30 | $ | (8.7 | ) | $ | 1,949.60 | $ | 71.8 | $ | 1,337.40 | $ | 110.7 | $ | 32 | |||||||||||||
Variable Print | 2,784.80 | (47.2 | ) | 2,737.60 | 158.2 | 2,719.60 | 117.4 | 44.3 | ||||||||||||||||||||
Strategic Services | 2,035.00 | (97.1 | ) | 1,937.90 | 193 | 1,403.40 | 48.5 | 28.4 | ||||||||||||||||||||
International | 1,979.80 | (70.8 | ) | 1,909.00 | 79.6 | 1,939.70 | 75 | 50.3 | ||||||||||||||||||||
Total operating segments | 8,757.90 | (223.8 | ) | 8,534.10 | 502.6 | 7,400.10 | 351.6 | 155 | ||||||||||||||||||||
Corporate | — | — | — | (54.7 | ) | 166.8 | 5.4 | 9.5 | ||||||||||||||||||||
Total operations | $ | 8,757.90 | $ | (223.8 | ) | $ | 8,534.10 | $ | 447.9 | $ | 7,566.90 | $ | 357 | $ | 164.5 | |||||||||||||
Nine Months Ended | Total | Intersegment | Net | Income | Assets of | Depreciation | Capital | |||||||||||||||||||||
30-Sep-13 | Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | |||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,035.40 | $ | (6.7 | ) | $ | 2,028.70 | $ | 93.8 | $ | 1,443.30 | $ | 126.6 | $ | 39 | |||||||||||||
Variable Print | 1,961.40 | (43.0 | ) | 1,918.40 | 142.7 | 1,595.20 | 79.2 | 40.8 | ||||||||||||||||||||
Strategic Services | 1,929.80 | (95.4 | ) | 1,834.40 | 182.1 | 1,391.60 | 44.2 | 23.5 | ||||||||||||||||||||
International | 2,010.50 | (67.0 | ) | 1,943.50 | 99.5 | 2,028.30 | 76.7 | 30 | ||||||||||||||||||||
Total operating segments | 7,937.10 | (212.1 | ) | 7,725.00 | 518.1 | 6,458.40 | 326.7 | 133.3 | ||||||||||||||||||||
Corporate | — | — | — | (70.5 | ) | 643.6 | 4.2 | 6.3 | ||||||||||||||||||||
Total operations | $ | 7,937.10 | $ | (212.1 | ) | $ | 7,725.00 | $ | 447.6 | $ | 7,102.00 | $ | 330.9 | $ | 139.6 | |||||||||||||
Restructuring, impairment and other charges by segment for the three and nine months ended September 30, 2014 and 2013 are described in Note 6. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
13. Commitments and Contingencies | |
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 twelve 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 or 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. | |
From time to time, the Company’s customers and others file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
14. Debt | ||||||||
The Company’s debt at September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Borrowings under the Credit Agreement | $ | 130 | $ | — | ||||
4.95% senior notes due April 1, 2014 | — | 258.2 | ||||||
5.50% senior notes due May 15, 2015 | 200 | 200 | ||||||
8.60% senior notes due August 15, 2016 | 219 | 218.7 | ||||||
6.125% senior notes due January 15, 2017 | 251 | 250.8 | ||||||
7.25% senior notes due May 15, 2018 | 250 | 350 | ||||||
11.25% senior notes due February 1, 2019 (a) | 172.2 | 172.2 | ||||||
8.25% senior notes due March 15, 2019 | 238.9 | 450 | ||||||
7.625% senior notes due June 15, 2020 | 350 | 400 | ||||||
7.875% senior notes due March 15, 2021 | 448.2 | 448 | ||||||
8.875% debentures due April 15, 2021 | 80.9 | 80.9 | ||||||
7.00% senior notes due February 15, 2022 | 400 | 400 | ||||||
6.50% senior notes due November 15, 2023 | 350 | 350 | ||||||
6.00% senior notes due April 1, 2024 | 400 | — | ||||||
6.625% debentures due April 15, 2029 | 199.4 | 199.4 | ||||||
8.820% debentures due April 15, 2031 | 69 | 69 | ||||||
Other (b) | 2.2 | 10.7 | ||||||
Total debt | 3,760.80 | 3,857.90 | ||||||
Less: current portion | (333.5 | ) | (270.9 | ) | ||||
Long-term debt | $ | 3,427.30 | $ | 3,587.00 | ||||
(a) | As of September 30, 2014 and December 31, 2013, the interest rate on the 11.25% senior notes due February 1, 2019 was 12.75% as a result of downgrades in the ratings of the notes by the rating agencies. | |||||||
(b) | Includes fair value adjustment to the 8.25% senior notes due March 15, 2019 related to the Company’s fair value hedges, miscellaneous debt obligations 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 $306.9 million and $343.4 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||
Effective September 9, 2014, the aggregate revolving commitments of the Lenders under the Company’s senior secured revolving credit facility (the “Credit Agreement”) were increased from $1.15 billion to $1.5 billion and the expiration date of the Credit Agreement was extended from October 15, 2017 to September 9, 2019. | ||||||||
The weighted average interest rate on borrowings under the Company’s $1.5 billion Credit Agreement was 2.0% during the nine months ended September 30, 2014 and 2013. | ||||||||
On April 1, 2014, cash on hand and borrowings under the Credit Agreement were used to pay the $258.2 million 4.95% senior notes that matured on April 1, 2014. | ||||||||
On March 20, 2014, the Company issued $400.0 million of 6.00% senior notes due April 1, 2024. Interest on the notes is payable semi-annually on April 1 and October 1, and commenced on October 1, 2014. The net proceeds from the offering along with borrowings under the Credit Agreement were used to repurchase $211.1 million of the 8.25% senior notes due March 15, 2019, $100.0 million of the 7.25% senior notes due May 15, 2018, and $50.0 million of the 7.625% senior notes due June 15, 2020. The repurchases resulted in a pre-tax loss on debt extinguishment of $77.1 million for the nine months ended September 30, 2014 related to the premiums paid, unamortized debt issuance costs, elimination of the $2.8 million fair value adjustment on the 8.25% senior notes and other expenses. | ||||||||
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 of each year. The net proceeds from the offering, along with cash on hand, were used to finance the cash portion of the acquisition of Consolidated Graphics. | ||||||||
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. 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 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 three months ended March 31, 2013 related to the premiums paid, unamortized debt issuance costs and other expenses. | ||||||||
Interest income was $1.9 million and $6.6 million for the three and nine months ended September 30, 2014, respectively. Interest income was $2.1 million and $8.4 million for the three and nine months ended September 30, 2013, respectively. |
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Derivatives | ' | |||||||||||||||||||
15. Derivatives | ||||||||||||||||||||
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities in the Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed Consolidated Statements of Operations, generally offsetting the foreign exchange gains or losses on the exposures being managed. The aggregate notional amount of the forward contracts at September 30, 2014 and December 31, 2013 was $349.1 million and $372.1 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 amount of $400.0 million at inception, were 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 were attributable to changes in the benchmark interest rate. During the nine months ended September 30, 2014, the Company repurchased $211.1 million of the 8.25% senior notes due March 15, 2019, and related interest rate swaps with a notional amount of $210.0 million were terminated, resulting in payments of $4.2 million for the fair value of the interest rate swaps. As a result of the termination, the remaining notional amount of the interest rate swap agreements as of September 30, 2014 was $190.0 million. The interest rate swaps were designated as fair value hedges against changes in the value of $238.9 million of the Company’s 8.25% senior notes due March 15, 2019. | ||||||||||||||||||||
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 amount of $600.0 million at inception, were designated as fair value hedges against changes in the value of the Company’s 4.95% senior notes due April 1, 2014, which were 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. In conjunction with the 4.95% senior notes maturity in April 2014, the remaining interest rate swap agreements matured. | ||||||||||||||||||||
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 Condensed Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Condensed 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 September 30, 2014 and December 31, 2013, 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 Condensed Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||
Prepaid expenses and other current assets | $ | 20.6 | $ | 0.4 | ||||||||||||||||
Accrued liabilities | 0.3 | 1.5 | ||||||||||||||||||
Derivatives designated as fair value hedges | ||||||||||||||||||||
Prepaid expenses and other current assets | $ | — | $ | 1.3 | ||||||||||||||||
Other noncurrent liabilities | 2.9 | 9.1 | ||||||||||||||||||
The gross and net amounts of foreign exchange forward contracts and interest rate swaps recognized in the Condensed Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
30-Sep-14 | Gross Amounts of Assets and Liabilities | Impact of Netting | Net Amounts of Assets | All Other Amounts Subject to Master Netting Agreements | Potential Net Amounts of Assets and Liabilities | |||||||||||||||
and Liabilities Presented | ||||||||||||||||||||
in the Condensed | ||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 20.6 | $ | — | $ | 20.6 | $ | (1.9 | ) | $ | 18.7 | |||||||||
reported gross | ||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | |||||||||||||||
Total | $ | 20.6 | $ | — | $ | 20.6 | $ | (1.9 | ) | $ | 18.7 | |||||||||
Liabilities | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 0.3 | $ | — | $ | 0.3 | $ | (0.1 | ) | $ | 0.2 | |||||||||
reported gross | ||||||||||||||||||||
Interest rate swaps | 2.9 | — | 2.9 | (1.8 | ) | 1.1 | ||||||||||||||
Total | $ | 3.2 | $ | — | $ | 3.2 | $ | (1.9 | ) | $ | 1.3 | |||||||||
31-Dec-13 | Gross Amounts of Assets and Liabilities | Impact of Netting | Net Amounts of Assets | All Other Amounts Subject to Master Netting Agreements | Potential Net Amounts of Assets and Liabilities | |||||||||||||||
and Liabilities Presented in the Condensed | ||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 0.4 | $ | — | $ | 0.4 | $ | (0.4 | ) | $ | — | |||||||||
reported gross | ||||||||||||||||||||
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 | $ | 1.5 | $ | — | $ | 1.5 | $ | (0.2 | ) | $ | 1.3 | |||||||||
reported gross | ||||||||||||||||||||
Interest rate swaps | 9.1 | — | 9.1 | (0.4 | ) | 8.7 | ||||||||||||||
Total | $ | 10.6 | $ | — | $ | 10.6 | $ | (0.6 | ) | $ | 10 | |||||||||
The pre-tax (gains) losses related to derivatives not designated as hedges recognized in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Classification of (Gain) Loss Recognized in the | September 30, | September 30, | ||||||||||||||||||
Condensed Consolidated Statements of Operations | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (19.8 | ) | $ | 14.2 | $ | (21.3 | ) | $ | 8.7 | |||||||||
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 or loss on the related interest rate swaps for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Classification of (Gain) Loss Recognized in the | September 30, | September 30, | ||||||||||||||||||
Condensed Consolidated Statements of Operations | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||
Interest rate swaps | Investment and other (income) expense-net | $ | 1.3 | $ | (0.6 | ) | $ | (0.4 | ) | $ | 17 | |||||||||
Hedged items | Investment and other (income) expense-net | (1.5 | ) | 0.6 | (0.4 | ) | (16.1 | ) | ||||||||||||
Total (gain) loss recognized as | Investment and other (income) expense-net | $ | (0.2 | ) | $ | — | $ | (0.8 | ) | $ | 0.9 | |||||||||
ineffectiveness in the Condensed | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
The Company also recognized a net reduction to interest expense of $0.5 million and $3.3 million for the three and nine months ended September 30, 2014, respectively, and $2.0 million and $6.5 million for the three and nine months ended September 30, 2013, respectively, related to the Company’s fair value hedges, which included interest accruals on the derivatives and amortization of the basis in the hedged items. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||
16. 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 15 for further discussion on the fair value of the Company’s foreign exchange forward contracts and interest rate swaps as of September 30, 2014 and December 31, 2013. See Note 14 for the fair value of the Company’s debt, 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 September 30, 2014 and 2013 and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | As of | ||||||||||||||||||
30-Sep-14 | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||
Impairment | Fair Value | Impairment | Fair Value | Net Book | ||||||||||||||||
Charge | Measurement | Charge | Measurement | Value | ||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||||||
Long-lived assets held and used | $ | — | $ | — | $ | 1.9 | $ | 1.4 | $ | 1.2 | ||||||||||
Long-lived assets held for sale or disposal | 2.1 | 2.3 | 9.3 | 13.7 | 5.4 | |||||||||||||||
Other intangible assets | — | — | 1 | — | — | |||||||||||||||
Total | $ | 2.1 | $ | 2.3 | $ | 12.2 | $ | 15.1 | $ | 6.6 | ||||||||||
