Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RRD | ||
Entity Registrant Name | RR Donnelley & Sons Co | ||
Entity Central Index Key | 29669 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 199,811,821 | ||
Entity Public Float | $3,364,349,044 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Products net sales | $9,715.20 | $8,765.80 | $8,835.10 |
Services net sales | 1,888.20 | 1,714.50 | 1,386.80 |
Total net sales | 11,603.40 | 10,480.30 | 10,221.90 |
Products cost of sales (exclusive of depreciation and amortization) | 7,581.60 | 6,816.90 | 6,874.20 |
Services cost of sales (exclusive of depreciation and amortization) | 1,471.20 | 1,332.90 | 1,014.80 |
Total cost of sales | 9,052.80 | 8,149.80 | 7,889 |
Products gross profit | 2,133.60 | 1,948.90 | 1,960.90 |
Services gross profit | 417 | 381.6 | 372 |
Total gross profit | 2,550.60 | 2,330.50 | 2,332.90 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 1,427 | 1,181.50 | 1,102.60 |
Restructuring, impairment and other charges-net (Note 3) | 133.7 | 133.5 | 1,118.50 |
Depreciation and amortization | 474 | 435.8 | 481.6 |
Income (loss) from operations | 515.9 | 579.7 | -369.8 |
Interest expense-net (Note 13) | 282.1 | 261.4 | 251.8 |
Investment and other expense-net | 9.6 | 27.4 | 2.3 |
Loss on debt extinguishment | 77.1 | 81.9 | 16.1 |
Earnings (loss) before income taxes | 147.1 | 209 | -640 |
Income tax expense (benefit) (Note 12) | 26.3 | -9.2 | 13.6 |
Net earnings (loss) | 120.8 | 218.2 | -653.6 |
Less: Income (loss) attributable to noncontrolling interests | 3.4 | 7 | -2.2 |
Net earnings (loss) attributable to RR Donnelley common shareholders | $117.40 | $211.20 | ($651.40) |
Net earnings (loss) per share attributable to RR Donnelley common shareholders (Note 15): | |||
Basic net earnings (loss) per share | $0.59 | $1.16 | ($3.61) |
Diluted net earnings (loss) per share | $0.59 | $1.15 | ($3.61) |
Weighted average number of common shares outstanding | |||
Basic | 198.5 | 181.9 | 180.4 |
Diluted | 200 | 183.5 | 180.4 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net earnings (loss) | $120.80 | $218.20 | ($653.60) |
Other comprehensive (loss) income, net of tax (Note 16): | |||
Translation adjustments | -45.2 | -22.8 | 11.4 |
Adjustment for net periodic pension and other postretirement benefits plan cost | -240.9 | 563.7 | -177.6 |
Change in fair value of derivatives | 0.1 | 0.4 | 0.5 |
Other comprehensive (loss) income | -286 | 541.3 | -165.7 |
Comprehensive (loss) income | -165.2 | 759.5 | -819.3 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 2.9 | 7.2 | -2 |
Comprehensive (loss) income attributable to RR Donnelley common shareholders | ($168.10) | $752.30 | ($817.30) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $527.90 | $1,028.40 |
Receivables, less allowances for doubtful accounts of $44.3 in 2014 (2013 - $44.8) (Note 5) | 2,033.80 | 1,832.30 |
Inventories (Note 6) | 586.2 | 501.2 |
Prepaid expenses and other current assets | 225.4 | 199.7 |
Total current assets | 3,373.30 | 3,561.60 |
Property, plant and equipment-net (Note 7) | 1,515.50 | 1,430.10 |
Goodwill (Note 4) | 1,706.60 | 1,436.30 |
Other intangible assets-net (Note 4) | 423.7 | 315.9 |
Deferred income taxes (Note 12) | 234.1 | 118.8 |
Other noncurrent assets | 386.1 | 375.5 |
Total assets | 7,639.30 | 7,238.20 |
LIABILITIES | ||
Accounts payable | 1,296.60 | 1,143 |
Accrued liabilities (Note 9) | 867.3 | 814.8 |
Short-term and current portion of long-term debt (Note 13) | 203.4 | 270.9 |
Total current liabilities | 2,367.30 | 2,228.70 |
Long-term debt (Note 13) | 3,429.10 | 3,587 |
Pension liabilities (Note 11) | 616.1 | 245.2 |
Other postretirement benefits plan liabilities (Note 11) | 210.8 | 174.1 |
Other noncurrent liabilities | 395.6 | 349.5 |
Total liabilities | 7,018.90 | 6,584.50 |
Commitments and Contingencies (Note 10) | ||
RR Donnelley shareholders' equity | ||
Preferred stock, $1.00 par value Authorized: 2.0 shares; Issued: None | ||
Common stock, $1.25 par value Authorized: 500.0 shares; Issued: 259.0 shares in 2014 (2013 - 243.0 shares) | 323.7 | 303.7 |
Additional paid-in-capital | 3,041.50 | 2,802.40 |
Accumulated deficit | -559.1 | -473.4 |
Accumulated other comprehensive loss | -773.6 | -488.1 |
Treasury stock, at cost, 59.2 shares in 2014 (2013 - 61.2 shares) | -1,438.70 | -1,512.80 |
Total RR Donnelley shareholders' equity | 593.8 | 631.8 |
Noncontrolling interests | 26.6 | 21.9 |
Total equity | 620.4 | 653.7 |
Total liabilities and equity | $7,639.30 | $7,238.20 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $44.30 | $44.80 |
Preferred stock, par value | $1 | $1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, Issued | 0 | 0 |
Common stock, par value | $1.25 | $1.25 |
Common stock, Authorized | 500,000,000 | 500,000,000 |
Common stock, Issued | 259,000,000 | 243,000,000 |
Treasury stock, shares | 59,200,000 | 61,200,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net earnings (loss) | $120.80 | $218.20 | ($653.60) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Impairment charges | 47.3 | 21.5 | 1,027.10 |
Depreciation and amortization | 474 | 435.8 | 481.6 |
Provision for doubtful accounts receivable | 16.9 | 18.2 | 8.7 |
Share-based compensation | 17.7 | 19.9 | 25.4 |
Deferred income taxes | -87 | -41.1 | -52 |
Changes in uncertain tax positions | -3 | -18.6 | -26.4 |
(Gain) loss on investments and other assets - net | -3.9 | 21.5 | -1 |
Loss related to Venezuela currency remeasurement - net | 18.4 | 3.2 | |
Loss on debt extinguishment | 77.1 | 81.9 | 16.1 |
Net pension and other postretirement benefits plan income | -48.7 | -18.3 | -42.4 |
Loss on pension settlement | 95.7 | ||
Gain on pension curtailment | -3.7 | ||
Gain on bargain purchase | -9.5 | ||
Other | 44 | -5.1 | 41.7 |
Changes in operating assets and liabilities - net of acquisitions: | |||
Accounts receivable - net | -49.6 | 13.4 | -5.7 |
Inventories | -14.1 | 5.3 | 6.5 |
Prepaid expenses and other current assets | -10.8 | -4.6 | 4 |
Accounts payable | 81.4 | -66 | 120.8 |
Income taxes payable and receivable | -3 | -38.1 | 6.5 |
Accrued liabilities and other | 0.9 | 77.3 | -113 |
Pension and other postretirement benefits plan contributions | -41.9 | -29.6 | -148.7 |
Net cash provided by operating activities | 722.7 | 694.8 | 691.9 |
INVESTING ACTIVITIES | |||
Capital expenditures | -223.6 | -216.6 | -205.9 |
Acquisitions of businesses, net of cash acquired | -380.8 | 0.4 | -126.9 |
Disposition of businesses | -1.6 | -12 | |
Proceeds from sales of investments and other assets | 42.7 | 13 | 50.7 |
Transfers (to)/from restricted cash | -12.3 | 3.4 | -0.2 |
Other investing activities | -1.6 | -0.6 | -2.5 |
Net cash used in investing activities | -577.2 | -212.4 | -284.8 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 400 | 1,197.80 | 450 |
Net change in short-term debt | -0.4 | -3.2 | -1.4 |
Payments of current maturities and long-term debt | -811.5 | -830.4 | -625.2 |
Net payments of credit facility borrowings | -65 | ||
Debt issuance costs | -13.7 | -20.4 | -23.6 |
Dividends paid | -203.1 | -188.5 | -187.1 |
Proceeds (payments) to settle forward contracts | 24 | -38 | |
Other financing activities | -0.4 | 5.5 | 14.3 |
Net cash (used in) provided by financing activities | -605.1 | 122.8 | -438 |
Effect of exchange rate on cash and cash equivalents | -40.9 | -7.5 | 11.9 |
Net (decrease) increase in cash and cash equivalents | -500.5 | 597.7 | -19 |
Cash and cash equivalents at beginning of year | 1,028.40 | 430.7 | 449.7 |
Cash and cash equivalents at end of period | 527.9 | 1,028.40 | 430.7 |
Supplemental non-cash disclosure: | |||
Issuances of 17.0 million shares of RR Donnelley stock for acquisitions of businesses | 319 | ||
Proceeds deposited in escrow from sale of property | $8.30 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Statement Of Cash Flows [Abstract] | |
Issuance of stock for acquisitions of businesses | 17 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Total RR Donnelley's Shareholders' Equity | Noncontrolling Interest |
In Millions | ||||||||
Balance at Dec. 31, 2011 | $1,062.20 | $303.70 | $2,888.70 | ($1,628.80) | $342.40 | ($863.30) | $1,042.70 | $19.50 |
Balance (in shares) at Dec. 31, 2011 | 243 | -64.5 | ||||||
Net earnings (loss) | -653.6 | -651.4 | -651.4 | -2.2 | ||||
Other comprehensive (loss) income | -165.7 | -165.9 | -165.9 | 0.2 | ||||
Share-based compensation | 25.4 | 25.4 | 25.4 | |||||
Issuance of share-based awards, net of withholdings and other | -10.9 | -74.7 | 63.8 | -10.9 | ||||
Issuance of share-based awards, net of withholdings and other (in shares) | 1.9 | |||||||
Cash dividends paid | -187.1 | -187.1 | -187.1 | |||||
Distributions to noncontrolling interests | -1.6 | -1.6 | ||||||
Balance at Dec. 31, 2012 | 68.7 | 303.7 | 2,839.40 | -1,565 | -496.1 | -1,029.20 | 52.8 | 15.9 |
Balance (in shares) at Dec. 31, 2012 | 243 | -62.6 | ||||||
Net earnings (loss) | 218.2 | 211.2 | 211.2 | 7 | ||||
Other comprehensive (loss) income | 541.3 | 541.1 | 541.1 | 0.2 | ||||
Share-based compensation | 19.9 | 19.9 | 19.9 | |||||
Issuance of share-based awards, net of withholdings and other | -4.7 | -56.9 | 52.2 | -4.7 | ||||
Issuance of share-based awards, net of withholdings and other (in shares) | 1.4 | |||||||
Cash dividends paid | -188.5 | -188.5 | -188.5 | |||||
Distributions to noncontrolling interests | -1.2 | -1.2 | ||||||
Balance at Dec. 31, 2013 | 653.7 | 303.7 | 2,802.40 | -1,512.80 | -473.4 | -488.1 | 631.8 | 21.9 |
Balance (in shares) at Dec. 31, 2013 | 243 | -61.2 | ||||||
Net earnings (loss) | 120.8 | 117.4 | 117.4 | 3.4 | ||||
Other comprehensive (loss) income | -286 | -285.5 | -285.5 | -0.5 | ||||
Share-based compensation | 17.7 | 17.7 | 17.7 | |||||
Issuances of common stock | 300.7 | 20 | 280.7 | 300.7 | ||||
Issuances of common stock (in shares) | 16 | |||||||
Issuances of treasury stock | 18.3 | -14.3 | 32.6 | 18.3 | ||||
Issuances of treasury stock (in shares) | 1 | |||||||
Issuance of share-based awards, net of withholdings and other | -3.5 | -45 | 41.5 | -3.5 | ||||
Issuance of share-based awards, net of withholdings and other (in shares) | 1 | |||||||
Cash dividends paid | -203.1 | -203.1 | -203.1 | |||||
Noncontrolling interests in acquired business | 2.7 | 2.7 | ||||||
Distributions to noncontrolling interests | -0.9 | -0.9 | ||||||
Balance at Dec. 31, 2014 | $620.40 | $323.70 | $3,041.50 | ($1,438.70) | ($559.10) | ($773.60) | $593.80 | $26.60 |
Balance (in shares) at Dec. 31, 2014 | 259 | -59.2 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Note 1. Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation —The accompanying consolidated financial statements include the accounts of R.R. Donnelley & Sons Company and its subsidiaries (the “Company” or “RR Donnelley”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated in consolidation. The accounts of businesses acquired during 2014 and 2012 are included in the consolidated financial statements from the dates of acquisition. There were no acquisitions during the year ended December 31, 2013 (see Note 2). | |
Nature of Operations —The Company helps organizations communicate more effectively by working to create, manage, produce, distribute and process content on behalf of our customers. The Company assists customers in developing and executing multichannel communication strategies that engage audiences, reduce costs, drive revenues and increase compliance. R.R. Donnelley’s innovative technologies enhance digital and print communications to deliver integrated messages across multiple media to highly targeted audiences at optimal times for clients in virtually every private and public sector. Strategically located operations provide local service and responsiveness while leveraging the economic, geographic and technological advantages of a global organization. | |
Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, inventory obsolescence, asset valuations and useful lives, employee benefits, self-insurance reserves, taxes, restructuring and other provisions and contingencies. | |
Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) while transaction gains and losses are recorded in net earnings (loss). Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be permanently reinvested. 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 entities are remeasured as if the functional currency were the U.S. Dollar. See Note 21 for further discussion. | |
Fair Value Measurements— Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its foreign exchange forward contracts, interest rate swaps, pension plan assets and other postretirement plan assets on a recurring basis. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held for sale, goodwill and other intangible assets. The fair value of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values. The three-tier value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is: | |
Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. | |
Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |
Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. | |
Revenue Recognition —The Company recognizes revenue for the majority of its products upon transfer of title and the passage of the risk of ownership, which is generally upon shipment to the customer. Contracts generally specify F.O.B. shipping point terms. Under agreements with certain customers, custom products may be stored by the Company for future delivery. In these situations, the Company may also receive a logistics or warehouse management fee for the services it provides. In certain of these cases, delivery and billing schedules are outlined in the customer agreement and product revenue is recognized when manufacturing is complete, title and risk of ownership transfer to the customer, and there is a reasonable assurance as to collectability. Because the majority of products are customized, product returns are not significant; however, the Company accrues for the estimated amount of customer credits at the time of sale. | |
During the year ended December 31, 2012, the Company identified and recognized $22.7 million, of which $19.8 million was recognized in the first quarter of 2012, to correct an over-accrual for rebates owed to certain office products customers, which understated accounts receivable and net sales during the years 2008 through 2011. Following qualitative and quantitative review, the Company concluded that the over-accrual was not material to any prior period, to the full year 2012, or the trend of annual operating results. | |
Revenue from services is recognized as services are performed. For the Company’s logistics operations, whose operations include the delivery of printed material and other products, the Company recognizes revenue upon completion of the delivery of services. Within the Company’s financial operations, which serve the global financial services end market, the Company files highly customized materials such as regulatory S-filings and initial public offerings with the SEC on behalf of its customers, and performs XBRL and EDGAR-related services. Revenue is recognized for these services upon completion of the service performed or following final delivery of the related printed product. Within the Company’s business process outsourcing operations, the Company provides various outsourcing services. Depending on the nature of the service performed, revenue is recognized for outsourcing services either as services are rendered or upon completion of the service. Revenues related to the Company’s digital and creative solutions operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer. | |
The Company records deferred revenue in situations where amounts are invoiced but the revenue recognition criteria outlined above are not met. Such revenue is recognized when all criteria are subsequently met. | |
Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for third-party shipping and handling costs as well as certain postage costs, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross. In the Company’s Global Turnkey Solutions operations, contracts are evaluated using various criteria to determine if revenue for components and other materials should be recognized on a gross or net basis. In general, these revenues are recognized on a gross basis if the Company has control over selecting vendors and pricing, is the primary obligor in the arrangement, bears all credit risk and bears the risk of loss for inventory in its possession. Revenue from contracts that do not meet these criteria is recognized on a net basis. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper, but revenues for Company-supplied paper are recognized on a gross basis. | |
The Company records taxes collected from customers and remitted to governmental authorities on a net basis. | |
By-product recoveries —The Company records the sale of by-products as a reduction of cost of sales. | |
Cash and cash equivalents —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. | |
Receivables— Receivables are stated net of allowances for doubtful accounts and primarily include trade receivables, notes receivable and miscellaneous receivables from suppliers. No single customer comprised more than 10% of the Company’s consolidated net sales in 2014, 2013 or 2012. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. See Note 5 for details of activity affecting the allowance for doubtful accounts receivable. | |
Inventories —Inventories include material, labor and factory overhead and are stated at the lower of cost or market and net of excess and obsolescence reserves for raw materials and finished goods. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory. Specific excess and obsolescence provisions are also made when a review of specific balances indicates that the inventories will not be utilized in production or sold. The cost of 59.8% and 65.2% of the inventories at December 31, 2014 and 2013, respectively, has been determined using the Last-In, First-Out (LIFO) method. This method reflects the effect of inventory replacement costs within results of operations; accordingly, charges to cost of sales reflect recent costs of material, labor and factory overhead. The Company uses an external-index method of valuing LIFO inventories. The remaining inventories, primarily related to certain acquired and international operations, are valued using the First-In, First-Out (FIFO) or specific identification methods. | |
Long-Lived Assets —The Company assesses potential impairments to its long-lived assets if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are reviewed annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based upon the most recent information available. Estimated fair market value is generally measured by discounting estimated future cash flows. Long-lived assets, other than goodwill and other intangible assets, that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. | |
Property, plant and equipment —Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 15 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 15 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. | |
Goodwill —Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. The annual goodwill impairment tests for 2013 and 2012 were performed based on the Company’s previous organization structure prior to the reorganization of the Company’s reportable segment in the fourth quarter of 2013 (the “Previous Organization Structure”). | |
For certain reporting units, the Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing this qualitative analysis, the Company considers various factors, including the excess of prior year estimates of fair value compared to carrying value, the effect of market or industry changes and the reporting units’ actual results compared to projected results. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. | |
For the remaining reporting units, the Company compares each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying value. If the carrying value exceeds the reporting unit’s fair value, the Company performs an additional fair value measurement calculation to determine the impairment loss, which is charged to operations in the period identified. See Note 3 for further discussion. | |
The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. In the Company’s interim review for indicators of impairment as of December 31, 2014, management concluded that there were no indicators that the fair value of any of the reporting units with goodwill was more likely than not below its carrying value. | |
Amortization —Certain costs to acquire and develop internal-use computer software are capitalized and amortized over their estimated useful life using the straight-line method, up to a maximum of five years. Amortization expense, primarily related to internally-developed software and excluding amortization expense related to other intangible assets, was $41.2 million, $34.1 million and $26.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Deferred debt issuance costs are amortized over the term of the related debt. Other intangible assets, except for those intangible assets with indefinite lives, are recognized separately from goodwill and are amortized over their estimated useful lives. Other intangible assets with indefinite lives are not amortized. See Note 4 for further discussion of other intangible assets and the related amortization expense. | |
Financial Instruments —The Company uses derivative financial instruments to hedge exposures to interest rate and foreign exchange fluctuations in the ordinary course of business. | |
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded in comprehensive income (loss), net of applicable income taxes, or in the results of operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the results of operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the results of operations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is recognized currently in the results of operations. | |
The Company’s foreign exchange forward contracts and interest rate swaps are subject to enforceable master netting agreements that allow the Company to settle positive and negative positions with the respective counterparties. The Company settles foreign exchange forward contracts on a net basis when possible. Foreign exchange forward contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. | |
See Note 14 for further discussion. | |
Share-Based Compensation —The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options, restricted stock units and performance share units. The Company recognizes compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. See Note 17 for further discussion. | |
Pension and Other Postretirement Benefits Plans —The Company records annual income and expense amounts relating to its pension and other postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive income (loss) and amortized into operating earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. See Note 11 for further discussion. | |
Taxes on Income —Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
The Company recognizes deferred tax liabilities related to taxes on certain foreign earnings that are not considered to be permanently reinvested. No deferred tax liabilities are recognized for foreign earnings that are considered to be permanently reinvested. Management regularly evaluates whether foreign earnings are expected to be permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the Company and its foreign subsidiaries. Changes in economic and business conditions, foreign or U.S. tax laws, or the Company’s financial situation could result in changes to these judgments and the need to record additional tax liabilities. | |
The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although management believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is reflected in the Company’s financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. See Note 12 for further discussion. | |
Comprehensive Income (Loss) —Comprehensive income (loss) for the Company consists of net earnings (loss), unrecognized actuarial gains and losses, prior service cost for pension and other postretirement benefit plans, foreign currency translation adjustments and changes in the fair value of certain derivative financial instruments. See Note 16 for further discussion. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||
Acquisitions and Dispositions | Note 2. Acquisitions and Dispositions | ||||||||||||||||||
On February 5, 2015, the Company announced that it had entered into a definitive agreement to acquire Courier Corporation (“Courier”) for a total transaction value of approximately $261.0 million in cash and RR Donnelley shares, plus the assumption of Courier’s net debt and payout of outstanding equity awards. Courier is a leader in digital printing, publishing and content management in the United States, specializing in educational, religious and trade books. The completion of the transaction is subject to customary closing conditions, including regulatory approval and approval of Courier’s shareholders. | |||||||||||||||||||
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 included in the Variable Print segment, with the exception of operations in the Czech Republic and Japan which are included in the International segment. | |||||||||||||||||||
For the year ended December 31, 2014, the Company recorded $8.6 million of acquisition-related expenses associated with acquisitions completed or contemplated, within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. | |||||||||||||||||||
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 MultiCorpora and Consolidated Graphics 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 year ended December 31, 2014, which was recorded in net investment and other expense. 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 $73.4 million. | |||||||||||||||||||
Based on the valuations, the final purchase price allocations for these acquisitions as well as the purchase price allocation for an insignificant acquisition were as follows: | |||||||||||||||||||
Accounts receivable | $ | 241.9 | |||||||||||||||||
Inventories | 89.6 | ||||||||||||||||||
Prepaid expenses and other current assets | 17.5 | ||||||||||||||||||
Property, plant and equipment | 336.8 | ||||||||||||||||||
Other intangible assets | 205 | ||||||||||||||||||
Other noncurrent assets | 11.9 | ||||||||||||||||||
Goodwill | 300.1 | ||||||||||||||||||
Accounts payable and accrued liabilities | (221.0 | ) | |||||||||||||||||
Other noncurrent liabilities | (57.5 | ) | |||||||||||||||||
Deferred taxes-net | (96.6 | ) | |||||||||||||||||
Total purchase price-net of cash acquired | 827.7 | ||||||||||||||||||
Less: debt assumed | 118.4 | ||||||||||||||||||
Less: value of common stock issued | 319 | ||||||||||||||||||
Less: gain on bargain purchase | 9.5 | ||||||||||||||||||
Net cash paid | $ | 380.8 | |||||||||||||||||
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. | |||||||||||||||||||
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 $9.5 million was received as of December 31, 2014, resulting in a gain of $11.2 million. The gain was included in net investment and other 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 expense for the year ended December 31, 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, net sales of $55.8 million and a loss before income taxes of $2.8 million and net sales of $62.3 million and income before income taxes of $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. 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 $1.8 million and a loss of $0.8 million, which was recognized in net investment and other expense in the Consolidated Statements of Operations. The operations of the GRES business were included in the International segment. | |||||||||||||||||||
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 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 December 31, 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 year ended December 31, 2013, the Company recorded $5.9 million of acquisition-related expenses associated with acquisitions contemplated or completed in subsequent periods within selling, general and administrative expenses in the Consolidated Statements of Operations. | |||||||||||||||||||
2012 Acquisitions | |||||||||||||||||||
On December 28, 2012, the Company acquired Presort Solutions (“Presort”), a provider of mail presorting services to businesses in various industries. The acquisition of Presort expanded the range of logistics co-mailing capabilities that the Company can provide to its customers and enhanced its integrated offerings. The purchase price for Presort was $11.7 million, net of cash acquired of $0.8 million. Presort’s operations are included in the Strategic Services segment. | |||||||||||||||||||
On December 17, 2012, the Company acquired Meisel Photographic Corporation (“Meisel”), a provider of custom designed visual graphics products to the retail market. The acquisition of Meisel expanded and enhanced the range of services the Company offers to its customers. The purchase price for Meisel was $25.4 million, net of cash acquired of $1.0 million. Meisel’s operations are included in the Variable Print segment. | |||||||||||||||||||
On September 6, 2012, the Company acquired Express Postal Options International (“XPO”), a provider of international outbound mailing services to pharmaceutical, e-commerce, financial services, information technology, catalog, direct mail and other businesses. The acquisition of XPO expanded the range of logistics capabilities that the Company can provide to its customers and enhanced its integrated offerings. The purchase price for XPO, which included the Company’s estimate of contingent consideration, was $23.4 million, net of cash acquired of $1.0 million. The former owners of XPO could have received contingent consideration in the form of cash payments of up to $4.0 million subject to XPO achieving certain gross profit targets. As of the acquisition date, the Company estimated the fair value of the contingent consideration to be $3.5 million using a probability weighting of the potential payouts. The Company subsequently reversed the estimated fair value of the contingent consideration as the result of a decrease in the likelihood of achieving the gross profit targets. The adjustment to the fair value of the contingent consideration was recognized in selling, general and administrative expenses in the Consolidated Statements of Operations. XPO’s operations are included in the Strategic Services segment. | |||||||||||||||||||
On August 14, 2012, the Company acquired EDGAR Online, a leading provider of disclosure management services, financial data and enterprise risk analytics software and solutions. The acquisition of EDGAR Online expanded and enhanced the range of services that the Company offers to its customers. The purchase price for EDGAR Online was $71.5 million, including debt assumed of $1.4 million and net of cash acquired of $2.1 million. Immediately following the acquisition, the Company repaid the $1.4 million of debt assumed. EDGAR Online’s operations are included in the Strategic Services segment. | |||||||||||||||||||
For the year ended December 31, 2012, the Company recorded $2.5 million of acquisition-related expenses associated with acquisitions completed or contemplated within selling, general and administrative expenses in the Consolidated Statements of Operations. | |||||||||||||||||||
The Presort, Meisel, XPO and EDGAR Online acquisitions were recorded by allocating the cost of the acquisitions to the assets acquired, including other intangible assets, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisitions and the fair value of the contingent consideration over the net amounts assigned to the fair value of the assets acquired was recorded as goodwill. The tax deductible goodwill related to these acquisitions was $23.5 million. | |||||||||||||||||||
Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | |||||||||||||||||||
Accounts receivable | $ | 18.3 | |||||||||||||||||
Inventories | 2 | ||||||||||||||||||
Prepaid expenses and other current assets | 4.3 | ||||||||||||||||||
Property, plant and equipment | 10.4 | ||||||||||||||||||
Amortizable other intangible assets | 37.5 | ||||||||||||||||||
Other noncurrent assets | 15.1 | ||||||||||||||||||
Goodwill | 55.6 | ||||||||||||||||||
Accounts payable and accrued liabilities | (21.5 | ) | |||||||||||||||||
Other noncurrent liabilities | (0.1 | ) | |||||||||||||||||
Deferred taxes-net | 10.4 | ||||||||||||||||||
Total purchase price-net of cash acquired | 132 | ||||||||||||||||||
Less: debt assumed | 1.4 | ||||||||||||||||||
Less: fair value of contingent consideration | 3.5 | ||||||||||||||||||
Net cash paid | $ | 127.1 | |||||||||||||||||
The fair values of technology, amortizable other intangible assets, contingent consideration and goodwill associated with the acquisitions of Presort, Meisel, XPO and EDGAR Online were determined to be Level 3 under the fair value hierarchy. | |||||||||||||||||||
The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements: | |||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||||||||||
Customer relationships | $ | 31.4 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | ||||||||||||||
Attrition rate | 7.0% - 20.0% | ||||||||||||||||||
Technology | 14.5 | Excess earnings, relief-from-royalty method, cost approach | Discount rate | 16.0% - 17.0% | |||||||||||||||
Obsolescence factor | 10.0% - 20.0% | ||||||||||||||||||
Royalty rate (after-tax) | 4.50% | ||||||||||||||||||
Trade names | 3.5 | Relief-from-royalty method | Discount rate | 15.5% - 17.0% | |||||||||||||||
Royalty rate (after-tax) | 0.3% - 1.2% | ||||||||||||||||||
Non-compete agreements | 2.6 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | |||||||||||||||
Contingent consideration | 3.5 | Probability weighted discounted future cash flows | Discount rate | 4.50% | |||||||||||||||
Pro forma results | |||||||||||||||||||
The following unaudited pro forma financial information for the years ended December 31, 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 net sales are not intended to represent or be indicative of the Company’s consolidated results of operations or financial condition that would have been reported had these acquisitions been completed as of the beginning of the periods presented and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. Pro forma adjustments are tax-effected at the applicable statutory tax rates. | |||||||||||||||||||
Year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Net sales | $ | 11,756.20 | $ | 11,814.20 | |||||||||||||||
Net earnings attributable to RR Donnelley common shareholders | 151.1 | 202.4 | |||||||||||||||||
Net earnings per share attributable to RR Donnelley common | |||||||||||||||||||
shareholders: | |||||||||||||||||||
Basic | $ | 0.76 | $ | 1.02 | |||||||||||||||
Diluted | $ | 0.75 | $ | 1.01 | |||||||||||||||
The following table outlines unaudited pro forma financial information for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
Year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Amortization of purchased intangibles | $ | 80.2 | $ | 84.8 | |||||||||||||||
Restructuring, impairment and other charges | 103 | 170.2 | |||||||||||||||||
Additionally, the pro forma adjustments affecting net earnings attributable to RR Donnelley common shareholders for the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||
Year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Depreciation and amortization of purchased assets, pre-tax | $ | 5.5 | $ | (10.2 | ) | ||||||||||||||
Acquisition-related expenses, pre-tax | 18.9 | (8.9 | ) | ||||||||||||||||
Restructuring, impairment and other charges, pre-tax | 32.8 | (31.8 | ) | ||||||||||||||||
Inventory fair value adjustments, pre-tax | 14.3 | (14.3 | ) | ||||||||||||||||
Interest expense-net, pre-tax | 2.6 | (19.1 | ) | ||||||||||||||||
Other pro forma adjustments, pre-tax | (4.9 | ) | 9.5 | ||||||||||||||||
Income taxes | (19.8 | ) | 18.8 | ||||||||||||||||
Restructuring_Impairment_and_O
Restructuring, Impairment and Other Charges | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||
Restructuring, Impairment and Other Charges | Note 3. Restructuring, Impairment and Other Charges | |||||||||||||||||||||||
Restructuring, Impairment and Other Charges Recognized in Results of Operations | ||||||||||||||||||||||||
2014 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
Publishing and Retail Services | $ | (0.2 | ) | $ | 6.4 | $ | 6.2 | $ | 20.8 | $ | 23.7 | $ | 50.7 | |||||||||||
Variable Print | 17.2 | 9.2 | 26.4 | 10.8 | 7.6 | 44.8 | ||||||||||||||||||
Strategic Services | 3.5 | 2.1 | 5.6 | 1.8 | 4.2 | 11.6 | ||||||||||||||||||
International | 7.3 | 1.3 | 8.6 | 13.7 | — | 22.3 | ||||||||||||||||||
Corporate | 2.5 | 1.8 | 4.3 | — | — | 4.3 | ||||||||||||||||||
Total | $ | 30.3 | $ | 20.8 | $ | 51.1 | $ | 47.1 | $ | 35.5 | $ | 133.7 | ||||||||||||
Restructuring and Impairment Charges | ||||||||||||||||||||||||
For the year ended December 31, 2014, the Company recorded net restructuring charges of $30.3 million for employee termination costs for 654 employees, of whom 633 were terminated as of December 31, 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 within the Publishing and Retail Services segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $20.8 million for the year ended December 31, 2014, including charges related to multi-employer pension plan withdrawal obligations as a result of facility closures. For the year ended December 31, 2014, the Company also recorded $14.0 million of impairment charges primarily related to buildings and machinery and equipment associated with facility closings. The fair values of the buildings and machinery and equipment were determined to be Level 3 under the fair value hierarchy and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. | ||||||||||||||||||||||||
