Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 22, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RRD | ||
Entity Registrant Name | RR Donnelley & Sons Co | ||
Entity Central Index Key | 29,669 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 70,083,915 | ||
Entity Public Float | $ 866,581,829 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Products net sales | $ 5,326 | $ 5,225.4 | $ 5,255.5 |
Services net sales | 1,613.6 | 1,607.6 | 1,625.2 |
Total net sales | 6,939.6 | 6,833 | 6,880.7 |
Products cost of sales (exclusive of depreciation and amortization) | 4,260.5 | 4,101.7 | 4,122.3 |
Services cost of sales (exclusive of depreciation and amortization) | 1,358.8 | 1,354.5 | 1,353.3 |
Total cost of sales | 5,619.3 | 5,456.2 | 5,475.6 |
Products gross profit | 1,065.5 | 1,123.7 | 1,133.2 |
Services gross profit | 254.8 | 253.1 | 271.9 |
Total gross profit | 1,320.3 | 1,376.8 | 1,405.1 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 849.4 | 900.8 | 872.6 |
Restructuring, impairment and other charges-net (Note 4) | 53 | 584.3 | 62.7 |
Depreciation and amortization | 191.4 | 204.2 | 232.5 |
Other operating income | (11.9) | ||
Income (loss) from operations | 226.5 | (300.6) | 237.3 |
Interest expense-net (Note 11) | 179.6 | 198.7 | 204.1 |
Investment and other (income) expense-net | (48.7) | (2.1) | 43.9 |
Loss on debt extinguishment | 20.1 | 96.1 | |
Earnings (loss) before income taxes | 75.5 | (497.2) | (10.7) |
Income tax expense (benefit) (Note 10) | 108.7 | (12.3) | 21 |
Net loss from continuing operations | (33.2) | (484.9) | (31.7) |
(Loss) income from discontinued operations, net of tax (Note 2) | (9.7) | 170.1 | |
Net (loss) earnings | (33.2) | (494.6) | 138.4 |
Less: Income (loss) attributable to noncontrolling interests | 1.2 | 1.3 | (12.7) |
Net (loss) earnings attributable to RRD common stockholders | $ (34.4) | $ (495.9) | $ 151.1 |
Basic net (loss) earnings per share attributable to RRD common stockholders (Note 13): | |||
Continuing operations | $ (0.49) | $ (6.95) | $ (0.28) |
Discontinued operations | (0.14) | 2.48 | |
Net (loss) earnings attributable to RRD stockholders | (0.49) | (7.09) | 2.20 |
Diluted net (loss) earnings per share attributable to RRD common stockholders (Note 13): | |||
Continuing operations | (0.49) | (6.95) | (0.28) |
Discontinued operations | (0.14) | 2.48 | |
Net (loss) earnings attributable to RRD stockholders | $ (0.49) | $ (7.09) | $ 2.20 |
Weighted average number of common shares outstanding | |||
Basic | 70.2 | 70 | 68.5 |
Diluted | 70.2 | 70 | 68.5 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) earnings | $ (33.2) | $ (494.6) | $ 138.4 |
Other comprehensive (loss) income, net of tax (Note 14): | |||
Translation adjustments | 57.1 | (38.3) | (55.7) |
Adjustment for net periodic pension and other postretirement benefits plan cost | 14.9 | 11.2 | 34.8 |
Adjustment for of available-for-sale securities | (119.3) | 119.3 | |
Change in fair value of derivatives | 0.1 | ||
Other comprehensive (loss) income | (47.3) | 92.2 | (20.8) |
Comprehensive (loss) income | (80.5) | (402.4) | 117.6 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1.9 | 0.8 | (13.9) |
Comprehensive (loss) income attributable to RRD common stockholders | $ (82.4) | $ (403.2) | $ 131.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 273.4 | $ 317.5 |
Receivables, less allowances for doubtful accounts of $32.4 in 2017 (2016 - $35.9) (Note 1) | 1,417.6 | 1,331.3 |
Inventories (Note 1) | 416.8 | 386.8 |
Prepaid expenses and other current assets | 109.1 | 136.7 |
Investment in LSC and Donnelley Financial (Note 2) | 328.7 | |
Total current assets | 2,216.9 | 2,501 |
Property, plant and equipment-net (Note 1) | 615.1 | 650.3 |
Goodwill (Note 5) | 588.5 | 602 |
Other intangible assets-net (Note 5) | 143.3 | 171.9 |
Deferred income taxes (Note 10) | 81.7 | 108.9 |
Other noncurrent assets | 259 | 234.7 |
Total assets | 3,904.5 | 4,268.8 |
LIABILITIES | ||
Accounts payable | 1,094.7 | 985.3 |
Accrued liabilities (Note 7) | 447.5 | 541.7 |
Short-term and current portion of long-term debt (Note 11) | 10.8 | 8.2 |
Total current liabilities | 1,553 | 1,535.2 |
Long-term debt (Note 11) | 2,098.9 | 2,379.2 |
Pension liabilities (Note 9) | 102.7 | 119.4 |
Other postretirement benefits plan liabilities (Note 9) | 113.2 | 134.1 |
Long-term income tax liability (Note 10) | 59.4 | |
Other noncurrent liabilities | 180.2 | 193.1 |
Total liabilities | 4,107.4 | 4,361 |
Commitments and Contingencies (Note 8) | ||
RRD stockholders' equity | ||
Preferred stock, $1.00 par value Authorized: 2.0 shares; Issued: None | ||
Common stock, $0.01 par value Authorized: 165.0 shares; Issued: 89.0 shares in 2017 and 2016 | 0.9 | 0.9 |
Additional paid-in-capital | 3,444 | 3,468.5 |
Accumulated deficit | (2,225.7) | (2,155.4) |
Accumulated other comprehensive loss | (103.7) | (55.7) |
Treasury stock, at cost, 18.9 shares in 2017 (2016 - 19.1 shares) | (1,333.1) | (1,364) |
Total RRD stockholders' equity | (217.6) | (105.7) |
Noncontrolling interests | 14.7 | 13.5 |
Total equity | (202.9) | (92.2) |
Total liabilities and equity | $ 3,904.5 | $ 4,268.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 32.4 | $ 35.9 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, Issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Authorized | 165,000,000 | 165,000,000 |
Common stock, Issued | 89,000,000 | 89,000,000 |
Treasury stock, shares | 18,900,000 | 19,100,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net (loss) earnings | $ (33.2) | $ (494.6) | $ 138.4 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||
Impairment charges-net | 22.4 | 558.3 | 36.5 |
Depreciation and amortization | 191.4 | 363.2 | 454 |
Provision for doubtful accounts receivable | 3.2 | 22.7 | 15.4 |
Share-based compensation | 8.4 | 12.9 | 17.3 |
Deferred income taxes | 21.2 | (57.6) | (36.1) |
Changes in uncertain tax positions | (2.8) | (3.6) | 1.3 |
(Gain) loss on investments and other assets-net | (2.8) | (11.4) | 14.3 |
Realized gain on disposition of available-for-sale securities-net | (42.4) | ||
Loss related to Venezuela currency remeasurement-net | 30.3 | ||
Loss on debt extinguishment | 20.1 | 96.1 | |
Net pension and other postretirement benefits plan income | (14.7) | (59.8) | (44.5) |
Net loss on pension and other postretirement benefits plan settlements and curtailments | 1.6 | 79.3 | |
Other | 19.7 | 19 | 22.1 |
Changes in operating assets and liabilities - net of dispositions and acquisitions: | |||
Accounts receivable-net | (57.3) | (223) | (14.2) |
Inventories | (20.1) | (40.3) | 16.5 |
Prepaid expenses and other current assets | 3.7 | 2.7 | 26.3 |
Accounts payable | 71.2 | (20.6) | 57.1 |
Income taxes payable and receivable | 87.4 | (53.7) | 46.9 |
Accrued liabilities and other | (42.7) | (39.9) | (90) |
Pension and other postretirement benefits plan contributions | (16.4) | (22.5) | (25.6) |
Net cash provided by operating activities | 217.9 | 127.2 | 666 |
INVESTING ACTIVITIES | |||
Capital expenditures | (108.5) | (172.1) | (207.6) |
Acquisitions of businesses, net of cash acquired | (48.1) | (118.2) | |
Disposition of businesses | 13.7 | 0.6 | |
Proceeds from sales of investments and other assets | 140.4 | 3.8 | 27.1 |
(Payments)/proceeds related to company-owned life insurance | (7.2) | 5.6 | (5.7) |
Other investing activities | (3.5) | (18.5) | |
Net cash provided by (used in) investing activities | 24.7 | (200.6) | (322.3) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 1,164 | ||
Net change in other short-term debt | 3.7 | (17.5) | 11.9 |
Payments of current maturities and long-term debt | (201.6) | (1,013.2) | (272.7) |
Proceeds from credit facility borrowings | 1,437 | 850 | |
Payments on credit facility borrowings | (1,406) | (665) | |
Debt issuance costs | (5.9) | (37.5) | |
Dividends paid | (39.2) | (173) | (212.6) |
(Payments) proceeds to settle forward contracts | (0.9) | 33.3 | |
Net transfer of cash, cash equivalents and restricted cash to LSC and Donnelley Financial | (78) | (85.9) | |
Payments of withholding taxes on share-based compensation | (2.2) | (7.6) | (8.3) |
Other financing activities | (1.2) | 5.6 | 3.6 |
Net cash (used in) provided by financing activities | (294.3) | 19.9 | (444.8) |
Effect of exchange rate on cash, cash equivalents and restricted cash | 17.3 | (16.5) | (39.1) |
Net decrease in cash, cash equivalents and restricted cash | (34.4) | (70) | (140.2) |
Cash, cash equivalents and restricted cash at beginning of year | 335.9 | 405.9 | 546.1 |
Cash, cash equivalents and restricted cash at end of period | 301.5 | 335.9 | 405.9 |
Supplemental non-cash disclosure: | |||
Debt-for-equity exchange | $ 132.9 | ||
Assumption of warehousing equipment related to client contract | 8.8 | ||
Debt-for-debt exchange, including debt issuance costs of $5.5 million | $ 300 | ||
Settlement of accounts receivable for acquisition of a business | 8.6 | ||
Consolidated Graphics, Esselte and MultiCorpora | |||
Supplemental non-cash disclosure: | |||
Issuance of 2.7 million shares of RRD stock for acquisitions of businesses | $ 155.2 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt-for-debt exchange, debt issuance costs | $ 5.5 | |
Consolidated Graphics, Esselte and MultiCorpora | ||
Issuance of stock for acquisitions of businesses | 2.7 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total RRD's Stockholders' Equity | Noncontrolling Interest |
Balance at Dec. 31, 2014 | $ 620.4 | $ 107.9 | $ 3,257.3 | $ (1,438.7) | $ (559.1) | $ (773.6) | $ 593.8 | $ 26.6 |
Balance (in shares) at Dec. 31, 2014 | 86.3 | (19.7) | ||||||
Net (loss) earnings | 138.4 | 151.1 | 151.1 | (12.7) | ||||
Other comprehensive loss | (20.8) | (19.6) | (19.6) | (1.2) | ||||
Share-based compensation | 17.3 | 17.3 | 17.3 | |||||
Issuances of common stock | 154.2 | $ 3.3 | 150.9 | 154.2 | ||||
Issuances of common stock (in shares) | 2.7 | |||||||
Issuances of treasury stock | 1 | (1.2) | $ 2.2 | 1 | ||||
Issuance of share-based awards, net of withholdings and other | (2.5) | (37.5) | $ 35 | (2.5) | ||||
Issuance of share-based awards, net of withholdings and other (in shares) | 0.3 | |||||||
Cash dividends paid | (212.6) | (212.6) | (212.6) | |||||
Noncontrolling interests in acquired business | 4.6 | 4.6 | ||||||
Noncontrolling interests in disposed business | (2.4) | (2.4) | ||||||
Distributions to noncontrolling interests | (1) | (1) | ||||||
Balance at Dec. 31, 2015 | 696.6 | $ 111.2 | 3,386.8 | $ (1,401.5) | (620.6) | (793.2) | 682.7 | 13.9 |
Balance (in shares) at Dec. 31, 2015 | 89 | (19.4) | ||||||
Net (loss) earnings | (494.6) | (495.9) | (495.9) | 1.3 | ||||
Other comprehensive loss | 92.2 | 92.7 | 92.7 | (0.5) | ||||
Share-based compensation | 12.9 | 12.9 | 12.9 | |||||
Par value amendment | $ (110.3) | 110.3 | ||||||
Issuance of share-based awards, net of withholdings and other | (4) | (41.5) | $ 37.5 | (4) | ||||
Issuance of share-based awards, net of withholdings and other (in shares) | 0.3 | |||||||
Cash dividends paid | (173) | (173) | (173) | |||||
Distribution of LSC and Donnelley Financial | (221.1) | (865.9) | 644.8 | (221.1) | ||||
Distributions to noncontrolling interests | (1.2) | (1.2) | ||||||
Balance at Dec. 31, 2016 | (92.2) | $ 0.9 | 3,468.5 | $ (1,364) | (2,155.4) | (55.7) | (105.7) | 13.5 |
Balance (in shares) at Dec. 31, 2016 | 89 | (19.1) | ||||||
Net (loss) earnings | (33.2) | (34.4) | (34.4) | 1.2 | ||||
Other comprehensive loss | (47.3) | (48) | (48) | 0.7 | ||||
Share-based compensation | 8.4 | 8.4 | 8.4 | |||||
Issuance of share-based awards, net of withholdings and other | (2) | (32.9) | $ 30.9 | (2) | ||||
Issuance of share-based awards, net of withholdings and other (in shares) | 0.2 | |||||||
Cash dividends paid | (39.2) | (39.2) | (39.2) | |||||
Spinoff adjustments | 3.3 | 3.3 | 3.3 | |||||
Distributions to noncontrolling interests | (0.7) | (0.7) | ||||||
Balance at Dec. 31, 2017 | $ (202.9) | $ 0.9 | $ 3,444 | $ (1,333.1) | $ (2,225.7) | $ (103.7) | $ (217.6) | $ 14.7 |
Balance (in shares) at Dec. 31, 2017 | 89 | (18.9) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 1. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation —The accompanying consolidated financial statements include the accounts of R.R. Donnelley & Sons Company and its subsidiaries (the “Company” or “RRD”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated in consolidation. The accounts of businesses acquired during 2016 and 2015 are included in the Consolidated Financial Statements from the dates of acquisition. Spinoff Transactions On October 1, 2016, the Company completed the separation of its financial communications and data services business (“Donnelley Financial Solutions, Inc.” or “Donnelley Financial”) and the publishing and retail-centric print services and office products business (“LSC Communications, Inc.” or “LSC”) into two separate publicly-traded companies (the "Separation"). The Company completed the tax-free distribution of 80.75% of the outstanding common stock of each Donnelley Financial and LSC to the Company’s stockholders of record on September 23, 2016 who received one share of Donnelley Financial and LSC for every eight shares of RRD common stock held as of the record date (the “Distribution”). The Company retained 19.25% of the outstanding common stock of each Donnelley Financial and LSC. The historical financial results of Donnelley Financial and LSC prior to the Separation, are presented as discontinued operations on the Consolidated Statements of Operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. Sales from RRD to Donnelley Financial and LSC previously eliminated in consolidation have been recast and are now shown as external sales of RRD within the financial results of continuing operations. Unless indicated otherwise, the information in the Notes to Consolidated Financial Statements relates to the Company’s continuing operations. Prior periods have been recast to reflect the Company’s current segment reporting structure. See Note 2, Discontinued Operations Reverse Stock Split Immediately following the Distribution on October 1, 2016, the Company affected a one for three reverse stock split for RRD common stock (the “Reverse Stock Split”). The Reverse Stock Split was approved by the Company’s Board of Directors on September 14, 2016 and previously approved by the Company’s stockholders at the annual meeting on May 19, 2016. As a result of the Reverse Stock Split, the number of issued and outstanding and treasury shares of the Company’s common stock was reduced proportionally based on the Reverse Stock Split ratio of one share for every three shares of common stock held before the Reverse Stock Split . Revision of Net Sales and Cost of Sales During the third quarter of 2017, the Company identified an error in the accounting for certain contracts with an inventory buy-back option within the Asia reporting unit, which is in the International segment. As a result, the error, which was determined by management to be immaterial to the previously issued financial statements, has been corrected herein from the amounts previously reported. There was no impact to net earnings (loss) or net earnings (loss) per share, or the Consolidated Statements of Comprehensive Income (Loss) or Stockholders’ Equity. The following table presents the impact of the revision on net sales and cost of sales: As Reported Adjustments As Revised Year ended December 31, 2015 Products net sales $ 5,312.1 $ 56.6 $ 5,255.5 Total net sales 6,937.3 56.6 6,880.7 Products cost of sales 4,178.9 56.6 4,122.3 Total cost of sales 5,532.2 56.6 5,475.6 Year ended December 31, 2016 Products net sales $ 5,288.1 $ 62.7 $ 5,225.4 Total net sales 6,895.7 62.7 6,833.0 Products cost of sales 4,164.4 62.7 4,101.7 Total cost of sales 5,518.9 62.7 5,456.2 The following table presents the impact of the related balance sheet revision on the December 31, 2016 Consolidated Balance Sheet: As Reported Adjustments As Revised Receivables, less allowance for doubtful accounts $ 1,354.4 $ (23.1 ) $ 1,331.3 Inventories 379.6 7.2 386.8 Accounts payable 1,001.2 (15.9 ) 985.3 The Consolidated Statement of Cash Flows has also been revised to reflect the impact of the above balance sheet revision. Nature of Operations —RRD is a global, integrated communications provider enabling organizations to create, manage, deliver and optimize their multichannel marketing and business communications. The Company has a flexible and comprehensive portfolio of integrated communications solutions that allows its clients to engage audiences, reduce costs and drive revenues. RRD’s innovative content management offering, production platform, logistics services, supply chain management, outsourcing capabilities and customized consultative expertise assist its clients in the delivery of integrated messages across multiple media to highly targeted audiences at optimal times for clients in virtually every private and public sector. Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, inventory obsolescence, asset valuations and useful lives, employee benefits, self-insurance reserves, taxes, restructuring and other provisions and contingencies. Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) while transaction gains and losses are recorded in net earnings (loss). Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be permanently reinvested. Fair Value Measurements — Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its foreign currency contracts, available-for-sale securities, interest rate swaps, pension plan assets and other postretirement plan assets on a recurring basis. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held for sale, goodwill and other intangible assets. The fair value of cash, cash equivalents, restricted cash, accounts receivable, short-term debt and accounts payable approximate their carrying values. The three-tier value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. Revenue Recognition —The Company recognizes revenue for the majority of its products upon transfer of title and the passage of the risk of ownership, which is generally upon shipment to the client. Contracts generally specify F.O.B. shipping point terms. Under agreements with certain clients, custom products may be stored by the Company for future delivery. In these situations, the Company may also receive a logistics or warehouse management fee for the services it provides. In certain of these cases, delivery and billing schedules are outlined in the client agreement and product revenue is recognized when manufacturing is complete, title and risk of ownership transfer to the client, and there is a reasonable assurance as to collectability. Because the majority of products are customized, product returns are not significant; however, the Company accrues for the estimated amount of client credits at the time of sale. Revenue from services is recognized as services are performed. For the Company’s logistics operations, whose operations include the delivery of printed material and other products, the Company recognizes revenue upon completion of the delivery of services. Within the Company’s business process outsourcing operations, the Company provides various outsourcing services. Depending on the nature of the service performed, revenue is recognized for outsourcing services either as services are rendered or upon completion of the service. Revenues related to the Company’s digital and creative solutions operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the client. The Company records deferred revenue in situations where amounts are invoiced but the revenue recognition criteria outlined above are not met. Such revenue is recognized when all criteria are subsequently met. Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for third-party shipping and handling costs as well as certain postage costs, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross. In the Company’s Global Turnkey Solutions and Sourcing operations, contracts are evaluated using various criteria to determine if revenue for components and other materials should be recognized on a gross or net basis. In general, these revenues are recognized on a gross basis if the Company has control over selecting vendors and pricing, is the primary obligor in the arrangement, bears all credit risk and bears the risk of loss for inventory in its possession. Revenue from contracts that do not meet these criteria is recognized on a net basis. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by clients or may be purchased by the Company and sold to clients. No revenue is recognized for client-supplied paper, but revenues for Company-supplied paper are recognized on a gross basis. The Company records taxes collected from clients and remitted to governmental authorities on a net basis and Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. Restricted cash —Amounts included in restricted cash primarily relate to letters of credit and bank acceptance drafts. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. December 31, 2017 2016 Cash and cash equivalents $ 273.4 $ 317.5 Restricted cash - current (a) 28.0 18.1 Restricted cash - noncurrent (b) 0.1 0.3 Total cash, cash equivalents and restricted cash $ 301.5 $ 335.9 (a) Included within prepaid expenses and other current assets within the Consolidated Balance Sheets. (b) Included within other noncurrent assets within the Consolidated Balance Sheets. Receivables — Receivables are stated net of allowances for doubtful accounts and primarily include trade receivables, notes receivable and miscellaneous receivables from suppliers. No single client comprised more than 10% of the Company’s consolidated net sales in 2017, 2016 or 2015. Specific client provisions are made when a review of significant outstanding amounts, utilizing information about client creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. Transactions affecting the allowance for doubtful accounts receivable during the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Balance, beginning of year $ 35.9 $ 26.0 $ 27.0 Provisions charged to expense 3.2 12.1 17.8 Write-offs and other (6.7 ) (2.2 ) (18.8 ) Balance, end of year $ 32.4 $ 35.9 $ 26.0 Inventories —Inventories include material, labor and factory overhead and are stated at the lower of cost or market and net of excess and obsolescence reserves for raw materials and finished goods. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory. Specific excess and obsolescence provisions are also made when a review of specific balances indicates that the inventories will not be utilized in production or sold. The cost of 37.7% and 43.8% of the inventories at December 31, 2017 and 2016, respectively, has been determined using the Last-In, First-Out (LIFO) method. This method is intended to reflect the effect of inventory replacement costs within results of operations; accordingly, charges to cost of sales generally reflect recent costs of material, labor and factory overhead. The Company uses an external-index method of valuing LIFO inventories. The remaining inventories, primarily related to certain acquired and international operations, are valued using the First-In, First-Out or specific identification methods. The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at December 31, 2017 and 2016 were as follows: 2017 2016 Raw materials and manufacturing supplies $ 161.1 $ 141.0 Work in process 75.0 84.4 Finished goods 198.2 179.4 LIFO reserve (17.5 ) (18.0 ) Total $ 416.8 $ 386.8 The Company recognized a LIFO benefit of $0.5 million, $1.1 million and $0.1 million, respectively, during the years ended December 31, 2017, 2016 and 2015. Long-Lived Assets —The Company assesses potential impairments to its long-lived assets if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impaired asset is written down to its estimated fair value based upon the most recent information available. Estimated fair market value is generally measured by discounting estimated future cash flows. Long-lived assets, other than goodwill and other intangible assets, which are held for sale, are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. Property, Plant and Equipment —Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 15 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 15 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. The components of the Company’s property, plant and equipment at December 31, 2017 and 2016 were as follows: 2017 2016 Land $ 56.1 $ 56.0 Buildings 417.3 403.0 Machinery and equipment 1,885.2 1,805.4 2,358.6 2,264.4 Accumulated depreciation (1,743.5 ) (1,614.1 ) Total $ 615.1 $ 650.3 During the years ended December 31, 2017, 2016 and 2015, depreciation expense was $139.8 million, $152.9 million, and $171.4 million, respectively. During the fourth quarter of 2017, we entered into an agreement to sell a building and transfer the related land use rights to a third party for a facility in the International segment. During the period, we received a deposit in accordance with the terms of the agreement of approximately $12.5 million, which is recorded in other noncurrent liabilities on the December 31, 2017 Consolidated Balance Sheet. The terms of the agreement require the buyer to make additional deposits to us through the close date, which is expected to occur in the second half of 2019. As of December 31, 2017, we continue to classify the carrying cost of the building within property, plant and equipment and record depreciation. The carrying cost of the land use rights are classified in other noncurrent assets. Goodwill —Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. For certain reporting units, the Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing this qualitative analysis, the Company considers various factors, including the excess of prior year estimates of fair value compared to carrying value, the effect of market or industry changes and the reporting units’ actual results compared to projected results. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. For the remaining reporting units, the Company compares each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying value. See Note 4, Restructuring, Impairment and Other Charges Goodwill and Other Intangible Assets The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. In the Company’s interim review for indicators of impairment as of December 31, 2017, management concluded that there were no indicators that the fair value of any of the reporting units with goodwill was more likely than not below its carrying value. Amortization —Certain costs to acquire and develop internal-use computer software are capitalized and amortized over their estimated useful life using the straight-line method, up to a maximum of five years. Amortization expense, primarily related to internally-developed software and excluding amortization expense related to other intangible assets, was $23.0 million, $17.6 million and $14.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. Deferred debt issuance costs are amortized over the term of the related debt. Other intangible assets are recognized separately from goodwill and are amortized over their estimated useful lives. See Note 5, , for further discussion of other intangible assets and the related amortization expense. Financial Instruments —The Company uses derivative financial instruments to hedge exposures to interest rate and foreign exchange fluctuations in the ordinary course of business. All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded in other comprehensive income (loss), net of applicable income taxes, or in the results of operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the results of operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the results of operations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is recognized currently in the results of operations. The Company’s foreign currency 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 currency contracts on a net basis when possible. Foreign currency contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. See Note 12, Derivatives Share-Based Compensation —The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options, restricted stock units and performance share units. The Company recognizes compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. See Note 15, , for further discussion. Preferred Stock —The Company has two million shares of $1.00 par value preferred stock authorized for issuance. The Board of Directors may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock. Pension and Other Postretirement Benefits Plans —The Company records annual income and expense amounts relating to its pension and other postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive income (loss) and amortized into operating earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. See Note 9 , for additional information. Taxes on Income —Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes deferred tax liabilities related to taxes on certain foreign earnings that were not considered to be permanently reinvested. No deferred tax liabilities were recognized for foreign earnings that were considered to be permanently reinvested. Management regularly evaluates whether foreign earnings are expected to be permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the Company and its foreign subsidiaries. Changes in economic and business conditions, foreign or U.S. tax laws, or the Company’s financial situation could result in changes to these judgments and the need to record additional tax liabilities. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not ( i.e., Income Taxes |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 2. Discontinued Operations On October 1, 2016, RRD completed the Separation and Distribution. Immediately following the Distribution, the Company held approximately 6.2 million shares of Donnelley Financial Solutions common stock and approximately 6.2 million shares of LSC common stock. The Company accounted for these investments as available-for-sale equity securities. In March 2017, the Company sold the 6.2 million shares of LSC common stock it retained upon spinoff for net proceeds of $121.4 million, resulting in a realized loss of $51.6 million, which was recorded within investment and other income-net in the Consolidated Statements of Operations for the year ended December 31, 2017. In June 2017, the Company completed a non-cash debt-for-equity exchange in which RRD exchanged 6,143,208 of its retained shares of Donnelley Financial common stock for the extinguishment of $111.6 million in aggregate principal amount of RRD indebtedness, resulting in a realized net gain of $92.4 million, which was recorded within investment and other income-net in the Consolidated Statements of Operations for the year ended December 31, 2017. In August 2017, the Company disposed of its remaining 99,594 shares of Donnelley Financial common stock in exchange for the extinguishment of $1.9 million in aggregate principal amount of RRD indebtedness, resulting in a realized net gain of $1.6 million. See Note 11, Debt In conjunction with the Separation, the Company entered into certain agreements with Donnelley Financial and LSC to implement the legal and structural separation from Donnelley Financial and LSC, govern the relationship between the Company, Donnelley Financial and LSC up to and after the completion of the Separation, and allocate between the Company, Donnelley Financial and LSC various assets, liabilities and obligations, including, among other things, employee benefits, intellectual property and tax-related assets and liabilities. These agreements included the Separation and Distribution Agreement, Transition Services Agreement, Tax Disaffiliation Agreement, Patent Assignment and License Agreement, Trademark Assignment and License Agreement, Data Assignment and License Agreement, Software, Copyright and Trade Secret Assignment and License Agreement, Stockholder and Registration Rights Agreement and commercial and other arrangements and agreements. Sales from RRD to Donnelley Financial and LSC previously eliminated in consolidation have been recast and are shown as external sales within the financial results of continuing operations. The net sales were $150.4 million and $153.4 million for the years ended December 31, 2016 and 2015. Interest expense was allocated to discontinued operations for interest expense directly attributable to the operations of the discontinued operations and interest expense related to corporate level debt that was repurchased in conjunction with the spinoff transactions. The following table presents the financial results of discontinued operations : Year Ended December 31, 2016 2015 Net sales $ 3,303.4 $ 4,472.9 Cost of sales 2,534.7 3,414.2 Operating expenses (a) 615.9 708.7 Interest and other (income) expense, net (b) 151.4 71.6 Earnings before income taxes 1.4 278.4 Income tax expense 11.1 108.3 Net (loss) earnings from discontinued operations $ (9.7 ) $ 170.1 (a) Includes spinoff transaction costs incurred of $81.2 million and $13.6 million, respectively, during the years ended December 31, 2016 and 2015. (b) Includes the related interest expense of the corporate level debt which was retired in connection with the Separation totaling $55.9 million and $73.3 million for the years ended December 31, 2016 and 2015. Also includes the losses on the extinguishment of corporate level debt executed in conjunction with the spinoff transactions totaling $96.1 million for the year ended December 31, 2016. The following table presents the significant non-cash items and capital expenditures of discontinued operations: Year Ended December 31, 2016 2015 Depreciation and amortization $ 159.0 $ 221.5 Pension settlement charges 77.7 — Impairment charges 1.5 7.1 Loss on debt extinguishments 96.1 — Assumption of warehousing equipment related to client contract 8.8 — Purchase of property, plant and equipment (49.0 ) (74.0 ) In connection with the Separation, the Company entered into transition services agreements with Donnelley Financial and LSC, under which the companies will provide one another with certain services to help ensure an orderly transition following the Separation (the "Transition Services Agreements"). The charges for these services are intended to allow the companies, as applicable, to recover the direct and indirect costs incurred in providing such services. The Transition Services Agreements generally provides for a term of services starting at the Separation date and continuing for a period of up to 24 months following the Separation. The Company recognized $7.7 million and $3.3 million for the years ended December 31, 2017 and 2016, respectively, as a reduction of costs within selling, general and administrative expenses from the Transition Services Agreement. The Company also entered into various commercial agreements which govern sales transactions between the companies. Under these commercial agreements, the Company recognized the following transactions with LSC and Donnelley Financial during the years ended December 31, 2017 and 2016. Year ended December 31, 2017 2016 Net sales to LSC and Donnelley Financial $ 279.5 $ 98.0 Purchases from LSC and Donnelley Financial 159.4 79.0 The Company also recognized million and $17.8 million of net cash inflow from Donnelley Financial and LSC within operating activities in the Consolidated Statements of Cash Flows during the years ended December 31, 2017 and 2016, respectively. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions 2016 Acquisition On August 4, 2016, the Company acquired Precision Dialogue Holdings, LLC (“Precision Dialogue”), a provider of email marketing, direct mail marketing and other services with operations in the United States for a purchase price, net of cash acquired, of approximately $59.2 million. The acquisition expanded the Company’s ability to help our clients measure communications effectiveness and audience engagement. During the year ended December 31, 2016, Precision Dialogue contributed $22.4 million in net sales and earnings before income taxes of $1.8 million. The Precision Dialogue acquisition was recorded by allocating the cost of the acquisition to the assets acquired, including other intangible assets, based on their estimated fair values at the acquisition date. The excess of the cost over the fair value of the net assets acquired was recorded as goodwill. The total tax deductible goodwill related to the Precision Dialogue acquisition was $8.8 million. Based on the valuation, the final purchase price allocation for the Precision Dialogue acquisition was as follows: Accounts receivable $ 11.5 Inventories 0.4 Prepaid expenses and other current assets 0.8 Property, plant and equipment 6.9 Other intangible assets 14.1 Other noncurrent assets 1.2 Goodwill 42.5 Accounts payable and accrued liabilities (11.4 ) Deferred taxes-net (6.8 ) Total purchase price-net of cash acquired 59.2 Less: debt assumed 11.1 Net cash paid $ 48.1 The fair values of other intangible assets, technology and goodwill associated with the Precision Dialogue acquisition 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 Client relationships $ 11.0 Excess earnings Discount rate Attrition rate 16.0% 7.0% - 8.0% Trade names 1.4 Relief-from-royalty method Discount rate Royalty rate (pre-tax) 16.0% 0.75% - 1.25% Technology 0.6 Relief-from-royalty method Discount rate Royalty rate (pre-tax) Obsolescence factor 16.0% 15.0% 0.0% - 40.0% Non-compete agreements 1.7 With or without method Discount rate 16.0% The fair values of property, plant and equipment associated with the acquisition of Precision Dialogue were determined to be Level 3 under the fair value hierarchy and were estimated using either the market approach, if a secondhand market existed, or the cost approach. For the year ended December 31, 2016, the Company recorded $2.7 million of acquisition-related expenses, respectively, associated with completed or contemplated acquisitions within selling, general and administrative expenses in the Consolidated Statements of Operations. 2016 Dispositions On January 11, 2016, the Company sold two entities within the business process outsourcing reporting unit for net proceeds of $13.4 million, all of which was received in 2016. Additionally, during 2016 the Company sold three immaterial entities for proceeds of $0.3 million. The dispositions of these entities resulted in a net gain of $11.9 million during the period ended December 31, 2016, which was recorded in other operating income in the Consolidated Statements of Operations. The operations of these entities were included within the International segment. 2015 Acquisitions The Company completed four insignificant acquisitions in 2015, one of which included the settlement of accounts receivable in exchange for the acquisition of the business. These acquisitions were recorded by allocating the cost of the acquisition to the assets acquired, including other intangible assets, based on their estimated fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the net assets acquired was recorded as goodwill. The tax deductible goodwill related to these acquisitions was $9.8 million. For the year ended December 31, 2015, the Company recorded $0.5 million of acquisition-related expenses associated with acquisitions completed or contemplated, within selling, general and administrative expenses in the Consolidated Statements of Operations. 2015 Disposition On April 29, 2015, the Company sold its 50.1% interest in its Venezuelan operating entity. The proceeds were de minimis, and the sale resulted in a net loss of $14.7 million, which was recognized in investment and other (income) expense-net in the Consolidated Statement of Operations for the year ended December 31, 2015. The Company’s Venezuelan operations had net sales of $16.3 million and a loss before income taxes of $38.4 million, including the net loss as a result of the sale, for the year ended December 31, 2015. The operations of the Venezuela business were included in the International segment. |