Three Months Ended | Nine Months Ended | As of | ||||||||||||||||||
30-Sep-13 | 30-Sep-13 | September 30, 2013 | ||||||||||||||||||
Impairment | Fair Value | Impairment | Fair Value | Net Book | ||||||||||||||||
Charge | Measurement | Charge | Measurement | Value | ||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||||||
Long-lived assets held and used | $ | 3.2 | $ | 3.7 | $ | 4.4 | $ | 4.6 | $ | 4.4 | ||||||||||
Long-lived assets held for sale or disposal | 5.4 | 5.2 | 12.6 | 18.8 | 17.1 | |||||||||||||||
Total | $ | 8.6 | $ | 8.9 | $ | 17 | $ | 23.4 | $ | 21.5 | ||||||||||
The fair values of long-lived assets held for sale that were remeasured during the three and nine months ended September 30, 2014 were reduced by estimated costs to sell of $0.2 million and $0.8 million, respectively. The fair values of long-lived assets held for sale that were remeasured during the three and nine months ended September 30, 2013 were reduced by estimated costs to sell of $0.4 million and $1.3 million, respectively. | ||||||||||||||||||||
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. |
Venezuela_Currency_Remeasureme
Venezuela Currency Remeasurement | 9 Months Ended |
Sep. 30, 2014 | |
Foreign Currency [Abstract] | ' |
Venezuela Currency Remeasurement | ' |
17. Venezuela Currency Remeasurement | |
Since January 1, 2010, the three-year cumulative inflation for Venezuela using the blended Consumer Price Index and National Consumer Price Index has exceeded 100%. As a result, Venezuela’s economy is considered highly inflationary and the financial statements of the Company’s Venezuelan subsidiaries are remeasured as if the functional currency were the U.S. Dollar. Prior to March 31, 2014, 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), of which $1.0 million was recognized as a loss attributable to noncontrolling interests during the nine months ended September 30, 2013. | |
During the three months ended March 31, 2014, the Venezuelan government expanded the operation of the Supplementary System for the Administration of Foreign Currency (“SICAD 1”) currency exchange mechanism for use with certain transactions. In addition, the Venezuelan government also began operating the SICAD 2 exchange which the government indicated is available to all entities for all transactions. The Venezuelan government has indicated that the official rate of 6.3 Bolivars per U.S. Dollar will be reserved only for settlement of U.S. Dollar denominated purchases of “essential goods and services.” As of September 30, 2014, the SICAD 1 and SICAD 2 exchange rates were 11.7 and 50.0 Bolivars per U.S. Dollar, respectively. While there is considerable uncertainty as to the nature, amount and timing of transactions that will be settled through SICAD 1 and SICAD 2, beginning March 31, 2014, certain assets of the Company’s Venezuelan subsidiaries were remeasured at the SICAD 2 rate as the Company believes those assets will ultimately be utilized to settle U.S. Dollar denominated liabilities using SICAD 2. Remaining net monetary assets were remeasured at the SICAD 1 rate, as the Company believes SICAD 1 will be applicable for future transactions, and dividend remittances, if any, from the Company’s Venezuelan subsidiaries. | |
During the three months ended June 30, 2014, certain transactions pending approval at the official rate of 6.3 Bolivars per U.S. Dollar were approved, resulting in foreign exchange gains. As a result of the remeasurement at the SICAD 1 and SICAD 2 rates during the three months ended September 30, 2014, a net pre-tax gain of $0.6 million was recognized in net investment and other (income) expense, of which $0.4 million was recognized as income attributable to noncontrolling interests during the three months ended September 30, 2014. During the nine months ended September 30, 2014, a pre-tax loss, net of foreign exchange gains, of $18.0 million ($14.0 million after-tax) was recognized in net investment and other (income) expense, of which $6.0 million was included in loss attributable to noncontrolling interests as a result of the remeasurement at the SICAD 1 and SICAD 2 rates. | |
Because the SICAD exchanges are auction-based and auctions are held periodically during each quarter, the exchange rates available through SICAD will fluctuate over time, which will cause additional remeasurements of the Company’s Venezuelan subsidiaries’ local currency-denominated net monetary assets and further impact ongoing results. The operating results of the Venezuelan subsidiaries, one of which is the operating entity and a 50.1% owned joint venture, are not significant to the Company’s consolidated results of operations. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
18. New Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-15 “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued. If substantial doubt exists, additional disclosures are required. ASU 2014-15 will be effective for the Company in the fourth quarter of 2016. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s consolidated financial position, results of operations, cash flows or disclosures. | |
In June 2014, the FASB issued Accounting Standards Update No. 2014-12 “Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”), which requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition and, as a result, should not be included in the estimation of the grant-date fair value of the award. ASU 2014-12 will be effective for the Company in the first quarter of 2016. The standard may be applied either prospectively to all awards granted or modified after the effective date or retrospectively, to all periods presented. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which outlines a single comprehensive model for entities to use in accounting for revenue using a five-step process that supersedes virtually all existing revenue guidance. ASU 2014-09 also requires additional quantitative and qualitative disclosures. ASU 2014-09 will be effective for the Company in the first quarter of 2017. The standard allows the option of either a full retrospective adoption, meaning the standard is applied to all periods presented, or a modified retrospective adoption, meaning the standard is applied only to the most current period. The Company is currently evaluating the impact of the provisions of ASU 2014-09 and determining which transition method will be used. | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”), which modifies the requirements for disposals to qualify as discontinued operations and expands related disclosure requirements. ASU 2014-08 will be effective for the Company in the first quarter of 2015. The adoption of ASU 2014-08 may impact whether future disposals qualify as discontinued operations and therefore could impact the Company’s financial statement presentation and disclosures. | |
In January 2014, the 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 was effective for and adopted by the Company in the first quarter of 2014. The adoption of ASU 2013-11 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 was effective for and adopted by the Company in the first quarter of 2014. The adoption of ASU 2013-05 did not 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 was effective for and adopted by the Company in the first quarter of 2014. The adoption of ASU 2013-04 did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Pro Forma Financial Information | ' | |||||||||||||||
The unaudited pro forma financial information is 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. Pro forma adjustments are tax-effected at the applicable statutory tax rates. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 2,957.80 | $ | 2,952.80 | $ | 8,686.90 | $ | 8,699.20 | ||||||||
Net earnings attributable to RR Donnelley common shareholders | 68.5 | 16.6 | 127.3 | 83.2 | ||||||||||||
Net earnings per share attributable to RR Donnelley common | ||||||||||||||||
shareholders: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.08 | $ | 0.64 | $ | 0.42 | ||||||||
Diluted | $ | 0.34 | $ | 0.08 | $ | 0.63 | $ | 0.42 | ||||||||
Pro Forma Adjustments Affecting Net Earnings (Loss) | ' | |||||||||||||||
The unaudited pro forma financial information includes amortization of purchased intangibles of $19.9 million and $60.8 million for the three and nine months ended September 30, 2014, respectively and $21.2 million and $64.0 million for the three and nine months ended September 30, 2013, respectively. The unaudited pro forma financial information includes restructuring, impairment and other charges from operations of $13.6 million and $61.5 million for the three and nine months ended September 30, 2014, respectively and $47.1 million and $111.9 million for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
Additionally, the pro forma adjustments affecting net earnings attributable to RR Donnelley common shareholders for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation and amortization of purchased assets, pre-tax | $ | 1.3 | $ | (2.7 | ) | $ | 2.9 | $ | (7.2 | ) | ||||||
Acquisition-related expenses, pre-tax | (0.1 | ) | 2.1 | 18.8 | (14.4 | ) | ||||||||||
Restructuring, impairment and other charges, pre-tax | 6.3 | (6.2 | ) | 28.4 | (27.4 | ) | ||||||||||
Inventory fair value adjustments, pre-tax | — | — | 14.3 | (14.3 | ) | |||||||||||
Other pro forma adjustments, pre-tax | 2.2 | (7.7 | ) | (2.3 | ) | (6.3 | ) | |||||||||
Income taxes | (3.4 | ) | 1.4 | (17.1 | ) | 19.3 | ||||||||||
Consolidated Graphics, Esselte and MultiCorpora | ' | |||||||||||||||
Schedule of Purchase Price Allocation for Acquisitions | ' | |||||||||||||||
Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | ||||||||||||||||
Accounts receivable | $ | 241.4 | ||||||||||||||
Inventories | 89.6 | |||||||||||||||
Prepaid expenses and other current assets | 17.3 | |||||||||||||||
Property, plant and equipment | 334.1 | |||||||||||||||
Other intangible assets | 205 | |||||||||||||||
Other noncurrent assets | 11.9 | |||||||||||||||
Goodwill | 300.1 | |||||||||||||||
Accounts payable and accrued liabilities | (218.0 | ) | ||||||||||||||
Other noncurrent liabilities | (57.5 | ) | ||||||||||||||
Deferred taxes-net | (96.6 | ) | ||||||||||||||
Total purchase price-net of cash acquired | 827.3 | |||||||||||||||
Less: debt assumed | 118.4 | |||||||||||||||
Less: value of common stock issued | 319 | |||||||||||||||
Less: gain on bargain purchase | 9.5 | |||||||||||||||
Net cash paid | $ | 380.4 | ||||||||||||||
Fair Values, Valuation Techniques and Related Unobservable Inputs of Level Three | ' | |||||||||||||||
The fair values of other intangible assets, technology and goodwill associated with the acquisitions of Esselte, MultiCorpora and Consolidated Graphics were determined to be Level 3 under the fair value hierarchy. The following table presents the fair values, valuation techniques and related unobservable inputs for these Level 3 measurements: | ||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||||||
Customer relationships | $ | 178.2 | Excess earnings | Discount rate | 17.0% - 21.0% | |||||||||||
Attrition rate | 5.0% - 9.5% | |||||||||||||||
Trade names | 26.5 | Relief-from-royalty method | Discount rate | 19.00% | ||||||||||||
Royalty rate (after-tax) | 0.5% - 1.5% | |||||||||||||||
Technology | 1.1 | Excess earnings | Discount rate | 17.00% | ||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
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 September 30, 2014 and December 31, 2013 were as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials and manufacturing supplies | $ | 287.3 | $ | 212.6 | ||||
Work in process | 203.2 | 145.2 | ||||||
Finished goods | 254.8 | 235.4 | ||||||
LIFO reserve | (92.5 | ) | (92.0 | ) | ||||
Total | $ | 652.8 | $ | 501.2 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property Plant And Equipment [Abstract] | ' | |||||||
Components of Company's Property, Plant and Equipment | ' | |||||||
The components of the Company’s property, plant and equipment at September 30, 2014 and December 31, 2013 were as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 116 | $ | 94.3 | ||||
Buildings | 1,222.70 | 1,160.60 | ||||||
Machinery and equipment | 6,182.50 | 6,024.00 | ||||||
7,521.20 | 7,278.90 | |||||||
Accumulated depreciation | (5,941.3 | ) | (5,848.8 | ) | ||||
Total | $ | 1,579.90 | $ | 1,430.10 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Changes in the Carrying Value of Goodwill by Segment | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2014 were as follows: | ||||||||||||||||||||||||
Publishing and | Strategic | |||||||||||||||||||||||
Retail Services | Variable Print | Services | International | Total | ||||||||||||||||||||
Net book value as of 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 | |||||||||||||||||||
Acquisitions | — | 276.2 | 3.4 | 20.5 | 300.1 | |||||||||||||||||||
Foreign exchange and other adjustments | — | (0.1 | ) | — | (7.2 | ) | (7.3 | ) | ||||||||||||||||
Net book value at September 30, 2014 | ||||||||||||||||||||||||