As a result of the Company’s annual goodwill impairment test, the Company recorded non-cash charges of $18.1 million to recognize the impairment of goodwill in the magazines, catalogs and retail inserts reporting unit within the Publishing and Retail Services segment. The goodwill impairment charges resulted from a reduction in the estimated fair value of the reporting unit based on lower expectations of future revenue, profitability and cash flows as compared to expectations as of the last annual goodwill impairment test. The lower expectations for the magazines, catalogs and retail inserts reporting unit were due to accelerating volume declines and increasing price pressures resulting from declining demand, primarily in catalogs and magazines. Revenue and income from operations in the magazines, catalogs and retail inserts reporting unit for the year ended December 31, 2014 were lower than previous expectations due to volume declines and price pressures. The negative trends experienced in 2014 are expected to continue in future years. The goodwill impairment charges were determined using Level 3 inputs, including discounted cash flow analyses, comparable marketplace fair value data and management’s assumptions in valuing the significant tangible and intangible assets. | ||||||||||||||||||||||||
During the fourth quarter of 2014, the Company recorded non-cash impairment charges of $7.8 million, $4.1 million and $1.7 million related to the impairment of acquired customer relationship intangible assets in the Canada reporting unit within the International segment, the commercial and digital print reporting unit within the Variable Print segment and the financial reporting unit within the Strategic Services segment, respectively. The impairment of the customer relationship intangible assets resulted from a decline in expected future revenue and certain customer losses in the Canada reporting unit, the loss of certain customers in the commercial and digital print reporting unit and a decline in Latin America’s expected future capital markets transactions revenue in the financial reporting unit. During the year ended December 31, 2014, the Company also recorded non-cash charges of $1.4 million related to the impairment of trade names in the commercial and digital print reporting unit within the Variable Print segment as a result of facility closures. The impairment of the customer relationship assets was determined using Level 3 inputs and estimated based on cash flow analyses, which included management’s assumptions related to future revenues and profitability. | ||||||||||||||||||||||||
Other Charges | ||||||||||||||||||||||||
For the year ended December 31, 2014, the Company recorded charges of $35.5 million 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 $14.9 million and $88.1 million, respectively, as of December 31, 2014. See Note 11 for further discussion of multi-employer pension plans. | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
2013 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
Publishing and Retail Services | $ | 17 | $ | 14.1 | $ | 31.1 | $ | 12.3 | $ | 30.3 | $ | 73.7 | ||||||||||||
Variable Print | 2.2 | 12.5 | 14.7 | 0.9 | — | 15.6 | ||||||||||||||||||
Strategic Services | 2.8 | 2 | 4.8 | 6.3 | 8.1 | 19.2 | ||||||||||||||||||
International | 14.3 | 3.6 | 17.9 | 1 | — | 18.9 | ||||||||||||||||||
Corporate | 4.1 | 1.6 | 5.7 | 0.4 | — | 6.1 | ||||||||||||||||||
Total | $ | 40.4 | $ | 33.8 | $ | 74.2 | $ | 20.9 | $ | 38.4 | $ | 133.5 | ||||||||||||
Restructuring and Impairment Charges | ||||||||||||||||||||||||
For the year ended December 31, 2013, the Company recorded net restructuring charges of $40.4 million for employee termination costs for 1,382 employees, substantially all of whom were terminated as of December 31, 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 $33.8 million for the year ended December 31, 2013, of which $14.7 million related to multi-employer pension plan complete or partial withdrawal charges primarily attributable to manufacturing facility closures. For the year ended December 31, 2013, the Company also recorded $17.6 million of impairment charges primarily related to buildings and machinery and equipment associated with facility closings. The fair values of the buildings and machinery and equipment were determined to be Level 3 under the fair value hierarchy and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. | ||||||||||||||||||||||||
During the fourth quarter of 2013, the Company recorded non-cash charges of $3.3 million related to the impairment of acquired customer relationship intangible assets in the financial reporting unit within the Strategic Services segment. The impairment of the acquired customer relationship intangible assets resulted from declines in compliance services volume from these relationships. The impairment of the acquired customer relationship intangible assets was determined using Level 3 inputs and estimated based on a cash flow analysis, which included management’s assumptions related to future revenues and profitability. See Note 8 for further discussion of these Level 3 inputs. | ||||||||||||||||||||||||
Other Charges | ||||||||||||||||||||||||
For the year ended December 31, 2013, the Company recorded charges of $38.4 million as a result of its decision to withdraw from certain multi-employer pension plans. These charges for multi-employer pension plan withdrawal obligations, unrelated to facility closures, represent the Company’s best estimate of the expected settlement of these withdrawal liabilities. The liabilities for these withdrawal obligations of $38.4 million were included in other noncurrent liabilities as of December 31, 2013. See Note 11 for further discussion of multi-employer pension plans. | ||||||||||||||||||||||||
2012 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
Publishing and Retail Services | $ | 13.3 | $ | 5.2 | $ | 18.5 | $ | 827.7 | $ | — | $ | 846.2 | ||||||||||||
Variable Print | 14.2 | 5.6 | 19.8 | 9.8 | — | 29.6 | ||||||||||||||||||
Strategic Services | 7.7 | 6 | 13.7 | 132.9 | — | 146.6 | ||||||||||||||||||
International | 11 | 4 | 15 | 50.7 | — | 65.7 | ||||||||||||||||||
Corporate | 20.4 | 4.5 | 24.9 | 5.5 | — | 30.4 | ||||||||||||||||||
Total | $ | 66.6 | $ | 25.3 | $ | 91.9 | $ | 1,026.60 | $ | — | $ | 1,118.50 | ||||||||||||
Restructuring and Impairment Charges | ||||||||||||||||||||||||
In the fourth quarter of 2012, as a result of the Company’s annual goodwill impairment test completed under the Previous Organization Structure, the Company recorded total non-cash charges to recognize the impairment of goodwill of $461.7 million, $318.7 million and $68.0 million in the magazines, catalogs and retail inserts, books and directories and Europe reporting units, respectively. These goodwill impairment charges resulted from a reduction in the estimated fair value of the magazines, catalogs and retail inserts, books and directories and Europe reporting units based on lower expectations for future revenue, profitability and cash flows as compared to expectations as of the October 31, 2011 annual goodwill impairment test. The lower expectations for the magazines, catalogs and retail inserts reporting unit were due to price pressures driven by excess capacity in the industry and erosion of ad pages and circulation for magazines. The lower expectations for the books and directories reporting unit were due to lower demand for educational books as a result of state and local budget constraints, the impact of electronic substitution on consumer book and directory volumes and price pressures driven by excess capacity in the industry. The lower expectations for the Europe reporting unit were due to lower volumes from existing customers and price pressures driven by excess capacity in the industry. Because the fair values of these reporting units were below their carrying values, including goodwill, the Company performed an additional fair value measurement calculation to determine the amount of the impairment charge for each reporting unit. As part of this calculation, the Company also estimated the fair values of the significant tangible and intangible long-lived assets of each reporting unit. The goodwill impairment charges were determined using Level 3 inputs, including discounted cash flow analyses, comparable marketplace fair value data and management’s assumptions in valuing the significant tangible and intangible assets. Of the $461.7 million goodwill impairment charge recorded in the magazines, catalogs and retail inserts reporting unit under the Previous Organization Structure, $365.8 million and $95.9 million of impairment is now included in the Publishing and Retail Services and Strategic Services segments, respectively. Of the $318.7 million goodwill impairment charge recorded in the books and directories reporting unit under the Previous Organization Structure, $304.1 million, $10.9 million and $3.7 million of impairment is now included in the Publishing and Retail Services, Strategic Services and Variable Print segments, respectively. Of the $68.0 million goodwill impairment charge recorded in the Europe reporting unit under the Previous Organization Structure, $44.9 million and $23.1 million of impairment is now included in the International and Strategic Services segments, respectively. | ||||||||||||||||||||||||
During the fourth quarter of 2012, the Company recorded total non-cash charges of $158.0 million related to the impairment of acquired customer relationship intangible assets consisting of $123.8 million, $28.5 million and $5.7 million in the books and directories, magazines, catalogs and retail inserts and Latin America reporting units, respectively, under the Previous Organization Structure. The impairment of the acquired customer relationship intangible assets resulted from lower expectations for future revenue to be derived from these relationships, driven by the same factors that caused the goodwill impairment in the books and directories and magazines, catalogs and retail inserts reporting units and driven by the impact of electronic substitution on forms and statement printing in the Latin America reporting unit. The impairment of the acquired customer relationship intangible assets was determined using Level 3 inputs and estimated based on cash flow analyses, which included estimates of customer attrition rates and management’s assumptions related to future revenues and profitability. Of the $123.8 million impairment of other intangible assets charge recorded in the books and directories reporting unit under the Previous Organization Structure, $121.9 million, $1.4 million and $0.5 million of impairment is now included in the Publishing and Retail Services, Variable Print and Strategic Services segments, respectively. Of the $28.5 million impairment of other intangible assets charge recorded in the magazines, catalogs and retail inserts reporting unit under the Previous Organization Structure, $28.2 million and $0.3 million of impairment is now included in the Publishing and Retail Services and Strategic Services segments, respectively. The $5.7 million impairment of other intangible assets recorded in the Latin America reporting unit under the Previous Organization Structure is now included within the International segment. See Note 8 for further discussion of these Level 3 inputs. | ||||||||||||||||||||||||
For the year ended December 31, 2012, the Company also recorded net restructuring charges of $66.6 million for employee termination costs for 2,200 employees, all of whom were terminated as of December 31, 2014. These charges primarily related to actions resulting from the reorganization of sales and administrative functions across all segments, the closing of three manufacturing facilities within the Variable Print segment, two manufacturing facilities within the Publishing and Retail Services segment and one manufacturing facility within the International segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $25.3 million for the year ended December 31, 2012. For the year ended December 31, 2012, the Company also recorded $20.2 million of impairment charges primarily related to machinery and equipment associated with facility closures and other asset disposals. The fair values of the land, buildings, machinery and equipment and leasehold improvements were determined to be Level 3 under the fair value hierarchy and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. | ||||||||||||||||||||||||
Restructuring Reserve | ||||||||||||||||||||||||
The restructuring reserve as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, were as follows: | ||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | December 31, | ||||||||||||||||||||
2013 | Charges | Exchange and | Paid | 2014 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Employee terminations | $ | 19.7 | $ | 30.3 | $ | 0.4 | $ | (37.4 | ) | $ | 13 | |||||||||||||
Multi-employer pension plan withdrawal obligations | 36.8 | 3 | (0.6 | ) | (4.6 | ) | 34.6 | |||||||||||||||||
Lease terminations and other | 21.1 | 17.8 | 1.3 | (25.1 | ) | 15.1 | ||||||||||||||||||
Total | $ | 77.6 | $ | 51.1 | $ | 1.1 | $ | (67.1 | ) | $ | 62.7 | |||||||||||||
The current portion of restructuring reserves of $22.3 million at December 31, 2014 was included in accrued liabilities, while the long-term portion of $40.4 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 December 31, 2014. | ||||||||||||||||||||||||
The Company anticipates that payments associated with the employee terminations reflected in the above table will be substantially completed by December 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. See Note 11 for further discussion on multi-employer pension plans. | ||||||||||||||||||||||||
The restructuring liabilities classified as “lease terminations and other” consisted of lease terminations, other facility closing costs and contract termination costs. Payments on certain of the lease obligations are scheduled to continue until 2026. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charges related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Company’s financial statements. | ||||||||||||||||||||||||
The restructuring reserve as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013, were as follows: | ||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | December 31, | ||||||||||||||||||||
2012 | Charges | Exchange and | Paid | 2013 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Employee terminations | $ | 23.4 | $ | 40.4 | $ | (2.1 | ) | $ | (42.0 | ) | $ | 19.7 | ||||||||||||
Multi-employer pension plan withdrawal obligations | 25.1 | 14.7 | — | (3.0 | ) | 36.8 | ||||||||||||||||||
Lease terminations and other | 30 | 19.1 | 1.1 | (29.1 | ) | 21.1 | ||||||||||||||||||
Total | $ | 78.5 | $ | 74.2 | $ | (1.0 | ) | $ | (74.1 | ) | $ | 77.6 | ||||||||||||
The current portion of restructuring reserves of $32.3 million at December 31, 2013 was included in accrued liabilities, while the long-term portion of $45.3 million, primarily related to multi-employer pension plan complete or partial withdrawal obligations related to facility closures and lease termination costs, was included in other noncurrent liabilities at December 31, 2013. | ||||||||||||||||||||||||
Payments associated with the employee terminations reflected in the above table were substantially completed by December 2014. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Note 4. Goodwill and Other Intangible Assets | |||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Publishing | Variable | Strategic | International | Total | ||||||||||||||||||||
and Retail | Services | |||||||||||||||||||||||
Services | ||||||||||||||||||||||||
Net book value as of January 1, 2013 | ||||||||||||||||||||||||
Goodwill | $ | 688 | $ | 1,638.80 | $ | 1,007.50 | $ | 1,286.40 | $ | 4,620.70 | ||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (243.4 | ) | (1,165.8 | ) | (3,184.3 | ) | ||||||||||||||
Total | 18.1 | 533.6 | 764.1 | 120.6 | 1,436.40 | |||||||||||||||||||
Foreign exchange and other adjustments | — | (0.2 | ) | (2.2 | ) | 2.3 | (0.1 | ) | ||||||||||||||||
Net book value 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 | — | (0.7 | ) | (0.2 | ) | (10.8 | ) | (11.7 | ) | |||||||||||||||
Impairment charges | (18.1 | ) | — | — | — | (18.1 | ) | |||||||||||||||||
Net book value as of December 31, 2014 | ||||||||||||||||||||||||
Goodwill | 688 | 1,914.10 | 987.5 | 1,213.90 | 4,803.50 | |||||||||||||||||||
Accumulated impairment losses | (688.0 | ) | (1,105.2 | ) | (222.4 | ) | (1,081.3 | ) | (3,096.9 | ) | ||||||||||||||
Total | $ | — | $ | 808.9 | $ | 765.1 | $ | 132.6 | $ | 1,706.60 | ||||||||||||||
In the fourth quarter of 2014, the Company recorded non-cash charges of $18.1 million to reflect impairment of goodwill. See Note 3 for further discussion regarding this impairment charge. | ||||||||||||||||||||||||
The components of other intangible assets at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||
Carrying | Accumulated | Net Book | Carrying | Accumulated | Net Book | |||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | |||||||||||||||||||
Customer relationships | $ | 865.6 | $ | (498.0 | ) | $ | 367.6 | $ | 728.8 | $ | (448.5 | ) | $ | 280.3 | ||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.3 | ) | — | ||||||||||||||||
Trademarks, licenses and agreements | 31.5 | (29.7 | ) | 1.8 | 31.4 | (28.2 | ) | 3.2 | ||||||||||||||||
Trade names | 43.1 | (15.6 | ) | 27.5 | 27.1 | (12.8 | ) | 14.3 | ||||||||||||||||
Total amortizable other intangible assets | 1,038.50 | (641.6 | ) | 396.9 | 885.6 | (587.8 | ) | 297.8 | ||||||||||||||||
Indefinite-lived trade names | 26.8 | — | 26.8 | 18.1 | — | 18.1 | ||||||||||||||||||
Total other intangible assets | $ | 1,065.30 | $ | (641.6 | ) | $ | 423.7 | $ | 903.7 | $ | (587.8 | ) | $ | 315.9 | ||||||||||
In the fourth quarter of 2014, the Company recorded non-cash impairment charges of $7.8 million, $4.1 million and $1.7 million related to the impairment of acquired customer relationship intangible assets in the Canada reporting unit within the International segment, the commercial and digital print reporting unit within the Variable Print segment and the financial reporting unit within the Strategic Services segment, respectively. During the year ended December 31, 2014, the Company also recorded non-cash charges of $1.4 million to reflect the impairment of trade names in the commercial and digital print reporting unit within the Variable Print segment as a result of facility closures. In the fourth quarter of 2013, the Company recorded non-cash charges of $3.3 million to reflect the impairment of acquired customer relationships within the financial reporting unit within the Strategic Services segment. See Note 3 for further discussion regarding these impairment charges. | ||||||||||||||||||||||||
The Company recorded additions to other intangible assets of $205.0 million for acquisitions during the year ended December 31, 2014, the components of which were as follows: | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amount | Weighted | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
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 $78.1 million, $64.0 million and $87.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The following table outlines the estimated annual amortization expense related to other intangible assets as of December 31, 2014: | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
2015 | $ | 74.4 | ||||||||||||||||||||||
2016 | 56.6 | |||||||||||||||||||||||
2017 | 50.4 | |||||||||||||||||||||||
2018 | 45.2 | |||||||||||||||||||||||
2019 | 41.7 | |||||||||||||||||||||||
2020 and thereafter | 128.6 | |||||||||||||||||||||||
Total | $ | 396.9 | ||||||||||||||||||||||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Receivables [Abstract] | ||||||||||||
Accounts Receivables | Note 5. Accounts Receivable | |||||||||||
Transactions affecting the allowance for doubtful accounts receivable during the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 44.8 | $ | 49.6 | $ | 62.6 | ||||||
Provisions charged to expense | 16.9 | 18.2 | 8.7 | |||||||||
Write-offs and other | (17.4 | ) | (23.0 | ) | (21.7 | ) | ||||||
Balance, end of year | $ | 44.3 | $ | 44.8 | $ | 49.6 | ||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Note 6. Inventories | |||||||
The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at December 31, 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Raw materials and manufacturing supplies | $ | 261.7 | $ | 212.6 | ||||
Work in process | 157.5 | 145.2 | ||||||
Finished goods | 260.6 | 235.4 | ||||||
LIFO reserve | (93.6 | ) | (92.0 | ) | ||||
Total | $ | 586.2 | $ | 501.2 | ||||
The Company recognized LIFO expense of $1.6 million in 2014 and benefit of $0.1 million and $4.3 million in 2013 and 2012, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Note 7. Property, Plant and Equipment | |||||||
The components of the Company’s property, plant and equipment at December 31, 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Land | $ | 112.1 | $ | 94.3 | ||||
Buildings | 1,214.80 | 1,160.60 | ||||||
Machinery and equipment | 6,142.80 | 6,024.00 | ||||||
7,469.70 | 7,278.90 | |||||||
Accumulated depreciation | (5,954.2 | ) | (5,848.8 | ) | ||||
Total | $ | 1,515.50 | $ | 1,430.10 | ||||
During the years ended December 31, 2014, 2013 and 2012, depreciation expense was $354.7 million, $337.7 million, and $367.4 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 $7.2 million and $18.5 million at December 31, 2014 and 2013, respectively. These assets were included in other current assets in the Consolidated Balance Sheets at the lower of their historical net book value or their estimated fair value, less estimated costs to sell. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurement | Note 8. Fair Value Measurement | |||||||||||
Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s assets and liabilities required to be adjusted to fair value on a recurring basis are pension and other postretirement benefits plan assets, foreign exchange forward contracts and interest rate swaps. See Note 11 for the fair value of the Company’s pension and other postretirement benefits plan assets as of December 31, 2014 and 2013 and Note 14 for the fair value of the Company’s foreign exchange forward contracts and interest rate swaps as of December 31, 2014 and 2013. See Note 13 for the fair value of the Company’s debt as of December 31, 2014, which is recorded at book value. | ||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. See Note 2 for further discussion on the fair value of assets and liabilities associated with acquisitions. | ||||||||||||
The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
Year Ended | As of | |||||||||||
31-Dec-14 | 31-Dec-14 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 5.4 | $ | 1.3 | $ | 1.3 | ||||||
Long-lived assets held for sale or disposal | 12.5 | 20.8 | 3.2 | |||||||||
Goodwill | 18.1 | — | — | |||||||||
Other intangible assets | 15 | — | — | |||||||||
Total | $ | 51 | $ | 22.1 | $ | 4.5 | ||||||
Year Ended | As of | |||||||||||
31-Dec-13 | 31-Dec-13 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 4.2 | $ | 4.2 | $ | 4 | ||||||
Long-lived assets held for sale or disposal | 14.8 | 20.2 | 18.5 | |||||||||
Other intangible assets | 3.3 | — | — | |||||||||
Total | $ | 22.3 | $ | 24.4 | $ | 22.5 | ||||||
Year Ended | As of | |||||||||||
31-Dec-12 | 31-Dec-12 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 8 | $ | 9.8 | $ | 8.5 | ||||||
Long-lived assets held for sale or disposal | 15.6 | 16.4 | 6.3 | |||||||||
Goodwill | 848.4 | 18.1 | 18.1 | |||||||||
Other intangible assets | 158 | 3.1 | 3.1 | |||||||||
Total | $ | 1,030.00 | $ | 47.4 | $ | 36 | ||||||
The fair values of assets held for sale that were remeasured during the years ended December 31, 2014, 2013 and 2012 were reduced by estimated costs to sell of $1.2 million, $1.4 million and $0.7 million, respectively. | ||||||||||||
During the year ended December 31, 2014, goodwill for the magazines, catalogs and retail inserts reporting unit was written down to an implied fair value of zero. See Note 3 for further discussion regarding this impairment charge. | ||||||||||||
During the year ended December 31, 2014, the Company recorded impairment charges of $7.8 million, $4.1 million and $1.7 million related to the impairment of acquired customer relationship intangible assets in the Canada, commercial and digital print and financial reporting units, respectively. After recording the impairment charges, remaining customer relationship assets in the Canada, commercial and digital print and financial reporting units were $0.2 million, $181.8 million and $84.0 million, respectively. During the year ended December 31, 2014, $1.4 million of acquired tradenames related to the commercial and digital print reporting unit were written down to an estimated fair value of zero due to facility closures. After recording the impairment charges, remaining tradename intangible assets in the commercial and digital reporting unit were $14.3 million as of December 31, 2014. See Note 3 for further discussion regarding these impairment charges. | ||||||||||||
During the year ended December 31, 2013, certain acquired customer relationship assets related to the financial reporting unit were written down to an estimated fair value of zero. After recording the impairment charges, remaining customer relationship intangible assets in the financial reporting unit were $101.2 million as of December 31, 2013. During the year ended December 31, 2012, certain acquired customer relationship assets related to the books and directories, magazines, catalogs and retail inserts and Latin America reporting units, under the Previous Organization Structure, were written down to an estimated fair value of $3.1 million for the books and directories reporting unit and zero for both the magazines, catalogs and retail inserts and Latin America reporting units, respectively. After recording the impairment charges, remaining customer relationship intangible assets in the books and directories, magazines, catalogs and retail inserts and Latin America reporting units were $3.1 million, $22.8 million and $8.0 million, respectively, as of December 31, 2012. See Note 3 for further discussion regarding these impairment charges and their presentation under the current organization structure. | ||||||||||||
During the year ended December 31, 2012, goodwill for the magazines, catalogs and retail inserts, books and directories and Europe reporting units, under the Previous Organization Structure, was written down to implied fair values of $18.1 million for magazines, catalogs and retail inserts, and zero for the books and directories and Europe reporting units, respectively. See Note 3 for further discussion regarding these impairment charges and their presentation under the current organization structure. | ||||||||||||
The Company’s accounting and finance management determines the valuation policies and procedures for Level 3 fair value measurements and is responsible for the development and determination of unobservable inputs. | ||||||||||||
The fair values of the long-lived assets held and used and long-lived assets held for sale or disposal were determined using Level 3 inputs and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. Unobservable inputs obtained from third parties are adjusted as necessary for the condition and attributes of the specific asset. | ||||||||||||
The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||
2014 | ||||||||||||
Customer relationships | $ | — | Excess earnings | Discount rate | 12.0%-18.0% | |||||||
Attrition rate | 6.6% - 12.0% | |||||||||||
2013 | ||||||||||||
Customer relationships | $ | — | With and without method | Discount rate | 16.00% | |||||||
2012 | ||||||||||||
Customer relationships | $ | 3.1 | Excess earnings | Discount rate | 12.5% -15.0% | |||||||
Attrition rate | 2.0% - 15.9% | |||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities Current [Abstract] | ||||||||
Accrued Liabilities | Note 9. Accrued Liabilities | |||||||
The components of the Company’s accrued liabilities at December 31, 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Employee-related liabilities | $ | 337.3 | $ | 284.6 | ||||
Deferred revenue | 145.4 | 153.6 | ||||||
Restructuring liabilities | 22.3 | 32.3 | ||||||
Other | 362.3 | 344.3 | ||||||
Total accrued liabilities | $ | 867.3 | $ | 814.8 | ||||
Employee-related liabilities consist primarily of payroll, sales commission, incentive compensation, employee benefit accruals and workers’ compensation. Incentive compensation accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals, other customer-related liabilities, interest expense accruals and income and other tax liabilities. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments And Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Note 10. Commitments and Contingencies | |||
As of December 31, 2014, authorized and expected expenditures on incomplete projects for the purchase of property, plant and equipment totaled approximately $84.2 million. Of this total, approximately $36.5 million had been committed. In addition, as of December 31, 2014, the Company had a commitment of $13.0 million for severance payments related to employee restructuring activities. The Company also has contractual commitments of approximately $90.7 million for outsourced services, including technology, professional, maintenance and other services. The Company has a variety of contracts with suppliers for the purchase of paper, ink and other commodities for delivery in future years at prevailing market prices. In addition, the Company has natural gas purchase commitments that are at fixed prices. As of December 31, 2014, the Company was committed to purchase $15.0 million of natural gas under these contracts. | ||||
Future minimum rental commitments under operating leases are as follows: | ||||
Year Ended December 31 | Amount | |||
2015 | $ | 132 | ||
2016 | 91.8 | |||
2017 | 65 | |||
2018 | 37.1 | |||
2019 | 27.2 | |||
2020 and thereafter | 95.8 | |||
$ | 448.9 | |||
The Company has operating lease commitments, including those for vacated facilities, totaling $448.9 million extending through various periods to 2027. Future rental commitments for leases have not been reduced by minimum non-cancelable sublease rentals aggregating approximately $38.0 million. The Company remains secondarily liable under these leases in the event that the sub-lessee defaults under the sublease terms. The Company does not believe that material payments will be required as a result of the secondary liability provisions of the primary lease agreements. | ||||
Rent expense for facilities in use and equipment was $173.2 million, $149.4 million and $143.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Rent expense for vacated facilities was recognized as restructuring, impairment and other charges, see Note 3 for further details. | ||||
Litigation | ||||
The Company is subject to laws and regulations relating to the protection of the environment. The Company provides for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such accruals are adjusted as new information develops or circumstances change and are generally not discounted. The Company has been designated as a potentially responsible party or has received claims in 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 and currently owned facilities. At the Superfund sites, the Comprehensive Environmental Response, Compensation and Liability Act provides that the Company’s liability could be joint and several, meaning that the Company could be required to pay an amount in excess of its proportionate share of the remediation costs. | ||||
The Company’s understanding of the financial strength of other potentially responsible parties at the multiparty sites and of other liable parties at the previously owned facilities has been considered, where appropriate, in the determination of the Company’s estimated liability. The Company established reserves, recorded in accrued liabilities and other noncurrent liabilities, that it believes are adequate to cover its share of the potential costs of remediation at each of the multiparty sites and the previously and currently owned facilities. It is not possible to quantify with certainty the potential impact of actions regarding environmental matters, particularly remediation and other compliance efforts that the Company may undertake in the future. However, in the opinion of management, compliance with the present environmental protection laws, before taking into account estimated recoveries from third parties, will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows. | ||||
From time to time, the Company’s customers and others file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Retirement Plans | Note 11. Retirement Plans | |||||||||||||||||||||||||||||||
The Company sponsors various defined benefit retirement income pension plans in the U.S., U.K., Canada and certain other international locations, including both funded and unfunded arrangements. The Company’s primary defined benefit plans are frozen. No new employees will be permitted to enter the Company’s frozen plans and participants will earn no additional benefits. Benefits are generally based upon years of service and compensation. These defined benefit retirement income plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all funded plans using actuarial cost methods and assumptions acceptable under government regulations. | ||||||||||||||||||||||||||||||||
In June 2014 the Company communicated to certain former employees the option to receive a lump-sum pension payment or annuity computed in accordance with statutory requirements, with payments beginning in the fourth quarter of 2014. Payments to eligible participants who elected to receive a lump-sum pension payment or annuity were funded from existing pension plan assets and constituted a complete settlement of the Company’s pension liabilities with respect to these participants. The Company’s pension assets and liabilities were remeasured as of the payout dates. The discount rates and actuarial assumptions used to calculate the payouts were determined in accordance with federal regulations. As of the remeasurement dates, the reductions in the reported pension obligations for these participants was $404.0 million, compared to payout amounts of approximately $317.7 million. The Company recorded non-cash settlement charges of $95.7 million included in selling, general and administrative expenses in the fourth quarter of 2014 in connection with the settlement payments. These charges resulted 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. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company adopted the Society of Actuaries RP-2014 mortality tables which were used in the calculation of the Company’s U.S pension obligations. The Company also adopted updated mortality tables for the Canadian pension plans. The new mortality tables increased the expected life of plan participants, extending the length of time that payments may be required and increasing the plans’ total expected benefit payments. The updated mortality assumptions increased the benefit obligations for the U.S and Canadian pension plans by approximately $310.0 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||
The Company made contributions of $30.9 million to its pension plans and $11.0 million to its other postretirement benefits plans during the year ended December 31, 2014. The Company expects to make cash contributions of approximately $25.0 million to $30.0 million to its pension and other postretirement benefits plans in 2015. | ||||||||||||||||||||||||||||||||
On December 20, 2012, the Company announced a freeze on further benefit accruals under its U.K. pension plan as of December 31, 2012. As of January 1, 2013, participants ceased earning additional benefits under the plans and no new participants entered these plans. The U.K. plan freeze required a remeasurement of the plan’s assets and obligations as of December 31, 2012, which resulted in a non-cash curtailment gain of $3.7 million, which was recognized in the Consolidated Statement of Operations during the fourth quarter of 2012. Additionally, on February 1, 2012, the Company announced a freeze on further benefit accruals under its Canadian pension plans as of March 31, 2012. | ||||||||||||||||||||||||||||||||
In addition to the pension plans, the Company sponsors a 401(k) savings plan, which is a defined contribution retirement income plan. | ||||||||||||||||||||||||||||||||
Former employees are entitled to certain healthcare and life insurance benefits provided they have met certain eligibility requirements. Generally, the Company’s benefits-eligible U.S. employees become eligible for these retiree healthcare benefits if they meet all of the following requirements at the time of termination: (a) have attained at least 55 or more points (full years of service and age combined), (b) are at least fifty years of age, (c) have at least two years of continuous, regular, full-time, benefits-eligible service and (d) have completed at least two or more years of continuous service with a participating employer, which ends on their termination date. Different requirements need to be met in order to receive subsidized medical and life insurance coverage. Certain of the plan expenses are paid through a tax-exempt trust. Most of the assets of the trust are invested in trust-owned life insurance policies covering certain current and former employees of the Company. The underlying assets of the policies are invested primarily in marketable equity, corporate fixed income and government securities. | ||||||||||||||||||||||||||||||||
