Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | 1-May-15 |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RRD | |
Entity Registrant Name | RR Donnelley & Sons Co | |
Entity Central Index Key | 29669 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 200.6 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $268.70 | $527.90 |
Receivables, less allowances for doubtful accounts of $48.0 in 2015 (2014 - $44.3) | 1,981.60 | 2,033.80 |
Inventories (Note 3) | 560.2 | 586.2 |
Prepaid expenses and other current assets | 233.2 | 225.4 |
Total current assets | 3,043.70 | 3,373.30 |
Property, plant and equipment-net (Note 4) | 1,455.50 | 1,515.50 |
Goodwill (Note 5) | 1,697.90 | 1,706.60 |
Other intangible assets-net (Note 5) | 402.5 | 423.7 |
Deferred income taxes | 227.2 | 234.1 |
Other noncurrent assets | 378.5 | 386.1 |
Total assets | 7,205.30 | 7,639.30 |
LIABILITIES | ||
Accounts payable | 1,100.10 | 1,296.60 |
Accrued liabilities | 727.5 | 867.3 |
Short-term and current portion of long-term debt (Note 14) | 203.3 | 203.4 |
Total current liabilities | 2,030.90 | 2,367.30 |
Long-term debt (Note 14) | 3,431 | 3,429.10 |
Pension liabilities | 589.4 | 616.1 |
Other postretirement benefits plan liabilities | 204.7 | 210.8 |
Other noncurrent liabilities | 390.7 | 395.6 |
Total liabilities | 6,646.70 | 7,018.90 |
Commitments and Contingencies (Note 13) | ||
RR Donnelley shareholders' equity | ||
Preferred stock, $1.00 par value Authorized: 2.0 shares; Issued: None | ||
Common stock, $1.25 par value Authorized: 500.0 shares; Issued: 259.0 shares in 2015 and 2014 | 323.7 | 323.7 |
Additional paid-in-capital | 3,011 | 3,041.50 |
Accumulated deficit | -588.8 | -559.1 |
Accumulated other comprehensive loss | -794.2 | -773.6 |
Treasury stock, at cost, 58.4 shares in 2015 (2014 - 59.2 shares) | -1,408.80 | -1,438.70 |
Total RR Donnelley shareholders' equity | 542.9 | 593.8 |
Noncontrolling interests | 15.7 | 26.6 |
Total equity | 558.6 | 620.4 |
Total liabilities and equity | $7,205.30 | $7,639.30 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $48 | $44.30 |
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 | 259,000,000 |
Treasury stock, shares | 58,400,000 | 59,200,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Products net sales | $2,260.30 | $2,225.70 |
Services net sales | 485.8 | 448.1 |
Total net sales | 2,746.10 | 2,673.80 |
Products cost of sales (exclusive of depreciation and amortization) | 1,780.30 | 1,745.90 |
Services cost of sales (exclusive of depreciation and amortization) | 386.1 | 354.7 |
Total cost of sales | 2,166.40 | 2,100.60 |
Products gross profit | 480 | 479.8 |
Services gross profit | 99.7 | 93.4 |
Total gross profit | 579.7 | 573.2 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 330.9 | 316.5 |
Restructuring, impairment and other charges-net (Note 6) | 19.8 | 45.2 |
Depreciation and amortization | 113.4 | 115.5 |
Income from operations | 115.6 | 96 |
Interest expense-net | 69 | 71 |
Investment and other expense-net | 28.3 | 4.6 |
Loss on debt extinguishment | 0 | 77.1 |
Earnings (loss) before income taxes | 18.3 | -56.7 |
Income tax expense (benefit) | 6.4 | -23.5 |
Net earnings (loss) | 11.9 | -33.2 |
Less: Loss attributable to noncontrolling interests | -10.4 | -4.2 |
Net earnings (loss) attributable to RR Donnelley common shareholders | $22.30 | ($29) |
Net earnings (loss) per share attributable to RR Donnelley common shareholders (Note 10): | ||
Basic net earnings (loss) per share | $0.11 | ($0.15) |
Diluted net earnings (loss) per share | $0.11 | ($0.15) |
Dividends declared per common share | $0.26 | $0.26 |
Weighted average number of common shares outstanding: | ||
Basic | 200.6 | 193.1 |
Diluted | 202.1 | 193.1 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings (loss) | $11.90 | ($33.20) |
Other comprehensive (loss) income, net of tax (Note 11): | ||
Translation adjustments | -22.6 | -9 |
Adjustment for net periodic pension and postretirement benefits plan cost | 2.2 | 0.9 |
Other comprehensive loss | -20.4 | -8.1 |
Comprehensive loss | -8.5 | -41.3 |
Less: comprehensive loss attributable to noncontrolling interests | -10.2 | -4.3 |
Comprehensive income (loss) attributable to RR Donnelley common shareholders | $1.70 | ($37) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | ||
Net earnings (loss) | $11.90 | ($33.20) |
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: | ||
Impairment charges | 0.8 | 6.6 |
Depreciation and amortization | 113.4 | 115.5 |
Provision for doubtful accounts receivable | 5.9 | 2.4 |
Share-based compensation | 3.5 | 3.8 |
Deferred income taxes | -8 | -3.2 |
Changes in uncertain tax positions | -1.5 | -2.9 |
Gain on investments and other assets b net | -0.2 | -0.8 |
Loss related to Venezuela currency remeasurement-net | 29.9 | 21.8 |
Loss on debt extinguishment | 0 | 77.1 |
Net pension and other postretirement benefits plan income | -10.8 | -11.3 |
Gain on bargain purchase | 0 | -16.6 |
Other | 11.8 | 6.4 |
Changes in operating assets and liabilities - net of acquisitions: | ||
Accounts receivable - net | 9.8 | 23.1 |
Inventories | -1 | 6.1 |
Prepaid expenses and other current assets | -3.4 | -9.1 |
Accounts payable | -173.7 | -145 |
Income taxes payable and receivable | 4.1 | -33.1 |
Accrued liabilities and other | -128.5 | -73.8 |
Pension and other postretirement benefits plan contributions | -8.3 | -14.2 |
Net cash used in operating activities | -144.3 | -80.4 |
INVESTING ACTIVITIES | ||
Capital expenditures | -48.5 | -49 |
Acquisitions of businesses, net of cash acquired | -2 | -381.6 |
Disposition of businesses | -0.2 | 1.7 |
Proceeds from sales of investments and other assets | 5.4 | 1.5 |
Other investing activities | -0.4 | 0 |
Net cash used in investing activities | -45.7 | -427.4 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of long-term debt | 0 | 400 |
Net change in short-term debt | 1.7 | 0.1 |
Payments of current maturities and long-term debt | -0.3 | -552.5 |
Net proceeds from credit facility borrowings | 0 | 10 |
Debt issuance costs | 0 | -6.2 |
Dividends paid | -52 | -47.3 |
Other financing activities | 3 | -0.9 |
Net cash used in financing activities | -47.6 | -196.8 |
Effect of exchange rate on cash and cash equivalents | -21.6 | -15.4 |
Net decrease in cash and cash equivalents | -259.2 | -720 |
Cash and cash equivalents at beginning of year | 527.9 | 1,028.40 |
Cash and cash equivalents at end of period | 268.7 | 308.4 |
Supplemental non-cash disclosure: | ||
Issuances of 17.0 million shares of RR Donnelley stock for acquisitions of businesses | $0 | $319 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Statement Of Cash Flows [Abstract] | |
Issuance of stock for acquisitions of businesses | 17 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation |
The accompanying unaudited condensed consolidated interim financial statements include the accounts of R.R. Donnelley & Sons Company and its subsidiaries (the “Company” or “RR Donnelley”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on February 25, 2015. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. | |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Acquisitions and Dispositions | Note 2. Acquisitions and Dispositions | |||||||||||
2015 Acquisitions | ||||||||||||
On February 5, 2015, the Company announced that it had entered into a definitive agreement to acquire Courier Corporation (“Courier”), a leader in digital printing, publishing and content management primarily in the United States, specializing in educational, religious and trade books. Based on the Company’s closing share price on March 31, 2015, the total transaction value is approximately $290.5 million in cash and RR Donnelley shares, plus the assumption of Courier’s net debt. The completion of the transaction is subject to customary closing conditions, including approval of Courier’s shareholders. | ||||||||||||
For the three months ended March 31, 2015, the Company recorded $10.5 million of acquisition-related expenses associated with acquisitions completed or contemplated, within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. | ||||||||||||
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 three months ended March 31, 2014, the Company recorded $7.7 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 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 | $ | 242 | ||||||||||
Inventories | 89.6 | |||||||||||
Prepaid expenses and other current assets | 17.5 | |||||||||||
Property, plant and equipment | 337 | |||||||||||
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 | 828 | |||||||||||
Less: debt assumed | 118.4 | |||||||||||
Less: value of common stock issued | 319 | |||||||||||
Less: gain on bargain purchase | 9.5 | |||||||||||
Net cash paid | $ | 381.1 | ||||||||||
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 value, 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 $9.3 million was received as of March 31, 2015, resulting in a gain of $11.2 million during the year ended December 31, 2014. 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 $9.6 million and a loss before income taxes of $1.4 million for the three months ended March 31, 2014. 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 for the year ended December 31, 2014. The operations of the GRES business were included in the International segment. | ||||||||||||
Pro forma results | ||||||||||||
The following unaudited pro forma financial information for the three months ended March 31, 2014 presents the combined results of operations of the Company and the 2014 acquisitions described above, as if the acquisitions had occurred as of January 1 of the year prior to acquisition. | ||||||||||||
The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations or financial condition that would have been reported had these acquisitions been completed as of the beginning of the period presented and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. Pro forma adjustments are tax-effected at the applicable statutory tax rates. | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Net sales | $ | 2,826.60 | ||||||||||
Net loss attributable to RR Donnelley common shareholders | (17.7 | ) | ||||||||||
Net loss per share attributable to RR Donnelley common shareholders: | ||||||||||||
Basic | $ | (0.09 | ) | |||||||||
Diluted | $ | (0.09 | ) | |||||||||
The following table outlines unaudited pro forma financial information for the three months ended March 31, 2014: | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Amortization of purchased intangibles | $ | 20.5 | ||||||||||
Restructuring, impairment and other charges | 30.1 | |||||||||||
Additionally, the pro forma adjustments affecting net loss attributable to RR Donnelley common shareholders for the three months ended March 31, 2014 were as follows: | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Depreciation and amortization of purchased assets, pre-tax | $ | (0.2 | ) | |||||||||
Acquisition-related expenses, pre-tax | 18.6 | |||||||||||
Restructuring and impairment charges, pre-tax | 17.1 | |||||||||||
Inventory fair value adjustment, pre-tax | 12.1 | |||||||||||
Other pro forma adjustments, pre-tax | (10.6 | ) | ||||||||||
Income taxes | (10.2 | ) | ||||||||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | 3. Inventories | |||||||
The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at March 31, 2015 and December 31, 2014 were as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw materials and manufacturing supplies | $ | 250 | $ | 261.7 | ||||
Work in process | 155.4 | 157.5 | ||||||
Finished goods | 249.1 | 260.6 | ||||||
LIFO reserve | (94.3 | ) | (93.6 | ) | ||||
Total | $ | 560.2 | $ | 586.2 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property, Plant and Equipment | 4. Property, Plant and Equipment | |||||||
The components of the Company’s property, plant and equipment at March 31, 2015 and December 31, 2014 were as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 111.1 | $ | 112.1 | ||||
Buildings | 1,206.70 | 1,214.80 | ||||||
Machinery and equipment | 6,123.80 | 6,142.80 | ||||||
7,441.60 | 7,469.70 | |||||||
Less: Accumulated depreciation | (5,986.1 | ) | (5,954.2 | ) | ||||
Total | $ | 1,455.50 | $ | 1,515.50 | ||||
During the three months ended March 31, 2015 and 2014, depreciation expense was $82.9 million and $87.9 million, respectively. | ||||||||
Assets Held for Sale | ||||||||
Primarily as a result of restructuring actions, certain facilities and equipment are considered held for sale. The net book value of assets held for sale was $3.4 million and $7.2 million at March 31, 2015 and December 31, 2014, respectively. These assets were included in other current assets in the Condensed Consolidated Balance Sheets at March 31, 2015 and December 31, 2014 at the lower of their historical net book value or their estimated fair value, less estimated costs to sell. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment for the three months ended March 31, 2015 were as follows: | |||||||||||||||||||||||||
Publishing & Retail | Strategic | International | |||||||||||||||||||||||
Services | Solutions | Services | Services | Total | |||||||||||||||||||||
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 | ||||||||||||||||||||
Acquisitions | — | — | 1.2 | — | 1.2 | ||||||||||||||||||||
Foreign exchange and other adjustments | — | (1.2 | ) | (0.4 | ) | (8.3 | ) | (9.9 | ) | ||||||||||||||||
Net book value as of March 31, 2015 | |||||||||||||||||||||||||
Goodwill | 688 | 1,912.90 | 986 | 1,151.10 | 4,738.00 | ||||||||||||||||||||
Accumulated impairment losses | (688.0 | ) | (1,105.2 | ) | (220.1 | ) | (1,026.8 | ) | (3,040.1 | ) | |||||||||||||||
Total | $ | — | $ | 807.7 | $ | 765.9 | $ | 124.3 | $ | 1,697.90 | |||||||||||||||
The components of other intangible assets at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Carrying | Accumulated | Net Book | Carrying | Accumulated | Net Book | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | ||||||||||||||||||||
Customer relationships | $ | 850.5 | $ | (503.3 | ) | $ | 347.2 | $ | 865.6 | $ | (498.0 | ) | $ | 367.6 | |||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.3 | ) | — | |||||||||||||||||