Goodwill | 688 | 1,914.70 | 989 | 1,254.70 | 4,846.40 | |||||||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (223.7 | ) | (1,118.5 | ) | (3,117.3 | ) | ||||||||||||||
Total | $ | 18.1 | $ | 809.5 | $ | 765.3 | $ | 136.2 | $ | 1,729.10 | ||||||||||||||
Components of Other Intangible Assets | ' | |||||||||||||||||||||||
The components of other intangible assets at September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||
Carrying | Accumulated | Net Book | Carrying | Accumulated | Net Book | |||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | |||||||||||||||||||
Customer relationships | $ | 895.3 | $ | (494.3 | ) | $ | 401 | $ | 728.8 | $ | (448.5 | ) | $ | 280.3 | ||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.3 | ) | — | ||||||||||||||||
Trademarks, licenses and agreements | 31.5 | (29.4 | ) | 2.1 | 31.4 | (28.2 | ) | 3.2 | ||||||||||||||||
Trade names | 43.8 | (15.1 | ) | 28.7 | 27.1 | (12.8 | ) | 14.3 | ||||||||||||||||
Total amortizable other intangible assets | 1,068.90 | (637.1 | ) | 431.8 | 885.6 | (587.8 | ) | 297.8 | ||||||||||||||||
Indefinite-lived trade names | 26.8 | — | 26.8 | 18.1 | — | 18.1 | ||||||||||||||||||
Total other intangible assets | $ | 1,095.70 | $ | (637.1 | ) | $ | 458.6 | $ | 903.7 | $ | (587.8 | ) | $ | 315.9 | ||||||||||
Schedule of Other Intangible Assets Additions by Component | ' | |||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
Amount | Amortization Period | |||||||||||||||||||||||
Customer relationships | $ | 178.2 | 9.7 | |||||||||||||||||||||
Trade names (amortizable) | 17.8 | 10 | ||||||||||||||||||||||
Trade names (indefinite-lived) | 8.7 | n/a | ||||||||||||||||||||||
Non-compete agreements | 0.3 | 3 | ||||||||||||||||||||||
Total additions | $ | 205 | ||||||||||||||||||||||
Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets | ' | |||||||||||||||||||||||
The following table outlines the estimated annual amortization expense related to other intangible assets as of September 30, 2014: | ||||||||||||||||||||||||
For the year ending December 31, | Amount | |||||||||||||||||||||||
2014 | $ | 78.7 | ||||||||||||||||||||||
2015 | 77.3 | |||||||||||||||||||||||
2016 | 59.1 | |||||||||||||||||||||||
2017 | 52.8 | |||||||||||||||||||||||
2018 | 47.6 | |||||||||||||||||||||||
2019 and thereafter | 175 | |||||||||||||||||||||||
Total | $ | 490.5 | ||||||||||||||||||||||
Restructuring_Impairment_and_O1
Restructuring, Impairment and Other Charges (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | |||||||||||||||||||||||
Schedule of Net Restructuring, Impairment and Other Charges | ' | |||||||||||||||||||||||
For the three months ended September 30, 2014 and 2013, the Company recorded the following net restructuring, impairment and other charges: | ||||||||||||||||||||||||
Other | Total | |||||||||||||||||||||||
Three Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-14 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | (0.2 | ) | $ | 1.8 | $ | 1.6 | $ | (1.2 | ) | $ | 7.4 | $ | 7.8 | ||||||||||
Variable Print | 1.6 | 2.8 | 4.4 | 1.7 | 2.2 | 8.3 | ||||||||||||||||||
Strategic Services | 0.9 | 0.2 | 1.1 | — | 0.1 | 1.2 | ||||||||||||||||||
International | 1.9 | 0.2 | 2.1 | (0.2 | ) | — | 1.9 | |||||||||||||||||
Corporate | 0.6 | 0.1 | 0.7 | — | — | 0.7 | ||||||||||||||||||
Total | $ | 4.8 | $ | 5.1 | $ | 9.9 | $ | 0.3 | $ | 9.7 | $ | 19.9 | ||||||||||||
Other | Total | |||||||||||||||||||||||
Three Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-13 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | 13.5 | $ | 3.1 | $ | 16.6 | $ | 6.2 | $ | — | $ | 22.8 | ||||||||||||
Variable Print | — | 2.8 | 2.8 | 0.6 | — | 3.4 | ||||||||||||||||||
Strategic Services | 0.6 | 0.7 | 1.3 | 0.9 | 4.7 | 6.9 | ||||||||||||||||||
International | 4 | 0.6 | 4.6 | 0.2 | — | 4.8 | ||||||||||||||||||
Corporate | (0.2 | ) | 0.4 | 0.2 | — | — | 0.2 | |||||||||||||||||
Total | $ | 17.9 | $ | 7.6 | $ | 25.5 | $ | 7.9 | $ | 4.7 | $ | 38.1 | ||||||||||||
For the nine months ended September 30, 2014 and 2013, the Company recorded the following net restructuring, impairment and other charges: | ||||||||||||||||||||||||
Other | Total | |||||||||||||||||||||||
Nine Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-14 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | 0.2 | $ | 5.6 | $ | 5.8 | $ | 2.4 | $ | 23.7 | $ | 31.9 | ||||||||||||
Variable Print | 15.7 | 6.2 | 21.9 | 6.9 | 6.3 | 35.1 | ||||||||||||||||||
Strategic Services | 3.3 | 1.7 | 5 | — | 4 | 9 | ||||||||||||||||||
International | 5.9 | 0.8 | 6.7 | 0.8 | — | 7.5 | ||||||||||||||||||
Corporate | 2.7 | 1.7 | 4.4 | — | — | 4.4 | ||||||||||||||||||
Total | $ | 27.8 | $ | 16 | $ | 43.8 | $ | 10.1 | $ | 34 | $ | 87.9 | ||||||||||||
Other | Total | |||||||||||||||||||||||
Nine Months Ended | Employee | Restructuring | Restructuring | Other | ||||||||||||||||||||
30-Sep-13 | Terminations | Charges | Charges | Impairment | Charges | Total | ||||||||||||||||||
Publishing and Retail Services | $ | 17 | $ | 10.9 | $ | 27.9 | $ | 10.7 | $ | — | $ | 38.6 | ||||||||||||
Variable Print | 1.8 | 10 | 11.8 | 1 | — | 12.8 | ||||||||||||||||||
Strategic Services | 2.2 | 2 | 4.2 | 2.7 | 4.7 | 11.6 | ||||||||||||||||||
International | 9.6 | 1.9 | 11.5 | 0.9 | — | 12.4 | ||||||||||||||||||
Corporate | 3.4 | 1.4 | 4.8 | 0.4 | — | 5.2 | ||||||||||||||||||
Total | $ | 34 | $ | 26.2 | $ | 60.2 | $ | 15.7 | $ | 4.7 | $ | 80.6 | ||||||||||||
Schedule of Changes in the Restructuring Reserve | ' | |||||||||||||||||||||||
The restructuring reserve as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | September 30, | ||||||||||||||||||||
2013 | Charges | Exchange and | Paid | 2014 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Employee terminations | $ | 19.7 | $ | 27.8 | $ | 1 | $ | (31.2 | ) | $ | 17.3 | |||||||||||||
Multi-employer pension withdrawal obligations | 36.8 | 2.6 | (0.6 | ) | (3.4 | ) | 35.4 | |||||||||||||||||
Lease terminations and other | 21.1 | 13.4 | 1.5 | (19.6 | ) | 16.4 | ||||||||||||||||||
Total | $ | 77.6 | $ | 43.8 | $ | 1.9 | $ | (54.2 | ) | $ | 69.1 | |||||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Estimated Net Pension and Other Postretirement Benefit Plan (Income) Expense | ' | |||||||||||||||
The components of the estimated net pension and other postretirement benefits plan income for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pension (income) expense | ||||||||||||||||
Service cost | $ | 0.5 | $ | 0.7 | $ | 1.6 | $ | 2.3 | ||||||||
Interest cost | 49.7 | 44.6 | 146.3 | 133.7 | ||||||||||||
Expected return on plan assets | (65.9 | ) | (60.6 | ) | (195.1 | ) | (181.8 | ) | ||||||||
Amortization, net | 7.8 | 12.4 | 24.1 | 37.6 | ||||||||||||
Settlements | — | 0.8 | — | 0.8 | ||||||||||||
Net pension income | $ | (7.9 | ) | $ | (2.1 | ) | $ | (23.1 | ) | $ | (7.4 | ) | ||||
Other postretirement benefits plan (income) expense | ||||||||||||||||
Service cost | $ | 1.1 | $ | 1.8 | $ | 3.4 | $ | 5.5 | ||||||||
Interest cost | 4.2 | 4.1 | 12.6 | 12.2 | ||||||||||||
Expected return on plan assets | (2.9 | ) | (3.0 | ) | (9.1 | ) | (8.9 | ) | ||||||||
Amortization, net | (6.4 | ) | (4.9 | ) | (19.3 | ) | (14.8 | ) | ||||||||
Net other postretirement benefits plan income | $ | (4.0 | ) | $ | (2.0 | ) | $ | (12.4 | ) | $ | (6.0 | ) | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Share Based Compensation [Abstract] | ' | |||||||||||||||
Schedule of Stock Option Activity | ' | |||||||||||||||
Stock option awards as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||
Shares Under Option | Weighted | Weighted | Aggregate | |||||||||||||
(thousands) | Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | |||||||||||||||
Per Share | Term | |||||||||||||||
(years) | ||||||||||||||||
Outstanding at December 31, 2013 | 4,139 | $ | 19.39 | 5.6 | $ | 21.2 | ||||||||||
Exercised | (144 | ) | 10.9 | |||||||||||||
Cancelled/forfeited/expired | (140 | ) | 27.55 | |||||||||||||
Outstanding at September 30, 2014 | 3,855 | 19.42 | 5 | 11.9 | ||||||||||||
Vested and expected to vest at September 30, 2014 | 3,828 | 19.46 | 5 | 11.9 | ||||||||||||
Exercisable at September 30, 2014 | 1,363 | $ | 8.95 | 5.3 | $ | 10.2 | ||||||||||
Schedule of Restricted Stock Units Activity | ' | |||||||||||||||
Nonvested restricted stock unit awards as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Per Share | ||||||||||||||||
Nonvested at December 31, 2013 | 2,495 | $ | 11.97 | |||||||||||||
Granted | 729 | 16.53 | ||||||||||||||
Vested | (1,168 | ) | 13.82 | |||||||||||||
Forfeited | (4 | ) | 16.27 | |||||||||||||
Nonvested at September 30, 2014 | 2,052 | $ | 12.53 | |||||||||||||
Schedule of Nonvested Performance Share Units Activity | ' | |||||||||||||||
Nonvested performance share unit awards as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Per Share | ||||||||||||||||
Nonvested at December 31, 2013 | 953 | $ | 10.81 | |||||||||||||
Granted | 319 | 16.46 | ||||||||||||||
Expired | (114 | ) | 15.54 | |||||||||||||
Vested | (121 | ) | 15.54 | |||||||||||||
Nonvested at September 30, 2014 | 1,037 | $ | 11.48 | |||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of the Company's Equity Activity | ' | |||||||||||
The Company’s equity as of December 31, 2013 and September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | ||||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2013 | $ | 631.8 | $ | 21.9 | $ | 653.7 | ||||||
Net earnings (loss) | 97.9 | (0.7 | ) | 97.2 | ||||||||
Other comprehensive loss | (11.7 | ) | (0.2 | ) | (11.9 | ) | ||||||
Share-based compensation | 13.8 | — | 13.8 | |||||||||
Issuances of common stock | 300.7 | — | 300.7 | |||||||||
Issuances of treasury stock | 18.3 | — | 18.3 | |||||||||
Issuance of share-based awards, net of withholdings and other | (4.3 | ) | — | (4.3 | ) | |||||||
Cash dividends paid | (151.1 | ) | — | (151.1 | ) | |||||||
Noncontrolling interests in acquired business | — | 2.7 | 2.7 | |||||||||
Distributions to noncontrolling interests | — | (0.7 | ) | (0.7 | ) | |||||||
Balance at September 30, 2014 | $ | 895.4 | $ | 23 | $ | 918.4 | ||||||
The Company’s equity as of December 31, 2012 and September 30, 2013, and changes during the nine months ended September 30, 2013, were as follows: | ||||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2012 | $ | 52.8 | $ | 15.9 | $ | 68.7 | ||||||
Net earnings | 107.2 | 2.6 | 109.8 | |||||||||
Other comprehensive income (loss) | (10.1 | ) | 0.1 | (10.0 | ) | |||||||
Share-based compensation | 15.6 | — | 15.6 | |||||||||
Issuance of share-based awards, net of withholdings and other | (5.3 | ) | — | (5.3 | ) | |||||||
Cash dividends paid | (141.3 | ) | — | (141.3 | ) | |||||||
Distributions to noncontrolling interests | — | (1.1 | ) | (1.1 | ) | |||||||
Balance at September 30, 2013 | $ | 18.9 | $ | 17.5 | $ | 36.4 | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings per Share | ' | |||||||||||||||
The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net earnings per share attributable to RR Donnelley common shareholders: | ||||||||||||||||
Basic | $ | 0.31 | $ | 0.08 | $ | 0.49 | $ | 0.59 | ||||||||
Diluted | $ | 0.31 | $ | 0.08 | $ | 0.49 | $ | 0.58 | ||||||||
Dividends declared per common share | $ | 0.26 | $ | 0.26 | $ | 0.78 | $ | 0.78 | ||||||||
Numerator: | ||||||||||||||||
Net earnings attributable to RR Donnelley common shareholders | $ | 62.2 | $ | 14.7 | $ | 97.9 | $ | 107.2 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common shares outstanding | 200.3 | 182.3 | 197.9 | 181.8 | ||||||||||||
Dilutive options and awards | 1.3 | 1.6 | 1.5 | 1.5 | ||||||||||||
Diluted weighted average number of common shares outstanding | 201.6 | 183.9 | 199.4 | 183.3 | ||||||||||||
Weighted average number of anti-dilutive share-based awards: | ||||||||||||||||
Restricted stock units | 1.2 | 1.4 | 1.2 | 1.6 | ||||||||||||
Performance share units | 1 | 1 | 1 | 0.8 | ||||||||||||
Stock options | 3.4 | 3.7 | 3.4 | 4 | ||||||||||||
Total | 5.6 | 6.1 | 5.6 | 6.4 | ||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Schedule of Components of Other Comprehensive Income (Loss) and Income Tax Expense Allocated to Each Component | ' | |||||||||||||||||||||||
The components of other comprehensive income (loss) and income tax expense allocated to each component for the three and nine months ended September 30, 2014 and 2013 was as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||
Before Tax | Income Tax | Net of Tax | Before Tax | Income Tax | Net of Tax | |||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | |||||||||||||||||||
Translation adjustments | $ | (15.0 | ) | $ | — | $ | (15.0 | ) | $ | (15.3 | ) | $ | — | $ | (15.3 | ) | ||||||||
Adjustment for net periodic pension and other | 1.4 | 0.4 | 1 | 4.8 | 1.5 | 3.3 | ||||||||||||||||||
postretirement benefits plan cost | ||||||||||||||||||||||||
Change in fair value of derivatives | — | — | — | 0.2 | 0.1 | 0.1 | ||||||||||||||||||
Other comprehensive income (loss) | $ | (13.6 | ) | $ | 0.4 | $ | (14.0 | ) | $ | (10.3 | ) | $ | 1.6 | $ | (11.9 | ) | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||
Before Tax | Income Tax | Net of Tax | Before Tax | Income Tax | Net of Tax | |||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | |||||||||||||||||||