During the fourth quarter of 2013, the Company announced the decision to reduce life insurance benefits under the Company’s other postretirement benefits plans for certain active employees and retirees effective December 31, 2013. The remeasurement of the other postretirement benefits plans’ assets and obligations due to the plan amendment resulted in a $30.1 million reduction in the accumulated other postretirement benefits obligation as of December 31, 2013, which was recorded in accumulated other comprehensive loss in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The Company operates a prescription drug program for certain Medicare-eligible retirees under a group-based Company sponsored Medicare Part D program, or Employer Group Waiver Program (“EGWP”). The EGWP subsidies provided to or for the benefit of this program are used to reduce the Company’s net retiree medical and prescription drug costs on a group by group basis until such net costs of the Company for such group are eliminated, and any EGWP subsidies received in excess of the amount necessary to offset such net costs are used to reduce the included group of retirees’ premiums. | ||||||||||||||||||||||||||||||||
As noted above, the Company also maintains several pension and other postretirement benefits plans in certain international locations. The expected returns on plan assets and discount rates for these plans are determined based on each plan’s investment approach, local interest rates and plan participant profiles. | ||||||||||||||||||||||||||||||||
The pension and other postretirement benefits plan obligations are calculated using generally accepted actuarial methods and are measured as of December 31. Prior to the plan freezes, actuarial gains and losses were amortized using the corridor method over the average remaining service life of active plan participants. Actuarial gains and losses for frozen plans are amortized using the corridor method over the average remaining expected life of active plan participants. | ||||||||||||||||||||||||||||||||
The components of the net periodic benefit (income) expense and total (income) expense were as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Service cost | $ | 2.2 | $ | 2.2 | $ | 5.9 | $ | 4.6 | $ | 7.3 | $ | 6.6 | ||||||||||||||||||||
Interest cost | 194.5 | 178.2 | 189.2 | 16.8 | 16.2 | 18.4 | ||||||||||||||||||||||||||
Expected return on plan assets | (259.0 | ) | (241.9 | ) | (262.6 | ) | (13.9 | ) | (11.8 | ) | (13.9 | ) | ||||||||||||||||||||
Amortization of prior service credit | — | — | 0.6 | (25.8 | ) | (19.7 | ) | (19.7 | ) | |||||||||||||||||||||||
Amortization of actuarial loss (gain) | 31.9 | 50.5 | 32.1 | — | — | (0.1 | ) | |||||||||||||||||||||||||
Curtailments | — | — | (3.7 | ) | — | — | — | |||||||||||||||||||||||||
Settlements | 95.7 | 0.7 | 1.1 | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit (income) expense | $ | 65.3 | $ | (10.3 | ) | $ | (37.4 | ) | $ | (18.3 | ) | $ | (8.0 | ) | $ | (8.7 | ) | |||||||||||||||
Weighted average assumption used to calculate net | ||||||||||||||||||||||||||||||||
periodic benefit expense: | ||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.2 | % | 4.9 | % | 4.5 | % | 3.9 | % | 4.8 | % | ||||||||||||||||||||
Rate of compensation increase | 0.2 | % | 0.3 | % | 0.9 | % | n/a | n/a | 3.6 | % | ||||||||||||||||||||||
Expected return on plan assets | 7.6 | % | 7.9 | % | 8.4 | % | 7.3 | % | 7.3 | % | 7.6 | % | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 3,952.70 | $ | 4,368.80 | $ | 382.3 | $ | 430.2 | ||||||||||||||||||||||||
Service cost | 2.2 | 2.2 | 4.6 | 7.3 | ||||||||||||||||||||||||||||
Interest cost | 194.5 | 178.2 | 16.8 | 16.2 | ||||||||||||||||||||||||||||
Plan participants' contributions | 0.5 | 0.5 | 13.8 | 14.5 | ||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 4.2 | 2.7 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 652.3 | (404.2 | ) | 43.1 | (13.6 | ) | ||||||||||||||||||||||||||
Plan amendments and other | — | (0.1 | ) | (7.4 | ) | (30.6 | ) | |||||||||||||||||||||||||
Curtailments and settlements | (317.7 | ) | (9.0 | ) | — | — | ||||||||||||||||||||||||||
Foreign currency translation | (35.3 | ) | (8.5 | ) | (4.2 | ) | (2.9 | ) | ||||||||||||||||||||||||
Benefits paid | (173.4 | ) | (175.2 | ) | (34.6 | ) | (41.5 | ) | ||||||||||||||||||||||||
Acquisitions | 176.4 | — | 6 | — | ||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 4,452.20 | $ | 3,952.70 | $ | 424.6 | $ | 382.3 | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,707.30 | $ | 3,215.30 | $ | 206.8 | $ | 187.1 | ||||||||||||||||||||||||
Actual return on assets | 455.4 | 658 | 11.5 | 35.6 | ||||||||||||||||||||||||||||
Settlements | (317.7 | ) | (8.7 | ) | — | — | ||||||||||||||||||||||||||
Employer contributions | 30.9 | 21.6 | 11 | 8 | ||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 4.2 | 2.7 | ||||||||||||||||||||||||||||
Plan participants' contributions | 0.5 | 0.5 | 13.8 | 14.5 | ||||||||||||||||||||||||||||
Acquisitions | 170.2 | — | — | — | ||||||||||||||||||||||||||||
Foreign currency translation | (31.4 | ) | (4.2 | ) | (0.1 | ) | 0.4 | |||||||||||||||||||||||||
Benefits paid | (173.4 | ) | (175.2 | ) | (34.6 | ) | (41.5 | ) | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 3,841.80 | $ | 3,707.30 | $ | 212.6 | $ | 206.8 | ||||||||||||||||||||||||
Funded status at end of year | $ | (610.4 | ) | $ | (245.4 | ) | $ | (212.0 | ) | $ | (175.5 | ) | ||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $4,428.5 million and $3,937.0 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets as of December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Prepaid pension cost (included in other noncurrent | $ | 14.4 | $ | 8 | $ | — | $ | — | ||||||||||||||||||||||||
assets) | ||||||||||||||||||||||||||||||||
Accrued benefit cost (included in accrued liabilities) | (8.7 | ) | (8.2 | ) | (1.2 | ) | (1.4 | ) | ||||||||||||||||||||||||
Pension liabilities | (616.1 | ) | (245.2 | ) | — | — | ||||||||||||||||||||||||||
Other postretirement benefits plan liabilities | — | — | (210.8 | ) | (174.1 | ) | ||||||||||||||||||||||||||
Net liabilities recognized in the Consolidated Balance | $ | (610.4 | ) | $ | (245.4 | ) | $ | (212.0 | ) | $ | (175.5 | ) | ||||||||||||||||||||
Sheets | ||||||||||||||||||||||||||||||||
The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | ||||||||||||||||||||||||||||||||
Net actuarial (loss) gain | $ | (1,284.8 | ) | $ | (957.5 | ) | $ | (8.0 | ) | $ | 35.6 | |||||||||||||||||||||
Net transition obligation | (0.1 | ) | (0.2 | ) | — | — | ||||||||||||||||||||||||||
Net prior service credit | — | — | 58.3 | 78.4 | ||||||||||||||||||||||||||||
Total | $ | (1,284.9 | ) | $ | (957.7 | ) | $ | 50.3 | $ | 114 | ||||||||||||||||||||||
The pre-tax amounts recognized in other comprehensive income (loss) in 2014 as components of net periodic benefit costs were as follows: | ||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 31.9 | $ | — | ||||||||||||||||||||||||||||
Net prior service credit | — | (25.8 | ) | |||||||||||||||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||||||||||
Net actuarial gain | (456.0 | ) | (43.8 | ) | ||||||||||||||||||||||||||||
Net prior service credit | — | 5.7 | ||||||||||||||||||||||||||||||
Settlements | 95.7 | — | ||||||||||||||||||||||||||||||
Foreign currency loss | 1.2 | 0.2 | ||||||||||||||||||||||||||||||
Total | $ | (327.2 | ) | $ | (63.7 | ) | ||||||||||||||||||||||||||
Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2015 are shown below: | ||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 41 | $ | — | ||||||||||||||||||||||||||||
Net prior service credit | — | (26.9 | ) | |||||||||||||||||||||||||||||
Total | $ | 41 | $ | (26.9 | ) | |||||||||||||||||||||||||||
The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 5 | % | 3.9 | % | 4.5 | % | ||||||||||||||||||||||||
Health care cost trend: | ||||||||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||
Pre-Age 65 | — | — | 7.9 | % | 7.8 | % | ||||||||||||||||||||||||||
Post-Age 65 | — | — | 7.9 | % | 7.8 | % | ||||||||||||||||||||||||||
Ultimate | — | — | 4.9 | % | 4.9 | % | ||||||||||||||||||||||||||
The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 4,251.00 | $ | 3,929.60 | ||||||||||||||||||||||||||||
Fair value of plan assets | 3,626.30 | 3,676.10 | ||||||||||||||||||||||||||||||
The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 4,225.50 | $ | 3,912.00 | ||||||||||||||||||||||||||||
Fair value of plan assets | 3,622.90 | 3,672.60 | ||||||||||||||||||||||||||||||
The current health care cost trend rate gradually declines through 2019 to the ultimate trend rate and remains level thereafter. A one-percentage point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||||||||
1.00% | 1.00% | |||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Other postretirement benefits obligation | $ | 5.6 | $ | (4.1 | ) | |||||||||||||||||||||||||||
Total other postretirement benefits service and | 0.6 | (0.6 | ) | |||||||||||||||||||||||||||||
interest cost components | ||||||||||||||||||||||||||||||||
The Company determines its assumption for the discount rate to be used for purposes of computing annual service and interest costs based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the measurement date. | ||||||||||||||||||||||||||||||||
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 included a prescription drug benefit under Medicare Part D, as well as a federal subsidy that began in 2006, to sponsors of retiree health care plans that provide a benefit that is at least actuarially equivalent, as defined in the Act, to Medicare Part D. Two of the Company’s retiree health care plans were at least actuarially equivalent to Medicare Part D and were eligible for the federal subsidy. During the year ended December 31, 2014, Medicare Part D subsidies received by the Company were negligible. During the year ended December 31, 2013, the Company received approximately $0.5 million in Medicare Part D subsidies. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company received approximately $4.2 million in EGWP subsidies. | ||||||||||||||||||||||||||||||||
Benefit payments are expected to be paid as follows: | ||||||||||||||||||||||||||||||||
Pension | Other | Estimated Subsidy | ||||||||||||||||||||||||||||||
Benefits | Postretirement | Reimbursements | ||||||||||||||||||||||||||||||
Benefits-Gross | ||||||||||||||||||||||||||||||||
2015 | $ | 201.4 | $ | 28.3 | $ | 1.9 | ||||||||||||||||||||||||||
2016 | 208.6 | 29.5 | 2.1 | |||||||||||||||||||||||||||||
2017 | 211.7 | 31 | 2.3 | |||||||||||||||||||||||||||||
2018 | 217.9 | 31.9 | 2.5 | |||||||||||||||||||||||||||||
2019 | 224.4 | 32.1 | 2.7 | |||||||||||||||||||||||||||||
2020-2024 | 1,219.60 | 160 | 16.7 | |||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||
The Company’s U.S. pension plans are frozen and the Company has transitioned 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 obligation. Over time, the target asset allocation percentage for the pension plan is expected to decrease for equity and other “return seeking” investments and increase for fixed income and other “hedging” 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. The expected long-term rate of return for plan assets is based upon many factors including asset allocations, historical asset returns, current and expected future market conditions, risk and active management premiums. The target asset allocation percentage as of December 31, 2014, for the primary U.S. pension plan was approximately 60.0% for return seeking investments and approximately 40.0% for hedging investments. | ||||||||||||||||||||||||||||||||
The Company segregated its plan assets by the following major categories and levels for determining their fair value as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents— Carrying value approximates fair value. As such, these assets were classified as Level 1. The Company also invests in certain short-term investments which are valued using the amortized cost method. As such, these assets were classified as Level 2. | ||||||||||||||||||||||||||||||||
Equity— The values of individual equity securities were based on quoted prices in active markets. As such, these assets are classified as Level 1. Additionally, the Company invests in certain equity funds that are valued at calculated net asset value per share (“NAV”), but are not quoted on active markets. As such, these assets were classified as Level 2. Additionally, this category includes underlying securities in trust owned life insurance policies which are invested in certain equity securities. These investments are not quoted on active markets; therefore, they are classified as Level 2. | ||||||||||||||||||||||||||||||||
Fixed income— Fixed income securities are typically priced based on a valuation model rather than a last trade basis and are not exchange-traded. These valuation models involve utilizing dealer quotes, analyzing market information, estimating prepayment speeds and evaluating underlying collateral. Accordingly, the Company classified these fixed income securities as Level 2. Fixed income securities also include investments in various asset-backed securities that are part of a government sponsored program. The prices of these asset-backed securities were obtained by independent third parties using multi-dimensional, collateral specific prepayments tables. Inputs include monthly payment information and collateral performance. As the values of these assets was determined based on models incorporating observable inputs, these assets were classified as Level 2. The Company also invests in certain fixed income funds that were priced on active markets and were classified as Level 1. Additionally, this category includes underlying securities in trust owned life insurance policies which are invested in certain fixed income securities. These investments are not quoted on active markets; therefore, they are classified as Level 2. | ||||||||||||||||||||||||||||||||
Derivatives and other— This category includes assets and liabilities that are futures or swaps traded on a primary exchange and are priced by multiple providers. Accordingly, the Company classified these assets and liabilities as Level 1. This category also includes various other assets in which carrying value approximates fair value. Additionally, this category includes investments in commodity and structured credit funds that are not quoted on active markets; therefore, they are classified as Level 2. | ||||||||||||||||||||||||||||||||
Real estate —The fair market value of real estate investment trusts is based on observable inputs for similar assets in active markets, for instance, appraisals and market comparables. Accordingly, the real estate investments were categorized as Level 2. | ||||||||||||||||||||||||||||||||
Private equity— Includes the Company’s interest in various private equity funds that are valued by the investment manager on a periodic basis with models that use market, income and cost valuation methods. The valuation inputs are not highly observable, and these interests are not actively traded on an open market. Accordingly, this interest was categorized as Level 3. | ||||||||||||||||||||||||||||||||
For Level 2 and Level 3 plan assets, management reviews significant investments on a quarterly basis including investigation of unusual fluctuations in price or returns and obtaining an understanding of the pricing methodology to assess the reliability of third-party pricing estimates. | ||||||||||||||||||||||||||||||||
The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. The Company invests in various assets in which valuation is determined by NAV. The Company believes that the NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption of these investments or other reasons to indicate that the investment would be redeemed at an amount different than the NAV. | ||||||||||||||||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2014 and 2013, by asset category were as follows: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 66.4 | $ | 44.1 | $ | 22.3 | $ | — | $ | 79.6 | $ | 51.6 | $ | 28 | $ | — | ||||||||||||||||
Equity | 1,751.70 | 997.5 | 754.2 | — | 2,658.70 | 1,839.30 | 819.4 | — | ||||||||||||||||||||||||
Fixed income | 1,830.60 | 43 | 1,787.60 | — | 795.3 | 255 | 540.3 | — | ||||||||||||||||||||||||
Derivatives and other | 12.8 | 0.8 | 12 | — | 3.9 | 3.4 | 0.5 | — | ||||||||||||||||||||||||
Real estate | 133 | — | 133 | — | 126.4 | — | 126.4 | — | ||||||||||||||||||||||||
Private equity | 47.3 | — | — | 47.3 | 43.4 | — | — | 43.4 | ||||||||||||||||||||||||
Total | $ | 3,841.80 | $ | 1,085.40 | $ | 2,709.10 | $ | 47.3 | $ | 3,707.30 | $ | 2,149.30 | $ | 1,514.60 | $ | 43.4 | ||||||||||||||||
The fair values of the Company’s other postretirement benefits plan assets at December 31, 2014 and 2013, by asset category were as follows: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.8 | $ | — | $ | 0.8 | $ | 1.5 | $ | — | $ | 1.5 | ||||||||||||||||||||
Equity | 150.8 | — | 150.8 | 155.1 | — | 155.1 | ||||||||||||||||||||||||||
Fixed income | 46.6 | — | 46.6 | 39.6 | — | 39.6 | ||||||||||||||||||||||||||
Other | 14.4 | 1 | 13.4 | 10.6 | — | 10.6 | ||||||||||||||||||||||||||
Total | $ | 212.6 | $ | 1 | $ | 211.6 | $ | 206.8 | $ | — | $ | 206.8 | ||||||||||||||||||||
The following table provides a summary of changes in the fair value of the Company’s Level 3 assets: | ||||||||||||||||||||||||||||||||
Private | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 38.9 | ||||||||||||||||||||||||||||||
Unrealized gains - net | 8.7 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements | (4.2 | ) | ||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 43.4 | ||||||||||||||||||||||||||||||
Unrealized gains - net | 13.6 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements | (9.7 | ) | ||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 47.3 | ||||||||||||||||||||||||||||||
Employee 401(k) Savings Plan — For the benefit of most of its U.S. employees, the Company maintains a defined contribution retirement savings plan that is intended to be qualified under Section 401(a) of the Internal Revenue Code. Under this plan, employees may contribute a percentage of eligible compensation on both a before-tax and after-tax basis. The Company may match a percentage of a participating employee’s before-tax contributions. The plan provides that annual matching contributions are discretionary. In 2012, the Company made matching contributions for most U.S. employees on a pay period basis equal to 40% of contributions on up to 6% of eligible compensation. The amount of the match was determined by the level of eligible employee before-tax contributions and Roth 401(k) contributions made to the plan. The Company recognized expense of $30.8 million for matching contributions under its 401(k) plan for the year ended December 31, 2012. The Company suspended its 401(k) match for 2014 and 2013. | ||||||||||||||||||||||||||||||||
Multi-Employer Pension Plans — Multi-employer plans receive contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements and the assets contributed by one employer may be used to fund the benefits of all employees covered within the plan. The risk and level of uncertainty related to participating in these multi-employer pension plans differs significantly from the risk associated with the Company-sponsored defined benefit plans. For example, investment decisions are made by parties unrelated to the Company and the financial stability of other employers participating in a plan may affect the Company’s obligations under the plan. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company recorded restructuring, impairment and other charges of $38.5 million associated with its estimated liability for withdrawing from four defined benefit multi-employer pension plans. Of these charges, $35.5 million were due to the Company’s decision to withdraw from the four defined benefit multi-employer pension plans and $3.0 million were primarily related to facility closures. The Company no longer participates in any active defined benefit multi-employer pension plans. For the year ended December 31, 2013, the Company recorded charges of $53.1 million related to complete or partial withdrawal from certain multi-employer pension plans. Of these charges, $38.4 million were due to the Company’s decision to withdraw from certain multi-employer pension plans and $14.7 million were primarily related to facility closures. These charges were recorded as restructuring, impairment and other charges and represent the Company’s best estimate of the expected settlement of these withdrawal liabilities. There were no charges due to partial or complete withdrawal liabilities for the year ended December 31, 2012. See Note 3 for further details of charges related to complete or partial multi-employer pension plan withdrawal liabilities recognized in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company made regular contributions of $0.3 million, $1.3 million and $1.3 million, respectively, to these multi-employer pension plans and other plans from which the Company has completely withdrawn as of December 31, 2014. | ||||||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Income Taxes | Note 12. Income Taxes | |||||||||||
Income taxes have been based on the following components of earnings (loss) from operations before income taxes for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | 8.5 | $ | 66.7 | $ | (710.1 | ) | |||||
Foreign | 138.6 | 142.3 | 70.1 | |||||||||
Total | $ | 147.1 | $ | 209 | $ | (640.0 | ) | |||||
The components of income tax expense (benefit) from operations for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal: | ||||||||||||
Current | $ | 50.1 | $ | (15.1 | ) | $ | 8.6 | |||||
Deferred | (64.3 | ) | (23.9 | ) | (55.5 | ) | ||||||
State: | ||||||||||||
Current | 13.9 | (4.8 | ) | 10.5 | ||||||||
Deferred | (3.8 | ) | (2.6 | ) | (18.3 | ) | ||||||
Foreign: | ||||||||||||
Current | 49.3 | 51.8 | 46.5 | |||||||||
Deferred | (18.9 | ) | (14.6 | ) | 21.8 | |||||||
Total | $ | 26.3 | $ | (9.2 | ) | $ | 13.6 | |||||
The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s effective income tax rate: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Adjustment of uncertain tax positions and interest | (1.8 | ) | (6.2 | ) | 3.7 | |||||||
Foreign tax rate differential | (13.4 | ) | (11.3 | ) | 3.2 | |||||||
Domestic manufacturing deduction | (3.0 | ) | (0.1 | ) | 0.5 | |||||||
Acquisition-related expenses | 0.9 | 0.7 | (0.1 | ) | ||||||||
Change in valuation allowances | 0.9 | 3.1 | (4.4 | ) | ||||||||
State and local income taxes, net of U.S. federal income tax | 3.1 | 2.4 | — | |||||||||
benefit | ||||||||||||
Impairment charges | 4.3 | — | (40.1 | ) | ||||||||
Reorganization | (10.1 | ) | (32.8 | ) | 3.9 | |||||||
Foreign tax | 1.7 | 4 | (1.7 | ) | ||||||||
Other | 0.3 | 0.8 | (2.1 | ) | ||||||||
Effective income tax rate | 17.9 | % | (4.4 | %) | (2.1 | %) | ||||||
Included in 2014 is a $15.2 million tax benefit related to the decline in value of an entity within the Strategic Services segment. | ||||||||||||
Included in 2013 is a $58.5 million income tax benefit related to the decline in value and reorganization of certain entities within the Publishing and Retail Services segment and a benefit of $7.2 million for the recognition of previously unrecognized tax benefits related to the expected resolution of certain federal matters. | ||||||||||||
Included in 2012 is a benefit of $26.1 million reflecting the recognition of previously unrecognized tax benefits due to the resolution of certain U.S. federal uncertain tax positions and a $22.4 million benefit related to the decline in value and reorganization of certain entities within the International segment, partially offset by a valuation allowance provision of $32.7 million on certain deferred tax assets in Latin America, within the International segment, and an $11.0 million provision related to certain foreign earnings no longer considered to be permanently reinvested. | ||||||||||||
Deferred income taxes | ||||||||||||
The significant deferred tax assets and liabilities at December 31, 2014 and 2013 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement benefits plan liabilities | $ | 349.1 | $ | 167.4 | ||||||||
Net operating losses and other tax carryforwards | 341.6 | 328.3 | ||||||||||
Accrued liabilities | 164.3 | 153.9 | ||||||||||
Foreign depreciation | 38.7 | 51.3 | ||||||||||
Other | 34.6 | 38.7 | ||||||||||
Total deferred tax assets | 928.3 | 739.6 | ||||||||||
Valuation allowances | (257.8 | ) | (268.2 | ) | ||||||||
Net deferred tax assets | $ | 670.5 | $ | 471.4 | ||||||||
Deferred tax liabilities: | ||||||||||||
Accelerated depreciation | $ | (204.8 | ) | $ | (180.3 | ) | ||||||
Other intangible assets | (143.2 | ) | (86.2 | ) | ||||||||
Inventories | (24.4 | ) | (26.9 | ) | ||||||||
Other | (34.5 | ) | (39.8 | ) | ||||||||
Total deferred tax liabilities | (406.9 | ) | (333.2 | ) | ||||||||
Net deferred tax assets | $ | 263.6 | $ | 138.2 | ||||||||
The above amounts are classified as current or long-term in the Consolidated Balance Sheets in accordance with the asset or liability to which they relate on a jurisdiction by jurisdiction basis. | ||||||||||||
Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 268.2 | $ | 273.6 | $ | 273.2 | ||||||
Current year expense - net | 1.3 | 6.4 | 28.2 | |||||||||
Write-offs | (2.8 | ) | (8.3 | ) | (37.9 | ) | ||||||
Foreign exchange and other | (8.9 | ) | (3.5 | ) | 10.1 | |||||||
Balance, end of year | $ | 257.8 | $ | 268.2 | $ | 273.6 | ||||||
As of December 31, 2014, the Company had domestic and foreign net operating loss and other tax carryforwards of approximately $98.4 million and $243.2 million ($79.1 million and $249.2 million, respectively, at December 31, 2013), of which $132.2 million expires between 2015 and 2024. Limitations on the utilization of these tax assets may apply. The Company has provided valuation allowances to reduce the carrying value of certain deferred tax assets, as management has concluded that, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be fully realized. | ||||||||||||
Deferred income taxes are not provided on the excess of the investment value for financial reporting over the tax basis of investments in those foreign subsidiaries for which such excess is considered to be permanently reinvested in those operations. The Company has recognized deferred tax liabilities of $2.6 million and $7.9 million as of December 31, 2014 and December 31, 2013, respectively, related to local taxes on certain foreign earnings which are not considered to be permanently reinvested. Determination of the amount of unrecognized U.S. income tax liabilities with respect to certain foreign earnings which have been reinvested abroad is not practical. | ||||||||||||
Cash payments for income taxes were $125.5 million, $99.0 million and $100.0 million in 2014, 2013 and 2012, respectively. Cash refunds for income taxes were $13.9 million, $12.1 million and $18.5 million in 2014, 2013 and 2012, respectively. | ||||||||||||
The Company’s income taxes payable for federal and state purposes has been reduced by the tax benefits associated with the exercise of employee stock options and the vesting of restricted stock units. A component of the income tax benefit, calculated as the tax effect of the difference between the fair market value at the time stock options are exercised or restricted stock units vest and the grant date fair market value, directly increases or reduces RR Donnelley shareholders’ equity. For the years ended December 31, 2014, 2013 and 2012, the tax expense recognized as a reduction of RR Donnelley’s shareholders’ equity was $2.9 million, $0.9 million and $1.2 million, respectively. | ||||||||||||
See Note 16 for details of the income tax expense or benefit allocated to each component of other comprehensive income. | ||||||||||||
Uncertain tax positions | ||||||||||||
Changes in the Company’s unrecognized tax benefits at December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 33.8 | $ | 47.9 | $ | 76.4 | ||||||
Acquisitions | 30.9 | — | — | |||||||||
Additions for tax positions of the current year | 1.9 | 2.1 | 6.3 | |||||||||
Additions for tax positions of prior years | 0.4 | 3.7 | 3.9 | |||||||||
Reductions for tax positions of prior years | (1.4 | ) | (16.2 | ) | (29.6 | ) | ||||||
Settlements during the year | (2.9 | ) | (0.7 | ) | (5.6 | ) | ||||||
Lapses of applicable statutes of limitations | (4.2 | ) | (3.0 | ) | (3.5 | ) | ||||||
Balance at end of year | $ | 58.5 | $ | 33.8 | $ | 47.9 | ||||||
As of December 31, 2014, 2013 and 2012, the Company had $58.5 million, $33.8 million and $47.9 million, respectively, of unrecognized tax benefits. Unrecognized tax benefits of $38.2 million as of December 31, 2014, if recognized, would have decreased income taxes and the corresponding effective income tax rate and increased net earnings. This potential impact on net earnings (loss) reflects the reduction of these unrecognized tax benefits, net of certain deferred tax assets and the federal tax benefit of state income tax items. | ||||||||||||
As of December 31, 2014, it is reasonably possible that the total amount of unrecognized tax benefits will decrease within twelve months by as much as $8.2 million due to the resolution of audits or expirations of statutes of limitations related to U.S. federal, state and international tax positions. | ||||||||||||
The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The total interest expense, net of tax benefits, related to tax uncertainties recognized in the Consolidated Statements of Operations was expense of $0.1 million for the year ended December 31, 2014 and a benefit of $1.8 million and $4.1 million for the years ended December 31, 2013 and 2012, respectively, due to the reversal of interest accrued on previously unrecognized tax benefits that were recognized during the respective years. Benefits of $0.1 million, $2.6 million and $1.1 million were recognized for the years ended December 31, 2014, 2013 and 2012, respectively, from the reversal of accrued penalties. Accrued interest of $5.6 million and $5.5 million related to income tax uncertainties were reported as a component of other noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2014 and 2013, respectively. There were no accrued penalties related to income tax uncertainties for the year ended December 31, 2014. Accrued penalties of $0.1 million related to income tax uncertainties were reported in other noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2013. | ||||||||||||
The Company has tax years from 2003 that remain open and subject to examination by the IRS, certain state taxing authorities and certain foreign tax jurisdictions. | ||||||||||||
Tax Holidays | ||||||||||||
The Company has been granted “tax holidays” in certain foreign countries as an incentive to attract international investment. Generally, a tax holiday is an agreement between the Company and a foreign government under which the Company receives certain tax benefits in that country. The aggregate effect on income tax expense in 2014, 2013 and 2012, as a result of these agreements, was approximately $1.4 million, $0.6 million and $0.2 million, respectively. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | Note 13. Debt | |||||||||||
The Company’s debt at December 31, 2014 and 2013 consisted of the following: | ||||||||||||
2014 | 2013 | |||||||||||
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 | 219.1 | 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 | 448.3 | 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 | 199.5 | 199.4 | ||||||||||
8.820% debentures due April 15, 2031 | 69 | 69 | ||||||||||
Other (b) | 3.6 | 10.7 | ||||||||||
Total debt | 3,632.50 | 3,857.90 | ||||||||||
Less: current portion | (203.4 | ) | (270.9 | ) | ||||||||
Long-term debt | $ | 3,429.10 | $ | 3,587.00 | ||||||||
(a) | As of December 31, 2014 and 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 adjustments 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 $259.5 million and $343.4 million at December 31, 2014 and 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 Credit Agreement is subject to a number of covenants, including a minimum Interest Coverage Ratio and a maximum Leverage Ratio, as defined and calculated pursuant to the Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Credit Agreement generally allows annual dividend payments of up to $225.0 million in aggregate, though additional dividends may be allowed subject to certain conditions. | ||||||||||||
The weighted average interest rate on borrowings under the Company’s $1.5 billion Credit Agreement was 2.0% during the years ended December 31, 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 year ended December 31, 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, and commenced on May 15, 2014. The net proceeds from the offering, along with cash on hand and borrowings under the Credit Agreement, were used to finance the cash portion of the acquisition of Consolidated Graphics and for general corporate purposes. | ||||||||||||
On August 26, 2013, the Company issued $400.0 million of 7.00% senior notes due February 15, 2022. Interest on the notes is payable semi-annually on February 15 and August 15 of each year, and commenced on February 15, 2014. The net proceeds from the offering were used to repurchase $200.0 million of the 7.25% senior notes due May 15, 2018, $100.0 million of the 5.50% senior notes due May 15, 2015 and $100.0 million of the 6.125% senior notes due January 15, 2017. The repurchases resulted in a pre-tax loss on debt extinguishment of $46.3 million for the year ended December 31, 2013 related to the premiums paid, unamortized debt issuance costs and other expenses. | ||||||||||||
On March 14, 2013, the Company issued $450.0 million of 7.875% senior notes due March 15, 2021. Interest on the notes commenced on September 15, 2013 and is payable semi-annually on March 15 and September 15 of each year. The net proceeds from the offering were used to repurchase $173.5 million of the 6.125% senior notes due January 15, 2017, $130.2 million of the 8.60% senior notes due August 15, 2016 and $50.0 million of the 7.25% senior notes due May 15, 2018 and to reduce borrowings under the Credit Agreement. The repurchases resulted in a pre-tax loss on debt extinguishment of $35.6 million for the year ended December 31, 2013 related to the premiums paid, unamortized debt issuance costs and other expenses. | ||||||||||||
As of December 31, 2014, the Company had $93.7 million in outstanding letters of credit, of which $56.5 million were issued under the Credit Agreement. The letters of credit issued under the Credit Agreement did not reduce availability under the Credit Agreement at December 31, 2014, as the amounts issued were less than the reduction in availability from the Leverage Ratio covenant. As of December 31, 2014, the Company also had $178.3 million in other uncommitted credit facilities, primarily outside the U.S., (the “Other Facilities”). As of December 31, 2014, bank acceptance drafts, letters of credit and guarantees of $91.7 million were issued, and reduced availability, under the Company’s Other Facilities. As of December 31, 2014 and 2013, total borrowings under the Credit Agreement and the Other Facilities (the “Combined Facilities”) were $2.5 million and $9.1 million, respectively. | ||||||||||||
At December, 31, 2014, the future maturities of debt, including capitalized leases, were as follows: | ||||||||||||
Amount | ||||||||||||
2015 | $ | 203.5 | ||||||||||
2016 | 220.7 | |||||||||||
2017 | 251.5 | |||||||||||
2018 | 250 | |||||||||||
2019 | 411.1 | |||||||||||
2020 and thereafter | 2,300.00 | |||||||||||
Total (a) | $ | 3,636.80 | ||||||||||
(a) | Excludes a discount of $3.5 million and an adjustment for fair value hedges of $0.8 million related to the Company’s 8.25% senior notes due March 15, 2019, which do not represent contractual commitments with a fixed amount or maturity date. | |||||||||||
________________________ | ||||||||||||
The following table summarizes interest expense included in the Consolidated Statements of Operations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest incurred | $ | 294.6 | $ | 276 | $ | 271.1 | ||||||
Less: interest income | (8.9 | ) | (11.5 | ) | (15.2 | ) | ||||||
Less: interest capitalized as property, plant and equipment | (3.6 | ) | (3.1 | ) | (4.1 | ) | ||||||
Interest expense, net | $ | 282.1 | $ | 261.4 | $ | 251.8 | ||||||
Interest paid, net of interest received, was $272.8 million, $245.0 million and $250.1 million in 2014, 2013 and 2012, respectively. |
Derivatives
Derivatives | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||
Derivatives | Note 14. Derivatives | |||||||||||||
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities in the Consolidated Balance Sheets at their respective fair values. Unrealized gains and losses related to derivatives are recorded in other comprehensive income (loss), net of applicable income taxes, or in the Consolidated Statements of Operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as cash flow hedges, the effective portion of the unrealized gain or loss related to the derivatives are generally recorded in other comprehensive income (loss) until the transaction affects earnings. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the Consolidated Statements of Operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the Consolidated Statements of Operations. At the inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is also recognized currently in the Consolidated Statements of Operations. | ||||||||||||||