Restructuring, Impairment and O
Restructuring, Impairment and Other Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring, Impairment and Other Charges | Note 4. Restructuring, Impairment and Other Charges For the year ended December 31, 2017, the Company recorded the following restructuring, impairment and other charges-net: Employee Terminations Other Restructuring Charges Total Restructuring Charges Impairment Other Charges Total Variable Print $ 4.2 $ 1.1 $ 5.3 — $ 1.9 $ 7.2 Strategic Services 2.6 0.3 2.9 21.9 0.4 25.2 International 8.0 2.6 10.6 0.1 — 10.7 Corporate 8.7 0.8 9.5 0.4 — 9.9 Total $ 23.5 $ 4.8 $ 28.3 $ 22.4 $ 2.3 $ 53.0 Restructuring and Impairment Charges For the year ended December 31, 2017, the Company recorded net restructuring charges of $23.5 million for employee termination costs. Additionally in the year ended December 31, 2017, the Company recorded net impairment charges of $22.4 million, primarily related to the $21.3 million impairment of the goodwill for the digital and creative solutions (“DCS”) reporting unit, which is included within the Strategic Services segment. The goodwill impairment charge in the DCS reporting unit was due to a major client beginning to transition their business away from DCS during the fourth quarter of 2017, as well as declines in sales with other existing clients which resulted in lower expectations of future revenues, profitability and cash flows. As of December 31, 2017, the DCS reporting unit had no remaining goodwill. The goodwill impairment charges were determined using Level 3 inputs, including comparable marketplace fair value data and a discontinued cash flow analysis. The remaining impairment charges recorded for the year ended December 31, 2017, included a $0.2 million impairment charge related to the impairment of intangible assets in the commercial and digital print reporting unit within the Variable Print segment and $0.9 million of impairment charges of other long-lived assets related to facility closures, partially offset by gains on the sale of previously impaired assets. Other Charges For the year ended December 31, 2017, the Company recorded charges of $2.3 million 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 $5.1 million and $31.7 million, respectively, as of December 31, 2017. See Note 9, Retirement Plans The Company’s multi-employer pension plan 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. For the year ended December 31, 2016, the Company recorded the following restructuring, impairment and other charges-net: Employee Terminations Other Restructuring Charges Total Restructuring Charges Impairment Other Charges Total Variable Print $ 1.4 $ 1.7 $ 3.1 $ 557.9 $ 1.9 $ 562.9 Strategic Services 1.8 (0.1 ) 1.7 — 0.4 2.1 International 9.6 1.8 11.4 (2.5 ) — 8.9 Corporate 9.1 0.1 9.2 1.2 — 10.4 Total $ 21.9 $ 3.5 $ 25.4 $ 556.6 $ 2.3 $ 584.3 Restructuring and Impairment Charges For the year ended December 31, 2016, the Company recorded net restructuring charges of $21.9 million for employee termination costs. These charges primarily related to the reorganization of certain corporate administrative functions and operations and two facility closures in the International segment. Additionally, the Company incurred lease termination and other restructuring charges of $3.5 million for the year ended December 31, 2016. In addition, in the year ended December 31, 2016, the Company recorded net impairment charges of $556.6, primarily related to the $416.2 million and $111.6 million impairment of goodwill in the commercial and digital print and statement printing reporting units, respectively, which are included within the Variable Print segment. The goodwill impairment charges were due to the continued declines in sales, primarily due to decreased volume, which resulted in a reduction in the estimated fair value of the reporting units based on lower expectations of future revenue, profitability and cash flows as compared to the expectations as of the October 31, 2016 annual goodwill impairment test. The goodwill impairment charges were determined using the Level 3 inputs, including discounted cash flow analysis, comparable marketplace fair value data and management’s assumptions in valuing the significant tangible and intangible assets. The remaining charges for the year ended December 31, 2016, included a $29.7 million impairment charge for certain acquired client relationship intangible assets in the commercial and digital print reporting unit within the Variable Print segment and $0.9 million of net gains on the sale of previously impaired assets. The impairment of the client relationship intangible assets resulted from lower expectations of future revenue to be derived from those relationships and was determined using Level 3 inputs and estimated based on cash flow analyses, which included management’s assumptions related to future revenues and profitability. Other Charges For the year ended December 31, 2016, the Company recorded charges of $2.3 million 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 $4.9 million and $34.8 million, respectively, as of December 31, 2016. See Note 9, Retirement Plans For the year ended December 31, 2015, the Company recorded the following restructuring, impairment and other charges-net: Employee Terminations Other Restructuring Charges Total Restructuring Charges Impairment Other Charges Total Variable Print $ 3.1 $ 4.7 $ 7.8 $ (0.5 ) $ 1.8 $ 9.1 Strategic Services 4.4 0.1 4.5 0.9 0.4 5.8 International 11.9 3.2 15.1 28.5 — 43.6 Corporate 3.0 1.2 4.2 — — 4.2 Total $ 22.4 $ 9.2 $ 31.6 $ 28.9 $ 2.2 $ 62.7 Restructuring and Impairment Charges For the year ended December 31, 2015, the Company recorded net restructuring charges of $22.4 million for employee termination costs. These charges primarily related to a 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 $9.2 million for the year ended December 31, 2015. In the third quarter of 2015, as the result of the Company’s interim goodwill impairment review performed under the Company’s previous segment and reporting unit structure, the Company recorded non-cash charges of $13.7 million and $4.3 million to recognize the impairment of goodwill in the former Europe and Latin America reporting units, respectively, both of which were within the International segment. The goodwill impairment charge in the former Europe reporting unit was due to the announced reorganization of certain operations which resulted in a reduction in the estimated fair value of the reporting unit based on lower expectations of future revenue, profitability and cash flows as compared to the expectations as of prior year annual goodwill impairment test. The goodwill impairment charges were determined using Level 3 inputs, including discounted cash flow analyses, comparable marketplace fair value data and management’s assumptions in valuing the significant tangible and intangible assets. For the year ended December 31, 2015, the Company also recorded non-cash impairment charges of $11.9 million for the impairment of intangible assets, including $9.2 million and $2.2 million related to the impairment of certain acquired client relationship intangible assets in the previous labels reporting unit within the Variable Print segment and the Latin America reporting unit within the International segment, respectively. The impairment of the client relationship intangible assets resulted from lower expectations of future revenue to be derived from those relationships and was determined using Level 3 inputs and estimated based on cash flow analyses, which included management’s assumptions related to future revenues and profitability. The remaining impairment charges for the year ended December 31, 2015, included net gains of $1.0 million primarily related to the sale of previously impaired 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 year ended December 31, 2015, the Company recorded $2.2 million of charges for multi-employer pension plan withdrawal obligations unrelated to facility closures. Restructuring Reserve The restructuring reserve as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017, were as follows: December 31, 2016 Restructuring Charges Foreign Exchange and Other Cash Paid December 31, 2017 Employee terminations $ 7.6 $ 23.5 $ 0.1 $ (21.6 ) $ 9.6 Multi-employer pension plan withdrawal obligations 11.8 0.7 — (1.5 ) 11.0 Lease terminations and other 1.6 4.1 1.0 (3.8 ) 2.9 Total $ 21.0 $ 28.3 $ 1.1 $ (26.9 ) $ 23.5 The current portion of restructuring reserves of $10.7 million at December 31, 2017 was included in accrued liabilities, while the long-term portion of $12.8 million, primarily related to multi-employer pension plan withdrawal obligations related to facility closures, employee terminations in litigation within the International segment and lease termination costs, was included in other noncurrent liabilities at December 31, 2017. The Company anticipates that payments associated with the employee terminations reflected in the above table will be substantially completed by December 2018, excluding employee terminations in litigation within the International segment. Payments on all of the Company’s multi-employer pension plan withdrawal obligations are scheduled to be substantially completed by 2034. Changes based on uncertainties in these estimated withdrawal obligations could affect the ultimate charges related to multi-employer pension plan withdrawals. See Note 9, Retirement Plans The restructuring liabilities classified as “lease terminations and other” consisted of lease terminations, other facility closing costs and contract termination costs. Payments on certain of the lease obligations are scheduled to continue until 2020. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charges related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Company’s financial statements. The restructuring reserve as of December 31, 2016 and 2015, and changes during the year ended December 31, 2016, were as follows: December 31, 2015 Restructuring Charges Foreign Exchange and Other Cash Paid December 31, 2016 Employee terminations $ 6.1 $ 21.9 $ (3.6 ) $ (16.8 ) $ 7.6 Multi-employer pension plan withdrawal obligations 12.7 0.7 — (1.6 ) 11.8 Lease terminations and other 2.3 2.8 (0.1 ) (3.4 ) 1.6 Total $ 21.1 $ 25.4 $ (3.7 ) $ (21.8 ) $ 21.0 The current portion of restructuring reserves of $6.0 million at December 31, 2016 was included in accrued liabilities, while the long-term portion of $15.0 million, primarily related to multi-employer pension plan complete or partial withdrawal obligations related to facility closures, employee terminations in litigation within the International segment and lease termination costs, was included in other noncurrent liabilities at December 31, 2016. Payments associated with the employee terminations reflected in the above table were substantially completed by December 2017, excluding employee terminations in litigation within the International segment. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 5. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 were as follows: Variable Print Strategic Services International Total Net book value as of January 1, 2016 Goodwill 1,794.5 343.9 1,098.0 3,236.4 Accumulated impairment losses (1,022.9 ) (148.7 ) (979.1 ) (2,150.7 ) Total $ 771.6 $ 195.2 $ 118.9 $ 1,085.7 Acquisitions 21.2 21.3 — 42.5 Foreign exchange and other adjustments 7.5 — (5.9 ) 1.6 Impairment charges (527.8 ) — — (527.8 ) Net book value as of December 31, 2016 Goodwill 1,823.0 365.2 1,017.9 3,206.1 Accumulated impairment losses (1,550.5 ) (148.7 ) (904.9 ) (2,604.1 ) Total $ 272.5 $ 216.5 $ 113.0 $ 602.0 Foreign exchange and other adjustments — — 7.8 7.8 Impairment charges — (21.3 ) — (21.3 ) Net book value as of December 31, 2017 Goodwill 1,823.9 365.2 1,090.2 3,279.3 Accumulated impairment losses (1,551.4 ) (170.0 ) (969.4 ) (2,690.8 ) Total $ 272.5 $ 195.2 $ 120.8 $ 588.5 During the year ended December 31, 2017, the Company recorded non-cash charges of $21.3 million to reflect the impairment of goodwill in the digital and creative solutions reporting unit. Restructuring, Impairment and Other Charges The components of other intangible assets at December 31, 2017 and 2016 were as follows: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Client relationships $ 534.1 $ (412.4 ) $ 121.7 $ 517.9 $ (370.7 ) $ 147.2 Patents 2.0 (2.0 ) — 2.0 (2.0 ) — Trademarks, licenses and agreements 26.2 (25.2 ) 1.0 26.2 (24.4 ) 1.8 Trade names 36.8 (16.2 ) 20.6 36.8 (13.9 ) 22.9 Total other intangible assets $ 599.1 $ (455.8 ) $ 143.3 $ 582.9 $ (411.0 ) $ 171.9 During the year ended December 31, 2017, the Company recorded non-cash charges of $0.2 million primarily for the impairment of acquired trade name intangible assets in the commercial and digital print reporting unit within the Variable Print segment. During the year ended December 31, 2016, the Company recorded non-cash charges of $29.7 million primarily for the impairment of certain acquired client relationship intangible assets in the commercial and digital print reporting unit within the Variable Print segment. During the year ended December 31, 2015, the Company recorded non-cash charges of $11.9 million for the impairment of intangible assets. See Note 6, Fair Value Measurement During the year ended December 31, 2016, the Company recorded additions to other intangible assets of $14.1 million for acquisitions during the year, the components of which were as follows: December 31, 2016 Amount Weighted Average Amortization Period Client relationships $ 11.0 10.5 Trade names (amortizable) 1.4 4.7 Non-compete agreements 1.7 3.3 Total additions $ 14.1 Amortization expense for other intangible assets was $28.6 million, $33.7 million and $46.2 million for the years ended December 31, 2017, 2016 and 2015, respectively. The following table outlines the estimated annual amortization expense related to other intangible assets as of December 31, 2017: Amount 2018 $ 27.8 2019 24.1 2020 20.3 2021 20.0 2022 19.3 2023 and thereafter 31.8 Total $ 143.3 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 6. Fair Value Measurement Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The following tables summarize the basis used to measure financial assets and liabilities that are carried at fair value on a recurring basis in the consolidated balance sheets. Basis of fair value measurement As of December 31, 2017 Significant other observable inputs (Level 2) Assets Foreign currency contracts $ 2.2 $ 2.2 Basis of fair value measurement As of December 31, 2016 Significant other observable inputs (Level 2) Assets Foreign currency contracts $ 1.7 $ 1.7 Available-for-sale securities 328.7 328.7 Total assets $ 330.4 $ 330.4 Liabilities Foreign currency contracts 1.5 1.5 Total liabilities $ 1.5 $ 1.5 As of December 31, 2017, the Company no longer held investments in LSC or Donnelley Financial common stock. As of December 31, 2016, the Company’s investment in LSC and Donnelley Financial common stock were categorized as Level 2 securities as these shares were not registered and were valued based upon the closing stock price on the balance sheet date as they represented an identical equity instrument registered under the Securities Act of 1933, as amended. 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 3, Acquisitions and Dispositions The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2017, 2016 and 2015 were as follows: Year Ended December 31, 2017 As of December 31, 2017 Impairment Charge Fair Value Measurement (Level 3) Net Book Value Long-lived assets held for sale or disposal $ 1.3 $ 0.7 $ — Goodwill 21.3 — — Other intangible assets 0.2 — — Total $ 22.8 $ 0.7 $ — Year Ended December 31, 2016 As of December 31, 2016 Impairment Charge Fair Value Measurement (Level 3) Net Book Value Long-lived assets held for sale or disposal $ 0.6 $ — $ — Goodwill 527.8 15.2 15.2 Other intangible assets 29.7 4.6 4.3 Total $ 558.1 $ 19.8 $ 19.5 Year Ended December 31, 2015 As of December 31, 2015 Impairment Charge Fair Value Measurement (Level 3) Net Book Value Long-lived assets held and used $ 0.3 $ — $ — Long-lived assets held for sale or disposal 1.5 2.8 — Goodwill 18.0 — — Other intangible assets 11.9 — — Total $ 31.7 $ 2.8 $ — There were no estimated costs to sell related to long-lived assets held for sale that were remeasured during the years ended December 31, 2017, 2016 and 2015. During the year ended December 31, 2017, the goodwill related to the digital and creative solutions reporting unit was written down to its implied fair value of zero. During the year ended December 31, 2016, the goodwill related to the commercial and digital print and statement printing reporting units were written down to their respective implied fair values of zero and $15.2 million, respectively. During the year ended December 31, 2015 as performed under the previous reporting structure, goodwill within the former Europe and Latin America reporting units was written down to an implied fair value of zero. See Note 4, Restructuring, Impairment and Other Charges For the year ended December 31, 2017, the Company recorded a non-cash charge of $0.2 million primarily for the impairment of certain acquired trade name intangible assets in the commercial and digital print reporting unit within the Variable Print segment. After recording the impairment charges, the remaining value of trade name intangible assets in the commercial and digital print reporting unit was $9.3 million as of December 31, 2017. See Note 4, Restructuring, Impairment and Other Charges For the year ended December 31, 2016, the Company recorded a non-cash charge of $29.7 million primarily for the impairment of certain acquired client relationship intangible assets in the commercial and digital print reporting unit within the Variable Print segment. After recording this impairment charge, there was $4.6 million net book value remaining related to this client relationship asset. See Note 4, Restructuring, Impairment and Other Charges During the year ended December 31, 2015, the Company recorded impairment charges of $11.9 million, including $9.2 million and $2.2 million for the impairment of certain acquired client relationship intangible assets in the previous labels reporting unit within the Variable Print segment under the previous reporting structure and the Latin America reporting unit within the International segment, respectively. After recording the impairment charges, there was no remaining value related to these client relationship assets. See Note 4, Restructuring, Impairment and Other Charges The Company’s accounting and finance management determines the valuation policies and procedures for Level 3 fair value measurements and is responsible for the development and determination of unobservable inputs. The fair values of the long-lived assets held and used and long-lived assets held for sale or disposal were determined using Level 3 inputs and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. Unobservable inputs obtained from third parties are adjusted as necessary for the condition and attributes of the specific asset. The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2016 and 2015: Fair Value Valuation Technique Unobservable Input Range 2016 Client relationships $ 4.6 Excess earnings Attrition rate 5.0% Discount rate 13.0% 2015 Client relationships $ — Excess Earnings Discount rate 2.7% |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | Note 7. Accrued Liabilities The components of the Company’s accrued liabilities at December 31, 2017 and 2016 were as follows: 2017 2016 Employee-related liabilities $ 173.0 $ 175.3 Deferred revenue 112.4 106.6 Restructuring liabilities 10.7 6.0 Cash due to Donnelley Financial and LSC per Separation and Distribution Agreement — 78.0 Other 151.4 175.8 Total accrued liabilities $ 447.5 $ 541.7 Employee-related liabilities consist primarily of payroll, sales commission, incentive compensation, employee benefit accruals and workers’ compensation. Incentive compensation accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals, withdrawal obligations associated with multi-employer pension plans, other client-related liabilities, interest expense accruals and income and other tax liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies As of December 31, 2017, the Company had commitments of approximately $25.9 million for the purchase of property, plant and equipment related to incomplete projects. The Company also has contractual commitments of approximately $74.1 million for outsourced services, including technology, professional, maintenance and other services. The Company has a variety of contracts with suppliers for the purchase of paper, ink and other commodities for delivery in future years at prevailing market prices. Future minimum rental commitments under operating leases are as follows: Year Ended December 31 Amount 2018 $ 86.2 2019 57.4 2020 42.8 2021 28.5 2022 18.0 2023 and thereafter 31.0 $ 263.9 The Company has operating lease commitments, including those for vacated facilities, totaling $263.9 million extending through various periods to 2028. Future rental commitments for leases have not been reduced by minimum non-cancelable sublease rentals aggregating approximately $20.3 million. The Company remains secondarily liable under these leases in the event that the sub-lessee defaults under the sublease terms. The Company does not believe that material payments will be required as a result of the secondary liability provisions of the primary lease agreements. Rent expense for facilities in use and equipment was $118.3 million, $117.6 million and $120.8 million for the years ended December 31, 2017, 2016 and 2015, respectively. Rent expense for vacated facilities was recognized as restructuring, impairment and other charges-net. See Note 4, Restructuring, Impairment and Other Charges Litigation The Company is subject to laws and regulations relating to the protection of the environment. The Company provides for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such accruals are adjusted as new information develops or circumstances change and are generally not discounted. The Company has been designated as a potentially responsible party or has received claims in three active federal and state Superfund and other multiparty remediation sites. In addition to these sites, the Company may also have the obligation to remediate seven 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 believes that its recorded reserves, recorded in accrued liabilities and other noncurrent liabilities, 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 clients and others file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | Note 9. Retirement Plans The Company sponsors various defined benefit retirement income pension plans in the U.S., U.K., Canada and certain other international locations, including both funded and unfunded arrangements. The Company’s primary defined benefit plans are frozen. No new employees will be permitted to enter the Company’s frozen plans and participants will earn no additional benefits. Benefits are generally based upon years of service and compensation. These defined benefit retirement income plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all funded plans using actuarial cost methods and assumptions acceptable under government regulations. Prior to the Separation, certain active and retired employees of the Company and certain of the Company’s retired employees participated in the Company’s sponsored benefit plans. Following the Separation, their benefits will be provided directly by Donnelley Financial or LSC. As a result of the spinoff, the related plan obligations and plan assets were remeasured as of September 30, 2016 and transferred to Donnelley Financial or LSC on October 1, 2016. The transfer of these benefits to Donnelley Financial and LSC reduced the Company’s benefit plan liabilities by $426.5 million, deferred tax assets of $351.3 million, and accumulated other comprehensive losses by $906.1 million. In accordance with the Separation and Distribution Agreement, the Company recorded the final pension asset valuation adjustment during 2017 resulting in a pre-tax decrease of $5.8 million ($3.6 million after-tax) to the Company’s pension liability. In the fourth quarter of 2015, the Company communicated to certain former employees the option to receive a lump-sum pension payment or annuity with payments computed in accordance with statutory requirements, beginning in the second quarter of 2016. Payments to eligible participants who elected to receive a lump-sum pension payment or annuity were funded from existing pension plan assets and constituted a complete settlement of the Company’s pension liabilities with respect to these participants. The Company’s pension assets and liabilities were remeasured as of the payout date. The discount rates and actuarial assumptions used to calculate the payouts were determined in accordance with federal regulations. As of the remeasurement date, the reduction in the reported pension obligation for these participants was $354.8 million, compared to payout amounts of approximately $328.4 million . The Company recorded non-cash settlement charges of $21.1 million within in selling, general and administrative expenses and $77.7 million within net earnings from discontinued operations during the period ended December 31, 2016 in connection with the settlement payments. These charges resulted from the recognition in earnings of a portion of the actuarial losses recorded in accumulated other comprehensive loss based on the proportion of the obligation settled. As of December 31, 2015, the Company changed the method used to estimate the interest cost components of net pension and other postretirement benefits plan expense (income) for its defined benefit pension and other postretirement benefit plans. Historically, the interest cost components were estimated using a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period. The Company elected to use a full yield curve approach in the estimation of these interest components of net pension and other postretirement benefits plan expense (income) by applying the specific spot rates along the yield curve used in the determination of the projected benefit obligation to the relevant projected cash flows. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of interest costs. This change did not affect the measurement and calculation of the Company’s total benefit obligations. The Company accounted for this change as a change in estimate. The Company made contributions of $8.6 million to its pension plans and $7.8 million to its other postretirement benefits plans during the year ended December 31, 2017. The Company expects to make cash contributions of approximately $16.0 million to its pension and other postretirement benefits plans in 2018. In addition to the pension plans, the Company sponsors a 401(k) savings plan, which is a defined contribution retirement income plan. Former employees are entitled to certain healthcare and life insurance benefits provided they have met certain eligibility requirements. Generally, the Company’s benefits-eligible U.S. employees become eligible for these retiree healthcare benefits if they meet all of the following requirements at the time of termination: (a) have attained at least 55 or more points (full years of service and age combined), (b) are at least fifty years of age, (c) have at least two years of continuous, regular, full-time, benefits-eligible service and (d) have completed at least two or more years of continuous service with a participating employer, which ends on their termination date. Different requirements need to be met in order to receive subsidized medical and life insurance coverage. Certain of the plan expenses are paid through a tax-exempt trust. Most of the assets of the trust are invested in trust-owned life insurance policies covering certain current and former employees of the Company. The underlying assets of the policies are invested primarily in marketable equity, corporate fixed income and government securities. During the third quarter of 2016, the Company announced the discontinuation of retiree medical, prescription drug and life insurance benefits for individuals retiring on or after October 1, 2016. This change was accounted for as a significant plan amendment and the other postemployment benefit plan obligations were remeasured as of September 30, 2016. This remeasurement resulted in a reduction to the other postemployment benefit plan obligations of $35.0 million and a curtailment gain of $16.2 million recorded within cost of sales and $3.3 million recorded in selling, general and administrative expenses during the year ended December 31, 2016. The Company operates a prescription drug program for certain Medicare-eligible retirees under a group-based Company sponsored Medicare Part D program, or Employer Group Waiver Program (“EGWP”). The EGWP subsidies provided to or for the benefit of this program are used to reduce the Company’s net retiree medical and prescription drug costs on a group by group basis until such net costs of the Company for such group are eliminated, and any EGWP subsidies received in excess of the amount necessary to offset such net costs are used to reduce the included group of retirees’ premiums. The Company also maintains several pension and other postretirement benefits plans in certain international locations. The expected returns on plan assets and discount rates for these plans are determined based on each plan’s investment approach, local interest rates and plan participant profiles. The pension and other postretirement benefits plan obligations are calculated using generally accepted actuarial methods and are measured as of December 31. Prior to the plan freezes, actuarial gains and losses were amortized using the corridor method over the average remaining service life of active plan participants. Actuarial gains and losses for frozen plans are amortized using the corridor method over the average remaining expected life of active plan participants. The components of the net periodic benefit (income) expense and total (income) expense were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Service cost $ 0.7 $ 1.0 $ 1.7 $ 1.3 $ 3.8 $ 4.7 Interest cost 31.6 105.7 170.4 11.1 11.7 15.9 Expected return on plan assets (50.3 ) (177.5 ) (234.6 ) (13.5 ) (13.8 ) (13.1 ) Amortization of prior service credit — — — (2.8 ) (12.7 ) (26.9 ) Amortization of actuarial (gain) loss 7.3 26.1 40.5 (0.1 ) 0.1 — Settlements and curtailments 1.6 98.4 — — (19.5 ) — Attributable to DFS and LSC — (43.3 ) 16.8 — — — Net periodic benefit (income) expense related to continuing operations $ (9.1 ) $ 10.4 $ (5.2 ) $ (4.0 ) $ (30.4 ) $ (19.4 ) Weighted average assumption used to calculate net periodic benefit expense: Discount rate 3.8 % 4.3 % 3.9 % 4.0 % 4.2 % 3.9 % Expected return on plan assets 5.9 % 6.8 % 7.0 % 6.8 % 7.3 % 7.3 % Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Benefit obligation at beginning of year $ 974.7 $ 3,932.3 $ 345.0 $ 373.8 Service cost 0.7 1.0 1.3 3.8 Interest cost 31.6 105.7 11.1 11.7 Plan participants' contributions — — 9.0 9.4 Medicare reimbursements — — 5.0 5.4 Actuarial loss 53.9 349.5 3.0 5.9 Plan amendments and other — — — (33.8 ) Settlements (5.9 ) (304.4 ) — — Foreign currency translation 34.4 (40.5 ) 2.8 1.3 Benefits paid (44.6 ) (129.7 ) (34.8 ) (32.5 ) Separation of Donnelley Financial and LSC — (2,915.6 ) — — Divestitures — (23.6 ) — — Benefit obligation at end of year $ 1,044.8 $ 974.7 $ 342.4 $ 345.0 Fair value of plan assets at beginning of year $ 875.4 $ 3,424.1 $ 210.3 $ 205.5 Actual return on assets 106.0 424.1 31.3 14.8 Settlements (6.3 ) (304.4 ) — — Employer contributions 8.6 12.8 7.8 7.7 Medicare reimbursements — — 5.0 5.4 Plan participants' contributions — — 9.0 9.4 Separation of Donnelley Financial and LSC 5.8 (2,489.1 ) — — Divestitures — (16.8 ) — — Foreign currency translation 34.4 (45.6 ) — — Benefits paid (44.6 ) (129.7 ) (34.8 ) (32.5 ) Fair value of plan assets at end of year $ 979.3 $ 875.4 $ 228.6 $ 210.3 Total net pension and OPEB liability recognized as of December 31 $ (65.5 ) $ (99.3 ) $ (113.8 ) $ (134.7 ) The accumulated benefit obligation for all defined benefit pension plans was $1,032.0 million and $961.1 million at December 31, 2017 and 2016, respectively. Amounts recognized in the Consolidated Balance Sheets as of December 31, 2017 and 