Translation adjustments | $ | (1.1 | ) | $ | — | $ | (1.1 | ) | $ | (19.8 | ) | $ | — | $ | (19.8 | ) | ||||||||
Adjustment for net periodic pension and other | 8.5 | 2.9 | 5.6 | 23.9 | 14.4 | 9.5 | ||||||||||||||||||
postretirement benefits plan cost | ||||||||||||||||||||||||
Change in fair value of derivatives | 0.3 | 0.1 | 0.2 | 0.5 | 0.2 | 0.3 | ||||||||||||||||||
Other comprehensive income (loss) | $ | 7.7 | $ | 3 | $ | 4.7 | $ | 4.6 | $ | 14.6 | $ | (10.0 | ) | |||||||||||
Summary of Changes in Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) by component as of December 31, 2013 and September 30, 2014, and changes for the nine months ended September 30, 2014, were as follows: | ||||||||||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | |||||||||||||
Other comprehensive loss before reclassifications | — | — | (15.1 | ) | (15.1 | ) | ||||||||||||||||||
Amount reclassified from accumulated other comprehensive | 0.1 | 3.3 | — | 3.4 | ||||||||||||||||||||
loss | ||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.1 | 3.3 | (15.1 | ) | (11.7 | ) | ||||||||||||||||||
Balance at September 30, 2014 | $ | (0.1 | ) | $ | (518.1 | ) | $ | 18.4 | $ | (499.8 | ) | |||||||||||||
Accumulated other comprehensive income (loss) by component as of December 31, 2012 and September 30, 2013, and changes for the nine months ended September 30, 2013, were as follows: | ||||||||||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||||||||||
Balance at December 31, 2012 | $ | (0.6 | ) | $ | (1,085.1 | ) | $ | 56.5 | $ | (1,029.2 | ) | |||||||||||||
Other comprehensive loss before reclassifications | — | (5.6 | ) | (19.9 | ) | (25.5 | ) | |||||||||||||||||
Amount reclassified from accumulated other comprehensive | 0.3 | 15.1 | — | 15.4 | ||||||||||||||||||||
loss | ||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | 0.3 | 9.5 | (19.9 | ) | (10.1 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | (0.3 | ) | $ | (1,075.6 | ) | $ | 36.6 | $ | (1,039.3 | ) | |||||||||||||
Reclassifications from Accumulated Other Comprehensive Loss Amortization of Pension and Other Postretirement Benefits Plan Cost | ' | |||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Classification in the Condensed | ||||||||||||||||||||||
September 30, | September 30, | Consolidated | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Statements of Operations | ||||||||||||||||||||
Amortization of pension and other postretirement benefits | ||||||||||||||||||||||||
plan cost: | ||||||||||||||||||||||||
Net actuarial loss | $ | 7.8 | $ | 12.4 | $ | 24.1 | $ | 37.6 | (a) | |||||||||||||||
Net prior service credit | (6.4 | ) | (4.9 | ) | (19.3 | ) | (14.8 | ) | (a) | |||||||||||||||
Settlements | — | 0.8 | — | 0.8 | ||||||||||||||||||||
Reclassifications before tax | 1.4 | 8.3 | 4.8 | 23.6 | ||||||||||||||||||||
Income tax expense | 0.4 | 2.9 | 1.5 | 8.5 | ||||||||||||||||||||
Reclassifications, net of tax | $ | 1 | $ | 5.4 | $ | 3.3 | $ | 15.1 | ||||||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations (see Note 7). |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Segment Reporting Information | ' | |||||||||||||||||||||||||||
In the second quarter of 2014, Consolidated Graphics’ operations in the Czech Republic and Japan were moved from the Variable Print segment to the Europe and Asia reporting units, respectively, within the International segment to reflect corresponding changes in the management reporting structure of the organization. All prior periods have been reclassified to conform to the current reporting structure. | ||||||||||||||||||||||||||||
Three Months Ended | Total | Intersegment | Net | Income | Depreciation | Capital | ||||||||||||||||||||||
30-Sep-14 | Sales | Sales | Sales | (Loss) | and | Expenditures | ||||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 685.3 | $ | (4.3 | ) | $ | 681 | $ | 34.1 | $ | 35.8 | $ | 9.8 | |||||||||||||||
Variable Print | 1,003.80 | (15.7 | ) | 988.1 | 68.8 | 40.8 | 15.2 | |||||||||||||||||||||
Strategic Services | 665.1 | (34.4 | ) | 630.7 | 56.5 | 16.1 | 10.5 | |||||||||||||||||||||
International | 684.3 | (26.3 | ) | 658 | 24.7 | 25.2 | 19.9 | |||||||||||||||||||||
Total operating segments | 3,038.50 | (80.7 | ) | 2,957.80 | 184.1 | 117.9 | 55.4 | |||||||||||||||||||||
Corporate | — | — | — | (10.4 | ) | 1.7 | 2.8 | |||||||||||||||||||||
Total operations | $ | 3,038.50 | $ | (80.7 | ) | $ | 2,957.80 | $ | 173.7 | $ | 119.6 | $ | 58.2 | |||||||||||||||
Three Months Ended | Total | Intersegment | Net | Income | Depreciation | Capital | ||||||||||||||||||||||
30-Sep-13 | Sales | Sales | Sales | (Loss) | and | Expenditures | ||||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 718 | $ | (3.0 | ) | $ | 715 | $ | 34.3 | $ | 40.9 | $ | 14.8 | |||||||||||||||
Variable Print | 658.7 | (14.9 | ) | 643.8 | 46.8 | 24.9 | 16 | |||||||||||||||||||||
Strategic Services | 612.2 | (30.5 | ) | 581.7 | 43 | 14.5 | 10.3 | |||||||||||||||||||||
International | 694.4 | (20.0 | ) | 674.4 | 42.3 | 24.8 | 11.8 | |||||||||||||||||||||
Total operating segments | 2,683.30 | (68.4 | ) | 2,614.90 | 166.4 | 105.1 | 52.9 | |||||||||||||||||||||
Corporate | (0.1 | ) | 0.1 | — | (31.8 | ) | 1.2 | 2.4 | ||||||||||||||||||||
Total operations | $ | 2,683.20 | $ | (68.3 | ) | $ | 2,614.90 | $ | 134.6 | $ | 106.3 | $ | 55.3 | |||||||||||||||
Nine Months Ended | Total | Intersegment | Net | Income | Assets of | Depreciation | Capital | |||||||||||||||||||||
30-Sep-14 | Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | |||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 1,958.30 | $ | (8.7 | ) | $ | 1,949.60 | $ | 71.8 | $ | 1,337.40 | $ | 110.7 | $ | 32 | |||||||||||||
Variable Print | 2,784.80 | (47.2 | ) | 2,737.60 | 158.2 | 2,719.60 | 117.4 | 44.3 | ||||||||||||||||||||
Strategic Services | 2,035.00 | (97.1 | ) | 1,937.90 | 193 | 1,403.40 | 48.5 | 28.4 | ||||||||||||||||||||
International | 1,979.80 | (70.8 | ) | 1,909.00 | 79.6 | 1,939.70 | 75 | 50.3 | ||||||||||||||||||||
Total operating segments | 8,757.90 | (223.8 | ) | 8,534.10 | 502.6 | 7,400.10 | 351.6 | 155 | ||||||||||||||||||||
Corporate | — | — | — | (54.7 | ) | 166.8 | 5.4 | 9.5 | ||||||||||||||||||||
Total operations | $ | 8,757.90 | $ | (223.8 | ) | $ | 8,534.10 | $ | 447.9 | $ | 7,566.90 | $ | 357 | $ | 164.5 | |||||||||||||
Nine Months Ended | Total | Intersegment | Net | Income | Assets of | Depreciation | Capital | |||||||||||||||||||||
30-Sep-13 | Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | |||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,035.40 | $ | (6.7 | ) | $ | 2,028.70 | $ | 93.8 | $ | 1,443.30 | $ | 126.6 | $ | 39 | |||||||||||||
Variable Print | 1,961.40 | (43.0 | ) | 1,918.40 | 142.7 | 1,595.20 | 79.2 | 40.8 | ||||||||||||||||||||
Strategic Services | 1,929.80 | (95.4 | ) | 1,834.40 | 182.1 | 1,391.60 | 44.2 | 23.5 | ||||||||||||||||||||
International | 2,010.50 | (67.0 | ) | 1,943.50 | 99.5 | 2,028.30 | 76.7 | 30 | ||||||||||||||||||||
Total operating segments | 7,937.10 | (212.1 | ) | 7,725.00 | 518.1 | 6,458.40 | 326.7 | 133.3 | ||||||||||||||||||||
Corporate | — | — | — | (70.5 | ) | 643.6 | 4.2 | 6.3 | ||||||||||||||||||||
Total operations | $ | 7,937.10 | $ | (212.1 | ) | $ | 7,725.00 | $ | 447.6 | $ | 7,102.00 | $ | 330.9 | $ | 139.6 | |||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of the Company's Debt | ' | |||||||
The Company’s debt at September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Borrowings under the Credit Agreement | $ | 130 | $ | — | ||||
4.95% senior notes due April 1, 2014 | — | 258.2 | ||||||
5.50% senior notes due May 15, 2015 | 200 | 200 | ||||||
8.60% senior notes due August 15, 2016 | 219 | 218.7 | ||||||
6.125% senior notes due January 15, 2017 | 251 | 250.8 | ||||||
7.25% senior notes due May 15, 2018 | 250 | 350 | ||||||
11.25% senior notes due February 1, 2019 (a) | 172.2 | 172.2 | ||||||
8.25% senior notes due March 15, 2019 | 238.9 | 450 | ||||||
7.625% senior notes due June 15, 2020 | 350 | 400 | ||||||
7.875% senior notes due March 15, 2021 | 448.2 | 448 | ||||||
8.875% debentures due April 15, 2021 | 80.9 | 80.9 | ||||||
7.00% senior notes due February 15, 2022 | 400 | 400 | ||||||
6.50% senior notes due November 15, 2023 | 350 | 350 | ||||||
6.00% senior notes due April 1, 2024 | 400 | — | ||||||
6.625% debentures due April 15, 2029 | 199.4 | 199.4 | ||||||
8.820% debentures due April 15, 2031 | 69 | 69 | ||||||
Other (b) | 2.2 | 10.7 | ||||||
Total debt | 3,760.80 | 3,857.90 | ||||||
Less: current portion | (333.5 | ) | (270.9 | ) | ||||
Long-term debt | $ | 3,427.30 | $ | 3,587.00 | ||||
(a) | As of September 30, 2014 and December 31, 2013, the interest rate on the 11.25% senior notes due February 1, 2019 was 12.75% as a result of downgrades in the ratings of the notes by the rating agencies. | |||||||
(b) | Includes fair value adjustment to the 8.25% senior notes due March 15, 2019 related to the Company’s fair value hedges, miscellaneous debt obligations and capital leases. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value of Derivatives Not Designated and Designated as Hedges | ' | |||||||||||||||||||
At September 30, 2014 and December 31, 2013, 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 Condensed Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||
Prepaid expenses and other current assets | $ | 20.6 | $ | 0.4 | ||||||||||||||||
Accrued liabilities | 0.3 | 1.5 | ||||||||||||||||||
Derivatives designated as fair value hedges | ||||||||||||||||||||
Prepaid expenses and other current assets | $ | — | $ | 1.3 | ||||||||||||||||
Other noncurrent liabilities | 2.9 | 9.1 | ||||||||||||||||||
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 Condensed Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
30-Sep-14 | Gross Amounts of Assets and Liabilities | Impact of Netting | Net Amounts of Assets | All Other Amounts Subject to Master Netting Agreements | Potential Net Amounts of Assets and Liabilities | |||||||||||||||
and Liabilities Presented | ||||||||||||||||||||
in the Condensed | ||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 20.6 | $ | — | $ | 20.6 | $ | (1.9 | ) | $ | 18.7 | |||||||||
reported gross | ||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | |||||||||||||||
Total | $ | 20.6 | $ | — | $ | 20.6 | $ | (1.9 | ) | $ | 18.7 | |||||||||
Liabilities | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 0.3 | $ | — | $ | 0.3 | $ | (0.1 | ) | $ | 0.2 | |||||||||
reported gross | ||||||||||||||||||||
Interest rate swaps | 2.9 | — | 2.9 | (1.8 | ) | 1.1 | ||||||||||||||
Total | $ | 3.2 | $ | — | $ | 3.2 | $ | (1.9 | ) | $ | 1.3 | |||||||||
31-Dec-13 | Gross Amounts of Assets and Liabilities | Impact of Netting | Net Amounts of Assets | All Other Amounts Subject to Master Netting Agreements | Potential Net Amounts of Assets and Liabilities | |||||||||||||||
and Liabilities Presented in the Condensed | ||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Foreign exchange forward contracts | $ | 0.4 | $ | — | $ | 0.4 | $ | (0.4 | ) | $ | — | |||||||||
reported gross | ||||||||||||||||||||
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 | $ | 1.5 | $ | — | $ | 1.5 | $ | (0.2 | ) | $ | 1.3 | |||||||||
reported gross | ||||||||||||||||||||
Interest rate swaps | 9.1 | — | 9.1 | (0.4 | ) | 8.7 | ||||||||||||||
Total | $ | 10.6 | $ | — | $ | 10.6 | $ | (0.6 | ) | $ | 10 | |||||||||
Total Fair Value of Foreign Exchange Contracts Not Designated and Designated as Hedges | ' | |||||||||||||||||||
The pre-tax (gains) losses related to derivatives not designated as hedges recognized in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Classification of (Gain) Loss Recognized in the | September 30, | September 30, | ||||||||||||||||||
Condensed Consolidated Statements of Operations | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (19.8 | ) | $ | 14.2 | $ | (21.3 | ) | $ | 8.7 | |||||||||
Fair Value Hedging | ' | |||||||||||||||||||
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 or loss on the related interest rate swaps for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Classification of (Gain) Loss Recognized in the | September 30, | September 30, | ||||||||||||||||||
Condensed Consolidated Statements of Operations | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||
Interest rate swaps | Investment and other (income) expense-net | $ | 1.3 | $ | (0.6 | ) | $ | (0.4 | ) | $ | 17 | |||||||||
Hedged items | Investment and other (income) expense-net | (1.5 | ) | 0.6 | (0.4 | ) | (16.1 | ) | ||||||||||||
Total (gain) loss recognized as | Investment and other (income) expense-net | $ | (0.2 | ) | $ | — | $ | (0.8 | ) | $ | 0.9 | |||||||||
ineffectiveness in the Condensed | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ' | |||||||||||||||||||
The fair value as of the measurement date, net book value as of September 30, 2014 and 2013 and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | As of | ||||||||||||||||||
30-Sep-14 | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||