The Company is exposed to the impact of foreign currency fluctuations in certain countries in which it operates. The exposure to foreign currency movements is limited in many countries because the operating revenues and expenses of its various subsidiaries and business units are substantially in the local currency of the country in which they operate. To the extent borrowings, sales, purchases, revenues, expenses or other transactions are not in the local currency of the subsidiary or operating unit, the Company is exposed to currency risk. Periodically, the Company uses foreign exchange spot and forward contracts to hedge exposures resulting from foreign exchange fluctuations. Accordingly, the gains and losses associated with the fair values of foreign currency exchange contracts are recognized currently in the Consolidated Statements of Operations and 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 aggregate notional value of the forward contracts at December 31, 2014 and 2013 was $377.2 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 value 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 year ended December 31, 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 December 31, 2014 was $190.0 million. The interest rate swaps were designated as fair value hedges against changes in the value of the $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 value of $600.0 million at inception, are designated as fair value hedges against changes in the value of the Company’s 4.95% senior notes due April 1, 2014, which are attributable to changes in the benchmark interest rate. During March 2012, the Company repurchased $341.8 million of the 4.95% senior notes due April 1, 2014, and related interest rate swaps with a notional amount of $342.0 million were terminated, resulting in proceeds of $11.0 million for the fair value of the interest rate swaps. 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 Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. | ||||||||||||||
The Company manages credit risk for its derivative positions on a counterparty-by-counterparty basis, considering the net portfolio exposure with each counterparty, consistent with its risk management strategy for such transactions. The Company’s agreements with each of its counterparties contain a provision where the Company could be declared in default on its derivative obligations if it either defaults or, in certain cases, is capable of being declared in default of any of its indebtedness greater than specified thresholds. These agreements also contain a provision where the Company could be declared in default subsequent to a merger or restructuring type event if the creditworthiness of the resulting entity is materially weaker. | ||||||||||||||
At December 31, 2014 and 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 Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Derivatives not designated as hedges | ||||||||||||||
Prepaid expenses and other current assets | $ | 7 | $ | 0.4 | ||||||||||
Accrued liabilities | 0.5 | 1.5 | ||||||||||||
Derivatives designated as fair value hedges | ||||||||||||||
Prepaid expenses and other current assets | $ | — | $ | 1.3 | ||||||||||
Other noncurrent liabilities | 1.2 | 9.1 | ||||||||||||
The pre-tax (gains) losses related to derivatives not designated as hedges recognized in the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||
Classification of (Gain) Loss Recognized in the | ||||||||||||||
Consolidated Statements of Operations | 2014 | 2013 | 2012 | |||||||||||
Derivatives not designated as hedges | ||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (33.5 | ) | $ | 17 | $ | 24.8 | ||||||
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) loss on the related interest rate swaps for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||
Classification of (Gain) Loss Recognized in the | ||||||||||||||
Consolidated Statements of Operations | 2014 | 2013 | 2012 | |||||||||||
Fair Value Hedges | ||||||||||||||
Interest rate swaps | Investment and other (income) expense-net | $ | (2.1 | ) | $ | 22.5 | $ | (5.7 | ) | |||||
Hedged items | Investment and other (income) expense-net | 1.3 | (20.8 | ) | 4.4 | |||||||||
Total (gain) loss recognized as | Investment and other (income) expense-net | $ | (0.8 | ) | $ | 1.7 | $ | (1.3 | ) | |||||
ineffectiveness in the Condensed | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
The Company also recognized a net reduction to interest expense of $3.8 million, $8.7 million and $8.0 million for the years ended December 31, 2014, 2013 and 2012, respectively, related to the Company’s fair value hedges, which includes interest accruals on the derivatives and amortization of the basis in the hedged items. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Share | Note 15. Earnings per Share | |||||||||||
Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to RR Donnelley common shareholders by the weighted average number of common shares outstanding for the period. In computing diluted earnings (loss) per share, basic earnings (loss) per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units and performance share units. Performance share units are considered anti-dilutive and excluded if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Additionally, stock options are considered anti-dilutive when the exercise price exceeds the average market value of the Company’s stock price during the applicable period. | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012, no shares of common stock were purchased by the Company, however, shares were withheld for tax liabilities upon the vesting of equity awards. During the year-ended December 31, 2014, the Company issued stock in conjunction with the Consolidated Graphics and Esselte acquisitions of 16.0 million and 1.0 million shares, respectively. | ||||||||||||
The reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share calculation and the anti-dilutive share-based awards for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net earnings (loss) per share attributable to RR Donnelley | ||||||||||||
common shareholders: | ||||||||||||
Basic | $ | 0.59 | $ | 1.16 | $ | (3.61 | ) | |||||
Diluted | $ | 0.59 | $ | 1.15 | $ | (3.61 | ) | |||||
Dividends declared per common share | $ | 1.04 | $ | 1.04 | $ | 1.04 | ||||||
Numerator: | ||||||||||||
Net earnings (loss) attributable to RR Donnelley | $ | 117.4 | $ | 211.2 | $ | (651.4 | ) | |||||
common shareholders | ||||||||||||
Denominator: | ||||||||||||
Weighted average number of common shares | 198.5 | 181.9 | 180.4 | |||||||||
outstanding | ||||||||||||
Dilutive options and awards | 1.5 | 1.6 | — | |||||||||
Diluted weighted average number of common shares | 200 | 183.5 | 180.4 | |||||||||
outstanding | ||||||||||||
Weighted average number of anti-dilutive share-based | ||||||||||||
awards: | ||||||||||||
Restricted stock units | — | 1.5 | 3.6 | |||||||||
Performance share units | 0.7 | 0.6 | 0.4 | |||||||||
Stock options | 2 | 3.9 | 4.6 | |||||||||
Total | 2.7 | 6 | 8.6 | |||||||||
Comprehensive_Income
Comprehensive Income | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||
Comprehensive Income | Note 16. Comprehensive Income | |||||||||||||||||||||||||||||||||||
The components of other comprehensive (loss) income and income tax expense allocated to each component for the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | Before | Income | Net of | ||||||||||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||||||||||
Translation adjustments | $ | (45.2 | ) | $ | — | $ | (45.2 | ) | $ | (22.8 | ) | $ | — | $ | (22.8 | ) | $ | 11.4 | $ | — | $ | 11.4 | ||||||||||||||
Adjustment for net periodic | (390.9 | ) | (150.0 | ) | (240.9 | ) | 919 | 355.3 | 563.7 | (285.1 | ) | (107.5 | ) | (177.6 | ) | |||||||||||||||||||||
pension and other | ||||||||||||||||||||||||||||||||||||
postretirement benefits plan | ||||||||||||||||||||||||||||||||||||
cost | ||||||||||||||||||||||||||||||||||||
Change in fair value of | 0.2 | 0.1 | 0.1 | 0.6 | 0.2 | 0.4 | 0.8 | 0.3 | 0.5 | |||||||||||||||||||||||||||
derivatives | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | (435.9 | ) | $ | (149.9 | ) | $ | (286.0 | ) | $ | 896.8 | $ | 355.5 | $ | 541.3 | $ | (272.9 | ) | $ | (107.2 | ) | $ | (165.7 | ) | ||||||||||||
The following table summarizes changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | (1.1 | ) | $ | (907.5 | ) | $ | 45.3 | $ | (863.3 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before | — | (184.0 | ) | 11.2 | (172.8 | ) | ||||||||||||||||||||||||||||||
reclassifications | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other | 0.5 | 6.4 | — | 6.9 | ||||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Net change in accumulated other | 0.5 | (177.6 | ) | 11.2 | (165.9 | ) | ||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (0.6 | ) | $ | (1,085.1 | ) | $ | 56.5 | $ | (1,029.2 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before | — | 543.9 | (23.0 | ) | 520.9 | |||||||||||||||||||||||||||||||
reclassifications | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other | 0.4 | 19.8 | — | 20.2 | ||||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive | 0.4 | 563.7 | (23.0 | ) | 541.1 | |||||||||||||||||||||||||||||||
loss | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | |||||||||||||||||||||||||
Other comprehensive (loss) income before | — | (303.4 | ) | (34.7 | ) | (338.1 | ) | |||||||||||||||||||||||||||||
reclassifications | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other | 0.1 | 62.5 | — | 62.6 | ||||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from cumulative translation | — | — | (10.0 | ) | (10.0 | ) | ||||||||||||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive | 0.1 | (240.9 | ) | (44.7 | ) | (285.5 | ) | |||||||||||||||||||||||||||||
loss | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | (0.1 | ) | $ | (762.3 | ) | $ | (11.2 | ) | $ | (773.6 | ) | ||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Classification in the | |||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||
Amortization of pension and other postretirement | ||||||||||||||||||||||||||||||||||||
benefits plan cost: | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 31.9 | $ | 50.5 | $ | 32 | (a) | |||||||||||||||||||||||||||||
Net prior service credit | (25.8 | ) | (19.7 | ) | (19.1 | ) | (a) | |||||||||||||||||||||||||||||
Curtailments and settlements | 95.7 | 0.7 | (2.6 | ) | (a) | |||||||||||||||||||||||||||||||
Reclassifications before tax | 101.8 | 31.5 | 10.3 | |||||||||||||||||||||||||||||||||
Income tax expense | 39.3 | 11.7 | 3.9 | |||||||||||||||||||||||||||||||||
Reclassifications, net of tax | $ | 62.5 | $ | 19.8 | $ | 6.4 | ||||||||||||||||||||||||||||||
(a) | These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 11). |
Stock_and_Incentive_Programs_f
Stock and Incentive Programs for Employees and Directors | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||
Stock and Incentive Programs for Employees and Directors | Note 17. Stock and Incentive Programs for Employees and Directors | |||||||||||||||
The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors, including stock options, restricted stock units and performance share units. The Company estimates the fair value of share-based awards based on assumptions as of the grant date. The Company recognizes these compensation costs for only those awards expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years for restricted stock awards and stock options and the performance period for performance share units. The Company estimates the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. | ||||||||||||||||
Share-Based Compensation Expense | ||||||||||||||||
The total compensation expense related to all share-based compensation plans was $17.7 million, $19.9 million and $25.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. The income tax benefit related to share-based compensation expense was $6.9 million, $7.7 million and $9.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, $18.6 million of total unrecognized compensation expense related to share-based compensation plans is expected to be recognized over a weighted-average period of 2.0 years. | ||||||||||||||||
Share-Based Compensation Plans | ||||||||||||||||
The Company has one share-based compensation plan under which it may grant future awards, as described below, and one terminated or expired share-based compensation plan under which awards remain outstanding. | ||||||||||||||||
The 2012 Performance Incentive Plan (the “2012 PIP”) was approved by shareholders to provide incentives to key employees of the Company and its subsidiaries. Awards under the 2012 PIP are generally not restricted to any specific form or structure and could include, without limitation, stock options, stock units, restricted stock awards, cash or stock bonuses and stock appreciation rights. There were 10 million shares of common stock reserved and authorized for issuance under the 2012 PIP. At December 31, 2014, there were 6.9 million shares of common stock authorized and available for grant under the 2012 PIP. | ||||||||||||||||
General Terms of Awards | ||||||||||||||||
Under various incentive plans, the Company has granted certain employees non-qualified stock options, restricted stock units, and performance share units. The Human Resources Committee of the Board of Directors has discretion to establish the terms and conditions for grants, including the number of shares, vesting and required service or other performance criteria. The maximum term of any award under the 2012 PIP and previous plans is ten years. | ||||||||||||||||
For all of the Company’s stock options outstanding at December 31, 2014, the exercise price of the stock option equals the fair market value of the Company’s common stock on the option grant date. Options generally vest over four years or less from the date of grant, upon retirement or upon a change in control of the Company. Options granted prior to November 2004 and after December 2006 expire ten years from the date of grant or five years after the date of retirement, whichever is earlier. | ||||||||||||||||
The rights granted to the recipient of restricted stock unit awards generally accrue ratably over the restriction or vesting period, which is generally four years. Restricted stock unit awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death or permanent disability of the grantee, termination of the grantee’s employment under certain circumstances or a change in control of the Company. The Company records compensation expense of restricted stock unit awards based on the fair market value of the awards at the date of grant ratably over the period during which the restrictions lapse. Dividends are not paid on restricted stock units. | ||||||||||||||||
The Company also issues restricted stock units as share-based compensation for members of the Board of Directors. Director restricted stock units granted after January 2009 vest ratably over three years from the date of grant with the opportunity to defer any tranche of vesting restricted stock units until termination of service on the Board of Directors. Awards granted between January 2008 and January 2009 vested ratably over three years from the date of grant and were amended in May 2009 to provide the opportunity to defer any tranche of vesting restricted stock units until termination of service on the Board of Directors. For awards granted prior to January 2008, one-third of the restricted stock units vested on the third anniversary of the grant date, and the remaining two-thirds of the restricted stock units vested upon termination of the holder’s service on the Board of Directors; the holder could also elect to defer delivery of the initial one-third of the restricted stock units until termination of service on the Board of Directors. In the event of termination of a holder’s service on the Board of Directors prior to a vesting date, all restricted stock units of such holder will vest. All awards granted prior to December 31, 2007 are payable in shares of common stock or cash. In 2009, the option to have awards paid in cash was removed for awards granted in 2008 and future years. Awards that may be paid in cash are classified as liability awards due to their expected settlement in cash, and are included in accrued liabilities in the Consolidated Balance Sheets. Compensation expense for these awards is measured based upon the fair market value of the awards at the end of each reporting period. Awards payable only in shares are classified as equity awards due to their expected settlement in common stock. Compensation expense for these awards is measured based upon the fair market value of the awards at the date of grant. Dividend equivalents are accrued for shares awarded to the Board of Directors and paid in the form of cash. | ||||||||||||||||
The Company has granted performance share unit awards to certain executive officers. Distributions under these awards are payable at the end of their respective performance periods in common stock or cash, at the Company’s discretion. The number of share units awarded can range from zero to 100%, depending on achievement of a targeted performance metric for a performance period of three years inclusive of the year in which the award was granted. These awards are subject to forfeiture upon termination by the Company under certain circumstances prior to vesting. The Company expenses the cost of the performance share unit awards based on the fair market value of the awards at the date of grant and the estimated achievement of the performance metric, ratably over the performance period of three years. | ||||||||||||||||
Stock Options | ||||||||||||||||
There were no options granted during the years ended December 31, 2014 and 2013. The Company granted 1,221,000 stock options with grant date fair market values of $2.96 during the year ended December 31, 2012. The fair market value of each stock option award was estimated based on the assumptions below as of the grant date using the Black-Scholes-Merton option pricing model. | ||||||||||||||||
The assumptions used to determine the fair market value of the stock options granted during the year ended December 31, 2012 were as follows: | ||||||||||||||||
2012 | ||||||||||||||||
Expected volatility | 39.71 | % | ||||||||||||||
Risk-free interest rate | 1.18 | % | ||||||||||||||
Expected life (years) | 6.25 | |||||||||||||||
Expected dividend yield | 5.06 | % | ||||||||||||||
Stock option awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, were as follows: | ||||||||||||||||
Shares Under Option | Weighted | Weighted | Aggregate | |||||||||||||
(thousands) | Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (millions) | ||||||||||||||
Term | ||||||||||||||||
(years) | ||||||||||||||||
Outstanding at December 31, 2013 | 4,139 | $ | 19.39 | 5.6 | $ | 21.2 | ||||||||||
Exercised | (149 | ) | 10.98 | |||||||||||||
Cancelled/forfeited/expired | (143 | ) | 27.25 | |||||||||||||
Outstanding at December 31, 2014 | 3,847 | 19.43 | 4.7 | 12.6 | ||||||||||||
Vested and expected to vest at December 31, 2014 | 3,825 | 19.46 | 4.7 | 12.5 | ||||||||||||
Exercisable at December 31, 2014 | 1,357 | $ | 8.93 | 5.1 | $ | 10.7 | ||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2014 and 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 December 31, 2014 and 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 years ended December 31, 2014, 2013 and 2012 was $1.1 million, $0.7 million and $1.2 million, respectively. | ||||||||||||||||
Compensation expense related to stock options for the years ended December 31, 2014, 2013 and 2012 was $0.9 million, $1.5 million and $3.2 million, respectively. As of December 31, 2014, $0.7 million of total unrecognized compensation expense related to stock options is expected to be recognized over a weighted average period of 1.1 years. | ||||||||||||||||
Cash received from the option exercises for the year ended December 31, 2014, 2013 and 2012 was $1.6 million, $2.2 million and $1.4 million, respectively. The actual tax benefit realized for the tax deduction from option exercises totaled $0.4 million, $0.3 million and $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Excess tax benefits on stock option exercises, shown as financing cash inflows as a component of issuance of common stock in the Consolidated Statements of Cash Flows, were $0.3 million, $0.2 million and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Nonvested restricted stock unit awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014 were as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 2,495 | $ | 11.97 | |||||||||||||
Granted | 729 | 16.53 | ||||||||||||||
Vested | (1,174 | ) | 13.79 | |||||||||||||
Forfeited | (5 | ) | 16.23 | |||||||||||||
Nonvested at December 31, 2014 | 2,045 | $ | 12.54 | |||||||||||||
Compensation expense related to restricted stock units was $13.3 million, $15.9 million and $21.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, there was $12.7 million of unrecognized share-based compensation expense related to approximately 2.0 million restricted stock unit awards, with a weighted-average grant date fair value of $12.52, that are expected to vest over a weighted-average period of 2.2 years. The fair value of these awards was determined based on the Company’s stock price on the grant date reduced by the present value of expected dividends through the vesting period. | ||||||||||||||||
Excess tax benefits on restricted stock units that vested, shown as financing cash inflows as a component of issuance of common stock in the Consolidated Statements of Cash Flows, were $2.5 million, $2.1 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Nonvested performance share unit awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, were as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 953 | $ | 10.81 | |||||||||||||
Granted | 319 | 16.46 | ||||||||||||||
Expired | (149 | ) | 14.26 | |||||||||||||
Vested | (319 | ) | 12.18 | |||||||||||||
Nonvested at December 31, 2014 | 804 | $ | 11.87 | |||||||||||||
During the years ended December 31, 2014, 2013 and 2012, 319,000, 485,000 and 233,000 performance share unit awards, respectively, were granted to certain executive officers, payable upon the achievement of certain established performance targets. The performance periods for the shares awarded during the years ended December 31, 2014, 2013 and 2012 are January 1, 2014 through December 31, 2016, January 1, 2013 through December 31, 2015 and January 1, 2012 through December 31, 2014, respectively. Distributions under these awards are payable at the end of the performance period in common stock or cash, at the Company’s discretion. The total potential payouts for awards granted during the years ended December 31, 2014, 2013 and 2012 range from 154,500 to 319,000, 242,500 to 485,000 shares and 116,500 to 233,000 shares, respectively, should certain performance targets be achieved. The fair value of these awards was determined on the date of grant based on the Company’s stock price reduced by the present value of expected dividends through the vesting period. These awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death, permanent disability or retirement of the grantee or a change in control of the Company. | ||||||||||||||||
Compensation expense for the awards granted in 2014 and 2013 is currently being recognized based on the maximum estimated payout of 319,000 and 485,000 shares, for each respective period. Compensation expense for awards granted during 2012 was recognized based on the achieved payout of 94.7%, or 197,831 shares, which are expected to be distributed during the first quarter of 2015. Compensation expense related to performance share unit awards for the years ended December 31, 2014, 2013 and 2012 was $3.5 million, $2.5 million and $1.2 million, respectively. As of December 31, 2014, there was $5.2 million of unrecognized compensation expense related to performance share unit awards, which is expected to be recognized over a weighted average period of 1.7 years. | ||||||||||||||||
Board of Directors’ Liability Awards | ||||||||||||||||
Approximately 86,372, 124,599 and 147,263 restricted stock units issued to directors were outstanding at December 31, 2014, 2013 and 2012, respectively. For the years ended December 31, 2014, 2013 and 2012, the compensation expense recorded for these awards was $0.2 million, $2.2 million, and income of $0.2 million, respectively. Board of Directors’ equity awards are included above in the section “Restricted Stock Units.” | ||||||||||||||||
Other Information | ||||||||||||||||
Authorized unissued shares or treasury shares may be used for issuance under the Company’s share-based compensation plans. The Company intends to use treasury shares of its common stock to meet the stock requirements of its awards in the future. On May 3, 2011, the Company’s Board of Directors approved a share repurchase program, which authorized the repurchase of up to $1.0 billion of the Company’s common stock through December 31, 2012 and terminated its existing authorization of October 29, 2008 for the repurchase of up to 10 million shares. No shares were repurchased for the years ended December 31, 2014, 2013 and 2012, however, shares were withheld for tax liabilities upon the vesting of equity awards. |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Preferred Stock | Note 18. Preferred Stock |
The Company has two million shares of $1.00 par value preferred stock authorized for issuance. The Board of Directors may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Segment Information | Note 19. Segment Information | |||||||||||||||||||||||||||
The Company’s segments and their product and service offerings are summarized below: | ||||||||||||||||||||||||||||
Publishing and Retail Services | ||||||||||||||||||||||||||||
The Publishing and Retail Services segment’s primary product offerings include magazines, catalogs, retail inserts, books, directories and packaging. The Publishing and Retail Services segment accounted for 22.7% of the Company’s consolidated net sales in 2014. | ||||||||||||||||||||||||||||
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, office products, labels, statement printing, forms and packaging. The Variable Print segment accounted for 32.5% of the Company’s consolidated net sales in 2014. | ||||||||||||||||||||||||||||
Strategic Services | ||||||||||||||||||||||||||||
The Strategic Services segment includes the Company’s logistics services, financial print products and related services, print management offerings and digital and creative solutions. The Strategic Services segment accounted for 22.5% of the Company’s consolidated net sales in 2014. | ||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||
The International segment includes the Company’s non-U.S. printing operations in Asia, Europe, Latin America and Canada. This segment’s primary product and service offerings include magazines, catalogs, retail inserts, books, directories, direct mail, packaging, forms, labels, manuals, statement printing, commercial and digital print, logistics services and digital and creative solutions. Additionally, this segment includes the Company’s business process outsourcing and Global Turnkey Solutions operations. Business process outsourcing provides transactional print and outsourcing services, statement printing, direct mail and print management offerings through its operations in Europe, Asia and North America. Global Turnkey Solutions provides outsourcing capabilities, including product configuration, customized kitting and order fulfillment for technology, medical device and other companies around the world through its operations in Europe, North America and Asia. The International segment accounted for 22.3% of the Company’s consolidated net sales in 2014. | ||||||||||||||||||||||||||||
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 Consolidated Financial Statements. | ||||||||||||||||||||||||||||
Total | Intersegment | Net | Income | Assets of | Depreciation | Capital | ||||||||||||||||||||||
Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | ||||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,646.10 | $ | (13.8 | ) | $ | 2,632.30 | $ | 86.1 | $ | 1,215.70 | $ | 145.1 | $ | 43.5 | |||||||||||||
Variable Print | 3,829.70 | (61.8 | ) | 3,767.90 | 240.8 | 2,649.50 | 157.2 | 53 | ||||||||||||||||||||
Strategic Services | 2,744.80 | (137.3 | ) | 2,607.50 | 257.4 | 1,366.60 | 65.5 | 41 | ||||||||||||||||||||
International | 2,691.20 | (95.5 | ) | 2,595.70 | 106.7 | 1,865.40 | 98.8 | 68.3 | ||||||||||||||||||||
Total operating segments | 11,911.80 | (308.4 | ) | 11,603.40 | 691 | 7,097.20 | 466.6 | 205.8 | ||||||||||||||||||||
Corporate | — | — | — | (175.1 | ) | 542.1 | 7.4 | 17.8 | ||||||||||||||||||||
Total operations | $ | 11,911.80 | $ | (308.4 | ) | $ | 11,603.40 | $ | 515.9 | $ | 7,639.30 | $ | 474 | $ | 223.6 | |||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,777.70 | $ | (2.9 | ) | $ | 2,774.80 | $ | 109.6 | $ | 1,369.60 | $ | 166 | $ | 57.7 | |||||||||||||
Variable Print | 2,650.70 | (57.9 | ) | 2,592.80 | 197.9 | 1,567.10 | 103.4 | 63.4 | ||||||||||||||||||||
Strategic Services | 2,587.70 | (134.7 | ) | 2,453.00 | 232.8 | 1,355.60 | 58.4 | 34.9 | ||||||||||||||||||||
International | 2,746.90 | (87.2 | ) | 2,659.70 | 147.3 | 2,060.00 | 102.5 | 50.8 | ||||||||||||||||||||
Total operating segments | 10,763.00 | (282.7 | ) | 10,480.30 | 687.6 | 6,352.30 | 430.3 | 206.8 | ||||||||||||||||||||
Corporate | — | — | — | (107.9 | ) | 885.9 | 5.5 | 9.8 | ||||||||||||||||||||
Total operations | $ | 10,763.00 | $ | (282.7 | ) | $ | 10,480.30 | $ | 579.7 | $ | 7,238.20 | $ | 435.8 | $ | 216.6 | |||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,938.30 | $ | (18.8 | ) | $ | 2,919.50 | $ | (659.4 | ) | $ | 1,517.80 | $ | 213.5 | $ | 57.8 | ||||||||||||
Variable Print | 2,697.50 | (60.3 | ) | 2,637.20 | 202.1 | 1,616.00 | 103.8 | 42.7 | ||||||||||||||||||||
Strategic Services | 2,210.20 | (144.8 | ) | 2,065.40 | 59 | 1,404.30 | 52.3 | 39.9 | ||||||||||||||||||||
International | 2,678.60 | (78.8 | ) | 2,599.80 | 91.6 | 2,192.10 | 105.8 | 43.9 | ||||||||||||||||||||
Total operating segments | 10,524.60 | (302.7 | ) | 10,221.90 | (306.7 | ) | 6,730.20 | 475.4 | 184.3 | |||||||||||||||||||
Corporate | — | — | — | (63.1 | ) | 532.5 | 6.2 | 21.6 | ||||||||||||||||||||
Total operations | $ | 10,524.60 | $ | (302.7 | ) | $ | 10,221.90 | $ | (369.8 | ) | $ | 7,262.70 | $ | 481.6 | $ | 205.9 | ||||||||||||
Corporate assets primarily consisted of the following items at December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 94.6 | $ | 494.9 | $ | (137.2 | ) | |||||||||||||||||||||
Current and deferred income tax assets, net of valuation | 152 | 39.2 | 324.5 | |||||||||||||||||||||||||
allowances | ||||||||||||||||||||||||||||
Deferred compensation plan assets and Company owned | 86 | 79.5 | 70.1 | |||||||||||||||||||||||||
life insurance assets | ||||||||||||||||||||||||||||
Software, net | 82.1 | 71.1 | 71.8 | |||||||||||||||||||||||||
Property, plant and equipment, net | 61.2 | 61.7 | 60.7 | |||||||||||||||||||||||||
Debt issuance costs | 46.9 | 46 | 37.8 | |||||||||||||||||||||||||
LIFO reserves | (93.6 | ) | (92.0 | ) | (92.1 | ) | ||||||||||||||||||||||
Restructuring, impairment and other charges by segment for 2014, 2013 and 2012 are described in Note 3. |
Geographic_Area_and_Products_a
Geographic Area and Products and Services Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Geographic Area and Products and Services Information | Note 20. Geographic Area and Products and Services Information | |||||||||||||||||||
The table below presents net sales and long-lived assets by geographic region. The amounts in this table differ from the segment data presented in Note 19 because each operating segment includes operations in multiple geographic regions based on the Company’s management reporting structure. | ||||||||||||||||||||
U.S. | Europe | Asia | Other | Combined | ||||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 8,974.20 | $ | 983.1 | $ | 860.1 | $ | 786 | $ | 11,603.40 | ||||||||||
Long-lived assets (a) | 1,671.10 | 154 | 129 | 181.6 | 2,135.70 | |||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 7,866.20 | $ | 975.2 | $ | 841.5 | $ | 797.4 | $ | 10,480.30 | ||||||||||
Long-lived assets (a) | 1,435.70 | 160.7 | 152.2 | 175.8 | 1,924.40 | |||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 7,719.90 | $ | 1,025.80 | $ | 733 | $ | 743.2 | $ | 10,221.90 | ||||||||||
Long-lived assets (a) | 1,915.40 | 181.4 | 167.7 | 201.5 | 2,466.00 | |||||||||||||||
(a) | Includes net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. | |||||||||||||||||||
_____________________ | ||||||||||||||||||||
The following table summarizes net sales by the Company’s products and services categories for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
Products and services | 2014 | 2013 | 2012 | |||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||
Magazines, catalogs and retail inserts | $ | 2,223.50 | $ | 2,370.00 | $ | 2,445.10 | ||||||||||||||
Commercial and digital print | 1,851.70 | 966.4 | 1,021.00 | |||||||||||||||||
Books | 1,149.40 | 1,202.20 | 1,117.00 | |||||||||||||||||
Financial print | 722.2 | 775.1 | 747.4 | |||||||||||||||||
Statements | 641.3 | 666 | 747.4 | |||||||||||||||||
Direct Mail | 613.2 | 571.7 | 559.9 | |||||||||||||||||
Labels | 523.3 | 488.1 | 463.4 | |||||||||||||||||
Office products | 496.3 | 238.9 | 262.5 | |||||||||||||||||
Packaging and related products | 484 | 464.3 | 407 | |||||||||||||||||
Forms | 462.1 | 491.9 | 480.5 | |||||||||||||||||
Global Turnkey Solutions | 341.7 | 305.4 | 289.8 | |||||||||||||||||
Directories | 206.5 | 225.8 | 294.1 | |||||||||||||||||
Total products | 9,715.20 | 8,765.80 | 8,835.10 | |||||||||||||||||
Logistics services | 1,211.30 | 1,105.90 | 786.7 | |||||||||||||||||
Financial print related services | 292.3 | 230.2 | 212.9 | |||||||||||||||||
Business process outsourcing | 195.8 | 188.8 | 211 | |||||||||||||||||
Digital and creative solutions | 188.8 | 189.6 | 176.2 | |||||||||||||||||
Total services | 1,888.20 | 1,714.50 | 1,386.80 | |||||||||||||||||
Total net sales | $ | 11,603.40 | $ | 10,480.30 | $ | 10,221.90 | ||||||||||||||
Venezuela_Currency_Remeasureme
Venezuela Currency Remeasurement | 12 Months Ended |
Dec. 31, 2014 | |
Foreign Currency [Abstract] | |
Venezuela Currency Remeasurement | Note 21. 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 year ended December 31, 2013. | |
During the first quarter of 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 December 31, 2014, the SICAD 1 and SICAD 2 exchange rates were 12.0 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 year ended December 31, 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 year ended December 31, 2014, a pre-tax loss, net of foreign exchange gains, of $18.4 million ($13.8 million after-tax) was recognized in net investment and other expense, of which $5.6 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 is a 50.1% owned joint venture, are not significant to the Company’s consolidated results of operations. | |
In February 2015, the Venezuelan government discontinued the SICAD 2 currency exchange and introduced a new currency exchange rate mechanism. The Company is monitoring ongoing developments to determine which currency exchange mechanism will most likely be used to settle U.S. Dollar denominated liabilities, and, as a result, will be used to remeasure the Company’s Venezuelan subsidiaries’ local-currency denominated net monetary assets. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Changes And Error Corrections [Abstract] | ||
New Accounting Pronouncements | Note 22. New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“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 evaluating the impact of the provisions of ASU 2014-09 and currently anticipates applying the modified retrospective approach when adopting the standard. | ||
The following recently issued standards are not expected to have a material impact on the Company’s Consolidated Financial Statements: | ||
· | Accounting Standards Update No. 2015-01 “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” | |
· | Accounting Standards Update No. 2014-17 “Business Combinations (Topic 805): Pushdown Accounting” | |
· | Accounting Standards Update No. 2014-16 “Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity” | |
· | 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” | |
· | 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” | |
· | 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” | |
· | Accounting Standards Update No. 2014-01 “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects” | |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations —The Company helps organizations communicate more effectively by working to create, manage, produce, distribute and process content on behalf of our customers. The Company assists customers in developing and executing multichannel communication strategies that engage audiences, reduce costs, drive revenues and increase compliance. R.R. Donnelley’s innovative technologies enhance digital and print communications to deliver integrated messages across multiple media to highly targeted audiences at optimal times for clients in virtually every private and public sector. Strategically located operations provide local service and responsiveness while leveraging the economic, geographic and technological advantages of a global organization. |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, inventory obsolescence, asset valuations and useful lives, employee benefits, self-insurance reserves, taxes, restructuring and other provisions and contingencies. |