2016 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Prepaid pension cost (included in other noncurrent assets) $ 39.9 $ 22.8 $ — $ — Accrued benefit cost (included in accrued liabilities) (2.7 ) (2.7 ) (0.6 ) (0.6 ) Pension liabilities (102.7 ) (119.4 ) — — Other postretirement benefits plan liabilities — — (113.2 ) (134.1 ) Net liabilities recognized in the Consolidated Balance Sheets - Continuing Operations $ (65.5 ) $ (99.3 ) $ (113.8 ) $ (134.7 ) The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, at December 31, 2017 and 2016 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Accumulated other comprehensive (loss) income Net actuarial (loss) gain $ (286.7 ) $ (297.4 ) $ 33.6 $ 19.2 Net prior service credit — — 30.4 32.9 Total $ (286.7 ) $ (297.4 ) $ 64.0 $ 52.1 The pre-tax amounts recognized in other comprehensive loss in 2017 as components of net periodic benefit costs were as follows: Pension Benefits Other Postretirement Benefits Amortization of: Net actuarial (gain) loss $ 7.3 $ (0.1 ) Net prior service credit — (2.8 ) Amounts arising during the period: Net actuarial gain 1.8 14.8 Settlements 1.6 — Total $ 10.7 $ 11.9 Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2018 are shown below: Pension Benefits Other Postretirement Benefits Amortization of: Net actuarial loss $ 8.0 $ — Net prior service credit — (2.8 ) Total $ 8.0 $ (2.8 ) The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Discount rate 3.4 % 3.8 % 3.5 % 4.0 % Health care cost trend: Current Pre-Age 65 — — 6.3 % 6.1 % Post-Age 65 — — 6.3 % 6.1 % Ultimate — — 4.5 % 5.0 % The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2017 and 2016: Pension Benefits 2017 2016 Projected benefit obligation $ 797.4 $ 744.3 Fair value of plan assets 692.0 622.2 The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2017 and 2016: Pension Benefits 2017 2016 Accumulated benefit obligation $ 784.6 $ 730.7 Fair value of plan assets 692.0 622.2 The current health care cost trend rate gradually declines through 2027 (2034 for Canada) to the ultimate trend rate and remains level thereafter. A one-percentage point change in assumed health care cost trend rates would have the following effects: 1.0% Increase 1.0% Decrease Other postretirement benefits obligation $ 7.7 $ (7.5 ) Total other postretirement benefits service and interest cost components 0.6 (0.6 ) The Company determines its assumption for the discount rate to be used for purposes of computing annual service and interest costs based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the measurement date. The Medicare Prescription Drug, Improvement and Modernization Act of 2003 included a prescription drug benefit under Medicare Part D, as well as a federal subsidy that began in 2006, to sponsors of retiree health care plans that provide a benefit that is at least actuarially equivalent, as defined in the Act, to Medicare Part D. Two of the Company’s retiree health care plans were at least actuarially equivalent to Medicare Part D and were eligible for the federal subsidy. During the years ended December 31, 2017 and 2016, Medicare Part D subsidies received by the Company were negligible. During the year ended December 31, 2017, the Company received approximately $5.0 million in EGWP subsidies. Benefit payments are expected to be paid as follows: Pension Benefits Other Postretirement Benefits-Gross Estimated Subsidy Reimbursements 2018 $ 46.8 $ 25.7 1.3 2019 47.2 25.4 1.3 2020 48.6 25.1 1.2 2021 50.3 24.8 1.1 2022 51.2 24.5 1.1 2023-2027 268.2 117.3 5.1 Plan Assets The Company’s U.S. pension plans are frozen and the Company utilizes a risk management approach for its U.S. pension plan assets. The overall investment objective of this approach is to further reduce the risk of significant decreases in the plan’s funded status by allocating a larger portion of the plan’s assets to investments expected to hedge the impact of interest rate risks on the plan’s obligation. Over time, the target asset allocation percentage for the pension plan is expected to decrease for equity and other “return seeking” investments and increase for fixed income and other “hedging” investments. The assumed long-term rate of return for plan assets, which is determined annually, is likely to decrease as the asset allocation shifts over time. The expected long-term rate of return for plan assets is based upon many factors including asset allocations, historical asset returns, current and expected future market conditions, risk and active management premiums. The target asset allocation percentage as of December 31, 2017, for the primary U.S. pension plan was approximately 55.0% for return seeking investments and approximately 45.0% for hedging investments. The Company segregated its plan assets by the following major categories and levels for determining their fair value as of December 31, 2017 and 2016. All plan assets that are valued using the net asset value per share (“NAV”) practical expedient have not been included within the fair value hierarchy but are separately disclosed. Cash and cash equivalents— Carrying value approximates fair value. As such, these assets were classified as Level 1. The Company also invests in certain short-term investments which are valued using the amortized cost method. As such, these assets were classified as Level 2. Equity— The values of individual equity securities were based on quoted prices in active markets. As such, these assets are classified as Level 1. Additionally, this category includes underlying securities in trust owned life insurance policies which are invested in certain equity securities. These investments are not quoted on active markets; therefore, they are classified as Level 2. Additionally, the Company invests in certain equity funds that are valued at calculated NAV. Fixed income— The values of certain fixed income securities were based on quoted prices in active markets. As such, these assets are classified as Level 1. The remaining fixed income securities are typically priced based on a valuation model rather than a last trade basis and are not exchange-traded. These valuation models involve utilizing dealer quotes, analyzing market information, estimating prepayment speeds and evaluating underlying collateral. Accordingly, the Company classified these fixed income securities as Level 2. The Company also invests in certain fixed income funds and securities in trust owned life insurance policies which are valued at NAV. Derivatives and other— This category includes assets and liabilities that are futures or swaps traded on a primary exchange and are priced by multiple providers. Accordingly, the Company classified these assets and liabilities as Level 1. This category also includes various other assets in which carrying value approximates fair value, including investments valued at a NAV. Additionally, this category includes investments in commodity and structured credit funds that are not quoted on active markets; therefore, they are classified as Level 2. Real estate —The fair market value of real estate investment trusts is based on NAV. For Level 2 and Level 3 plan assets, as applicable, management reviews significant investments on a quarterly basis including investigation of unusual fluctuations in price or returns and obtaining an understanding of the pricing methodology to assess the reliability of third-party pricing estimates. The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. The Company invests in various assets in which valuation is determined by NAV. The Company believes that the NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption of these investments or other reasons to indicate that the investment would be redeemed at an amount different than the NAV. The fair values of the Company’s pension plan assets at December 31, 2017 and 2016, by asset category were as follows: December 31, 2017 December 31, 2016 Asset Category Total Level 1 Level 2 Total Level 1 Level 2 Cash and cash equivalents $ 14.3 $ 11.5 $ 2.8 $ 17.5 $ 12.9 $ 4.6 Equity 125.0 124.9 0.1 144.6 144.5 0.1 Fixed income 246.7 0.7 246.0 222.7 0.7 222.0 Derivatives and other 2.1 — 2.1 2.3 — 2.3 Subtotal $ 388.1 $ 137.1 $ 251.0 $ 387.1 $ 158.1 $ 229.0 Plan assets measured at NAV Equity funds $ 279.7 $ 245.5 Fixed income 268.7 193.4 Derivatives and other 6.1 16.6 Real estate 36.7 32.8 Total plan assets measured at NAV $ 591.2 $ 488.3 Total $ 979.3 $ 875.4 The fair values of the Company’s other postretirement benefits plan assets at December 31, 2017 and 2016, by asset category were as follows: December 31, 2017 December 31, 2016 Asset Category Total Level 2 Total Level 1 Level 2 Cash and cash equivalents $ 30.7 $ 30.7 $ 21.3 $ — $ 21.3 Other — — 1.4 1.4 — Subtotal $ 30.7 $ 30.7 $ 22.7 $ 1.4 $ 21.3 Investments measured at NAV Equity funds $ 166.3 $ 149.8 Fixed income funds 31.6 37.8 Total investments measured at NAV $ 197.9 $ 187.6 Total $ 228.6 $ 210.3 Employee 401(k) Savings Plan — For the benefit of most of its U.S. employees, the Company maintains a defined contribution retirement savings plan that is intended to be qualified under Section 401(a) of the Internal Revenue Code. Under this plan, employees may contribute a percentage of eligible compensation on both a before-tax and after-tax basis. The Company may provide a 401(k) discretionary match to participants, but did not during the years ended December 31, 2017, 2016 or 2015. Multi-Employer Pension Plans — Multi-employer plans receive contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements and the assets contributed by one employer may be used to fund the benefits of all employees covered within the plan. The risk and level of uncertainty related to participating in these multi-employer pension plans differs significantly from the risk associated with the Company-sponsored defined benefit plans. For example, investment decisions are made by parties unrelated to the Company and the financial stability of other employers participating in a plan may affect the Company’s obligations under the plan. During the years ended December 31, 2017 and 2016, the Company recorded $2.3 million, respectively, for multi-employer pension plan withdrawal obligations unrelated to facility closures. These charges were recorded as restructuring, impairment and other charges and represent the Company’s best estimate of the expected settlement of these withdrawal liabilities. For the year ended December 31, 2015 , the Company recorded restructuring, impairment and other charges of $2.2 million associated with its estimated liability for withdrawing from defined benefit multi-employer pension plans unrelated to facility closures. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes Income taxes have been based on the following components of earnings (loss) from continuing operations before income taxes for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 U.S. $ (12.1 ) $ (617.9 ) $ (36.3 ) Foreign 87.6 120.7 25.6 Total $ 75.5 $ (497.2 ) $ (10.7 ) The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Federal: Current $ 60.9 $ (7.3 ) $ 8.5 Deferred 31.0 (51.7 ) (11.9 ) State: Current 0.2 (6.0 ) (8.3 ) Deferred (6.0 ) 12.5 (4.6 ) Foreign: Current 26.4 34.4 19.7 Deferred (3.8 ) 5.8 17.6 Total $ 108.7 $ (12.3 ) $ 21.0 The Tax Act was signed into law on December 22, 2017 and represents the most significant change to U.S. tax law since 1986. Key changes of the Tax Act are not limited to, but include the following: reduces the U.S. federal statutory rate from 35% to 21%; creates a territorial tax system rather than a worldwide system, generally allowing companies to repatriate future foreign-sourced earnings without incurring additional U.S. taxes; subjects certain foreign earnings on which U.S. income tax is currently deferred to a one-time transition tax; provides for new anti-deferral provisions to tax certain foreign earnings and a new base erosion tax; limits the deduction for net interest expense incurred by U.S. Companies; and eliminates or reduces certain other deductions. Also on December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (SAB 118) which provides guidance for companies analyzing their accounting for the income tax effects of the Tax Act. SAB 118 provides that a company may report provisional amounts based on reasonable estimates. The provisional estimates are then subject to adjustment during a measurement period up to one year and should be accounted for as a prospective change. During 2017, we recorded provisional estimates of the impact of the Tax Act within our income tax expense. To determine the amount of the transition tax, we were required to quantify, among other factors, the amount of post-1986 earnings and profits of applicable foreign subsidiaries, as well as the amount of non-U.S. tax paid on those earnings. We were able to make a reasonable estimate of the transition tax and impact to deferred taxes; however, we will continue to analyze our data and refine our estimated amounts accordingly. We will also continue to interpret any guidance or subsequent clarification of the tax law. As a result, we may make adjustments to the provisional amounts recorded, in accordance with the guidance outlined in SAB 118. The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s effective income tax rate: 2017 2016 2015 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Change in valuation allowances 2.8 (7.1 ) (225.5 ) Venezuelan devaluation and sale — — (122.8 ) State and local income taxes, net of U.S. federal income tax benefit (2.9 ) — 36.0 Impairment charges 6.6 (32.3 ) (57.8 ) Foreign tax 4.2 (1.2 ) (19.8 ) Adjustment of uncertain tax positions and interest (3.2 ) 0.5 45.9 Reorganization — 3.9 — Foreign tax rate differential (21.2 ) 3.0 169.7 Impact of the Tax Act 146.2 — — Tax impact of net gain on sale of Donnelley Financial and LSC shares (21.6 ) — — Other (1.9 ) 0.7 (57.0 ) Effective income tax rate 144.0 % 2.5 % (196.3 %) Included in 2017 is the impact associated with the enactment of the Tax Act which included a provisional estimate for the one-time transition tax on foreign earnings of $103.5 million, of which $64.3 million is payable over eight years, net of current year tax benefit on U.S. operations, as well as a provisional adjustment to net deferred tax assets for the reduced corporate income tax rate of $6.8 million. The income tax expense also reflects non-deductible goodwill impairment charges, the inability to recognize a tax benefit on certain losses and the impact of the non-taxable gain on the sale of the Donnelley Financial retained shares. The sale of the LSC retained shares generated a pre-tax capital loss of $51.6. The related tax capital loss will be carried forward; however, it is more likely than not that the benefit of such deferred tax asset will not be fully realized and a valuation allowance was recorded. Included in 2016 is the impact of the non-deductible goodwill impairment charges and $9.5 million of a valuation allowance provision, net of federal tax benefits, on certain deferred taxes assets within state and local jurisdictions. Included in 2015 is an $11.3 million valuation allowance provision on certain deferred tax assets within the International segment and the impact of the non-deductible pre-tax loss of $30.3 million related to the Venezuela currency remeasurement and the related impact of the devaluation. Deferred income taxes The significant deferred tax assets and liabilities at December 31, 2017 and 2016 were as follows: 2017 2016 Deferred tax assets: Pension and other postretirement benefits plan liabilities $ 58.8 $ 100.1 Net operating losses and other tax carryforwards 255.1 164.9 Accrued liabilities 51.5 86.1 Foreign depreciation 19.4 14.6 Other 16.5 25.1 Total deferred tax assets 401.3 390.8 Valuation allowances (238.3 ) (154.1 ) Net deferred tax assets $ 163.0 $ 236.7 Deferred tax liabilities: Accelerated depreciation $ (45.8 ) $ (68.2 ) Other intangible assets (20.0 ) (36.0 ) Inventories (7.3 ) (7.6 ) Other (14.0 ) (23.1 ) Total deferred tax liabilities (87.1 ) (134.9 ) Net deferred tax assets $ 75.9 $ 101.8 Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Balance, beginning of year $ 154.1 $ 130.8 $ 144.3 Current year expense-net 84.5 35.2 11.8 Write-offs (6.8 ) (1.0 ) (15.0 ) Foreign exchange and other 6.5 (10.9 ) (10.3 ) Balance, end of year 238.3 $ 154.1 $ 130.8 As of December 31, 2017, the Company had domestic and foreign net operating loss and other tax carryforwards of approximately $141.1 million and $114.0 million ($63.3 million and $101.6 million, respectively, at December 31, 2016), of which $119.6 million expires between 2018 and 2027. Limitations on the utilization of these tax assets may apply. The Company has provided valuation allowances to reduce the carrying value of certain deferred tax assets, as management has concluded that, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be fully realized. Deferred income taxes are not provided on the excess of the investment value for financial reporting over the tax basis of investments in those foreign subsidiaries for which such excess is considered to be permanently reinvested in those operations. The Company has recognized deferred tax liabilities of $4.7 million and $6.7 million as of December 31, 2017 and December 31, 2016, respectively, related to local taxes on certain foreign earnings which are not considered to be permanently reinvested. Undistributed earnings of foreign subsidiaries that are considered indefinitely reinvested outside of the U.S. were approximately $837.3 million as of December 31, 2017. Upon repatriation of these earnings to the U.S. in the form of dividends or otherwise, the tax cost would depend on income tax laws and circumstances at the time of distribution. The Tax Act included a one-time transition tax on foreign earnings and generally allows companies to repatriate future foreign-sourced earnings without incurring U.S. taxes in future years. The Company continues to analyze the global working capital and cash requirements and the potential tax liabilities attributable to repatriation, but the Company has yet to determine whether to change the prior assertion and repatriate earnings. The Company will record the tax effects of any change in the prior assertion in the period the analysis is complete and reasonable estimates are made. Cash payments for income taxes were $46.1 million, $108.2 million and $129.1 million during the years ended December 31, 2017, 2016 and 2015, respectively. Cash refunds for income taxes were $43.3 million, $7.2 million and $14.8 million during the years ended December 31, 2017, 2016 and 2015, respectively. The Company’s income taxes payable for federal and state purposes has been reduced by the tax benefits associated with the exercise of employee stock options and the vesting of restricted stock units. See Note 14, Comprehensive Income Uncertain tax positions Changes in the Company’s unrecognized tax benefits at December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Balance at beginning of year $ 41.9 $ 51.0 $ 58.5 Additions for tax positions of the current year 0.2 0.6 1.1 Reductions for tax positions of prior years (9.0 ) (1.5 ) (5.4 ) Settlements during the year (0.1 ) (1.8 ) (0.3 ) Lapses of applicable statutes of limitations (2.1 ) (6.4 ) (2.9 ) Balance at end of year $ 30.9 $ 41.9 $ 51.0 As of December 31, 2017, 2016 and 2015, the Company had $30.9 million, $41.9 million and $51.0 million, respectively, of unrecognized tax benefits. Unrecognized tax benefits of $24.3 million as of December 31, 2017, if recognized, would have decreased income taxes and the corresponding effective income tax rate and increased net earnings. This potential impact on net earnings reflects the reduction of these unrecognized tax benefits, net of certain deferred tax assets and the federal tax benefit of state income tax items. As of December 31, 2017, it is reasonably possible that the total amount of unrecognized tax benefits will decrease within twelve months by as much as $2.5 million due to the resolution of audits or expirations of statutes of limitations related to U.S. federal, state and international tax positions. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The total interest expense (benefits) related to tax uncertainties recognized in the Consolidated Statements of Operations were $0.2 million, $(0.5) million and $(0.1) million for the years ended December 31, 2017, 2016 and 2015, respectively. There were no benefits from the reversal of accrued penalties for the years ended December 31, 2017, 2016 and 2015. Accrued interest of $4.2 million and $4.0 million related to income tax uncertainties were reported as a component of other noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2017 and 2016, respectively. There were no accrued penalties related to income tax uncertainties for the years ended December 31, 2017 and 2016. The Company has tax years from 2010 and thereafter that remain open and subject to examination by the IRS, certain state taxing authorities or certain foreign tax jurisdictions. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 11. Debt The Company’s debt at December 31, 2017 and 2016 consisted of the following: 2017 2016 Borrowings under the credit facilities $ 216.0 $ 185.0 11.25% senior notes due February 1, 2019 (a) 172.2 172.2 7.625% senior notes due June 15, 2020 238.4 350.0 7.875% senior notes due March 15, 2021 447.2 448.8 8.875% debentures due April 15, 2021 80.9 80.9 7.00% senior notes due February 15, 2022 140.0 140.0 6.50% senior notes due November 15, 2023 290.6 350.0 6.00% senior notes due April 1, 2024 298.3 400.0 6.625% debentures due April 15, 2029 157.9 199.5 8.820% debentures due April 15, 2031 69.0 69.0 Other (b) 10.8 8.5 Unamortized debt issuance costs (11.6 ) (16.5 ) Total debt 2,109.7 2,387.4 Less: current portion (10.8 ) (8.2 ) Long-term debt $ 2,098.9 $ 2,379.2 (a) As of December 31, 2017 and 2016, the interest rate on the 11.25% senior notes due February 1, 2019 was 13.25%, the maximum amount of these rates as a result of credit ratings downgrades. (b) Includes 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 total debt was greater than its book value by approximately $18.8 million and $4.3 million at December 31, 2017 and 2016, respectively. On September 29, 2017, the Company entered into an asset-based revolving credit facility (the “Credit Agreement”) which amended and restated the Company’s prior $800.0 million senior secured revolving credit facility dated September 30, 2016. As a result of the amendment, the Company recognized a $6.2 million loss related to unamortized debt issuance costs and other expenses within loss on debt extinguishment in the Consolidated Statements of Operations for the year ended December 31, 2017. The Credit Agreement provides for a senior secured asset-based revolving credit facility of up to $800.0 million subject to a borrowing base. The amount available to be borrowed under the Credit Agreement is equal to the lesser of (a) $800.0 million and (b) the aggregate amount of accounts receivable, inventory, machinery and equipment and fee-owned real estate of the Company and certain of its domestic subsidiaries (the “Guarantors”) (collectively, the “Borrowing Base”), subject to certain eligibility criteria and advance rates. The aggregate amount of real estate, machinery and equipment that can be included in the Borrowing Base cannot exceed $200.0 million. The Company’s obligations under the Credit Agreement are guaranteed by the Guarantors and are secured by a security interest in certain assets of the Company and its domestic subsidiaries, including accounts receivable, inventory, deposit accounts, securities accounts, investment property, machinery and equipment and, to the extent related to the foregoing, general intangibles, documents and instruments, as well as 65% of the equity interests of their first-tier foreign subsidiaries. The Credit Agreement contains customary restrictive covenants, including a covenant which requires the Company to maintain a minimum fixed charge coverage ratio under certain circumstances. In addition, the Company’s ability to undertake certain actions, including, among other things, prepay certain junior debt, incur additional unsecured indebtedness and make certain restricted payments depends on satisfaction of certain conditions, including, among other things, meeting minimum availability thresholds under the Credit Agreement. The Credit Agreement generally allows annual dividend payments of up to $60.0 million in aggregate, though additional dividends may be allowed subject to certain conditions. Borrowings under the Credit Agreement bear interest at a rate dependent on the average quarterly availability under the Credit Agreement and will be calculated according to a base rate or a Eurocurrency rate plus an applicable margin. The applicable margin for base rate loans ranges from 0.25% to 0.50% and the applicable margin for Eurocurrency loans ranges from 1.25% to 1.50%. In addition, a fee is payable quarterly on the unused portion of the amount available to be borrowed under the Credit Agreement. The fee accrues at a rate of either 0.25% or 0.375% depending upon the average usage of the facility. The Credit Agreement is scheduled to mature on September 29, 2022, at which time all outstanding amounts under the Credit Agreement will be due and payable. Borrowings under the Credit Agreement may be used for working capital and general corporate purposes. Based on the Company’s borrowing base as of December 31, 2017 and existing borrowings, the Company had approximately $549.5 million borrowing capacity available under the Credit Agreement. The weighted average interest rate on borrowings under the Company’s current and prior credit facilities was 3.5%, 2.5% and 2.0% for the years ended December 31, 2017, 2016 and 2015, respectively. On June 7, 2017, the Company repurchased $41.7 million of the 6.625% debentures due April 15, 2029, $59.4 million of the 6.50% senior notes due November 15, 2023 and $101.7 million of the 6.00% senior notes due April 1, 2024 using borrowings under the prior credit agreement. The repurchases resulted in a net gain of $0.8 million which was recognized within loss on debt extinguishment in the Consolidated Statements of Operations for the year ended December 31, 2017 related to the difference between the fair value of the debt repurchased and the principal outstanding, partially offset by the premiums paid, unamortized debt issuance costs and other expenses. On May 22, 2017, certain third party financial institutions (such financial institutions collectively, the “Third Party Purchasers”), launched cash tender offers for certain of the Company’s outstanding debt securities, including the Company’s 7.625% senior notes due June 15, 2020 and 7.875% senior notes due March 15, 2021. On June 7, 2017, the Third Party Purchasers purchased $111.6 million in aggregate principal amount of the 7.625% senior notes due June 15, 2020 (the “Third Party Purchase Notes”). On June 21, 2017, the Company exchanged 6,143,208 of its retained shares of Donnelley Financial for the Third Party Purchase Notes. The Company cancelled the Third Party Purchase Notes on June 21, 2017. As a result, the Company recognized a $14.4 million loss on debt extinguishment in the Consolidated Statements of Operations during the year ended December 31, 2017 related to premiums paid, unamortized debt issuance costs and other expenses. In addition, the Company recognized a net realized gain of $92.4 million resulting from the disposition of these retained shares of Donnelley Financial common stock within investment and other income-net in the Consolidated Statements of Operations during the year ended December 31, 2017. On August 4, 2017, the Company disposed of its remaining 99,594 shares of Donnelley Financial common stock in exchange for $1.9 million in aggregate principal of the Company’s 7.875% senior notes due March 15, 2021 which were cancelled. As a result, the Company recognized a $0.3 million loss on debt extinguishments in the Consolidated Statements of Operations during the year ended December 31, 2017, related to premiums paid, unamortized debt issuance costs and other expenses. In addition, the Company recognized a net realized gain of $1.6 million resulting from the disposition of these retained shares of Donnelley Financial common stock within investment and other income-net in the Consolidated Statements of Operations during the year ended December 31, 2017. As of December 31, 2017, the Company had $149.1 million in other uncommitted credit facilities, primarily outside the U.S. (the “Other Facilities”). There were $139.2 million in outstanding letters of credit, bank guarantees and bank acceptance drafts which reduced availability, of which $34.5 million were issued under the Credit Agreement. Total borrowings under the Credit Agreement and the Other Facilities (the “Combined Facilities”) were $226.6 million and $192.5 million as of December 31, 2017 and 2016, respectively. Cash on hand and borrowings under the prior credit facility were used to pay the $219.8 million of 8.6% senior notes that matured on August 15, 2016. At December 31, 2017, the future maturities of debt, including capitalized leases, were as follows: Amount 2018 $ 10.8 2019 172.2 2020 238.4 2021 529.1 2022 356.0 2023 and thereafter 816.1 Total (a) $ 2,122.6 (a) Excludes unamortized debt issuance costs of $11.6 million and $1.3 million of bond discount which do not represent contractual commitments with a fixed amount or maturity date. Spinoff Transactions In connection with the spinoff transactions, the Company, Donnelley Financial and LSC executed various debt transactions in order to capitalize each company. As these debt transactions were executed in order to successfully complete the spinoff capitalization transactions, the Company has classified the corporate level debt repurchased, resulting losses on debt extinguishments and all related interest expense as discontinued operations or liabilities held for disposition. On September 30, 2016, the Company’s then wholly-owned subsidiary Donnelley Financial issued senior notes and incurred a senior secured term loan B facility with total aggregate principal of $300.0 million and $350.0 million, respectively. Additionally on September 30, 2016, the Company’s then wholly-owned subsidiary LSC issued senior notes and incurred a senior secured term loan B facility with total aggregate principal of $450.0 million and $375.0 million, respectively. All of the related net proceeds were distributed to the Company or exchanged for debt in connection with the Separation. After the Separation, RRD has no obligations as it relates to these senior notes, senior secured term loan B facilities or any other LSC or Donnelley Financial indebtedness. Additionally on September 30, 2016, the Company entered into an amended and restated credit agreement providing for $800.0 million in credit facilities, representing a reduction from the prior credit agreement which provided for $1.5 billion in credit facilities. As a result of the reduction in borrowing capacity, the Company recognized a $1.4 million loss related to unamortized debt issuance costs within loss from discontinued operations, net of tax, in the Consolidated Statements of Operations for the period ended December 31, 2016. On August 31, 2016, the Company and certain third party financial institutions (such financial institutions collectively, the “Third Party Purchasers”), launched cash tender offers for certain of the Company’s outstanding debt securities, including the Company’s 6.125% senior notes due January 15, 2017 (the “2017 Notes”), 7.250% senior notes due May 15, 2018 the (“2018 Notes”), 8.250% senior notes due March 15, 2019 (the “2019 Notes”) and 7.000% senior notes due February 15, 2022 (the “2022 Notes”). On September 16, 2016, the Third Party Purchasers purchased $274.4 million in aggregate principal amount of the 2017 Notes and 2018 Notes (the “Third Party Purchase Notes”). On September 30, 2016, the Company purchased approximately $503.6 million in aggregate principal amount of the 2017 Notes, the 2018 Notes, the 2019 Notes and the 2022 Notes (the “Company Purchase Notes”), and exchanged $300.0 million in aggregate principal amount of the Donnelley Financial senior notes for the Third Party Purchase Notes. The Company cancelled the Third Party Purchase Notes and Company Purchase Notes on September 30, 2016. As a result, the Company recognized an $85.3 million loss on debt extinguishments within loss from discontinued operations, net of tax, in the period ending December 31, 2016 related to premiums and other related transaction costs. On October 6, 2016, the Company redeemed the outstanding $45.8 million principal amount of the 2018 Notes and the outstanding $21.3 principal amount of the 2019 Notes plus accrued and unpaid interest. Additionally, the Company redeemed the outstanding $155.2 million aggregate principal of the 2017 Notes on November 2, 2016. As a result, the Company recognized an additional $10.8 million loss on debt extinguishments within net earnings of discontinued operations in the fourth quarter of 2016. Interest expense The following table summarizes interest expense included in the Consolidated Statements of Operations: 2017 2016 2015 Interest incurred $ 185.0 $ 206.1 $ 211.6 Less: interest income (2.8 ) (4.6 ) (3.7 ) Less: interest capitalized as property, plant and equipment (2.6 ) (2.8 ) (3.8 ) Interest expense, net $ 179.6 $ 198.7 $ 204.1 Interest paid, net of interest capitalized, was $177.6 million, $280.1 million and $274.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 12. Derivatives All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities in the Consolidated Balance Sheets at their respective fair values. Unrealized gains and losses related to derivatives are recorded in other comprehensive income (loss), net of applicable income taxes, or in the Consolidated Statements of Operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as cash flow hedges, the effective portion of the unrealized gain or loss related to the derivatives are generally recorded in other comprehensive income (loss) until the transaction affects earnings. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the Consolidated Statements of Operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized in the Consolidated Statements of Operations. At the inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is also recognized in the Consolidated Statements of Operations. The Company is exposed to the impact of foreign currency fluctuations in certain countries in which it operates. The exposure to foreign currency movements is limited in many countries because the operating revenues and expenses of its various subsidiaries and business units are substantially in the local currency of the country in which they operate. To the extent borrowings, sales, purchases, revenues, expenses or other transactions are not in the local currency of the subsidiary or operating unit, the Company is exposed to currency risk. Periodically, the Company uses foreign exchange spot and forward contracts to hedge exposures resulting from foreign exchange fluctuations. Accordingly, the gains and losses associated with the fair values of foreign currency exchange contracts are recognized in the Consolidated Statements of Operations and are generally offset by gains and losses on underlying payables, receivables and net investments in foreign subsidiaries. The Company does not use derivative financial instruments for trading or speculative purposes. The aggregate notional value of the forward contracts at December 31, 2017 and 2016 was $215.9 million and $172.2 million, respectively. The fair values of foreign currency contracts were determined to be Level 2 under the fair value hierarchy and are valued using market exchange rates. On March 13, 2012, the Company entered into interest rate swap agreements to manage interest rate risk exposure, effectively changing the interest rate on $400.0 million of its fixed-rate senior notes to a floating-rate based on LIBOR plus a basis point spread. The interest rate swaps, with a notional value of $400.0 million at inception, were designated as fair value hedges against changes in the value of the Company’s $450.0 million 8.25% senior notes due March 15, 2019, which were attributable to changes in the benchmark interest rate. During the year ended December 31, 2016, in connection with the tender of the Company’s 8.25% senior notes due March 15, 2019, the Company terminated $190.0 million notional value of the interest rate swap agreements which resulted in cash received of $2.5 million for the fair value of the interest rate swaps. As of December 31, 2017 and 2016, the Company had no outstanding interest rate swap agreements. The Company’s foreign currency contracts 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 currency contracts on a net basis when possible. Foreign currency contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. The Company manages credit risk for its derivative positions on a counterparty-by-counterparty basis, considering the net portfolio exposure with each counterparty, consistent with its risk management strategy for such transactions. The Company’s agreements with each of its counterparties contain a provision where the Company could be declared in default on its derivative obligations if it either defaults or, in certain cases, is capable of being declared in default of any of its indebtedness greater than specified thresholds. These agreements also contain a provision where the Company could be declared in default subsequent to a merger or restructuring type event if the creditworthiness of the resulting entity is materially weakened. As of December 31, 2017 and 2016, the fair value of the Company’s foreign currency contracts, which were the only derivatives not designated as hedges, along with the accounts in the Consolidated Balance Sheets in which the fair value amounts were included, were as follows: 2017 2016 Derivatives not designated as hedges Prepaid expenses and other current assets $ 2.2 $ 1.7 Accrued liabilities — 1.5 The pre-tax gains related to derivatives not designated as hedges recognized in the Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015 were as follows: Classification of (Gain) Loss Recognized in the Consolidated Statements of Operations 2017 2016 2015 Derivatives not designated as hedges Foreign currency contracts Selling, general and administrative expenses $ (1.7 ) $ (5.7 ) $ (28.2 ) For derivatives designated as fair value hedges, the pre-tax (gains) losses related to the hedged items attributable to changes in the hedged benchmark interest rate and the offsetting (gain) loss on the related interest rate swaps for the years ended December 31, 2017, 2016 and 2015 were as follows: Classification of (Gain) Loss Recognized in the Consolidated Statements of Operations 2017 2016 2015 Fair value hedges Interest rate swaps Investment and other expense-net $ — $ 0.4 $ (1.7 ) Hedged items Investment and other expense-net — (0.8 ) 1.3 Total (gain) loss recognized as ineffectiveness in the Consolidated Statements of Operations Investment and other expense-net $ — $ (0.4 ) $ (0.4 ) The Company also recognized a net reduction to interest expense $1.0 million and $2.0 million for the years ended December 31, 2016 and 2015, respectively, related to the Company’s fair value hedges, which includes interest accruals on the derivatives and amortization of the basis in the hedged items. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 13. Earnings per Share Basic earnings per share is calculated by dividing net earnings attributable to RRD common stockholders by the weighted average number of common shares outstanding for the period. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units and performance share units. Performance share units are excluded if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Additionally, stock options are considered anti-dilutive when the exercise price exceeds the average market value of the Company’s stock price during the applicable period. In periods when the Company is in a net loss from continuing operations, share-based awards are excluded from the calculation of earnings per share as their inclusion would have an antidilutive effect. During the years ended December 31, 2017, 2016 and 2015, no shares of common stock were purchased by the Company, however, shares were withheld for tax liabilities upon the vesting of equity awards. During the year ended December 31, 2015, the Company issued approximately 2.7 million shares of common stock in conjunction with acquisitions. The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Basic net (loss) earnings per share attributable to RRD common stockholders: Continuing operations $ (0.49 ) $ (6.95 ) $ (0.28 ) Discontinued operations — (0.14 ) 2.48 Net (loss) earnings attributable to RRD stockholders $ (0.49 ) $ (7.09 ) $ 2.20 Diluted net (loss) earnings per share attributable to RRD common stockholders: Continuing operations $ (0.49 ) $ (6.95 ) $ (0.28 ) Discontinued operations — (0.14 ) 2.48 Net (loss) earnings attributable to RRD stockholders $ (0.49 ) $ (7.09 ) $ 2.20 Numerator: Net loss attributable to RRD common stockholders - continuing operations $ (34.4 ) $ (486.2 ) $ (19.0 ) (Loss) income from discontinued operations, net of tax (Note 2) — (9.7 ) 170.1 Net (loss) earnings attributable to RRD common stockholders $ (34.4 ) $ (495.9 ) $ 151.1 Denominator: Weighted average number of common shares outstanding 70.2 70.0 68.5 Dilutive options and awards — — — Diluted weighted average number of common shares outstanding 70.2 70.0 68.5 Weighted average number of anti-dilutive share-based awards: Stock options 1.0 0.9 0.8 Performance share units — — 0.2 Restricted stock units 0.8 0.3 0.2 Total 1.8 1.2 1.2 Dividends declared per common share $ 0.56 $ 2.48 $ 3.12 |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | Note 14. Other Comprehensive (Loss) Income The components of other comprehensive (loss) income and income tax expense allocated to each component for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Before Tax Amount Income Tax Expense Net of Tax Amount Before Tax Amount Income Tax Expense Net of Tax Amount Before Tax Amount Income Tax Expense Net of Tax Amount Translation adjustments $ 57.1 $ — $ 57.1 $ (38.3 ) $ — $ (38.3 ) $ (55.7 ) $ — $ (55.7 ) Adjustment for net periodic pension and other postretirement benefits plan cost 22.4 7.5 14.9 20.2 9.0 11.2 60.2 25.4 34.8 Adjustment for available-for-sale securities (122.3 ) (3.0 ) (119.3 ) 122.3 3.0 119.3 — — — Change in fair value of derivatives — — — — — — 0.1 — 0.1 Other comprehensive (loss) income $ (42.8 ) $ 4.5 $ (47.3 ) $ 104.2 $ 12.0 $ 92.2 $ 4.6 $ 25.4 $ (20.8 ) During the year ended December 31, 2016, translation adjustments and income tax expense on pension and other postretirement benefits plan cost were adjusted to reflect previously recorded deferred taxes at their historical exchange rates. The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2017, 2016 and 2015: Changes in the Fair Value of Derivatives Changes in the Fair Value of Available-for-Sale Securities Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at January 1, 2015 $ (0.1 ) $ — $ (762.3 ) $ (11.2 ) $ (773.6 ) Other comprehensive income (loss) before reclassifications — — 22.1 (67.6 ) (45.5 ) Amounts reclassified from accumulated other comprehensive loss 0.1 — 8.9 — 9.0 Amounts reclassified from cumulative translation adjustment — — 3.8 13.1 16.9 Net change in accumulated other comprehensive loss 0.1 — 34.8 (54.5 ) (19.6 ) Balance at December 31, 2015 $ — $ — $ (727.5 ) $ (65.7 ) $ (793.2 ) Other comprehensive income (loss) before reclassifications — 119.3 (42.7 ) (37.1 ) 39.5 Amounts reclassified from accumulated other comprehensive loss — — 52.7 — 52.7 Amounts reclassified due to disposition of an operating entity — — 1.2 (0.7 ) 0.5 Net change in accumulated other comprehensive loss — 119.3 11.2 (37.8 ) 92.7 Distribution to Donnelley Financial and LSC — — 556.8 88.0 644.8 Balance at December 31, 2016 $ — $ 119.3 $ (159.5 ) $ (15.5 ) $ (55.7 ) Other comprehensive income (loss) before reclassifications — (48.5 ) 10.6 53.6 15.7 Amounts reclassified from accumulated other comprehensive loss — (70.8 ) 4.3 2.8 (63.7 ) Net change in accumulated other comprehensive loss — (119.3 ) 14.9 56.4 (48.0 ) Balance at December 31, 2017 $ — $ — $ (144.6 ) $ 40.9 $ (103.7 ) Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Classification in the Consolidated Statements of Operations Translation Adjustments: Net realized loss $ 2.8 $ — $ — (a) Reclassifications before tax 2.8 — — Income tax expense — — — Reclassifications, net of tax $ 2.8 $ — $ — Amortization of pension and other postretirement benefits plan cost: Net actuarial loss $ 7.2 $ 26.2 $ 40.5 (b) Net prior service credit (2.8 ) (12.7 ) (26.9 ) (b) Curtailments and settlements 1.6 78.9 0.2 (b) Reclassifications before tax 6.0 92.4 13.8 Income tax expense 1.7 39.7 4.9 Reclassifications, net of tax $ 4.3 $ 52.7 $ 8.9 Available-for-sale securities: Net realized gain on equity securities $ (52.8 ) $ — $ — (c) Reclassifications before tax (52.8 ) — — Income tax expense 18.0 — — Reclassifications, net of tax $ (70.8 ) $ — $ — Total reclassifications, net of tax $ (63.7 ) $ 52.7 $ 8.9 (a) Included within selling, general and administrative expenses in the Consolidated Statements of Operations. (b) These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 9, Retirement Plans (c) Included within investment and other income-net in the Consolidated Statements of Operations |
Stock and Incentive Programs fo
Stock and Incentive Programs for Employees and Directors | 12 Months Ended |
Dec. 31, 2017 | |
Share Based Compensation [Abstract] | |
Stock and Incentive Programs for Employees and Directors | Note 15. Stock and Incentive Programs for Employees and Directors The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors, including stock options, restricted stock units and performance share units. The Company estimates the fair value of share-based awards based on assumptions as of the grant date. The Company recognizes compensation expenses for those awards expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years for restricted stock awards and stock options and the performance period for performance share units. In 2017, the Company recognized forfeitures as they occurred as a reduction of compensation expense as part of the adoption of ASU 2016-09. Prior to adoption, the Company estimated the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures were estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Share-Based Compensation Expense The total share-based compensation expense for continuing operations was $8.4 million, $7.4 million and $10.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. The resulting income tax benefit was $3.2 million, $2.9 million and $3.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017, $14.0 million of unrecognized compensation expense related to share-based compensation plans is expected to be recognized over a weighted-average period of 2.0 years. In 2017, the Company presented excess tax benefits as an operating activity on the Consolidated Statement of Cash Flows rather than as financing activity as part of the adoption of ASU 2016-09. Prior to adoption, excess tax benefits, shown as financing cash inflows in the Consolidated Statements of Cash Flows, were $2.6 million and $3.2 million for the years ended December 31, 2016 and 2015, respectively. Share-Based Compensation Plans The Company has one share-based compensation plan under which it may grant future awards, as described below, and one terminated or expired share-based compensation plan under which awards remain outstanding. The 2017 Performance Incentive Plan (the “2017 PIP”) was approved by stockholders to provide incentives to key employees of the Company and its subsidiaries. Awards under the 2017 PIP are generally not restricted to any specific form or structure and could include, without limitation, stock options, stock units, restricted stock awards, cash or stock bonuses and stock appreciation rights. There were 3.2 million shares of common stock reserved and authorized for issuance under the 2017 PIP. At December 31, 2017, there were 3.1 million shares of common stock authorized and available for grant under the 2017 PIP. General Terms of Awards Under various incentive plans, the Company has granted certain employees non-qualified stock options, restricted stock units, and performance share units. The Human Resources Committee of the Board of Directors has discretion to establish the terms and conditions for grants, including the number of shares, vesting and required service or other performance criteria. The maximum term of any award under the 2017 PIP and previous plans is ten years. The exercise price of a stock option is equal to the closing price of the Company’s common stock on the option grant date and generally vest over four years. Options generally expire ten years from the date of grant or five years after the date of retirement, whichever is earlier. The rights granted to the recipient of restricted stock unit awards generally accrue ratably over the restriction or vesting period, which is generally four years. The Company has also granted restricted stock unit awards which cliff vest three years from the grant date. Restricted stock unit awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death or permanent disability of the grantee, termination of the grantee’s employment under certain circumstances or a change in control of the Company. The Company records compensation expense of restricted stock unit awards based on the fair value of the awards at the date of grant ratably over the period during which the restrictions lapse. Dividends are not paid on restricted stock units. The Company also issues restricted stock units as share-based compensation for members of the Board of Directors. Director restricted stock units granted after January 2009 vest ratably over three years from the date of grant with the opportunity to defer any tranche of vesting restricted stock units until termination of service on the Board of Directors. Awards granted between January 2008 and January 2009 vested ratably over three years from the date of grant and were amended in May 2009 to provide the opportunity to defer any tranche of vesting restricted stock units until termination of service on the Board of Directors. For awards granted prior to January 2008, one-third of the restricted stock units vested on the third anniversary of the grant date, and the remaining two-thirds of the restricted stock units vested upon termination of the holder’s service on the Board of Directors; the holder could also elect to defer delivery of the initial one-third of the restricted stock units until termination of service on the Board of Directors. In the event of termination of a holder’s service on the Board of Directors prior to a vesting date, all restricted stock units of such holder will vest. All awards granted prior to December 31, 2007 are payable in shares of common stock or cash. In 2009, the option to have awards paid in cash was removed for awards granted in 2008 and future years. Awards that may be paid in cash are classified as liability awards due to their expected settlement in cash, and are included in accrued liabilities in the Consolidated Balance Sheets. Approximately 12,148, 12,148 and 86,372 restricted stock units classified as liability awards were outstanding at December 31, 2017, 2016 and 2015, respectively. Compensation expense for these awards is measured based upon the fair value of the awards at the end of each reporting period. Awards payable only in shares are classified as equity awards due to their expected settlement in common stock. Compensation expense for these awards is measured based upon the fair value of the awards at the date of grant. Dividend equivalents are accrued for shares awarded to the Board of Directors and paid in the form of cash. The Company has granted performance share unit awards to certain executive officers and senior management. Distributions under these awards are payable at the end of their respective performance periods in common stock or cash, at the Company’s discretion. The number of share units that vest can range from zero to 150% for the 2017 and 2015 awards, depending on achievement of a targeted performance metric for a performance period of three years inclusive of the year in which the award was granted. These awards are subject to forfeiture upon termination by the Company under certain circumstances prior to vesting. The Company expenses the cost of the performance share unit awards based on the fair value of the awards at the date of grant and the estimated achievement of the performance metric, ratably over the performance period of three years. Stock Options There were no options granted during the years ended December 31, 2017 and 2016. Stock option awards as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017 were as follows: Shares Under Option (thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Outstanding at December 31, 2016 1,551 $ 37.19 2.2 $ 1.7 Cancelled/forfeited/expired (294 ) 58.19 Outstanding at December 31, 2017 1,257 32.28 1.6 — Vested and exercisable at December 31, 2017 1,257 $ 32.28 1.6 $ — The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2017 and 2016, respectively, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on December 31, 2017 and 2016. There were no options exercised for the year ended December 31, 2017. Total intrinsic value of options exercised for the years ended December 31, 2016 and 2015 was $0.3 million and $0.8 million, respectively. There was no unrecognized compensation expense related to stock options as of December 31, 2017. Cash proceeds received from the option exercises for the years ended December 31, 2016 and 2015 were $1.1 million and $1.8 million, respectively. Restricted Stock Units Nonvested restricted stock unit awards as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017 were as follows: Shares (thousands) Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 833 $ 17.23 Granted 720 15.04 Vested (312 ) 14.87 Forfeited (159 ) 17.37 Nonvested at December 31, 2017 1,082 $ 16.43 As of December 31, 2017, there was $12.0 million of unrecognized share-based compensation which will be recognized over a weighted-average period of 1.9 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. Performance Share Units Nonvested performance share unit awards as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017, were as follows: Shares (thousands) Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 37 $ 16.73 Granted 304 16.30 Forfeited (20 ) 16.37 Nonvested at December 31, 2017 321 $ 16.34 As of December 31, 2017, there was $2.0 million of unrecognized compensation expense related to performance share unit awards, which is expected to be recognized over a weighted-average period of 2.1 years. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 16. Segment Information The Company’s segments and their product and service offerings are summarized below: Variable Print The Variable Print segment includes the Company’s U.S. short-run and transactional printing operations. This segment’s primary product offerings include commercial and digital print, direct mail, labels, statement printing, forms and packaging. The Variable Print segment accounted for 44.9% of the Company’s consolidated net sales in 2017. Strategic Services The Strategic Services segment includes the Company’s logistics services, print management offerings and digital and creative solutions. The Strategic Services segment accounted for 25.4% of the Company’s consolidated net sales in 2017. International The International segment includes the Company’s non-U.S. printing operations in Asia, Latin America and Canada. This segment’s primary product and service offerings include commercial and digital print, direct mail, packaging, forms, labels, manuals, statement printing, logistics services and digital and creative solutions. Additionally, this segment includes the Company’s business process outsourcing and Global Turnkey Solutions operations. Business process outsourcing provides transactional print and outsourcing services, statement printing, direct mail and print management offerings through its operations in Europe, Asia and North America. Global Turnkey Solutions provides outsourcing capabilities, including product configuration, customized kitting and order fulfillment for technology, medical device and other companies around the world through its operations in Europe, North America and Asia. The International segment accounted for 29.7% of the Company’s consolidated net sales in 2017. 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 international cash resources to meet local liquidity needs. Information by Segment The Company utilizes income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision-maker and is most consistent with the presentation of profitability reported within the Consolidated Financial Statements. Total Sales Intersegment Sales Net Sales Income (Loss) from Operations Assets of Operations Depreciation and Amortization Capital Expenditures Year ended December 31, 2017 Variable Print $ 3,129.1 $ (16.0 ) $ 3,113.1 $ 189.0 $ 1,514.0 $ 114.7 $ 31.7 Strategic Services 1,936.5 (170.8 ) 1,765.7 3.4 577.7 18.0 7.3 International 2,104.0 (43.2 ) 2,060.8 89.2 1,614.8 54.6 45.9 Total operating segments 7,169.6 (230.0 ) 6,939.6 281.6 3,706.5 187.3 84.9 Corporate — — — (55.1 ) 198.0 4.1 23.6 Total operations $ 7,169.6 $ (230.0 ) $ 6,939.6 $ 226.5 $ 3,904.5 $ 191.4 $ 108.5 Year ended December 31, 2016 Variable Print $ 3,155.0 $ (9.6 ) $ 3,145.4 $ (349.5 ) $ 1,619.4 $ 121.5 $ 56.9 Strategic Services 1,883.9 (157.0 ) 1,726.9 26.8 603.9 19.4 12.7 International 2,003.3 (42.6 ) 1,960.7 150.7 1,398.3 61.0 32.8 Total operating segments 7,042.2 (209.2 ) 6,833.0 (172.0 ) 3,621.6 201.9 102.4 Corporate — — — (128.6 ) 647.2 2.3 20.7 Total operations $ 7,042.2 $ (209.2 ) $ 6,833.0 $ (300.6 ) $ 4,268.8 $ 204.2 $ 123.1 Year ended December 31, 2015 Variable Print $ 3,224.1 $ (9.2 ) $ 3,214.9 $ 208.2 $ 2,150.8 $ 134.1 $ 52.3 Strategic Services 1,752.0 (147.4 ) 1,604.6 39.5 475.2 19.5 19.0 International 2,101.8 (40.6 ) 2,061.2 86.7 1,424.1 75.7 45.4 Total operating segments 7,077.9 (197.2 ) 6,880.7 334.4 4,050.1 229.3 116.7 Corporate — — — (97.1 ) 226.2 3.2 16.9 Total operations $ 7,077.9 $ (197.2 ) $ 6,880.7 $ 237.3 $ 4,276.3 $ 232.5 $ 133.6 Corporate assets primarily consisted of the following items at December 31, 2017, 2016 and 2015: 2017 2016 2015 Cash and cash equivalents $ (37.5 ) $ 19.3 $ (45.9 ) Deferred income tax assets, net of valuation allowances 36.7 67.5 41.8 Software, net 41.6 43.0 48.5 Deferred compensation plan and Company owned life insurance assets 88.6 75.3 77.4 Investment in LSC and Donnelley Financial — 328.7 — Property, plant and equipment, net 29.6 30.2 41.6 Other 39.0 83.2 62.8 Total Corporate assets $ 198.0 $ 647.2 $ 226.2 Restructuring, impairment and other charges-net by segment for the years ended December 31, 2017, 2016 and 2015 are described in Note 4, Restructuring, Impairments and Other Charges |
Geographic Area and Products an
Geographic Area and Products and Services Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Geographic Area and Products and Services Information | Note 17. Geographic Area and Products and Services Information The following table presents net sales by geographic region for the years ended December 31, 2017, 2016 and 2015. Net sales by geographic region are based upon the sales location. Certain prior year amounts were restated to conform to the Company’s current geographic regions. 2017 2016 2015 U.S. $ 5,233.0 $ 5,250.3 $ 5,182.3 Asia 857.3 703.5 731.1 Europe 455.0 482.8 559.9 Other 394.3 396.4 407.4 Consolidated net sales $ 6,939.6 $ 6,833.0 $ 6,880.7 The following table presents long-lived assets by geographic region at December 31, 2017, 2016 and 2015. Long-lived assets include net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. Certain prior year amounts were restated to conform to the Company’s current geographic regions. 2017 2016 2015 U.S. $ 642.0 $ 720.1 $ 732.3 Asia 127.6 102.6 111.5 Europe 81.0 65.3 68.0 Other 105.2 105.9 107.0 Consolidated long-lived assets $ 955.8 $ 993.9 $ 1,018.8 The following table summarizes net sales by the Company’s products and services categories for the years ended December 31, 2017, 2016 and 2015: Products and services 2017 Net Sales 2016 Net Sales 2015 Net Sales Commercial, digital print and related products $ 2,586.8 $ 2,539.1 $ 2,446.3 Statements 556.4 561.3 595.3 Direct mail 546.3 537.4 530.2 Labels 470.4 472.1 505.3 Packaging and related products 566.7 464.6 482.5 Forms 284.5 329.2 350.0 Global Turnkey Solutions 314.9 321.7 345.9 Total products $ 5,326.0 $ 5,225.4 $ 5,255.5 Logistics services 1,244.7 1,242.5 1,227.7 Business process outsourcing 216.3 223.7 241.9 Digital and creative solutions 152.6 141.4 155.6 Total services 1,613.6 1,607.6 1,625.2 Total net sales $ 6,939.6 $ 6,833.0 $ 6,880.7 |
Venezuela Currency Remeasuremen
Venezuela Currency Remeasurement | 12 Months Ended |
Dec. 31, 2017 | |
Foreign Currency [Abstract] | |
Venezuela Currency Remeasurement | Note 18. Venezuela Currency Remeasurement As described in Note 3, Acquisitions and Dispositions on April 29, 2015 the Company sold its 50.1% interest in its Venezuelan operating entity. Beginning in January 2010, the three-year cumulative inflation for Venezuela using the blended Consumer Price Index and National Consumer Price Index exceeded 100%. As a result, Venezuela’s economy is considered highly inflationary and the financial statements of the Company’s Venezuelan subsidiaries were remeasured as if the functional currency were the U.S. Dollar. In February 2015, the Venezuelan government discontinued the Supplementary System for the Administration of Foreign Currency rate and introduced a new currency exchange rate mechanism (“SIMADI”). As of February 28, 2015, monetary assets and liabilities of the Company’s Venezuelan subsidiaries were remeasured at the SIMADI rate as the Company believed the SIMADI was 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 Bolivars per U.S. Dollar. As a result of the remeasurement at the SIMADI rate and the related impact of the devaluation, during the year ended December 31, 2015, a pre-tax loss of $30.3 million ($27.5 million after-tax) was recognized in net investment and other expense, of which $10.5 million was included in loss attributable to noncontrolling interests. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | Note 19. New Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which permits the reclassification of tax effects stranded in accumulated other comprehensive income to retained earnings as a result of the Tax Act. The standard also requires entities to disclose whether or not they elected to reclassify the tax effects related to the Tax Act as well as their policy for releasing income tax effects from accumulated other comprehensive income. The standard allows the option of applying either a retrospective adoption, meaning the standard is applied to all periods in which the effect of the Tax Act is recognized, or applying the amendments in the period of adoption, meaning an adjustment is made to shareholder’s equity as of the beginning of the reporting period. ASU 2018-02 will be effective in the first quarter of 2019; however early adoption is permitted for interim and annual periods, including the reporting period in which the Tax Act was enacted. The Company is currently evaluating the impact of ASU 2018-02 on the Consolidated Financial Statements. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income ("GILTI") provisions in the Tax Act In March 2017, FASB issued ASU No. 2017-07 “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which changes the presentation of net periodic pension and postretirement benefit cost (net benefit cost) within the Statement of Operations. Under the current guidance, net benefit cost is reported as an employee cost within income from operations. The amendment requires the bifurcation of net benefit cost, with the service cost component to be presented with other employee compensation costs in income from operations while the other components will be reported separately outside of income from operations. ASU No. 2017-07 will be effective in the first quarter of 2018 and is required to be retrospectively adopted. Had this guidance been adopted as of January 1, 2017, income from operations within the Consolidated Statements of Operations for the year ended December 31, 2017 would have been lower by $15.1 million and other non-operating income would have increased $15.1 million. In January 2017, the FASB issued ASU No. 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” eliminates Step 2 from the current goodwill impairment test, including determining the implied fair value of goodwill and comparing it with the carrying amount of that goodwill. The standard requires entities to record impairment charges based on the excess of a reporting unit’s carrying amount over its fair value. . The Company has elected to early adopt this guidance and has applied this guidance to all impairment analyses performed after January 1, 2017. In November 2016, the FASB issued ASU No. 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash.” This update requires that restricted cash and cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU No. 2016-18 is effective for fiscal years, and interim periods within those years, beginning after Dec ember 15, 2017 and a retrospective transition method is required. Early adoption is permitted, including adoption in an interim period. The Company elected to early adopt this guidance in the fourth quarter of 2017. Prior to adoption, the Company presented changes in restricted cash and cash equivalents in the investing section of its Consolidated Statement of Cash Flows. The adoption resulted in a decrease of $4.3 million and $0.5 million, for the years ended December 31, 2016 and 2015, respectively, in net cash used in investing activities; a decrease of $1.5 million, for the year ended December 31, 2016, in net cash provided by financing activities; and an increase of $0.7 million and $2.4 million, for the years ended December 31, 2016 and 2015, respectively, in the effect of exchange rates on cash, cash equivalents and restricted cash within the Consolidated Statement of Cash Flows. There was no impact to financial results. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This update addresses whether to present certain specific cash flow items as operating, investing or financing activities. The amendments in this update are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and are required to be retroactively adopted. Early adoption is permitted, including adoption in an interim period. In March 2016, the FASB issued ASU Under the new guidance, when awards vest or are settled, the excess tax benefits and tax deficiencies are recorded as income tax expense or benefit in the income statement instead of within additional paid-in capital. This guidance will be applied prospectively. Furthermore, the guidance requires excess tax benefits to be presented as an operating activity on the statement of cash flows rather than as a financing activity, which can be applied retrospectively or prospectively. Under the new guidance, an election can be made regarding whether to account for forfeitures of share-based payments by recognizing forfeitures of awards as they occur or estimate the number of awards expected to be forfeited. This guidance is to be applied using a modified retrospective transition method, with a cumulative adjustment to retained earnings. T In February 2016, the FASB issued ASU No. In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606),” 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. During 2016, the FASB issued ASU 2016-08 ASU 2016-10 “ and ASU 2016-12 which clarify the revenue recognition implementation guidance on principal versus agent considerations, identifying performance obligations, determining whether an entity's promise to grant a license provides a customer with either a right to use or a right to access the entity's intellectual property, assessing the collectability criteria, presentation of sales and similar taxes, noncash consideration and various other items. The amendments in these ASUs affect the guidance in ASU 2014-09, and the effective date and transition requirements are the same as those for ASU 2014-09 which, as amended by ASU Based upon the results of management’s evaluation, the most impactful aspects of the guidance relate to the timing of recognition for the revenue from inventory billed but not yet shipped. Currently, the Company defers revenue for inventory billed but not yet shipped while under the new revenue standard, the Company will generally be able to recognize revenue for certain completed inventory billed but not yet shipped at the customer’s direction. In addition, the adoption of this standard will change the timing of revenue recognition for most of our logistics business from at delivery to over the transit period as our performance obligation is completed. Due to the short transit period of our logistics performance obligations, we do not expect to have a material impact on the results of operations, financial condition or cash flows once implemented. The Company has evaluated and designed the necessary changes to its business processes, systems and controls to support recognition and disclosure under the new standard. |
Basis of Presentation and Sum28
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations —RRD is a global, integrated communications provider enabling organizations to create, manage, deliver and optimize their multichannel marketing and business communications. The Company has a flexible and comprehensive portfolio of integrated communications solutions that allows its clients to engage audiences, reduce costs and drive revenues. RRD’s innovative content management offering, production platform, logistics services, supply chain management, outsourcing capabilities and customized consultative expertise assist its clients in the delivery of integrated messages across multiple media to highly targeted audiences at optimal times for clients in virtually every private and public sector. |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for uncollectible accounts receivable, inventory obsolescence, asset valuations and useful lives, employee benefits, self-insurance reserves, taxes, restructuring and other provisions and contingencies. |
Foreign Operations | Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) while transaction gains and losses are recorded in net earnings (loss). Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be permanently reinvested. |
Fair Value Measurements | Fair Value Measurements — Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its foreign currency contracts, available-for-sale securities, interest rate swaps, pension plan assets and other postretirement plan assets on a recurring basis. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held for sale, goodwill and other intangible assets. The fair value of cash, cash equivalents, restricted cash, accounts receivable, short-term debt and accounts payable approximate their carrying values. The three-tier value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. |