Trademarks, licenses and agreements | 31.8 | (29.9 | ) | 1.9 | 31.5 | (29.7 | ) | 1.8 | |||||||||||||||||
Trade names | 42.9 | (16.2 | ) | 26.7 | 43.1 | (15.6 | ) | 27.5 | |||||||||||||||||
Total amortizable other intangible assets | 1,023.50 | (647.7 | ) | 375.8 | 1,038.50 | (641.6 | ) | 396.9 | |||||||||||||||||
Indefinite-lived trade names | 26.7 | — | 26.7 | 26.8 | — | 26.8 | |||||||||||||||||||
Total other intangible assets | $ | 1,050.20 | $ | (647.7 | ) | $ | 402.5 | $ | 1,065.30 | $ | (641.6 | ) | $ | 423.7 | |||||||||||
Amortization expense for other intangible assets was $19.0 million and $18.3 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
The following table outlines the estimated annual amortization expense related to other intangible assets as of March 31, 2015: | |||||||||||||||||||||||||
For the year ending December 31, | Amount | ||||||||||||||||||||||||
2015 | $ | 73.6 | |||||||||||||||||||||||
2016 | 56.2 | ||||||||||||||||||||||||
2017 | 50.2 | ||||||||||||||||||||||||
2018 | 45 | ||||||||||||||||||||||||
2019 | 41.5 | ||||||||||||||||||||||||
2020 and thereafter | 128.3 | ||||||||||||||||||||||||
Total | $ | 394.8 | |||||||||||||||||||||||
Restructuring_Impairment_and_O
Restructuring, Impairment and Other Charges | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||
Restructuring, Impairment and Other Charges | 6. Restructuring, Impairment and Other Charges | ||||||||||||||||||||||||
Restructuring, Impairment and Other Charges Recognized in Results of Operations | |||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the Company recorded the following net restructuring, impairment and other charges: | |||||||||||||||||||||||||
Three Months Ended | Employee | Other | Total | Other | |||||||||||||||||||||
Restructuring | Restructuring | ||||||||||||||||||||||||
31-Mar-15 | Terminations | Charges | Charges | Impairment | Charges | Total | |||||||||||||||||||
Publishing and Retail Services | $ | 2.8 | $ | 1.1 | $ | 3.9 | $ | (0.4 | ) | $ | 0.8 | $ | 4.3 | ||||||||||||
Variable Print | 2 | 1.3 | 3.3 | 1.3 | 0.4 | 5 | |||||||||||||||||||
Strategic Services | 1.6 | 0.5 | 2.1 | — | 0.1 | 2.2 | |||||||||||||||||||
International | 7.7 | 0.2 | 7.9 | (0.2 | ) | — | 7.7 | ||||||||||||||||||
Corporate | 0.1 | 0.5 | 0.6 | — | — | 0.6 | |||||||||||||||||||
Total | $ | 14.2 | $ | 3.6 | $ | 17.8 | $ | 0.7 | $ | 1.3 | $ | 19.8 | |||||||||||||
Three Months Ended | Employee | Other | Total | Other | |||||||||||||||||||||
Restructuring | Restructuring | ||||||||||||||||||||||||
31-Mar-14 | Terminations | Charges | Charges | Impairment | Charges | Total | |||||||||||||||||||
Publishing and Retail Services | $ | 0.2 | $ | 2.1 | $ | 2.3 | $ | 2.2 | 16.3 | $ | 20.8 | ||||||||||||||
Variable Print | 11.1 | 0.9 | 12 | 4.5 | 4.1 | 20.6 | |||||||||||||||||||
Strategic Services | 1 | 0.5 | 1.5 | — | 0.1 | 1.6 | |||||||||||||||||||
International | 1.1 | 0.5 | 1.6 | — | — | 1.6 | |||||||||||||||||||
Corporate | 0.5 | 0.1 | 0.6 | — | — | 0.6 | |||||||||||||||||||
Total | $ | 13.9 | $ | 4.1 | $ | 18 | $ | 6.7 | $ | 20.5 | $ | 45.2 | |||||||||||||
Restructuring and Impairment Charges | |||||||||||||||||||||||||
For the three months ended March 31, 2015, the Company recorded net restructuring charges of $14.2 million for employee termination costs for 894 employees, of whom 735 were terminated as of March 31, 2015. These charges primarily related to one facility closure in the International segment, one facility closure in the Variable Print segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $3.6 million for the three months ended March 31, 2015. For the three months ended March 31, 2015, the Company also recorded $0.7 million of net impairment charges primarily related to buildings and machinery and equipment associated with facility closures. | |||||||||||||||||||||||||
For the three months ended March 31, 2014, the Company recorded net restructuring charges of $13.9 million for employee termination costs for 278 employees, substantially all of whom were terminated as of March 31, 2015. These charges primarily related to the integration of Consolidated Graphics, including the closure of three Consolidated Graphics facilities as well as one additional facility closure within the Variable Print segment, one facility closure in the Publishing and Retail Services segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $4.1 million for the three months ended March 31, 2014. For the three months ended March 31, 2014, the Company also recorded $6.7 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. | |||||||||||||||||||||||||
Other Charges | |||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the Company recorded other charges of $1.3 million and $20.5 million, respectively, for multi-employer pension plan withdrawal obligations unrelated to facility closures. 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 $10.9 million and $86.6 million, respectively, as of March 31, 2015. | |||||||||||||||||||||||||
The Company’s withdrawal liabilities could be affected by the financial stability of other employers participating in the plans and any decisions by those employers to withdraw from the plans in the future. While it is not possible to quantify the potential impact of future events or circumstances, reductions in other employers’ participation in multi-employer pension plans, including certain plans from which the Company has previously withdrawn, could have a material impact on the Company’s previously estimated withdrawal liabilities, consolidated results of operations, financial position or cash flows. | |||||||||||||||||||||||||
Restructuring Reserve | |||||||||||||||||||||||||
The restructuring reserve as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | |||||||||||||||||||||||||
Foreign | |||||||||||||||||||||||||
December 31, | Restructuring | Exchange and | Cash | March 31, | |||||||||||||||||||||
2014 | Charges | Other | Paid | 2015 | |||||||||||||||||||||
Employee terminations | $ | 13 | $ | 14.2 | $ | (0.8 | ) | $ | (11.1 | ) | $ | 15.3 | |||||||||||||
Multi-employer pension withdrawal obligations | 34.6 | 0.5 | (0.1 | ) | (1.5 | ) | 33.5 | ||||||||||||||||||
Lease terminations and other | 15.1 | 3.1 | — | (5.4 | ) | 12.8 | |||||||||||||||||||
Total | $ | 62.7 | $ | 17.8 | $ | (0.9 | ) | $ | (18.0 | ) | $ | 61.6 | |||||||||||||
The current portion of restructuring reserves of $23.7 million at March 31, 2015 was included in accrued liabilities, while the long-term portion of $37.9 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 March 31, 2015. | |||||||||||||||||||||||||
The Company anticipates that payments associated with the employee terminations reflected in the above table will be substantially completed by March 2016. | |||||||||||||||||||||||||
Payments on all of the Company’s multi-employer pension plan withdrawal obligations are scheduled to be substantially completed by 2034. Changes based on uncertainties in these estimated withdrawal obligations could affect the ultimate charges related to multi-employer pension plan withdrawals. | |||||||||||||||||||||||||
The restructuring liabilities classified as “lease terminations and other” consisted of lease terminations, other facility closing costs and contract termination costs. Payments on certain of the lease obligations are scheduled to continue until 2026. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charges related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Company’s financial statements. | |||||||||||||||||||||||||
Employee_Benefits
Employee Benefits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation And Retirement Disclosure [Abstract] | ||||||||
Employee Benefits | 7. Employee Benefits | |||||||
The components of the estimated net pension and other postretirement benefits plan income for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Pension (income) expense | ||||||||
Service cost | $ | 0.6 | $ | 0.5 | ||||
Interest cost | 44.8 | 47.7 | ||||||
Expected return on assets | (61.6 | ) | (63.1 | ) | ||||
Amortization, net | 10.2 | 7.8 | ||||||
Net pension income | $ | (6.0 | ) | $ | (7.1 | ) | ||
Other postretirement benefits plan (income) expense | ||||||||
Service cost | $ | 1.2 | $ | 1.1 | ||||
Interest cost | 4 | 4.2 | ||||||
Expected return on plan assets | (3.3 | ) | (3.1 | ) | ||||
Amortization, net | (6.7 | ) | (6.4 | ) | ||||
Net other postretirement benefits plan income | $ | (4.8 | ) | $ | (4.2 | ) | ||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||
Share-Based Compensation | 8. Share-Based Compensation | |||||||||||||||
The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors, including stock options, restricted stock units and performance share units. The total compensation expense related to all share-based compensation plans was $3.5 million and $3.8 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
Stock Options | ||||||||||||||||
There were no options granted during the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Stock option awards as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | ||||||||||||||||
Weighted | ||||||||||||||||
Average | ||||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||||
Average | Contractual | Intrinsic | ||||||||||||||
Shares Under Option | Exercise | Term | Value | |||||||||||||
(Thousands) | Price | (Years) | (millions) | |||||||||||||
Outstanding at December 31, 2014 | 3,847 | $ | 19.43 | 4.7 | $ | 12.6 | ||||||||||
Exercised | (92 | ) | 13.21 | |||||||||||||
Outstanding at March 31, 2015 | 3,755 | 19.58 | 4.4 | 16.6 | ||||||||||||
Vested and expected to vest at March 31, 2015 | 3,745 | 19.6 | 4.4 | 16.6 | ||||||||||||
Exercisable at March 31, 2015 | 1,729 | $ | 10.48 | 5.2 | $ | 15.1 | ||||||||||
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 March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014. This amount will change in future periods based on the fair market value of the Company’s stock and the number of options outstanding. Total intrinsic value of options exercised for the three months ended March 31, 2015 and 2014 was $0.5 million and $1.0 million, respectively. Excess tax benefits on stock option exercises, shown as financing cash inflows in the Condensed Consolidated Statements of Cash Flows were $0.1 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
Compensation expense related to stock options for the three months ended March 31, 2015 and 2014 was $0.2 million and $0.3 million, respectively. As of March 31, 2015, $0.5 million of total unrecognized compensation expense related to stock options is expected to be recognized over a weighted average period of 0.9 years. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Nonvested restricted stock unit awards as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | ||||||||||||||||
Weighted Average | ||||||||||||||||
Shares | Grant Date | |||||||||||||||
(Thousands) | Fair Value | |||||||||||||||
Nonvested at December 31, 2014 | 2,045 | $ | 12.54 | |||||||||||||
Granted | 575 | 16.73 | ||||||||||||||
Vested | (880 | ) | 12.94 | |||||||||||||
Nonvested at March 31, 2015 | 1,740 | $ | 13.71 | |||||||||||||
Compensation expense related to restricted stock units for the three months ended March 31, 2015 and 2014 was $2.6 million and $2.9 million, respectively. As of March 31, 2015, there was $19.7 million of unrecognized share-based compensation expense related to approximately 1.7 million of restricted stock unit awards, with a weighted average grant date fair market value of $13.71, that are expected to vest over a weighted average period of 2.5 years. The fair value of these awards was determined based on the Company’s stock price on the grant date reduced by the present value of expected dividends through the vesting period. | ||||||||||||||||
Excess tax benefits on restricted stock units that vested, shown as financing cash inflows in the Condensed Consolidated Statements of Cash Flows, were $2.1 million and $2.2 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Nonvested performance share unit awards as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | ||||||||||||||||
Weighted Average | ||||||||||||||||
Shares | Grant Date | |||||||||||||||
(Thousands) | Fair Value | |||||||||||||||
Nonvested at December 31, 2014 | 804 | $ | 11.87 | |||||||||||||
Granted | 418 | 16.73 | ||||||||||||||
Nonvested at March 31, 2015 | 1,222 | $ | 13.53 | |||||||||||||
During the three months ended March 31, 2015, 418,000 performance share unit awards were granted to certain executive and senior officers, payable upon the achievement of certain established performance targets. The performance period for the shares awarded is January 1, 2015 through December 31, 2017. 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 three months ended March 31, 2015 range from 209,000 to 627,000 shares, should certain performance targets be achieved. The fair value of these awards was determined based on the Company’s stock price on the grant date reduced by the present value of expected dividends through the vesting period. These awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death or permanent disability of the grantee or a change in control of the Company. In addition, certain of these awards provide for continued vesting upon same terms and conditions that would have applied had grantee's employment not terminated upon a termination without cause by the Company or for good reason by the grantee. | ||||||||||||||||
Compensation expense for the performance share unit awards granted in 2015 is being recognized based on 100% payout or 418,000 shares. Compensation expense for the performance share unit awards granted in 2014 and 2013 is being recognized based on the maximum estimated payout of 319,000 and 485,000 shares, for each respective period. Compensation expense related to performance share unit awards for the three months ended March 31, 2015 and 2014 was $0.7 million and $0.6 million, respectively. As of March 31, 2015, there was $11.1 million of unrecognized compensation expense related to performance share unit awards, which is expected to be recognized over a weighted average period of 2.3 years. | ||||||||||||||||
Equity
Equity | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Equity | 9. Equity | |||||||||||