Foreign Operations | Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) while transaction gains and losses are recorded in net earnings (loss). Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be permanently reinvested. 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 entities are remeasured as if the functional currency were the U.S. Dollar. See Note 21 for further discussion. |
Fair Value Measurements | Fair Value Measurements— Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its foreign exchange forward contracts, interest rate swaps, pension plan assets and other postretirement plan assets on a recurring basis. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held for sale, goodwill and other intangible assets. The fair value of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values. The three-tier value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is: |
Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. | |
Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |
Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. | |
Revenue Recognition | ERROR: Could not retrieve Word content for note block |
By-Product Recoveries | By-product recoveries —The Company records the sale of by-products as a reduction of cost of sales. |
Cash and Cash Equivalents | Cash and cash equivalents —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. |
Receivables | Receivables— Receivables are stated net of allowances for doubtful accounts and primarily include trade receivables, notes receivable and miscellaneous receivables from suppliers. No single customer comprised more than 10% of the Company’s consolidated net sales in 2014, 2013 or 2012. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. See Note 5 for details of activity affecting the allowance for doubtful accounts receivable. |
Inventories | Inventories —Inventories include material, labor and factory overhead and are stated at the lower of cost or market and net of excess and obsolescence reserves for raw materials and finished goods. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory. Specific excess and obsolescence provisions are also made when a review of specific balances indicates that the inventories will not be utilized in production or sold. The cost of 59.8% and 65.2% of the inventories at December 31, 2014 and 2013, respectively, has been determined using the Last-In, First-Out (LIFO) method. This method reflects the effect of inventory replacement costs within results of operations; accordingly, charges to cost of sales reflect recent costs of material, labor and factory overhead. The Company uses an external-index method of valuing LIFO inventories. The remaining inventories, primarily related to certain acquired and international operations, are valued using the First-In, First-Out (FIFO) or specific identification methods. |
Long-Lived Assets | Long-Lived Assets —The Company assesses potential impairments to its long-lived assets if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are reviewed annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based upon the most recent information available. Estimated fair market value is generally measured by discounting estimated future cash flows. Long-lived assets, other than goodwill and other intangible assets, that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. |
Property, Plant and Equipment | Property, plant and equipment —Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 15 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 15 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. |
Goodwill | Goodwill —Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. The annual goodwill impairment tests for 2013 and 2012 were performed based on the Company’s previous organization structure prior to the reorganization of the Company’s reportable segment in the fourth quarter of 2013 (the “Previous Organization Structure”). |
For certain reporting units, the Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing this qualitative analysis, the Company considers various factors, including the excess of prior year estimates of fair value compared to carrying value, the effect of market or industry changes and the reporting units’ actual results compared to projected results. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. | |
For the remaining reporting units, the Company compares each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying value. If the carrying value exceeds the reporting unit’s fair value, the Company performs an additional fair value measurement calculation to determine the impairment loss, which is charged to operations in the period identified. See Note 3 for further discussion. | |
The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. In the Company’s interim review for indicators of impairment as of December 31, 2014, management concluded that there were no indicators that the fair value of any of the reporting units with goodwill was more likely than not below its carrying value. | |
Amortization | Amortization —Certain costs to acquire and develop internal-use computer software are capitalized and amortized over their estimated useful life using the straight-line method, up to a maximum of five years. Amortization expense, primarily related to internally-developed software and excluding amortization expense related to other intangible assets, was $41.2 million, $34.1 million and $26.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Deferred debt issuance costs are amortized over the term of the related debt. Other intangible assets, except for those intangible assets with indefinite lives, are recognized separately from goodwill and are amortized over their estimated useful lives. Other intangible assets with indefinite lives are not amortized. See Note 4 for further discussion of other intangible assets and the related amortization expense. |
Financial Instruments | Financial Instruments —The Company uses derivative financial instruments to hedge exposures to interest rate and foreign exchange fluctuations in the ordinary course of business. |
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded in comprehensive income (loss), net of applicable income taxes, or in the results of operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the results of operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the results of operations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is recognized currently in the results of operations. | |
The Company’s foreign exchange forward contracts and interest rate swaps are subject to enforceable master netting agreements that allow the Company to settle positive and negative positions with the respective counterparties. The Company settles foreign exchange forward contracts on a net basis when possible. Foreign exchange forward contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. | |
See Note 14 for further discussion. | |
Share-Based Compensation | Share-Based Compensation —The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options, restricted stock units and performance share units. The Company recognizes compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. See Note 17 for further discussion. |
Pension and Other Postretirement Benefits Plans | Pension and Other Postretirement Benefits Plans —The Company records annual income and expense amounts relating to its pension and other postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive income (loss) and amortized into operating earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. See Note 11 for further discussion. |
Taxes on Income | Taxes on Income —Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
The Company recognizes deferred tax liabilities related to taxes on certain foreign earnings that are not considered to be permanently reinvested. No deferred tax liabilities are recognized for foreign earnings that are considered to be permanently reinvested. Management regularly evaluates whether foreign earnings are expected to be permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the Company and its foreign subsidiaries. Changes in economic and business conditions, foreign or U.S. tax laws, or the Company’s financial situation could result in changes to these judgments and the need to record additional tax liabilities. | |
The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although management believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is reflected in the Company’s financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. See Note 12 for further discussion. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) —Comprehensive income (loss) for the Company consists of net earnings (loss), unrecognized actuarial gains and losses, prior service cost for pension and other postretirement benefit plans, foreign currency translation adjustments and changes in the fair value of certain derivative financial instruments. See Note 16 for further discussion. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Fair Value, Valuation Techniques and Related Unobservable Inputs of Level Three | The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||||||||||
2014 | |||||||||||||||||||
Customer relationships | $ | — | Excess earnings | Discount rate | 12.0%-18.0% | ||||||||||||||
Attrition rate | 6.6% - 12.0% | ||||||||||||||||||
2013 | |||||||||||||||||||
Customer relationships | $ | — | With and without method | Discount rate | 16.00% | ||||||||||||||
2012 | |||||||||||||||||||
Customer relationships | $ | 3.1 | Excess earnings | Discount rate | 12.5% -15.0% | ||||||||||||||
Attrition rate | 2.0% - 15.9% | ||||||||||||||||||
Pro Forma Financial Information | Pro forma adjustments are tax-effected at the applicable statutory tax rates. | ||||||||||||||||||
Year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Net sales | $ | 11,756.20 | $ | 11,814.20 | |||||||||||||||
Net earnings attributable to RR Donnelley common shareholders | 151.1 | 202.4 | |||||||||||||||||
Net earnings per share attributable to RR Donnelley common | |||||||||||||||||||
shareholders: | |||||||||||||||||||
Basic | $ | 0.76 | $ | 1.02 | |||||||||||||||
Diluted | $ | 0.75 | $ | 1.01 | |||||||||||||||
Pro Forma Adjustments Affecting Net Earnings (Loss) | The following table outlines unaudited pro forma financial information for the years ended December 31, 2014 and 2013: | ||||||||||||||||||
Year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Amortization of purchased intangibles | $ | 80.2 | $ | 84.8 | |||||||||||||||
Restructuring, impairment and other charges | 103 | 170.2 | |||||||||||||||||
Additionally, the pro forma adjustments affecting net earnings attributable to RR Donnelley common shareholders for the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||
Year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Depreciation and amortization of purchased assets, pre-tax | $ | 5.5 | $ | (10.2 | ) | ||||||||||||||
Acquisition-related expenses, pre-tax | 18.9 | (8.9 | ) | ||||||||||||||||
Restructuring, impairment and other charges, pre-tax | 32.8 | (31.8 | ) | ||||||||||||||||
Inventory fair value adjustments, pre-tax | 14.3 | (14.3 | ) | ||||||||||||||||
Interest expense-net, pre-tax | 2.6 | (19.1 | ) | ||||||||||||||||
Other pro forma adjustments, pre-tax | (4.9 | ) | 9.5 | ||||||||||||||||
Income taxes | (19.8 | ) | 18.8 | ||||||||||||||||
Consolidated Graphics, Esselte and MultiCorpora | |||||||||||||||||||
Schedule of Final Purchase Price Allocations for Acquisitions | Based on the valuations, the final purchase price allocations for these acquisitions as well as the purchase price allocation for an insignificant acquisition were as follows: | ||||||||||||||||||
Accounts receivable | $ | 241.9 | |||||||||||||||||
Inventories | 89.6 | ||||||||||||||||||
Prepaid expenses and other current assets | 17.5 | ||||||||||||||||||
Property, plant and equipment | 336.8 | ||||||||||||||||||
Other intangible assets | 205 | ||||||||||||||||||
Other noncurrent assets | 11.9 | ||||||||||||||||||
Goodwill | 300.1 | ||||||||||||||||||
Accounts payable and accrued liabilities | (221.0 | ) | |||||||||||||||||
Other noncurrent liabilities | (57.5 | ) | |||||||||||||||||
Deferred taxes-net | (96.6 | ) | |||||||||||||||||
Total purchase price-net of cash acquired | 827.7 | ||||||||||||||||||
Less: debt assumed | 118.4 | ||||||||||||||||||
Less: value of common stock issued | 319 | ||||||||||||||||||
Less: gain on bargain purchase | 9.5 | ||||||||||||||||||
Net cash paid | $ | 380.8 | |||||||||||||||||
Fair Value, Valuation Techniques and Related Unobservable Inputs of Level Three | 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% | |||||||||||||||
Presort, Meisel, XPO and EDGAR Online Acquisitions | |||||||||||||||||||
Schedule of Final Purchase Price Allocations for Acquisitions | Based on the valuations, the final purchase price allocations for these acquisitions were as follows: | ||||||||||||||||||
Accounts receivable | $ | 18.3 | |||||||||||||||||
Inventories | 2 | ||||||||||||||||||
Prepaid expenses and other current assets | 4.3 | ||||||||||||||||||
Property, plant and equipment | 10.4 | ||||||||||||||||||
Amortizable other intangible assets | 37.5 | ||||||||||||||||||
Other noncurrent assets | 15.1 | ||||||||||||||||||
Goodwill | 55.6 | ||||||||||||||||||
Accounts payable and accrued liabilities | (21.5 | ) | |||||||||||||||||
Other noncurrent liabilities | (0.1 | ) | |||||||||||||||||
Deferred taxes-net | 10.4 | ||||||||||||||||||
Total purchase price-net of cash acquired | 132 | ||||||||||||||||||
Less: debt assumed | 1.4 | ||||||||||||||||||
Less: fair value of contingent consideration | 3.5 | ||||||||||||||||||
Net cash paid | $ | 127.1 | |||||||||||||||||
Fair Value, Valuation Techniques and Related Unobservable Inputs of Level Three | The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements: | ||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||||||||||
Customer relationships | $ | 31.4 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | ||||||||||||||
Attrition rate | 7.0% - 20.0% | ||||||||||||||||||
Technology | 14.5 | Excess earnings, relief-from-royalty method, cost approach | Discount rate | 16.0% - 17.0% | |||||||||||||||
Obsolescence factor | 10.0% - 20.0% | ||||||||||||||||||
Royalty rate (after-tax) | 4.50% | ||||||||||||||||||
Trade names | 3.5 | Relief-from-royalty method | Discount rate | 15.5% - 17.0% | |||||||||||||||
Royalty rate (after-tax) | 0.3% - 1.2% | ||||||||||||||||||
Non-compete agreements | 2.6 | Excess earnings, with and without method | Discount rate | 16.0% - 17.0% | |||||||||||||||
Contingent consideration | 3.5 | Probability weighted discounted future cash flows | Discount rate | 4.50% | |||||||||||||||
Restructuring_Impairment_and_O1
Restructuring, Impairment and Other Charges (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||
Schedule of Net Restructuring, Impairment and Other Charges | Restructuring, Impairment and Other Charges Recognized in Results of Operations | |||||||||||||||||||||||
2014 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
Publishing and Retail Services | $ | (0.2 | ) | $ | 6.4 | $ | 6.2 | $ | 20.8 | $ | 23.7 | $ | 50.7 | |||||||||||
Variable Print | 17.2 | 9.2 | 26.4 | 10.8 | 7.6 | 44.8 | ||||||||||||||||||
Strategic Services | 3.5 | 2.1 | 5.6 | 1.8 | 4.2 | 11.6 | ||||||||||||||||||
International | 7.3 | 1.3 | 8.6 | 13.7 | — | 22.3 | ||||||||||||||||||
Corporate | 2.5 | 1.8 | 4.3 | — | — | 4.3 | ||||||||||||||||||
Total | $ | 30.3 | $ | 20.8 | $ | 51.1 | $ | 47.1 | $ | 35.5 | $ | 133.7 | ||||||||||||
2013 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
Publishing and Retail Services | $ | 17 | $ | 14.1 | $ | 31.1 | $ | 12.3 | $ | 30.3 | $ | 73.7 | ||||||||||||
Variable Print | 2.2 | 12.5 | 14.7 | 0.9 | — | 15.6 | ||||||||||||||||||
Strategic Services | 2.8 | 2 | 4.8 | 6.3 | 8.1 | 19.2 | ||||||||||||||||||
International | 14.3 | 3.6 | 17.9 | 1 | — | 18.9 | ||||||||||||||||||
Corporate | 4.1 | 1.6 | 5.7 | 0.4 | — | 6.1 | ||||||||||||||||||
Total | $ | 40.4 | $ | 33.8 | $ | 74.2 | $ | 20.9 | $ | 38.4 | $ | 133.5 | ||||||||||||
2012 | Employee | Other | Total | Impairment | Other | Total | ||||||||||||||||||
Terminations | Restructuring | Restructuring | Charges | |||||||||||||||||||||
Charges | Charges | |||||||||||||||||||||||
Publishing and Retail Services | $ | 13.3 | $ | 5.2 | $ | 18.5 | $ | 827.7 | $ | — | $ | 846.2 | ||||||||||||
Variable Print | 14.2 | 5.6 | 19.8 | 9.8 | — | 29.6 | ||||||||||||||||||
Strategic Services | 7.7 | 6 | 13.7 | 132.9 | — | 146.6 | ||||||||||||||||||
International | 11 | 4 | 15 | 50.7 | — | 65.7 | ||||||||||||||||||
Corporate | 20.4 | 4.5 | 24.9 | 5.5 | — | 30.4 | ||||||||||||||||||
Total | $ | 66.6 | $ | 25.3 | $ | 91.9 | $ | 1,026.60 | $ | — | $ | 1,118.50 | ||||||||||||
Schedule of Changes in the Restructuring Reserve | The restructuring reserve as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, were as follows: | |||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | December 31, | ||||||||||||||||||||
2013 | Charges | Exchange and | Paid | 2014 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Employee terminations | $ | 19.7 | $ | 30.3 | $ | 0.4 | $ | (37.4 | ) | $ | 13 | |||||||||||||
Multi-employer pension plan withdrawal obligations | 36.8 | 3 | (0.6 | ) | (4.6 | ) | 34.6 | |||||||||||||||||
Lease terminations and other | 21.1 | 17.8 | 1.3 | (25.1 | ) | 15.1 | ||||||||||||||||||
Total | $ | 77.6 | $ | 51.1 | $ | 1.1 | $ | (67.1 | ) | $ | 62.7 | |||||||||||||
The restructuring reserve as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013, were as follows: | ||||||||||||||||||||||||
December 31, | Restructuring | Foreign | Cash | December 31, | ||||||||||||||||||||
2012 | Charges | Exchange and | Paid | 2013 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Employee terminations | $ | 23.4 | $ | 40.4 | $ | (2.1 | ) | $ | (42.0 | ) | $ | 19.7 | ||||||||||||
Multi-employer pension plan withdrawal obligations | 25.1 | 14.7 | — | (3.0 | ) | 36.8 | ||||||||||||||||||
Lease terminations and other | 30 | 19.1 | 1.1 | (29.1 | ) | 21.1 | ||||||||||||||||||
Total | $ | 78.5 | $ | 74.2 | $ | (1.0 | ) | $ | (74.1 | ) | $ | 77.6 | ||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 for the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
Publishing | Variable | Strategic | International | Total | ||||||||||||||||||||
and Retail | Services | |||||||||||||||||||||||
Services | ||||||||||||||||||||||||
Net book value as of January 1, 2013 | ||||||||||||||||||||||||
Goodwill | $ | 688 | $ | 1,638.80 | $ | 1,007.50 | $ | 1,286.40 | $ | 4,620.70 | ||||||||||||||
Accumulated impairment losses | (669.9 | ) | (1,105.2 | ) | (243.4 | ) | (1,165.8 | ) | (3,184.3 | ) | ||||||||||||||
Total | 18.1 | 533.6 | 764.1 | 120.6 | 1,436.40 | |||||||||||||||||||
Foreign exchange and other adjustments | — | (0.2 | ) | (2.2 | ) | 2.3 | (0.1 | ) | ||||||||||||||||
Net book value 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 | — | (0.7 | ) | (0.2 | ) | (10.8 | ) | (11.7 | ) | |||||||||||||||
Impairment charges | (18.1 | ) | — | — | — | (18.1 | ) | |||||||||||||||||
Net book value as of December 31, 2014 | ||||||||||||||||||||||||
Goodwill | 688 | 1,914.10 | 987.5 | 1,213.90 | 4,803.50 | |||||||||||||||||||
Accumulated impairment losses | (688.0 | ) | (1,105.2 | ) | (222.4 | ) | (1,081.3 | ) | (3,096.9 | ) | ||||||||||||||
Total | $ | — | $ | 808.9 | $ | 765.1 | $ | 132.6 | $ | 1,706.60 | ||||||||||||||
Components of Other Intangible Assets | The components of other intangible assets at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||
Carrying | Accumulated | Net Book | Carrying | Accumulated | Net Book | |||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | |||||||||||||||||||
Customer relationships | $ | 865.6 | $ | (498.0 | ) | $ | 367.6 | $ | 728.8 | $ | (448.5 | ) | $ | 280.3 | ||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.3 | ) | — | ||||||||||||||||
Trademarks, licenses and agreements | 31.5 | (29.7 | ) | 1.8 | 31.4 | (28.2 | ) | 3.2 | ||||||||||||||||
Trade names | 43.1 | (15.6 | ) | 27.5 | 27.1 | (12.8 | ) | 14.3 | ||||||||||||||||
Total amortizable other intangible assets | 1,038.50 | (641.6 | ) | 396.9 | 885.6 | (587.8 | ) | 297.8 | ||||||||||||||||
Indefinite-lived trade names | 26.8 | — | 26.8 | 18.1 | — | 18.1 | ||||||||||||||||||
Total other intangible assets | $ | 1,065.30 | $ | (641.6 | ) | $ | 423.7 | $ | 903.7 | $ | (587.8 | ) | $ | 315.9 | ||||||||||
Schedule of Other Intangible Assets Additions by Component | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amount | Weighted | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
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 December 31, 2014: | |||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
2015 | $ | 74.4 | ||||||||||||||||||||||
2016 | 56.6 | |||||||||||||||||||||||
2017 | 50.4 | |||||||||||||||||||||||
2018 | 45.2 | |||||||||||||||||||||||
2019 | 41.7 | |||||||||||||||||||||||
2020 and thereafter | 128.6 | |||||||||||||||||||||||
Total | $ | 396.9 | ||||||||||||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Receivables [Abstract] | ||||||||||||
Transactions Affecting Allowance for Doubtful Accounts | Transactions affecting the allowance for doubtful accounts receivable during the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 44.8 | $ | 49.6 | $ | 62.6 | ||||||
Provisions charged to expense | 16.9 | 18.2 | 8.7 | |||||||||
Write-offs and other | (17.4 | ) | (23.0 | ) | (21.7 | ) | ||||||
Balance, end of year | $ | 44.3 | $ | 44.8 | $ | 49.6 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 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 December 31, 2014 and 2013 were as follows: | |||||||
2014 | 2013 | |||||||
Raw materials and manufacturing supplies | $ | 261.7 | $ | 212.6 | ||||
Work in process | 157.5 | 145.2 | ||||||
Finished goods | 260.6 | 235.4 | ||||||
LIFO reserve | (93.6 | ) | (92.0 | ) | ||||
Total | $ | 586.2 | $ | 501.2 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 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 December 31, 2014 and 2013 were as follows: | |||||||
2014 | 2013 | |||||||
Land | $ | 112.1 | $ | 94.3 | ||||
Buildings | 1,214.80 | 1,160.60 | ||||||
Machinery and equipment | 6,142.80 | 6,024.00 | ||||||
7,469.70 | 7,278.90 | |||||||
Accumulated depreciation | (5,954.2 | ) | (5,848.8 | ) | ||||
Total | $ | 1,515.50 | $ | 1,430.10 | ||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
Year Ended | As of | |||||||||||
31-Dec-14 | 31-Dec-14 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 5.4 | $ | 1.3 | $ | 1.3 | ||||||
Long-lived assets held for sale or disposal | 12.5 | 20.8 | 3.2 | |||||||||
Goodwill | 18.1 | — | — | |||||||||
Other intangible assets | 15 | — | — | |||||||||
Total | $ | 51 | $ | 22.1 | $ | 4.5 | ||||||
Year Ended | As of | |||||||||||
31-Dec-13 | 31-Dec-13 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 4.2 | $ | 4.2 | $ | 4 | ||||||
Long-lived assets held for sale or disposal | 14.8 | 20.2 | 18.5 | |||||||||
Other intangible assets | 3.3 | — | — | |||||||||
Total | $ | 22.3 | $ | 24.4 | $ | 22.5 | ||||||
Year Ended | As of | |||||||||||
31-Dec-12 | 31-Dec-12 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 8 | $ | 9.8 | $ | 8.5 | ||||||
Long-lived assets held for sale or disposal | 15.6 | 16.4 | 6.3 | |||||||||
Goodwill | 848.4 | 18.1 | 18.1 | |||||||||
Other intangible assets | 158 | 3.1 | 3.1 | |||||||||
Total | $ | 1,030.00 | $ | 47.4 | $ | 36 | ||||||
Fair Value, Valuation Techniques and Related Unobservable Inputs of Level Three | The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||
2014 | ||||||||||||
Customer relationships | $ | — | Excess earnings | Discount rate | 12.0%-18.0% | |||||||
Attrition rate | 6.6% - 12.0% | |||||||||||
2013 | ||||||||||||
Customer relationships | $ | — | With and without method | Discount rate | 16.00% | |||||||
2012 | ||||||||||||
Customer relationships | $ | 3.1 | Excess earnings | Discount rate | 12.5% -15.0% | |||||||
Attrition rate | 2.0% - 15.9% | |||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities Current [Abstract] | ||||||||
Components of Accrued Liabilities | The components of the Company’s accrued liabilities at December 31, 2014 and 2013 were as follows: | |||||||
2014 | 2013 | |||||||
Employee-related liabilities | $ | 337.3 | $ | 284.6 | ||||
Deferred revenue | 145.4 | 153.6 | ||||||
Restructuring liabilities | 22.3 | 32.3 | ||||||
Other | 362.3 | 344.3 | ||||||
Total accrued liabilities | $ | 867.3 | $ | 814.8 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments And Contingencies Disclosure [Abstract] | ||||
Future Minimum Rental Commitments Under Operating Lease | Future minimum rental commitments under operating leases are as follows: | |||
Year Ended December 31 | Amount | |||
2015 | $ | 132 | ||
2016 | 91.8 | |||
2017 | 65 | |||
2018 | 37.1 | |||
2019 | 27.2 | |||
2020 and thereafter | 95.8 | |||
$ | 448.9 | |||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense | The components of the net periodic benefit (income) expense and total (income) expense were as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Service cost | $ | 2.2 | $ | 2.2 | $ | 5.9 | $ | 4.6 | $ | 7.3 | $ | 6.6 | ||||||||||||||||||||
Interest cost | 194.5 | 178.2 | 189.2 | 16.8 | 16.2 | 18.4 | ||||||||||||||||||||||||||
Expected return on plan assets | (259.0 | ) | (241.9 | ) | (262.6 | ) | (13.9 | ) | (11.8 | ) | (13.9 | ) | ||||||||||||||||||||
Amortization of prior service credit | — | — | 0.6 | (25.8 | ) | (19.7 | ) | (19.7 | ) | |||||||||||||||||||||||
Amortization of actuarial loss (gain) | 31.9 | 50.5 | 32.1 | — | — | (0.1 | ) | |||||||||||||||||||||||||
Curtailments | — | — | (3.7 | ) | — | — | — | |||||||||||||||||||||||||
Settlements | 95.7 | 0.7 | 1.1 | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit (income) expense | $ | 65.3 | $ | (10.3 | ) | $ | (37.4 | ) | $ | (18.3 | ) | $ | (8.0 | ) | $ | (8.7 | ) | |||||||||||||||
Weighted average assumption used to calculate net | ||||||||||||||||||||||||||||||||
periodic benefit expense: | ||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.2 | % | 4.9 | % | 4.5 | % | 3.9 | % | 4.8 | % | ||||||||||||||||||||
Rate of compensation increase | 0.2 | % | 0.3 | % | 0.9 | % | n/a | n/a | 3.6 | % | ||||||||||||||||||||||
Expected return on plan assets | 7.6 | % | 7.9 | % | 8.4 | % | 7.3 | % | 7.3 | % | 7.6 | % | ||||||||||||||||||||
Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 3,952.70 | $ | 4,368.80 | $ | 382.3 | $ | 430.2 | ||||||||||||||||||||||||
Service cost | 2.2 | 2.2 | 4.6 | 7.3 | ||||||||||||||||||||||||||||
Interest cost | 194.5 | 178.2 | 16.8 | 16.2 | ||||||||||||||||||||||||||||
Plan participants' contributions | 0.5 | 0.5 | 13.8 | 14.5 | ||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 4.2 | 2.7 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 652.3 | (404.2 | ) | 43.1 | (13.6 | ) | ||||||||||||||||||||||||||
Plan amendments and other | — | (0.1 | ) | (7.4 | ) | (30.6 | ) | |||||||||||||||||||||||||
Curtailments and settlements | (317.7 | ) | (9.0 | ) | — | — | ||||||||||||||||||||||||||
Foreign currency translation | (35.3 | ) | (8.5 | ) | (4.2 | ) | (2.9 | ) | ||||||||||||||||||||||||
Benefits paid | (173.4 | ) | (175.2 | ) | (34.6 | ) | (41.5 | ) | ||||||||||||||||||||||||
Acquisitions | 176.4 | — | 6 | — | ||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 4,452.20 | $ | 3,952.70 | $ | 424.6 | $ | 382.3 | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,707.30 | $ | 3,215.30 | $ | 206.8 | $ | 187.1 | ||||||||||||||||||||||||
Actual return on assets | 455.4 | 658 | 11.5 | 35.6 | ||||||||||||||||||||||||||||
Settlements | (317.7 | ) | (8.7 | ) | — | — | ||||||||||||||||||||||||||
Employer contributions | 30.9 | 21.6 | 11 | 8 | ||||||||||||||||||||||||||||
Medicare reimbursements | — | — | 4.2 | 2.7 | ||||||||||||||||||||||||||||
Plan participants' contributions | 0.5 | 0.5 | 13.8 | 14.5 | ||||||||||||||||||||||||||||
Acquisitions | 170.2 | — | — | — | ||||||||||||||||||||||||||||
Foreign currency translation | (31.4 | ) | (4.2 | ) | (0.1 | ) | 0.4 | |||||||||||||||||||||||||
Benefits paid | (173.4 | ) | (175.2 | ) | (34.6 | ) | (41.5 | ) | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 3,841.80 | $ | 3,707.30 | $ | 212.6 | $ | 206.8 | ||||||||||||||||||||||||
Funded status at end of year | $ | (610.4 | ) | $ | (245.4 | ) | $ | (212.0 | ) | $ | (175.5 | ) | ||||||||||||||||||||
Amounts Recognized on Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets as of December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Prepaid pension cost (included in other noncurrent | $ | 14.4 | $ | 8 | $ | — | $ | — | ||||||||||||||||||||||||
assets) | ||||||||||||||||||||||||||||||||
Accrued benefit cost (included in accrued liabilities) | (8.7 | ) | (8.2 | ) | (1.2 | ) | (1.4 | ) | ||||||||||||||||||||||||
Pension liabilities | (616.1 | ) | (245.2 | ) | — | — | ||||||||||||||||||||||||||
Other postretirement benefits plan liabilities | — | — | (210.8 | ) | (174.1 | ) | ||||||||||||||||||||||||||
Net liabilities recognized in the Consolidated Balance | $ | (610.4 | ) | $ | (245.4 | ) | $ | (212.0 | ) | $ | (175.5 | ) | ||||||||||||||||||||
Sheets | ||||||||||||||||||||||||||||||||
Amounts in Accumulated Other Comprehensive Loss | The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | ||||||||||||||||||||||||||||||||
Net actuarial (loss) gain | $ | (1,284.8 | ) | $ | (957.5 | ) | $ | (8.0 | ) | $ | 35.6 | |||||||||||||||||||||
Net transition obligation | (0.1 | ) | (0.2 | ) | — | — | ||||||||||||||||||||||||||
Net prior service credit | — | — | 58.3 | 78.4 | ||||||||||||||||||||||||||||
Total | $ | (1,284.9 | ) | $ | (957.7 | ) | $ | 50.3 | $ | 114 | ||||||||||||||||||||||
Amounts Recognized in Other Comprehensive Income (Loss) | The pre-tax amounts recognized in other comprehensive income (loss) in 2014 as components of net periodic benefit costs were as follows: | |||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 31.9 | $ | — | ||||||||||||||||||||||||||||
Net prior service credit | — | (25.8 | ) | |||||||||||||||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||||||||||
Net actuarial gain | (456.0 | ) | (43.8 | ) | ||||||||||||||||||||||||||||
Net prior service credit | — | 5.7 | ||||||||||||||||||||||||||||||
Settlements | 95.7 | — | ||||||||||||||||||||||||||||||
Foreign currency loss | 1.2 | 0.2 | ||||||||||||||||||||||||||||||
Total | $ | (327.2 | ) | $ | (63.7 | ) | ||||||||||||||||||||||||||
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year | ||||||||||||||||||||||||||||||||
Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2015 are shown below: | ||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 41 | $ | — | ||||||||||||||||||||||||||||
Net prior service credit | — | (26.9 | ) | |||||||||||||||||||||||||||||
Total | $ | 41 | $ | (26.9 | ) | |||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligation | The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 5 | % | 3.9 | % | 4.5 | % | ||||||||||||||||||||||||
Health care cost trend: | ||||||||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||
Pre-Age 65 | — | — | 7.9 | % | 7.8 | % | ||||||||||||||||||||||||||
Post-Age 65 | — | — | 7.9 | % | 7.8 | % | ||||||||||||||||||||||||||
Ultimate | — | — | 4.9 | % | 4.9 | % | ||||||||||||||||||||||||||
Summary of Projected Benefit Obligations in Excess of Plan Assets | The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 4,251.00 | $ | 3,929.60 | ||||||||||||||||||||||||||||
Fair value of plan assets | 3,626.30 | 3,676.10 | ||||||||||||||||||||||||||||||
Accumulated Benefit Obligations in Excess of Plan Assets | The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 4,225.50 | $ | 3,912.00 | ||||||||||||||||||||||||||||
Fair value of plan assets | 3,622.90 | 3,672.60 | ||||||||||||||||||||||||||||||
Effects of One-percentage Point Change in Assumed Health Care Cost Trend Rates | The current health care cost trend rate gradually declines through 2019 to the ultimate trend rate and remains level thereafter. A one-percentage point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||||||
1.00% | 1.00% | |||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Other postretirement benefits obligation | $ | 5.6 | $ | (4.1 | ) | |||||||||||||||||||||||||||
Total other postretirement benefits service and | 0.6 | (0.6 | ) | |||||||||||||||||||||||||||||
interest cost components | ||||||||||||||||||||||||||||||||
Expected Benefit Payments | Benefit payments are expected to be paid as follows: | |||||||||||||||||||||||||||||||
Pension | Other | Estimated Subsidy | ||||||||||||||||||||||||||||||
Benefits | Postretirement | Reimbursements | ||||||||||||||||||||||||||||||
Benefits-Gross | ||||||||||||||||||||||||||||||||
2015 | $ | 201.4 | $ | 28.3 | $ | 1.9 | ||||||||||||||||||||||||||
2016 | 208.6 | 29.5 | 2.1 | |||||||||||||||||||||||||||||
2017 | 211.7 | 31 | 2.3 | |||||||||||||||||||||||||||||
2018 | 217.9 | 31.9 | 2.5 | |||||||||||||||||||||||||||||
2019 | 224.4 | 32.1 | 2.7 | |||||||||||||||||||||||||||||
2020-2024 | 1,219.60 | 160 | 16.7 | |||||||||||||||||||||||||||||
Changes in Fair Value of Level 3 Assets | The following table provides a summary of changes in the fair value of the Company’s Level 3 assets: | |||||||||||||||||||||||||||||||
Private | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 38.9 | ||||||||||||||||||||||||||||||
Unrealized gains - net | 8.7 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements | (4.2 | ) | ||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 43.4 | ||||||||||||||||||||||||||||||
Unrealized gains - net | 13.6 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements | (9.7 | ) | ||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 47.3 | ||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit | ||||||||||||||||||||||||||||||||
Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2014 and 2013, by asset category were as follows: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 66.4 | $ | 44.1 | $ | 22.3 | $ | — | $ | 79.6 | $ | 51.6 | $ | 28 | $ | — | ||||||||||||||||
Equity | 1,751.70 | 997.5 | 754.2 | — | 2,658.70 | 1,839.30 | 819.4 | — | ||||||||||||||||||||||||
Fixed income | 1,830.60 | 43 | 1,787.60 | — | 795.3 | 255 | 540.3 | — | ||||||||||||||||||||||||
Derivatives and other | 12.8 | 0.8 | 12 | — | 3.9 | 3.4 | 0.5 | — | ||||||||||||||||||||||||
Real estate | 133 | — | 133 | — | 126.4 | — | 126.4 | — | ||||||||||||||||||||||||
Private equity | 47.3 | — | — | 47.3 | 43.4 | — | — | 43.4 | ||||||||||||||||||||||||
Total | $ | 3,841.80 | $ | 1,085.40 | $ | 2,709.10 | $ | 47.3 | $ | 3,707.30 | $ | 2,149.30 | $ | 1,514.60 | $ | 43.4 | ||||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit | ||||||||||||||||||||||||||||||||
Allocation of Plan Assets | The fair values of the Company’s other postretirement benefits plan assets at December 31, 2014 and 2013, by asset category were as follows: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.8 | $ | — | $ | 0.8 | $ | 1.5 | $ | — | $ | 1.5 | ||||||||||||||||||||
Equity | 150.8 | — | 150.8 | 155.1 | — | 155.1 | ||||||||||||||||||||||||||
Fixed income | 46.6 | — | 46.6 | 39.6 | — | 39.6 | ||||||||||||||||||||||||||
Other | 14.4 | 1 | 13.4 | 10.6 | — | 10.6 | ||||||||||||||||||||||||||
Total | $ | 212.6 | $ | 1 | $ | 211.6 | $ | 206.8 | $ | — | $ | 206.8 | ||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of Earnings (Loss) from Operations Before Income Taxes | Income taxes have been based on the following components of earnings (loss) from operations before income taxes for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | 8.5 | $ | 66.7 | $ | (710.1 | ) | |||||
Foreign | 138.6 | 142.3 | 70.1 | |||||||||
Total | $ | 147.1 | $ | 209 | $ | (640.0 | ) | |||||
Components of Income Tax Expense (Benefit) from Operations | The components of income tax expense (benefit) from operations for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal: | ||||||||||||
Current | $ | 50.1 | $ | (15.1 | ) | $ | 8.6 | |||||
Deferred | (64.3 | ) | (23.9 | ) | (55.5 | ) | ||||||
State: | ||||||||||||
Current | 13.9 | (4.8 | ) | 10.5 | ||||||||
Deferred | (3.8 | ) | (2.6 | ) | (18.3 | ) | ||||||
Foreign: | ||||||||||||
Current | 49.3 | 51.8 | 46.5 | |||||||||
Deferred | (18.9 | ) | (14.6 | ) | 21.8 | |||||||
Total | $ | 26.3 | $ | (9.2 | ) | $ | 13.6 | |||||
Reconciliation of Differences Between Federal Statutory and Effective Income Tax Rate | The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s effective income tax rate: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Adjustment of uncertain tax positions and interest | (1.8 | ) | (6.2 | ) | 3.7 | |||||||
Foreign tax rate differential | (13.4 | ) | (11.3 | ) | 3.2 | |||||||
Domestic manufacturing deduction | (3.0 | ) | (0.1 | ) | 0.5 | |||||||
Acquisition-related expenses | 0.9 | 0.7 | (0.1 | ) | ||||||||
Change in valuation allowances | 0.9 | 3.1 | (4.4 | ) | ||||||||
State and local income taxes, net of U.S. federal income tax | 3.1 | 2.4 | — | |||||||||
benefit | ||||||||||||
Impairment charges | 4.3 | — | (40.1 | ) | ||||||||
Reorganization | (10.1 | ) | (32.8 | ) | 3.9 | |||||||
Foreign tax | 1.7 | 4 | (1.7 | ) | ||||||||
Other | 0.3 | 0.8 | (2.1 | ) | ||||||||
Effective income tax rate | 17.9 | % | (4.4 | %) | (2.1 | %) | ||||||