Impairment | Fair Value | Impairment | Fair Value | Net Book | ||||||||||||||||
Charge | Measurement | Charge | Measurement | Value | ||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||||||
Long-lived assets held and used | $ | — | $ | — | $ | 1.9 | $ | 1.4 | $ | 1.2 | ||||||||||
Long-lived assets held for sale or disposal | 2.1 | 2.3 | 9.3 | 13.7 | 5.4 | |||||||||||||||
Other intangible assets | — | — | 1 | — | — | |||||||||||||||
Total | $ | 2.1 | $ | 2.3 | $ | 12.2 | $ | 15.1 | $ | 6.6 | ||||||||||
Three Months Ended | Nine Months Ended | As of | ||||||||||||||||||
30-Sep-13 | 30-Sep-13 | September 30, 2013 | ||||||||||||||||||
Impairment | Fair Value | Impairment | Fair Value | Net Book | ||||||||||||||||
Charge | Measurement | Charge | Measurement | Value | ||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||||||
Long-lived assets held and used | $ | 3.2 | $ | 3.7 | $ | 4.4 | $ | 4.6 | $ | 4.4 | ||||||||||
Long-lived assets held for sale or disposal | 5.4 | 5.2 | 12.6 | 18.8 | 17.1 | |||||||||||||||
Total | $ | 8.6 | $ | 8.9 | $ | 17 | $ | 23.4 | $ | 21.5 | ||||||||||
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 10, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Aug. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 07, 2014 |
Esselte Multi Corpora And Consolidated Graphics Acquisition | Strategic Services | Strategic Services | Strategic Services | Strategic Services | Strategic Services | International | International | International | International | Variable Print | Variable Print | Variable Print | Variable Print | Variable Print | Variable Print | Variable Print | Variable Print | Journalism Online | Journalism Online | RRDA | RRDA | RRDA | GRES | |||||
MultiCorpora R&D Inc. and MultiCorpora International Inc | Esselte Corporation | Esselte Corporation | Esselte Corporation | Consolidated Graphics, Inc | Strategic Services | Strategic Services | International | International | International | International | ||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of disposition of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.70 | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | -3.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | ' | ' | ' | 2.3 |
Gain (loss) on disposition of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.2 | ' | ' | ' | ' | -0.8 |
Bankruptcy liquidation on effective of court approval | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.4 | ' | ' | ' |
Loss before income taxes | 100.5 | 23 | 148.9 | 162.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.4 | 3.1 | ' |
Net sales | 2,957.80 | 2,614.90 | 8,534.10 | 7,725 | ' | 630.7 | 581.7 | 1,937.90 | 1,834.40 | ' | 658 | 674.4 | 1,909 | 1,943.50 | 988.1 | 643.8 | 2,737.60 | 1,918.40 | ' | ' | ' | ' | ' | ' | ' | 22.1 | 40.8 | ' |
Purchase price of acquisition, cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82.3 | ' | ' | 359.9 | ' | ' | ' | ' | ' | ' |
Issuance of common stock shares for acquisitions of businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 16 | ' | ' | ' | ' | ' | ' |
Consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction value of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | 110.1 | ' | ' | 660.6 | ' | ' | ' | ' | ' | ' |
Debt assumed | ' | ' | ' | ' | 118.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118.4 | ' | ' | ' | ' | ' | ' |
Acquisition-related expenses | ' | 1.1 | 8.2 | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on bargain purchase | ' | ' | 9.5 | ' | 9.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.5 | ' | ' | ' | ' | ' | ' | ' |
Business combination loss recognized for finalizing purchase price allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deductible goodwill | ' | ' | ' | ' | $74.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions - Schedule of Purchase Price Allocation for Acquisitions (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Goodwill | $1,729.10 | $1,436.30 |
Less: gain on bargain purchase | 9.5 | ' |
Esselte Multi Corpora And Consolidated Graphics Acquisition | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Accounts receivable | 241.4 | ' |
Inventories | 89.6 | ' |
Prepaid expenses and other current assets | 17.3 | ' |
Property, plant and equipment | 334.1 | ' |
Other intangible assets | 205 | ' |
Other noncurrent assets | 11.9 | ' |
Goodwill | 300.1 | ' |
Accounts payable and accrued liabilities | -218 | ' |
Other noncurrent liabilities | -57.5 | ' |
Deferred taxes-net | -96.6 | ' |
Total purchase price-net of cash acquired | 827.3 | ' |
Less: debt assumed | 118.4 | ' |
Less: value of common stock issued | 319 | ' |
Less: gain on bargain purchase | 9.5 | ' |
Net cash paid | $380.40 | ' |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions - Fair Value, Valuation Techniques and Related Unobservable Inputs (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Customer Relationships | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Fair Value | $178.20 |
Trade Names | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Fair Value | 17.8 |
Consolidated Graphics, Esselte and MultiCorpora | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Fair Value | 178.2 |
Valuation Technique | 'Excess earnings |
Consolidated Graphics, Esselte and MultiCorpora | Customer Relationships | Fair Value, Inputs, Level 3 | Minimum | Fair Value, Measurements, Nonrecurring | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Discount rate | 17.00% |
Attrition rate | 5.00% |
Consolidated Graphics, Esselte and MultiCorpora | Customer Relationships | Fair Value, Inputs, Level 3 | Maximum | Fair Value, Measurements, Nonrecurring | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Discount rate | 21.00% |
Attrition rate | 9.50% |
Consolidated Graphics, Esselte and MultiCorpora | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Fair Value | 26.5 |
Valuation Technique | 'Relief-from-royalty method |
Discount rate | 19.00% |
Consolidated Graphics, Esselte and MultiCorpora | Trade Names | Fair Value, Inputs, Level 3 | Minimum | Fair Value, Measurements, Nonrecurring | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Royalty rate (after-tax) | 0.50% |
Consolidated Graphics, Esselte and MultiCorpora | Trade Names | Fair Value, Inputs, Level 3 | Maximum | Fair Value, Measurements, Nonrecurring | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Royalty rate (after-tax) | 1.50% |
Consolidated Graphics, Esselte and MultiCorpora | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Fair Value | $1.10 |
Valuation Technique | 'Excess earnings |
Discount rate | 17.00% |
Acquisitions_and_Dispositions_4
Acquisitions and Dispositions - 2013 Disposition Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 |
MRM France | MRM France | ||||
International | International | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Gain (loss) on disposition of business | ' | ' | ' | $17.90 | ' |
Loss due to cash incentive payments to purchaser | ' | ' | ' | 18.8 | ' |
Cash incentive paid to the purchaser | ' | ' | ' | ' | 16.4 |
Acquisition-related expenses | $1.10 | $8.20 | $2.20 | ' | ' |
Acquisitions_and_Dispositions_5
Acquisitions and Dispositions - Pro Forma Financial Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Net sales | $2,957.80 | $2,952.80 | $8,686.90 | $8,699.20 |
Net earnings attributable to RR Donnelley common shareholders | $68.50 | $16.60 | $127.30 | $83.20 |
Net earnings per share attributable to RR Donnelley common shareholders: | ' | ' | ' | ' |
Basic | $0.34 | $0.08 | $0.64 | $0.42 |
Diluted | $0.34 | $0.08 | $0.63 | $0.42 |
Acquisitions_and_Dispositions_6
Acquisitions and Dispositions - Pro Forma Results Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Pro forma amortization of purchased intangibles | $19.90 | $21.20 | $60.80 | $64 |
Pro forma restructuring and impairment Charges | $13.60 | $47.10 | $61.50 | $111.90 |
Acquisitions_and_Dispositions_7
Acquisitions and Dispositions - Pro Forma Adjustments Affecting Net Earnings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Depreciation and amortization of purchased assets, pre-tax | $1.30 | ($2.70) | $2.90 | ($7.20) |
Acquisition-related expenses, pre-tax | -0.1 | 2.1 | 18.8 | -14.4 |
Restructuring, impairment and other charges, pre-tax | 6.3 | -6.2 | 28.4 | -27.4 |
Inventory fair value adjustments, pre-tax | 0 | 0 | 14.3 | -14.3 |
Other pro forma adjustments, pre-tax | 2.2 | -7.7 | -2.3 | -6.3 |
Income taxes | ($3.40) | $1.40 | ($17.10) | $19.30 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials and manufacturing supplies | $287.30 | $212.60 |
Work in process | 203.2 | 145.2 |
Finished goods | 254.8 | 235.4 |
LIFO reserve | -92.5 | -92 |
Total | $652.80 | $501.20 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Land | $116 | $94.30 |
Buildings | 1,222.70 | 1,160.60 |
Machinery and equipment | 6,182.50 | 6,024 |
Property, plant and equipment, gross | 7,521.20 | 7,278.90 |
Accumulated depreciation | -5,941.30 | -5,848.80 |
Total | $1,579.90 | $1,430.10 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | $88.50 | $81.70 | $267.80 | $256.60 | ' |
Book value of assets held for sale | $22.40 | ' | $22.40 | ' | $18.50 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill by Segment (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill gross | $4,846.40 | $4,607.90 |
Accumulated impairment losses | -3,117.30 | -3,171.60 |
Goodwill | 1,729.10 | 1,436.30 |
Acquisitions | 300.1 | ' |
Foreign exchange and other adjustments | -7.3 | ' |
Publishing and Retail Services | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill gross | 688 | 688 |
Accumulated impairment losses | -669.9 | -669.9 |
Goodwill | 18.1 | 18.1 |
Variable Print | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill gross | 1,914.70 | 1,638.60 |
Accumulated impairment losses | -1,105.20 | -1,105.20 |
Goodwill | 809.5 | 533.4 |
Acquisitions | 276.2 | ' |
Foreign exchange and other adjustments | -0.1 | ' |
Strategic Services | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill gross | 989 | 1,005.40 |
Accumulated impairment losses | -223.7 | -243.5 |
Goodwill | 765.3 | 761.9 |
Acquisitions | 3.4 | ' |
International | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill gross | 1,254.70 | 1,275.90 |
Accumulated impairment losses | -1,118.50 | -1,153 |
Goodwill | 136.2 | 122.9 |
Acquisitions | 20.5 | ' |
Foreign exchange and other adjustments | ($7.20) | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | $1,068.90 | $885.60 |
Accumulated Amortization, amortizable intangible assets | -637.1 | -587.8 |
Net Book Value, amortizable intangible assets | 431.8 | 297.8 |
Net Book Value, indefinite-lived trade names | 26.8 | 18.1 |
Gross Carrying Amount, total other intangible assets | 1,095.70 | 903.7 |
Net Book Value, total other intangible assets | 458.6 | 315.9 |
Customer Relationships | ' | ' |
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 895.3 | 728.8 |
Accumulated Amortization, amortizable intangible assets | -494.3 | -448.5 |
Net Book Value, amortizable intangible assets | 401 | 280.3 |
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 | -98.3 |
Trademarks, Licenses and Agreements | ' | ' |
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 31.5 | 31.4 |
Accumulated Amortization, amortizable intangible assets | -29.4 | -28.2 |
Net Book Value, amortizable intangible assets | 2.1 | 3.2 |
Trade Names | ' | ' |
Schedule Of Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 43.8 | 27.1 |
Accumulated Amortization, amortizable intangible assets | -15.1 | -12.8 |
Net Book Value, amortizable intangible assets | $28.70 | $14.30 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Additions to other intangible assets | ' | ' | $205 | ' |
Amortization expense for other intangible assets | $19.90 | $16 | $58.70 | $48.40 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets Additions by Component (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Schedule Of Other Intangible Assets [Line Items] | ' |
Trade names (indefinite-lived) | $8.70 |
Additions to other intangible assets | 205 |
Customer Relationships | ' |
Schedule Of Other Intangible Assets [Line Items] | ' |
Amount | 178.2 |
Weighted Average Amortization Period | '9 years 8 months 12 days |
Trade Names | ' |
Schedule Of Other Intangible Assets [Line Items] | ' |
Amount | 17.8 |
Weighted Average Amortization Period | '10 years |
Non-Compete Agreements | ' |
Schedule Of Other Intangible Assets [Line Items] | ' |
Amount | $0.30 |
Weighted Average Amortization Period | '3 years |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $78.70 |
2015 | 77.3 |
2016 | 59.1 |
2017 | 52.8 |
2018 | 47.6 |
2019 and thereafter | 175 |
Total | $490.50 |
Restructuring_Impairment_and_O2
Restructuring, Impairment and Other Charges - Schedule of Net Restructuring, Impairment and Other Charges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Employee Terminations | $4.80 | $17.90 | $27.80 | $34 |
Other Restructuring Charges | 5.1 | 7.6 | 16 | 26.2 |
Total Restructuring Charges | 9.9 | 25.5 | 43.8 | 60.2 |
Impairment | 0.3 | 7.9 | 10.1 | 15.7 |
Other Charges | 9.7 | 4.7 | 34 | 4.7 |
Total | 19.9 | 38.1 | 87.9 | 80.6 |