The Company’s equity as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | ||||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2014 | $ | 593.8 | $ | 26.6 | 620.4 | |||||||
Net earnings (loss) | 22.3 | (10.4 | ) | 11.9 | ||||||||
Other comprehensive loss | (20.6 | ) | 0.2 | (20.4 | ) | |||||||
Share-based compensation | 3.5 | — | 3.5 | |||||||||
Issuance of share-based awards, net of withholdings and other | (4.1 | ) | — | (4.1 | ) | |||||||
Cash dividends paid | (52.0 | ) | — | (52.0 | ) | |||||||
Distributions to noncontrolling interests | — | (0.7 | ) | (0.7 | ) | |||||||
Balance at March 31, 2015 | $ | 542.9 | $ | 15.7 | $ | 558.6 | ||||||
The Company’s equity as of December 31, 2013 and March 31, 2014, and changes during the three months ended March 31, 2014, were as follows: | ||||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2013 | $ | 631.8 | $ | 21.9 | $ | 653.7 | ||||||
Net loss | (29.0 | ) | (4.2 | ) | (33.2 | ) | ||||||
Other comprehensive loss | (8.0 | ) | (0.1 | ) | (8.1 | ) | ||||||
Share-based compensation | 3.8 | — | 3.8 | |||||||||
Issuances of common stock | 300.7 | — | 300.7 | |||||||||
Issuances of treasury stock | 18.3 | — | 18.3 | |||||||||
Issuance of share-based awards, net of withholdings and other | (4.4 | ) | — | (4.4 | ) | |||||||
Cash dividends paid | (47.3 | ) | — | (47.3 | ) | |||||||
Noncontrolling interests in acquired business | — | 2.7 | 2.7 | |||||||||
Distributions to noncontrolling interests | — | (0.7 | ) | (0.7 | ) | |||||||
Balance at March 31, 2014 | $ | 865.9 | $ | 19.6 | $ | 885.5 | ||||||
During the three months ended March 31, 2014, the Company issued stock in conjunction with the Consolidated Graphics and Esselte acquisitions with closing date values of $300.7 million and $18.3 million, respectively. | ||||||||||||
Earnings_per_Share
Earnings per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings per Share | 10. 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 of the Company’s stock price during the applicable period. | |||||||||
During the three months ended March 31, 2015 and 2014, no shares of common stock were purchased by the Company; however, shares were withheld for tax liabilities upon the vesting of equity awards. | |||||||||
The reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share calculation and the anti-dilutive share-based awards for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net earnings (loss) per share attributable to RR Donnelley common shareholders: | |||||||||
Basic | $ | 0.11 | $ | (0.15 | ) | ||||
Diluted | $ | 0.11 | $ | (0.15 | ) | ||||
Dividends declared per common share | $ | 0.26 | $ | 0.26 | |||||
Numerator: | |||||||||
Net earnings (loss) attributable to RR Donnelley common shareholders | $ | 22.3 | $ | (29.0 | ) | ||||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 200.6 | 193.1 | |||||||
Dilutive options and awards | 1.5 | — | |||||||
Diluted weighted average number of common shares outstanding | 202.1 | 193.1 | |||||||
Weighted average number of anti-dilutive share-based awards: | |||||||||
Stock options | 2 | 4.1 | |||||||
Performance share units | 0.9 | 1 | |||||||
Restricted stock units | — | 2.3 | |||||||
Total | 2.9 | 7.4 | |||||||
Comprehensive_Income
Comprehensive Income | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Comprehensive Income | 11. Comprehensive Income | |||||||||||||||
The components of other comprehensive (loss) income and income tax expense allocated to each component for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Before Tax | Income Tax | Net of Tax | ||||||||||||||
Amount | Expense | Amount | ||||||||||||||
Translation adjustments | $ | (22.6 | ) | $ | — | $ | (22.6 | ) | ||||||||
Adjustment for net periodic pension and other postretirement benefits plan cost | 3.5 | 1.3 | 2.2 | |||||||||||||
Change in fair value of derivatives | 0.1 | 0.1 | — | |||||||||||||
Other comprehensive (loss) income | $ | (19.0 | ) | $ | 1.4 | $ | (20.4 | ) | ||||||||
Three Months Ended | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Before Tax | Income Tax | Net of Tax | ||||||||||||||
Amount | Expense | Amount | ||||||||||||||
Translation adjustments | $ | (9.0 | ) | $ | — | $ | (9.0 | ) | ||||||||
Adjustment for net periodic pension and other postretirement benefits plan cost | 1.4 | 0.5 | 0.9 | |||||||||||||
Change in fair value of derivatives | 0.1 | 0.1 | — | |||||||||||||
Other comprehensive (loss) income | $ | (7.5 | ) | $ | 0.6 | $ | (8.1 | ) | ||||||||
Accumulated other comprehensive loss by component as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | ||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||
Balance at December 31, 2014 | $ | (0.1 | ) | $ | (762.3 | ) | $ | (11.2 | ) | $ | (773.6 | ) | ||||
Other comprehensive loss before reclassifications | — | — | (22.8 | ) | (22.8 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 2.2 | — | 2.2 | ||||||||||||
Net change in accumulated other comprehensive loss | — | 2.2 | (22.8 | ) | (20.6 | ) | ||||||||||
Balance at March 31, 2015 | $ | (0.1 | ) | $ | (760.1 | ) | $ | (34.0 | ) | $ | (794.2 | ) | ||||
Accumulated other comprehensive income (loss) by component as of December 31, 2013 and March 31, 2014, and changes during the three months ended March 31, 2014, were as follows: | ||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | |||||
Other comprehensive loss before reclassifications | — | — | (8.9 | ) | (8.9 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 0.9 | — | 0.9 | ||||||||||||
Net change in accumulated other comprehensive loss | — | 0.9 | (8.9 | ) | (8.0 | ) | ||||||||||
Balance at March 31, 2014 | $ | (0.2 | ) | $ | (520.5 | ) | $ | 24.6 | $ | (496.1 | ) | |||||
Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||
Three Months Ended | Classification in the Condensed | |||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | Consolidated Statements of Operations | ||||||||||||||
Amortization of pension and other postretirement benefits plan cost: | ||||||||||||||||
Net actuarial loss | $ | 10.2 | $ | 7.8 | (a) | |||||||||||
Net prior service credit | (6.7 | ) | (6.4 | ) | (a) | |||||||||||
Reclassifications before tax | 3.5 | 1.4 | ||||||||||||||
Income tax expense | 1.3 | 0.5 | ||||||||||||||
Reclassifications, net of tax | $ | 2.2 | $ | 0.9 | ||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations (see Note 7, Employee Benefits). |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Segment Information | 12. 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. | |||||||||||||||||||||||||||||
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, office products, direct mail, labels, statement printing, forms and packaging. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Corporate consists of unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, communications, certain facility costs and LIFO inventory provisions. In addition, certain costs and earnings of employee benefit plans, such as pension and other postretirement benefits plan expense (income) and share-based compensation, are included in Corporate and not allocated to the operating segments. Corporate also manages the Company’s cash pooling structures, which enables participating international locations to draw on the Company’s overseas cash resources to meet local liquidity needs. | |||||||||||||||||||||||||||||
Information by Segment | |||||||||||||||||||||||||||||
The Company has disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision-maker and is most consistent with the presentation of profitability reported within the Condensed Consolidated Financial Statements. | |||||||||||||||||||||||||||||
Income (Loss) | Depreciation | ||||||||||||||||||||||||||||
Total | Intersegment | Net | from | Assets of | and | Capital | |||||||||||||||||||||||
Sales | Sales | Sales | Operations | Operations | Amortization | Expenditures | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 577.8 | $ | (4.0 | ) | $ | 573.8 | $ | 11.8 | $ | 1,153.90 | $ | 34.3 | $ | 12.5 | ||||||||||||||
Variable Print | 964.2 | (15.4 | ) | 948.8 | 66.2 | 2,585.70 | 39 | 9.5 | |||||||||||||||||||||
Strategic Services | 694.8 | (27.5 | ) | 667.3 | 55 | 1,419.50 | 17.4 | 11.9 | |||||||||||||||||||||
International | 581.2 | (25.0 | ) | 556.2 | 12.1 | 1,586.80 | 21.7 | 12.2 | |||||||||||||||||||||
Total operating segments | 2,818.00 | (71.9 | ) | 2,746.10 | 145.1 | 6,745.90 | 112.4 | 46.1 | |||||||||||||||||||||
Corporate | — | — | — | (29.5 | ) | 459.4 | 1 | 2.4 | |||||||||||||||||||||
Total operations | $ | 2,818.00 | $ | (71.9 | ) | $ | 2,746.10 | $ | 115.6 | $ | 7,205.30 | $ | 113.4 | $ | 48.5 | ||||||||||||||
Income (Loss) | Depreciation | ||||||||||||||||||||||||||||
Total | Intersegment | Net | from | Assets of | and | Capital | |||||||||||||||||||||||
Sales | Sales | Sales | Operations | Operations | Amortization | Expenditures | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 643.5 | $ | (0.8 | ) | $ | 642.7 | $ | 9.9 | $ | 1,303.60 | $ | 37.7 | $ | 11.9 | ||||||||||||||
Variable Print | 809 | (16.9 | ) | 792.1 | 27.7 | 2,723.60 | 35.1 | 10.4 | |||||||||||||||||||||
Strategic Services | 650.6 | (30.9 | ) | 619.7 | 55.4 | 1,427.00 | 16.1 | 9.9 | |||||||||||||||||||||
International | 639.4 | (20.1 | ) | 619.3 | 30.2 | 1,919.50 | 24.9 | 12 | |||||||||||||||||||||
Total operating segments | 2,742.50 | (68.7 | ) | 2,673.80 | 123.2 | 7,373.70 | 113.8 | 44.2 | |||||||||||||||||||||
Corporate | — | — | — | (27.2 | ) | 220.7 | 1.7 | 4.8 | |||||||||||||||||||||
Total operations | $ | 2,742.50 | $ | (68.7 | ) | $ | 2,673.80 | $ | 96 | $ | 7,594.40 | $ | 115.5 | $ | 49 | ||||||||||||||
Restructuring, impairment and other charges by segment for the three months ended March 31, 2015 and 2014 are described in Note 6, Restructuring, Impairment and Other Charges. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies |
The Company is subject to laws and regulations relating to the protection of the environment. The Company provides for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such accruals are adjusted as new information develops or circumstances change and are generally not discounted. The Company has been designated as a potentially responsible party or has received claims in twelve active federal and state Superfund and other multiparty remediation sites. In addition to these sites, the Company may also have the obligation to remediate nine 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 is party to certain litigation arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | 14. Debt | |||||||
The Company’s debt at March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
5.50% senior notes due May 15, 2015 | $ | 200 | $ | 200 | ||||
8.60% senior notes due August 15, 2016 | 219.2 | 219.1 | ||||||
6.125% senior notes due January 15, 2017 | 251.1 | 251 | ||||||
7.25% senior notes due May 15, 2018 | 250 | 250 | ||||||
11.25% senior notes due February 1, 2019 (a) | 172.2 | 172.2 | ||||||
8.25% senior notes due March 15, 2019 | 238.9 | 238.9 | ||||||
7.625% senior notes due June 15, 2020 | 350 | 350 | ||||||
7.875% senior notes due March 15, 2021 | 448.3 | 448.3 | ||||||
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 | 400 | ||||||
6.625% debentures due April 15, 2029 | 199.5 | 199.5 | ||||||
8.820% debentures due April 15, 2031 | 69 | 69 | ||||||
Other (b) | 5.2 | 3.6 | ||||||
Total debt | 3,634.30 | 3,632.50 | ||||||
Less: current portion | (203.3 | ) | (203.4 | ) | ||||
Long-term debt | $ | 3,431.00 | $ | 3,429.10 | ||||
(a) | As of March 31, 2015 and December 31, 2014, 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 $357.1 million and $259.5 million at March 31, 2015 and December 31, 2014, 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 2.1% during the three months ended March 31, 2015 and 2014. | ||||||||
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 $211.0 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 three months ended March 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. | ||||||||
Interest income was $1.7 million and $2.5 million for the three months ended March 31, 2015 and 2014, respectively. |
Derivatives
Derivatives | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||
Derivatives | 15. Derivatives | |||||||||
All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities in the Condensed Consolidated Balance Sheets at their respective fair values. Unrealized gains and losses related to derivatives are recorded in other comprehensive income (loss), net of applicable income taxes, or in the Condensed Consolidated Statements of Operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as cash flow hedges, the effective portion of the unrealized gain or loss related to the derivatives are generally recorded in other comprehensive income (loss) until the transaction affects earnings. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the Condensed Consolidated Statements of Operations. At the inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is also recognized currently in the Condensed Consolidated Statements of Operations. | ||||||||||
The Company is exposed to the impact of foreign currency fluctuations in certain countries in which it operates. The exposure to foreign currency movements is limited in many countries because the operating revenues and expenses of its various subsidiaries and business units are substantially in the local currency of the country in which they operate. To the extent borrowings, sales, purchases, revenues, expenses or other transactions are not in the local currency of the subsidiary or operating unit, the Company is exposed to currency risk. Periodically, the Company uses foreign exchange 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 Condensed 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 March 31, 2015 and December 31, 2014 was $342.9 million and $377.2 million, respectively. The fair values of foreign exchange forward contracts were determined to be Level 2 under the fair value hierarchy and are valued using market exchange rates. | ||||||||||
On March 13, 2012, the Company entered into interest rate swap agreements to manage interest rate risk exposure, effectively changing the interest rate on $400.0 million of its fixed-rate senior notes to a floating-rate based on LIBOR plus a basis point spread. The interest rate swaps, with a notional value of $400.0 million 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 three months ended March 31, 2014, the Company repurchased $211.0 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 value of the interest rate swap agreements as of March 31, 2015 was $190.0 million. The interest rate swaps were designated as fair value hedges against changes in the value of $239.0 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 value 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. On at least a quarterly basis, 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. | ||||||||||
The Company’s foreign exchange forward contracts and interest rate swaps are subject to enforceable master netting agreements that allow the Company to settle positive and negative positions with the respective counterparties. The Company settles foreign exchange forward contracts on a net basis when possible. Foreign exchange forward contracts that can be settled on a net basis are presented net in the Condensed Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Condensed Consolidated Balance Sheets. | ||||||||||
The Company manages credit risk for its derivative positions on a counterparty-by-counterparty basis, considering the net portfolio exposure with each counterparty, consistent with its risk management strategy for such transactions. The Company’s agreements with each of its counterparties contain a provision where the Company could be declared in default on its derivative obligations if it either defaults or, in certain cases, is capable of being declared in default of any of its indebtedness greater than specified thresholds. These agreements also contain a provision where the Company could be declared in default subsequent to a merger or restructuring type event if the creditworthiness of the resulting entity is materially weaker. | ||||||||||
At March 31, 2015 and December 31, 2014, the total fair value of the Company’s foreign exchange forward contracts, which were the only derivatives not designated as hedges, and fair value hedges, along with the accounts in the Condensed Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | ||||||||||
March 31, 2015 | December 31, 2014 | |||||||||
Derivatives not designated as hedges | ||||||||||
Prepaid expenses and other current assets | $ | 37.2 | $ | 7 | ||||||
Accrued liabilities | 0.3 | 0.5 | ||||||||
Derivatives designated as fair value hedges | ||||||||||
Other noncurrent assets | $ | 1 | $ | — | ||||||
Other noncurrent liabilities | — | 1.2 | ||||||||
The pre-tax gains related to derivatives not designated as hedges recognized in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||
Three Months Ended | ||||||||||
Classification of Gain Recognized in the | March 31, | |||||||||
Condensed Consolidated Statements of Operations | 2015 | 2014 | ||||||||
Derivatives not designated as hedges | ||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (31.7 | ) | $ | (0.4 | ) | |||
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 three months ended March 31, 2015 and 2014 were as follows: | ||||||||||
Three Months Ended | ||||||||||
Classification of (Gain) Loss Recognized in the | March 31, | |||||||||
Condensed Consolidated Statements of Operations | 2015 | 2014 | ||||||||
Fair Value Hedges | ||||||||||
Interest rate swaps | Investment and other expense-net | $ | (2.3 | ) | $ | (0.1 | ) | |||
Hedged items | Investment and other expense-net | $ | 2.1 | (0.6 | ) | |||||
Total gain recognized as ineffectiveness in the | Investment and other expense-net | $ | (0.2 | ) | $ | (0.7 | ) | |||
Condensed Consolidated Statements of Operations | ||||||||||
The Company also recognized a net reduction to interest expense of $0.6 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively, related to the Company’s fair value hedges, which included interest accruals on the derivatives and amortization of the basis in the hedged items. | ||||||||||
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurement | 16. Fair Value Measurement | |||||||||||
Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s assets and liabilities required to be adjusted to fair value on a recurring basis are pension and other postretirement benefits plan assets, foreign exchange forward contracts and interest rate swaps. See Note 15, Derivatives, for further discussion on the fair value of the Company’s foreign exchange forward contracts and interest rate swaps as of March 31, 2015 and December 31, 2014. See Note 14, Debt, for the fair value of the Company’s debt, which is recorded at book value. | ||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. See Note 2, Acquisitions and Dispositions, 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 March 31, 2015 and 2014 and related impairment charges for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||
Three Months Ended | As of | |||||||||||
31-Mar-15 | March 31, 2015 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 0.7 | $ | 3.1 | $ | 2.9 | ||||||
Long-lived assets held for sale or disposal | 1.1 | 0.4 | 0.4 | |||||||||
Total | $ | 1.8 | $ | 3.5 | $ | 3.3 | ||||||
Three Months Ended | As of | |||||||||||
31-Mar-14 | March 31, 2014 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 4.7 | $ | 5.8 | $ | 5.7 | ||||||
Long-lived assets held for sale or disposal | 1.9 | 4.2 | 3.9 | |||||||||
Total | $ | 6.6 | $ | 10 | $ | 9.6 | ||||||
The fair value of long-lived assets held for sale that were remeasured during the three months ended March 31, 2015 and 2014 were reduced by estimated costs to sell of $0.2 million and $0.3 million, respectively. | ||||||||||||
The Company’s accounting and finance management determines the valuation policies and procedures for Level 3 fair value measurements and is responsible for the development and determination of unobservable inputs. | ||||||||||||
The fair values of the long-lived assets held and used and long-lived assets held for sale or disposal were determined using Level 3 inputs and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. Unobservable inputs obtained from third parties are adjusted as necessary for the condition and attributes of the specific asset. |
Venezuela_Currency_Remeasureme
Venezuela Currency Remeasurement | 3 Months Ended |
Mar. 31, 2015 | |
Foreign Currency [Abstract] | |
Venezuela Currency Remeasurement | 17. Venezuela Currency Remeasurement |
Since January 1, 2010, the three-year cumulative inflation for Venezuela using the blended Consumer Price Index and National Consumer Price Index has exceeded 100%. As a result, Venezuela’s economy is considered highly inflationary and the financial statements of the Company’s Venezuelan subsidiaries are remeasured as if the functional currency were the U.S. Dollar. Prior to March 31, 2014, the financial statements were remeasured based on the official rate determined by the government of Venezuela. On February 8, 2013, the government of Venezuela changed its primary fixed exchange rate from 4.3 Bolivars per U.S. Dollar to 6.3 Bolivars per U.S. Dollar, devaluing the Bolivar by 32%. | |
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 was available to all entities for all transactions. The Venezuelan government indicated that the official rate of 6.3 Bolivars per U.S. Dollar would be reserved only for settlement of U.S. Dollar denominated purchases of “essential goods and services.” While there was considerable uncertainty as to the nature, amount and timing of transactions that could 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 believed those assets would 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 believed SICAD 1 would be applicable for future transactions, and dividend remittances, if any, from the Company’s Venezuelan subsidiaries. As of March 31, 2014, the SICAD 1 and SICAD 2 exchange rates were 10.7 and 49.8 Bolivars per U.S. Dollar, respectively. | |
In February 2015, the Venezuelan government discontinued the SICAD 2 rate and introduced a new currency exchange rate mechanism (“SIMADI”). While considerable uncertainty still exists as to the nature, amount and timing of transactions that could be settled through the various currency exchange rate mechanisms, as of February 28, 2015, monetary assets and liabilities of the Company’s Venezuelan subsidiaries were remeasured at the SIMADI rate as the Company believes the SIMADI is the exchange rate mechanism most likely to be available to the Company’s Venezuelan subsidiaries to settle U.S. Dollar denominated transactions. As of March 31, 2015 the SIMADI rate was 193.0. | |
As a result of the remeasurement at the SIMADI rate and the related impact of the devaluation, during the three months ended March 31, 2015, a pre-tax loss of $29.9 million ($26.3 million after-tax) was recognized in net investment and other expense, of which $10.3 million was included in loss attributable to noncontrolling interests. | |
The exchange rate available through SIMADI will fluctuate, causing additional remeasurements of the Company’s Venezuelan subsidiaries’ local currency-denominated net monetary assets and further impact ongoing results. The operating results of the Venezuelan subsidiaries, one of which is the operating entity and a 50.1% owned joint venture, are not significant to the Company’s consolidated results of operations. | |
On April 29, 2015, the Company sold its 50.1% interest in the Venezuelan operating entity. The Company estimates that it will recognize a net loss of approximately $15.0 million, in net investment and other expense in the Consolidated Statements of Operations during the second quarter of 2015. The operations of the Venezuela business were included in the International segment. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Changes And Error Corrections [Abstract] | ||
New Accounting Pronouncements | 18. New Accounting Pronouncements | |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-03 “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. ASU 2015-03 requires retrospective application and represents a change in accounting principle. The update becomes effective on January 1, 2016. Based on the balances as of March 31, 2015, the adoption will require the Company to reclassify $45.2 million of unamortized debt issuance costs from "Other noncurrent assets" to "Long-term debt." | ||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which outlines a single comprehensive model for entities to use in accounting for revenue using a five-step process that supersedes virtually all existing revenue guidance. ASU 2014-09 also requires additional quantitative and qualitative disclosures. On April 1, 2015, the FASB proposed a one year deferral of the effective date of ASU 2014-09 to January 1, 2018. Early adoption of the standard will be permitted 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 the related deferral 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. 2015-05 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” | |
· | Accounting Standards Update No. 2015-04 “Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets” | |
· | Accounting Standards Update No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” | |
· | 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” | |
The following standards were effective for and adopted by the Company in the first quarter of 2015. The adoption of these standards did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows: | ||
· | 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” | |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Pro Forma Financial Information | The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations or financial condition that would have been reported had these acquisitions been completed as of the beginning of the period presented and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. Pro forma adjustments are tax-effected at the applicable statutory tax rates. | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Net sales | $ | 2,826.60 | ||||||||||
Net loss attributable to RR Donnelley common shareholders | (17.7 | ) | ||||||||||
Net loss per share attributable to RR Donnelley common shareholders: | ||||||||||||
Basic | $ | (0.09 | ) | |||||||||
Diluted | $ | (0.09 | ) | |||||||||
Pro Forma Adjustments Affecting Net Earnings (Loss) | The following table outlines unaudited pro forma financial information for the three months ended March 31, 2014: | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Amortization of purchased intangibles | $ | 20.5 | ||||||||||
Restructuring, impairment and other charges | 30.1 | |||||||||||
Additionally, the pro forma adjustments affecting net loss attributable to RR Donnelley common shareholders for the three months ended March 31, 2014 were as follows: | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Depreciation and amortization of purchased assets, pre-tax | $ | (0.2 | ) | |||||||||
Acquisition-related expenses, pre-tax | 18.6 | |||||||||||
Restructuring and impairment charges, pre-tax | 17.1 | |||||||||||
Inventory fair value adjustment, pre-tax | 12.1 | |||||||||||
Other pro forma adjustments, pre-tax | (10.6 | ) | ||||||||||
Income taxes | (10.2 | ) | ||||||||||
Consolidated Graphics, Esselte and MultiCorpora | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Final Purchase Price Allocation 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 | $ | 242 | ||||||||||
Inventories | 89.6 | |||||||||||
Prepaid expenses and other current assets | 17.5 | |||||||||||
Property, plant and equipment | 337 | |||||||||||
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 | 828 | |||||||||||
Less: debt assumed | 118.4 | |||||||||||
Less: value of common stock issued | 319 | |||||||||||
Less: gain on bargain purchase | 9.5 | |||||||||||
Net cash paid | $ | 381.1 | ||||||||||
Fair Values, Valuation Techniques and Related Unobservable Inputs of Level Three | The fair values of other intangible assets, technology and goodwill associated with the acquisitions of Esselte, MultiCorpora and Consolidated Graphics were determined to be Level 3 under the fair value hierarchy. The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements: | |||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||
Customer relationships | $ | 178.2 | Excess earnings | Discount rate | 17.0% - 21.0% | |||||||
Attrition rate | 5.0% - 9.5% | |||||||||||
Trade names | 26.5 | Relief-from-royalty method | Discount rate | 19.00% | ||||||||
Royalty rate (after-tax) | 0.5% - 1.5% | |||||||||||
Technology | 1.1 | Excess earnings | Discount rate | 17.00% | ||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, 2015 and December 31, 2014 were as follows: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw materials and manufacturing supplies | $ | 250 | $ | 261.7 | ||||
Work in process | 155.4 | 157.5 | ||||||
Finished goods | 249.1 | 260.6 | ||||||
LIFO reserve | (94.3 | ) | (93.6 | ) | ||||
Total | $ | 560.2 | $ | 586.2 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Components of Company's Property, Plant and Equipment | The components of the Company’s property, plant and equipment at March 31, 2015 and December 31, 2014 were as follows: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 111.1 | $ | 112.1 | ||||
Buildings | 1,206.70 | 1,214.80 | ||||||
Machinery and equipment | 6,123.80 | 6,142.80 | ||||||
7,441.60 | 7,469.70 | |||||||
Less: Accumulated depreciation | (5,986.1 | ) | (5,954.2 | ) | ||||
Total | $ | 1,455.50 | $ | 1,515.50 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Changes in the Carrying Value of Goodwill by Segment | The changes in the carrying amount of goodwill by segment for the three months ended March 31, 2015 were as follows: | ||||||||||||||||||||||||
Publishing & Retail | Strategic | International | |||||||||||||||||||||||
Services | Solutions | Services | Services | Total | |||||||||||||||||||||
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 | ||||||||||||||||||||
Acquisitions | — | — | 1.2 | — | 1.2 | ||||||||||||||||||||
Foreign exchange and other adjustments | — | (1.2 | ) | (0.4 | ) | (8.3 | ) | (9.9 | ) | ||||||||||||||||
Net book value as of March 31, 2015 | |||||||||||||||||||||||||
Goodwill | 688 | 1,912.90 | 986 | 1,151.10 | 4,738.00 | ||||||||||||||||||||
Accumulated impairment losses | (688.0 | ) | (1,105.2 | ) | (220.1 | ) | (1,026.8 | ) | (3,040.1 | ) | |||||||||||||||
Total | $ | — | $ | 807.7 | $ | 765.9 | $ | 124.3 | $ | 1,697.90 | |||||||||||||||
Components of Other Intangible Assets | The components of other intangible assets at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Carrying | Accumulated | Net Book | Carrying | Accumulated | Net Book | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | ||||||||||||||||||||
Customer relationships | $ | 850.5 | $ | (503.3 | ) | $ | 347.2 | $ | 865.6 | $ | (498.0 | ) | $ | 367.6 | |||||||||||
Patents | 98.3 | (98.3 | ) | — | 98.3 | (98.3 | ) | — | |||||||||||||||||
Trademarks, licenses and agreements | 31.8 | (29.9 | ) | 1.9 | 31.5 | (29.7 | ) | 1.8 | |||||||||||||||||
Trade names | 42.9 | (16.2 | ) | 26.7 | 43.1 | (15.6 | ) | 27.5 | |||||||||||||||||
Total amortizable other intangible assets | 1,023.50 | (647.7 | ) | 375.8 | 1,038.50 | (641.6 | ) | 396.9 | |||||||||||||||||
Indefinite-lived trade names | 26.7 | — | 26.7 | 26.8 | — | 26.8 | |||||||||||||||||||
Total other intangible assets | $ | 1,050.20 | $ | (647.7 | ) | $ | 402.5 | $ | 1,065.30 | $ | (641.6 | ) | $ | 423.7 | |||||||||||
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 March 31, 2015: | ||||||||||||||||||||||||
For the year ending December 31, | Amount | ||||||||||||||||||||||||
2015 | $ | 73.6 | |||||||||||||||||||||||
2016 | 56.2 | ||||||||||||||||||||||||
2017 | 50.2 | ||||||||||||||||||||||||
2018 | 45 | ||||||||||||||||||||||||
2019 | 41.5 | ||||||||||||||||||||||||
2020 and thereafter | 128.3 | ||||||||||||||||||||||||
Total | $ | 394.8 | |||||||||||||||||||||||
Restructuring_Impairment_and_O1
Restructuring, Impairment and Other Charges (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||
Schedule of Net Restructuring, Impairment and Other Charges | For the three months ended March 31, 2015 and 2014, the Company recorded the following net restructuring, impairment and other charges: | ||||||||||||||||||||||||
Three Months Ended | Employee | Other | Total | Other | |||||||||||||||||||||
Restructuring | Restructuring | ||||||||||||||||||||||||
31-Mar-15 | Terminations | Charges | Charges | Impairment | Charges | Total | |||||||||||||||||||
Publishing and Retail Services | $ | 2.8 | $ | 1.1 | $ | 3.9 | $ | (0.4 | ) | $ | 0.8 | $ | 4.3 | ||||||||||||
Variable Print | 2 | 1.3 | 3.3 | 1.3 | 0.4 | 5 | |||||||||||||||||||
Strategic Services | 1.6 | 0.5 | 2.1 | — | 0.1 | 2.2 | |||||||||||||||||||
International | 7.7 | 0.2 | 7.9 | (0.2 | ) | — | 7.7 | ||||||||||||||||||
Corporate | 0.1 | 0.5 | 0.6 | — | — | 0.6 | |||||||||||||||||||
Total | $ | 14.2 | $ | 3.6 | $ | 17.8 | $ | 0.7 | $ | 1.3 | $ | 19.8 | |||||||||||||
Three Months Ended | Employee | Other | Total | Other | |||||||||||||||||||||
Restructuring | Restructuring | ||||||||||||||||||||||||
31-Mar-14 | Terminations | Charges | Charges | Impairment | Charges | Total | |||||||||||||||||||
Publishing and Retail Services | $ | 0.2 | $ | 2.1 | $ | 2.3 | $ | 2.2 | 16.3 | $ | 20.8 | ||||||||||||||
Variable Print | 11.1 | 0.9 | 12 | 4.5 | 4.1 | 20.6 | |||||||||||||||||||
Strategic Services | 1 | 0.5 | 1.5 | — | 0.1 | 1.6 | |||||||||||||||||||
International | 1.1 | 0.5 | 1.6 | — | — | 1.6 | |||||||||||||||||||
Corporate | 0.5 | 0.1 | 0.6 | — | — | 0.6 | |||||||||||||||||||
Total | $ | 13.9 | $ | 4.1 | $ | 18 | $ | 6.7 | $ | 20.5 | $ | 45.2 | |||||||||||||
Schedule of Changes in the Restructuring Reserve | The restructuring reserve as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | ||||||||||||||||||||||||
Foreign | |||||||||||||||||||||||||
December 31, | Restructuring | Exchange and | Cash | March 31, | |||||||||||||||||||||
2014 | Charges | Other | Paid | 2015 | |||||||||||||||||||||
Employee terminations | $ | 13 | $ | 14.2 | $ | (0.8 | ) | $ | (11.1 | ) | $ | 15.3 | |||||||||||||
Multi-employer pension withdrawal obligations | 34.6 | 0.5 | (0.1 | ) | (1.5 | ) | 33.5 | ||||||||||||||||||
Lease terminations and other | 15.1 | 3.1 | — | (5.4 | ) | 12.8 | |||||||||||||||||||
Total | $ | 62.7 | $ | 17.8 | $ | (0.9 | ) | $ | (18.0 | ) | $ | 61.6 | |||||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation And Retirement Disclosure [Abstract] | ||||||||
Components of Estimated Net Pension and Other Postretirement Benefit Plan (Income) Expense | The components of the estimated net pension and other postretirement benefits plan income for the three months ended March 31, 2015 and 2014 were as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Pension (income) expense | ||||||||
Service cost | $ | 0.6 | $ | 0.5 | ||||
Interest cost | 44.8 | 47.7 | ||||||
Expected return on assets | (61.6 | ) | (63.1 | ) | ||||
Amortization, net | 10.2 | 7.8 | ||||||
Net pension income | $ | (6.0 | ) | $ | (7.1 | ) | ||
Other postretirement benefits plan (income) expense | ||||||||
Service cost | $ | 1.2 | $ | 1.1 | ||||
Interest cost | 4 | 4.2 | ||||||
Expected return on plan assets | (3.3 | ) | (3.1 | ) | ||||
Amortization, net | (6.7 | ) | (6.4 | ) | ||||
Net other postretirement benefits plan income | $ | (4.8 | ) | $ | (4.2 | ) | ||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||
Schedule of Stock Option Activity | Stock option awards as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | |||||||||||||||
Weighted | ||||||||||||||||
Average | ||||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||||
Average | Contractual | Intrinsic | ||||||||||||||
Shares Under Option | Exercise | Term | Value | |||||||||||||
(Thousands) | Price | (Years) | (millions) | |||||||||||||
Outstanding at December 31, 2014 | 3,847 | $ | 19.43 | 4.7 | $ | 12.6 | ||||||||||
Exercised | (92 | ) | 13.21 | |||||||||||||
Outstanding at March 31, 2015 | 3,755 | 19.58 | 4.4 | 16.6 | ||||||||||||
Vested and expected to vest at March 31, 2015 | 3,745 | 19.6 | 4.4 | 16.6 | ||||||||||||
Exercisable at March 31, 2015 | 1,729 | $ | 10.48 | 5.2 | $ | 15.1 | ||||||||||
Nonvested Restricted Stock Unit Awards | Nonvested restricted stock unit awards as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | |||||||||||||||
Weighted Average | ||||||||||||||||
Shares | Grant Date | |||||||||||||||
(Thousands) | Fair Value | |||||||||||||||
Nonvested at December 31, 2014 | 2,045 | $ | 12.54 | |||||||||||||
Granted | 575 | 16.73 | ||||||||||||||
Vested | (880 | ) | 12.94 | |||||||||||||
Nonvested at March 31, 2015 | 1,740 | $ | 13.71 | |||||||||||||
Schedule of Nonvested Performance Share Units Activity | Nonvested performance share unit awards as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | |||||||||||||||
Weighted Average | ||||||||||||||||
Shares | Grant Date | |||||||||||||||
(Thousands) | Fair Value | |||||||||||||||
Nonvested at December 31, 2014 | 804 | $ | 11.87 | |||||||||||||
Granted | 418 | 16.73 | ||||||||||||||
Nonvested at March 31, 2015 | 1,222 | $ | 13.53 | |||||||||||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Schedule of the Company's Equity Activity | The Company’s equity as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | |||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2014 | $ | 593.8 | $ | 26.6 | 620.4 | |||||||
Net earnings (loss) | 22.3 | (10.4 | ) | 11.9 | ||||||||
Other comprehensive loss | (20.6 | ) | 0.2 | (20.4 | ) | |||||||
Share-based compensation | 3.5 | — | 3.5 | |||||||||
Issuance of share-based awards, net of withholdings and other | (4.1 | ) | — | (4.1 | ) | |||||||
Cash dividends paid | (52.0 | ) | — | (52.0 | ) | |||||||
Distributions to noncontrolling interests | — | (0.7 | ) | (0.7 | ) | |||||||
Balance at March 31, 2015 | $ | 542.9 | $ | 15.7 | $ | 558.6 | ||||||
The Company’s equity as of December 31, 2013 and March 31, 2014, and changes during the three months ended March 31, 2014, were as follows: | ||||||||||||
RR Donnelley | ||||||||||||
Shareholders' | Noncontrolling | |||||||||||
Equity | Interest | Total Equity | ||||||||||
Balance at December 31, 2013 | $ | 631.8 | $ | 21.9 | $ | 653.7 | ||||||
Net loss | (29.0 | ) | (4.2 | ) | (33.2 | ) | ||||||
Other comprehensive loss | (8.0 | ) | (0.1 | ) | (8.1 | ) | ||||||
Share-based compensation | 3.8 | — | 3.8 | |||||||||
Issuances of common stock | 300.7 | — | 300.7 | |||||||||
Issuances of treasury stock | 18.3 | — | 18.3 | |||||||||
Issuance of share-based awards, net of withholdings and other | (4.4 | ) | — | (4.4 | ) | |||||||
Cash dividends paid | (47.3 | ) | — | (47.3 | ) | |||||||
Noncontrolling interests in acquired business | — | 2.7 | 2.7 | |||||||||
Distributions to noncontrolling interests | — | (0.7 | ) | (0.7 | ) | |||||||
Balance at March 31, 2014 | $ | 865.9 | $ | 19.6 | $ | 885.5 | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 three months ended March 31, 2015 and 2014 were as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net earnings (loss) per share attributable to RR Donnelley common shareholders: | |||||||||
Basic | $ | 0.11 | $ | (0.15 | ) | ||||
Diluted | $ | 0.11 | $ | (0.15 | ) | ||||
Dividends declared per common share | $ | 0.26 | $ | 0.26 | |||||
Numerator: | |||||||||
Net earnings (loss) attributable to RR Donnelley common shareholders | $ | 22.3 | $ | (29.0 | ) | ||||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 200.6 | 193.1 | |||||||
Dilutive options and awards | 1.5 | — | |||||||
Diluted weighted average number of common shares outstanding | 202.1 | 193.1 | |||||||
Weighted average number of anti-dilutive share-based awards: | |||||||||
Stock options | 2 | 4.1 | |||||||
Performance share units | 0.9 | 1 | |||||||
Restricted stock units | — | 2.3 | |||||||
Total | 2.9 | 7.4 | |||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||
Three Months Ended | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Before Tax | Income Tax | Net of Tax | ||||||||||||||
Amount | Expense | Amount | ||||||||||||||
Translation adjustments | $ | (22.6 | ) | $ | — | $ | (22.6 | ) | ||||||||
Adjustment for net periodic pension and other postretirement benefits plan cost | 3.5 | 1.3 | 2.2 | |||||||||||||
Change in fair value of derivatives | 0.1 | 0.1 | — | |||||||||||||
Other comprehensive (loss) income | $ | (19.0 | ) | $ | 1.4 | $ | (20.4 | ) | ||||||||
Three Months Ended | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Before Tax | Income Tax | Net of Tax | ||||||||||||||
Amount | Expense | Amount | ||||||||||||||
Translation adjustments | $ | (9.0 | ) | $ | — | $ | (9.0 | ) | ||||||||
Adjustment for net periodic pension and other postretirement benefits plan cost | 1.4 | 0.5 | 0.9 | |||||||||||||
Change in fair value of derivatives | 0.1 | 0.1 | — | |||||||||||||
Other comprehensive (loss) income | $ | (7.5 | ) | $ | 0.6 | $ | (8.1 | ) | ||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss by component as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows: | |||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||
Balance at December 31, 2014 | $ | (0.1 | ) | $ | (762.3 | ) | $ | (11.2 | ) | $ | (773.6 | ) | ||||
Other comprehensive loss before reclassifications | — | — | (22.8 | ) | (22.8 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 2.2 | — | 2.2 | ||||||||||||
Net change in accumulated other comprehensive loss | — | 2.2 | (22.8 | ) | (20.6 | ) | ||||||||||
Balance at March 31, 2015 | $ | (0.1 | ) | $ | (760.1 | ) | $ | (34.0 | ) | $ | (794.2 | ) | ||||
Accumulated other comprehensive income (loss) by component as of December 31, 2013 and March 31, 2014, and changes during the three months ended March 31, 2014, were as follows: | ||||||||||||||||
Changes in the Fair Value of Derivatives | Pension and Other Postretirement Benefits Plan Cost | Translation Adjustments | Total | |||||||||||||
Balance at December 31, 2013 | $ | (0.2 | ) | $ | (521.4 | ) | $ | 33.5 | $ | (488.1 | ) | |||||
Other comprehensive loss before reclassifications | — | — | (8.9 | ) | (8.9 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 0.9 | — | 0.9 | ||||||||||||
Net change in accumulated other comprehensive loss | — | 0.9 | (8.9 | ) | (8.0 | ) | ||||||||||
Balance at March 31, 2014 | $ | (0.2 | ) | $ | (520.5 | ) | $ | 24.6 | $ | (496.1 | ) | |||||
Reclassifications from Accumulated Other Comprehensive Loss Amortization of Pension and Other Postretirement Benefits Plan Cost | Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||
Three Months Ended | Classification in the Condensed | |||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | Consolidated Statements of Operations | ||||||||||||||
Amortization of pension and other postretirement benefits plan cost: | ||||||||||||||||
Net actuarial loss | $ | 10.2 | $ | 7.8 | (a) | |||||||||||
Net prior service credit | (6.7 | ) | (6.4 | ) | (a) | |||||||||||
Reclassifications before tax | 3.5 | 1.4 | ||||||||||||||
Income tax expense | 1.3 | 0.5 | ||||||||||||||
Reclassifications, net of tax | $ | 2.2 | $ | 0.9 | ||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations (see Note 7, Employee Benefits). |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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 Condensed Consolidated Financial Statements. | ||||||||||||||||||||||||||||
Income (Loss) | Depreciation | ||||||||||||||||||||||||||||
Total | Intersegment | Net | from | Assets of | and | Capital | |||||||||||||||||||||||
Sales | Sales | Sales | Operations | Operations | Amortization | Expenditures | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 577.8 | $ | (4.0 | ) | $ | 573.8 | $ | 11.8 | $ | 1,153.90 | $ | 34.3 | $ | 12.5 | ||||||||||||||
Variable Print | 964.2 | (15.4 | ) | 948.8 | 66.2 | 2,585.70 | 39 | 9.5 | |||||||||||||||||||||
Strategic Services | 694.8 | (27.5 | ) | 667.3 | 55 | 1,419.50 | 17.4 | 11.9 | |||||||||||||||||||||
International | 581.2 | (25.0 | ) | 556.2 | 12.1 | 1,586.80 | 21.7 | 12.2 | |||||||||||||||||||||
Total operating segments | 2,818.00 | (71.9 | ) | 2,746.10 | 145.1 | 6,745.90 | 112.4 | 46.1 | |||||||||||||||||||||
Corporate | — | — | — | (29.5 | ) | 459.4 | 1 | 2.4 | |||||||||||||||||||||
Total operations | $ | 2,818.00 | $ | (71.9 | ) | $ | 2,746.10 | $ | 115.6 | $ | 7,205.30 | $ | 113.4 | $ | 48.5 | ||||||||||||||
Income (Loss) | Depreciation | ||||||||||||||||||||||||||||
Total | Intersegment | Net | from | Assets of | and | Capital | |||||||||||||||||||||||
Sales | Sales | Sales | Operations | Operations | Amortization | Expenditures | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Publishing and Retail Services | $ | 643.5 | $ | (0.8 | ) | $ | 642.7 | $ | 9.9 | $ | 1,303.60 | $ | 37.7 | $ | 11.9 | ||||||||||||||
Variable Print | 809 | (16.9 | ) | 792.1 | 27.7 | 2,723.60 | 35.1 | 10.4 | |||||||||||||||||||||
Strategic Services | 650.6 | (30.9 | ) | 619.7 | 55.4 | 1,427.00 | 16.1 | 9.9 | |||||||||||||||||||||
International | 639.4 | (20.1 | ) | 619.3 | 30.2 | 1,919.50 | 24.9 | 12 | |||||||||||||||||||||
Total operating segments | 2,742.50 | (68.7 | ) | 2,673.80 | 123.2 | 7,373.70 | 113.8 | 44.2 | |||||||||||||||||||||
Corporate | — | — | — | (27.2 | ) | 220.7 | 1.7 | 4.8 | |||||||||||||||||||||
Total operations | $ | 2,742.50 | $ | (68.7 | ) | $ | 2,673.80 | $ | 96 | $ | 7,594.40 | $ | 115.5 | $ | 49 | ||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of the Company's Debt | The Company’s debt at March 31, 2015 and December 31, 2014 consisted of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
5.50% senior notes due May 15, 2015 | $ | 200 | $ | 200 | ||||
8.60% senior notes due August 15, 2016 | 219.2 | 219.1 | ||||||
6.125% senior notes due January 15, 2017 | 251.1 | 251 | ||||||
7.25% senior notes due May 15, 2018 | 250 | 250 | ||||||
11.25% senior notes due February 1, 2019 (a) | 172.2 | 172.2 | ||||||
8.25% senior notes due March 15, 2019 | 238.9 | 238.9 | ||||||
7.625% senior notes due June 15, 2020 | 350 | 350 | ||||||
7.875% senior notes due March 15, 2021 | 448.3 | 448.3 | ||||||
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 | 400 | ||||||
6.625% debentures due April 15, 2029 | 199.5 | 199.5 | ||||||
8.820% debentures due April 15, 2031 | 69 | 69 | ||||||
Other (b) | 5.2 | 3.6 | ||||||
Total debt | 3,634.30 | 3,632.50 | ||||||
Less: current portion | (203.3 | ) | (203.4 | ) | ||||
Long-term debt | $ | 3,431.00 | $ | 3,429.10 | ||||
(a) | As of March 31, 2015 and December 31, 2014, 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. |
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Derivative [Line Items] | ||||||||||
Schedule of Fair Value of Derivatives Designated and Not Designated as Hedges | At March 31, 2015 and December 31, 2014, the total fair value of the Company’s foreign exchange forward contracts, which were the only derivatives not designated as hedges, and fair value hedges, along with the accounts in the Condensed Consolidated Balance Sheets in which the fair value amounts were included, were as follows: | |||||||||
March 31, 2015 | December 31, 2014 | |||||||||
Derivatives not designated as hedges | ||||||||||
Prepaid expenses and other current assets | $ | 37.2 | $ | 7 | ||||||
Accrued liabilities | 0.3 | 0.5 | ||||||||
Derivatives designated as fair value hedges | ||||||||||
Other noncurrent assets | $ | 1 | $ | — | ||||||
Other noncurrent liabilities | — | 1.2 | ||||||||
Schedule of Pre-Tax Gains Related to Derivatives Not Designated as Hedges | ||||||||||
The pre-tax gains related to derivatives not designated as hedges recognized in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||
Three Months Ended | ||||||||||
Classification of Gain Recognized in the | March 31, | |||||||||
Condensed Consolidated Statements of Operations | 2015 | 2014 | ||||||||
Derivatives not designated as hedges | ||||||||||
Foreign exchange forward contracts | Selling, general and administrative expenses | $ | (31.7 | ) | $ | (0.4 | ) | |||
Fair Value Hedging | ||||||||||
Derivative [Line Items] | ||||||||||
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 three months ended March 31, 2015 and 2014 were as follows: | |||||||||
Three Months Ended | ||||||||||
Classification of (Gain) Loss Recognized in the | March 31, | |||||||||
Condensed Consolidated Statements of Operations | 2015 | 2014 | ||||||||
Fair Value Hedges | ||||||||||
Interest rate swaps | Investment and other expense-net | $ | (2.3 | ) | $ | (0.1 | ) | |||
Hedged items | Investment and other expense-net | $ | 2.1 | (0.6 | ) | |||||
Total gain recognized as ineffectiveness in the | Investment and other expense-net | $ | (0.2 | ) | $ | (0.7 | ) | |||
Condensed Consolidated Statements of Operations | ||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 March 31, 2015 and 2014 and related impairment charges for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||
Three Months Ended | As of | |||||||||||
31-Mar-15 | March 31, 2015 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 0.7 | $ | 3.1 | $ | 2.9 | ||||||
Long-lived assets held for sale or disposal | 1.1 | 0.4 | 0.4 | |||||||||
Total | $ | 1.8 | $ | 3.5 | $ | 3.3 | ||||||
Three Months Ended | As of | |||||||||||
31-Mar-14 | March 31, 2014 | |||||||||||
Impairment | Fair Value | Net Book | ||||||||||
Charge | Measurement | Value | ||||||||||
(Level 3) | ||||||||||||
Long-lived assets held and used | $ | 4.7 | $ | 5.8 | $ | 5.7 | ||||||
Long-lived assets held for sale or disposal | 1.9 | 4.2 | 3.9 | |||||||||
Total | $ | 6.6 | $ | 10 | $ | 9.6 | ||||||
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Feb. 05, 2015 | Mar. 25, 2014 | Jan. 31, 2014 | Aug. 15, 2014 | Feb. 07, 2014 | Mar. 10, 2014 |
Business Acquisition [Line Items] | |||||||||
Acquisition-related expenses | $10.50 | $7.70 | |||||||
Gain on bargain purchase | 0 | 16.6 | |||||||
Proceeds from Divestiture of Businesses | -0.2 | 1.7 | |||||||
Strategic Services segment | Journalism Online | |||||||||
Business Acquisition [Line Items] | |||||||||
Net proceeds of disposition of business | 10.7 | ||||||||
Proceeds from Divestiture of Businesses | 9.3 | ||||||||
Gain (loss) on disposition of business | 11.2 | ||||||||
International | RRDA | |||||||||
Business Acquisition [Line Items] | |||||||||
Bankruptcy liquidation on effective of court approval | 16.4 | ||||||||
Net sales | 9.6 | ||||||||
Loss before income taxes | 1.4 | ||||||||
International | GRES | |||||||||
Business Acquisition [Line Items] | |||||||||
Net proceeds of disposition of business | 1.8 | ||||||||
Gain (loss) on disposition of business | -0.8 | ||||||||
Courier Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Transaction value of acquisition | 290.5 | ||||||||
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 and International segments | |||||||||
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 | $73.40 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions - Schedule of Purchase Price Allocation for Acquisitions (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $1,697.90 | $1,706.60 | |
Less: gain on bargain purchase | 0 | 16.6 | |
Consolidated Graphics, Esselte and MultiCorpora | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 242 | ||
Inventories | 89.6 | ||
Prepaid expenses and other current assets | 17.5 | ||
Property, plant and equipment | 337 | ||
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 | 828 | ||
Less: debt assumed | 118.4 | ||
Less: value of common stock issued | 319 | ||
Less: gain on bargain purchase | 9.5 | ||
Net cash paid | $381.10 |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions - Fair Value, Valuation Techniques and Related Unobservable Inputs (Detail) (Consolidated Graphics, Esselte and MultiCorpora, Fair Value, Inputs, Level 3, Fair Value, Measurements, Nonrecurring, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Customer Relationships | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair Value | $178.20 |
Valuation Technique | Excess earnings |
Customer Relationships | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Discount rate | 17.00% |
Attrition rate | 5.00% |
Customer Relationships | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Discount rate | 21.00% |
Attrition rate | 9.50% |
Trade Names | |
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% |
Trade Names | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Royalty rate (after-tax) | 0.50% |
Trade Names | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Royalty rate (after-tax) | 1.50% |
Technology | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair Value | $1.10 |
Valuation Technique | Excess earnings |
Discount rate | 17.00% |
Acquisitions_and_Dispositions_4
Acquisitions and Dispositions - Pro Forma Financial Information (Detail) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Business Combinations [Abstract] | |
Net sales | $2,826.60 |
Net loss attributable to RR Donnelley common shareholders | ($17.70) |
Net loss per share attributable to RR Donnelley common shareholders: | |
Basic | ($0.09) |
Diluted | ($0.09) |
Acquisitions_and_Dispositions_5
Acquisitions and Dispositions - Pro Forma Adjustments Affecting Net Loss (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Business Combinations [Abstract] | |
Amortization of purchased intangibles | $20.50 |
Restructuring, impairment and other charges | 30.1 |
Depreciation and amortization of purchased assets, pre-tax | -0.2 |
Acquisition-related expenses, pre-tax | 18.6 |
Restructuring and impairment charges, pre-tax | 17.1 |
Inventory fair value adjustment, pre-tax | 12.1 |
Other pro forma adjustments, pre-tax | -10.6 |
Income taxes | ($10.20) |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventory Net [Abstract] | ||
Raw materials and manufacturing supplies | $250 | $261.70 |
Work in process | 155.4 | 157.5 |
Finished goods | 249.1 | 260.6 |
LIFO reserve | -94.3 | -93.6 |
Total | $560.20 | $586.20 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ||
Land | $111.10 | $112.10 |
Buildings | 1,206.70 | 1,214.80 |
Machinery and equipment | 6,123.80 | 6,142.80 |
Property, plant and equipment, gross | 7,441.60 | 7,469.70 |
Less: Accumulated depreciation | -5,986.10 | -5,954.20 |
Total | $1,455.50 | $1,515.50 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment - Narrative (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $82.90 | $87.90 | |
Book value of assets held for sale | $3.40 | $7.20 |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill gross | $4,738 | $4,803.50 |
Accumulated impairment losses | -3,040.10 | -3,096.90 |
Goodwill | 1,697.90 | 1,706.60 |
Acquisitions | 1.2 | |
Foreign exchange and other adjustments | -9.9 | |
Publishing and Retail Services | ||
Goodwill [Line Items] | ||
Goodwill gross | 688 | 688 |
Accumulated impairment losses | -688 | -688 |
Print Solutions | ||
Goodwill [Line Items] | ||
Goodwill gross | 1,912.90 | 1,914.10 |
Accumulated impairment losses | -1,105.20 | -1,105.20 |
Goodwill | 807.7 | 808.9 |
Foreign exchange and other adjustments | -1.2 | |
Strategic Services | ||
Goodwill [Line Items] | ||
Goodwill gross | 986 | 987.5 |
Accumulated impairment losses | -220.1 | -222.4 |
Goodwill | 765.9 | 765.1 |
Acquisitions | 1.2 | |
Foreign exchange and other adjustments | -0.4 | |
International Services | ||
Goodwill [Line Items] | ||
Goodwill gross | 1,151.10 | 1,213.90 |
Accumulated impairment losses | -1,026.80 | -1,081.30 |
Goodwill | 124.3 | 132.6 |
Foreign exchange and other adjustments | ($8.30) |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule Of Other Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | $1,023.50 | $1,038.50 |
Accumulated Amortization, amortizable intangible assets | -647.7 | -641.6 |
Net Book Value, amortizable intangible assets | 375.8 | 396.9 |
Net Book Value, indefinite-lived trade names | 26.7 | 26.8 |
Gross Carrying Amount, total other intangible assets | 1,050.20 | 1,065.30 |
Net Book Value, total other intangible assets | 402.5 | 423.7 |
Customer Relationships | ||
Schedule Of Other Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 850.5 | 865.6 |
Accumulated Amortization, amortizable intangible assets | -503.3 | -498 |
Net Book Value, amortizable intangible assets | 347.2 | 367.6 |
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 | 31.8 | 31.5 |
Accumulated Amortization, amortizable intangible assets | -29.9 | -29.7 |
Net Book Value, amortizable intangible assets | 1.9 | 1.8 |
Trade Names | ||
Schedule Of Other Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 42.9 | 43.1 |
Accumulated Amortization, amortizable intangible assets | -16.2 | -15.6 |
Net Book Value, amortizable intangible assets | $26.70 | $27.50 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Narrative (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense for other intangible assets | $19 | $18.30 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Finite Lived Intangible Assets Roll Forward | |
2015 | $73.60 |
2016 | 56.2 |
2017 | 50.2 |
2018 | 45 |
2019 | 41.5 |
2020 and thereafter | 128.3 |
Net Book Value, amortizable intangible assets | $394.80 |
Restructuring_Impairment_and_O2
Restructuring, Impairment and Other Charges - Schedule of Net Restructuring, Impairment and Other Charges (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | $14.20 | $13.90 |
Other Restructuring Charges | 3.6 | 4.1 |
Total Restructuring Charges | 17.8 | 18 |
Impairment | 0.7 | 6.7 |
Other Charges | 1.3 | 20.5 |
Total | 19.8 | 45.2 |
Publishing and Retail Services | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 2.8 | 0.2 |
Other Restructuring Charges | 1.1 | 2.1 |
Total Restructuring Charges | 3.9 | 2.3 |
Impairment | -0.4 | 2.2 |
Other Charges | 0.8 | 16.3 |
Total | 4.3 | 20.8 |
Variable Print | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 2 | 11.1 |
Other Restructuring Charges | 1.3 | 0.9 |
Total Restructuring Charges | 3.3 | 12 |
Impairment | 1.3 | 4.5 |
Other Charges | 0.4 | 4.1 |
Total | 5 | 20.6 |
Strategic Services | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 1.6 | 1 |
Other Restructuring Charges | 0.5 | 0.5 |
Total Restructuring Charges | 2.1 | 1.5 |
Other Charges | 0.1 | 0.1 |
Total | 2.2 | 1.6 |
International | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 7.7 | 1.1 |
Other Restructuring Charges | 0.2 | 0.5 |
Total Restructuring Charges | 7.9 | 1.6 |
Impairment | -0.2 | |
Total | 7.7 | 1.6 |
Corporate | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 0.1 | 0.5 |
Other Restructuring Charges | 0.5 | 0.1 |
Total Restructuring Charges | 0.6 | 0.6 |
Total | $0.60 | $0.60 |
Restructuring_Impairment_and_O3
Restructuring, Impairment and Other Charges - Narrative (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee | Employee | |
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | $14.20 | $13.90 |
Number of employees used to determine employee termination costs | 894 | 278 |
Number of employees who were terminated as of date | 735 | |
Other Restructuring Charges | 3.6 | 4.1 |
Impairment charges, net | 0.7 | 6.7 |
International | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 7.7 | 1.1 |
Number of facilities closed | 1 | |
Other Restructuring Charges | 0.2 | 0.5 |
Impairment charges, net | -0.2 | |
Variable Print | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 2 | 11.1 |
Other Restructuring Charges | 1.3 | 0.9 |
Impairment charges, net | 1.3 | 4.5 |
Variable Print | Consolidated Graphics, Inc | ||
Restructuring Cost And Reserve [Line Items] | ||
Number of facilities closed | 3 | |
Variable Print | Other Subsegment | ||
Restructuring Cost And Reserve [Line Items] | ||
Number of facilities closed | 1 | 1 |
Publishing and Retail Services | ||
Restructuring Cost And Reserve [Line Items] | ||
Employee Terminations | 2.8 | 0.2 |
Number of facilities closed | 1 | |
Other Restructuring Charges | 1.1 | 2.1 |
Impairment charges, net | ($0.40) | $2.20 |
Restructuring_Impairment_and_O4
Restructuring, Impairment and Other Charges - Other Charges - Narrative (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Restructuring Cost And Reserve [Line Items] | |||
Other Charges | $1.30 | $20.50 | |
Accrued liabilities | 727.5 | 867.3 | |
Other noncurrent liabilities | 390.7 | 395.6 | |
Multi-employer pension plan withdrawal obligations | |||
Restructuring Cost And Reserve [Line Items] | |||
Other Charges | 1.3 | 20.5 | |
Accrued liabilities | 10.9 | ||
Other noncurrent liabilities | $86.60 |
Restructuring_Impairment_and_O5
Restructuring, Impairment and Other Charges - Schedule of Changes in the Restructuring Reserve (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost And Reserve [Line Items] | ||
Balance at the beginning | $62.70 | |
Restructuring Charges | 17.8 | 18 |
Foreign Exchange and Other | -0.9 | |
Cash Paid | -18 | |
Balance at the end | 61.6 | |
Employee terminations | ||
Restructuring Cost And Reserve [Line Items] | ||
Balance at the beginning | 13 | |
Restructuring Charges | 14.2 | |
Foreign Exchange and Other | -0.8 | |
Cash Paid | -11.1 | |
Balance at the end | 15.3 | |
Multi-employer pension withdrawal obligations | ||
Restructuring Cost And Reserve [Line Items] | ||
Balance at the beginning | 34.6 | |
Restructuring Charges | 0.5 | |
Foreign Exchange and Other | -0.1 | |
Cash Paid | -1.5 | |
Balance at the end | 33.5 | |
Lease terminations and other | ||
Restructuring Cost And Reserve [Line Items] | ||
Balance at the beginning | 15.1 | |
Restructuring Charges | 3.1 | |
Cash Paid | -5.4 | |
Balance at the end | $12.80 |
Restructuring_Impairment_and_O6
Restructuring, Impairment and Other Charges - Restructuring Reserve - Narrative (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Restructuring And Related Activities [Abstract] | |
Current restructuring reserve (included in accrued liabilities) | $23.70 |
Noncurrent restructuring reserve (included in noncurrent liabilities) | $37.90 |
Employee_Benefits_Components_o
Employee Benefits - Components of Estimated Net Pension and Other Postretirement Benefit Plan (Income) Expense (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension (income) expense | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $0.60 | $0.50 |
Interest cost | 44.8 | 47.7 |
Expected return on plan assets | -61.6 | -63.1 |
Amortization, net | 10.2 | 7.8 |
Net periodic benefit (income) expense | -6 | -7.1 |
Other postretirement benefits plan (income) expense | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1.2 | 1.1 |
Interest cost | 4 | 4.2 |
Expected return on plan assets | -3.3 | -3.1 |
Amortization, net | -6.7 | -6.4 |
Net periodic benefit (income) expense | ($4.80) | ($4.20) |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Share-based compensation | $3.50 | $3.80 |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Options - Narrative (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $3.50 | $3.80 |
Stock options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options granted | 0 | 0 |
Intrinsic value of options exercised | 0.5 | 1 |
Excess tax benefits shown as financing cash inflows | 0.1 | 0.3 |
Share-based compensation | 0.2 | 0.3 |
Unrecognized share-based compensation cost | $0.50 | |
Unrecognized compensation expense, weighted-average period of recognition | 10 months 24 days |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Stock Option Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Shares Under Option | ||
Outstanding at beginning of period | 3,847 | |
Exercised | -92 | |
Outstanding at end of period | 3,755 | 3,847 |
Vested and expected to vest at end of period | 3,745 | |
Exercisable at end of period | 1,729 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period | $19.43 | |
Exercised | $13.21 | |
Outstanding at end of period | $19.58 | $19.43 |
Vested and expected to vest at end of period | $19.60 | |
Exercisable at end of period | $10.48 | |
Weighted Average Remaining Contractual Term (years) | ||
Outstanding | 4 years 4 months 24 days | 4 years 8 months 12 days |
Vested and expected to vest at end of period | 4 years 4 months 24 days | |
Exercisable at end of period | 5 years 2 months 12 days | |
Aggregate Intrinsic Value | ||
Outstanding at beginning of period | $12.60 | |
Outstanding at end of period | 16.6 | 12.6 |
Vested and expected to vest at end of period | 16.6 | |
Exercisable at end of period | $15.10 |
ShareBased_Compensation_Nonves
Share-Based Compensation - Nonvested Restricted Stock Unit Awards (Detail) (Restricted stock units, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted stock units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested at beginning of period, Shares | 2,045 |
Granted, Shares | 575 |
Vested, Shares | -880 |
Nonvested at end of period, Shares | 1,740 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $12.54 |
Granted, Weighted-Average Grant Date Fair Value | $16.73 |
Vested, Weighted-Average Grant Date Fair Value | $12.94 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $13.71 |
ShareBased_Compensation_Restri
Share-Based Compensation - Restricted Stock Units - Narrative (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $3.50 | $3.80 |
Restricted stock units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | 2.6 | 2.9 |
Unrecognized share-based compensation cost | 19.7 | |
Equity instruments other than options expected to vest, Shares | 1.7 | |
Equity instruments other than options expected to vest, weighted-average grant date fair value | $13.71 | |
Unrecognized compensation expense, weighted-average period of recognition | 2 years 6 months | |
Excess tax benefits shown as financing cash inflows | $2.10 | $2.20 |
Share_Based_Compensation_Sched
Share Based Compensation - Schedule of Nonvested Performance Share Units Activity (Detail) (Performance share units, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Performance share units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested at beginning of period, Shares | 804 |
Granted, Shares | 418 |
Nonvested at end of period, Shares | 1,222 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $11.87 |
Granted, Weighted-Average Grant Date Fair Value | $16.73 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $13.53 |
ShareBased_Compensation_Perfor
Share-Based Compensation - Performance Share Units - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $3.50 | $3.80 | ||
Performance share units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Performance share unit awards granted to certain executive and senior officers | 418,000 | |||
Equity instruments other than options, payout range, minimum | 209,000 | |||
Equity instruments other than options, payout range, maximum | 627,000 | 319,000 | 485,000 | |
Equity instruments other than options, percentage of payout | 100.00% | |||
Equity instruments other than options vested in period | 418,000 | |||
Share-based compensation | 0.7 | 0.6 | ||
Unrecognized share-based compensation cost | $11.10 | |||
Unrecognized compensation expense, weighted-average period of recognition | 2 years 3 months 18 days |
Equity_Schedule_of_the_Company
Equity - Schedule of the Company's Equity Activity (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Line Items] | ||
Beginning Balance | $620.40 | $653.70 |
Net earnings (loss) | 11.9 | -33.2 |
Other comprehensive loss | -20.4 | -8.1 |
Share-based compensation | 3.5 | 3.8 |
Issuances of common stock | 300.7 | |
Issuances of treasury stock | 18.3 | |
Issuance of share-based awards, net of withholdings and other | -4.1 | -4.4 |
Cash dividends paid | -52 | -47.3 |
Noncontrolling interests in acquired business | 2.7 | |
Distributions to noncontrolling interests | -0.7 | -0.7 |
Ending Balance | 558.6 | 885.5 |
Total RR Donnelley's Shareholders' Equity | ||
Equity [Line Items] | ||
Beginning Balance | 593.8 | 631.8 |
Net earnings (loss) | 22.3 | -29 |
Other comprehensive loss | -20.6 | -8 |
Share-based compensation | 3.5 | 3.8 |
Issuances of common stock | 300.7 | |
Issuances of treasury stock | 18.3 | |
Issuance of share-based awards, net of withholdings and other | -4.1 | -4.4 |
Cash dividends paid | -52 | -47.3 |
Ending Balance | 542.9 | 865.9 |
Noncontrolling Interest | ||
Equity [Line Items] | ||
Beginning Balance | 26.6 | 21.9 |
Net earnings (loss) | -10.4 | -4.2 |
Other comprehensive loss | 0.2 | -0.1 |
Noncontrolling interests in acquired business | 2.7 | |
Distributions to noncontrolling interests | -0.7 | -0.7 |
Ending Balance | $15.70 | $19.60 |
Equity_Narrative_Detail
Equity - Narrative (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Consolidated Graphics, Inc | |
Equity [Line Items] | |
Issuances of common stock | $300.70 |
Esselte Corporation | |
Equity [Line Items] | |
Issuances of common stock | $18.30 |
Earnings_per_Share_Narrative_D
Earnings per Share - Narrative (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Treasury stock, shares acquired | 0 | 0 |
Earnings_per_Share_Earnings_pe
Earnings per Share - Earnings per Share Reconciliation (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net earnings (loss) per share attributable to RR Donnelley common shareholders: | ||
Basic | $0.11 | ($0.15) |
Diluted | $0.11 | ($0.15) |
Dividends declared per common share | $0.26 | $0.26 |
Numerator: | ||
Net earnings (loss) attributable to RR Donnelley common shareholders | $22.30 | ($29) |
Denominator: | ||
Weighted average number of common shares outstanding | 200.6 | 193.1 |
Dilutive options and awards | 1.5 | 0 |
Diluted weighted average number of common shares outstanding | 202.1 | 193.1 |
Weighted average number of anti-dilutive share-based awards: | ||
Weighted average antidilutive securities excluded from computation of earnings per share | 2.9 | 7.4 |
Stock options | ||
Weighted average number of anti-dilutive share-based awards: | ||
Weighted average antidilutive securities excluded from computation of earnings per share | 2 | 4.1 |
Performance share units | ||
Weighted average number of anti-dilutive share-based awards: | ||
Weighted average antidilutive securities excluded from computation of earnings per share | 0.9 | 1 |
Restricted stock units | ||
Weighted average number of anti-dilutive share-based awards: | ||
Weighted average antidilutive securities excluded from computation of earnings per share | 0 | 2.3 |
Comprehensive_Income_Schedule_
Comprehensive Income - Schedule of Components of Other Comprehensive (loss) Income and Income Tax Expense Allocated to Each Component (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Abstract] | ||
Translation adjustments - Before Tax Amount | ($22.60) | ($9) |
Adjustment for net periodic pension and other postretirement benefits plan cost - Before Tax Amount | 3.5 | 1.4 |
Change in fair value of derivatives - Before Tax Amount | 0.1 | 0.1 |
Other comprehensive (loss) income - Before Tax Amount | -19 | -7.5 |
Adjustment for net periodic pension and other postretirement benefits plan cost - Income Tax Expense | 1.3 | 0.5 |
Change in fair value of derivatives - Income Tax Expense | 0.1 | 0.1 |
Other comprehensive (loss) income - Income Tax Expense | 1.4 | 0.6 |
Translation adjustments - Net of Tax Amount | -22.6 | -9 |
Adjustment for net periodic pension and postretirement benefits plan cost | 2.2 | 0.9 |
Other comprehensive loss | ($20.40) | ($8.10) |
Comprehensive_Income_Schedule_1
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at Beginning of Period | ($773.60) | ($488.10) | ||
Other comprehensive loss before reclassifications | -22.8 | -8.9 | ||
Amounts reclassified from accumulated other comprehensive loss | 2.2 | 0.9 | ||
Net change in accumulated other comprehensive loss | -20.6 | -8 | ||
Balance at End of Period | -794.2 | -496.1 | ||
Changes in the Fair Value of Derivatives | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at Beginning of Period | -0.1 | -0.2 | ||
Balance at End of Period | -0.1 | -0.2 | -0.1 | -0.2 |
Pension and Other Postretirement Benefits Plan Cost | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at Beginning of Period | -762.3 | -521.4 | ||
Amounts reclassified from accumulated other comprehensive loss, Pension and Other Postretirement Benefits Plan cost | 2.2 | 0.9 | ||
Net change in accumulated other comprehensive loss | 2.2 | 0.9 | ||
Balance at End of Period | -760.1 | -520.5 | ||
Translation Adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at Beginning of Period | -11.2 | 33.5 | ||
Other comprehensive loss before reclassifications, Translation Adjustments | -22.8 | -8.9 | ||
Net change in accumulated other comprehensive loss | -22.8 | -8.9 | ||
Balance at End of Period | ($34) | $24.60 |
Comprehensive_Income_Schedule_2
Comprehensive Income - Schedule of Reclassification From Accumulated Other Comprehensive Loss (Detail) (Pension and Other Postretirement Benefits Plan Cost, USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Pension and Other Postretirement Benefits Plan Cost | ||||
Amortization of pension and other postretirement benefits plan cost: | ||||
Net actuarial loss | $10.20 | [1] | $7.80 | [1] |
Net prior service credit | -6.7 | [1] | -6.4 | [1] |
Reclassifications before tax | 3.5 | 1.4 | ||
Income tax expense | 1.3 | 0.5 | ||
Reclassifications, net of tax | $2.20 | $0.90 | ||
[1] | These accumulated other comprehensive income (loss) components are included in the calculation of net periodic pension and other postretirement benefits plan income recognized in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations (see Note 7, Employee Benefits). |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Net Sales | $2,746.10 | $2,673.80 | |
Income (Loss) from Operations | 115.6 | 96 | |
Assets of Operations | 7,205.30 | 7,594.40 | 7,639.30 |
Depreciation and amortization | 113.4 | 115.5 | |
Capital Expenditures | 48.5 | 49 | |
Publishing and Retail Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 573.8 | 642.7 | |
Income (Loss) from Operations | 11.8 | 9.9 | |
Assets of Operations | 1,153.90 | 1,303.60 | |
Depreciation and amortization | 34.3 | 37.7 | |
Capital Expenditures | 12.5 | 11.9 | |
Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 948.8 | 792.1 | |
Income (Loss) from Operations | 66.2 | 27.7 | |
Assets of Operations | 2,585.70 | 2,723.60 | |
Depreciation and amortization | 39 | 35.1 | |
Capital Expenditures | 9.5 | 10.4 | |
Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 667.3 | 619.7 | |
Income (Loss) from Operations | 55 | 55.4 | |
Assets of Operations | 1,419.50 | 1,427 | |
Depreciation and amortization | 17.4 | 16.1 | |
Capital Expenditures | 11.9 | 9.9 | |
International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 556.2 | 619.3 | |
Income (Loss) from Operations | 12.1 | 30.2 | |
Assets of Operations | 1,586.80 | 1,919.50 | |
Depreciation and amortization | 21.7 | 24.9 | |
Capital Expenditures | 12.2 | 12 | |
Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,746.10 | 2,673.80 | |
Income (Loss) from Operations | 145.1 | 123.2 | |
Assets of Operations | 6,745.90 | 7,373.70 | |
Depreciation and amortization | 112.4 | 113.8 | |
Capital Expenditures | 46.1 | 44.2 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | -29.5 | -27.2 | |
Assets of Operations | 459.4 | 220.7 | |
Depreciation and amortization | 1 | 1.7 | |
Capital Expenditures | 2.4 | 4.8 | |
Total Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,818 | 2,742.50 | |
Total Sales | Publishing and Retail Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 577.8 | 643.5 | |
Total Sales | Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 964.2 | 809 | |
Total Sales | Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 694.8 | 650.6 | |
Total Sales | International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 581.2 | 639.4 | |
Total Sales | Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,818 | 2,742.50 | |
Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -71.9 | -68.7 | |
Intersegment Sales | Publishing and Retail Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -4 | -0.8 | |
Intersegment Sales | Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -15.4 | -16.9 | |
Intersegment Sales | Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -27.5 | -30.9 | |
Intersegment Sales | International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -25 | -20.1 | |
Intersegment Sales | Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | ($71.90) | ($68.70) |
Commitments_and_Contingencies_
Commitments and Contingencies - Narrative (Detail) | Mar. 31, 2015 |
Facility | |
Commitments And Contingencies Disclosure [Abstract] | |
Number of sites cited as potentially responsible party | 12 |
Number of previously and currently owned sites with potential remediation obligations | 9 |
Debt_Schedule_of_the_Companys_
Debt - Schedule of the Company's Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 20, 2014 | ||
In Millions, unless otherwise specified | |||||
Debt Instrument [Line Items] | |||||
Other | $5.20 | [1] | $3.60 | [1] | |
Total debt | 3,634.30 | 3,632.50 | |||
Less: current portion | -203.3 | -203.4 | |||
Long-term debt | 3,431 | 3,429.10 | |||
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 | 219.2 | 219.1 | |||
6.125% Senior Notes Due January 15, 2017 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 251.1 | 251 | |||
7.25% Senior Notes Due May 15, 2018 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 250 | 250 | |||
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 | 238.9 | |||
7.625% Senior Notes Due June 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 350 | 350 | |||
7.875% Senior Notes Due March 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 448.3 | 448.3 | |||
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 | 400 | 400 | ||
6.625% Debentures Due April 15, 2029 | |||||
Debt Instrument [Line Items] | |||||
Debentures | 199.5 | 199.5 | |||
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 March 31, 2015 and December 31, 2014, 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) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 20, 2014 | Mar. 13, 2012 | Dec. 31, 2014 | |
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% | 7.25% | ||
Maturity date | 15-May-18 | 15-May-18 | ||
11.25% Senior Notes Due February 1, 2019 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 11.25% | |||
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% | 8.25% | |
Maturity date | 15-Mar-19 | 15-Mar-19 | 15-Mar-19 | |
7.625% Senior Notes Due June 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.63% | 7.63% | ||
Maturity date | 15-Jun-20 | 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 |
Debt_Narrative_Detail
Debt - Narrative (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 09, 2010 | Mar. 31, 2012 | Mar. 20, 2014 | Mar. 13, 2012 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||
Amount of difference between fair value and book value | $357,100,000 | $259,500,000 | |||||
Total amount of revolving credit agreement | 1,500,000,000 | ||||||
Weighted average interest rate on borrowings | 2.10% | 2.10% | |||||
Repayment of Debt | 300,000 | 552,500,000 | |||||
Loss on debt extinguishment | 0 | -77,100,000 | |||||
Interest paid, net of interest received | 1,700,000 | 2,500,000 | |||||
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 | ||||||
Senior notes | 400,000,000 | 400,000,000 | 400,000,000 | ||||
8.25% Senior Notes Due March 15, 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of Debt | 211,000,000 | 211,000,000 | |||||
Interest rate | 8.25% | 8.25% | 8.25% | ||||
Maturity date | 15-Mar-19 | 15-Mar-19 | 15-Mar-19 | ||||
Senior notes | 238,900,000 | 238,900,000 | |||||
7.25% Senior Notes Due May 15, 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of Debt | 100,000,000 | ||||||
Interest rate | 7.25% | 7.25% | |||||
Maturity date | 15-May-18 | 15-May-18 | |||||
Senior notes | 250,000,000 | 250,000,000 | |||||
7.625% Senior Notes Due June 15, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of Debt | 50,000,000 | ||||||
Interest rate | 7.63% | 7.63% | |||||
Maturity date | 15-Jun-20 | 15-Jun-20 | |||||
Senior notes | 350,000,000 | 350,000,000 | |||||
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 | ||||||
Credit Agreements | |||||||
Debt Instrument [Line Items] | |||||||
Allowable annual dividend payment under credit agreement | 225,000,000 | ||||||
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 | ||||||
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 |
Derivatives_Narrative_Detail
Derivatives - Narrative (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 20, 2014 | Mar. 13, 2012 | Apr. 09, 2010 | Mar. 31, 2012 | Dec. 31, 2014 |
Derivative [Line Items] | |||||||
Repayment of Debt | $0.30 | $552.50 | |||||
Fair Value Hedging | |||||||
Derivative [Line Items] | |||||||
Reduction to interest expense | 0.6 | 2.3 | |||||
8.25% Senior Notes Due March 15, 2019 | |||||||
Derivative [Line Items] | |||||||
Derivative, inception date | 13-Mar-12 | ||||||
Senior notes | 239 | 450 | |||||
Interest rate | 8.25% | 8.25% | 8.25% | ||||
Maturity date | 15-Mar-19 | 15-Mar-19 | 15-Mar-19 | ||||
Repayment of Debt | 211 | 211 | |||||
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 | 258.2 | 341.8 | |||||
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 | 342.9 | 377.2 | |||||
Designated Fair Value Hedges | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Aggregate notional value | $190 | $400 | 600 |
Derivatives_Schedule_of_Fair_V
Derivatives - Schedule of Fair Value of Derivatives Designated and Not Designated as Hedges (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Derivatives assets | $37.20 | $7 |
Not Designated as Hedging Instrument | Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivatives liabilities | 0.3 | 0.5 |
Designated Fair Value Hedges | Other Noncurrent Assets | ||
Derivatives Fair Value [Line Items] | ||
Derivatives assets | 1 | |
Designated Fair Value Hedges | Other Non-current Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivatives liabilities | $1.20 |
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 $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
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 | ($31.70) | ($0.40) |
Derivatives_Schedule_of_Gains_
Derivatives - Schedule of Gains (Losses) for Derivatives Designated as Fair Value Hedges (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments Gain Loss [Line Items] | ||
Total gain recognized as ineffectiveness in the Condensed Consolidated Statements of Operations | ($0.20) | ($0.70) |
Interest Rate Swap | Investment and other expense-net | ||
Derivative Instruments Gain Loss [Line Items] | ||
Total gain recognized as ineffectiveness in the Condensed Consolidated Statements of Operations | -2.3 | -0.1 |
Hedged Items | Investment and other expense-net | ||
Derivative Instruments Gain Loss [Line Items] | ||
Total gain recognized as ineffectiveness in the Condensed Consolidated Statements of Operations | $2.10 | ($0.60) |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total, impairment charge | $0.80 | $6.60 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used, impairment charge | 0.7 | 4.7 |
Long-lived assets held for sale or disposal, impairment charge | 1.1 | 1.9 |
Total, impairment charge | 1.8 | 6.6 |
Long-lived assets held and used, net book value | 2.9 | 5.7 |
Long-lived assets held for sale or disposal, net book value | 0.4 | 3.9 |
Total Assets | 3.3 | 9.6 |
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 | 3.1 | 5.8 |
Long-lived assets held for sale or disposal, fair value measurement | 0.4 | 4.2 |
Total, fair value measurement | $3.50 | $10 |
Fair_Value_Measurement_Narrati
Fair Value Measurement - Narrative (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair values reduced by estimated costs to sell | $0.20 | $0.30 |
Venezuela_Currency_Remeasureme1
Venezuela Currency Remeasurement - Narrative (Detail) | 3 Months Ended | 36 Months Ended | 3 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2015 | Feb. 08, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 07, 2013 | Feb. 08, 2013 |
USD ($) | USD ($) | Venezuela | Scenario, Forecast | SIMADI | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | Devaluation of Venezuelan Bolivar | |
International | Venezuela | VEF | SICAD 1 | SICAD 2 | SIMADI | SIMADI | Before Rate Change | After Rate Change | ||||||||||
International | VEF | VEF | USD ($) | Noncontrolling Interest | VEF | VEF | ||||||||||||
USD ($) | USD ($) | |||||||||||||||||
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 | 10.7 | 49.8 | 4.3 | 6.3 | ||||||||||||||
Percentage of foreign currency devaluation | 32.00% | |||||||||||||||||
Foreign currency exchange rate, remeasurement | 193 | |||||||||||||||||
Gain (loss) on foreign currency transaction and translation, pre-tax | ($29.90) | ($21.80) | ($29.90) | ($10.30) | ||||||||||||||
Gain (loss) on foreign currency transaction and translation, after tax | -26.3 | |||||||||||||||||
Joint venture, ownership percentage | 50.10% | |||||||||||||||||
Sale of equity interest date | 29-Apr-15 | |||||||||||||||||
Gain (loss) on disposition of business | ($15) |
New_Accounting_Pronouncements_
New Accounting Pronouncements - Narrative (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Accounting Changes And Error Corrections [Abstract] | |
Unamortized debt issuance cost | $45.20 |