Significant Deferred Tax Assets and Liabilities | The significant deferred tax assets and liabilities at December 31, 2014 and 2013 were as follows: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement benefits plan liabilities | $ | 349.1 | $ | 167.4 | ||||||||
Net operating losses and other tax carryforwards | 341.6 | 328.3 | ||||||||||
Accrued liabilities | 164.3 | 153.9 | ||||||||||
Foreign depreciation | 38.7 | 51.3 | ||||||||||
Other | 34.6 | 38.7 | ||||||||||
Total deferred tax assets | 928.3 | 739.6 | ||||||||||
Valuation allowances | (257.8 | ) | (268.2 | ) | ||||||||
Net deferred tax assets | $ | 670.5 | $ | 471.4 | ||||||||
Deferred tax liabilities: | ||||||||||||
Accelerated depreciation | $ | (204.8 | ) | $ | (180.3 | ) | ||||||
Other intangible assets | (143.2 | ) | (86.2 | ) | ||||||||
Inventories | (24.4 | ) | (26.9 | ) | ||||||||
Other | (34.5 | ) | (39.8 | ) | ||||||||
Total deferred tax liabilities | (406.9 | ) | (333.2 | ) | ||||||||
Net deferred tax assets | $ | 263.6 | $ | 138.2 | ||||||||
Transactions Affecting Valuation Allowance On Deferred Tax Assets | Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 268.2 | $ | 273.6 | $ | 273.2 | ||||||
Current year expense - net | 1.3 | 6.4 | 28.2 | |||||||||
Write-offs | (2.8 | ) | (8.3 | ) | (37.9 | ) | ||||||
Foreign exchange and other | (8.9 | ) | (3.5 | ) | 10.1 | |||||||
Balance, end of year | $ | 257.8 | $ | 268.2 | $ | 273.6 | ||||||
Unrecognized Tax Benefits | Changes in the Company’s unrecognized tax benefits at December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 33.8 | $ | 47.9 | $ | 76.4 | ||||||
Acquisitions | 30.9 | — | — | |||||||||
Additions for tax positions of the current year | 1.9 | 2.1 | 6.3 | |||||||||
Additions for tax positions of prior years | 0.4 | 3.7 | 3.9 | |||||||||
Reductions for tax positions of prior years | (1.4 | ) | (16.2 | ) | (29.6 | ) | ||||||
Settlements during the year | (2.9 | ) | (0.7 | ) | (5.6 | ) | ||||||
Lapses of applicable statutes of limitations | (4.2 | ) | (3.0 | ) | (3.5 | ) | ||||||
Balance at end of year | $ | 58.5 | $ | 33.8 | $ | 47.9 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of the Company's Debt | The Company’s debt at December 31, 2014 and 2013 consisted of the following: | |||||||||||
2014 | 2013 | |||||||||||
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 | 219.1 | 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 | 448.3 | 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 | 199.5 | 199.4 | ||||||||||
8.820% debentures due April 15, 2031 | 69 | 69 | ||||||||||
Other (b) | 3.6 | 10.7 | ||||||||||
Total debt | 3,632.50 | 3,857.90 | ||||||||||
Less: current portion | (203.4 | ) | (270.9 | ) | ||||||||
Long-term debt | $ | 3,429.10 | $ | 3,587.00 | ||||||||
(a) | As of December 31, 2014 and 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 adjustments to the 8.25% senior notes due March 15, 2019 related to the Company’s fair value hedges, miscellaneous debt obligations and capital leases. | |||||||||||
________ | ||||||||||||
Future Maturities of Debt | At December, 31, 2014, the future maturities of debt, including capitalized leases, were as follows: | |||||||||||
Amount | ||||||||||||
2015 | $ | 203.5 | ||||||||||
2016 | 220.7 | |||||||||||
2017 | 251.5 | |||||||||||
2018 | 250 | |||||||||||
2019 | 411.1 | |||||||||||
2020 and thereafter | 2,300.00 | |||||||||||
Total (a) | $ | 3,636.80 | ||||||||||
· | Excludes a discount of $3.5 million and an adjustment for fair value hedges of $0.8 million related to the Company’s 8.25% senior notes due March 15, 2019, which do not represent contractual commitments with a fixed amount or maturity date. | |||||||||||
Summary Of Interest Expense | The following table summarizes interest expense included in the Consolidated Statements of Operations: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest incurred | $ | 294.6 | $ | 276 | $ | 271.1 | ||||||
Less: interest income | (8.9 | ) | (11.5 | ) | (15.2 | ) | ||||||
Less: interest capitalized as property, plant and equipment | (3.6 | ) | (3.1 | ) | (4.1 | ) | ||||||
Interest expense, net | $ | 282.1 | $ | 261.4 | $ | 251.8 | ||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Schedule of Fair Value of Derivatives Designated and Not Designated as Hedges | At December 31, 2014 and 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 Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | |||||||||||||
2014 | 2013 | |||||||||||||
Derivatives not designated as hedges | ||||||||||||||
Prepaid expenses and other current assets | $ | 7 | $ | 0.4 | ||||||||||
Accrued liabilities | 0.5 | 1.5 | ||||||||||||
Derivatives designated as fair value hedges | ||||||||||||||
Prepaid expenses and other current assets | $ | — | $ | 1.3 | ||||||||||
Other noncurrent liabilities | 1.2 | 9.1 | ||||||||||||
Schedule of Pre-Tax (Gains) Losses Related to Derivatives Not Designated as Hedges | The pre-tax (gains) losses related to derivatives not designated as hedges recognized in the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
Classification of (Gain) Loss Recognized in the | ||||||||||||||
Consolidated Statements of Operations | 2014 | 2013 | 2012 | |||||||||||
Derivatives not designated as hedges | ||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (33.5 | ) | $ | 17 | $ | 24.8 | ||||||
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) loss on the related interest rate swaps for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
Classification of (Gain) Loss Recognized in the | ||||||||||||||
Consolidated Statements of Operations | 2014 | 2013 | 2012 | |||||||||||
Fair Value Hedges | ||||||||||||||
Interest rate swaps | Investment and other (income) expense-net | $ | (2.1 | ) | $ | 22.5 | $ | (5.7 | ) | |||||
Hedged items | Investment and other (income) expense-net | 1.3 | (20.8 | ) | 4.4 | |||||||||
Total (gain) loss recognized as | Investment and other (income) expense-net | $ | (0.8 | ) | $ | 1.7 | $ | (1.3 | ) | |||||
ineffectiveness in the Condensed | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings per Share | The reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share calculation and the anti-dilutive share-based awards for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net earnings (loss) per share attributable to RR Donnelley | ||||||||||||
common shareholders: | ||||||||||||
Basic | $ | 0.59 | $ | 1.16 | $ | (3.61 | ) | |||||
Diluted | $ | 0.59 | $ | 1.15 | $ | (3.61 | ) | |||||
Dividends declared per common share | $ | 1.04 | $ | 1.04 | $ | 1.04 | ||||||
Numerator: | ||||||||||||
Net earnings (loss) attributable to RR Donnelley | $ | 117.4 | $ | 211.2 | $ | (651.4 | ) | |||||
common shareholders | ||||||||||||
Denominator: | ||||||||||||
Weighted average number of common shares | 198.5 | 181.9 | 180.4 | |||||||||
outstanding | ||||||||||||
Dilutive options and awards | 1.5 | 1.6 | — | |||||||||
Diluted weighted average number of common shares | 200 | 183.5 | 180.4 | |||||||||
outstanding | ||||||||||||
Weighted average number of anti-dilutive share-based | ||||||||||||
awards: | ||||||||||||
Restricted stock units | — | 1.5 | 3.6 | |||||||||
Performance share units | 0.7 | 0.6 | 0.4 | |||||||||
Stock options | 2 | 3.9 | 4.6 | |||||||||
Total | 2.7 | 6 | 8.6 | |||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Components of Other Comprehensive (loss) Income and Income Tax Expense Allocated to Each Component | The components of other comprehensive (loss) income and income tax expense allocated to each component for the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Before | Income | Net of | Before | Income | Net of | Before | Income | Net of | ||||||||||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||||||||||
Translation adjustments | $ | (45.2 | ) | $ | — | $ | (45.2 | ) | $ | (22.8 | ) | $ | — | $ | (22.8 | ) | $ | 11.4 | $ | — | $ | 11.4 | ||||||||||||||
Adjustment for net periodic | (390.9 | ) | (150.0 | ) | (240.9 | ) | 919 | 355.3 | 563.7 | (285.1 | ) | (107.5 | ) | (177.6 | ) | |||||||||||||||||||||
pension and other | ||||||||||||||||||||||||||||||||||||
postretirement benefits plan | ||||||||||||||||||||||||||||||||||||
cost | ||||||||||||||||||||||||||||||||||||
Change in fair value of | 0.2 | 0.1 | 0.1 | 0.6 | 0.2 | 0.4 | 0.8 | 0.3 | 0.5 | |||||||||||||||||||||||||||
derivatives | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | (435.9 | ) | $ | (149.9 | ) | $ | (286.0 | ) | $ | 896.8 | $ | 355.5 | $ | 541.3 | $ | (272.9 | ) | $ | (107.2 | ) | $ | (165.7 | ) | ||||||||||||
Summary of Changes in Accumulated Other Comprehensive Loss | The following table summarizes changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | (1.1 | ) | $ | (907.5 | ) | $ | 45.3 | $ | (863.3 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before | — | (184.0 | ) | 11.2 | (172.8 | ) | ||||||||||||||||||||||||||||||
reclassifications | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other | 0.5 | 6.4 | — | 6.9 | ||||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Net change in accumulated other | 0.5 | (177.6 | ) | 11.2 | (165.9 | ) | ||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (0.6 | ) | $ | (1,085.1 | ) | $ | 56.5 | $ | (1,029.2 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before | — | 543.9 | (23.0 | ) | 520.9 | |||||||||||||||||||||||||||||||
reclassifications | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other | 0.4 | 19.8 | — | 20.2 | ||||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive | 0.4 | 563.7 | (23.0 | ) | 541.1 | |||||||||||||||||||||||||||||||
loss | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | |||||||||||||||||||||||||
Other comprehensive (loss) income before | — | (303.4 | ) | (34.7 | ) | (338.1 | ) | |||||||||||||||||||||||||||||
reclassifications | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other | 0.1 | 62.5 | — | 62.6 | ||||||||||||||||||||||||||||||||
comprehensive loss | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from cumulative translation | — | — | (10.0 | ) | (10.0 | ) | ||||||||||||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive | 0.1 | (240.9 | ) | (44.7 | ) | (285.5 | ) | |||||||||||||||||||||||||||||
loss | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | (0.1 | ) | $ | (762.3 | ) | $ | (11.2 | ) | $ | (773.6 | ) | ||||||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Loss Amortization of Pension and Other postretirement Benefits Plan Cost | Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Classification in the | |||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||
Amortization of pension and other postretirement | ||||||||||||||||||||||||||||||||||||
benefits plan cost: | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 31.9 | $ | 50.5 | $ | 32 | (a) | |||||||||||||||||||||||||||||
Net prior service credit | (25.8 | ) | (19.7 | ) | (19.1 | ) | (a) | |||||||||||||||||||||||||||||
Curtailments and settlements | 95.7 | 0.7 | (2.6 | ) | (a) | |||||||||||||||||||||||||||||||
Reclassifications before tax | 101.8 | 31.5 | 10.3 | |||||||||||||||||||||||||||||||||
Income tax expense | 39.3 | 11.7 | 3.9 | |||||||||||||||||||||||||||||||||
Reclassifications, net of tax | $ | 62.5 | $ | 19.8 | $ | 6.4 | ||||||||||||||||||||||||||||||
(a) | These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 11). |
Stock_and_Incentive_Programs_f1
Stock and Incentive Programs for Employees and Directors (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||
Black-Scholes-Merton Option Pricing Model | The assumptions used to determine the fair market value of the stock options granted during the year ended December 31, 2012 were as follows: | |||||||||||||||
2012 | ||||||||||||||||
Expected volatility | 39.71 | % | ||||||||||||||
Risk-free interest rate | 1.18 | % | ||||||||||||||
Expected life (years) | 6.25 | |||||||||||||||
Expected dividend yield | 5.06 | % | ||||||||||||||
Schedule of Stock Option Activity | Stock option awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, were as follows: | |||||||||||||||
Shares Under Option | Weighted | Weighted | Aggregate | |||||||||||||
(thousands) | Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (millions) | ||||||||||||||
Term | ||||||||||||||||
(years) | ||||||||||||||||
Outstanding at December 31, 2013 | 4,139 | $ | 19.39 | 5.6 | $ | 21.2 | ||||||||||
Exercised | (149 | ) | 10.98 | |||||||||||||
Cancelled/forfeited/expired | (143 | ) | 27.25 | |||||||||||||
Outstanding at December 31, 2014 | 3,847 | 19.43 | 4.7 | 12.6 | ||||||||||||
Vested and expected to vest at December 31, 2014 | 3,825 | 19.46 | 4.7 | 12.5 | ||||||||||||
Exercisable at December 31, 2014 | 1,357 | $ | 8.93 | 5.1 | $ | 10.7 | ||||||||||
Nonvested Restricted Stock Unit Awards | Nonvested restricted stock unit awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014 were as follows: | |||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 2,495 | $ | 11.97 | |||||||||||||
Granted | 729 | 16.53 | ||||||||||||||
Vested | (1,174 | ) | 13.79 | |||||||||||||
Forfeited | (5 | ) | 16.23 | |||||||||||||
Nonvested at December 31, 2014 | 2,045 | $ | 12.54 | |||||||||||||
Schedule of Nonvested Performance Share Units Activity | Nonvested performance share unit awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, were as follows: | |||||||||||||||
Shares | Weighted | |||||||||||||||
(thousands) | Average Grant | |||||||||||||||
Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 953 | $ | 10.81 | |||||||||||||
Granted | 319 | 16.46 | ||||||||||||||
Expired | (149 | ) | 14.26 | |||||||||||||
Vested | (319 | ) | 12.18 | |||||||||||||
Nonvested at December 31, 2014 | 804 | $ | 11.87 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The Company has disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision-maker and is most consistent with the presentation of profitability reported within the Consolidated Financial Statements. | |||||||||||||||||||||||||||
Total | Intersegment | Net | Income | Assets of | Depreciation | Capital | ||||||||||||||||||||||
Sales | Sales | Sales | (Loss) | Operations | and | Expenditures | ||||||||||||||||||||||
from | Amortization | |||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,646.10 | $ | (13.8 | ) | $ | 2,632.30 | $ | 86.1 | $ | 1,215.70 | $ | 145.1 | $ | 43.5 | |||||||||||||
Variable Print | 3,829.70 | (61.8 | ) | 3,767.90 | 240.8 | 2,649.50 | 157.2 | 53 | ||||||||||||||||||||
Strategic Services | 2,744.80 | (137.3 | ) | 2,607.50 | 257.4 | 1,366.60 | 65.5 | 41 | ||||||||||||||||||||
International | 2,691.20 | (95.5 | ) | 2,595.70 | 106.7 | 1,865.40 | 98.8 | 68.3 | ||||||||||||||||||||
Total operating segments | 11,911.80 | (308.4 | ) | 11,603.40 | 691 | 7,097.20 | 466.6 | 205.8 | ||||||||||||||||||||
Corporate | — | — | — | (175.1 | ) | 542.1 | 7.4 | 17.8 | ||||||||||||||||||||
Total operations | $ | 11,911.80 | $ | (308.4 | ) | $ | 11,603.40 | $ | 515.9 | $ | 7,639.30 | $ | 474 | $ | 223.6 | |||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,777.70 | $ | (2.9 | ) | $ | 2,774.80 | $ | 109.6 | $ | 1,369.60 | $ | 166 | $ | 57.7 | |||||||||||||
Variable Print | 2,650.70 | (57.9 | ) | 2,592.80 | 197.9 | 1,567.10 | 103.4 | 63.4 | ||||||||||||||||||||
Strategic Services | 2,587.70 | (134.7 | ) | 2,453.00 | 232.8 | 1,355.60 | 58.4 | 34.9 | ||||||||||||||||||||
International | 2,746.90 | (87.2 | ) | 2,659.70 | 147.3 | 2,060.00 | 102.5 | 50.8 | ||||||||||||||||||||
Total operating segments | 10,763.00 | (282.7 | ) | 10,480.30 | 687.6 | 6,352.30 | 430.3 | 206.8 | ||||||||||||||||||||
Corporate | — | — | — | (107.9 | ) | 885.9 | 5.5 | 9.8 | ||||||||||||||||||||
Total operations | $ | 10,763.00 | $ | (282.7 | ) | $ | 10,480.30 | $ | 579.7 | $ | 7,238.20 | $ | 435.8 | $ | 216.6 | |||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 2,938.30 | $ | (18.8 | ) | $ | 2,919.50 | $ | (659.4 | ) | $ | 1,517.80 | $ | 213.5 | $ | 57.8 | ||||||||||||
Variable Print | 2,697.50 | (60.3 | ) | 2,637.20 | 202.1 | 1,616.00 | 103.8 | 42.7 | ||||||||||||||||||||
Strategic Services | 2,210.20 | (144.8 | ) | 2,065.40 | 59 | 1,404.30 | 52.3 | 39.9 | ||||||||||||||||||||
International | 2,678.60 | (78.8 | ) | 2,599.80 | 91.6 | 2,192.10 | 105.8 | 43.9 | ||||||||||||||||||||
Total operating segments | 10,524.60 | (302.7 | ) | 10,221.90 | (306.7 | ) | 6,730.20 | 475.4 | 184.3 | |||||||||||||||||||
Corporate | — | — | — | (63.1 | ) | 532.5 | 6.2 | 21.6 | ||||||||||||||||||||
Total operations | $ | 10,524.60 | $ | (302.7 | ) | $ | 10,221.90 | $ | (369.8 | ) | $ | 7,262.70 | $ | 481.6 | $ | 205.9 | ||||||||||||
Schedule of Corporate Assets | Corporate assets primarily consisted of the following items at December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 94.6 | $ | 494.9 | $ | (137.2 | ) | |||||||||||||||||||||
Current and deferred income tax assets, net of valuation | 152 | 39.2 | 324.5 | |||||||||||||||||||||||||
allowances | ||||||||||||||||||||||||||||
Deferred compensation plan assets and Company owned | 86 | 79.5 | 70.1 | |||||||||||||||||||||||||
life insurance assets | ||||||||||||||||||||||||||||
Software, net | 82.1 | 71.1 | 71.8 | |||||||||||||||||||||||||
Property, plant and equipment, net | 61.2 | 61.7 | 60.7 | |||||||||||||||||||||||||
Debt issuance costs | 46.9 | 46 | 37.8 | |||||||||||||||||||||||||
LIFO reserves | (93.6 | ) | (92.0 | ) | (92.1 | ) | ||||||||||||||||||||||
Geographic_Area_and_Products_a1
Geographic Area and Products and Services Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Net Sales and Long-Lived Assets by Geographic Region | The table below presents net sales and long-lived assets by geographic region. The amounts in this table differ from the segment data presented in Note 19 because each operating segment includes operations in multiple geographic regions based on the Company’s management reporting structure. | |||||||||||||||||||
U.S. | Europe | Asia | Other | Combined | ||||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 8,974.20 | $ | 983.1 | $ | 860.1 | $ | 786 | $ | 11,603.40 | ||||||||||
Long-lived assets (a) | 1,671.10 | 154 | 129 | 181.6 | 2,135.70 | |||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 7,866.20 | $ | 975.2 | $ | 841.5 | $ | 797.4 | $ | 10,480.30 | ||||||||||
Long-lived assets (a) | 1,435.70 | 160.7 | 152.2 | 175.8 | 1,924.40 | |||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 7,719.90 | $ | 1,025.80 | $ | 733 | $ | 743.2 | $ | 10,221.90 | ||||||||||
Long-lived assets (a) | 1,915.40 | 181.4 | 167.7 | 201.5 | 2,466.00 | |||||||||||||||
(a) | Includes net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. | |||||||||||||||||||
Revenues by Products and Services | The following table summarizes net sales by the Company’s products and services categories for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||
Products and services | 2014 | 2013 | 2012 | |||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||
Magazines, catalogs and retail inserts | $ | 2,223.50 | $ | 2,370.00 | $ | 2,445.10 | ||||||||||||||
Commercial and digital print | 1,851.70 | 966.4 | 1,021.00 | |||||||||||||||||
Books | 1,149.40 | 1,202.20 | 1,117.00 | |||||||||||||||||
Financial print | 722.2 | 775.1 | 747.4 | |||||||||||||||||
Statements | 641.3 | 666 | 747.4 | |||||||||||||||||
Direct Mail | 613.2 | 571.7 | 559.9 | |||||||||||||||||
Labels | 523.3 | 488.1 | 463.4 | |||||||||||||||||
Office products | 496.3 | 238.9 | 262.5 | |||||||||||||||||
Packaging and related products | 484 | 464.3 | 407 | |||||||||||||||||
Forms | 462.1 | 491.9 | 480.5 | |||||||||||||||||
Global Turnkey Solutions | 341.7 | 305.4 | 289.8 | |||||||||||||||||
Directories | 206.5 | 225.8 | 294.1 | |||||||||||||||||
Total products | 9,715.20 | 8,765.80 | 8,835.10 | |||||||||||||||||
Logistics services | 1,211.30 | 1,105.90 | 786.7 | |||||||||||||||||
Financial print related services | 292.3 | 230.2 | 212.9 | |||||||||||||||||
Business process outsourcing | 195.8 | 188.8 | 211 | |||||||||||||||||
Digital and creative solutions | 188.8 | 189.6 | 176.2 | |||||||||||||||||
Total services | 1,888.20 | 1,714.50 | 1,386.80 | |||||||||||||||||
Total net sales | $ | 11,603.40 | $ | 10,480.30 | $ | 10,221.90 | ||||||||||||||
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 36 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Customer | Customer | Customer | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of single customers comprising more than 10% of consolidated net sales | 0 | 0 | 0 | ||||||
Percentage Of Net Sales Per Customer Maximum | 10.00% | 10.00% | 10.00% | ||||||
Percentage of inventory valued at LIFO | 59.80% | 65.20% | 59.80% | 65.20% | |||||
Annual goodwill impairment testing date | -21 | ||||||||
Computer Software, Intangible Asset | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Amortization expense, primarily related to internally-developed software | 41.2 | 34.1 | 26.6 | ||||||
Minimum | Buildings | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life | 15 years | ||||||||
Minimum | Machinery and Equipment | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life | 3 years | ||||||||
Maximum | Computer Software, Intangible Asset | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life of computer software | 5 years | ||||||||
Maximum | Buildings | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life | 40 years | ||||||||
Maximum | Leasehold Improvements | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life | 7 years | ||||||||
Maximum | Machinery and Equipment | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life | 15 years | ||||||||
Reversal of Over Accrual for Rebates | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Immaterial error correction, impact on accounts receivable and net sales | 22.7 | $19.80 | |||||||
Devaluation of Venezuelan Bolivar | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Maximum three year cumulative inflation using the blended Consumer Price Index and National Consumer Price Index | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Narrative (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 25, 2014 | Jan. 31, 2014 | Dec. 28, 2012 | Dec. 17, 2012 | Sep. 06, 2012 | Aug. 14, 2012 | Feb. 05, 2015 | Aug. 15, 2014 | Feb. 07, 2014 | Mar. 10, 2014 |
Business Acquisition [Line Items] | ||||||||||||||
Acquisition-related expenses | $8.60 | $5.90 | $2.50 | |||||||||||
Gain on bargain purchase | 9.5 | |||||||||||||
Proceeds from Divestiture of Businesses | -1.6 | -12 | ||||||||||||
Strategic Services segment | Journalism Online | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net proceeds of disposition of business | 10.7 | |||||||||||||
Proceeds from Divestiture of Businesses | 9.5 | |||||||||||||
Gain (loss) on disposition of business | 11.2 | |||||||||||||
International | RRDA | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Bankruptcy liquidation on effective of court approval | 16.4 | |||||||||||||
Loss before income taxes | 3.4 | 2.8 | 0.9 | |||||||||||
Net sales | 22.1 | 55.8 | 62.3 | |||||||||||
International | GRES | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net proceeds of disposition of business | 1.8 | |||||||||||||
Gain (loss) on disposition of business | -0.8 | |||||||||||||
International | MRM France | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Gain (loss) on disposition of business | -17.9 | |||||||||||||
Loss due to cash incentive payments to purchaser | 18.8 | |||||||||||||
Cash incentive paid to the purchaser | 16.4 | |||||||||||||
Esselte Corporation | Variable Print | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Transaction value of acquisition | 100.6 | |||||||||||||
Purchase price of acquisition, cash | 82.3 | |||||||||||||
Issuance of common stock shares for acquisitions of businesses | 1 | |||||||||||||
Fair value of the identifiable net assets acquired | 110.1 | |||||||||||||
Gain on bargain purchase | 9.5 | |||||||||||||
MultiCorpora R&D Inc. and MultiCorpora International Inc | Strategic Services | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Fair value of the identifiable net assets acquired | 6 | |||||||||||||
Consolidated Graphics, Inc | Variable Print | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price of acquisition, cash | 359.9 | |||||||||||||
Issuance of common stock shares for acquisitions of businesses | 16 | |||||||||||||
Fair value of the identifiable net assets acquired | 660.6 | |||||||||||||
Debt assumed | 118.4 | |||||||||||||
Esselte Multi Corpora And Consolidated Graphics Acquisition | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Tax deductible goodwill | 73.4 | |||||||||||||
Presort Solutions | Strategic Services segment | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price of acquisition | 11.7 | |||||||||||||
Cash acquired from acquisition | 0.8 | |||||||||||||
Meisel Photographic Corporation | Variable Print | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price of acquisition | 25.4 | |||||||||||||
Cash acquired from acquisition | 1 | |||||||||||||
Express Postal Options International | Strategic Services segment | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price of acquisition | 23.4 | |||||||||||||
Cash acquired from acquisition | 1 | |||||||||||||
Maximum entitled cash payments | 4 | |||||||||||||
Contingent consideration | 3.5 | |||||||||||||
Edgar Online | Strategic Services segment | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt assumed | 1.4 | |||||||||||||
Purchase price of acquisition | 71.5 | |||||||||||||
Cash acquired from acquisition | 2.1 | |||||||||||||
Repayment of debt assumed in acquisition | 1.4 | |||||||||||||
Presort, Meisel, XPO and EDGAR Online Acquisitions | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt assumed | 1.4 | |||||||||||||
Tax deductible goodwill | 23.5 | |||||||||||||
Purchase price of acquisition | 132 | |||||||||||||
Contingent consideration | 3.5 | |||||||||||||
Subsequent Event [Member] | Courier Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Transaction value of acquisition | $261 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions - Schedule of Purchase Price Allocation for Acquisitions (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Goodwill | $1,706.60 | $1,436.30 | $1,436.40 |
Less: gain on bargain purchase | 9.5 | ||
Consolidated Graphics, Esselte and MultiCorpora | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 241.9 | ||
Inventories | 89.6 | ||
Prepaid expenses and other current assets | 17.5 | ||
Property, plant and equipment | 336.8 | ||
Other intangible assets | 205 | ||
Other noncurrent assets | 11.9 | ||
Goodwill | 300.1 | ||
Accounts payable and accrued liabilities | -221 | ||
Other noncurrent liabilities | -57.5 | ||
Deferred taxes-net | -96.6 | ||
Total purchase price-net of cash acquired | 827.7 | ||
Less: debt assumed | 118.4 | ||
Less: value of common stock issued | 319 | ||
Less: gain on bargain purchase | 9.5 | ||
Net cash paid | 380.8 | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 18.3 | ||
Inventories | 2 | ||
Prepaid expenses and other current assets | 4.3 | ||
Property, plant and equipment | 10.4 | ||
Other intangible assets | 37.5 | ||
Other noncurrent assets | 15.1 | ||
Goodwill | 55.6 | ||
Accounts payable and accrued liabilities | -21.5 | ||
Other noncurrent liabilities | -0.1 | ||
Deferred taxes-net | 10.4 | ||
Total purchase price-net of cash acquired | 132 | ||
Less: debt assumed | 1.4 | ||
Less: fair value of contingent consideration | 3.5 | ||
Net cash paid | $127.10 |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions - Fair Value, Valuation Techniques and Related Unobservable Inputs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer Relationships | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 178.2 | ||
Customer Relationships | Fair Value, Inputs, Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 3.1 | ||
Valuation Technique | Excess earnings | With and without method | Excess earnings |
Discount rate | 16.00% | ||
Customer Relationships | Fair Value, Inputs, Level 3 | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 12.00% | 12.50% | |
Attrition rate | 6.60% | 2.00% | |
Customer Relationships | Fair Value, Inputs, Level 3 | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 18.00% | 15.00% | |
Attrition rate | 12.00% | 15.90% | |
Trade Names | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 17.8 | ||
Noncompete Agreements | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 0.3 | ||
Consolidated Graphics, Esselte and MultiCorpora | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 178.2 | ||
Valuation Technique | Excess earnings | ||
Consolidated Graphics, Esselte and MultiCorpora | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 17.00% | ||
Attrition rate | 5.00% | ||
Consolidated Graphics, Esselte and MultiCorpora | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [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 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [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 | Fair Value, Measurements, Nonrecurring | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Royalty rate (after-tax) | 0.50% | ||
Consolidated Graphics, Esselte and MultiCorpora | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Royalty rate (after-tax) | 1.50% | ||
Consolidated Graphics, Esselte and MultiCorpora | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 1.1 | ||
Valuation Technique | Excess earnings | ||
Discount rate | 17.00% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Contingent Consideration | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 3.5 | ||
Valuation Technique | Probability weighted discounted future cash flows | ||
Discount rate | 4.50% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 31.4 | ||
Valuation Technique | Excess earnings, with and without method | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 16.00% | ||
Attrition rate | 7.00% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Customer Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 17.00% | ||
Attrition rate | 20.00% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 3.5 | ||
Valuation Technique | Relief-from-royalty method | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Royalty rate (after-tax) | 0.30% | ||
Discount rate | 15.50% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Royalty rate (after-tax) | 1.20% | ||
Discount rate | 17.00% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | 14.5 | ||
Royalty rate (after-tax) | 4.50% | ||
Valuation Technique | Excess earnings, relief-from-royalty method, cost approach | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 16.00% | ||
Obsolescence factor | 10.00% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 17.00% | ||
Obsolescence factor | 20.00% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Noncompete Agreements | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair Value | $2.60 | ||
Valuation Technique | Excess earnings, with and without method | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Noncompete Agreements | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 16.00% | ||
Presort, Meisel, XPO and EDGAR Online Acquisitions | Noncompete Agreements | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Discount rate | 17.00% |
Acquisitions_and_Dispositions_4
Acquisitions and Dispositions - Pro Forma Financial Information (Detail) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Net sales | $11,756.20 | $11,814.20 |
Net earnings attributable to RR Donnelley common shareholders | $151.10 | $202.40 |
Net earnings per share attributable to RR Donnelley common shareholders: | ||
Basic | $0.76 | $1.02 |
Diluted | $0.75 | $1.01 |
Acquisitions_and_Dispositions_5
Acquisitions and Dispositions - Pro Forma Adjustments Affecting Net Earnings (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Amortization of purchased intangibles | $80.20 | $84.80 |
Restructuring, impairment and other charges | 103 | 170.2 |
Depreciation and amortization of purchased assets, pre-tax | 5.5 | -10.2 |
Acquisition-related expenses, pre-tax | 18.9 | -8.9 |
Restructuring, impairment and other charges, pre-tax | 32.8 | -31.8 |
Inventory fair value adjustments, pre-tax | 14.3 | -14.3 |
Interest expense-net, pre-tax | 2.6 | -19.1 |
Other pro forma adjustments, pre-tax | -4.9 | 9.5 |
Income taxes | ($19.80) | $18.80 |
Restructuring_Impairment_and_O2
Restructuring, Impairment and Other Charges - Schedule of Net Restructuring, Impairment and Other Charges (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | $30.30 | $40.40 | $66.60 |
Other Restructuring Charges | 20.8 | 33.8 | 25.3 |
Total Restructuring Charges | 51.1 | 74.2 | 91.9 |
Impairment | 47.1 | 20.9 | 1,026.60 |
Other Charges | 35.5 | 38.4 | |
Total | 133.7 | 133.5 | 1,118.50 |
Publishing and Retail Services | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | -0.2 | 17 | 13.3 |
Other Restructuring Charges | 6.4 | 14.1 | 5.2 |
Total Restructuring Charges | 6.2 | 31.1 | 18.5 |
Impairment | 20.8 | 12.3 | 827.7 |
Other Charges | 23.7 | 30.3 | |
Total | 50.7 | 73.7 | 846.2 |
Variable Print | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 17.2 | 2.2 | 14.2 |
Other Restructuring Charges | 9.2 | 12.5 | 5.6 |
Total Restructuring Charges | 26.4 | 14.7 | 19.8 |
Impairment | 10.8 | 0.9 | 9.8 |
Other Charges | 7.6 | ||
Total | 44.8 | 15.6 | 29.6 |
Strategic Services | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 3.5 | 2.8 | 7.7 |
Other Restructuring Charges | 2.1 | 2 | 6 |
Total Restructuring Charges | 5.6 | 4.8 | 13.7 |
Impairment | 1.8 | 6.3 | 132.9 |
Other Charges | 4.2 | 8.1 | |
Total | 11.6 | 19.2 | 146.6 |
International | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 7.3 | 14.3 | 11 |
Other Restructuring Charges | 1.3 | 3.6 | 4 |
Total Restructuring Charges | 8.6 | 17.9 | 15 |
Impairment | 13.7 | 1 | 50.7 |
Total | 22.3 | 18.9 | 65.7 |
Corporate | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 2.5 | 4.1 | 20.4 |
Other Restructuring Charges | 1.8 | 1.6 | 4.5 |
Total Restructuring Charges | 4.3 | 5.7 | 24.9 |
Impairment | 0.4 | 5.5 | |
Total | $4.30 | $6.10 | $30.40 |
Restructuring_Impairment_and_O3
Restructuring, Impairment and Other Charges - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee | Employee | Employee | Employee | ||
Restructuring Cost And Reserve [Line Items] | |||||
Employee Terminations | $30.30 | $40.40 | $66.60 | ||
Number of employees used to determine employee termination costs | 654 | 1,382 | 2,200 | ||
Number of employees who were terminated as of date | 633 | 633 | |||
Other Restructuring Charges | 20.8 | 33.8 | 25.3 | ||
Impairment charges | 47.1 | 20.9 | 1,026.60 | ||
Goodwill impairment non-cash charges | 18.1 | 18.1 | |||
Impairment of intangible assets | 158 | ||||
Other Long Lived Assets | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment charges | 14 | 17.6 | 20.2 | ||
Multi-employer pension plan withdrawal obligations | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Other Restructuring Charges | 14.7 | ||||
Variable Print | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Employee Terminations | 17.2 | 2.2 | 14.2 | ||
Number of manufacturing facilities closed | 1 | 3 | |||
Other Restructuring Charges | 9.2 | 12.5 | 5.6 | ||
Impairment charges | 10.8 | 0.9 | 9.8 | ||
Variable Print | Customer Relationship Intangible Assets | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | 4.1 | ||||
Variable Print | Trade Names | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | 1.4 | ||||
Variable Print | Consolidated Graphic [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of manufacturing facilities closed | 7 | ||||
Variable Print | Other Subsegment [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of manufacturing facilities closed | 1 | ||||
Publishing and Retail Services | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Employee Terminations | -0.2 | 17 | 13.3 | ||
Number of manufacturing facilities closed | 1 | 2 | 2 | ||
Other Restructuring Charges | 6.4 | 14.1 | 5.2 | ||
Impairment charges | 20.8 | 12.3 | 827.7 | ||
International | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Employee Terminations | 7.3 | 14.3 | 11 | ||
Number of manufacturing facilities closed | 1 | ||||
Other Restructuring Charges | 1.3 | 3.6 | 4 | ||
Impairment charges | 13.7 | 1 | 50.7 | ||
International | Customer Relationship Intangible Assets | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | 7.8 | ||||
Strategic Services | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Employee Terminations | 3.5 | 2.8 | 7.7 | ||
Other Restructuring Charges | 2.1 | 2 | 6 | ||
Impairment charges | 1.8 | 6.3 | 132.9 | ||
Strategic Services | Customer Relationship Intangible Assets | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | $1.70 |
Restructuring_Impairment_and_O4
Restructuring, Impairment and Other Charges - Other Charges - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Employee | Employee | Employee | ||||
Restructuring Cost And Reserve [Line Items] | ||||||
Other Charges | $35.50 | $38.40 | ||||
Accrued liabilities | 867.3 | 867.3 | 814.8 | 814.8 | ||
Other noncurrent liabilities | 395.6 | 395.6 | 349.5 | 349.5 | ||
Impairment of intangible assets | 158 | |||||
Goodwill impairment non-cash charges | 18.1 | 18.1 | ||||
Employee Terminations | 30.3 | 40.4 | 66.6 | |||
Number of employees used to determine employee termination costs | 654 | 1,382 | 2,200 | |||
Other Restructuring Charges | 20.8 | 33.8 | 25.3 | |||
Impairment charges | 47.1 | 20.9 | 1,026.60 | |||
Previous Organization Structure | Magazines, catalogs and retail inserts | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 461.7 | |||||
Previous Organization Structure | Books and Directories | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 318.7 | |||||
Previous Organization Structure | Europe | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 68 | |||||
Customer Relationships | Previous Organization Structure | Magazines, catalogs and retail inserts | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 28.5 | |||||