Publishing and Retail Services | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Employee Terminations | -0.2 | 13.5 | 0.2 | 17 |
Other Restructuring Charges | 1.8 | 3.1 | 5.6 | 10.9 |
Total Restructuring Charges | 1.6 | 16.6 | 5.8 | 27.9 |
Impairment | -1.2 | 6.2 | 2.4 | 10.7 |
Other Charges | 7.4 | 0 | 23.7 | 0 |
Total | 7.8 | 22.8 | 31.9 | 38.6 |
Variable Print | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Employee Terminations | 1.6 | 0 | 15.7 | 1.8 |
Other Restructuring Charges | 2.8 | 2.8 | 6.2 | 10 |
Total Restructuring Charges | 4.4 | 2.8 | 21.9 | 11.8 |
Impairment | 1.7 | 0.6 | 6.9 | 1 |
Other Charges | 2.2 | 0 | 6.3 | 0 |
Total | 8.3 | 3.4 | 35.1 | 12.8 |
Strategic Services | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Employee Terminations | 0.9 | 0.6 | 3.3 | 2.2 |
Other Restructuring Charges | 0.2 | 0.7 | 1.7 | 2 |
Total Restructuring Charges | 1.1 | 1.3 | 5 | 4.2 |
Impairment | 0 | 0.9 | 0 | 2.7 |
Other Charges | 0.1 | 4.7 | 4 | 4.7 |
Total | 1.2 | 6.9 | 9 | 11.6 |
International | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Employee Terminations | 1.9 | 4 | 5.9 | 9.6 |
Other Restructuring Charges | 0.2 | 0.6 | 0.8 | 1.9 |
Total Restructuring Charges | 2.1 | 4.6 | 6.7 | 11.5 |
Impairment | -0.2 | 0.2 | 0.8 | 0.9 |
Other Charges | 0 | 0 | 0 | 0 |
Total | 1.9 | 4.8 | 7.5 | 12.4 |
Corporate | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Employee Terminations | 0.6 | -0.2 | 2.7 | 3.4 |
Other Restructuring Charges | 0.1 | 0.4 | 1.7 | 1.4 |
Total Restructuring Charges | 0.7 | 0.2 | 4.4 | 4.8 |
Impairment | 0 | 0 | 0 | 0.4 |
Other Charges | 0 | 0 | 0 | 0 |
Total | $0.70 | $0.20 | $4.40 | $5.20 |
Restructuring_Impairment_and_O3
Restructuring, Impairment and Other Charges - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Employee | Employee | Employee | Employee | |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Net restructuring charges for employee termination costs | $4.80 | $17.90 | $27.80 | $34 |
Number of employees used to determine employee termination costs | 546 | 1,276 | 546 | 1,276 |
Number of employees who were terminated as of date | 518 | 1,276 | 518 | 1,276 |
Lease termination and other restructuring charges | 5.1 | 7.6 | 16 | 26.2 |
Impairment Charges | 0.3 | 7.9 | 10.1 | 15.7 |
Variable Print | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Net restructuring charges for employee termination costs | 1.6 | 0 | 15.7 | 1.8 |
Number of manufacturing facilities closed | ' | ' | 7 | 1 |
Lease termination and other restructuring charges | 2.8 | 2.8 | 6.2 | 10 |
Impairment Charges | 1.7 | 0.6 | 6.9 | 1 |
Publishing and Retail Services | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Net restructuring charges for employee termination costs | -0.2 | 13.5 | 0.2 | 17 |
Number of manufacturing facilities closed | ' | ' | 1 | 2 |
Lease termination and other restructuring charges | 1.8 | 3.1 | 5.6 | 10.9 |
Impairment Charges | ($1.20) | $6.20 | $2.40 | $10.70 |
Restructuring_Impairment_and_O4
Restructuring, Impairment and Other Charges - Other Charges - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' |
Other Charges | $9.70 | $4.70 | $34 | $4.70 | ' |
Accrued liabilities | 862.4 | ' | 862.4 | ' | 814.8 |
Other Noncurrent Liabilities | 449.9 | ' | 449.9 | ' | 349.5 |
Multi-employer pension plan withdrawal obligations | ' | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' |
Other Charges | 9.7 | ' | 34 | ' | ' |
Accrued liabilities | 8.9 | ' | 8.9 | ' | ' |
Other Noncurrent Liabilities | $95.50 | ' | $95.50 | ' | ' |
Restructuring_Impairment_and_O5
Restructuring, Impairment and Other Charges - Schedule of Changes in the Restructuring Reserve (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Balance at the beginning | ' | ' | $77.60 | ' |
Restructuring Charges | 9.9 | 25.5 | 43.8 | 60.2 |
Foreign Exchange and Other | ' | ' | 1.9 | ' |
Cash Paid | ' | ' | -54.2 | ' |
Balance at the end | 69.1 | ' | 69.1 | ' |
Employee terminations | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Balance at the beginning | ' | ' | 19.7 | ' |
Restructuring Charges | ' | ' | 27.8 | ' |
Foreign Exchange and Other | ' | ' | 1 | ' |
Cash Paid | ' | ' | -31.2 | ' |
Balance at the end | 17.3 | ' | 17.3 | ' |
Multi-employer pension plan withdrawal obligations | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Balance at the beginning | ' | ' | 36.8 | ' |
Restructuring Charges | ' | ' | 2.6 | ' |
Foreign Exchange and Other | ' | ' | -0.6 | ' |
Cash Paid | ' | ' | -3.4 | ' |
Balance at the end | 35.4 | ' | 35.4 | ' |
Lease terminations and other | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Balance at the beginning | ' | ' | 21.1 | ' |
Restructuring Charges | ' | ' | 13.4 | ' |
Foreign Exchange and Other | ' | ' | 1.5 | ' |
Cash Paid | ' | ' | -19.6 | ' |
Balance at the end | $16.40 | ' | $16.40 | ' |
Restructuring_Impairment_and_O6
Restructuring, Impairment and Other Charges - Restructuring Reserve - Narrative (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Restructuring And Related Activities [Abstract] | ' |
Current restructuring reserve (included in accrued liabilities) | $27 |
Noncurrent restructuring reserve (included in noncurrent liabilities) | $42.10 |
Employee_Benefits_Components_o
Employee Benefits - Components of Estimated Net Pension and Other Postretirement Benefit Plan (Income) Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension (income) expense | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $0.50 | $0.70 | $1.60 | $2.30 |
Interest cost | 49.7 | 44.6 | 146.3 | 133.7 |
Expected return on plan assets | -65.9 | -60.6 | -195.1 | -181.8 |
Amortization, net | 7.8 | 12.4 | 24.1 | 37.6 |
Settlements | 0 | 0.8 | 0 | 0.8 |
Net pension income | -7.9 | -2.1 | -23.1 | -7.4 |
Other postretirement benefits plan (income) expense | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1.1 | 1.8 | 3.4 | 5.5 |
Interest cost | 4.2 | 4.1 | 12.6 | 12.2 |
Expected return on plan assets | -2.9 | -3 | -9.1 | -8.9 |
Amortization, net | -6.4 | -4.9 | -19.3 | -14.8 |
Net other postretirement benefits plan income | ($4) | ($2) | ($12.40) | ($6) |
Employee_Benefits_Narrative_De
Employee Benefits - Narrative (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Pension and Other Retirement Benefit Plans | Minimum | Maximum | Scenario, Forecast | Scenario, Forecast | |||
Minimum | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Reduction in pension obligation | ' | ' | ' | $395 | $415 | ' | ' |
Pension expected contributions- current year | ' | ' | 39 | 295 | 310 | ' | ' |
Pension and Other Post Retirement Non-cash Settlement Expense | ' | ' | ' | ' | ' | 105 | 115 |
Pension and Other Postretirement Benefit Contributions | 33.8 | 20.5 | ' | ' | ' | ' | ' |
Pension and postretirement expected contributions for next year | $25 | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Share-based compensation | $3.90 | $4.50 | $13.80 | $15.60 |
Stock options granted | ' | ' | 0 | 0 |
Share_Based_Compensation_Sched
Share Based Compensation - Schedule of Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Shares Under Option | ' | ' |
Outstanding at beginning of period | 4,139 | ' |
Exercised | -144 | ' |
Cancelled/forfeited/expired | -140 | ' |
Outstanding at end of period | 3,855 | 4,139 |
Vested and expected to vest at end of period | 3,828 | ' |
Exercisable at end of period | 1,363 | ' |
Weighted Average Exercise Price Per Share | ' | ' |
Outstanding at beginning of period | $19.39 | ' |
Exercised | $10.90 | ' |
Cancelled/forfeited/expired | $27.55 | ' |
Outstanding at end of period | $19.42 | $19.39 |
Vested and expected to vest at end of period | $19.46 | ' |
Exercisable at end of period | $8.95 | ' |
Weighted Average Remaining Contractual Term (years) | ' | ' |
Outstanding | '5 years | '5 years 7 months 6 days |
Vested and expected to vest at end of period | '5 years | ' |
Exercisable at end of period | '5 years 3 months 18 days | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding at beginning of period | $21.20 | ' |
Outstanding at end of period | 11.9 | 21.2 |
Vested and expected to vest at end of period | 11.9 | ' |
Exercisable at end of period | $10.20 | ' |
Share_Based_Compensation_Stock
Share Based Compensation - Stock Options - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation | $3.90 | $4.50 | $13.80 | $15.60 |
Stock Options | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Intrinsic value of options exercised | 0.1 | 0.3 | 1.1 | 0.7 |
Excess tax benefits shown as financing cash inflows | ' | ' | 0.3 | 0.1 |
Share-based compensation | 0.2 | 0.3 | 0.7 | 1.1 |
Unrecognized share-based compensation cost | $0.90 | ' | $0.90 | ' |
Unrecognized compensation expense, weighted-average period of recognition | ' | ' | '1 year 3 months 18 days | ' |
Share_Based_Compensation_Sched1
Share Based Compensation - Schedule of Restricted Stock Units Activity (Detail) (Restricted stock units, USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Restricted stock units | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Shares | 2,495 |
Granted, Shares | 729 |
Vested, Shares | -1,168 |
Forfeited, Shares | -4 |
Nonvested at end of period, Shares | 2,052 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value Per Share | $11.97 |
Granted, Weighted-Average Grant Date Fair Value Per Share | $16.53 |
Vested, Weighted-Average Grant Date Fair Value Per Share | $13.82 |
Forfeited, Weighted-Average Grant Date Fair Value Per Share | $16.27 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value Per Share | $12.53 |
Share_Based_Compensation_Restr
Share Based Compensation -Restricted Stock Units - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation | $3.90 | $4.50 | $13.80 | $15.60 |
Restricted stock units | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation | 2.7 | 3.6 | 10.5 | 12.8 |
Unrecognized share-based compensation cost | 15.4 | ' | 15.4 | ' |
Equity instruments other than options expected to vest, Shares | 2 | ' | 2 | ' |
Equity instruments other than options expected to vest, weighted-average grant date fair value | $12.52 | ' | $12.52 | ' |
Unrecognized compensation expense, weighted-average period of recognition | ' | ' | '2 years 3 months 18 days | ' |
Excess tax benefits shown as financing cash inflows | ' | ' | $2.50 | $2.20 |
Share_Based_Compensation_Sched2
Share Based Compensation - Schedule of Nonvested Performance Share Units Activity (Detail) (Performance share units, USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Performance share units | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Nonvested at beginning of period, Shares | 953 |
Granted, Shares | 319 |
Expired, Shares | -114 |
Vested, Shares | -121 |
Nonvested at end of period, Shares | 1,037 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value Per Share | $10.81 |
Granted, Weighted-Average Grant Date Fair Value Per Share | $16.46 |
Expired, Weighted-Average Grant Date Fair Value Per Share | $15.54 |
Vested, Weighted-Average Grant Date Fair Value Per Share | $15.54 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value Per Share | $11.48 |
Share_Based_Compensation_Perfo
Share Based Compensation - Performance Share Units - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based compensation | $3.90 | ' | $4.50 | $13.80 | $15.60 | ' |
Performance Shares | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Performance share unit awards granted to certain executive officers | ' | ' | ' | 319,000 | ' | ' |
Equity instruments other than options, payout range, minimum | ' | ' | ' | 154,500 | ' | ' |
Equity instruments other than options, payout range, maximum | ' | ' | ' | 319,000 | 485,000 | 233,000 |
Compensation expense achieved target, percentage | ' | 52.00% | ' | ' | ' | ' |
Compensation expense achieved target, shares | ' | 121,431 | ' | ' | ' | ' |
Share-based compensation | 1 | ' | 0.6 | 2.6 | 1.7 | ' |
Unrecognized share-based compensation cost | $6.20 | ' | ' | $6.20 | ' | ' |
Unrecognized compensation expense, weighted-average period of recognition | ' | ' | ' | '1 year 10 months 24 days | ' | ' |
Equity_Schedule_of_the_Company
Equity - Schedule of the Company's Equity Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | $653.70 | $68.70 |
Net earnings (loss) | 64.8 | 18 | 97.2 | 109.8 |
Other comprehensive loss | -14 | 4.7 | -11.9 | -10 |
Share-based compensation | ' | ' | 13.8 | 15.6 |
Issuances of common stock | ' | ' | 300.7 | ' |
Issuances of treasury stock | ' | ' | 18.3 | ' |
Issuance of share-based awards, net of withholdings and other | ' | ' | -4.3 | -5.3 |
Cash dividends paid | ' | ' | -151.1 | -141.3 |
Noncontrolling interests in acquired business | ' | ' | 2.7 | ' |
Distributions to noncontrolling interests | ' | ' | -0.7 | -1.1 |
Ending Balance | 918.4 | 36.4 | 918.4 | 36.4 |
Total RR Donnelley's Shareholders' Equity | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 631.8 | 52.8 |
Net earnings (loss) | ' | ' | 97.9 | 107.2 |
Other comprehensive loss | ' | ' | -11.7 | -10.1 |
Share-based compensation | ' | ' | 13.8 | 15.6 |
Issuances of common stock | ' | ' | 300.7 | ' |
Issuances of treasury stock | ' | ' | 18.3 | ' |