Revenue Recognition | Revenue Recognition —The Company recognizes revenue for the majority of its products upon transfer of title and the passage of the risk of ownership, which is generally upon shipment to the client. Contracts generally specify F.O.B. shipping point terms. Under agreements with certain clients, custom products may be stored by the Company for future delivery. In these situations, the Company may also receive a logistics or warehouse management fee for the services it provides. In certain of these cases, delivery and billing schedules are outlined in the client agreement and product revenue is recognized when manufacturing is complete, title and risk of ownership transfer to the client, and there is a reasonable assurance as to collectability. Because the majority of products are customized, product returns are not significant; however, the Company accrues for the estimated amount of client credits at the time of sale. Revenue from services is recognized as services are performed. For the Company’s logistics operations, whose operations include the delivery of printed material and other products, the Company recognizes revenue upon completion of the delivery of services. Within the Company’s business process outsourcing operations, the Company provides various outsourcing services. Depending on the nature of the service performed, revenue is recognized for outsourcing services either as services are rendered or upon completion of the service. Revenues related to the Company’s digital and creative solutions operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the client. The Company records deferred revenue in situations where amounts are invoiced but the revenue recognition criteria outlined above are not met. Such revenue is recognized when all criteria are subsequently met. Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for third-party shipping and handling costs as well as certain postage costs, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross. In the Company’s Global Turnkey Solutions and Sourcing operations, contracts are evaluated using various criteria to determine if revenue for components and other materials should be recognized on a gross or net basis. In general, these revenues are recognized on a gross basis if the Company has control over selecting vendors and pricing, is the primary obligor in the arrangement, bears all credit risk and bears the risk of loss for inventory in its possession. Revenue from contracts that do not meet these criteria is recognized on a net basis. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by clients or may be purchased by the Company and sold to clients. No revenue is recognized for client-supplied paper, but revenues for Company-supplied paper are recognized on a gross basis. The Company records taxes collected from clients and remitted to governmental authorities on a net basis and |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. Restricted cash —Amounts included in restricted cash primarily relate to letters of credit and bank acceptance drafts. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. December 31, 2017 2016 Cash and cash equivalents $ 273.4 $ 317.5 Restricted cash - current (a) 28.0 18.1 Restricted cash - noncurrent (b) 0.1 0.3 Total cash, cash equivalents and restricted cash $ 301.5 $ 335.9 (a) Included within prepaid expenses and other current assets within the Consolidated Balance Sheets. (b) Included within other noncurrent assets within the Consolidated Balance Sheets. |
Receivables | Receivables — Receivables are stated net of allowances for doubtful accounts and primarily include trade receivables, notes receivable and miscellaneous receivables from suppliers. No single client comprised more than 10% of the Company’s consolidated net sales in 2017, 2016 or 2015. Specific client provisions are made when a review of significant outstanding amounts, utilizing information about client creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. Transactions affecting the allowance for doubtful accounts receivable during the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Balance, beginning of year $ 35.9 $ 26.0 $ 27.0 Provisions charged to expense 3.2 12.1 17.8 Write-offs and other (6.7 ) (2.2 ) (18.8 ) Balance, end of year $ 32.4 $ 35.9 $ 26.0 |
Inventories | Inventories —Inventories include material, labor and factory overhead and are stated at the lower of cost or market and net of excess and obsolescence reserves for raw materials and finished goods. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory. Specific excess and obsolescence provisions are also made when a review of specific balances indicates that the inventories will not be utilized in production or sold. The cost of 37.7% and 43.8% of the inventories at December 31, 2017 and 2016, respectively, has been determined using the Last-In, First-Out (LIFO) method. This method is intended to reflect the effect of inventory replacement costs within results of operations; accordingly, charges to cost of sales generally reflect recent costs of material, labor and factory overhead. The Company uses an external-index method of valuing LIFO inventories. The remaining inventories, primarily related to certain acquired and international operations, are valued using the First-In, First-Out or specific identification methods. The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at December 31, 2017 and 2016 were as follows: 2017 2016 Raw materials and manufacturing supplies $ 161.1 $ 141.0 Work in process 75.0 84.4 Finished goods 198.2 179.4 LIFO reserve (17.5 ) (18.0 ) Total $ 416.8 $ 386.8 The Company recognized a LIFO benefit of $0.5 million, $1.1 million and $0.1 million, respectively, during the years ended December 31, 2017, 2016 and 2015. |
Long-Lived Assets | Long-Lived Assets —The Company assesses potential impairments to its long-lived assets if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impaired asset is written down to its estimated fair value based upon the most recent information available. Estimated fair market value is generally measured by discounting estimated future cash flows. Long-lived assets, other than goodwill and other intangible assets, which are held for sale, are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. |
Property, Plant and Equipment | Property, Plant and Equipment —Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 15 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 15 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. The components of the Company’s property, plant and equipment at December 31, 2017 and 2016 were as follows: 2017 2016 Land $ 56.1 $ 56.0 Buildings 417.3 403.0 Machinery and equipment 1,885.2 1,805.4 2,358.6 2,264.4 Accumulated depreciation (1,743.5 ) (1,614.1 ) Total $ 615.1 $ 650.3 During the years ended December 31, 2017, 2016 and 2015, depreciation expense was $139.8 million, $152.9 million, and $171.4 million, respectively. During the fourth quarter of 2017, we entered into an agreement to sell a building and transfer the related land use rights to a third party for a facility in the International segment. During the period, we received a deposit in accordance with the terms of the agreement of approximately $12.5 million, which is recorded in other noncurrent liabilities on the December 31, 2017 Consolidated Balance Sheet. The terms of the agreement require the buyer to make additional deposits to us through the close date, which is expected to occur in the second half of 2019. As of December 31, 2017, we continue to classify the carrying cost of the building within property, plant and equipment and record depreciation. The carrying cost of the land use rights are classified in other noncurrent assets. |
Goodwill | Goodwill —Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. For certain reporting units, the Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing this qualitative analysis, the Company considers various factors, including the excess of prior year estimates of fair value compared to carrying value, the effect of market or industry changes and the reporting units’ actual results compared to projected results. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. For the remaining reporting units, the Company compares each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying value. See Note 4, Restructuring, Impairment and Other Charges Goodwill and Other Intangible Assets The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. In the Company’s interim review for indicators of impairment as of December 31, 2017, management concluded that there were no indicators that the fair value of any of the reporting units with goodwill was more likely than not below its carrying value. |
Amortization | Amortization —Certain costs to acquire and develop internal-use computer software are capitalized and amortized over their estimated useful life using the straight-line method, up to a maximum of five years. Amortization expense, primarily related to internally-developed software and excluding amortization expense related to other intangible assets, was $23.0 million, $17.6 million and $14.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. Deferred debt issuance costs are amortized over the term of the related debt. Other intangible assets are recognized separately from goodwill and are amortized over their estimated useful lives. See Note 5, , for further discussion of other intangible assets and the related amortization expense. |
Financial Instruments | Financial Instruments —The Company uses derivative financial instruments to hedge exposures to interest rate and foreign exchange fluctuations in the ordinary course of business. All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities on the balance sheet at their respective fair values with unrealized gains and losses recorded in other comprehensive income (loss), net of applicable income taxes, or in the results of operations, depending on the purpose for which the derivative is held. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in the results of operations. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge at inception, or fail to meet the criteria thereafter, are recognized currently in the results of operations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is recognized currently in the results of operations. The Company’s foreign currency 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 currency contracts on a net basis when possible. Foreign currency contracts that can be settled on a net basis are presented net in the Consolidated Balance Sheets. Interest rate swaps are settled on a gross basis and presented gross in the Consolidated Balance Sheets. See Note 12, Derivatives |
Share-Based Compensation | Share-Based Compensation —The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options, restricted stock units and performance share units. The Company recognizes compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. See Note 15, , for further discussion. |
Preferred Stock | Preferred Stock —The Company has two million shares of $1.00 par value preferred stock authorized for issuance. The Board of Directors may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock. |
Pension and Other Postretirement Benefits Plans | Pension and Other Postretirement Benefits Plans —The Company records annual income and expense amounts relating to its pension and other postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive income (loss) and amortized into operating earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. See Note 9 , for additional information. |
Taxes on Income | Taxes on Income —Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes deferred tax liabilities related to taxes on certain foreign earnings that were not considered to be permanently reinvested. No deferred tax liabilities were recognized for foreign earnings that were considered to be permanently reinvested. Management regularly evaluates whether foreign earnings are expected to be permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the Company and its foreign subsidiaries. Changes in economic and business conditions, foreign or U.S. tax laws, or the Company’s financial situation could result in changes to these judgments and the need to record additional tax liabilities. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not ( i.e., Income Taxes |
Basis of Presentation and Sum29
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Revision of Net Sales, Cost of Sales and Balance Sheet | The following table presents the impact of the revision on net sales and cost of sales: As Reported Adjustments As Revised Year ended December 31, 2015 Products net sales $ 5,312.1 $ 56.6 $ 5,255.5 Total net sales 6,937.3 56.6 6,880.7 Products cost of sales 4,178.9 56.6 4,122.3 Total cost of sales 5,532.2 56.6 5,475.6 Year ended December 31, 2016 Products net sales $ 5,288.1 $ 62.7 $ 5,225.4 Total net sales 6,895.7 62.7 6,833.0 Products cost of sales 4,164.4 62.7 4,101.7 Total cost of sales 5,518.9 62.7 5,456.2 The following table presents the impact of the related balance sheet revision on the December 31, 2016 Consolidated Balance Sheet: As Reported Adjustments As Revised Receivables, less allowance for doubtful accounts $ 1,354.4 $ (23.1 ) $ 1,331.3 Inventories 379.6 7.2 386.8 Accounts payable 1,001.2 (15.9 ) 985.3 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. December 31, 2017 2016 Cash and cash equivalents $ 273.4 $ 317.5 Restricted cash - current (a) 28.0 18.1 Restricted cash - noncurrent (b) 0.1 0.3 Total cash, cash equivalents and restricted cash $ 301.5 $ 335.9 (a) Included within prepaid expenses and other current assets within the Consolidated Balance Sheets. (b) Included within other noncurrent assets within the Consolidated Balance Sheets. |
Transactions Affecting Allowance for Doubtful Accounts | Transactions affecting the allowance for doubtful accounts receivable during the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Balance, beginning of year $ 35.9 $ 26.0 $ 27.0 Provisions charged to expense 3.2 12.1 17.8 Write-offs and other (6.7 ) (2.2 ) (18.8 ) Balance, end of year $ 32.4 $ 35.9 $ 26.0 |
Components of Inventories | The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at December 31, 2017 and 2016 were as follows: 2017 2016 Raw materials and manufacturing supplies $ 161.1 $ 141.0 Work in process 75.0 84.4 Finished goods 198.2 179.4 LIFO reserve (17.5 ) (18.0 ) Total $ 416.8 $ 386.8 |
Components of Property, Plant and Equipment | The components of the Company’s property, plant and equipment at December 31, 2017 and 2016 were as follows: 2017 2016 Land $ 56.1 $ 56.0 Buildings 417.3 403.0 Machinery and equipment 1,885.2 1,805.4 2,358.6 2,264.4 Accumulated depreciation (1,743.5 ) (1,614.1 ) Total $ 615.1 $ 650.3 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Financial Results of Discontinued Operations | The following table presents the financial results of discontinued operations : Year Ended December 31, 2016 2015 Net sales $ 3,303.4 $ 4,472.9 Cost of sales 2,534.7 3,414.2 Operating expenses (a) 615.9 708.7 Interest and other (income) expense, net (b) 151.4 71.6 Earnings before income taxes 1.4 278.4 Income tax expense 11.1 108.3 Net (loss) earnings from discontinued operations $ (9.7 ) $ 170.1 (a) Includes spinoff transaction costs incurred of $81.2 million and $13.6 million, respectively, during the years ended December 31, 2016 and 2015. (b) Includes the related interest expense of the corporate level debt which was retired in connection with the Separation totaling $55.9 million and $73.3 million for the years ended December 31, 2016 and 2015. Also includes the losses on the extinguishment of corporate level debt executed in conjunction with the spinoff transactions totaling $96.1 million for the year ended December 31, 2016. |
Schedule of Non-Cash Items and Capital Expenditures of Discontinued Operations | The following table presents the significant non-cash items and capital expenditures of discontinued operations: Year Ended December 31, 2016 2015 Depreciation and amortization $ 159.0 $ 221.5 Pension settlement charges 77.7 — Impairment charges 1.5 7.1 Loss on debt extinguishments 96.1 — Assumption of warehousing equipment related to client contract 8.8 — Purchase of property, plant and equipment (49.0 ) (74.0 ) |
Schedule of Transactions with LSC and Donnelley Financial | The Company also entered into various commercial agreements which govern sales transactions between the companies. Under these commercial agreements, the Company recognized the following transactions with LSC and Donnelley Financial during the years ended December 31, 2017 and 2016. Year ended December 31, 2017 2016 Net sales to LSC and Donnelley Financial $ 279.5 $ 98.0 Purchases from LSC and Donnelley Financial 159.4 79.0 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition [Line Items] | |
Fair Values, Valuation Techniques and Related Unobservable Inputs of Level Three | The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2016 and 2015: Fair Value Valuation Technique Unobservable Input Range 2016 Client relationships $ 4.6 Excess earnings Attrition rate 5.0% Discount rate 13.0% 2015 Client relationships $ — Excess Earnings Discount rate 2.7% |
Precision Dialogue Holdings, LLC | |
Business Acquisition [Line Items] | |
Schedule of Final Purchase Price Allocation for Acquisitions | Based on the valuation, the final purchase price allocation for the Precision Dialogue acquisition was as follows: Accounts receivable $ 11.5 Inventories 0.4 Prepaid expenses and other current assets 0.8 Property, plant and equipment 6.9 Other intangible assets 14.1 Other noncurrent assets 1.2 Goodwill 42.5 Accounts payable and accrued liabilities (11.4 ) Deferred taxes-net (6.8 ) Total purchase price-net of cash acquired 59.2 Less: debt assumed 11.1 Net cash paid $ 48.1 |
Fair Values, Valuation Techniques and Related Unobservable Inputs of Level Three | The fair values of other intangible assets, technology and goodwill associated with the Precision Dialogue acquisition 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 Client relationships $ 11.0 Excess earnings Discount rate Attrition rate 16.0% 7.0% - 8.0% Trade names 1.4 Relief-from-royalty method Discount rate Royalty rate (pre-tax) 16.0% 0.75% - 1.25% Technology 0.6 Relief-from-royalty method Discount rate Royalty rate (pre-tax) Obsolescence factor 16.0% 15.0% 0.0% - 40.0% Non-compete agreements 1.7 With or without method Discount rate 16.0% |
Restructuring, Impairment and32
Restructuring, Impairment and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Net Restructuring, Impairment and Other Charges | For the year ended December 31, 2017, the Company recorded the following restructuring, impairment and other charges-net: Employee Terminations Other Restructuring Charges Total Restructuring Charges Impairment Other Charges Total Variable Print $ 4.2 $ 1.1 $ 5.3 — $ 1.9 $ 7.2 Strategic Services 2.6 0.3 2.9 21.9 0.4 25.2 International 8.0 2.6 10.6 0.1 — 10.7 Corporate 8.7 0.8 9.5 0.4 — 9.9 Total $ 23.5 $ 4.8 $ 28.3 $ 22.4 $ 2.3 $ 53.0 For the year ended December 31, 2016, the Company recorded the following restructuring, impairment and other charges-net: Employee Terminations Other Restructuring Charges Total Restructuring Charges Impairment Other Charges Total Variable Print $ 1.4 $ 1.7 $ 3.1 $ 557.9 $ 1.9 $ 562.9 Strategic Services 1.8 (0.1 ) 1.7 — 0.4 2.1 International 9.6 1.8 11.4 (2.5 ) — 8.9 Corporate 9.1 0.1 9.2 1.2 — 10.4 Total $ 21.9 $ 3.5 $ 25.4 $ 556.6 $ 2.3 $ 584.3 For the year ended December 31, 2015, the Company recorded the following restructuring, impairment and other charges-net: Employee Terminations Other Restructuring Charges Total Restructuring Charges Impairment Other Charges Total Variable Print $ 3.1 $ 4.7 $ 7.8 $ (0.5 ) $ 1.8 $ 9.1 Strategic Services 4.4 0.1 4.5 0.9 0.4 5.8 International 11.9 3.2 15.1 28.5 — 43.6 Corporate 3.0 1.2 4.2 — — 4.2 Total $ 22.4 $ 9.2 $ 31.6 $ 28.9 $ 2.2 $ 62.7 |
Schedule of Changes in the Restructuring Reserve | The restructuring reserve as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017, were as follows: December 31, 2016 Restructuring Charges Foreign Exchange and Other Cash Paid December 31, 2017 Employee terminations $ 7.6 $ 23.5 $ 0.1 $ (21.6 ) $ 9.6 Multi-employer pension plan withdrawal obligations 11.8 0.7 — (1.5 ) 11.0 Lease terminations and other 1.6 4.1 1.0 (3.8 ) 2.9 Total $ 21.0 $ 28.3 $ 1.1 $ (26.9 ) $ 23.5 The restructuring reserve as of December 31, 2016 and 2015, and changes during the year ended December 31, 2016, were as follows: December 31, 2015 Restructuring Charges Foreign Exchange and Other Cash Paid December 31, 2016 Employee terminations $ 6.1 $ 21.9 $ (3.6 ) $ (16.8 ) $ 7.6 Multi-employer pension plan withdrawal obligations 12.7 0.7 — (1.6 ) 11.8 Lease terminations and other 2.3 2.8 (0.1 ) (3.4 ) 1.6 Total $ 21.1 $ 25.4 $ (3.7 ) $ (21.8 ) $ 21.0 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Value of Goodwill by Segment | The changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 were as follows: Variable Print Strategic Services International Total Net book value as of January 1, 2016 Goodwill 1,794.5 343.9 1,098.0 3,236.4 Accumulated impairment losses (1,022.9 ) (148.7 ) (979.1 ) (2,150.7 ) Total $ 771.6 $ 195.2 $ 118.9 $ 1,085.7 Acquisitions 21.2 21.3 — 42.5 Foreign exchange and other adjustments 7.5 — (5.9 ) 1.6 Impairment charges (527.8 ) — — (527.8 ) Net book value as of December 31, 2016 Goodwill 1,823.0 365.2 1,017.9 3,206.1 Accumulated impairment losses (1,550.5 ) (148.7 ) (904.9 ) (2,604.1 ) Total $ 272.5 $ 216.5 $ 113.0 $ 602.0 Foreign exchange and other adjustments — — 7.8 7.8 Impairment charges — (21.3 ) — (21.3 ) Net book value as of December 31, 2017 Goodwill 1,823.9 365.2 1,090.2 3,279.3 Accumulated impairment losses (1,551.4 ) (170.0 ) (969.4 ) (2,690.8 ) Total $ 272.5 $ 195.2 $ 120.8 $ 588.5 |
Components of Other Intangible Assets | The components of other intangible assets at December 31, 2017 and 2016 were as follows: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Client relationships $ 534.1 $ (412.4 ) $ 121.7 $ 517.9 $ (370.7 ) $ 147.2 Patents 2.0 (2.0 ) — 2.0 (2.0 ) — Trademarks, licenses and agreements 26.2 (25.2 ) 1.0 26.2 (24.4 ) 1.8 Trade names 36.8 (16.2 ) 20.6 36.8 (13.9 ) 22.9 Total other intangible assets $ 599.1 $ (455.8 ) $ 143.3 $ 582.9 $ (411.0 ) $ 171.9 |
Schedule of Other Intangible Assets Additions by Component | December 31, 2016 Amount Weighted Average Amortization Period Client relationships $ 11.0 10.5 Trade names (amortizable) 1.4 4.7 Non-compete agreements 1.7 3.3 Total additions $ 14.1 |
Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets | The following table outlines the estimated annual amortization expense related to other intangible assets as of December 31, 2017: Amount 2018 $ 27.8 2019 24.1 2020 20.3 2021 20.0 2022 19.3 2023 and thereafter 31.8 Total $ 143.3 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the basis used to measure financial assets and liabilities that are carried at fair value on a recurring basis in the consolidated balance sheets. Basis of fair value measurement As of December 31, 2017 Significant other observable inputs (Level 2) Assets Foreign currency contracts $ 2.2 $ 2.2 Basis of fair value measurement As of December 31, 2016 Significant other observable inputs (Level 2) Assets Foreign currency contracts $ 1.7 $ 1.7 Available-for-sale securities 328.7 328.7 Total assets $ 330.4 $ 330.4 Liabilities Foreign currency contracts 1.5 1.5 Total liabilities $ 1.5 $ 1.5 |
Assets Measured at Fair Value on a Nonrecurring Basis | The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2017, 2016 and 2015 were as follows: Year Ended December 31, 2017 As of December 31, 2017 Impairment Charge Fair Value Measurement (Level 3) Net Book Value Long-lived assets held for sale or disposal $ 1.3 $ 0.7 $ — Goodwill 21.3 — — Other intangible assets 0.2 — — Total $ 22.8 $ 0.7 $ — Year Ended December 31, 2016 As of December 31, 2016 Impairment Charge Fair Value Measurement (Level 3) Net Book Value Long-lived assets held for sale or disposal $ 0.6 $ — $ — Goodwill 527.8 15.2 15.2 Other intangible assets 29.7 4.6 4.3 Total $ 558.1 $ 19.8 $ 19.5 Year Ended December 31, 2015 As of December 31, 2015 Impairment Charge Fair Value Measurement (Level 3) Net Book Value Long-lived assets held and used $ 0.3 $ — $ — Long-lived assets held for sale or disposal 1.5 2.8 — Goodwill 18.0 — — Other intangible assets 11.9 — — Total $ 31.7 $ 2.8 $ — |
Fair Values, Valuation Techniques and Related Unobservable Inputs of Level Three | The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2016 and 2015: Fair Value Valuation Technique Unobservable Input Range 2016 Client relationships $ 4.6 Excess earnings Attrition rate 5.0% Discount rate 13.0% 2015 Client relationships $ — Excess Earnings Discount rate 2.7% |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities Current [Abstract] | |
Components of Accrued Liabilities | The components of the Company’s accrued liabilities at December 31, 2017 and 2016 were as follows: 2017 2016 Employee-related liabilities $ 173.0 $ 175.3 Deferred revenue 112.4 106.6 Restructuring liabilities 10.7 6.0 Cash due to Donnelley Financial and LSC per Separation and Distribution Agreement — 78.0 Other 151.4 175.8 Total accrued liabilities $ 447.5 $ 541.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rental Commitments Under Operating Lease | Future minimum rental commitments under operating leases are as follows: Year Ended December 31 Amount 2018 $ 86.2 2019 57.4 2020 42.8 2021 28.5 2022 18.0 2023 and thereafter 31.0 $ 263.9 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense | The components of the net periodic benefit (income) expense and total (income) expense were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Service cost $ 0.7 $ 1.0 $ 1.7 $ 1.3 $ 3.8 $ 4.7 Interest cost 31.6 105.7 170.4 11.1 11.7 15.9 Expected return on plan assets (50.3 ) (177.5 ) (234.6 ) (13.5 ) (13.8 ) (13.1 ) Amortization of prior service credit — — — (2.8 ) (12.7 ) (26.9 ) Amortization of actuarial (gain) loss 7.3 26.1 40.5 (0.1 ) 0.1 — Settlements and curtailments 1.6 98.4 — — (19.5 ) — Attributable to DFS and LSC — (43.3 ) 16.8 — — — Net periodic benefit (income) expense related to continuing operations $ (9.1 ) $ 10.4 $ (5.2 ) $ (4.0 ) $ (30.4 ) $ (19.4 ) Weighted average assumption used to calculate net periodic benefit expense: Discount rate 3.8 % 4.3 % 3.9 % 4.0 % 4.2 % 3.9 % Expected return on plan assets 5.9 % 6.8 % 7.0 % 6.8 % 7.3 % 7.3 % |
Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans | Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Benefit obligation at beginning of year $ 974.7 $ 3,932.3 $ 345.0 $ 373.8 Service cost 0.7 1.0 1.3 3.8 Interest cost 31.6 105.7 11.1 11.7 Plan participants' contributions — — 9.0 9.4 Medicare reimbursements — — 5.0 5.4 Actuarial loss 53.9 349.5 3.0 5.9 Plan amendments and other — — — (33.8 ) Settlements (5.9 ) (304.4 ) — — Foreign currency translation 34.4 (40.5 ) 2.8 1.3 Benefits paid (44.6 ) (129.7 ) (34.8 ) (32.5 ) Separation of Donnelley Financial and LSC — (2,915.6 ) — — Divestitures — (23.6 ) — — Benefit obligation at end of year $ 1,044.8 $ 974.7 $ 342.4 $ 345.0 Fair value of plan assets at beginning of year $ 875.4 $ 3,424.1 $ 210.3 $ 205.5 Actual return on assets 106.0 424.1 31.3 14.8 Settlements (6.3 ) (304.4 ) — — Employer contributions 8.6 12.8 7.8 7.7 Medicare reimbursements — — 5.0 5.4 Plan participants' contributions — — 9.0 9.4 Separation of Donnelley Financial and LSC 5.8 (2,489.1 ) — — Divestitures — (16.8 ) — — Foreign currency translation 34.4 (45.6 ) — — Benefits paid (44.6 ) (129.7 ) (34.8 ) (32.5 ) Fair value of plan assets at end of year $ 979.3 $ 875.4 $ 228.6 $ 210.3 Total net pension and OPEB liability recognized as of December 31 $ (65.5 ) $ (99.3 ) $ (113.8 ) $ (134.7 ) |
Amounts Recognized on Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets as of December 31, 2017 and 2016 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Prepaid pension cost (included in other noncurrent assets) $ 39.9 $ 22.8 $ — $ — Accrued benefit cost (included in accrued liabilities) (2.7 ) (2.7 ) (0.6 ) (0.6 ) Pension liabilities (102.7 ) (119.4 ) — — Other postretirement benefits plan liabilities — — (113.2 ) (134.1 ) Net liabilities recognized in the Consolidated Balance Sheets - Continuing Operations $ (65.5 ) $ (99.3 ) $ (113.8 ) $ (134.7 ) |
Amounts in Accumulated Other Comprehensive Loss | The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, at December 31, 2017 and 2016 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Accumulated other comprehensive (loss) income Net actuarial (loss) gain $ (286.7 ) $ (297.4 ) $ 33.6 $ 19.2 Net prior service credit — — 30.4 32.9 Total $ (286.7 ) $ (297.4 ) $ 64.0 $ 52.1 |
Amounts Recognized in Other Comprehensive Income (Loss) | The pre-tax amounts recognized in other comprehensive loss in 2017 as components of net periodic benefit costs were as follows: Pension Benefits Other Postretirement Benefits Amortization of: Net actuarial (gain) loss $ 7.3 $ (0.1 ) Net prior service credit — (2.8 ) Amounts arising during the period: Net actuarial gain 1.8 14.8 Settlements 1.6 — Total $ 10.7 $ 11.9 |
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year | Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2018 are shown below: Pension Benefits Other Postretirement Benefits Amortization of: Net actuarial loss $ 8.0 $ — Net prior service credit — (2.8 ) Total $ 8.0 $ (2.8 ) |
Weighted Average Assumptions Used to Determine Benefit Obligation | The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Discount rate 3.4 % 3.8 % 3.5 % 4.0 % Health care cost trend: Current Pre-Age 65 — — 6.3 % 6.1 % Post-Age 65 — — 6.3 % 6.1 % Ultimate — — 4.5 % 5.0 % |
Summary of Projected Benefit Obligations in Excess of Plan Assets | The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2017 and 2016: Pension Benefits 2017 2016 Projected benefit obligation $ 797.4 $ 744.3 Fair value of plan assets 692.0 622.2 |
Accumulated Benefit Obligations in Excess of Plan Assets | The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2017 and 2016: Pension Benefits 2017 2016 Accumulated benefit obligation $ 784.6 $ 730.7 Fair value of plan assets 692.0 622.2 |
Effects of One-percentage Point Change in Assumed Health Care Cost Trend Rates | The current health care cost trend rate gradually declines through 2027 (2034 for Canada) to the ultimate trend rate and remains level thereafter. A one-percentage point change in assumed health care cost trend rates would have the following effects: 1.0% Increase 1.0% Decrease Other postretirement benefits obligation $ 7.7 $ (7.5 ) Total other postretirement benefits service and interest cost components 0.6 (0.6 ) |
Expected Benefit Payments | Benefit payments are expected to be paid as follows: Pension Benefits Other Postretirement Benefits-Gross Estimated Subsidy Reimbursements 2018 $ 46.8 $ 25.7 1.3 2019 47.2 25.4 1.3 2020 48.6 25.1 1.2 2021 50.3 24.8 1.1 2022 51.2 24.5 1.1 2023-2027 268.2 117.3 5.1 |
Pension Plans, Defined Benefit | |
Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2017 and 2016, by asset category were as follows: December 31, 2017 December 31, 2016 Asset Category Total Level 1 Level 2 Total Level 1 Level 2 Cash and cash equivalents $ 14.3 $ 11.5 $ 2.8 $ 17.5 $ 12.9 $ 4.6 Equity 125.0 124.9 0.1 144.6 144.5 0.1 Fixed income 246.7 0.7 246.0 222.7 0.7 222.0 Derivatives and other 2.1 — 2.1 2.3 — 2.3 Subtotal $ 388.1 $ 137.1 $ 251.0 $ 387.1 $ 158.1 $ 229.0 Plan assets measured at NAV Equity funds $ 279.7 $ 245.5 Fixed income 268.7 193.4 Derivatives and other 6.1 16.6 Real estate 36.7 32.8 Total plan assets measured at NAV $ 591.2 $ 488.3 Total $ 979.3 $ 875.4 |
Other Postretirement Benefit Plans, Defined Benefit | |
Allocation of Plan Assets | The fair values of the Company’s other postretirement benefits plan assets at December 31, 2017 and 2016, by asset category were as follows: December 31, 2017 December 31, 2016 Asset Category Total Level 2 Total Level 1 Level 2 Cash and cash equivalents $ 30.7 $ 30.7 $ 21.3 $ — $ 21.3 Other — — 1.4 1.4 — Subtotal $ 30.7 $ 30.7 $ 22.7 $ 1.4 $ 21.3 Investments measured at NAV Equity funds $ 166.3 $ 149.8 Fixed income funds 31.6 37.8 Total investments measured at NAV $ 197.9 $ 187.6 Total $ 228.6 $ 210.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings from Continuing Operations Before Income Taxes | Income taxes have been based on the following components of earnings (loss) from continuing operations before income taxes for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 U.S. $ (12.1 ) $ (617.9 ) $ (36.3 ) Foreign 87.6 120.7 25.6 Total $ 75.5 $ (497.2 ) $ (10.7 ) |
Components of Income Tax Expense (Benefit) from Continuing Operations | The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Federal: Current $ 60.9 $ (7.3 ) $ 8.5 Deferred 31.0 (51.7 ) (11.9 ) State: Current 0.2 (6.0 ) (8.3 ) Deferred (6.0 ) 12.5 (4.6 ) Foreign: Current 26.4 34.4 19.7 Deferred (3.8 ) 5.8 17.6 Total $ 108.7 $ (12.3 ) $ 21.0 |
Reconciliation of Differences Between Federal Statutory and Effective Income Tax Rate | The Tax Act was signed into law on December 22, 2017 and represents the most significant change to U.S. tax law since 1986. Key changes of the Tax Act are not limited to, but include the following: reduces the U.S. federal statutory rate from 35% to 21%; creates a territorial tax system rather than a worldwide system, generally allowing companies to repatriate future foreign-sourced earnings without incurring additional U.S. taxes; subjects certain foreign earnings on which U.S. income tax is currently deferred to a one-time transition tax; provides for new anti-deferral provisions to tax certain foreign earnings and a new base erosion tax; limits the deduction for net interest expense incurred by U.S. Companies; and eliminates or reduces certain other deductions. Also on December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (SAB 118) which provides guidance for companies analyzing their accounting for the income tax effects of the Tax Act. SAB 118 provides that a company may report provisional amounts based on reasonable estimates. The provisional estimates are then subject to adjustment during a measurement period up to one year and should be accounted for as a prospective change. During 2017, we recorded provisional estimates of the impact of the Tax Act within our income tax expense. To determine the amount of the transition tax, we were required to quantify, among other factors, the amount of post-1986 earnings and profits of applicable foreign subsidiaries, as well as the amount of non-U.S. tax paid on those earnings. We were able to make a reasonable estimate of the transition tax and impact to deferred taxes; however, we will continue to analyze our data and refine our estimated amounts accordingly. We will also continue to interpret any guidance or subsequent clarification of the tax law. As a result, we may make adjustments to the provisional amounts recorded, in accordance with the guidance outlined in SAB 118. The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s effective income tax rate: 2017 2016 2015 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Change in valuation allowances 2.8 (7.1 ) (225.5 ) Venezuelan devaluation and sale — — (122.8 ) State and local income taxes, net of U.S. federal income tax benefit (2.9 ) — 36.0 Impairment charges 6.6 (32.3 ) (57.8 ) Foreign tax 4.2 (1.2 ) (19.8 ) Adjustment of uncertain tax positions and interest (3.2 ) 0.5 45.9 Reorganization — 3.9 — Foreign tax rate differential (21.2 ) 3.0 169.7 Impact of the Tax Act 146.2 — — Tax impact of net gain on sale of Donnelley Financial and LSC shares (21.6 ) — — Other (1.9 ) 0.7 (57.0 ) Effective income tax rate 144.0 % 2.5 % (196.3 %) |
Significant Deferred Tax Assets and Liabilities | The significant deferred tax assets and liabilities at December 31, 2017 and 2016 were as follows: 2017 2016 Deferred tax assets: Pension and other postretirement benefits plan liabilities $ 58.8 $ 100.1 Net operating losses and other tax carryforwards 255.1 164.9 Accrued liabilities 51.5 86.1 Foreign depreciation 19.4 14.6 Other 16.5 25.1 Total deferred tax assets 401.3 390.8 Valuation allowances (238.3 ) (154.1 ) Net deferred tax assets $ 163.0 $ 236.7 Deferred tax liabilities: Accelerated depreciation $ (45.8 ) $ (68.2 ) Other intangible assets (20.0 ) (36.0 ) Inventories (7.3 ) (7.6 ) Other (14.0 ) (23.1 ) Total deferred tax liabilities (87.1 ) (134.9 ) Net deferred tax assets $ 75.9 $ 101.8 |
Transactions Affecting Valuation Allowance On Deferred Tax Assets | Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Balance, beginning of year $ 154.1 $ 130.8 $ 144.3 Current year expense-net 84.5 35.2 11.8 Write-offs (6.8 ) (1.0 ) (15.0 ) Foreign exchange and other 6.5 (10.9 ) (10.3 ) Balance, end of year 238.3 $ 154.1 $ 130.8 |