Customer Relationships | Previous Organization Structure | Books and Directories | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 123.8 | |||||
Strategic Services | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Other Charges | 4.2 | 8.1 | ||||
Employee Terminations | 3.5 | 2.8 | 7.7 | |||
Other Restructuring Charges | 2.1 | 2 | 6 | |||
Impairment charges | 1.8 | 6.3 | 132.9 | |||
Strategic Services | Customer Relationships | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 1.7 | 3.3 | ||||
Publishing and Retail Services | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 18.1 | |||||
Publishing and Retail Services | Previous Organization Structure | Magazines, catalogs and retail inserts | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 365.8 | |||||
Publishing and Retail Services | Previous Organization Structure | Books | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 304.1 | |||||
Publishing and Retail Services | Customer Relationships | Previous Organization Structure | Magazines, catalogs and retail inserts | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 28.2 | |||||
Publishing and Retail Services | Customer Relationships | Previous Organization Structure | Books | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 121.9 | |||||
Strategic Services segment | Previous Organization Structure | Magazines, catalogs and retail inserts | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 95.9 | |||||
Strategic Services segment | Previous Organization Structure | Books and Directories | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 10.9 | |||||
Strategic Services segment | Previous Organization Structure | Europe | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 23.1 | |||||
Strategic Services segment | Customer Relationships | Previous Organization Structure | Magazines, catalogs and retail inserts | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 0.3 | |||||
Strategic Services segment | Customer Relationships | Previous Organization Structure | Books and Directories | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 0.5 | |||||
Variable Print | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Other Charges | 7.6 | |||||
Employee Terminations | 17.2 | 2.2 | 14.2 | |||
Other Restructuring Charges | 9.2 | 12.5 | 5.6 | |||
Number of manufacturing facilities closed | 1 | 3 | ||||
Impairment charges | 10.8 | 0.9 | 9.8 | |||
Variable Print | Previous Organization Structure | Books | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 3.7 | |||||
Variable Print | Customer Relationships | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 4.1 | |||||
Variable Print | Customer Relationships | Previous Organization Structure | Books and Directories | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 1.4 | |||||
International | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Employee Terminations | 7.3 | 14.3 | 11 | |||
Other Restructuring Charges | 1.3 | 3.6 | 4 | |||
Number of manufacturing facilities closed | 1 | |||||
Impairment charges | 13.7 | 1 | 50.7 | |||
International | Previous Organization Structure | Europe | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Goodwill impairment non-cash charges | 44.9 | |||||
International | Customer Relationships | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 7.8 | 7.8 | ||||
International | Customer Relationships | Previous Organization Structure | Latin America | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment of intangible assets | 5.7 | |||||
Publishing and Retail Services | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Other Charges | 23.7 | 30.3 | ||||
Employee Terminations | -0.2 | 17 | 13.3 | |||
Other Restructuring Charges | 6.4 | 14.1 | 5.2 | |||
Number of manufacturing facilities closed | 1 | 2 | 2 | |||
Impairment charges | 20.8 | 12.3 | 827.7 | |||
Multi-employer pension plan withdrawal obligations | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Other Charges | 35.5 | |||||
Accrued liabilities | 14.9 | 14.9 | ||||
Other noncurrent liabilities | 88.1 | 88.1 | 38.4 | 38.4 | ||
Other Restructuring Charges | 14.7 | |||||
Other Long Lived Assets | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Impairment charges | $14 | $17.60 | $20.20 |
Restructuring_Impairment_and_O5
Restructuring, Impairment and Other Charges - Schedule of Changes in the Restructuring Reserve (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | $77.60 | $78.50 | |
Restructuring Charges | 51.1 | 74.2 | 91.9 |
Foreign Exchange and Other | 1.1 | -1 | |
Cash Paid | -67.1 | -74.1 | |
Balance at the end | 62.7 | 77.6 | 78.5 |
Employee terminations | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | 19.7 | 23.4 | |
Restructuring Charges | 30.3 | 40.4 | |
Foreign Exchange and Other | 0.4 | -2.1 | |
Cash Paid | -37.4 | -42 | |
Balance at the end | 13 | 19.7 | |
Multi-employer pension plan withdrawal obligations | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | 36.8 | 25.1 | |
Restructuring Charges | 3 | 14.7 | |
Foreign Exchange and Other | -0.6 | ||
Cash Paid | -4.6 | -3 | |
Balance at the end | 34.6 | 36.8 | |
Lease terminations and other | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | 21.1 | 30 | |
Restructuring Charges | 17.8 | 19.1 | |
Foreign Exchange and Other | 1.3 | 1.1 | |
Cash Paid | -25.1 | -29.1 | |
Balance at the end | $15.10 | $21.10 |
Restructuring_Impairment_and_O6
Restructuring, Impairment and Other Charges - Restructuring Reserve - Narrative (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Restructuring And Related Activities [Abstract] | ||
Current restructuring reserve (included in accrued liabilities) | $22.30 | $32.30 |
Noncurrent restructuring reserve (included in noncurrent liabilities) | $40.40 | $45.30 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ||||
Goodwill gross | $4,803.50 | $4,803.50 | $4,607.90 | $4,620.70 |
Accumulated impairment losses | -3,096.90 | -3,096.90 | -3,171.60 | -3,184.30 |
Goodwill | 1,706.60 | 1,706.60 | 1,436.30 | 1,436.40 |
Acquisitions | 300.1 | |||
Foreign exchange and other adjustments | -11.7 | -0.1 | ||
Impairment charges | -18.1 | -18.1 | ||
Publishing and Retail Services | ||||
Goodwill [Line Items] | ||||
Goodwill gross | 688 | 688 | 688 | 688 |
Accumulated impairment losses | -688 | -688 | -669.9 | -669.9 |
Goodwill | 18.1 | 18.1 | ||
Foreign exchange and other adjustments | ||||
Impairment charges | -18.1 | |||
Variable Print | ||||
Goodwill [Line Items] | ||||
Goodwill gross | 1,914.10 | 1,914.10 | 1,638.60 | 1,638.80 |
Accumulated impairment losses | -1,105.20 | -1,105.20 | -1,105.20 | -1,105.20 |
Goodwill | 808.9 | 808.9 | 533.4 | 533.6 |
Acquisitions | 276.2 | |||
Foreign exchange and other adjustments | -0.7 | -0.2 | ||
Strategic Services | ||||
Goodwill [Line Items] | ||||
Goodwill gross | 987.5 | 987.5 | 1,005.40 | 1,007.50 |
Accumulated impairment losses | -222.4 | -222.4 | -243.5 | -243.4 |
Goodwill | 765.1 | 765.1 | 761.9 | 764.1 |
Acquisitions | 3.4 | |||
Foreign exchange and other adjustments | -0.2 | -2.2 | ||
International | ||||
Goodwill [Line Items] | ||||
Goodwill gross | 1,213.90 | 1,213.90 | 1,275.90 | 1,286.40 |
Accumulated impairment losses | -1,081.30 | -1,081.30 | -1,153 | -1,165.80 |
Goodwill | 132.6 | 132.6 | 122.9 | 120.6 |
Acquisitions | 20.5 | |||
Foreign exchange and other adjustments | ($10.80) | $2.30 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Goodwill And Other Intangible Assets [Line Items] | ||||||
Goodwill impairment non-cash charges | $18.10 | $18.10 | ||||
Impairment of intangible assets | 158 | |||||
Additions to other intangible assets | 205 | |||||
Amortization expense for other intangible assets | 78.1 | 64 | 87.6 | |||
Variable Print | Trade Names | ||||||
Goodwill And Other Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | 1.4 | |||||
Variable Print | Customer Relationships | ||||||
Goodwill And Other Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | 4.1 | |||||
International | Customer Relationships | ||||||
Goodwill And Other Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | 7.8 | 7.8 | ||||
Strategic Services | Customer Relationships | ||||||
Goodwill And Other Intangible Assets [Line Items] | ||||||
Impairment of intangible assets | $1.70 | $3.30 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule Of Other Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | $1,038.50 | $885.60 |
Accumulated Amortization, amortizable intangible assets | -641.6 | -587.8 |
Net Book Value, amortizable intangible assets | 396.9 | 297.8 |
Net Book Value, indefinite-lived trade names | 26.8 | 18.1 |
Gross Carrying Amount, total other intangible assets | 1,065.30 | 903.7 |
Net Book Value, total other intangible assets | 423.7 | 315.9 |
Customer Relationships | ||
Schedule Of Other Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 865.6 | 728.8 |
Accumulated Amortization, amortizable intangible assets | -498 | -448.5 |
Net Book Value, amortizable intangible assets | 367.6 | 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 | -29.7 | -28.2 |
Net Book Value, amortizable intangible assets | 1.8 | 3.2 |
Trade Names | ||
Schedule Of Other Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 43.1 | 27.1 |
Accumulated Amortization, amortizable intangible assets | -15.6 | -12.8 |
Net Book Value, amortizable intangible assets | $27.50 | $14.30 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets Additions by Component (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Schedule Of Other Intangible Assets [Line Items] | |
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 | 0.3 |
Weighted Average Amortization Period | 3 years |
Trade Names | |
Schedule Of Other Intangible Assets [Line Items] | |
Trade names (indefinite-lived) | $8.70 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite Lived Intangible Assets Roll Forward | ||
2015 | $74.40 | |
2016 | 56.6 | |
2017 | 50.4 | |
2018 | 45.2 | |
2019 | 41.7 | |
2020 and thereafter | 128.6 | |
Net Book Value, amortizable intangible assets | $396.90 | $297.80 |
Accounts_Receivable_Transactio
Accounts Receivable - Transactions Affecting Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Balance, beginning of year | $44.80 | $49.60 | $62.60 |
Provisions charged to expense | 16.9 | 18.2 | 8.7 |
Write-offs and other | -17.4 | -23 | -21.7 |
Balance, end of year | $44.30 | $44.80 | $49.60 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Net [Abstract] | ||
Raw materials and manufacturing supplies | $261.70 | $212.60 |
Work in process | 157.5 | 145.2 |
Finished goods | 260.6 | 235.4 |
LIFO reserve | -93.6 | -92 |
Total | $586.20 | $501.20 |
Inventories_Narrative_Detail
Inventories - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Net [Abstract] | |||
LIFO expense (benefit) | $1.60 | ($0.10) | ($4.30) |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ||
Land | $112.10 | $94.30 |
Buildings | 1,214.80 | 1,160.60 |
Machinery and equipment | 6,142.80 | 6,024 |
Property, plant and equipment, gross | 7,469.70 | 7,278.90 |
Accumulated depreciation | -5,954.20 | -5,848.80 |
Total | $1,515.50 | $1,430.10 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $354.70 | $337.70 | $367.40 |
Book value of assets held for sale | $7.20 | $18.50 |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Goodwill, impairment charge | $18.10 | $18.10 | |||
Impairment of intangible assets | 158 | ||||
Total, impairment charge | 47.3 | 21.5 | 1,027.10 | ||
Goodwill | 1,706.60 | 1,436.40 | 1,706.60 | 1,436.30 | 1,436.40 |
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 | 5.4 | 4.2 | 8 | ||
Long-lived assets held for sale or disposal, impairment charge | 12.5 | 14.8 | 15.6 | ||
Goodwill, impairment charge | 18.1 | 848.4 | |||
Impairment of intangible assets | 15 | 3.3 | 158 | ||
Total, impairment charge | 51 | 22.3 | 1,030 | ||
Long-lived assets held and used, net book value | 1.3 | 8.5 | 1.3 | 4 | 8.5 |
Long-lived assets held for sale or disposal, net book value | 3.2 | 6.3 | 3.2 | 18.5 | 6.3 |
Goodwill | 0 | 18.1 | 0 | 18.1 | |
Other intangible assets, net book value | 0 | 3.1 | 0 | 0 | 3.1 |
Total Assets | 4.5 | 36 | 4.5 | 22.5 | 36 |
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 | 1.3 | 4.2 | 9.8 | ||
Long-lived assets held for sale or disposal, fair value measurement | 20.8 | 20.2 | 16.4 | ||
Goodwill, fair value measurement | 0 | 18.1 | 0 | 18.1 | |
Other intangible assets, fair value measurement | 0 | 0 | 3.1 | ||
Total, fair value measurement | $22.10 | $24.40 | $47.40 |
Fair_Value_Measurement_Narrati
Fair Value Measurement - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair values reduced by estimated costs to sell | $1.20 | $1.40 | $0.70 | ||
Impairment of intangible assets | 158 | ||||
Finite-lived intangible assets | 396.9 | 297.8 | 396.9 | ||
Europe | Previous Organization Structure | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Goodwill, fair value measurement | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment of intangible assets | 15 | 3.3 | 158 | ||
Trade Names | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment of intangible assets | 1.4 | ||||
Finite-lived intangible assets | 27.5 | 14.3 | 27.5 | ||
Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Finite-lived intangible assets | 367.6 | 280.3 | 367.6 | ||
Commercial and Digital Print | Trade Names | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other intangible assets, fair value measurement | 14.3 | 14.3 | |||
Commercial and Digital Print | Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment of intangible assets | 4.1 | ||||
Finite-lived intangible assets | 181.8 | 181.8 | |||
International | Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment of intangible assets | 7.8 | 7.8 | |||
Finite-lived intangible assets | 0.2 | 0.2 | |||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Goodwill, fair value measurement | 18.1 | 0 | 18.1 | 0 | |
Fair Value, Inputs, Level 3 | Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other intangible assets, fair value measurement | 0 | ||||
Fair Value, Inputs, Level 3 | Commercial and Digital Print | Trade Names | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other intangible assets, fair value measurement | 0 | 0 | |||
Magazines, catalogs and retail inserts | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Goodwill, fair value measurement | 0 | 0 | |||
Magazines, catalogs and retail inserts | Previous Organization Structure | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Goodwill, fair value measurement | 18.1 | 18.1 | |||
Magazines, catalogs and retail inserts | Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other intangible assets, fair value measurement | 0 | 0 | |||
Finite-lived intangible assets | 22.8 | 22.8 | |||
Magazines, catalogs and retail inserts | Customer Relationships | Previous Organization Structure | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment of intangible assets | 28.5 | ||||
Financial Print And Related Services | Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other intangible assets, fair value measurement | 101.2 | ||||
Impairment of intangible assets | 1.7 | ||||
Finite-lived intangible assets | 84 | 84 | |||
Books and Directories | Previous Organization Structure | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Goodwill, fair value measurement | 0 | 0 | |||
Books and Directories | Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Finite-lived intangible assets | 3.1 | 3.1 | |||
Books and Directories | Customer Relationships | Previous Organization Structure | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment of intangible assets | 123.8 | ||||
Books and Directories | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other intangible assets, fair value measurement | 3.1 | 3.1 | |||
Latin America | Customer Relationships | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Other intangible assets, fair value measurement | 0 | 0 | |||
Finite-lived intangible assets | 8 | 8 | |||
Latin America | International | Customer Relationships | Previous Organization Structure | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment of intangible assets | $5.70 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement - Fair Value, Valuation Techniques and Related Unobservable Inputs for Level Three (Detail) (Customer Relationships, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair Value | 178.2 | ||
Fair Value, Inputs, Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair Value | $3.10 | ||
Valuation Technique | Excess earnings | With and without method | Excess earnings |
Discount rate | 16.00% | ||
Fair Value, Inputs, Level 3 | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Discount rate | 12.00% | 12.50% | |
Attrition rate | 6.60% | 2.00% | |
Fair Value, Inputs, Level 3 | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Discount rate | 18.00% | 15.00% | |
Attrition rate | 12.00% | 15.90% |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued Liabilities Current [Abstract] | ||
Employee-related liabilities | $337.30 | $284.60 |
Deferred revenue | 145.4 | 153.6 |
Restructuring liabilities | 22.3 | 32.3 |
Other | 362.3 | 344.3 |
Total accrued liabilities | $867.30 | $814.80 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Facility | |||
Commitments And Contingencies Disclosure [Abstract] | |||
Authorized expenditures on incomplete projects for purchase of property, plant and equipment | $84.20 | ||
Committed total of property, plant and equipment expenditure | 36.5 | ||
Severance payments related to restructuring | 13 | ||
Commitments for outsourced services | 90.7 | ||
Commitment to purchase natural gas | 15 | ||
Operating lease commitments | 448.9 | ||
Minimum non-cancelable sublease rental commitments | 38 | ||
Rent expense | $173.20 | $149.40 | $143.70 |
Number of sites cited as potentially responsible party | 12 | ||
Number of previously and currently owned sites with potential remediation obligations | 10 |
Future_Minimum_Rental_Commitme
Future Minimum Rental Commitments Under Operating Lease (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2015 | $132 |
2016 | 91.8 |
2017 | 65 |
2018 | 37.1 |
2019 | 27.2 |
2020 and thereafter | 95.8 |
Future minimum rental commitments under operating leases | $448.90 |
Retirement_Plans_Narrative_Det
Retirement Plans - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Reduction in pension obligation | $404 | |||
Pension and other post retirement non-cash settlement expense | 95.7 | |||
Pension and postretirement contributions | 41.9 | 29.6 | 148.7 | |
Gain on curtailment | 3.7 | |||
Defined benefit plan, accumulated benefit obligation | 4,428.50 | 4,428.50 | 3,937 | |
Threshold for recognition in net periodic benefit costs, percentage of projected benefit obligation or fair value of plan assets | 10.00% | |||
Employer matching contributions rate | 40.00% | |||
Maximum participant contributions as a percentage of eligible compensation per pay period | 6.00% | |||
Recognized expense | 30.8 | |||
Other Charges | 35.5 | 38.4 | ||
Multi-employer plan, period contributions | 0.3 | 1.3 | 1.3 | |
Multi-employer pension plan withdrawal obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Charges | 38.5 | 38.4 | ||
Multi-employer pension plan withdrawal obligations | Facility closures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Charges | 14.7 | |||
Multi-employer pension plan withdrawal obligations | Complete And Partial Withdrawal From Multi Employer Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Charges | 53.1 | 0 | ||
Multi-Employer Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of multi-employer Pension plans withdrawn from | 4 | |||
Multi-Employer Pension Plans | Multi-employer pension plan withdrawal obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Charges | 35.5 | |||
Multi-Employer Pension Plans | Multi-employer pension plan withdrawal obligations | Facility closures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Charges | 3 | |||
Hedging Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 40.00% | |||
Return Seeking Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 60.00% | |||
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Reduction in pension obligation | 0.1 | |||
Benefits Paid | 173.4 | 175.2 | ||
Increased benefit obligations | 310 | |||
Pension and postretirement contributions | 30.9 | |||
Gain on curtailment | 3.7 | |||
Medicare reimbursements | ||||
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Reduction in pension obligation | 7.4 | 30.6 | ||
Benefits Paid | 34.6 | 41.5 | ||
Pension and postretirement contributions | 11 | |||
Gain on curtailment | ||||
Medicare reimbursements | 4.2 | 2.7 | ||
Other Postretirement Benefit Plans, Defined Benefit | Medicare Part D Subsidies | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Medicare reimbursements | 0.5 | |||
Pension and Retirement Benefit Plans | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and other postretirement expected contributions for next year | 25 | |||
Pension and Retirement Benefit Plans | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and other postretirement expected contributions for next year | 30 | |||
Postretirement Life Insurance | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Reduction in pension obligation | 30.1 | |||
EGWP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Medicare reimbursements | 4.2 | |||
Lump Sum Pension Payment Or Annuity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefits Paid | $317.70 |
Components_of_Net_Pension_and_
Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailments | ($3.70) | ||
Loss on pension settlement | 95.7 | ||
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.2 | 2.2 | 5.9 |
Interest cost | 194.5 | 178.2 | 189.2 |
Expected return on plan assets | -259 | -241.9 | -262.6 |
Amortization of prior service credit | 0.6 | ||
Amortization of actuarial loss (gain) | 31.9 | 50.5 | 32.1 |
Curtailments | -3.7 | ||
Loss on pension settlement | 95.7 | 0.7 | 1.1 |
Net periodic benefit (income) expense | 65.3 | -10.3 | -37.4 |
Discount rate | 5.00% | 4.20% | 4.90% |
Rate of compensation increase | 0.20% | 0.30% | 0.90% |
Expected return on plan assets | 7.60% | 7.90% | 8.40% |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4.6 | 7.3 | 6.6 |
Interest cost | 16.8 | 16.2 | 18.4 |
Expected return on plan assets | -13.9 | -11.8 | -13.9 |
Amortization of prior service credit | -25.8 | -19.7 | -19.7 |
Amortization of actuarial loss (gain) | -0.1 | ||
Curtailments | |||
Loss on pension settlement | |||
Net periodic benefit (income) expense | ($18.30) | ($8) | ($8.70) |
Discount rate | 4.50% | 3.90% | 4.80% |
Rate of compensation increase | 3.60% | ||
Expected return on plan assets | 7.30% | 7.30% | 7.60% |
Reconciliation_of_Benefit_Obli
Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Plan amendments and other | ($404) | ||
Pension Plans, Defined Benefit | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 3,952.70 | 4,368.80 | |
Service cost | 2.2 | 2.2 | 5.9 |
Interest cost | 194.5 | 178.2 | 189.2 |
Plan participants' contributions | 0.5 | 0.5 | |
Medicare reimbursements | |||
Actuarial loss (gain) | 652.3 | -404.2 | |
Plan amendments and other | -0.1 | ||
Curtailments and settlements | -317.7 | -9 | |
Foreign currency translation | -35.3 | -8.5 | |
Benefits paid | -173.4 | -175.2 | |
Acquisitions | 176.4 | ||
Benefit obligation at end of year | 4,452.20 | 3,952.70 | 4,368.80 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 3,707.30 | 3,215.30 | |
Actual return on assets | 455.4 | 658 | |
Settlements | -317.7 | -8.7 | |
Employer contributions | 30.9 | 21.6 | |
Medicare reimbursements | |||
Plan participants' contributions | 0.5 | 0.5 | |
Acquisitions | 170.2 | ||
Foreign currency translation | -31.4 | -4.2 | |
Benefits paid | -173.4 | -175.2 | |
Fair value of plan assets at end of year | 3,841.80 | 3,707.30 | 3,215.30 |
Funded status at end of year | -610.4 | -245.4 | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 382.3 | 430.2 | |
Service cost | 4.6 | 7.3 | 6.6 |
Interest cost | 16.8 | 16.2 | 18.4 |
Plan participants' contributions | 13.8 | 14.5 | |
Medicare reimbursements | 4.2 | 2.7 | |
Actuarial loss (gain) | 43.1 | -13.6 | |
Plan amendments and other | -7.4 | -30.6 | |
Curtailments and settlements | |||
Foreign currency translation | -4.2 | -2.9 | |
Benefits paid | -34.6 | -41.5 | |
Acquisitions | 6 | ||
Benefit obligation at end of year | 424.6 | 382.3 | 430.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 206.8 | 187.1 | |
Actual return on assets | 11.5 | 35.6 | |
Settlements | |||
Employer contributions | 11 | 8 | |
Medicare reimbursements | 4.2 | 2.7 | |
Plan participants' contributions | 13.8 | 14.5 | |
Acquisitions | |||
Foreign currency translation | -0.1 | 0.4 | |
Benefits paid | -34.6 | -41.5 | |
Fair value of plan assets at end of year | 212.6 | 206.8 | 187.1 |
Funded status at end of year | ($212) | ($175.50) |
Amounts_Recognized_on_Consolid
Amounts Recognized on Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost (included in accrued liabilities) | ($362.30) | ($344.30) |
Pension liabilities | -616.1 | -245.2 |
Other postretirement benefits plan liabilities | -210.8 | -174.1 |
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension cost (included in other noncurrent assets) | 14.4 | 8 |
Accrued benefit cost (included in accrued liabilities) | -8.7 | -8.2 |
Pension liabilities | -616.1 | -245.2 |
Other postretirement benefits plan liabilities | ||
Net liabilities recognized in the Consolidated Balance Sheets | -610.4 | -245.4 |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension cost (included in other noncurrent assets) | ||
Accrued benefit cost (included in accrued liabilities) | -1.2 | -1.4 |
Pension liabilities | ||
Other postretirement benefits plan liabilities | -210.8 | -174.1 |
Net liabilities recognized in the Consolidated Balance Sheets | ($212) | ($175.50) |
Amounts_in_Accumulated_Other_C
Amounts in Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | ($1,284.80) | ($957.50) |
Net transition obligation | -0.1 | -0.2 |
Net prior service credit | ||
Total | -1,284.90 | -957.7 |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | -8 | 35.6 |
Net transition obligation | ||
Net prior service credit | 58.3 | 78.4 |
Total | $50.30 | $114 |
Amounts_Recognized_in_Other_Co
Amounts Recognized in Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $390.90 | ($919) | $285.10 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of Net actuarial loss | 31.9 | ||
Amortization of Net prior service credit | 0 | ||
Amounts arising during the period, Net actuarial | -456 | ||
Amounts arising during the period, Net prior service credit | 0 | ||
Amounts arising during the period, Settlements | 95.7 | ||
Amounts arising during the period, Foreign currency loss | 1.2 | ||
Total | -327.2 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of Net actuarial loss | 0 | ||
Amortization of Net prior service credit | -25.8 | ||
Amounts arising during the period, Net actuarial | -43.8 | ||
Amounts arising during the period, Net prior service credit | 5.7 | ||
Amounts arising during the period, Settlements | 0 | ||
Amounts arising during the period, Foreign currency loss | 0.2 | ||
Total | ($63.70) |
Amounts_in_Accumulated_Other_C1
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $41 |
Net prior service credit | |
Total | 41 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | |
Net prior service credit | -26.9 |
Total | ($26.90) |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used to Determine Benefit Obligation (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.10% | 5.00% |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Ultimate | 4.90% | 4.90% |
Discount rate | 3.90% | 4.50% |
Pre Age Sixty Five | Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Current | 7.90% | 7.80% |
Post Age Sixty Five | Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Current | 7.90% | 7.80% |
Summary_of_Projected_Benefit_O
Summary of Projected Benefit Obligations in Excess of Plan Assets (Detail) (Pension Plans, Defined Benefit, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $4,251 | $3,929.60 |
Fair value of plan assets | $3,626.30 | $3,676.10 |
Accumulated_Benefit_Obligation
Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation And Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation | $4,225.50 | $3,912 |
Fair value of plan assets | $3,622.90 | $3,672.60 |
Effects_of_Onepercentage_Point
Effects of One-percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) (Other Postretirement Benefit Plans, Defined Benefit, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Other postretirement benefit obligation, 1% increase | $5.60 |
Total other postretirement benefits service and interest cost components, 1% increase | 0.6 |
Other postretirement benefit obligation, 1% decrease | -4.1 |
Total other postretirement benefits service and interest cost components, 1% decrease | ($0.60) |
Expected_Benefit_Payments_Deta
Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $201.40 |
2016 | 208.6 |
2017 | 211.7 |
2018 | 217.9 |
2019 | 224.4 |
2020-2024 | 1,219.60 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 28.3 |
2016 | 29.5 |
2017 | 31 |
2018 | 31.9 |
2019 | 32.1 |
2020-2024 | 160 |
Estimated Subsidy Reimbursements | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 1.9 |
2016 | 2.1 |
2017 | 2.3 |
2018 | 2.5 |
2019 | 2.7 |
2020-2024 | $16.70 |
Allocation_of_Plan_Assets_Pens
Allocation of Plan Assets, Pension Plan (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Private Equity Funds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | $47.30 | $43.40 | $38.90 |
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 3,841.80 | 3,707.30 | 3,215.30 |
Pension Plans, Defined Benefit | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1,085.40 | 2,149.30 | |
Pension Plans, Defined Benefit | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 2,709.10 | 1,514.60 | |
Pension Plans, Defined Benefit | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 47.3 | 43.4 | |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 66.4 | 79.6 | |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 44.1 | 51.6 | |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 22.3 | 28 | |
Pension Plans, Defined Benefit | Cash and Cash Equivalents | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1,751.70 | 2,658.70 | |
Pension Plans, Defined Benefit | Equity Funds | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 997.5 | 1,839.30 | |
Pension Plans, Defined Benefit | Equity Funds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 754.2 | 819.4 | |
Pension Plans, Defined Benefit | Equity Funds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1,830.60 | 795.3 | |
Pension Plans, Defined Benefit | Fixed Income Funds | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 43 | 255 | |
Pension Plans, Defined Benefit | Fixed Income Funds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1,787.60 | 540.3 | |
Pension Plans, Defined Benefit | Fixed Income Funds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Derivative | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 12.8 | 3.9 | |
Pension Plans, Defined Benefit | Derivative | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 0.8 | 3.4 | |
Pension Plans, Defined Benefit | Derivative | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 12 | 0.5 | |
Pension Plans, Defined Benefit | Derivative | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 133 | 126.4 | |
Pension Plans, Defined Benefit | Real Estate | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Real Estate | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 133 | 126.4 | |
Pension Plans, Defined Benefit | Real Estate | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Private Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 47.3 | 43.4 | |
Pension Plans, Defined Benefit | Private Equity Funds | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Private Equity Funds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Pension Plans, Defined Benefit | Private Equity Funds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | $47.30 | $43.40 |
Allocation_of_Plan_Assets_Post
Allocation of Plan Assets, Postretirement Benefit Plan (Detail) (Other Postretirement Benefit Plans, Defined Benefit, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | $212.60 | $206.80 | $187.10 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1 | ||
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 211.6 | 206.8 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 0.8 | 1.5 | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 0.8 | 1.5 | |
Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 150.8 | 155.1 | |
Equity Funds | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Equity Funds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 150.8 | 155.1 | |
Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 46.6 | 39.6 | |
Fixed Income Funds | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | |||
Fixed Income Funds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 46.6 | 39.6 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 14.4 | 10.6 | |
Other | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | 1 | ||
Other | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of the company's benefit plan assets | $13.40 | $10.60 |
Changes_in_Fair_Value_of_Level
Changes in Fair Value of Level Three Assets (Detail) (Fair Value, Inputs, Level 3, Private Equity Funds, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 3 | Private Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $43.40 | $38.90 |
Unrealized gains - net | 13.6 | 8.7 |
Purchases, sales and settlements | -9.7 | -4.2 |
Fair value of plan assets at end of year | $47.30 | $43.40 |
Income_Taxes_Components_of_Ear
Income Taxes - Components of Earnings (Loss) From Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
U.S. | $8.50 | $66.70 | ($710.10) |
Foreign | 138.6 | 142.3 | 70.1 |
Earnings (loss) before income taxes | $147.10 | $209 | ($640) |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit) From Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal, Current | $50.10 | ($15.10) | $8.60 |
Federal, Deferred | -64.3 | -23.9 | -55.5 |
State, Current | 13.9 | -4.8 | 10.5 |
State, Deferred | -3.8 | -2.6 | -18.3 |
Foreign, Current | 49.3 | 51.8 | 46.5 |
Foreign, Deferred | -18.9 | -14.6 | 21.8 |
Total | $26.30 | ($9.20) | $13.60 |
Income_Taxes_Reconciliation_Fr
Income Taxes - Reconciliation From Federal Statutory Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Adjustment of uncertain tax positions and interest | -1.80% | -6.20% | 3.70% |
Foreign tax rate differential | -13.40% | -11.30% | 3.20% |
Domestic manufacturing deduction | -3.00% | -0.10% | 0.50% |
Acquisition-related expenses | 0.90% | 0.70% | -0.10% |
Change in valuation allowances | 0.90% | 3.10% | -4.40% |
State and local income taxes, net of U.S. federal income tax benefit | 3.10% | 2.40% | 0.00% |
Impairment charges | 4.30% | 0.00% | -40.10% |
Reorganization | -10.10% | -32.80% | 3.90% |
Foreign tax | 1.70% | 4.00% | -1.70% |
Other | 0.30% | 0.80% | -2.10% |
Effective income tax rate | 17.90% | -4.40% | -2.10% |
Income_Taxes_Narrative_Detail
Income Taxes - Narrative (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Recognized tax benefits | $7.20 | $26.10 | ||
Income tax benefits related to international restructuring | 22.4 | |||
Tax Adjustments, Settlements, and Unusual Provisions | -11 | |||
Net operating loss and other carryforwards expiring between 2015 and 2024 | 132.2 | |||
Deferred tax liabilities related to foreign earnings | 2.6 | 7.9 | ||
Cash payments for income taxes | 125.5 | 99 | 100 | |
Cash refunds for income taxes | 13.9 | 12.1 | 18.5 | |
Income tax benefit associated with dispositions of employee stock options | 2.9 | 0.9 | 1.2 | |
Unrecognized tax benefits | 58.5 | 33.8 | 47.9 | 76.4 |
Unrecognized tax benefits that would impact effective tax rate | 38.2 | |||
Amount of unrecognized tax benefit that will decrease within 12 months | 8.2 | |||
Total interest expense, net of tax benefits related to remaining tax uncertainties | 0.1 | 1.8 | 4.1 | |
Penalty amounts recognized | 0.1 | 2.6 | 1.1 | |
Accrued interest related to income tax uncertainties | 5.6 | 5.5 | ||
Accrued penalties related to income tax uncertainties | 0 | 0.1 | ||
Aggregate effect on income tax expense as a result of the "tax holiday" agreements | 1.4 | 0.6 | 0.2 | |
Domestic | ||||
Domestic and foreign net operating loss carryforwards | 98.4 | 79.1 | ||
Foreign | ||||
Domestic and foreign net operating loss carryforwards | 243.2 | 249.2 | ||
Latin America | ||||
Valuation allowance on deferred tax assets, benefit | 32.7 | |||
Strategic Services segment | ||||
Income tax benefits from value decline | 15.2 | |||
Publishing and Retail Services | ||||
Income tax benefits from value decline and reorganization | $58.50 |
Income_Taxes_Schedule_of_Signi
Income Taxes - Schedule of Significant Deferred Tax Assets And Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Pension and other postretirement benefits plan liabilities | $349.10 | $167.40 |
Net operating losses and other tax carryforwards | 341.6 | 328.3 |
Accrued liabilities | 164.3 | 153.9 |
Foreign depreciation | 38.7 | 51.3 |
Other | 34.6 | 38.7 |
Total deferred tax assets | 928.3 | 739.6 |
Valuation allowances | -257.8 | -268.2 |
Net deferred tax assets | 670.5 | 471.4 |
Accelerated depreciation | -204.8 | -180.3 |
Other intangible assets | -143.2 | -86.2 |
Inventories | -24.4 | -26.9 |
Other | -34.5 | -39.8 |
Total deferred tax liabilities | -406.9 | -333.2 |
Net deferred tax assets | $263.60 | $138.20 |
Income_Taxes_Schedule_of_Trans
Income Taxes - Schedule of Transactions Affecting Valuation Allowance on Deferred Tax Assets (Detail) (Valuation Allowance of Deferred Tax Assets, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance of Deferred Tax Assets | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of year | $268.20 | $273.60 | $273.20 |
Current year expense - net | 1.3 | 6.4 | 28.2 |
Write-offs | -2.8 | -8.3 | -37.9 |
Foreign exchange and other | -8.9 | -3.5 | 10.1 |
Balance, end of year | $257.80 | $268.20 | $273.60 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at beginning of year | $33.80 | $47.90 | $76.40 |
Acquisitions | 30.9 | ||
Additions for tax positions of the current year | 1.9 | 2.1 | 6.3 |
Additions for tax positions of prior years | 0.4 | 3.7 | 3.9 |
Reductions for tax positions of prior years | -1.4 | -16.2 | -29.6 |
Settlements during the year | -2.9 | -0.7 | -5.6 |
Lapses of applicable statutes of limitations | -4.2 | -3 | -3.5 |
Balance at end of year | $58.50 | $33.80 | $47.90 |
Debt_Schedule_of_the_Companys_
Debt - Schedule of the Company's Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Other | $3.60 | [1] | $10.70 | [1] |
Total debt | 3,632.50 | 3,857.90 | ||
Less: current portion | -203.4 | -270.9 | ||
Long-term debt | 3,429.10 | 3,587 | ||
4.95% Senior Notes Due April 1, 2014 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 258.2 | |||
5.50% Senior Notes Due May 15, 2015 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 200 | 200 | ||
8.60% Senior Notes Due August 15, 2016 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 219.1 | 218.7 | ||
6.125% Senior Notes Due January 15, 2017 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 251 | 250.8 | ||
7.25% Senior Notes Due May 15, 2018 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 250 | 350 | ||
11.25% Senior Notes Due February 1, 2019 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 172.2 | [2] | 172.2 | [2] |
8.25% Senior Notes Due March 15, 2019 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 238.9 | 450 | ||
7.625% Senior Notes Due June 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 350 | 400 | ||
7.875% Senior Notes Due March 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 448.3 | 448 | ||
8.875% Debentures Due April 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Debentures | 80.9 | 80.9 | ||
7.00% Senior Notes Due February 15, 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 400 | 400 | ||
6.50% Senior Notes Due November 15, 2023 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 350 | 350 | ||
6.00% Senior Notes Due due April 1, 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 400 | |||
6.625% Debentures Due April 15, 2029 | ||||
Debt Instrument [Line Items] | ||||
Debentures | 199.5 | 199.4 | ||
8.820% Debentures Due April 15, 2031 | ||||
Debt Instrument [Line Items] | ||||
Debentures | $69 | $69 | ||
[1] | Includes fair value adjustments 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 DecemberB 31, 2014 and 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 | 12 Months Ended | ||
Apr. 09, 2010 | Mar. 31, 2012 | Dec. 31, 2014 | Mar. 13, 2012 | ||
4.95% Senior Notes Due April 1, 2014 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.95% | 4.95% | 4.95% | ||
Maturity date | 1-Apr-14 | 1-Apr-14 | 1-Apr-14 | ||
5.50% Senior Notes Due May 15, 2015 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.50% | ||||
Maturity date | 15-May-15 | ||||
8.60% Senior Notes Due August 15, 2016 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.60% | ||||
Maturity date | 15-Aug-16 | ||||
6.125% Senior Notes Due January 15, 2017 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.13% | ||||
Maturity date | 15-Jan-17 | ||||
7.25% Senior Notes Due May 15, 2018 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.25% | ||||
Maturity date | 15-May-18 | ||||
11.25% Senior Notes Due February 1, 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 11.25% | [1] | |||
Maturity date | 1-Feb-19 | ||||
Effective interest rate | 12.75% | ||||
8.25% Senior Notes Due March 15, 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.25% | 8.25% | |||
Maturity date | 15-Mar-19 | 15-Mar-19 | |||
7.625% Senior Notes Due June 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.63% | ||||
Maturity date | 15-Jun-20 | ||||
7.875% Senior Notes Due March 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.88% | ||||
Maturity date | 15-Mar-21 | ||||
8.875% Debentures Due April 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.88% | ||||
Maturity date | 15-Apr-21 | ||||
7.00% Senior Notes Due February 15, 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.00% | ||||
Maturity date | 15-Feb-22 | ||||
6.50% Senior Notes Due November 15, 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.50% | ||||
Maturity date | 15-Nov-23 | ||||
6.00% Senior Notes Due due April 1, 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.00% | ||||
Maturity date | 1-Apr-24 | ||||
6.625% Debentures Due April 15, 2029 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.63% | ||||
Maturity date | 15-Apr-29 | ||||
8.820% Debentures Due April 15, 2031 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.82% | ||||
Maturity date | 15-Apr-31 | ||||
[1] | As of DecemberB 31, 2014 and 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 $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 09, 2010 | Mar. 31, 2014 | Mar. 31, 2012 | Aug. 26, 2013 | Mar. 14, 2013 | Mar. 31, 2013 | Mar. 20, 2014 | Mar. 13, 2012 | Nov. 12, 2013 | |
Debt Instrument [Line Items] | ||||||||||||
Amount of difference between fair value and book value | $259,500,000 | $343,400,000 | ||||||||||
Repayment of Debt | 811,500,000 | 830,400,000 | 625,200,000 | |||||||||
Loss on debt extinguishment | -77,100,000 | -81,900,000 | -16,100,000 | |||||||||
Outstanding letters of credit | 93,700,000 | |||||||||||
Interest paid, net of interest received | 272,800,000 | 245,000,000 | 250,100,000 | |||||||||
4.95% Senior Notes Due April 1, 2014 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of Debt | 258,200,000 | 341,800,000 | ||||||||||
Interest rate | 4.95% | 4.95% | 4.95% | |||||||||
Maturity date | 1-Apr-14 | 1-Apr-14 | 1-Apr-14 | |||||||||
6.00% Senior Notes Due due April 1, 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.00% | |||||||||||
Maturity date | 1-Apr-24 | |||||||||||
Debt instrument, face amount | 400,000,000 | |||||||||||
8.25% Senior Notes Due March 15, 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of Debt | 211,100,000 | |||||||||||
Interest rate | 8.25% | 8.25% | ||||||||||
Maturity date | 15-Mar-19 | 15-Mar-19 | ||||||||||
Debt instrument, face amount | 238,900,000 | 450,000,000 | ||||||||||
7.25% Senior Notes Due May 15, 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of Debt | 100,000,000 | 200,000,000 | 50,000,000 | |||||||||
Interest rate | 7.25% | |||||||||||
Maturity date | 15-May-18 | |||||||||||
7.625% Senior Notes Due June 15, 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of Debt | 50,000,000 | |||||||||||
Interest rate | 7.63% | |||||||||||
Maturity date | 15-Jun-20 | |||||||||||
Debt Instruments Extinguished Three | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on debt extinguishment | 77,100,000 | |||||||||||
Gain due to termination of related interest rate swaps | 2,800,000 | |||||||||||
6.50% Senior Notes Due November 15, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.50% | |||||||||||
Maturity date | 15-Nov-23 | |||||||||||
Debt instrument, face amount | 350,000,000 | |||||||||||
7.00% Senior Notes Due February 15, 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 7.00% | |||||||||||
Maturity date | 15-Feb-22 | |||||||||||
Debt instrument, face amount | 400,000,000 | |||||||||||
5.50% Senior Notes Due May 15, 2015 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of Debt | 100,000,000 | |||||||||||
Interest rate | 5.50% | |||||||||||
Maturity date | 15-May-15 | |||||||||||
6.125% Senior Notes Due January 15, 2017 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of Debt | 100,000,000 | 173,500,000 | ||||||||||
Interest rate | 6.13% | |||||||||||
Maturity date | 15-Jan-17 | |||||||||||
Senior Notes Extinguished1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on debt extinguishment | 46,300,000 | |||||||||||
7.875% Senior Notes Due March 15, 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 7.88% | |||||||||||
Maturity date | 15-Mar-21 | |||||||||||
Debt instrument, face amount | 450,000,000 | |||||||||||
8.60% Senior Notes Due August 15, 2016 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of Debt | 130,200,000 | |||||||||||
Interest rate | 8.60% | |||||||||||
Maturity date | 15-Aug-16 | |||||||||||
Senior Notes Extinguished2 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on debt extinguishment | 35,600,000 | |||||||||||
Credit Agreements | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Allowable annual dividend payment under credit agreement | 225,000,000 | |||||||||||
Outstanding letters of credit | 56,500,000 | |||||||||||
Foreign Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total amount of revolving credit agreement | 178,300,000 | |||||||||||
Other Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding letters of credit | 91,700,000 | |||||||||||
Combined Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility borrowings | 2,500,000 | 9,100,000 | ||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total amount of revolving credit agreement | 1,500,000,000 | |||||||||||
Line of credit facility, expiration date | 9-Sep-19 | |||||||||||
Line of credit facility amendment date | 9-Sep-14 | |||||||||||
Weighted average interest rate on borrowings | 2.00% | 2.00% | ||||||||||
Scenario, Previously Reported | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total amount of revolving credit agreement | $1,150,000,000 | |||||||||||
Line of credit facility, expiration date | 15-Oct-17 |
Future_Maturities_Of_Debt_Deta
Future Maturities Of Debt (Detail) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Long Term Debt Maturities | ||
2015 | $203.50 | |
2016 | 220.7 | |
2017 | 251.5 | |
2018 | 250 | |
2019 | 411.1 | |
2020 and thereafter | 2,300 | |
Total | $3,636.80 | [1] |
[1] | Excludes a discount of $3.5 million and an adjustment for fair value hedges of $0.8 million related to the Companybs 8.25% senior notes due March 15, 2019, which do not represent contractual commitments with a fixed amount or maturity date. |
Future_Maturities_Of_Debt_Pare
Future Maturities Of Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
8.25% Senior Notes Due March 15, 2019 | |
Debt Instrument [Line Items] | |
Discount on senior notes | $3.50 |
Interest rate | 8.25% |
Maturity date | 15-Mar-19 |
Senior Notes | |
Debt Instrument [Line Items] | |
Adjustment for fair value hedges | $0.80 |
Summary_Of_Interest_Expense_De
Summary Of Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instruments [Abstract] | |||
Interest incurred | $294.60 | $276 | $271.10 |
Less: interest income | -8.9 | -11.5 | -15.2 |
Less: interest capitalized as property, plant and equipment | -3.6 | -3.1 | -4.1 |
Interest expense, net | $282.10 | $261.40 | $251.80 |
Derivatives_Narrative_Detail
Derivatives - Narrative (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Apr. 09, 2010 | Mar. 31, 2014 | Mar. 13, 2012 |
Derivative [Line Items] | |||||||
Repayment of Debt | $811.50 | $830.40 | $625.20 | ||||
Fair Value Hedging | |||||||
Derivative [Line Items] | |||||||
Reduction to interest expense | 3.8 | 8.7 | 8 | ||||
8.25% Senior Notes Due March 15, 2019 | |||||||
Derivative [Line Items] | |||||||
Derivative, inception date | 13-Mar-12 | ||||||
Debt instrument, face amount | 238.9 | 450 | |||||
Interest rate | 8.25% | 8.25% | |||||
Maturity date | 15-Mar-19 | 15-Mar-19 | |||||
Repayment of Debt | 211.1 | ||||||
4.95% Senior Notes Due April 1, 2014 | |||||||
Derivative [Line Items] | |||||||
Derivative, inception date | 9-Apr-10 | ||||||
Interest rate | 4.95% | 4.95% | 4.95% | ||||
Maturity date | 1-Apr-14 | 1-Apr-14 | 1-Apr-14 | ||||
Repayment of Debt | 341.8 | 258.2 | |||||
Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Terminated portion of interest rate swap agreement, notional amount | 210 | 342 | |||||
Payment for termination of interest rate swaps | 4.2 | ||||||
Proceeds from termination of interest rate swaps | 11 | ||||||
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||||||
Derivative [Line Items] | |||||||
Aggregate notional value | 377.2 | 372.1 | |||||
Designated Fair Value Hedges | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Aggregate notional value | $190 | 600 | $400 |
Derivatives_Schedule_of_Fair_V
Derivatives - Schedule of Fair Value of Derivatives Designated and Not Designated as Hedges (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Derivatives assets | $7 | $0.40 |
Not Designated as Hedging Instrument | Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivatives liabilities | 0.5 | 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 | $1.20 | $9.10 |
Derivatives_Schedule_of_PreTax
Derivatives - Schedule of Pre-Tax (Gains) Losses Related to Derivatives Not Designated as Hedges (Detail) (Not Designated as Hedging Instrument, Foreign Exchange Forward Contracts, Selling, general and administrative expenses, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | ($33.50) | $17 | $24.80 |
Derivatives_Schedule_of_Gains_
Derivatives - Schedule of Gains (Losses) for Derivatives Designated as Fair Value Hedges (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments Gain Loss [Line Items] | |||
Total (gain) loss recognized as ineffectiveness in the condensed consolidated statements of operations | ($0.80) | $1.70 | ($1.30) |
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 | -2.1 | 22.5 | -5.7 |
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 | $1.30 | ($20.80) | $4.40 |
Earnings_per_Share_Narrative_D
Earnings per Share - Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Treasury stock, shares acquired | 0 | 0 | 0 |
Consolidated Graphics, Inc | |||
Earnings Per Share [Abstract] | |||
Issuances of common stock (in shares) | 16,000,000 | ||
Esselte | |||
Earnings Per Share [Abstract] | |||
Issuances of common stock (in shares) | 1,000,000 |
Earnings_per_Share_Earnings_pe
Earnings per Share - Earnings per Share Reconciliation (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net earnings (loss) per share attributable to RR Donnelley common shareholders: | |||
Basic | $0.59 | $1.16 | ($3.61) |
Diluted | $0.59 | $1.15 | ($3.61) |
Dividends declared per common share | $1.04 | $1.04 | $1.04 |
Numerator: | |||
Net earnings (loss) attributable to RR Donnelley common shareholders | $117.40 | $211.20 | ($651.40) |
Denominator: | |||
Weighted average number of common shares outstanding | 198.5 | 181.9 | 180.4 |
Dilutive options and awards | 1.5 | 1.6 | |
Diluted weighted average number of common shares outstanding | 200 | 183.5 | 180.4 |
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 2.7 | 6 | 8.6 |
Restricted stock units | |||
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 1.5 | 3.6 | |
Performance share units | |||
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 0.7 | 0.6 | 0.4 |
Stock options | |||
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 2 | 3.9 | 4.6 |
Comprehensive_Income_Schedule_
Comprehensive Income - Schedule of Components of Other Comprehensive (loss) Income and Income Tax Expense Allocated to Each Component (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Translation adjustments - Before Tax Amount | ($45.20) | ($22.80) | $11.40 |
Adjustment for net periodic pension and other postretirement benefits plan cost - Before Tax Amount | -390.9 | 919 | -285.1 |
Change in fair value of derivatives - Before Tax Amount | 0.2 | 0.6 | 0.8 |
Other comprehensive (loss) income - Before Tax Amount | -435.9 | 896.8 | -272.9 |
Adjustment for net periodic pension and other postretirement benefits plan cost - Income Tax Expense | -150 | 355.3 | -107.5 |
Change in fair value of derivatives - Income Tax Expense | 0.1 | 0.2 | 0.3 |
Other comprehensive (loss) income - Income Tax Expense | -149.9 | 355.5 | -107.2 |
Translation adjustments - Net of Tax Amount | -45.2 | -22.8 | 11.4 |
Adjustment for net periodic pension and other postretirement benefits plan cost | -240.9 | 563.7 | -177.6 |
Change in fair value of derivatives - Net of Tax Amount | 0.1 | 0.4 | 0.5 |
Other comprehensive (loss) income | ($286) | $541.30 | ($165.70) |
Comprehensive_Income_Schedule_1
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at Beginning of Period | ($488.10) | ($1,029.20) | ($863.30) |
Other comprehensive income (loss) before reclassifications | -338.1 | 520.9 | -172.8 |
Amounts reclassified from accumulated other comprehensive loss | 62.6 | 20.2 | 6.9 |
Amounts reclassified from cumulative translation | -10 | ||
Net change in accumulated other comprehensive loss | -285.5 | 541.1 | -165.9 |
Balance at End of Period | -773.6 | -488.1 | -1,029.20 |
Changes in the Fair Value Of Derivatives | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at Beginning of Period | -0.2 | -0.6 | -1.1 |
Amounts reclassified from accumulated other comprehensive loss, change in fair value of derivatives | 0.1 | 0.4 | 0.5 |
Net change in accumulated other comprehensive loss | 0.1 | 0.4 | 0.5 |
Balance at End of Period | -0.1 | -0.2 | -0.6 |
Pension and Other Postretirement Benefit Plan Cost | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at Beginning of Period | -521.4 | -1,085.10 | -907.5 |
Other comprehensive income (loss) before reclassifications, Pension and Other Postretirement Benefits Plan Cost | -303.4 | 543.9 | -184 |
Amount reclassified from accumulated other comprehensive loss, Pension and Other Postretirement Benefits Plan Cost | 62.5 | 19.8 | 6.4 |
Net change in accumulated other comprehensive loss | -240.9 | 563.7 | -177.6 |
Balance at End of Period | -762.3 | -521.4 | -1,085.10 |
Translation Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at Beginning of Period | 33.5 | 56.5 | 45.3 |
Other comprehensive income (loss) before reclassifications, translation adjustment | -34.7 | -23 | 11.2 |
Amounts reclassified from cumulative translation adjustment, translation adjustment | -10 | ||
Net change in accumulated other comprehensive loss | -44.7 | -23 | 11.2 |
Balance at End of Period | ($11.20) | $33.50 | $56.50 |
Comprehensive_Income_Schedule_2
Comprehensive Income - Schedule of Reclassification From Accumulated Other Comprehensive Income (Loss) (Detail) (Pension and Other Postretirement Benefit Plan Cost, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension and Other Postretirement Benefit Plan Cost | ||||||
Amortization of pension and other postretirement benefits plan cost: | ||||||
Net actuarial loss | $31.90 | [1] | $50.50 | [1] | $32 | [1] |
Net prior service credit | -25.8 | [1] | -19.7 | [1] | -19.1 | [1] |
Curtailments and settlements | 95.7 | [1] | 0.7 | [1] | -2.6 | [1] |
Reclassifications before tax | 101.8 | 31.5 | 10.3 | |||
Income tax expense | 39.3 | 11.7 | 3.9 | |||
Reclassifications, net of tax | $62.50 | $19.80 | $6.40 | |||
[1] | These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 11). |
Stock_and_Incentive_Programs_f2
Stock and Incentive Programs for Employees and Directors - Narrative (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 2-May-11 | |
CompensationPlan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $17,700,000 | $19,900,000 | $25,400,000 | |
Share-based compensation expense, income tax benefit | 6,900,000 | 7,700,000 | 9,900,000 | |
Unrecognized share-based compensation cost | 18,600,000 | |||
Unrecognized compensation expense, weighted-average period of recognition | 2 years | |||
Number of active Share-based compensation plan | 1 | |||
Number of terminated or expired share-based compensation plans | 1 | |||
Treasury stock, shares acquired | 0 | 0 | 0 | |
Share Repurchase Program | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | 1,000,000,000 | |||
Two Thousand And Eight Share Repurchase Program | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock repurchase program, shares authorized | 10,000,000 | |||
Restricted Stock | After January Two Thousand Nine | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 3 years | |||
Restricted Stock | Between January 2008 And January 2009 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 3 years | |||
Restricted Stock | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 3 years | |||
Restricted Stock | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 4 years | |||
Award term (in years) | 10 years | |||
Stock options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 900,000 | 1,500,000 | 3,200,000 | |
Unrecognized share-based compensation cost | 700,000 | |||
Unrecognized compensation expense, weighted-average period of recognition | 1 year 1 month 6 days | |||
Stock options | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 3 years | |||
Stock options | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 4 years | |||
Award term (in years) | 10 years | |||
Stock options | Maximum | Prior To November Twenty Zero Four And After December Twenty Zero Six | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 4 years | |||
Award term (in years) | 10 years | |||
Stock options | Maximum | After Retirement Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award term (in years) | 5 years | |||
Performance share units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 3,500,000 | 2,500,000 | 1,200,000 | |
Unrecognized share-based compensation cost | 5,200,000 | |||
Unrecognized compensation expense, weighted-average period of recognition | 1 year 8 months 12 days | |||
Equity instruments other than options, outstanding shares | 804,000 | 953,000 | ||
Performance share units | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 3 years | |||
Performance share units | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 4 years | |||
Stock Compensation Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock reserved and authorized (in shares) | 10,000,000 | |||
Shares authorized and available for grant under the 2012 PIP | 6,900,000 | |||
Performance Share Unit Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting term | 3 years | |||
Amount payable as a percentage of initial award, contingent upon maximum performance | 100.00% | |||
Restricted stock units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 13,300,000 | 15,900,000 | 21,000,000 | |
Unrecognized share-based compensation cost | 12,700,000 | |||
Unrecognized compensation expense, weighted-average period of recognition | 2 years 2 months 12 days | |||
Equity instruments other than options, outstanding shares | 2,045,000 | 2,495,000 | ||
Restricted stock units | Director | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity instruments other than options, outstanding shares | 86,372 | 124,599 | 147,263 | |
Share-based compensation (income) expense | $200,000 | $2,200,000 | $200,000 |
Stock_and_Incentive_Programs_f3
Stock and Incentive Programs for Employees and Directors - Stock Options - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation | $17.70 | $19.90 | $25.40 |
Unrecognized share-based compensation cost | 18.6 | ||
Unrecognized compensation expense, weighted-average period of recognition | 2 years | ||
Stock options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | 1,221,000 |
Weighted average fair market value of options granted | $2.96 | ||
Intrinsic value of options exercised | 1.1 | 0.7 | 1.2 |
Share-based compensation | 0.9 | 1.5 | 3.2 |
Unrecognized share-based compensation cost | 0.7 | ||
Unrecognized compensation expense, weighted-average period of recognition | 1 year 1 month 6 days | ||
Cash received from option exercises | 1.6 | 2.2 | 1.4 |
Tax benefit realized for tax deduction from option exercises | 0.4 | 0.3 | 0.5 |
Excess tax benefits shown as financing cash inflows | $0.30 | $0.20 | $0.40 |
Stock_and_Incentive_Programs_f4
Stock and Incentive Programs for Employees and Directors - Black-Scholes-Merton Option Pricing Model (Detail) (Employee Stock Option) | 12 Months Ended |
Dec. 31, 2012 | |
Employee Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility | 39.71% |
Risk-free interest rate | 1.18% |
Expected life (years) | 6 years 3 months |
Expected dividend yield | 5.06% |
Stock_and_Incentive_Programs_f5
Stock and Incentive Programs for Employees and Directors - Schedule of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Shares Under Option | ||
Outstanding at beginning of period | 4,139 | |
Exercised | -149 | |
Cancelled/forfeited/expired | -143 | |
Outstanding at end of period | 3,847 | 4,139 |
Vested and expected to vest at end of period | 3,825 | |
Exercisable at end of period | 1,357 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period | $19.39 | |
Exercised | $10.98 | |
Cancelled/forfeited/expired | $27.25 | |
Outstanding at end of period | $19.43 | $19.39 |
Vested and expected to vest at end of period | $19.46 | |
Exercisable at end of period | $8.93 | |
Weighted Average Remaining Contractual Term (years) | ||
Outstanding | 4 years 8 months 12 days | 5 years 7 months 6 days |
Vested and expected to vest at end of period | 4 years 8 months 12 days | |
Exercisable at end of period | 5 years 1 month 6 days | |
Aggregate Intrinsic Value | ||
Outstanding at beginning of period | $21.20 | |
Outstanding at end of period | 12.6 | 21.2 |
Vested and expected to vest at end of period | 12.5 | |
Exercisable at end of period | $10.70 |
Stock_and_Incentive_Programs_f6
Stock and Incentive Programs for Employees and Directors - Nonvested Restricted Stock Unit Awards (Detail) (Restricted stock units, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted stock units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested at beginning of period, Shares | 2,495,000 |
Granted, Shares | 729,000 |
Vested, Shares | -1,174,000 |
Forfeited, Shares | -5,000 |
Nonvested at end of period, Shares | 2,045,000 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $11.97 |
Granted, Weighted-Average Grant Date Fair Value | $16.53 |
Vested, Weighted-Average Grant Date Fair Value | $13.79 |
Forfeited, Weighted-Average Grant Date Fair Value | $16.23 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $12.54 |
Stock_and_Incentive_Programs_f7
Stock and Incentive Programs for Employees and Directors - Restricted Stock Units - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation | $17.70 | $19.90 | $25.40 |
Unrecognized share-based compensation cost | 18.6 | ||
Unrecognized compensation expense, weighted-average period of recognition | 2 years | ||
Restricted stock units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation | 13.3 | 15.9 | 21 |
Unrecognized share-based compensation cost | 12.7 | ||
Equity instruments other than options expected to vest, Shares | 2 | ||
Equity instruments other than options expected to vest, weighted-average grant date fair value | $12.52 | ||
Unrecognized compensation expense, weighted-average period of recognition | 2 years 2 months 12 days | ||
Excess tax benefits shown as financing cash inflows | $2.50 | $2.10 | $3.20 |
Stock_and_Incentive_Programs_f8
Stock and Incentive Programs for Employees and Directors - Schedule of Nonvested Performance Share Units Activity (Detail) (Performance share units, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Performance share units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested at beginning of period, Shares | 953,000 | ||
Granted, Shares | 319,000 | 485,000 | 233,000 |
Expired, Shares | -149,000 | ||
Vested, Shares | -319,000 | -197,831 | |
Nonvested at end of period, Shares | 804,000 | 953,000 | |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $10.81 | ||
Granted, Weighted-Average Grant Date Fair Value | $16.46 | ||
Forfeited, Weighted-Average Grant Date Fair Value | $14.26 | ||
Vested, Weighted-Average Grant Date Fair Value | $12.18 | ||
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $11.87 | $10.81 |
Stock_and_Incentive_Programs_f9
Stock and Incentive Programs for Employees and Directors - Performance Share Units - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation | $17.70 | $19.90 | $25.40 |
Unrecognized share-based compensation cost | 18.6 | ||
Unrecognized compensation expense, weighted-average period of recognition | 2 years | ||
Performance share units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Performance share unit awards granted to certain executive officers | 319,000 | 485,000 | 233,000 |
Equity instruments other than options, payout range, minimum | 154,500 | 242,500 | 116,500 |
Equity instruments other than options, payout range, maximum | 319,000 | 485,000 | 233,000 |
Equity instruments other than options vested in period | 319,000 | 197,831 | |
Equity instruments other than options, percentage of expected payout | 94.70% | ||
Share-based compensation | 3.5 | 2.5 | 1.2 |
Unrecognized share-based compensation cost | $5.20 | ||
Unrecognized compensation expense, weighted-average period of recognition | 1 year 8 months 12 days |
Preferred_Stock_Narrative_Deta
Preferred Stock - Narrative (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Equity [Abstract] | ||
Preferred stock, authorized | 2 | 2 |
Preferred stock, par value | $1 | $1 |
Segment_Information_Narrative_
Segment Information - Narrative (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Publishing and Retail Services | |
Segment Reporting Information [Line Items] | |
Percentage of net sales by segment | 22.70% |
Variable Print | |
Segment Reporting Information [Line Items] | |
Percentage of net sales by segment | 32.50% |
Strategic Services | |
Segment Reporting Information [Line Items] | |
Percentage of net sales by segment | 22.50% |
International | |
Segment Reporting Information [Line Items] | |
Percentage of net sales by segment | 22.30% |
Segment_Reporting_Information_
Segment Reporting Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Net Sales | $11,603.40 | $10,480.30 | $10,221.90 |
Income (Loss) from Operations | 515.9 | 579.7 | -369.8 |
Assets of Operations | 7,639.30 | 7,238.20 | 7,262.70 |
Depreciation and amortization | 474 | 435.8 | 481.6 |
Capital Expenditures | 223.6 | 216.6 | 205.9 |
Publishing and Retail Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,632.30 | 2,774.80 | 2,919.50 |
Income (Loss) from Operations | 86.1 | 109.6 | -659.4 |
Assets of Operations | 1,215.70 | 1,369.60 | 1,517.80 |
Depreciation and amortization | 145.1 | 166 | 213.5 |
Capital Expenditures | 43.5 | 57.7 | 57.8 |
Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 3,767.90 | 2,592.80 | 2,637.20 |
Income (Loss) from Operations | 240.8 | 197.9 | 202.1 |
Assets of Operations | 2,649.50 | 1,567.10 | 1,616 |
Depreciation and amortization | 157.2 | 103.4 | 103.8 |
Capital Expenditures | 53 | 63.4 | 42.7 |
Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,607.50 | 2,453 | 2,065.40 |
Income (Loss) from Operations | 257.4 | 232.8 | 59 |
Assets of Operations | 1,366.60 | 1,355.60 | 1,404.30 |
Depreciation and amortization | 65.5 | 58.4 | 52.3 |
Capital Expenditures | 41 | 34.9 | 39.9 |
International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,595.70 | 2,659.70 | 2,599.80 |
Income (Loss) from Operations | 106.7 | 147.3 | 91.6 |
Assets of Operations | 1,865.40 | 2,060 | 2,192.10 |
Depreciation and amortization | 98.8 | 102.5 | 105.8 |
Capital Expenditures | 68.3 | 50.8 | 43.9 |
Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 11,603.40 | 10,480.30 | 10,221.90 |
Income (Loss) from Operations | 691 | 687.6 | -306.7 |
Assets of Operations | 7,097.20 | 6,352.30 | 6,730.20 |
Depreciation and amortization | 466.6 | 430.3 | 475.4 |
Capital Expenditures | 205.8 | 206.8 | 184.3 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | -175.1 | -107.9 | -63.1 |
Assets of Operations | 542.1 | 885.9 | 532.5 |
Depreciation and amortization | 7.4 | 5.5 | 6.2 |
Capital Expenditures | 17.8 | 9.8 | 21.6 |
Total Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 11,911.80 | 10,763 | 10,524.60 |
Total Sales | Publishing and Retail Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,646.10 | 2,777.70 | 2,938.30 |
Total Sales | Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 3,829.70 | 2,650.70 | 2,697.50 |
Total Sales | Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,744.80 | 2,587.70 | 2,210.20 |
Total Sales | International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,691.20 | 2,746.90 | 2,678.60 |
Total Sales | Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 11,911.80 | 10,763 | 10,524.60 |
Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -308.4 | -282.7 | -302.7 |
Intersegment Sales | Publishing and Retail Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -13.8 | -2.9 | -18.8 |
Intersegment Sales | Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -61.8 | -57.9 | -60.3 |
Intersegment Sales | Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -137.3 | -134.7 | -144.8 |
Intersegment Sales | International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -95.5 | -87.2 | -78.8 |
Intersegment Sales | Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | ($308.40) | ($282.70) | ($302.70) |
Schedule_of_Corporate_Assets_D
Schedule of Corporate Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $527.90 | $1,028.40 | $430.70 | $449.70 |
Current and deferred income tax assets, net of valuation allowances | 670.5 | 471.4 | ||
Property, plant and equipment, net | 1,515.50 | 1,430.10 | ||
LIFO reserve | -93.6 | -92 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 94.6 | 494.9 | -137.2 | |
Current and deferred income tax assets, net of valuation allowances | 152 | 39.2 | 324.5 | |
Deferred compensation plan assets and Company owned life insurance assets | 86 | 79.5 | 70.1 | |
Software, net | 82.1 | 71.1 | 71.8 | |
Property, plant and equipment, net | 61.2 | 61.7 | 60.7 | |
Debt issuance costs | 46.9 | 46 | 37.8 | |
LIFO reserve | ($93.60) | ($92) | ($92.10) |
Net_Sales_and_LongLived_Assets
Net Sales and Long-Lived Assets by Geographic Region (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Net sales | $11,603.40 | $10,480.30 | $10,221.90 | |||
Long-lived assets | 2,135.70 | [1] | 1,924.40 | [1] | 2,466 | [1] |
U.S. | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Net sales | 8,974.20 | 7,866.20 | 7,719.90 | |||
Long-lived assets | 1,671.10 | [1] | 1,435.70 | [1] | 1,915.40 | [1] |
Europe | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Net sales | 983.1 | 975.2 | 1,025.80 | |||
Long-lived assets | 154 | [1] | 160.7 | [1] | 181.4 | [1] |
Asia | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Net sales | 860.1 | 841.5 | 733 | |||
Long-lived assets | 129 | [1] | 152.2 | [1] | 167.7 | [1] |
Other | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Net sales | 786 | 797.4 | 743.2 | |||
Long-lived assets | $181.60 | [1] | $175.80 | [1] | $201.50 | [1] |
[1] | Includes net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. |
Product_and_Services_Net_Sales
Product and Services Net Sales (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | $9,715.20 | $8,765.80 | $8,835.10 |
Total services | 1,888.20 | 1,714.50 | 1,386.80 |
Total net sales | 11,603.40 | 10,480.30 | 10,221.90 |
Magazines, catalogs and retail inserts | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 2,223.50 | 2,370 | 2,445.10 |
Commercial and Digital Print | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 1,851.70 | 966.4 | 1,021 |
Books | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 1,149.40 | 1,202.20 | 1,117 |
Financial print related services | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 722.2 | 775.1 | 747.4 |
Total services | 292.3 | 230.2 | 212.9 |
Statements | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 641.3 | 666 | 747.4 |
Direct Mail | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 613.2 | 571.7 | 559.9 |
Labels | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 523.3 | 488.1 | 463.4 |
Office products | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 496.3 | 238.9 | 262.5 |
Packaging and related products | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 484 | 464.3 | 407 |
Forms | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 462.1 | 491.9 | 480.5 |
Global Turnkey Solutions | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 341.7 | 305.4 | 289.8 |
Directories | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 206.5 | 225.8 | 294.1 |
Logistics services | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total services | 1,211.30 | 1,105.90 | 786.7 |
Business process outsourcing | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total services | 195.8 | 188.8 | 211 |
Digital And Creative Solutions | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total services | $188.80 | $189.60 | $176.20 |
Venezuela_Currency_Remeasureme1
Venezuela Currency Remeasurement - Narrative (Detail) | 12 Months Ended | 36 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 08, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 07, 2013 | Feb. 08, 2013 |
USD ($) | USD ($) | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | |
USD ($) | SICAD 1 | SICAD 2 | SICAD 1 and 2 | Noncontrolling Interest | Noncontrolling Interest | Before Rate Change | After Rate Change | |||||||||
VEF | VEF | USD ($) | USD ($) | SICAD 1 and 2 | VEF | VEF | ||||||||||
USD ($) | ||||||||||||||||
Maximum three year cumulative inflation using the blended Consumer Price Index and National Consumer Price Index | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||
Foreign currency exchange rate | 12 | 50 | 4.3 | 6.3 | ||||||||||||
Gain (loss) on foreign currency transaction and translation, pre-tax | ($18.40) | ($3.20) | ($3.20) | ($18.40) | ($1) | ($5.60) | ||||||||||
Gain (loss) on foreign currency transaction and translation, after tax | ($2) | ($13.80) | ||||||||||||||
Percentage of foreign currency devaluation | 32.00% | |||||||||||||||
Joint venture, ownership percentage | 50.10% |