Issuance of share-based awards, net of withholdings and other | ' | ' | -4.3 | -5.3 |
Cash dividends paid | ' | ' | -151.1 | -141.3 |
Ending Balance | 895.4 | 18.9 | 895.4 | 18.9 |
Noncontrolling Interest | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 21.9 | 15.9 |
Net earnings (loss) | ' | ' | -0.7 | 2.6 |
Other comprehensive loss | ' | ' | -0.2 | 0.1 |
Noncontrolling interests in acquired business | ' | ' | 2.7 | ' |
Distributions to noncontrolling interests | ' | ' | -0.7 | -1.1 |
Ending Balance | $23 | $17.50 | $23 | $17.50 |
Equity_Narrative_Detail
Equity - Narrative (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Consolidated Graphics, Inc | ' |
Equity [Line Items] | ' |
Issuances of common stock | $300.70 |
Esselte Corporation | ' |
Equity [Line Items] | ' |
Issuances of common stock | $18.30 |
Earnings_per_Share_Narrative_D
Earnings per Share - Narrative (Detail) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Treasury stock, shares acquired | 0 | 0 |
Consolidated Graphics, Inc | ' | ' |
Earnings Per Share [Abstract] | ' | ' |
Stock issued in conjunction with acquisitions, shares | 16 | ' |
Esselte Corporation | ' | ' |
Earnings Per Share [Abstract] | ' | ' |
Stock issued in conjunction with acquisitions, shares | 1 | ' |
Earnings_per_Share_Earnings_pe
Earnings per Share - Earnings per Share Reconciliation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net earnings per share attributable to RR Donnelley common shareholders: | ' | ' | ' | ' |
Basic | $0.31 | $0.08 | $0.49 | $0.59 |
Diluted | $0.31 | $0.08 | $0.49 | $0.58 |
Dividends declared per common share | $0.26 | $0.26 | $0.78 | $0.78 |
Numerator: | ' | ' | ' | ' |
Net earnings attributable to RR Donnelley common shareholders | $62.20 | $14.70 | $97.90 | $107.20 |
Denominator: | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 200.3 | 182.3 | 197.9 | 181.8 |
Dilutive options and awards | 1.3 | 1.6 | 1.5 | 1.5 |
Diluted weighted average number of common shares outstanding | 201.6 | 183.9 | 199.4 | 183.3 |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 5.6 | 6.1 | 5.6 | 6.4 |
Restricted stock units | ' | ' | ' | ' |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 1.2 | 1.4 | 1.2 | 1.6 |
Performance share units | ' | ' | ' | ' |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 1 | 1 | 1 | 0.8 |
Stock Options | ' | ' | ' | ' |
Weighted average number of anti-dilutive share-based awards: | ' | ' | ' | ' |
Weighted average antidilutive securities excluded from computation of earnings per share | 3.4 | 3.7 | 3.4 | 4 |
Comprehensive_Income_Schedule_
Comprehensive Income - Schedule of Components of Other Comprehensive Income (Loss) and Income Tax Expense Allocated to Each Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Translation adjustments - Before Tax Amount | ($15) | ($1.10) | ($15.30) | ($19.80) |
Adjustment for net periodic pension and other postretirement benefits plan cost - Before Tax Amount | 1.4 | 8.5 | 4.8 | 23.9 |
Change in fair value of derivatives - Before Tax Amount | 0 | 0.3 | 0.2 | 0.5 |
Other comprehensive income (loss) - Before Tax Amount | -13.6 | 7.7 | -10.3 | 4.6 |
Adjustment for net periodic pension and other postretirement benefits plan cost - Income Tax Expense | 0.4 | 2.9 | 1.5 | 14.4 |
Change in fair value of derivatives - Income Tax Expense | 0 | 0.1 | 0.1 | 0.2 |
Other comprehensive income (loss) - Income Tax Expense | 0.4 | 3 | 1.6 | 14.6 |
Translation adjustments - Net of Tax Amount | -15 | -1.1 | -15.3 | -19.8 |
Adjustment for net periodic pension and other postretirement benefits plan cost | 1 | 5.6 | 3.3 | 9.5 |
Change in fair value of derivatives - Net of Tax Amount | 0 | 0.2 | 0.1 | 0.3 |
Other comprehensive income (loss) | ($14) | $4.70 | ($11.90) | ($10) |
Comprehensive_Income_Schedule_1
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at Beginning of Period | ($488.10) | ($1,029.20) |
Other comprehensive income (loss) before reclassifications | -15.1 | -25.5 |
Amount reclassified from accumulated other comprehensive loss | 3.4 | 15.4 |
Net change in accumulated other comprehensive loss | -11.7 | -10.1 |
Balance at End of Period | -499.8 | -1,039.30 |
Changes in the Fair Value Of Derivatives | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at Beginning of Period | -0.2 | -0.6 |
Amount reclassified from accumulated other comprehensive loss, change in fair value of derivatives | 0.1 | 0.3 |
Net change in accumulated other comprehensive loss | 0.1 | 0.3 |
Balance at End of Period | -0.1 | -0.3 |
Pension and Other Postretirement Benefit Plan Cost | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at Beginning of Period | -521.4 | -1,085.10 |
Other comprehensive income (loss) before reclassifications, Pension and Other Postretirement Benefits Plan Cost | 0 | -5.6 |
Amount reclassified from accumulated other comprehensive loss, Pension and Other Postretirement Benefits Plan Cost | 3.3 | 15.1 |
Net change in accumulated other comprehensive loss | 3.3 | 9.5 |
Balance at End of Period | -518.1 | -1,075.60 |
Translation Adjustments | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at Beginning of Period | 33.5 | 56.5 |
Other comprehensive income (loss) before reclassifications, translation adjustment | -15.1 | -19.9 |
Amount reclassified from accumulated other comprehensive loss, translation adjustment | 0 | 0 |
Net change in accumulated other comprehensive loss | -15.1 | -19.9 |
Balance at End of Period | $18.40 | $36.60 |
Comprehensive_Income_Schedule_2
Comprehensive Income - Schedule of Reclassification From Accumulated Other Comprehensive Income (Loss) (Detail) (Pension and Other Postretirement Benefit Plan Cost, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Pension and Other Postretirement Benefit Plan Cost | ' | ' | ' | ' | ||||
Amortization of pension and other postretirement benefits plan cost: | ' | ' | ' | ' | ||||
Net actuarial loss | $7.80 | [1] | $12.40 | [1] | $24.10 | [1] | $37.60 | [1] |
Net prior service credit | -6.4 | [1] | -4.9 | [1] | -19.3 | [1] | -14.8 | [1] |
Settlements | 0 | 0.8 | 0 | 0.8 | ||||
Reclassifications before tax | 1.4 | 8.3 | 4.8 | 23.6 | ||||
Income tax expense | 0.4 | 2.9 | 1.5 | 8.5 | ||||
Reclassifications, net of tax | $1 | $5.40 | $3.30 | $15.10 | ||||
[1] | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations (see Note 7). |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | $2,957.80 | $2,614.90 | $8,534.10 | $7,725 | ' |
Income (Loss) from Operations | 173.7 | 134.6 | 447.9 | 447.6 | ' |
Assets of Operations | 7,566.90 | 7,102 | 7,566.90 | 7,102 | 7,238.20 |
Depreciation and amortization | 119.6 | 106.3 | 357 | 330.9 | ' |
Capital Expenditures | 58.2 | 55.3 | 164.5 | 139.6 | ' |
Total Sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 3,038.50 | 2,683.20 | 8,757.90 | 7,937.10 | ' |
Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | -80.7 | -68.3 | -223.8 | -212.1 | ' |
Publishing and Retail Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 681 | 715 | 1,949.60 | 2,028.70 | ' |
Income (Loss) from Operations | 34.1 | 34.3 | 71.8 | 93.8 | ' |
Assets of Operations | 1,337.40 | 1,443.30 | 1,337.40 | 1,443.30 | ' |
Depreciation and amortization | 35.8 | 40.9 | 110.7 | 126.6 | ' |
Capital Expenditures | 9.8 | 14.8 | 32 | 39 | ' |
Publishing and Retail Services | Total Sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 685.3 | 718 | 1,958.30 | 2,035.40 | ' |
Publishing and Retail Services | Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | -4.3 | -3 | -8.7 | -6.7 | ' |
Variable Print | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 988.1 | 643.8 | 2,737.60 | 1,918.40 | ' |
Income (Loss) from Operations | 68.8 | 46.8 | 158.2 | 142.7 | ' |
Assets of Operations | 2,719.60 | 1,595.20 | 2,719.60 | 1,595.20 | ' |
Depreciation and amortization | 40.8 | 24.9 | 117.4 | 79.2 | ' |
Capital Expenditures | 15.2 | 16 | 44.3 | 40.8 | ' |
Variable Print | Total Sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 1,003.80 | 658.7 | 2,784.80 | 1,961.40 | ' |
Variable Print | Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | -15.7 | -14.9 | -47.2 | -43 | ' |
Strategic Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 630.7 | 581.7 | 1,937.90 | 1,834.40 | ' |
Income (Loss) from Operations | 56.5 | 43 | 193 | 182.1 | ' |
Assets of Operations | 1,403.40 | 1,391.60 | 1,403.40 | 1,391.60 | ' |
Depreciation and amortization | 16.1 | 14.5 | 48.5 | 44.2 | ' |
Capital Expenditures | 10.5 | 10.3 | 28.4 | 23.5 | ' |
Strategic Services | Total Sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 665.1 | 612.2 | 2,035 | 1,929.80 | ' |
Strategic Services | Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | -34.4 | -30.5 | -97.1 | -95.4 | ' |
International | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 658 | 674.4 | 1,909 | 1,943.50 | ' |
Income (Loss) from Operations | 24.7 | 42.3 | 79.6 | 99.5 | ' |
Assets of Operations | 1,939.70 | 2,028.30 | 1,939.70 | 2,028.30 | ' |
Depreciation and amortization | 25.2 | 24.8 | 75 | 76.7 | ' |
Capital Expenditures | 19.9 | 11.8 | 50.3 | 30 | ' |
International | Total Sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 684.3 | 694.4 | 1,979.80 | 2,010.50 | ' |
International | Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | -26.3 | -20 | -70.8 | -67 | ' |
Total Operating Segments | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 2,957.80 | 2,614.90 | 8,534.10 | 7,725 | ' |
Income (Loss) from Operations | 184.1 | 166.4 | 502.6 | 518.1 | ' |
Assets of Operations | 7,400.10 | 6,458.40 | 7,400.10 | 6,458.40 | ' |
Depreciation and amortization | 117.9 | 105.1 | 351.6 | 326.7 | ' |
Capital Expenditures | 55.4 | 52.9 | 155 | 133.3 | ' |
Total Operating Segments | Total Sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 3,038.50 | 2,683.30 | 8,757.90 | 7,937.10 | ' |
Total Operating Segments | Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | -80.7 | -68.4 | -223.8 | -212.1 | ' |
Corporate | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income (Loss) from Operations | -10.4 | -31.8 | -54.7 | -70.5 | ' |
Assets of Operations | 166.8 | 643.6 | 166.8 | 643.6 | ' |
Depreciation and amortization | 1.7 | 1.2 | 5.4 | 4.2 | ' |
Capital Expenditures | 2.8 | 2.4 | 9.5 | 6.3 | ' |
Corporate | Total Sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | ' | -0.1 | ' | ' | ' |
Corporate | Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | ' | $0.10 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Narrative (Detail) | Sep. 30, 2014 |
Facility | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Number of sites cited as potentially responsible party | 12 |
Number of previously and currently owned sites with potential remediation obligations | 10 |
Debt_Schedule_of_the_Companys_
Debt - Schedule of the Company's Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Borrowings under the Credit Agreement | $130 | $0 | ||
Other | 2.2 | [1] | 10.7 | [1] |
Total debt | 3,760.80 | 3,857.90 | ||
Less: current portion | -333.5 | -270.9 | ||
Long-term debt | 3,427.30 | 3,587 | ||
Senior Notes Four Point Nine Five Percent Due April One Two Thousand Fourteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 0 | 258.2 | ||
Senior Notes Five Point Five Zero Percent Due May Fifteen Two Thousand Fifteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 200 | 200 | ||
Senior Notes Eight Point Six Zero Percent Due August Fifteen Two Thousand Sixteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 219 | 218.7 | ||
Senior Notes Six Point One Two Five Percent Due January Fifteen Two Thousand Seventeen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 251 | 250.8 | ||
Senior Notes Seven Point Two Five Percent Due May Fifteen Two Thousand Eighteen | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 250 | 350 | ||
Senior Notes 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 | 238.9 | 450 | ||
Senior Notes Seven Point Six Two Five Percent Due June Fifteen Two Thousand Twenty | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 350 | 400 | ||
Senior Notes Seven Point Eight Seven Five Percent Due March Fifteen Two Thousand Twenty One | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 448.2 | 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 | 400 | ||
Senior Notes Six Point Five Zero Percent Due November Fifteen Two Thousand Twenty Three | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 350 | 350 | ||
Senior Notes Six Point Zero Zero Percent Due April One Two Thousand Twenty Four | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 400 | 0 | ||
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 fair value adjustment to the 8.25% senior notes due MarchB 15, 2019 related to the Companybs fair value hedges, miscellaneous debt obligations and capital leases. | |||
[2] | As of SeptemberB 30, 2014 and DecemberB 31, 2013, the interest rate on the 11.25% senior notes due FebruaryB 1, 2019 was 12.75% as a result of downgrades in the ratings of the notes by the rating agencies. |
Debt_Schedule_of_the_Companys_1
Debt - Schedule of the Company's Debt - Parenthetical (Detail) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Apr. 09, 2010 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2012 | Sep. 30, 2014 | Mar. 13, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | ||