Unrecognized Tax Benefits | Changes in the Company’s unrecognized tax benefits at December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Balance at beginning of year $ 41.9 $ 51.0 $ 58.5 Additions for tax positions of the current year 0.2 0.6 1.1 Reductions for tax positions of prior years (9.0 ) (1.5 ) (5.4 ) Settlements during the year (0.1 ) (1.8 ) (0.3 ) Lapses of applicable statutes of limitations (2.1 ) (6.4 ) (2.9 ) Balance at end of year $ 30.9 $ 41.9 $ 51.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of the Company's Debt | The Company’s debt at December 31, 2017 and 2016 consisted of the following: 2017 2016 Borrowings under the credit facilities $ 216.0 $ 185.0 11.25% senior notes due February 1, 2019 (a) 172.2 172.2 7.625% senior notes due June 15, 2020 238.4 350.0 7.875% senior notes due March 15, 2021 447.2 448.8 8.875% debentures due April 15, 2021 80.9 80.9 7.00% senior notes due February 15, 2022 140.0 140.0 6.50% senior notes due November 15, 2023 290.6 350.0 6.00% senior notes due April 1, 2024 298.3 400.0 6.625% debentures due April 15, 2029 157.9 199.5 8.820% debentures due April 15, 2031 69.0 69.0 Other (b) 10.8 8.5 Unamortized debt issuance costs (11.6 ) (16.5 ) Total debt 2,109.7 2,387.4 Less: current portion (10.8 ) (8.2 ) Long-term debt $ 2,098.9 $ 2,379.2 (a) As of December 31, 2017 and 2016, the interest rate on the 11.25% senior notes due February 1, 2019 was 13.25%, the maximum amount of these rates as a result of credit ratings downgrades. (b) Includes miscellaneous debt obligations and capital leases. |
Future Maturities of Debt | At December 31, 2017, the future maturities of debt, including capitalized leases, were as follows: Amount 2018 $ 10.8 2019 172.2 2020 238.4 2021 529.1 2022 356.0 2023 and thereafter 816.1 Total (a) $ 2,122.6 (a) Excludes unamortized debt issuance costs of $11.6 million and $1.3 million of bond discount which do not represent contractual commitments with a fixed amount or maturity date. |
Summary Of Interest Expense | The following table summarizes interest expense included in the Consolidated Statements of Operations: 2017 2016 2015 Interest incurred $ 185.0 $ 206.1 $ 211.6 Less: interest income (2.8 ) (4.6 ) (3.7 ) Less: interest capitalized as property, plant and equipment (2.6 ) (2.8 ) (3.8 ) Interest expense, net $ 179.6 $ 198.7 $ 204.1 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Schedule of Fair Value of Derivatives Designated and Not Designated as Hedges | As of December 31, 2017 and 2016, the fair value of the Company’s foreign currency contracts, which were the only derivatives not designated as hedges, along with the accounts in the Consolidated Balance Sheets in which the fair value amounts were included, were as follows: 2017 2016 Derivatives not designated as hedges Prepaid expenses and other current assets $ 2.2 $ 1.7 Accrued liabilities — 1.5 |
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 Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015 were as follows: Classification of (Gain) Loss Recognized in the Consolidated Statements of Operations 2017 2016 2015 Derivatives not designated as hedges Foreign currency contracts Selling, general and administrative expenses $ (1.7 ) $ (5.7 ) $ (28.2 ) |
Fair Value Hedging | |
Derivative [Line Items] | |
Schedule of Pre-Tax (Gains) Losses for Derivatives Designated as Fair Value Hedges | For derivatives designated as fair value hedges, the pre-tax (gains) losses related to the hedged items attributable to changes in the hedged benchmark interest rate and the offsetting (gain) loss on the related interest rate swaps for the years ended December 31, 2017, 2016 and 2015 were as follows: Classification of (Gain) Loss Recognized in the Consolidated Statements of Operations 2017 2016 2015 Fair value hedges Interest rate swaps Investment and other expense-net $ — $ 0.4 $ (1.7 ) Hedged items Investment and other expense-net — (0.8 ) 1.3 Total (gain) loss recognized as ineffectiveness in the Consolidated Statements of Operations Investment and other expense-net $ — $ (0.4 ) $ (0.4 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Share | The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Basic net (loss) earnings per share attributable to RRD common stockholders: Continuing operations $ (0.49 ) $ (6.95 ) $ (0.28 ) Discontinued operations — (0.14 ) 2.48 Net (loss) earnings attributable to RRD stockholders $ (0.49 ) $ (7.09 ) $ 2.20 Diluted net (loss) earnings per share attributable to RRD common stockholders: Continuing operations $ (0.49 ) $ (6.95 ) $ (0.28 ) Discontinued operations — (0.14 ) 2.48 Net (loss) earnings attributable to RRD stockholders $ (0.49 ) $ (7.09 ) $ 2.20 Numerator: Net loss attributable to RRD common stockholders - continuing operations $ (34.4 ) $ (486.2 ) $ (19.0 ) (Loss) income from discontinued operations, net of tax (Note 2) — (9.7 ) 170.1 Net (loss) earnings attributable to RRD common stockholders $ (34.4 ) $ (495.9 ) $ 151.1 Denominator: Weighted average number of common shares outstanding 70.2 70.0 68.5 Dilutive options and awards — — — Diluted weighted average number of common shares outstanding 70.2 70.0 68.5 Weighted average number of anti-dilutive share-based awards: Stock options 1.0 0.9 0.8 Performance share units — — 0.2 Restricted stock units 0.8 0.3 0.2 Total 1.8 1.2 1.2 Dividends declared per common share $ 0.56 $ 2.48 $ 3.12 |
Other Comprehensive (Loss) In42
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive (Loss) Income and Income Tax Expense Allocated to Each Component | The components of other comprehensive (loss) income and income tax expense allocated to each component for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Before Tax Amount Income Tax Expense Net of Tax Amount Before Tax Amount Income Tax Expense Net of Tax Amount Before Tax Amount Income Tax Expense Net of Tax Amount Translation adjustments $ 57.1 $ — $ 57.1 $ (38.3 ) $ — $ (38.3 ) $ (55.7 ) $ — $ (55.7 ) Adjustment for net periodic pension and other postretirement benefits plan cost 22.4 7.5 14.9 20.2 9.0 11.2 60.2 25.4 34.8 Adjustment for available-for-sale securities (122.3 ) (3.0 ) (119.3 ) 122.3 3.0 119.3 — — — Change in fair value of derivatives — — — — — — 0.1 — 0.1 Other comprehensive (loss) income $ (42.8 ) $ 4.5 $ (47.3 ) $ 104.2 $ 12.0 $ 92.2 $ 4.6 $ 25.4 $ (20.8 ) |
Summary of Changes in Accumulated Other Comprehensive Loss | The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2017, 2016 and 2015: Changes in the Fair Value of Derivatives Changes in the Fair Value of Available-for-Sale Securities Pension and Other Postretirement Benefits Plan Cost Translation Adjustments Total Balance at January 1, 2015 $ (0.1 ) $ — $ (762.3 ) $ (11.2 ) $ (773.6 ) Other comprehensive income (loss) before reclassifications — — 22.1 (67.6 ) (45.5 ) Amounts reclassified from accumulated other comprehensive loss 0.1 — 8.9 — 9.0 Amounts reclassified from cumulative translation adjustment — — 3.8 13.1 16.9 Net change in accumulated other comprehensive loss 0.1 — 34.8 (54.5 ) (19.6 ) Balance at December 31, 2015 $ — $ — $ (727.5 ) $ (65.7 ) $ (793.2 ) Other comprehensive income (loss) before reclassifications — 119.3 (42.7 ) (37.1 ) 39.5 Amounts reclassified from accumulated other comprehensive loss — — 52.7 — 52.7 Amounts reclassified due to disposition of an operating entity — — 1.2 (0.7 ) 0.5 Net change in accumulated other comprehensive loss — 119.3 11.2 (37.8 ) 92.7 Distribution to Donnelley Financial and LSC — — 556.8 88.0 644.8 Balance at December 31, 2016 $ — $ 119.3 $ (159.5 ) $ (15.5 ) $ (55.7 ) Other comprehensive income (loss) before reclassifications — (48.5 ) 10.6 53.6 15.7 Amounts reclassified from accumulated other comprehensive loss — (70.8 ) 4.3 2.8 (63.7 ) Net change in accumulated other comprehensive loss — (119.3 ) 14.9 56.4 (48.0 ) Balance at December 31, 2017 $ — $ — $ (144.6 ) $ 40.9 $ (103.7 ) |
Reclassifications from Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Classification in the Consolidated Statements of Operations Translation Adjustments: Net realized loss $ 2.8 $ — $ — (a) Reclassifications before tax 2.8 — — Income tax expense — — — Reclassifications, net of tax $ 2.8 $ — $ — Amortization of pension and other postretirement benefits plan cost: Net actuarial loss $ 7.2 $ 26.2 $ 40.5 (b) Net prior service credit (2.8 ) (12.7 ) (26.9 ) (b) Curtailments and settlements 1.6 78.9 0.2 (b) Reclassifications before tax 6.0 92.4 13.8 Income tax expense 1.7 39.7 4.9 Reclassifications, net of tax $ 4.3 $ 52.7 $ 8.9 Available-for-sale securities: Net realized gain on equity securities $ (52.8 ) $ — $ — (c) Reclassifications before tax (52.8 ) — — Income tax expense 18.0 — — Reclassifications, net of tax $ (70.8 ) $ — $ — Total reclassifications, net of tax $ (63.7 ) $ 52.7 $ 8.9 (a) Included within selling, general and administrative expenses in the Consolidated Statements of Operations. (b) These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 9, Retirement Plans (c) Included within investment and other income-net in the Consolidated Statements of Operations |
Stock and Incentive Programs 43
Stock and Incentive Programs for Employees and Directors (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Based Compensation [Abstract] | |
Schedule of Stock Option Activity | Stock option awards as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017 were as follows: Shares Under Option (thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Outstanding at December 31, 2016 1,551 $ 37.19 2.2 $ 1.7 Cancelled/forfeited/expired (294 ) 58.19 Outstanding at December 31, 2017 1,257 32.28 1.6 — Vested and exercisable at December 31, 2017 1,257 $ 32.28 1.6 $ — |
Nonvested Restricted Stock Unit Awards | Nonvested restricted stock unit awards as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017 were as follows: Shares (thousands) Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 833 $ 17.23 Granted 720 15.04 Vested (312 ) 14.87 Forfeited (159 ) 17.37 Nonvested at December 31, 2017 1,082 $ 16.43 |
Schedule of Nonvested Performance Share Units Activity | Nonvested performance share unit awards as of December 31, 2017 and 2016, and changes during the year ended December 31, 2017, were as follows: Shares (thousands) Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 37 $ 16.73 Granted 304 16.30 Forfeited (20 ) 16.37 Nonvested at December 31, 2017 321 $ 16.34 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The Company utilizes income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision-maker and is most consistent with the presentation of profitability reported within the Consolidated Financial Statements. Total Sales Intersegment Sales Net Sales Income (Loss) from Operations Assets of Operations Depreciation and Amortization Capital Expenditures Year ended December 31, 2017 Variable Print $ 3,129.1 $ (16.0 ) $ 3,113.1 $ 189.0 $ 1,514.0 $ 114.7 $ 31.7 Strategic Services 1,936.5 (170.8 ) 1,765.7 3.4 577.7 18.0 7.3 International 2,104.0 (43.2 ) 2,060.8 89.2 1,614.8 54.6 45.9 Total operating segments 7,169.6 (230.0 ) 6,939.6 281.6 3,706.5 187.3 84.9 Corporate — — — (55.1 ) 198.0 4.1 23.6 Total operations $ 7,169.6 $ (230.0 ) $ 6,939.6 $ 226.5 $ 3,904.5 $ 191.4 $ 108.5 Year ended December 31, 2016 Variable Print $ 3,155.0 $ (9.6 ) $ 3,145.4 $ (349.5 ) $ 1,619.4 $ 121.5 $ 56.9 Strategic Services 1,883.9 (157.0 ) 1,726.9 26.8 603.9 19.4 12.7 International 2,003.3 (42.6 ) 1,960.7 150.7 1,398.3 61.0 32.8 Total operating segments 7,042.2 (209.2 ) 6,833.0 (172.0 ) 3,621.6 201.9 102.4 Corporate — — — (128.6 ) 647.2 2.3 20.7 Total operations $ 7,042.2 $ (209.2 ) $ 6,833.0 $ (300.6 ) $ 4,268.8 $ 204.2 $ 123.1 Year ended December 31, 2015 Variable Print $ 3,224.1 $ (9.2 ) $ 3,214.9 $ 208.2 $ 2,150.8 $ 134.1 $ 52.3 Strategic Services 1,752.0 (147.4 ) 1,604.6 39.5 475.2 19.5 19.0 International 2,101.8 (40.6 ) 2,061.2 86.7 1,424.1 75.7 45.4 Total operating segments 7,077.9 (197.2 ) 6,880.7 334.4 4,050.1 229.3 116.7 Corporate — — — (97.1 ) 226.2 3.2 16.9 Total operations $ 7,077.9 $ (197.2 ) $ 6,880.7 $ 237.3 $ 4,276.3 $ 232.5 $ 133.6 |
Schedule of Corporate Assets | Corporate assets primarily consisted of the following items at December 31, 2017, 2016 and 2015: 2017 2016 2015 Cash and cash equivalents $ (37.5 ) $ 19.3 $ (45.9 ) Deferred income tax assets, net of valuation allowances 36.7 67.5 41.8 Software, net 41.6 43.0 48.5 Deferred compensation plan and Company owned life insurance assets 88.6 75.3 77.4 Investment in LSC and Donnelley Financial — 328.7 — Property, plant and equipment, net 29.6 30.2 41.6 Other 39.0 83.2 62.8 Total Corporate assets $ 198.0 $ 647.2 $ 226.2 |
Geographic Area and Products 45
Geographic Area and Products and Services Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Net Sales by Geographic Region | The following table presents net sales by geographic region for the years ended December 31, 2017, 2016 and 2015. Net sales by geographic region are based upon the sales location. Certain prior year amounts were restated to conform to the Company’s current geographic regions. 2017 2016 2015 U.S. $ 5,233.0 $ 5,250.3 $ 5,182.3 Asia 857.3 703.5 731.1 Europe 455.0 482.8 559.9 Other 394.3 396.4 407.4 Consolidated net sales $ 6,939.6 $ 6,833.0 $ 6,880.7 |
Long-Lived Assets by Geographic Region | The following table presents long-lived assets by geographic region at December 31, 2017, 2016 and 2015. Long-lived assets include net property, plant and equipment, noncurrent deferred tax assets and other noncurrent assets. Certain prior year amounts were restated to conform to the Company’s current geographic regions. 2017 2016 2015 U.S. $ 642.0 $ 720.1 $ 732.3 Asia 127.6 102.6 111.5 Europe 81.0 65.3 68.0 Other 105.2 105.9 107.0 Consolidated long-lived assets $ 955.8 $ 993.9 $ 1,018.8 |
Revenues by Products and Services | The following table summarizes net sales by the Company’s products and services categories for the years ended December 31, 2017, 2016 and 2015: Products and services 2017 Net Sales 2016 Net Sales 2015 Net Sales Commercial, digital print and related products $ 2,586.8 $ 2,539.1 $ 2,446.3 Statements 556.4 561.3 595.3 Direct mail 546.3 537.4 530.2 Labels 470.4 472.1 505.3 Packaging and related products 566.7 464.6 482.5 Forms 284.5 329.2 350.0 Global Turnkey Solutions 314.9 321.7 345.9 Total products $ 5,326.0 $ 5,225.4 $ 5,255.5 Logistics services 1,244.7 1,242.5 1,227.7 Business process outsourcing 216.3 223.7 241.9 Digital and creative solutions 152.6 141.4 155.6 Total services 1,613.6 1,607.6 1,625.2 Total net sales $ 6,939.6 $ 6,833.0 $ 6,880.7 |
Basis of Presentation and Sum46
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Detail) $ / shares in Units, $ in Millions | Oct. 02, 2016 | Oct. 31, 2016 | Dec. 31, 2017USD ($)Customer$ / sharesshares | Dec. 31, 2016USD ($)Customer$ / sharesshares | Dec. 31, 2015USD ($)Customer | Oct. 01, 2016Entityshares |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of entities resulted from spinoff of an entity | Entity | 2 | |||||
Number of single client comprising more than 10% of consolidated net sales | Customer | 0 | 0 | 0 | |||
Percentage of inventory valued at LIFO | 37.70% | 43.80% | ||||
LIFO (benefit) | $ (0.5) | $ (1.1) | $ (0.1) | |||
Depreciation expense | 139.8 | $ 152.9 | 171.4 | |||
Building and related land sales, deposit received | $ 12.5 | |||||
Annual goodwill impairment testing date | --10-31 | |||||
Preferred stock, authorized | shares | 2,000,000 | 2,000,000 | ||||
Preferred stock, par value | $ / shares | $ 1 | $ 1 | ||||
Computer Software, Intangible Asset | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization expense, primarily related to internally-developed software | $ 23 | $ 17.6 | $ 14.9 | |||
Minimum | Buildings | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 15 years | |||||
Minimum | Machinery and Equipment | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Maximum | Computer Software, Intangible Asset | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life of computer software | 5 years | |||||
Maximum | Buildings | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 40 years | |||||
Maximum | Leasehold Improvements | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 7 years | |||||
Maximum | Machinery and Equipment | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 15 years | |||||
Net Sales | Client Concentration Risk | Maximum | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of net sales per client, maximum | 10.00% | 10.00% | 10.00% | |||
Donnelley Financial Solutions, Inc. | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of tax free distribution of common shares during spinoff | 80.75% | |||||
Stock distribution ratio received in spinoff transaction | 12.50% | |||||
Outstanding common stock retained upon spinoff | 19.25% | |||||
LSC Communications, Inc. | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of tax free distribution of common shares during spinoff | 80.75% | |||||
Stock distribution ratio received in spinoff transaction | 12.50% | |||||
Outstanding common stock retained upon spinoff | 19.25% | |||||
Spinoff | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Reverse Stock Split, description | Immediately following the Distribution on October 1, 2016, the Company affected a one for three reverse stock split for RRD common stock (the “Reverse Stock Split”). The Reverse Stock Split was approved by the Company’s Board of Directors on September 14, 2016 and previously approved by the Company’s stockholders at the annual meeting on May 19, 2016. | |||||
Reverse Stock Split, conversion ratio | 0.3333 | |||||
Spinoff | Board of Directors | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Reverse Stock Split, approval date | Sep. 14, 2016 | |||||
Spinoff | Stockholders | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Reverse Stock Split, approval date | May 19, 2016 | |||||
Spinoff | Donnelley Financial Solutions, Inc. | Available-for-Sale Equity Securities | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of common shares held | shares | 0 | 6,200,000 | ||||
Spinoff | LSC Communications, Inc. | Available-for-Sale Equity Securities | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of common shares held | shares | 0 | 6,200,000 |
Basis of Presentation and Sum47
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Revision of Net Sales and Cost of Sales (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Products net sales | $ 5,326 | $ 5,225.4 | $ 5,255.5 |
Total net sales | 6,939.6 | 6,833 | 6,880.7 |
Products cost of sales | 4,260.5 | 4,101.7 | 4,122.3 |
Total cost of sales | $ 5,619.3 | 5,456.2 | 5,475.6 |
As Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Products net sales | 5,288.1 | 5,312.1 | |
Total net sales | 6,895.7 | 6,937.3 | |
Products cost of sales | 4,164.4 | 4,178.9 | |
Total cost of sales | 5,518.9 | 5,532.2 | |
Adjustments | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Products net sales | 62.7 | 56.6 | |
Total net sales | 62.7 | 56.6 | |
Products cost of sales | 62.7 | 56.6 | |
Total cost of sales | $ 62.7 | $ 56.6 |
Basis of Presentation and Sum48
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Revision of Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Receivables, less allowance for doubtful accounts | $ 1,417.6 | $ 1,331.3 |
Inventories | 416.8 | 386.8 |
Accounts payable | $ 1,094.7 | 985.3 |
As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Receivables, less allowance for doubtful accounts | 1,354.4 | |
Inventories | 379.6 | |
Accounts payable | 1,001.2 | |
Adjustments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Receivables, less allowance for doubtful accounts | (23.1) | |
Inventories | 7.2 | |
Accounts payable | $ (15.9) |
Basis of Presentation and Sum49
Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 273.4 | $ 317.5 | |
Restricted cash - current | [1] | 28 | 18.1 |
Restricted cash - noncurrent | [2] | 0.1 | 0.3 |
Total cash, cash equivalents and restricted cash | $ 301.5 | $ 335.9 | |
[1] | Included within prepaid expenses and other current assets within the Consolidated Balance Sheets. | ||
[2] | Included within other noncurrent assets within the Consolidated Balance Sheets. |
Basis of Presentation and Sum50
Basis of Presentation and Summary of Significant Accounting Policies - Transactions Affecting Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Balance, beginning of year | $ 35.9 | $ 26 | $ 27 |
Provisions charged to expense | 3.2 | 12.1 | 17.8 |
Write-offs and other | (6.7) | (2.2) | (18.8) |
Balance, end of year | $ 32.4 | $ 35.9 | $ 26 |
Basis of Presentation and Sum51
Basis of Presentation and Summary of Significant Accounting Policies - Components of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Net [Abstract] | ||
Raw materials and manufacturing supplies | $ 161.1 | $ 141 |
Work in process | 75 | 84.4 |
Finished goods | 198.2 | 179.4 |
LIFO reserve | (17.5) | (18) |
Total | $ 416.8 | $ 386.8 |
Basis of Presentation and Sum52
Basis of Presentation and Summary of Significant Accounting Policies - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Land | $ 56.1 | $ 56 |
Buildings | 417.3 | 403 |
Machinery and equipment | 1,885.2 | 1,805.4 |
Property, plant and equipment, gross | 2,358.6 | 2,264.4 |
Accumulated depreciation | (1,743.5) | (1,614.1) |
Total | $ 615.1 | $ 650.3 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Reduction of costs recognized within selling, general and administrative expenses | $ 7.7 | $ 3.3 | |||||
Net cash inflow from operating activities - discontinued operations | $ 126.1 | 17.8 | |||||
Maximum | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Transition service agreement term | 24 months | ||||||
Donnelley Financial Solutions And L S C Communications | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
External sales | $ 150.4 | $ 153.4 | |||||
Donnelley Financial Solutions, Inc. | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Non-cash debt-for-equity exchange, shares | 99,594 | 6,143,208 | |||||
Extinguishment of indebtedness | $ 1.9 | $ 111.6 | |||||
Donnelley Financial Solutions, Inc. | Investment and Other (Expense ) Income, Net | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Net realized gain | $ 1.6 | $ 92.4 | |||||
Donnelley Financial Solutions, Inc. | Spinoff | Available-for-Sale Equity Securities | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of common shares held | 0 | 6,200,000 | |||||
LSC Communications, Inc. | Investment and Other (Expense ) Income, Net | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Realized loss on sale of shares | $ 51.6 | ||||||
LSC Communications, Inc. | Spinoff | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of common shares sold | 6,200,000 | ||||||
Net proceeds from sale of common shares | $ 121.4 | ||||||
LSC Communications, Inc. | Spinoff | Available-for-Sale Equity Securities | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of common shares held | 0 | 6,200,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Financial Results of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net (loss) earnings from discontinued operations | $ (9.7) | $ 170.1 | |
Donnelley Financial Solutions And L S C Communications | Discontinued Operations Spinoff | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net sales | 3,303.4 | 4,472.9 | |
Cost of sales | 2,534.7 | 3,414.2 | |
Operating expenses | [1] | 615.9 | 708.7 |
Interest and other (income) expense, net | [2] | 151.4 | 71.6 |
Earnings before income taxes | 1.4 | 278.4 | |
Income tax expense | 11.1 | 108.3 | |
Net (loss) earnings from discontinued operations | $ (9.7) | $ 170.1 | |
[1] | Includes spinoff transaction costs incurred of $81.2 million and $13.6 million, respectively, during the years ended December 31, 2016 and 2015. | ||
[2] | Includes the related interest expense of the corporate level debt which was retired in connection with the Separation totaling $55.9 million and $73.3 million for the years ended December 31, 2016 and 2015. Also includes the losses on the extinguishment of corporate level debt executed in conjunction with the spinoff transactions totaling $96.1 million for the year ended December 31, 2016. |
Discontinued Operations - Sch55
Discontinued Operations - Schedule of Financial Results of Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Loss on debt extinguishment | $ 10.8 | $ 20.1 | $ 96.1 | |
Donnelley Financial Solutions And L S C Communications | Discontinued Operations Spinoff | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Spinoff transaction costs | 81.2 | $ 13.6 | ||
Loss on debt extinguishment | 96.1 | |||
Donnelley Financial Solutions And L S C Communications | Discontinued Operations Spinoff | Corporate Level Debt | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Interest expense | 55.9 | $ 73.3 | ||
Loss on debt extinguishment | $ 96.1 |
Discontinued Operations - Sch56
Discontinued Operations - Schedule of Non-Cash Items and Capital Expenditures of Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Impairment charges | $ 22.4 | $ 558.3 | $ 36.5 | |
Loss on debt extinguishment | $ 10.8 | $ 20.1 | 96.1 | |
Assumption of warehousing equipment related to client contract | 8.8 | |||
Donnelley Financial Solutions And L S C Communications | Discontinued Operations Spinoff | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Depreciation and amortization | 159 | 221.5 | ||
Pension settlement charges | 77.7 | |||
Impairment charges | 1.5 | 7.1 | ||
Loss on debt extinguishment | 96.1 | |||
Assumption of warehousing equipment related to client contract | 8.8 | |||
Purchase of property, plant and equipment | $ (49) | $ (74) |
Discontinued Operations - Sch57
Discontinued Operations - Schedule of Transactions with LSC and Donnelley Financial (Detail) - LSC and Donnelley Financial - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales to LSC and Donnelley Financial | $ 279.5 | $ 98 |
Purchases from LSC and Donnelley Financial | $ 159.4 | $ 79 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Detail) $ in Millions | Jan. 11, 2016USD ($)Business | Sep. 30, 2016USD ($)Business | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Business | Aug. 04, 2016USD ($) | Apr. 29, 2015 |
Business Acquisition [Line Items] | ||||||
Acquisition-related expenses | $ 2.7 | $ 0.5 | ||||
International | Disposition | ||||||
Business Acquisition [Line Items] | ||||||
Number of businesses disposed | Business | 2 | 3 | ||||
Net proceeds of disposition of business | $ 13.4 | $ 0.3 | ||||
Gain (loss) on disposition of business | 11.9 | |||||
International | Disposition | Venezuelan Operating Entity | ||||||
Business Acquisition [Line Items] | ||||||
Gain (loss) on disposition of business | (14.7) | |||||
Joint venture, ownership percentage | 50.10% | |||||
Net sales | 16.3 | |||||
Gain (loss) before income taxes | (38.4) | |||||
Precision Dialogue Holdings, LLC | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price, net of cash acquired | $ 59.2 | |||||
Sales from acquiree operations | 22.4 | |||||
Earning before income taxes | $ 1.8 | |||||
Tax deductible goodwill | $ 8.8 | |||||
Four Insignificant Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Tax deductible goodwill | $ 9.8 | |||||
Number of insignificant acquisitions | Business | 4 |
Acquisitions and Dispositions59
Acquisitions and Dispositions - Schedule of Purchase Price Allocation for Acquisitions (Detail) - USD ($) $ in Millions | Aug. 04, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 602 | $ 1,085.7 | $ 588.5 | |
Net cash paid | $ 48.1 | $ 118.2 | ||
Precision Dialogue Holdings, LLC | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 11.5 | |||
Inventories | 0.4 | |||
Prepaid expenses and other current assets | 0.8 | |||
Property, plant and equipment | 6.9 | |||
Other intangible assets | 14.1 | |||
Other noncurrent assets | 1.2 | |||
Goodwill | 42.5 | |||
Accounts payable and accrued liabilities | (11.4) | |||
Deferred taxes-net | (6.8) | |||
Total purchase price-net of cash acquired | 59.2 | |||
Less: debt assumed | 11.1 | |||
Net cash paid | $ 48.1 |
Acquisitions and Dispositions60
Acquisitions and Dispositions - Fair Value, Valuation Techniques and Related Unobservable Inputs (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Client Relationships | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 11 | |
Trade Names | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | 1.4 | |
Non-Compete Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | 1.7 | |
Precision Dialogue Holdings, LLC | Client Relationships | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 11 | |
Valuation Technique | Excess earnings | |
Discount rate | 16.00% | |
Precision Dialogue Holdings, LLC | Client Relationships | Fair Value, Inputs, Level 3 | Minimum | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Attrition rate | 7.00% | |
Precision Dialogue Holdings, LLC | Client Relationships | Fair Value, Inputs, Level 3 | Maximum | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Attrition rate | 8.00% | |
Precision Dialogue Holdings, LLC | Trade Names | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 1.4 | |
Valuation Technique | Relief-from-royalty method | |
Discount rate | 16.00% | |
Precision Dialogue Holdings, LLC | Trade Names | Fair Value, Inputs, Level 3 | Minimum | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Royalty rate (pre-tax) | 0.75% | |
Precision Dialogue Holdings, LLC | Trade Names | Fair Value, Inputs, Level 3 | Maximum | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Royalty rate (pre-tax) | 1.25% | |
Precision Dialogue Holdings, LLC | Technology | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 0.6 | |
Valuation Technique | Relief-from-royalty method | |
Discount rate | 16.00% | |
Royalty rate (pre-tax) | 15.00% | |
Precision Dialogue Holdings, LLC | Technology | Fair Value, Inputs, Level 3 | Minimum | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Obsolescence factor | 0.00% | |
Precision Dialogue Holdings, LLC | Technology | Fair Value, Inputs, Level 3 | Maximum | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Obsolescence factor | 40.00% | |
Precision Dialogue Holdings, LLC | Non-Compete Agreements | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 1.7 | |
Valuation Technique | With or without method | |
Discount rate | 16.00% |
Restructuring, Impairment and61
Restructuring, Impairment and Other Charges - Schedule of Net Restructuring, Impairment and Other Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | $ 23.5 | $ 21.9 | $ 22.4 |
Other Restructuring Charges | 4.8 | 3.5 | 9.2 |
Total Restructuring Charges | 28.3 | 25.4 | 31.6 |
Impairment | 22.4 | 556.6 | 28.9 |
Other Charges | 2.3 | 2.3 | 2.2 |
Total | 53 | 584.3 | 62.7 |
Total Operating Segments | Variable Print | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 4.2 | 1.4 | 3.1 |
Other Restructuring Charges | 1.1 | 1.7 | 4.7 |
Total Restructuring Charges | 5.3 | 3.1 | 7.8 |
Impairment | 557.9 | (0.5) | |
Other Charges | 1.9 | 1.9 | 1.8 |
Total | 7.2 | 562.9 | 9.1 |
Total Operating Segments | Strategic Services | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 2.6 | 1.8 | 4.4 |
Other Restructuring Charges | 0.3 | (0.1) | 0.1 |
Total Restructuring Charges | 2.9 | 1.7 | 4.5 |
Impairment | 21.9 | 0.9 | |
Other Charges | 0.4 | 0.4 | 0.4 |
Total | 25.2 | 2.1 | 5.8 |
Total Operating Segments | International | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 8 | 9.6 | 11.9 |
Other Restructuring Charges | 2.6 | 1.8 | 3.2 |
Total Restructuring Charges | 10.6 | 11.4 | 15.1 |
Impairment | 0.1 | (2.5) | 28.5 |
Total | 10.7 | 8.9 | 43.6 |
Corporate | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee Terminations | 8.7 | 9.1 | 3 |
Other Restructuring Charges | 0.8 | 0.1 | 1.2 |
Total Restructuring Charges | 9.5 | 9.2 | 4.2 |
Impairment | 0.4 | 1.2 | |
Total | $ 9.9 | $ 10.4 | $ 4.2 |
Restructuring, Impairment and62
Restructuring, Impairment and Other Charges - Narrative (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Facility | Dec. 31, 2015USD ($)Facility | |
Restructuring Cost And Reserve [Line Items] | |||||
Employee termination costs | $ 23,500,000 | $ 21,900,000 | $ 22,400,000 | ||
Other restructuring charges | 4,800,000 | 3,500,000 | 9,200,000 | ||
Impairment charges | 22,400,000 | 556,600,000 | 28,900,000 | ||
Goodwill impairment charges | 21,300,000 | 527,800,000 | |||
Goodwill | $ 602,000,000 | 588,500,000 | $ 602,000,000 | 1,085,700,000 | |
Impairment of intangible assets | 11,900,000 | ||||
Number of facilities closed | Facility | 2 | ||||
Gains on impairment of assets | $ 900,000 | 1,000,000 | |||
Client Relationships | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | 11,900,000 | ||||
Facility Closures | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of other long lived assets | 900,000 | ||||
Strategic Services | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment charges | 21,300,000 | ||||
Goodwill | 216,500,000 | 195,200,000 | 216,500,000 | 195,200,000 | |
Strategic Services | Digital And Creative Solutions | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment charges | 22,400,000 | ||||
Goodwill impairment charges | 21,300,000 | ||||
Goodwill | 0 | ||||
Variable Print | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment charges | 527,800,000 | ||||
Goodwill | 272,500,000 | 272,500,000 | 272,500,000 | 771,600,000 | |
Variable Print | Labels | Client Relationships | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | $ 9,200,000 | ||||
Variable Print | Commercial and Digital Print | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment charges | 416,200,000 | 416,200,000 | |||
Impairment of intangible assets | 200,000 | ||||
Variable Print | Commercial and Digital Print | Client Relationships | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | 29,700,000 | ||||
Variable Print | Statement Printing | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment charges | 111,600,000 | 111,600,000 | |||
Variable Print | Other Subsegment | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of facilities closed | Facility | 1 | ||||
International | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill | $ 113,000,000 | $ 120,800,000 | $ 113,000,000 | $ 118,900,000 | |
International | Europe | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment charges | $ 13,700,000 | ||||
International | Latin America | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment charges | $ 4,300,000 | ||||
International | Client Relationships | Latin America | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Impairment of intangible assets | $ 2,200,000 |
Restructuring, Impairment and63
Restructuring, Impairment and Other Charges - Other Charges - Narrative (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Pension_Plan | Dec. 31, 2015USD ($)Pension_Plan | |
Restructuring Cost And Reserve [Line Items] | |||
Other Charges | $ 2.3 | $ 2.3 | $ 2.2 |
Accrued liabilities | 447.5 | 541.7 | |
Other noncurrent liabilities | 180.2 | $ 193.1 | |
Courier Corporation | |||
Restructuring Cost And Reserve [Line Items] | |||
Number of multi-employer pension plans | Pension_Plan | 2 | 2 | |
Multi-employer pension plan withdrawal obligations | |||
Restructuring Cost And Reserve [Line Items] | |||
Other Charges | $ 2.3 | $ 2.2 | |
Accrued liabilities | 5.1 | 4.9 | |
Other noncurrent liabilities | $ 31.7 | $ 34.8 |
Restructuring, Impairment and64
Restructuring, Impairment and Other Charges - Schedule of Changes in the Restructuring Reserve (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | $ 21 | $ 21.1 | |
Restructuring Charges | 28.3 | 25.4 | $ 31.6 |
Foreign Exchange and Other | 1.1 | (3.7) | |
Cash Paid | (26.9) | (21.8) | |
Balance at the end | 23.5 | 21 | 21.1 |
Employee terminations | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | 7.6 | 6.1 | |
Restructuring Charges | 23.5 | 21.9 | |
Foreign Exchange and Other | 0.1 | (3.6) | |
Cash Paid | (21.6) | (16.8) | |
Balance at the end | 9.6 | 7.6 | 6.1 |
Multi-employer pension plan withdrawal obligations | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | 11.8 | 12.7 | |
Restructuring Charges | 0.7 | 0.7 | |
Cash Paid | (1.5) | (1.6) | |
Balance at the end | 11 | 11.8 | 12.7 |
Lease terminations and other | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at the beginning | 1.6 | 2.3 | |
Restructuring Charges | 4.1 | 2.8 | |
Foreign Exchange and Other | 1 | (0.1) | |
Cash Paid | (3.8) | (3.4) | |
Balance at the end | $ 2.9 | $ 1.6 | $ 2.3 |
Restructuring, Impairment and65
Restructuring, Impairment and Other Charges - Restructuring Reserve - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Restructuring And Related Activities [Abstract] | ||
Current restructuring reserve (included in accrued liabilities) | $ 10.7 | $ 6 |
Noncurrent restructuring reserve (included in noncurrent liabilities) | $ 12.8 | $ 15 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill gross | $ 3,279.3 | $ 3,206.1 | $ 3,236.4 |
Accumulated impairment losses | (2,690.8) | (2,604.1) | (2,150.7) |
Goodwill | 588.5 | 602 | 1,085.7 |
Acquisitions | 42.5 | ||
Foreign exchange and other adjustments | 7.8 | 1.6 | |
Impairment charges | (21.3) | (527.8) | |
Variable Print | |||
Goodwill [Line Items] | |||
Goodwill gross | 1,823.9 | 1,823 | 1,794.5 |
Accumulated impairment losses | (1,551.4) | (1,550.5) | (1,022.9) |
Goodwill | 272.5 | 272.5 | 771.6 |
Acquisitions | 21.2 | ||
Foreign exchange and other adjustments | 7.5 | ||
Impairment charges | (527.8) | ||
Strategic Services | |||
Goodwill [Line Items] | |||
Goodwill gross | 365.2 | 365.2 | 343.9 |
Accumulated impairment losses | (170) | (148.7) | (148.7) |
Goodwill | 195.2 | 216.5 | 195.2 |
Acquisitions | 21.3 | ||
Impairment charges | (21.3) | ||
International | |||
Goodwill [Line Items] | |||
Goodwill gross | 1,090.2 | 1,017.9 | 1,098 |
Accumulated impairment losses | (969.4) | (904.9) | (979.1) |
Goodwill | 120.8 | 113 | $ 118.9 |
Foreign exchange and other adjustments | $ 7.8 | $ (5.9) |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Other Intangible Assets [Line Items] | ||||
Goodwill impairment non-cash charges | $ 21.3 | $ 527.8 | ||
Impairment of intangible assets | $ 11.9 | |||
Additions to other intangible assets | 14.1 | |||
Amortization expense for other intangible assets | 28.6 | 33.7 | 46.2 | |
Client Relationships | ||||
Schedule Of Other Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 11.9 | |||
Variable Print | ||||
Schedule Of Other Intangible Assets [Line Items] | ||||
Goodwill impairment non-cash charges | 527.8 | |||
Digital And Creative Solutions Reporting Unit | ||||
Schedule Of Other Intangible Assets [Line Items] | ||||
Goodwill impairment non-cash charges | 21.3 | |||
Commercial and Digital Print | Variable Print | ||||
Schedule Of Other Intangible Assets [Line Items] | ||||
Goodwill impairment non-cash charges | $ 416.2 | 416.2 | ||
Impairment of intangible assets | 0.2 | |||
Commercial and Digital Print | Variable Print | Trade Name | ||||
Schedule Of Other Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 0.2 | |||
Commercial and Digital Print | Variable Print | Client Relationships | ||||
Schedule Of Other Intangible Assets [Line Items] | ||||
Impairment of intangible assets | 29.7 | |||
Statement Printing | Variable Print | ||||
Schedule Of Other Intangible Assets [Line Items] | ||||
Goodwill impairment non-cash charges | $ 111.6 | $ 111.6 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | $ 599.1 | $ 582.9 |
Accumulated Amortization, total other intangible assets | (455.8) | (411) |
Net Book Value, total other intangible assets | 143.3 | 171.9 |
Client Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 534.1 | 517.9 |
Accumulated Amortization, total other intangible assets | (412.4) | (370.7) |
Net Book Value, total other intangible assets | 121.7 | 147.2 |
Patents | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 2 | 2 |
Accumulated Amortization, total other intangible assets | (2) | (2) |
Trademarks, Licenses and Agreements | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 26.2 | 26.2 |
Accumulated Amortization, total other intangible assets | (25.2) | (24.4) |
Net Book Value, total other intangible assets | 1 | 1.8 |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 36.8 | 36.8 |
Accumulated Amortization, total other intangible assets | (16.2) | (13.9) |
Net Book Value, total other intangible assets | $ 20.6 | $ 22.9 |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets Additions by Component (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule Of Other Intangible Assets [Line Items] | |
Additions to other intangible assets | $ 14.1 |
Client Relationships | |
Schedule Of Other Intangible Assets [Line Items] | |
Additions to other intangible assets, Amount | $ 11 |
Weighted Average Amortization Period | 10 years 6 months |
Trade Names | |
Schedule Of Other Intangible Assets [Line Items] | |
Additions to other intangible assets, Amount | $ 1.4 |
Weighted Average Amortization Period | 4 years 8 months 12 days |
Non-Compete Agreements | |
Schedule Of Other Intangible Assets [Line Items] | |
Additions to other intangible assets, Amount | $ 1.7 |
Weighted Average Amortization Period | 3 years 3 months 18 days |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets - Schedule of Estimated Annual Amortization Expense Related to Other Intangible Assets (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,018 | $ 27.8 |
2,019 | 24.1 |
2,020 | 20.3 |
2,021 | 20 |
2,022 | 19.3 |
2023 and thereafter | 31.8 |
Total | $ 143.3 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Total assets | $ 330.4 | |
Liabilities | ||
Total liabilities | 1.5 | |
Available-for-sale Securities | ||
Assets | ||
Total assets | 328.7 | |
Foreign Currency Contracts | ||
Assets | ||
Total assets | $ 2.2 | 1.7 |
Liabilities | ||
Total liabilities | 1.5 | |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total assets | 330.4 | |
Liabilities | ||
Total liabilities | 1.5 | |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | ||
Assets | ||
Total assets | 328.7 | |
Significant Other Observable Inputs (Level 2) | Foreign Currency Contracts | ||
Assets | ||
Total assets | $ 2.2 | 1.7 |
Liabilities | ||
Total liabilities | $ 1.5 |
Fair Value Measurement - Asse72
Fair Value Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, impairment charge | $ 21.3 | $ 527.8 | |
Impairment of intangible assets | $ 11.9 | ||
Total, impairment charge | 22.4 | 558.3 | 36.5 |
Goodwill | 588.5 | 602 | 1,085.7 |
Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Long-lived assets held and used, impairment charge | 0.3 | ||
Long-lived assets held for sale or disposal, impairment charge | 1.3 | 0.6 | 1.5 |
Goodwill, impairment charge | 21.3 | 527.8 | 18 |
Impairment of intangible assets | 0.2 | 29.7 | 11.9 |
Total, impairment charge | 22.8 | 558.1 | 31.7 |
Goodwill | 15.2 | ||
Other intangible assets, net book value | 4.3 | ||
Total Assets | 19.5 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Long-lived assets held for sale or disposal, fair value measurement | 0.7 | 2.8 | |
Goodwill, fair value measurement | 15.2 | ||
Other intangible assets, fair value measurement | 4.6 | ||
Total, fair value measurement | $ 0.7 | $ 19.8 | $ 2.8 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value estimated costs to sell | $ 0 | $ 0 | $ 0 |
Impairment of intangible assets | 11,900,000 | ||
Finite-lived intangible assets | 143,300,000 | 171,900,000 | |
Trade Names | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Finite-lived intangible assets | 20,600,000 | 22,900,000 | |
Client Relationships | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment of intangible assets | 11,900,000 | ||
Finite-lived intangible assets | 121,700,000 | 147,200,000 | |
Other intangible assets, fair value measurement | 0 | ||
Strategic Services | Digital And Creative Solutions | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, fair value measurement | 0 | ||
Variable Print | Client Relationships | Labels | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment of intangible assets | 9,200,000 | ||
Variable Print | Commercial and Digital Print | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, fair value measurement | 0 | ||
Impairment of intangible assets | 200,000 | ||
Variable Print | Commercial and Digital Print | Trade Names | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment of intangible assets | 200,000 | ||
Finite-lived intangible assets | $ 9,300,000 | ||
Variable Print | Commercial and Digital Print | Client Relationships | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment of intangible assets | 29,700,000 | ||
Finite-lived intangible assets | 4,600,000 | ||
Variable Print | Statement Printing | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, fair value measurement | $ 15,200,000 | ||
Europe | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, fair value measurement | 0 | ||
Latin America | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, fair value measurement | 0 | ||
Latin America | International | Client Relationships | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment of intangible assets | $ 2,200,000 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value, Valuation Techniques and Related Unobservable Inputs for Level Three (Detail) - Client Relationships - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 11 | |
Fair Value, Inputs, Level 3 | Impaired Intangible Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 4.6 | |
Discount rate | 13.00% | 2.70% |
Attrition rate | 5.00% |
Accrued Liabilities - Component
Accrued Liabilities - Components of Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities Current [Abstract] | ||
Employee-related liabilities | $ 173 | $ 175.3 |
Deferred revenue | 112.4 | 106.6 |
Restructuring liabilities | 10.7 | 6 |
Cash due to Donnelley Financial and LSC per Separation and Distribution Agreement | 78 | |
Other | 151.4 | 175.8 |
Total accrued liabilities | $ 447.5 | $ 541.7 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitment And Contingencies [Line Items] | |||
Commitments for outsourced services | $ 74.1 | ||
Operating lease commitments | 263.9 | ||
Minimum non-cancelable sublease rental commitments | 20.3 | ||
Rent expense | $ 118.3 | $ 117.6 | $ 120.8 |
Number of sites cited as potentially responsible party | Facility | 3 | ||
Number of previously and currently owned sites with potential remediation obligations | Facility | 7 | ||
Purchase of Property, Plant and Equipment | |||
Commitment And Contingencies [Line Items] | |||
Commitments for the purchase of property, plant and equipment | $ 25.9 |
Commitments and Contingencies77
Commitments and Contingencies - Future Minimum Rental Commitments Under Operating Lease (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,018 | $ 86.2 |
2,019 | 57.4 |
2,020 | 42.8 |
2,021 | 28.5 |
2,022 | 18 |
2023 and thereafter | 31 |
Future minimum rental commitments under operating leases | $ 263.9 |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Reduction of defined benefit plan liability | $ 426.5 | ||
Reduction of defined deferred tax assets | 351.3 | ||
Reduction of defined accumulated other comprehensive loss | 906.1 | ||
Pension liability, before tax | $ 5.8 | ||
Pension liability, after tax | 3.6 | ||
Reduction in pension obligation | 354.8 | ||
Pension and postretirement contributions | 16.4 | 22.5 | $ 25.6 |
Defined benefit plan, accumulated benefit obligation | $ 1,032 | 961.1 | |
Threshold for recognition in net periodic benefit costs, percentage of projected benefit obligation or fair value of plan assets | 10.00% | ||
Multi-employer pension plan withdrawal obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Charges | $ 2.3 | 2.3 | $ 2.2 |
Hedging Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 45.00% | ||
Return Seeking Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 55.00% | ||
Selling, General and Administrative Expenses | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other post retirement non-cash settlement expense | 21.1 | ||
Net Earnings from Discontinued Operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other post retirement non-cash settlement expense | 77.7 | ||
Lump Sum Pension Payment Or Annuity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits Paid | 328.4 | ||
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reduction in pension obligation | $ 0 | 0 | |
Benefits Paid | 44.6 | 129.7 | |
Pension and postretirement contributions | 8.6 | ||
Medicare reimbursements | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reduction in pension obligation | 0 | 33.8 | |
Benefits Paid | 34.8 | 32.5 | |
Pension and postretirement contributions | 7.8 | ||
Reduction in pension liability due to curtailment | 35 | ||
Medicare reimbursements | 5 | 5.4 | |
Other Postretirement Benefit Plans, Defined Benefit | Selling, General and Administrative Expenses | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain | 3.3 | ||
Other Postretirement Benefit Plans, Defined Benefit | Cost of Sales | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain | $ 16.2 | ||
Pension and Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other postretirement expected contributions for next year | 16 | ||
EGWP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Medicare reimbursements | $ 5 |
Retirement Plans - Components o
Retirement Plans - Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlements and curtailments | $ 1.6 | $ 79.3 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.7 | 1 | $ 1.7 |
Interest cost | 31.6 | 105.7 | 170.4 |
Expected return on plan assets | (50.3) | (177.5) | (234.6) |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | 7.3 | 26.1 | $ 40.5 |
Settlements and curtailments | $ 1.6 | $ 98.4 | |
Discount rate | 3.80% | 4.30% | 3.90% |
Expected return on plan assets | 5.90% | 6.80% | 7.00% |
Pension Benefits | Discontinued Operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) expense | $ (43.3) | $ 16.8 | |
Pension Benefits | Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) expense | $ (9.1) | 10.4 | (5.2) |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.3 | 3.8 | 4.7 |
Interest cost | 11.1 | 11.7 | 15.9 |
Expected return on plan assets | (13.5) | (13.8) | (13.1) |
Amortization of prior service credit | (2.8) | (12.7) | (26.9) |
Amortization of actuarial (gain) loss | $ (0.1) | 0.1 | |
Settlements and curtailments | $ (19.5) | $ 0 | |
Discount rate | 4.00% | 4.20% | 3.90% |
Expected return on plan assets | 6.80% | 7.30% | 7.30% |
Other Postretirement Benefits | Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) expense | $ (4) | $ (30.4) | $ (19.4) |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Plan amendments and other | $ (354.8) | ||
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 974.7 | 3,932.3 | |
Service cost | 0.7 | 1 | $ 1.7 |
Interest cost | 31.6 | 105.7 | 170.4 |
Plan participants' contributions | 0 | 0 | |
Medicare reimbursements | 0 | 0 | |
Actuarial loss | 53.9 | 349.5 | |
Plan amendments and other | 0 | 0 | |
Settlements | (5.9) | (304.4) | |
Foreign currency translation | 34.4 | (40.5) | |
Benefits paid | (44.6) | (129.7) | |
Divestitures | 0 | (23.6) | |
Benefit obligation at end of year | 1,044.8 | 974.7 | 3,932.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 875.4 | 3,424.1 | |
Actual return on assets | 106 | 424.1 | |
Settlements | (6.3) | (304.4) | |
Employer contributions | 8.6 | 12.8 | |
Medicare reimbursements | 0 | 0 | |
Plan participants' contributions | 0 | 0 | |
Divestitures | 0 | (16.8) | |
Foreign currency translation | 34.4 | (45.6) | |
Benefits paid | (44.6) | (129.7) | |
Fair value of plan assets at end of year | 979.3 | 875.4 | 3,424.1 |
Total net pension and OPEB liability recognized as of December 31 | (65.5) | (99.3) | |
Pension Benefits | Discontinued Operations | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Divestitures | 0 | (2,915.6) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Divestitures | 5.8 | (2,489.1) | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 345 | 373.8 | |
Service cost | 1.3 | 3.8 | 4.7 |
Interest cost | 11.1 | 11.7 | 15.9 |
Plan participants' contributions | 9 | 9.4 | |
Medicare reimbursements | 5 | 5.4 | |
Actuarial loss | 3 | 5.9 | |
Plan amendments and other | 0 | (33.8) | |
Settlements | 0 | 0 | |
Foreign currency translation | 2.8 | 1.3 | |
Benefits paid | (34.8) | (32.5) | |
Divestitures | 0 | 0 | |
Benefit obligation at end of year | 342.4 | 345 | 373.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 210.3 | 205.5 | |
Actual return on assets | 31.3 | 14.8 | |
Settlements | 0 | 0 | |
Employer contributions | 7.8 | 7.7 | |
Medicare reimbursements | 5 | 5.4 | |
Plan participants' contributions | 9 | 9.4 | |
Divestitures | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Benefits paid | (34.8) | (32.5) | |
Fair value of plan assets at end of year | 228.6 | 210.3 | $ 205.5 |
Total net pension and OPEB liability recognized as of December 31 | (113.8) | (134.7) | |
Other Postretirement Benefits | Discontinued Operations | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Divestitures | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Divestitures | $ 0 | $ 0 |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized on Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost (included in accrued liabilities) | $ (447.5) | $ (541.7) |
Pension liabilities | (102.7) | (119.4) |
Other postretirement benefits plan liabilities | (113.2) | (134.1) |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension cost (included in other noncurrent assets) | 39.9 | 22.8 |
Accrued benefit cost (included in accrued liabilities) | (2.7) | (2.7) |
Pension liabilities | (102.7) | (119.4) |
Other postretirement benefits plan liabilities | 0 | 0 |
Net liabilities recognized in the Consolidated Balance Sheets - Continuing Operations | (65.5) | (99.3) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension cost (included in other noncurrent assets) | 0 | 0 |
Accrued benefit cost (included in accrued liabilities) | (0.6) | (0.6) |
Pension liabilities | 0 | 0 |
Other postretirement benefits plan liabilities | (113.2) | (134.1) |
Net liabilities recognized in the Consolidated Balance Sheets - Continuing Operations | $ (113.8) | $ (134.7) |
Retirement Plans - Amounts in A
Retirement Plans - Amounts in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (286.7) | $ (297.4) |
Net prior service credit | 0 | 0 |
Total | (286.7) | (297.4) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 33.6 | 19.2 |
Net prior service credit | 30.4 | 32.9 |
Total | $ 64 | $ 52.1 |
Retirement Plans - Amounts Re83
Retirement Plans - Amounts Recognized in Other Comprehensive Loss (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of Net actuarial (gain) loss | $ 7.3 |
Amortization of Net prior service credit | 0 |
Amounts arising during the period, Net actuarial gain | 1.8 |
Amounts arising during the period, Settlements | 1.6 |
Total | 10.7 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of Net actuarial (gain) loss | (0.1) |
Amortization of Net prior service credit | (2.8) |
Amounts arising during the period, Net actuarial gain | 14.8 |
Amounts arising during the period, Settlements | 0 |
Total | $ 11.9 |
Retirement Plans - Amounts in84
Retirement Plans - Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 8 |
Net prior service credit | 0 |
Total | 8 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 0 |
Net prior service credit | (2.8) |
Total | $ (2.8) |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Ultimate | 0.00% | 0.00% |
Discount rate | 3.40% | 3.80% |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Ultimate | 4.50% | 5.00% |
Discount rate | 3.50% | 4.00% |
Pre-Age 65 | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Current | 0.00% | 0.00% |
Pre-Age 65 | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Current | 6.30% | 6.10% |
Post-Age 65 | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Current | 0.00% | 0.00% |
Post-Age 65 | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend, Current | 6.30% | 6.10% |
Retirement Plans - Summary of P
Retirement Plans - Summary of Projected Benefit Obligations in Excess of Plan Assets (Detail) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 797.4 | $ 744.3 |
Fair value of plan assets | $ 692 | $ 622.2 |
Retirement Plans - Accumulated
Retirement Plans - Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Compensation And Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation | $ 784.6 | $ 730.7 |
Fair value of plan assets | $ 692 | $ 622.2 |
Retirement Plans - Effects of O
Retirement Plans - Effects of One-percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) - Other Postretirement Benefits $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Other postretirement benefit obligation, 1% increase | $ 7.7 |
Total other postretirement benefits service and interest cost components, 1% increase | 0.6 |
Other postretirement benefit obligation, 1% decrease | (7.5) |
Total other postretirement benefits service and interest cost components, 1% decrease | $ (0.6) |
Retirement Plans - Expected Ben
Retirement Plans - Expected Benefit Payments (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 46.8 |
2,019 | 47.2 |
2,020 | 48.6 |
2,021 | 50.3 |
2,022 | 51.2 |
2023-2027 | 268.2 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 25.7 |
2,019 | 25.4 |
2,020 | 25.1 |
2,021 | 24.8 |
2,022 | 24.5 |
2023-2027 | 117.3 |
Estimated Subsidy Reimbursements | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 1.3 |
2,019 | 1.3 |
2,020 | 1.2 |
2,021 | 1.1 |
2,022 | 1.1 |
2023-2027 | $ 5.1 |
Retirement Plans - Allocation o
Retirement Plans - Allocation of Plan Assets, Pension Plan (Detail) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | $ 979.3 | $ 875.4 | $ 3,424.1 |
Total pension plan assets | 979.3 | 875.4 | |
Estimate of Fair Value Measurement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 388.1 | 387.1 | |
Estimate of Fair Value Measurement | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 14.3 | 17.5 | |
Estimate of Fair Value Measurement | Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 125 | 144.6 | |
Estimate of Fair Value Measurement | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 246.7 | 222.7 | |
Estimate of Fair Value Measurement | Derivatives and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 2.1 | 2.3 | |
Portion at Other than Fair Value Measurement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at net asset value | 591.2 | 488.3 | |
Portion at Other than Fair Value Measurement | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at net asset value | 268.7 | 193.4 | |
Portion at Other than Fair Value Measurement | Derivatives and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at net asset value | 6.1 | 16.6 | |
Portion at Other than Fair Value Measurement | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at net asset value | 36.7 | 32.8 | |
Portion at Other than Fair Value Measurement | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at net asset value | 279.7 | 245.5 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 137.1 | 158.1 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 11.5 | 12.9 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 124.9 | 144.5 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 0.7 | 0.7 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | Derivatives and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 251 | 229 | |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 2.8 | 4.6 | |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 0.1 | 0.1 | |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | 246 | 222 | |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Derivatives and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets, excluding net asset value of plan assets | $ 2.1 | $ 2.3 |
Retirement Plans - Allocation91
Retirement Plans - Allocation of Plan Assets, Postretirement Benefit Plan (Detail) - Other Postretirement Benefits - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value and net asset value of the company's benefit plan Investments | $ 228.6 | $ 210.3 |
Estimate of Fair Value Measurement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 30.7 | 22.7 |
Estimate of Fair Value Measurement | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 30.7 | 21.3 |
Estimate of Fair Value Measurement | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 0 | 1.4 |
Portion at Other than Fair Value Measurement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit plan investments measured at net asset value | 197.9 | 187.6 |
Portion at Other than Fair Value Measurement | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit plan investments measured at net asset value | 166.3 | 149.8 |
Portion at Other than Fair Value Measurement | Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit plan investments measured at net asset value | 31.6 | 37.8 |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 1.4 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 0 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 1.4 | |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 30.7 | 21.3 |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | 30.7 | 21.3 |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of the company's benefit plan assets | $ 0 | $ 0 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings From Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
U.S. | $ (12.1) | $ (617.9) | $ (36.3) |
Foreign | 87.6 | 120.7 | 25.6 |
Earnings (loss) before income taxes | $ 75.5 | $ (497.2) | $ (10.7) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) From Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal, Current | $ 60.9 | $ (7.3) | $ 8.5 |
Federal, Deferred | 31 | (51.7) | (11.9) |
State, Current | 0.2 | (6) | (8.3) |
State, Deferred | (6) | 12.5 | (4.6) |
Foreign, Current | 26.4 | 34.4 | 19.7 |
Foreign, Deferred | (3.8) | 5.8 | 17.6 |
Total | $ 108.7 | $ (12.3) | $ 21 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | ||
Tax on foreign earnings | $ 103,500,000 | ||||
Tax payable on foreign earnings | 64,300,000 | ||||
Adjustment to net deferred tax assets and liabilities | $ 6,800,000 | ||||
Tax credit carry forward period | 8 years | ||||
Deferred tax assets, valuation allowance provision | $ 238,300,000 | $ 154,100,000 | |||
Loss on foreign currency transaction and translation, pre-tax | $ 30,300,000 | ||||
Net operating loss and other carryforwards expiring between 2017 and 2026 | 119,600,000 | ||||
Deferred tax liabilities related to foreign earnings | 4,700,000 | 6,700,000 | |||
Undistributed earnings of foreign subsidiaries | 837,300,000 | ||||
Cash payments for income taxes | 46,100,000 | 108,200,000 | 129,100,000 | ||
Cash refunds for income taxes | 43,300,000 | 7,200,000 | 14,800,000 | ||
Excess tax benefit in share base compensation | 500,000 | 2,600,000 | 3,200,000 | ||
Income tax benefit associated with dispositions of employee stock options | 2,300,000 | 3,200,000 | |||
Unrecognized tax benefits | 30,900,000 | 41,900,000 | 51,000,000 | $ 58,500,000 | |
Unrecognized tax benefits that would impact effective tax rate | 24,300,000 | ||||
Amount of unrecognized tax benefit that will decrease within 12 months | 2,500,000 | ||||
Total interest benefit related to remaining tax uncertainties | 200,000 | (500,000) | (100,000) | ||
Penalty amounts recognized | 0 | 0 | 0 | ||
Accrued interest related to income tax uncertainties | 4,200,000 | 4,000,000 | |||
Accrued penalties related to income tax uncertainties | 0 | 0 | |||
Devaluation of Venezuelan Bolivar | |||||
Loss on foreign currency transaction and translation, pre-tax | 30,300,000 | ||||
International | |||||
Deferred tax assets, valuation allowance provision | $ 11,300,000 | ||||
State and Local Jurisdiction | |||||
Deferred tax assets, valuation allowance provision | 9,500,000 | ||||
Domestic | |||||
Domestic and foreign net operating loss carryforwards | 141,100,000 | 63,300,000 | |||
Foreign | |||||
Domestic and foreign net operating loss carryforwards | 114,000,000 | $ 101,600,000 | |||
Capital Loss Carry Forward | |||||
Pre-tax capital loss | $ 51,600,000 | ||||
Scenario Forecast | |||||
Federal statutory tax rate | 21.00% |
Income Taxes - Reconciliation F
Income Taxes - Reconciliation From Federal Statutory Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Change in valuation allowances | 2.80% | (7.10%) | (225.50%) |
Venezuelan devaluation and sale | 0.00% | 0.00% | (122.80%) |
State and local income taxes, net of U.S. federal income tax benefit | (2.90%) | 0.00% | 36.00% |
Impairment charges | 6.60% | (32.30%) | (57.80%) |
Foreign tax | 4.20% | (1.20%) | (19.80%) |
Adjustment of uncertain tax positions and interest | (3.20%) | 0.50% | 45.90% |
Reorganization | 0.00% | 3.90% | 0.00% |
Foreign tax rate differential | (21.20%) | 3.00% | 169.70% |
Impact of the Tax Act | 146.20% | 0.00% | 0.00% |
Tax impact of net gain on sale of Donnelley Financial and LSC shares | (21.60%) | 0.00% | 0.00% |
Other | (1.90%) | 0.70% | (57.00%) |
Effective income tax rate | 144.00% | 2.50% | (196.30%) |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Pension and other postretirement benefits plan liabilities | $ 58.8 | $ 100.1 |
Net operating losses and other tax carryforwards | 255.1 | 164.9 |
Accrued liabilities | 51.5 | 86.1 |
Foreign depreciation | 19.4 | 14.6 |
Other | 16.5 | 25.1 |
Total deferred tax assets | 401.3 | 390.8 |
Valuation allowances | (238.3) | (154.1) |
Net deferred tax assets | 163 | 236.7 |
Accelerated depreciation | (45.8) | (68.2) |
Other intangible assets | (20) | (36) |
Inventories | (7.3) | (7.6) |
Other | (14) | (23.1) |
Total deferred tax liabilities | (87.1) | (134.9) |
Net deferred tax assets | $ 75.9 | $ 101.8 |
Income Taxes - Schedule of Tran
Income Taxes - Schedule of Transactions Affecting Valuation Allowance on Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance [Line Items] | |||
Balance, beginning of year | $ 154.1 | $ 130.8 | $ 144.3 |
Current year expense-net | 84.5 | 35.2 | 11.8 |
Write-offs | (6.8) | (1) | (15) |
Foreign exchange and other | 6.5 | (10.9) | (10.3) |
Balance, end of year | $ 238.3 | $ 154.1 | $ 130.8 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at beginning of year | $ 41.9 | $ 51 | $ 58.5 |
Additions for tax positions of the current year | 0.2 | 0.6 | 1.1 |
Reductions for tax positions of prior years | (9) | (1.5) | (5.4) |
Settlements during the year | (0.1) | (1.8) | (0.3) |
Lapses of applicable statutes of limitations | (2.1) | (6.4) | (2.9) |
Balance at end of year | $ 30.9 | $ 41.9 | $ 51 |
Debt - Schedule of the Company'
Debt - Schedule of the Company's Debt (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||
Borrowings under the credit facilities | $ 216,000,000 | $ 185,000,000 | $ 0 | |
Other | [1] | 10,800,000 | 8,500,000 | |
Unamortized debt issuance costs | (11,600,000) | (16,500,000) | ||
Total debt | 2,109,700,000 | 2,387,400,000 | ||
Less: current portion | (10,800,000) | (8,200,000) | ||
Long-term debt | 2,098,900,000 | 2,379,200,000 | ||
11.25% Senior Notes Due February 1, 2019 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | [2] | 172,200,000 | 172,200,000 | |
7.625% Senior Notes Due June 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 238,400,000 | 350,000,000 | ||
7.875% Senior Notes Due March 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 447,200,000 | 448,800,000 | ||
8.875% Debentures Due April 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Debentures | 80,900,000 | 80,900,000 | ||
7.00% Senior Notes Due February 15, 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 140,000,000 | 140,000,000 | ||
6.50% Senior Notes Due November 15, 2023 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 290,600,000 | 350,000,000 | ||
6.00% Senior Notes Due April 1, 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 298,300,000 | 400,000,000 | ||
6.625% Debentures Due April 15, 2029 | ||||
Debt Instrument [Line Items] | ||||
Debentures | 157,900,000 | 199,500,000 | ||
8.820% Debentures Due April 15, 2031 | ||||
Debt Instrument [Line Items] | ||||
Debentures | $ 69,000,000 | $ 69,000,000 | ||
[1] | Includes miscellaneous debt obligations and capital leases. | |||
[2] | As of December 31, 2017 and 2016, the interest rate on the 11.25% senior notes due February 1, 2019 was 13.25%, the maximum amount of these rates as a result of credit ratings downgrades. |
Debt - Schedule of the Compa100
Debt - Schedule of the Company's Debt (Parenthetical) (Detail) | Aug. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 07, 2017 |
11.25% Senior Notes Due February 1, 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 11.25% | ||||
Maturity date | Feb. 1, 2019 | ||||
Effective interest rate | 13.25% | ||||
7.625% Senior Notes Due June 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.625% | ||||
Maturity date | Jun. 15, 2020 | ||||
7.875% Senior Notes Due March 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.875% | ||||
Maturity date | Mar. 15, 2021 | ||||
8.875% Debentures Due April 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.875% | ||||
Maturity date | Apr. 15, 2021 | ||||
7.00% Senior Notes Due February 15, 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.00% | 7.00% | |||
Maturity date | Feb. 15, 2022 | Feb. 15, 2022 | |||
6.50% Senior Notes Due November 15, 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.50% | ||||
Maturity date | Nov. 15, 2023 | ||||
6.00% Senior Notes Due April 1, 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.00% | 6.00% | |||
Maturity date | Apr. 1, 2024 | ||||
6.625% Debentures Due April 15, 2029 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.625% | 6.625% | |||
Maturity date | Apr. 15, 2029 | ||||
8.820% Debentures Due April 15, 2031 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.82% | ||||
Maturity date | Apr. 15, 2031 |
Debt - Narrative (Detail)
Debt - Narrative (Detail) - USD ($) | Sep. 29, 2017 | Aug. 04, 2017 | Jun. 07, 2017 | Dec. 31, 2016 | Nov. 02, 2016 | Oct. 06, 2016 | Aug. 31, 2016 | Mar. 13, 2012 | Aug. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Sep. 16, 2016 |
Debt Instrument [Line Items] | ||||||||||||||||
Amount of difference between fair value and book value | $ (4,300,000) | $ (4,300,000) | $ 18,800,000 | $ (4,300,000) | ||||||||||||
Gain (loss) on repurchase of debt instrument | (10,800,000) | $ (20,100,000) | $ (96,100,000) | |||||||||||||
Weighted average interest rate on borrowings | 3.50% | 2.50% | 2.00% | |||||||||||||
Debt instrument, repurchase date | Jun. 7, 2017 | |||||||||||||||
Borrowings under the credit facility | 185,000,000 | 185,000,000 | $ 216,000,000 | $ 185,000,000 | $ 0 | |||||||||||
Senior notes | 201,600,000 | 1,013,200,000 | $ 272,700,000 | |||||||||||||
Interest paid, net of interest received | $ 177,600,000 | $ 280,100,000 | $ 274,700,000 | |||||||||||||
Donnelley Financial Solutions, Inc. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Non-cash debt-for-equity exchange, shares | 99,594 | 6,143,208 | ||||||||||||||
Extinguishment of indebtedness | $ 1,900,000 | $ 111,600,000 | ||||||||||||||
Third Party Purchase Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate principal amount of notes purchased | $ 274,400,000 | |||||||||||||||
Third Party Purchase Notes | Donnelley Financial Solutions, Inc. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Non-cash debt-for-equity exchange, shares | 6,143,208 | |||||||||||||||
Debt instrument, aggregate principal amount | 300,000,000 | |||||||||||||||
Cancellation of Third Party Purchase Notes | Donnelley Financial Solutions, Inc. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on repurchase of debt instrument | (85,300,000) | |||||||||||||||
Senior Notes | Donnelley Financial Solutions, Inc. | Spin-off | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, aggregate principal amount | 300,000,000 | |||||||||||||||
Senior Notes | LSC Communications, Inc. | Spin-off | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, aggregate principal amount | 450,000,000 | |||||||||||||||
Company Purchase Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate principal amount of notes purchased | 503,600,000 | |||||||||||||||
6.625% Debentures Due April 15, 2029 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Apr. 15, 2029 | |||||||||||||||
Aggregate principal amount of notes purchased | $ 41,700,000 | |||||||||||||||
Interest rate | 6.625% | 6.625% | ||||||||||||||
6.50% Senior Notes Due November 15, 2023 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Nov. 15, 2023 | |||||||||||||||
Aggregate principal amount of notes purchased | $ 59,400,000 | |||||||||||||||
Interest rate | 6.50% | |||||||||||||||
6.00% Senior Notes Due April 1, 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Apr. 1, 2024 | |||||||||||||||
Aggregate principal amount of notes purchased | 101,700,000 | |||||||||||||||
Interest rate | 6.00% | 6.00% | ||||||||||||||
6.625% Debentures , 6.50% and 6.00% Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on repurchase of debt instrument | $ 800,000 | |||||||||||||||
7.625% Senior Notes Due June 15, 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Jun. 15, 2020 | |||||||||||||||
Interest rate | 7.625% | |||||||||||||||
7.625% Senior Notes Due June 15, 2020 | Investment and Other (Expense ) Income, Net | Donnelley Financial Solutions, Inc. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net realized gain from disposition of retained shares | $ 92,400,000 | |||||||||||||||
7.625% Senior Notes Due June 15, 2020 | Third Party Purchase Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate principal amount of notes purchased | $ 111,600,000 | |||||||||||||||
7.625% Senior Notes Due June 15, 2020 | Cancellation of Third Party Purchase Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on repurchase of debt instrument | $ (14,400,000) | |||||||||||||||
7.875% Senior Notes Due March 15, 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Mar. 15, 2021 | |||||||||||||||
Interest rate | 7.875% | |||||||||||||||
7.875% Senior Notes Due March 15, 2021 | Investment and Other (Expense ) Income, Net | Donnelley Financial Solutions, Inc. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net realized gain from disposition of retained shares | $ 1,600,000 | |||||||||||||||
7.875% Senior Notes Due March 15, 2021 | Third Party Purchase Notes | Donnelley Financial Solutions, Inc. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Non-cash debt-for-equity exchange, shares | 99,594 | |||||||||||||||
Extinguishment of indebtedness | $ 1,900,000 | |||||||||||||||
7.875% Senior Notes Due March 15, 2021 | Cancellation of Third Party Purchase Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on repurchase of debt instrument | $ (300,000) | |||||||||||||||
8.6% Senior Notes Due August 15, 2016 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Aug. 15, 2016 | |||||||||||||||
Interest rate | 8.60% | |||||||||||||||
Senior notes | $ 219,800,000 | |||||||||||||||
Senior Secured Term Loan B | Donnelley Financial Solutions, Inc. | Spin-off | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, aggregate principal amount | 350,000,000 | |||||||||||||||
Senior Secured Term Loan B | LSC Communications, Inc. | Spin-off | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, aggregate principal amount | 375,000,000 | |||||||||||||||
6.125% Senior Notes Due January 15, 2017 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Jan. 15, 2017 | |||||||||||||||
Interest rate | 6.125% | |||||||||||||||
Redemption of outstanding principal amount | $ 155,200,000 | |||||||||||||||
7.25% Senior Notes Due May 15, 2018 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | May 15, 2018 | |||||||||||||||
Interest rate | 7.25% | |||||||||||||||
Redemption of outstanding principal amount | $ 45,800,000 | |||||||||||||||
8.25% Senior Notes Due March 15, 2019 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Mar. 15, 2019 | Mar. 15, 2019 | Mar. 15, 2019 | |||||||||||||
Interest rate | 8.25% | 8.25% | ||||||||||||||
Redemption of outstanding principal amount | $ 21,300,000 | |||||||||||||||
7.00% Senior Notes Due February 15, 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Feb. 15, 2022 | Feb. 15, 2022 | ||||||||||||||
Interest rate | 7.00% | 7.00% | ||||||||||||||
Credit Agreements | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on repurchase of debt instrument | $ (6,200,000) | $ (1,400,000) | ||||||||||||||
Line of credit maximum borrowing base capacity | $ 200,000,000 | |||||||||||||||
Line of credit borrowing capacity description | The amount available to be borrowed under the Credit Agreement is equal to the lesser of (a) $800.0 million and (b) the aggregate amount of accounts receivable, inventory, machinery and equipment and fee-owned real estate of the Company and certain of its domestic subsidiaries (the “Guarantors”) (collectively, the “Borrowing Base”), subject to certain eligibility criteria and advance rates. The aggregate amount of real estate, machinery and equipment that can be included in the Borrowing Base cannot exceed $200.0 million. | |||||||||||||||
Percentage of collateralize equity interest on first-tier foreign subsidiaries | 65.00% | |||||||||||||||
Allowable annual dividend payment under credit agreement | $ 60,000,000 | |||||||||||||||
Maturity date | Sep. 29, 2022 | |||||||||||||||
Borrowing capacity available under credit agreement | $ 549,500,000 | |||||||||||||||
Outstanding letters of credit | 34,500,000 | |||||||||||||||
Credit Agreements | Senior Secured Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility maximum borrowing capacity | 800,000,000 | |||||||||||||||
Credit Agreements | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unused line fee | 0.25% | |||||||||||||||
Credit Agreements | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unused line fee | 0.375% | |||||||||||||||
Credit Agreements | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility maximum borrowing capacity | $ 800,000,000 | |||||||||||||||
Credit Agreements | Base Rate | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin on borrowings | 0.25% | |||||||||||||||
Credit Agreements | Base Rate | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin on borrowings | 0.50% | |||||||||||||||
Credit Agreements | Eurocurrency | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility maximum borrowing capacity | $ 800,000,000 | |||||||||||||||
Credit Agreements | Eurocurrency | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin on borrowings | 1.25% | |||||||||||||||
Credit Agreements | Eurocurrency | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin on borrowings | 1.50% | |||||||||||||||
Other Facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding letters of credit | 139,200,000 | |||||||||||||||
Other Facilities | Revolving Credit Facility Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility current borrowing capacity | 149,100,000 | |||||||||||||||
Combined Facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowings under the credit facility | $ 192,500,000 | $ 192,500,000 | $ 226,600,000 | $ 192,500,000 | ||||||||||||
Prior Credit Agreement | Senior Secured Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility maximum borrowing capacity | $ 1,500,000,000 |
Debt - Future Maturities Of Deb
Debt - Future Maturities Of Debt (Detail) $ in Millions | Dec. 31, 2017USD ($) | |
Long Term Debt Maturities | ||
2,018 | $ 10.8 | |
2,019 | 172.2 | |
2,020 | 238.4 | |
2,021 | 529.1 | |
2,022 | 356 | |
2023 and thereafter | 816.1 | |
Total | $ 2,122.6 | [1] |
[1] | Excludes unamortized debt issuance costs of $11.6 million and $1.3 million of bond discount which do not represent contractual commitments with a fixed amount or maturity date. |
Debt - Future Maturities Of 103
Debt - Future Maturities Of Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Unamortized debt issuance cost | $ 11.6 | $ 16.5 |
Bond discount | $ 1.3 |
Debt - Summary Of Interest Expe
Debt - Summary Of Interest Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instruments [Abstract] | |||
Interest incurred | $ 185 | $ 206.1 | $ 211.6 |
Less: interest income | (2.8) | (4.6) | (3.7) |
Less: interest capitalized as property, plant and equipment | (2.6) | (2.8) | (3.8) |
Interest expense, net | $ 179.6 | $ 198.7 | $ 204.1 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Detail) $ in Millions | Aug. 31, 2016 | Mar. 13, 2012USD ($) | Dec. 31, 2017USD ($)Agreement | Dec. 31, 2016USD ($)Agreement | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |||||
Repayment of debt | $ 201.6 | $ 1,013.2 | $ 272.7 | ||
Number of outstanding interest rate swap agreements | Agreement | 0 | 0 | |||
Fair Value Hedging | |||||
Derivative [Line Items] | |||||
Reduction to interest expense | $ (1) | $ (2) | |||
8.25% Senior Notes Due March 15, 2019 | |||||
Derivative [Line Items] | |||||
Derivative, inception date | Mar. 13, 2012 | ||||
Senior notes | $ 450 | ||||
Interest rate | 8.25% | 8.25% | |||
Maturity date | Mar. 15, 2019 | Mar. 15, 2019 | Mar. 15, 2019 | ||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Terminated portion of interest rate swap agreement, notional amount | $ 190 | ||||
Payment for termination of interest rate swaps | 2.5 | ||||
Not Designated as Hedging Instrument | Foreign Currency Contracts | |||||
Derivative [Line Items] | |||||
Aggregate notional value | $ 215.9 | $ 172.2 | |||
Designated Fair Value Hedges | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Aggregate notional value | $ 400 |
Derivatives - Schedule of Fair
Derivatives - Schedule of Fair Value of Derivatives Designated and Not Designated as Hedges (Detail) - Not Designated as Hedging Instrument - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid Expenses and Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Derivatives assets | $ 2.2 | $ 1.7 |
Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivatives liabilities | $ 1.5 |
Derivatives - Schedule of Pre-T
Derivatives - Schedule of Pre-Tax Gains Related to Derivatives Not Designated as Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Not Designated as Hedging Instrument | Foreign Currency Contracts | Selling, General and Administrative Expenses | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain related to derivatives | $ (1.7) | $ (5.7) | $ (28.2) |
Derivatives - Schedule of Gains
Derivatives - Schedule of Gains (Losses) for Derivatives Designated as Fair Value Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments Gain Loss [Line Items] | ||
(Gain) loss recognized as ineffectiveness | $ (0.4) | $ (0.4) |
Interest Rate Swap | Investment and other expense-net | Designated Fair Value Hedges | ||
Derivative Instruments Gain Loss [Line Items] | ||
(Gain) loss recognized as ineffectiveness | 0.4 | (1.7) |
Hedged Items | Investment and other expense-net | Designated Fair Value Hedges | ||
Derivative Instruments Gain Loss [Line Items] | ||
(Gain) loss recognized as ineffectiveness | $ (0.8) | $ 1.3 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Treasury stock, shares acquired | 0 | 0 | 0 |
Issuances of common stock (in shares) | 2,700,000 |
Earnings per Share - Earnings p
Earnings per Share - Earnings per Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic net (loss) earnings per share attributable to RRD common stockholders: | |||
Continuing operations | $ (0.49) | $ (6.95) | $ (0.28) |
Discontinued operations | (0.14) | 2.48 | |
Net (loss) earnings attributable to RRD stockholders | (0.49) | (7.09) | 2.20 |
Diluted net (loss) earnings per share attributable to RRD common stockholders: | |||
Continuing operations | (0.49) | (6.95) | (0.28) |
Discontinued operations | (0.14) | 2.48 | |
Net (loss) earnings attributable to RRD stockholders | $ (0.49) | $ (7.09) | $ 2.20 |
Net loss attributable to RRD common stockholders - continuing operations | $ (34.4) | $ (486.2) | $ (19) |
(Loss) income from discontinued operations, net of tax (Note 2) | (9.7) | 170.1 | |
Net (loss) earnings attributable to RRD common stockholders | $ (34.4) | $ (495.9) | $ 151.1 |
Weighted average number of common shares outstanding | 70.2 | 70 | 68.5 |
Dilutive options and awards | 0 | 0 | 0 |
Diluted weighted average number of common shares outstanding | 70.2 | 70 | 68.5 |
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 1.8 | 1.2 | 1.2 |
Dividends declared per common share | $ 0.56 | $ 2.48 | $ 3.12 |
Stock options | |||
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 1 | 0.9 | 0.8 |
Performance share units | |||
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0.2 |
Restricted stock units | |||
Weighted average number of anti-dilutive share-based awards: | |||
Weighted average antidilutive securities excluded from computation of earnings per share | 0.8 | 0.3 | 0.2 |
Other Comprehensive (Loss) I111
Other Comprehensive (Loss) Income - Schedule of Components of Other Comprehensive (Loss) Income and Income Tax Expense Allocated to Each Component (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive (loss) income, Before Tax Amount | $ (42.8) | $ 104.2 | $ 4.6 |
Other comprehensive (loss) income, Income Tax Expense | 4.5 | 12 | 25.4 |
Other comprehensive (loss) income | (47.3) | 92.2 | (20.8) |
Translation adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive (loss) income, Before Tax Amount | 57.1 | (38.3) | (55.7) |
Other comprehensive (loss) income | 57.1 | (38.3) | (55.7) |
Adjustment for net periodic pension and other postretirement benefits plan cost | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive (loss) income, Before Tax Amount | 22.4 | 20.2 | 60.2 |
Other comprehensive (loss) income, Income Tax Expense | 7.5 | 9 | 25.4 |
Other comprehensive (loss) income | 14.9 | 11.2 | 34.8 |
Adjustment for available-for-sale securities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive (loss) income, Before Tax Amount | (122.3) | 122.3 | |
Other comprehensive (loss) income, Income Tax Expense | (3) | 3 | |
Other comprehensive (loss) income | $ (119.3) | $ 119.3 | |
Change in fair value of derivatives | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive (loss) income, Before Tax Amount | 0.1 | ||
Other comprehensive (loss) income | $ 0.1 |
Other Comprehensive (Loss) I112
Other Comprehensive (Loss) Income - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | $ (92.2) | $ 696.6 | $ 620.4 |
Amounts reclassified from accumulated other comprehensive loss | (63.7) | 52.7 | 8.9 |
Other comprehensive (loss) income | (47.3) | 92.2 | (20.8) |
Balance | (202.9) | (92.2) | 696.6 |
Changes in the Fair Value of Derivatives | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (0.1) | ||
Other comprehensive income (loss) before reclassifications | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 0.1 | ||
Amounts reclassified from cumulative translation adjustment | 0 | ||
Amounts reclassified due to disposition of an operating entity | 0 | ||
Other comprehensive (loss) income | 0.1 | ||
Changes in the Fair Value of Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 119.3 | ||
Other comprehensive income (loss) before reclassifications | (48.5) | 119.3 | |
Amounts reclassified from accumulated other comprehensive loss | (70.8) | ||
Other comprehensive (loss) income | (119.3) | 119.3 | |
Balance | 119.3 | ||
Pension and Other Postretirement Benefits Plan Cost | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (159.5) | (727.5) | (762.3) |
Other comprehensive income (loss) before reclassifications | 10.6 | (42.7) | 22.1 |
Amounts reclassified from accumulated other comprehensive loss | 4.3 | 52.7 | 8.9 |
Amounts reclassified from cumulative translation adjustment | 3.8 | ||
Amounts reclassified due to disposition of an operating entity | 1.2 | ||
Other comprehensive (loss) income | 14.9 | 11.2 | 34.8 |
Distribution to Donnelley Financial and LSC | 556.8 | ||
Balance | (144.6) | (159.5) | (727.5) |
Translation Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (15.5) | (65.7) | (11.2) |
Other comprehensive income (loss) before reclassifications | 53.6 | (37.1) | (67.6) |
Amounts reclassified from accumulated other comprehensive loss | 2.8 | 0 | |
Amounts reclassified from cumulative translation adjustment | 13.1 | ||
Amounts reclassified due to disposition of an operating entity | (0.7) | ||
Other comprehensive (loss) income | 56.4 | (37.8) | (54.5) |
Distribution to Donnelley Financial and LSC | 88 | ||
Balance | 40.9 | (15.5) | (65.7) |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (55.7) | (793.2) | (773.6) |
Other comprehensive income (loss) before reclassifications | 15.7 | 39.5 | (45.5) |
Amounts reclassified from accumulated other comprehensive loss | (63.7) | 52.7 | 9 |
Amounts reclassified from cumulative translation adjustment | 16.9 | ||
Amounts reclassified due to disposition of an operating entity | 0.5 | ||
Other comprehensive (loss) income | (48) | 92.7 | (19.6) |
Distribution to Donnelley Financial and LSC | 644.8 | ||
Balance | $ (103.7) | $ (55.7) | $ (793.2) |
Other Comprehensive (Loss) I113
Other Comprehensive (Loss) Income - Schedule of Reclassification From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, net of tax | $ (63.7) | $ 52.7 | $ 8.9 | |
Investment and other income net | 48.7 | 2.1 | (43.9) | |
Net Realized Loss | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | [1] | 2.8 | ||
Net Actuarial Loss | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales; Selling, general and administrative expenses | [2] | 7.2 | 26.2 | 40.5 |
Translation Adjustments | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications before tax | 2.8 | |||
Reclassifications, net of tax | 2.8 | 0 | ||
Net Prior Service Credit | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales; Selling, general and administrative expenses | [2] | (2.8) | (12.7) | (26.9) |
Curtailments and Settlements | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales; Selling, general and administrative expenses | [2] | 1.6 | 78.9 | 0.2 |
Amortization of Pension and Other Postretirement Benefits Plan Cost | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications before tax | 6 | 92.4 | 13.8 | |
Income tax expense (benefit) | 1.7 | 39.7 | 4.9 | |
Reclassifications, net of tax | 4.3 | $ 52.7 | $ 8.9 | |
Available-for-Sale Securities, Net Realized Gain on Equity Securities | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications before tax | (52.8) | |||
Income tax expense (benefit) | 18 | |||
Reclassifications, net of tax | (70.8) | |||
Available-for-Sale Securities, Net Realized Gain on Equity Securities | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment and other income net | [3] | $ 52.8 | ||
[1] | Included within selling, general and administrative expenses in the Consolidated Statements of Operations. | |||
[2] | These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and other postretirement benefits plan (income) expense recognized in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Operations (see Note 9, Retirement Plans). | |||
[3] | Included within investment and other income-net in the Consolidated Statements of Operations |
Stock and Incentive Programs114
Stock and Incentive Programs for Employees and Directors - Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)CompensationPlanshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation | $ 8,400,000 | $ 12,900,000 | $ 17,300,000 |
Share-based compensation expense, income tax benefit | 3,200,000 | 2,900,000 | 3,900,000 |
Unrecognized share-based compensation cost | $ 14,000,000 | ||
Unrecognized compensation expense, weighted-average period of recognition | 2 years | ||
Excess tax benefits shown as financing cash inflows | $ 500,000 | 2,600,000 | 3,200,000 |
Number of active Share-based compensation plan | CompensationPlan | 1 | ||
Number of terminated or expired share-based compensation plans | CompensationPlan | 1 | ||
Continuing operations | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation | $ 8,400,000 | $ 7,400,000 | $ 10,100,000 |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Cliff vesting period | 3 years | ||
Restricted Stock | After January Two Thousand Nine | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 3 years | ||
Restricted Stock | Between January 2008 And January 2009 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 3 years | ||
Restricted Stock | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 3 years | ||
Restricted Stock | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 4 years | ||
Award term (in years) | 10 years | ||
Stock options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation cost | $ 0 | ||
Stock options | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 3 years | ||
Stock options | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 4 years | ||
Award term (in years) | 10 years | ||
Stock options | Maximum | After Retirement Date | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award term (in years) | 5 years | ||
Performance share units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation cost | $ 2,000,000 | ||
Unrecognized compensation expense, weighted-average period of recognition | 2 years 1 month 6 days | ||
Equity instruments other than options, outstanding shares | shares | 321,000 | 37,000 | |
Performance share units | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 3 years | ||
Performance share units | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 4 years | ||
Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved and authorized (in shares) | shares | 3,200,000 | ||
Shares authorized and available for grant under the 2017 PIP | shares | 3,100,000 | ||
Restricted stock units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation cost | $ 12,000,000 | ||
Unrecognized compensation expense, weighted-average period of recognition | 1 year 10 months 24 days | ||
Equity instruments other than options, outstanding shares | shares | 1,082,000 | 833,000 | |
Restricted stock units | Liability Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity instruments other than options, outstanding shares | shares | 12,148 | 12,148 | 86,372 |
Restricted stock units | Vested on Third Anniversary | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting percentage | 33.33% | ||
Restricted stock units | Vested Upon Termination of Service | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting percentage | 66.67% | ||
Performance Share Unit Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting term | 3 years | ||
Performance Share Unit Awards | 2015 Award | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amount payable as a percentage of initial award, contingent upon maximum performance | 150.00% | ||
Performance Share Unit Awards | 2017 Award | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amount payable as a percentage of initial award, contingent upon maximum performance | 150.00% |
Stock and Incentive Programs115
Stock and Incentive Programs for Employees and Directors - Stock Options - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options exercised | 0 | ||
Unrecognized share-based compensation cost | $ 14,000,000 | ||
Stock options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | |
Intrinsic value of options exercised | $ 300,000 | $ 800,000 | |
Unrecognized share-based compensation cost | $ 0 | ||
Cash proceeds received from option exercises | $ 1,100,000 | $ 1,800,000 |
Stock and Incentive Programs116
Stock and Incentive Programs for Employees and Directors - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Shares Under Option | ||
Outstanding at beginning of period | 1,551 | |
Cancelled/forfeited/expired | (294) | |
Outstanding at end of period | 1,257 | 1,551 |
Vested and exercisable at end of period | 1,257 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period | $ 37.19 | |
Cancelled/forfeited/expired | 58.19 | |
Outstanding at end of period | 32.28 | $ 37.19 |
Vested and exercisable at end of period | $ 32.28 | |
Weighted Average Remaining Contractual Term (years) | ||
Outstanding | 1 year 7 months 6 days | 2 years 2 months 12 days |
Vested and exercisable at end of period | 1 year 7 months 6 days | |
Aggregate Intrinsic Value | ||
Outstanding at beginning of period | $ 1.7 | |
Outstanding at end of period | $ 1.7 |
Stock and Incentive Programs117
Stock and Incentive Programs for Employees and Directors - Nonvested Restricted Stock Unit Awards (Detail) - Restricted stock units shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested at beginning of period, Shares | shares | 833 |
Granted, Shares | shares | 720 |
Vested, Shares | shares | (312) |
Forfeited, Shares | shares | (159) |
Nonvested at end of period, Shares | shares | 1,082 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $ / shares | $ 17.23 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 15.04 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 14.87 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 17.37 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $ / shares | $ 16.43 |
Stock and Incentive Programs118
Stock and Incentive Programs for Employees and Directors - Restricted Stock Units - Narrative (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized share-based compensation cost | $ 14 |
Unrecognized compensation expense, weighted-average period of recognition | 2 years |
Restricted stock units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized share-based compensation cost | $ 12 |
Unrecognized compensation expense, weighted-average period of recognition | 1 year 10 months 24 days |
Stock and Incentive Programs119
Stock and Incentive Programs for Employees and Directors - Schedule of Nonvested Performance Share Units Activity (Detail) - Performance share units shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested at beginning of period, Shares | shares | 37 |
Granted, Shares | shares | 304 |
Forfeited, Shares | shares | (20) |
Nonvested at end of period, Shares | shares | 321 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value | $ / shares | $ 16.73 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 16.30 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 16.37 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value | $ / shares | $ 16.34 |
Stock and Incentive Programs120
Stock and Incentive Programs for Employees and Directors - Performance Share Units - Narrative (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized share-based compensation cost | $ 14 |
Unrecognized compensation expense, weighted-average period of recognition | 2 years |
Performance share units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized share-based compensation cost | $ 2 |
Unrecognized compensation expense, weighted-average period of recognition | 2 years 1 month 6 days |
Segment Information - Narrative
Segment Information - Narrative (Detail) - Sales Revenue Segment - Product Concentration Risk | 12 Months Ended |
Dec. 31, 2017 | |
Variable Print | |
Segment Reporting Information [Line Items] | |
Percentage of net sales by segment | 44.90% |
Strategic Services | |
Segment Reporting Information [Line Items] | |
Percentage of net sales by segment | 25.40% |
International | |
Segment Reporting Information [Line Items] | |
Percentage of net sales by segment | 29.70% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 6,939.6 | $ 6,833 | $ 6,880.7 |
Income (Loss) from Operations | 226.5 | (300.6) | 237.3 |
Assets of Operations | 3,904.5 | 4,268.8 | |
Depreciation and amortization | 191.4 | 204.2 | 232.5 |
Capital Expenditures | 108.5 | 172.1 | 207.6 |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets of Operations | 3,904.5 | 4,268.8 | 4,276.3 |
Depreciation and amortization | 191.4 | 204.2 | 232.5 |
Capital Expenditures | 108.5 | 123.1 | 133.6 |
Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 3,113.1 | 3,145.4 | 3,214.9 |
Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,765.7 | 1,726.9 | 1,604.6 |
International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,060.8 | 1,960.7 | 2,061.2 |
Total Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Sales | 7,169.6 | 7,042.2 | 7,077.9 |
Income (Loss) from Operations | 281.6 | (172) | 334.4 |
Total Operating Segments | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets of Operations | 3,706.5 | 3,621.6 | 4,050.1 |
Depreciation and amortization | 187.3 | 201.9 | 229.3 |
Capital Expenditures | 84.9 | 102.4 | 116.7 |
Total Operating Segments | Variable Print | |||
Segment Reporting Information [Line Items] | |||
Total Sales | 3,129.1 | 3,155 | 3,224.1 |
Income (Loss) from Operations | 189 | (349.5) | 208.2 |
Total Operating Segments | Variable Print | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets of Operations | 1,514 | 1,619.4 | 2,150.8 |
Depreciation and amortization | 114.7 | 121.5 | 134.1 |
Capital Expenditures | 31.7 | 56.9 | 52.3 |
Total Operating Segments | Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Total Sales | 1,936.5 | 1,883.9 | 1,752 |
Income (Loss) from Operations | 3.4 | 26.8 | 39.5 |
Total Operating Segments | Strategic Services | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets of Operations | 577.7 | 603.9 | 475.2 |
Depreciation and amortization | 18 | 19.4 | 19.5 |
Capital Expenditures | 7.3 | 12.7 | 19 |
Total Operating Segments | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales | 2,104 | 2,003.3 | 2,101.8 |
Income (Loss) from Operations | 89.2 | 150.7 | 86.7 |
Total Operating Segments | International | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets of Operations | 1,614.8 | 1,398.3 | 1,424.1 |
Depreciation and amortization | 54.6 | 61 | 75.7 |
Capital Expenditures | 45.9 | 32.8 | 45.4 |
Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (230) | (209.2) | (197.2) |
Intersegment Sales | Variable Print | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (16) | (9.6) | (9.2) |
Intersegment Sales | Strategic Services | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (170.8) | (157) | (147.4) |
Intersegment Sales | International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (43.2) | (42.6) | (40.6) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | (55.1) | (128.6) | (97.1) |
Assets of Operations | 198 | 647.2 | 226.2 |
Corporate | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets of Operations | 198 | 647.2 | 226.2 |
Depreciation and amortization | 4.1 | 2.3 | 3.2 |
Capital Expenditures | $ 23.6 | $ 20.7 | $ 16.9 |
Segment Information - Schedu123
Segment Information - Schedule of Corporate Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | $ 273.4 | $ 317.5 | |
Deferred income tax assets, net of valuation allowances | 163 | 236.7 | |
Investment in LSC and Donnelley Financial (Note 2) | 328.7 | ||
Property, plant and equipment, net | 615.1 | 650.3 | |
Total assets | 3,904.5 | 4,268.8 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | (37.5) | 19.3 | $ (45.9) |
Deferred income tax assets, net of valuation allowances | 36.7 | 67.5 | 41.8 |
Software, net | 41.6 | 43 | 48.5 |
Deferred compensation plan and Company owned life insurance assets | 88.6 | 75.3 | 77.4 |
Investment in LSC and Donnelley Financial (Note 2) | 328.7 | ||
Property, plant and equipment, net | 29.6 | 30.2 | 41.6 |
Other | 39 | 83.2 | 62.8 |
Total assets | $ 198 | $ 647.2 | $ 226.2 |
Net Sales by Geographic Region
Net Sales by Geographic Region (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated net sales | $ 6,939.6 | $ 6,833 | $ 6,880.7 |
U.S. | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated net sales | 5,233 | 5,250.3 | 5,182.3 |
Asia | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated net sales | 857.3 | 703.5 | 731.1 |
Europe | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated net sales | 455 | 482.8 | 559.9 |
Other | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated net sales | $ 394.3 | $ 396.4 | $ 407.4 |
Long-Lived Assets by Geographic
Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated long-lived assets | $ 955.8 | $ 993.9 | $ 1,018.8 |
U.S. | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated long-lived assets | 642 | 720.1 | 732.3 |
Asia | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated long-lived assets | 127.6 | 102.6 | 111.5 |
Europe | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated long-lived assets | 81 | 65.3 | 68 |
Other | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Consolidated long-lived assets | $ 105.2 | $ 105.9 | $ 107 |
Product and Services Net Sales
Product and Services Net Sales (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | $ 5,326 | $ 5,225.4 | $ 5,255.5 |
Total services | 1,613.6 | 1,607.6 | 1,625.2 |
Total net sales | 6,939.6 | 6,833 | 6,880.7 |
Commercial, digital print and related products | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 2,586.8 | 2,539.1 | 2,446.3 |
Statements | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 556.4 | 561.3 | 595.3 |
Direct Mail | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 546.3 | 537.4 | 530.2 |
Labels | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 470.4 | 472.1 | 505.3 |
Packaging and related products | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 566.7 | 464.6 | 482.5 |
Forms | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 284.5 | 329.2 | 350 |
Global Turnkey Solutions | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total products | 314.9 | 321.7 | 345.9 |
Logistics services | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total services | 1,244.7 | 1,242.5 | 1,227.7 |
Business process outsourcing | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total services | 216.3 | 223.7 | 241.9 |
Digital And Creative Solutions | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total services | $ 152.6 | $ 141.4 | $ 155.6 |
Venezuela Currency Remeasure127
Venezuela Currency Remeasurement - Narrative (Detail) $ in Millions | 12 Months Ended | 36 Months Ended | ||||||||||
Dec. 31, 2016 | Dec. 31, 2015USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 29, 2015 | Mar. 31, 2015VEF / $ | |
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||||||||||||
Gain (loss) on foreign currency transaction and translation, pre-tax | $ (30.3) | |||||||||||
Devaluation of Venezuelan Bolivar | ||||||||||||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||||||||||||
Maximum three year cumulative inflation using the blended Consumer Price Index and National Consumer Price Index | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Gain (loss) on foreign currency transaction and translation, pre-tax | (30.3) | |||||||||||
Devaluation of Venezuelan Bolivar | SIMADI | ||||||||||||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||||||||||||
Foreign currency exchange rate | VEF / $ | 193 | |||||||||||
Gain (loss) on foreign currency transaction and translation, pre-tax | 30.3 | |||||||||||
Gain (loss) on foreign currency transaction and translation, after tax | 27.5 | |||||||||||
Devaluation of Venezuelan Bolivar | SIMADI | Noncontrolling Interests | ||||||||||||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||||||||||||
Gain (loss) on foreign currency transaction and translation, pre-tax | $ 10.5 | |||||||||||
International | Disposition | ||||||||||||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||||||||||||
Sale of equity interest date | Apr. 29, 2015 | |||||||||||
International | Disposition | Venezuelan Operating Entity | ||||||||||||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||||||||||||
Joint venture, ownership percentage | 50.10% |
New Accounting Pronouncements -
New Accounting Pronouncements - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Increase (decrease) in net cash used in investing activities | $ 24.7 | $ (200.6) | $ (322.3) | |
Increase (decrease) in net cash provided by (used in) financing activities | (294.3) | 19.9 | (444.8) | |
Effect of exchange rate on cash, cash equivalents and restricted cash | 17.3 | (16.5) | (39.1) | |
Increase (decrease) in net cash provided by operating activities | 217.9 | 127.2 | 666 | |
Accounting Standards Update 2016-18 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Increase (decrease) in net cash used in investing activities | (4.3) | (0.5) | ||
Increase (decrease) in net cash provided by (used in) financing activities | (1.5) | |||
Effect of exchange rate on cash, cash equivalents and restricted cash | 0.7 | 2.4 | ||
Accounting Standards Update 2016-15 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Increase (decrease) in net cash used in investing activities | (5.6) | 5.7 | ||
Increase (decrease) in net cash provided by (used in) financing activities | (7.6) | 8.3 | ||
Increase (decrease) in net cash provided by operating activities | $ 2 | $ 14 | ||
Accounting Standards Update 2014-09 [Member] | Subsequent Event [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Cumulative effect of of applying the new revenue standard | $ 14 | |||
Operating Expense | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New accounting pronouncement effect on operating results | (15.1) | |||
Investment and Other (Expense ) Income, Net | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Effect on other non-operating income from the adoption of a new accounting pronouncement | $ 15.1 |