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 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 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 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 Zero Percent Due February Fifteen Two Thousand Twenty Two | Senior Notes Six Point Five Zero Percent Due November Fifteen Two Thousand Twenty Three | Senior Notes Six Point Zero Zero Percent Due April One Two Thousand Twenty Four | 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 | ||
Senior Notes Eleven Point Two Five Percent Due February One Two Thousand Nineteen | Senior Notes Eleven Point Two Five Percent Due February One Two Thousand Nineteen | Senior Notes Eleven Point Two Five Percent Due February One Two Thousand Nineteen | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate | 4.95% | 4.95% | 4.95% | 5.50% | 8.60% | 6.13% | 7.25% | ' | 8.25% | 8.25% | 7.63% | 7.88% | 8.88% | 7.00% | 6.50% | 6.00% | 6.63% | 8.82% | 12.75% | 12.75% | 11.25% | [1] |
Maturity date | 1-Apr-14 | 1-Apr-14 | 1-Apr-14 | 15-May-15 | 15-Aug-16 | 15-Jan-17 | 15-May-18 | 15-Mar-19 | 15-Mar-19 | ' | 15-Jun-20 | 15-Mar-21 | 15-Apr-21 | 15-Feb-22 | 15-Nov-23 | 1-Apr-24 | 15-Apr-29 | 15-Apr-31 | ' | ' | 1-Feb-19 | |
[1] | As of SeptemberB 30, 2014 and DecemberB 31, 2013, the interest rate on the 11.25% senior notes due FebruaryB 1, 2019 was 12.75% as a result of downgrades in the ratings of the notes by the rating agencies. |
Debt_Narrative_Detail
Debt - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 09, 2010 | Mar. 31, 2014 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 20, 2014 | Mar. 31, 2012 | Sep. 30, 2014 | Mar. 13, 2012 | Aug. 26, 2013 | Mar. 14, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 12, 2013 | Sep. 30, 2014 | Aug. 26, 2013 | Sep. 30, 2014 | Mar. 14, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 14, 2013 | Mar. 14, 2013 | Sep. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 09, 2014 | |
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 | Senior Notes Six Point Zero Zero Percent Due April One Two Thousand Twenty Four | Senior Notes Six Point Zero Zero Percent Due April One Two Thousand Twenty Four | 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 Eight Point Two Five Percent Due March Fifteen Two Thousand Nineteen | 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 Seven Point Six Two Five Percent Due June Fifteen Two Thousand Twenty | Debt Instruments Extinguished Three | 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 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 | Debt Instruments Extinguished One | 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 | Debt Instruments Extinguished Two | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of difference between fair value and book value | $306,900,000 | ' | $306,900,000 | ' | $343,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of revolving credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 |
Line of credit facility previous borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150,000,000 |
Line of credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Sep-19 | ' | ' |
Line of credit facility expiration date prior to amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-17 | ' | ' |
Line of credit facility amendment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Sep-14 | ' | ' |
Weighted average interest rate on borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' |
Repayment of Debt | ' | ' | 811,300,000 | 830,200,000 | ' | ' | 258,200,000 | 341,800,000 | ' | ' | ' | ' | 211,100,000 | ' | 200,000,000 | 50,000,000 | 100,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | 173,500,000 | 100,000,000 | ' | ' | ' | 130,200,000 | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | 4.95% | ' | 4.95% | 4.95% | 6.00% | ' | ' | 8.25% | 8.25% | ' | ' | 7.25% | 7.63% | ' | 6.50% | ' | 7.00% | ' | 5.50% | ' | 6.13% | ' | 7.88% | ' | ' | 8.60% | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | 1-Apr-14 | ' | 1-Apr-14 | 1-Apr-14 | 1-Apr-24 | ' | 15-Mar-19 | 15-Mar-19 | ' | ' | ' | 15-May-18 | 15-Jun-20 | ' | 15-Nov-23 | ' | 15-Feb-22 | ' | 15-May-15 | ' | 15-Jan-17 | ' | 15-Mar-21 | ' | ' | 15-Aug-16 | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | 238,900,000 | 450,000,000 | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | 0 | -46,300,000 | -77,100,000 | -81,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,100,000 | ' | ' | ' | ' | ' | ' | ' | 46,300,000 | ' | ' | ' | ' | 35,600,000 | ' | ' | ' |
Gain due to termination of related interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $1,900,000 | $2,100,000 | $6,600,000 | $8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Narrative_Detail
Derivatives - Narrative (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2014 | Mar. 13, 2012 | Apr. 09, 2010 | Mar. 31, 2014 | Mar. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 13, 2012 | Apr. 09, 2010 |
Fair Value Hedging | 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 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 | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated Fair Value Hedges | Designated Fair Value Hedges | Designated Fair Value Hedges | |||
Foreign Exchange Contract | Foreign Exchange Contract | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | |||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate notional value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $349.10 | $372.10 | $190 | $400 | $600 |
Derivative, inception date | ' | ' | ' | ' | ' | ' | 13-Mar-12 | ' | ' | ' | ' | 9-Apr-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | 238.9 | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 8.25% | 8.25% | 4.95% | ' | 4.95% | 4.95% | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | 15-Mar-19 | 15-Mar-19 | ' | 1-Apr-14 | ' | 1-Apr-14 | 1-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Debt | 811.3 | 830.2 | ' | ' | ' | ' | ' | 211.1 | ' | ' | 258.2 | 341.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terminated portion of interest rate swap agreement, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 342 | 210 | ' | ' | ' | ' | ' | ' |
Payment for termination of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.2 | ' | ' | ' | ' | ' | ' |
Proceeds from termination of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' |
Reduction to interest expense | ' | ' | $0.50 | $2 | $3.30 | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Schedule_of_Fair_V
Derivatives - Schedule of Fair Value of Derivatives Designated and Not Designated as Hedges (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives assets | $20.60 | $1.70 |
Derivatives liabilities | 3.2 | 10.6 |
Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives assets | 20.6 | 0.4 |
Not Designated as Hedging Instrument | Accrued Liabilities | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives liabilities | 0.3 | 1.5 |
Designated Fair Value Hedges | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives assets | ' | 1.3 |
Designated Fair Value Hedges | Other Non-current Liabilities | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives liabilities | $2.90 | $9.10 |
Derivatives_Schedule_of_Gross_
Derivatives - Schedule of Gross and Net Amounts of Foreign Exchange Forward Contracts and Interest Rate Swaps (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | $20.60 | $1.70 |
Impact of Netting, Assets | 0 | 0 |
Derivatives assets | 20.6 | 1.7 |
All Other Amounts Subject to Master Netting Agreements, Assets | -1.9 | -0.6 |
Potential Net Amounts of Assets | 18.7 | 1.1 |
Gross Amounts of Liabilities | 3.2 | 10.6 |
Impact of Netting, Liabilities | 0 | 0 |
Derivatives liabilities | 3.2 | 10.6 |
All Other Amounts Subject to Master Netting Agreements, Liabilities | -1.9 | -0.6 |
Potential Net Amounts of Liabilities | 1.3 | 10 |
Not Designated as Hedging Instrument | Foreign Exchange Forward Contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 20.6 | 0.4 |
Impact of Netting, Assets | 0 | 0 |
Derivatives assets | 20.6 | 0.4 |
All Other Amounts Subject to Master Netting Agreements, Assets | -1.9 | -0.4 |
Potential Net Amounts of Assets | 18.7 | ' |
Gross Amounts of Liabilities | 0.3 | 1.5 |
Impact of Netting, Liabilities | 0 | 0 |
Derivatives liabilities | 0.3 | 1.5 |
All Other Amounts Subject to Master Netting Agreements, Liabilities | -0.1 | -0.2 |
Potential Net Amounts of Liabilities | 0.2 | 1.3 |
Designated Fair Value Hedges | Interest Rate Swap | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | ' | 1.3 |
Impact of Netting, Assets | 0 | 0 |
Derivatives assets | ' | 1.3 |
All Other Amounts Subject to Master Netting Agreements, Assets | ' | -0.2 |
Potential Net Amounts of Assets | ' | 1.1 |
Gross Amounts of Liabilities | 2.9 | 9.1 |
Impact of Netting, Liabilities | 0 | 0 |
Derivatives liabilities | 2.9 | 9.1 |
All Other Amounts Subject to Master Netting Agreements, Liabilities | -1.8 | -0.4 |
Potential Net Amounts of Liabilities | $1.10 | $8.70 |
Derivatives_Schedule_of_PreTax
Derivatives - Schedule of 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 $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Not Designated as Hedging Instrument | Foreign Exchange Forward Contracts | Selling, general and administrative expenses | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Classification of (Gain) Loss Recognized in the Condensed Consolidated Statements of Operations | ($19.80) | $14.20 | ($21.30) | $8.70 |
Derivatives_Schedule_of_Gains_
Derivatives - Schedule of Gains (Losses) for Derivatives Designated as Fair Value Hedges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Total (gain) loss recognized as ineffectiveness in the condensed consolidated statements of operations | ($0.20) | ' | ($0.80) | $0.90 |
Interest Rate Swap | Investment and other (income) expense-net | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Total (gain) loss recognized as ineffectiveness in the condensed consolidated statements of operations | 1.3 | -0.6 | -0.4 | 17 |
Hedged Items | Investment and other (income) expense-net | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Total (gain) loss recognized as ineffectiveness in the condensed consolidated statements of operations | ($1.50) | $0.60 | ($0.40) | ($16.10) |
Fair_Value_Measurement_Schedul
Fair Value Measurement - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Total, impairment charge | ' | ' | $10.10 | $16.60 |
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 | 0 | 3.2 | 1.9 | 4.4 |
Long-lived assets held for sale or disposal, impairment charge | 2.1 | 5.4 | 9.3 | 12.6 |
Other intangible assets, impairment charge | 0 | ' | 1 | ' |
Total, impairment charge | 2.1 | 8.6 | 12.2 | 17 |
Long-lived assets held and used, net book value | 1.2 | 4.4 | 1.2 | 4.4 |
Long-lived assets held for sale or disposal, net book value | 5.4 | 17.1 | 5.4 | 17.1 |
Other intangible assets, net book value | 0 | ' | 0 | ' |
Total, net book value | 6.6 | 21.5 | 6.6 | 21.5 |
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 | 0 | 3.7 | 1.4 | 4.6 |
Long-lived assets held for sale or disposal, fair value measurement | 2.3 | 5.2 | 13.7 | 18.8 |
Other intangible assets, fair value measurement | 0 | ' | 0 | ' |
Total, fair value measurement | $2.30 | $8.90 | $15.10 | $23.40 |
Fair_Value_Measurement_Narrati
Fair Value Measurement - Narrative (Detail) (Fair Value, Measurements, Nonrecurring, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Measurements, Nonrecurring | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fair values reduced by estimated costs to sell | $0.20 | $0.40 | $0.80 | $1.30 |
Venezuela_Currency_Remeasureme1
Venezuela Currency Remeasurement - Narrative (Detail) (USD $) | 9 Months Ended | 36 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2014 | Feb. 08, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Feb. 07, 2013 | Feb. 08, 2013 |
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 | 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 | |||
SICAD 1 | SICAD 2 | SICAD 1 and 2 | SICAD 1 and 2 | Noncontrolling Interest | Noncontrolling Interest | Noncontrolling Interest | Before Rate Change | After Rate Change | ||||||||||
SICAD 1 and 2 | ||||||||||||||||||
Maximum three year cumulative inflation using the blended Consumer Price Index and National Consumer Price Index | ' | ' | ' | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.7 | 50 | ' | ' | ' | ' | ' | 4.3 | 6.3 |
Gain (loss) on foreign currency transaction and translation, pre-tax | ($18) | ($3.20) | ($3.20) | ' | ' | ' | ' | ' | ' | ' | ' | $0.60 | ($18) | $0.40 | ($1) | ($6) | ' | ' |
Gain (loss) on foreign currency transaction and translation, after tax | ' | ' | ($2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($14) | ' | ' | ' | ' | ' |
Percentage of foreign currency devaluation | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture, ownership percentage | ' | ' | ' | ' | ' | ' | ' | 50.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |