Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 11, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Quad/Graphics, Inc. | ||
Entity Central Index Key | 1,481,792 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Trading Symbol | QUAD | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 631,416,217 | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 38,374,368 | ||
Common Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 13,556,858 | ||
Common Class C | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | |||
Products | $ 3,392.3 | $ 3,529 | $ 3,717.1 |
Services | 801.4 | 602.4 | 612.4 |
Total net sales | 4,193.7 | 4,131.4 | 4,329.5 |
Cost of sales | |||
Products | 2,829 | 2,827.3 | 2,971 |
Services | 600.3 | 432.1 | 423.8 |
Total cost of sales | 3,429.3 | 3,259.4 | 3,394.8 |
Operating expenses | |||
Selling, general and administrative expenses | 372.1 | 423.8 | 466.7 |
Depreciation and amortization | 230.7 | 232.5 | 277.1 |
Restructuring, impairment and transaction-related charges | 103.6 | 60.4 | 73.6 |
Total operating expenses | 4,135.7 | 3,976.1 | 4,212.2 |
Operating income | 58 | 155.3 | 117.3 |
Interest expense | 73.3 | 71.1 | 77.2 |
Net pension income | (12.4) | (9.6) | (5.1) |
Loss (gain) on debt extinguishment | 0 | 2.6 | (14.1) |
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | (2.9) | 91.2 | 59.3 |
Income tax (benefit) expense | (9.8) | (16) | 13 |
Earnings before equity in (earnings) loss of unconsolidated entity | 6.9 | 107.2 | 46.3 |
Equity in (earnings) loss of unconsolidated entity | (1) | 0 | 1.4 |
Net earnings | 7.9 | 107.2 | 44.9 |
Less: net loss attributable to noncontrolling interests | (0.6) | 0 | 0 |
Net earnings attributable to Quad common shareholders | $ 8.5 | $ 107.2 | $ 44.9 |
Earnings per share attributable to Quad common shareholders | |||
Basic (in dollars per share) | $ 0.17 | $ 2.16 | $ 0.94 |
Diluted (in dollars per share) | $ 0.16 | $ 2.07 | $ 0.90 |
Weighted average number of common shares outstanding | |||
Basic (in shares) | 49.8 | 49.6 | 47.9 |
Diluted (in shares) | 51.6 | 51.8 | 49.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 7.9 | $ 107.2 | $ 44.9 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||
Foreign currency translation adjustments | (13.3) | 14.8 | (15.5) |
Translation of long-term loans to foreign subsidiaries | 0.3 | (2) | 11.6 |
Revaluation loss on the sale of a business | 0 | 2.1 | 0 |
Total translation adjustments | (13) | 14.9 | (3.9) |
Interest rate swap adjustments | 2.2 | 2.1 | 0 |
Pension benefit plan adjustments | |||
Net gain (loss) arising during period | (18.1) | 18.7 | (0.8) |
Settlement charge on pension benefit plans included in net earnings (loss) | 0 | 0.8 | 7 |
Total pension benefit plan adjustments | (18.1) | 19.5 | 6.2 |
Other comprehensive income (loss), before tax | (28.9) | 36.5 | 2.3 |
Income tax impact related to items of other comprehensive income (loss) | 4 | (8.3) | (2.4) |
Other comprehensive income (loss), net of tax | (24.9) | 28.2 | (0.1) |
Total comprehensive income (loss) | (17) | 135.4 | 44.8 |
Less: comprehensive loss attributable to noncontrolling interests | (0.6) | 0 | 0 |
Comprehensive income (loss) attributable to Quad common shareholders | $ (16.4) | $ 135.4 | $ 44.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 69.5 | $ 64.4 |
Receivables, less allowances for doubtful accounts of $27.6 million at December 31, 2018, and $28.9 million at December 31, 2017 | 528.7 | 552.5 |
Inventories | 300.6 | 246.5 |
Prepaid expenses and other current assets | 47.8 | 45.1 |
Total current assets | 946.6 | 908.5 |
Property, plant and equipment—net | 1,257.4 | 1,377.6 |
Goodwill | 54.6 | 0 |
Other intangible assets—net | 112.6 | 43.4 |
Equity method investment in unconsolidated entity | 4 | 3.6 |
Other long-term assets | 93.9 | 119.3 |
Total assets | 2,469.1 | 2,452.4 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 511 | 381.6 |
Accrued liabilities | 292.3 | 316.7 |
Short-term debt and current portion of long-term debt | 42.9 | 42 |
Current portion of capital lease obligations | 5.1 | 5.6 |
Total current liabilities | 851.3 | 745.9 |
Long-term debt | 882.6 | 903.5 |
Capital lease obligations | 10.3 | 13.7 |
Deferred income taxes | 32.1 | 41.9 |
Other long-term liabilities | 232.6 | 225 |
Total liabilities | 2,008.9 | 1,930 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity (Note 18) | ||
Additional paid-in capital | 861.3 | 861.1 |
Treasury stock, at cost, 2.7 million shares at December 31, 2018, and 2.3 million shares at December 31, 2017 | (56.6) | (52.8) |
Accumulated deficit | (211.4) | (162.9) |
Accumulated other comprehensive loss | (152.2) | (124.4) |
Quad’s shareholders’ equity | 442.5 | 522.4 |
Noncontrolling interests | 17.7 | 0 |
Total shareholders’ equity and noncontrolling interests | 460.2 | 522.4 |
Total liabilities and shareholders’ equity | 2,469.1 | 2,452.4 |
Preferred Stock | ||
Shareholders’ equity (Note 18) | ||
Preferred stock, $0.01 par value; Authorized: 0.5 million shares; Issued: None | 0 | 0 |
Common Class A | ||
Shareholders’ equity (Note 18) | ||
Common stock, Class C, $0.025 par value; Authorized: 20.0 million shares; Issued: 0.5 million shares at December 31, 2018 and 2017 | 1 | 1 |
Common Class B | ||
Shareholders’ equity (Note 18) | ||
Common stock, Class C, $0.025 par value; Authorized: 20.0 million shares; Issued: 0.5 million shares at December 31, 2018 and 2017 | 0.4 | 0.4 |
Common Class C | ||
Shareholders’ equity (Note 18) | ||
Common stock, Class C, $0.025 par value; Authorized: 20.0 million shares; Issued: 0.5 million shares at December 31, 2018 and 2017 | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Allowances for doubtful accounts | $ 27.6 | $ 28.9 | $ 53.5 | $ 50.1 |
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 500,000 | 500,000 | 500,000 | |
Preferred stock, shares issued | 0 | 0 | 0 | |
Treasury stock, shares | 2,700,000 | 2,300,000 | ||
Common Class A | ||||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | |
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 | |
Common stock, shares issued | 40,300,000 | 40,000,000 | 40,000,000 | |
Treasury stock, shares | 2,200,000 | 1,800,000 | 2,800,000 | |
Common Class B | ||||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | |
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 | |
Common stock, shares issued | 13,500,000 | 13,800,000 | 15,000,000 | |
Treasury stock, shares | 0 | 0 | 800,000 | |
Common Class C | ||||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | |
Common stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |
Common stock, shares issued | 500,000 | 500,000 | 500,000 | |
Treasury stock, shares | 500,000 | 500,000 | 500,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||
Net earnings | $ 7,900,000 | $ 107,200,000 | $ 44,900,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 230,700,000 | 232,500,000 | 277,100,000 |
Employee stock ownership plan contribution | 22,300,000 | 0 | 0 |
Impairment charges | 26,500,000 | 12,000,000 | 26,800,000 |
Amortization of debt issuance costs and original issue discount | 3,500,000 | 3,500,000 | 4,200,000 |
Loss (gain) on debt extinguishment | 0 | 2,600,000 | (14,100,000) |
Stock-based compensation | 15,600,000 | 16,400,000 | 15,200,000 |
Gain on the sale or disposal of property, plant and equipment | (17,800,000) | (6,900,000) | (9,000,000) |
Loss on the sale of a business | 0 | 7,700,000 | 0 |
Gain from property insurance claims | (18,300,000) | (5,000,000) | 0 |
Settlement loss on pension benefit plans | 0 | 800,000 | 7,000,000 |
Deferred income taxes | (14,500,000) | (22,500,000) | (26,600,000) |
Equity in (earnings) loss of unconsolidated entity | (1,000,000) | 0 | 1,400,000 |
Changes in operating assets and liabilities—net of acquisitions: | |||
Receivables | 49,400,000 | 8,700,000 | 84,800,000 |
Inventories | (54,300,000) | 13,100,000 | 12,700,000 |
Prepaid expenses and other current assets | 1,700,000 | 3,800,000 | (18,000,000) |
Accounts payable and accrued liabilities | 23,200,000 | 9,900,000 | (16,100,000) |
Other | (14,300,000) | (39,800,000) | (36,700,000) |
Net cash provided by operating activities | 260,600,000 | 344,000,000 | 353,600,000 |
INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (96,300,000) | (85,900,000) | (106,100,000) |
Cost investment in unconsolidated entities | 0 | 0 | (9,900,000) |
Proceeds from the sale of property, plant and equipment | 32,700,000 | 23,900,000 | 25,900,000 |
Proceeds from the sale of a business | 0 | 14,100,000 | 0 |
Proceeds from property insurance claims | 14,500,000 | 8,000,000 | 0 |
Proceeds from the sale of investments | 0 | 0 | 1,300,000 |
Loan to an unconsolidated entity | 0 | (7,300,000) | 0 |
Acquisition of businesses—net of cash acquired (Note 3) | (71,400,000) | 0 | 0 |
Net cash used in investing activities | (120,500,000) | (47,200,000) | (88,800,000) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 7,800,000 | 375,000,000 | 19,700,000 |
Payments of long-term debt | (33,200,000) | (522,900,000) | (192,000,000) |
Payments of capital lease obligations | (6,300,000) | (7,600,000) | (9,500,000) |
Borrowings on revolving credit facilities | 2,563,700,000 | 718,500,000 | 871,900,000 |
Payments on revolving credit facilities | (2,561,100,000) | (736,000,000) | (918,000,000) |
Payments of debt issuance costs and financing fees | 0 | (4,700,000) | (100,000) |
Purchases of treasury stock | (36,700,000) | (3,800,000) | (8,800,000) |
Proceeds from stock options exercised | 4,200,000 | 2,600,000 | 30,300,000 |
Equity awards redeemed to pay employees' tax obligations | (9,000,000) | (6,000,000) | (1,400,000) |
Payment of cash dividends | (62,900,000) | (62,500,000) | (61,100,000) |
Other financing activities | 0 | (4,300,000) | (300,000) |
Net cash used in financing activities | (133,500,000) | (251,700,000) | (269,300,000) |
Effect of exchange rates on cash and cash equivalents | (1,500,000) | 100,000 | (600,000) |
Net increase (decrease) in cash and cash equivalents | 5,100,000 | 45,200,000 | (5,100,000) |
Cash and cash equivalents at beginning of year | 64,400,000 | 19,200,000 | 24,300,000 |
Cash and cash equivalents at end of year | $ 69,500,000 | $ 64,400,000 | $ 19,200,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Quad’s Shareholders’ Equity | Noncontrolling Interests |
Beginning balance, shares at Dec. 31, 2015 | 55.5 | (5.9) | ||||||
Beginning balance, Quad's shareholders equity at Dec. 31, 2015 | $ 1.4 | $ 956.7 | $ (193.6) | $ (188.1) | $ (152.5) | $ 423.9 | ||
Beginning balance, noncontrolling interests at Dec. 31, 2015 | $ 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) attributable to Quad common shareholders | $ 44.9 | 44.9 | 44.9 | |||||
Net earnings (loss) attributable to noncontrolling interests | 0 | |||||||
Foreign currency translation adjustments | (3.9) | (3.9) | ||||||
Pension benefit plan liability adjustments, net of tax | 3.8 | 3.8 | ||||||
Cash dividends declared ($1.20 per share) | (63.2) | (63.2) | ||||||
Stock-based compensation | 15.2 | 15.2 | ||||||
Purchases of treasury stock, shares | (1.1) | |||||||
Purchases of treasury stock | (8.8) | $ (8.8) | ||||||
Stock options exercised, shares | 1.6 | |||||||
Stock options exercised | (13.3) | $ 43.6 | 30.3 | |||||
Issuance of restricted stock and deferred stock units, shares | 1.4 | |||||||
Issuance of share-based awards, net of other activity | (46.2) | $ 46.2 | 0 | |||||
Issuance of shares for settlement of MEPPs liability | 0 | $ 0.7 | 0.7 | |||||
Equity awards redeemed to pay employees' tax obligations, shares | (0.1) | |||||||
Equity awards redeemed to pay employees’ tax obligations | $ (1.4) | (1.4) | ||||||
Ending balance, shares at Dec. 31, 2016 | 55.5 | (4.1) | ||||||
Ending balance, Quad's shareholders' equity at Dec. 31, 2016 | $ 1.4 | 912.4 | $ (113.3) | (206.4) | (152.6) | 441.5 | ||
Ending balance, noncontrolling interests at Dec. 31, 2016 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) attributable to Quad common shareholders | 107.2 | 107.2 | 107.2 | |||||
Net earnings (loss) attributable to noncontrolling interests | 0 | |||||||
Foreign currency translation adjustments | 14.9 | 14.9 | ||||||
Pension benefit plan liability adjustments, net of tax | 12 | 12 | ||||||
Interest rate swap adjustments, net of tax | 1.3 | 1.3 | ||||||
Cash dividends declared ($1.20 per share) | (63.7) | (63.7) | ||||||
Stock-based compensation | 16.4 | 16.4 | ||||||
Purchases of treasury stock, shares | (0.2) | |||||||
Purchases of treasury stock | $ (3.8) | (3.8) | ||||||
Stock options exercised, shares | 0.2 | |||||||
Stock options exercised | (1.7) | $ 4.3 | 2.6 | |||||
Issuance of restricted stock and deferred stock units, shares | 0.9 | |||||||
Issuance of share-based awards, net of other activity | (24.1) | $ 24.1 | 0 | |||||
Cancellation of class B treasury shares (in shares) | (1.2) | (1.2) | ||||||
Cancellation of class B treasury shares | (41.9) | $ 41.9 | 0 | |||||
Equity awards redeemed to pay employees' tax obligations, shares | (0.3) | |||||||
Equity awards redeemed to pay employees’ tax obligations | $ (6) | (6) | ||||||
Ending balance, shares at Dec. 31, 2017 | 54.3 | (2.3) | ||||||
Ending balance, Quad's shareholders' equity at Dec. 31, 2017 | 522.4 | $ 1.4 | 861.1 | $ (52.8) | (162.9) | (124.4) | 522.4 | |
Ending balance, noncontrolling interests at Dec. 31, 2017 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) attributable to Quad common shareholders | 8.5 | 8.5 | 8.5 | |||||
Net earnings (loss) attributable to noncontrolling interests | 0.6 | (0.6) | ||||||
Consolidation of Rise | 18.3 | |||||||
Foreign currency translation adjustments | (13) | (13) | ||||||
Pension benefit plan liability adjustments, net of tax | (13.6) | (13.6) | ||||||
Interest rate swap adjustments, net of tax | 1.7 | 1.7 | ||||||
Cash dividends declared ($1.20 per share) | (63.1) | (63.1) | ||||||
Stock-based compensation | 15.6 | 15.6 | ||||||
Employee stock ownership plan contribution, shares | 1 | |||||||
Employee stock ownership plan contribution | 22.3 | $ 22.3 | ||||||
Purchases of treasury stock, shares | (1.9) | |||||||
Purchases of treasury stock | $ (36.7) | (36.7) | ||||||
Stock options exercised, shares | 0.3 | |||||||
Stock options exercised | (3.3) | $ 7.5 | 4.2 | |||||
Issuance of restricted stock and deferred stock units, shares | 0.6 | |||||||
Issuance of share-based awards, net of other activity | (12.1) | $ 12.1 | 0 | |||||
Equity awards redeemed to pay employees' tax obligations, shares | (0.4) | |||||||
Equity awards redeemed to pay employees’ tax obligations | $ (9) | (9) | ||||||
Ending balance, shares at Dec. 31, 2018 | 54.3 | (2.7) | ||||||
Ending balance, Quad's shareholders' equity at Dec. 31, 2018 | 442.5 | $ 1.4 | $ 861.3 | $ (56.6) | $ (211.4) | $ (152.2) | $ 442.5 | |
Ending balance, noncontrolling interests at Dec. 31, 2018 | $ 17.7 | $ 17.7 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||
Cash dividend declared (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Nature of Operations —As a worldwide marketing solutions partner dedicated to creating a better way, Quad uses its data-driven, integrated marketing platform to help clients reduce complexity, increase efficiency and enhance marketing spend effectiveness. Quad provides its clients with unmatched scale for client on-site services and expanded subject expertise in marketing strategy, creative solutions, media solutions and marketing management services. With a client-centric approach, that drives its expanded offering, combined with leading-edge technology and single-source simplicity, the Company believes it has the resources and knowledge to help a wide variety of clients in multiple vertical industries, including retail, publishing and healthcare. The Company operates primarily in the commercial print portion of the printing industry as a printer of retail inserts, publications, catalogs, special interest publications, journals, direct mail, books, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement. The Company’s products and services for a variety of industries are sold primarily throughout North America, South America and Europe. In addition, the Company strategically sources packaging product manufacturing over multiple end markets in Central America and Asia. Principles of Consolidation and Basis of Presentation —The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned controlled subsidiaries and have been prepared in accordance with GAAP . The results of operations and accounts of businesses acquired are included in the consolidated financial statements from the dates of acquisition (see Note 3 , “ Acquisitions and Strategic Investments ”). Investments in entities where the Company has both the ability to exert significant influence but not control and an ownership interest of 50% or less but more than 20% are accounted for using the equity method of accounting. Investments in entities where the Company does not exert significant influence or control and has an ownership interest of less than 20% are accounted for using the cost method of accounting. Intercompany transactions and balances have been eliminated in consolidation. Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into United States dollars at the exchange rate 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 accumulated other comprehensive income (loss) on the consolidated statements of shareholders’ equity, while transaction gains and losses are recorded in selling, general and administrative expenses on the consolidated statements of operations. Foreign exchange transactions resulted in losses of $1.6 million during the year ended December 31, 2018 , gains of $1.5 million during the year ended December 31, 2017 , and losses of $6.0 million during the year ended December 31, 2016 . The Company had a 49% interest in Plural , a commercial printer based in São Paulo, Brazil, as of December 31, 2018 . The Company accounts for this entity using the equity method of accounting. The Company’s equity in the (earnings) loss of Plural’s operations was recorded in equity in (earnings) loss of unconsolidated entity in the Company’s consolidated statements of operations, and was included within the International segment. Distributions received from equity method investees follow the nature of the distribution approach, where each distribution is evaluated on the basis of the source of the payment and is classified as either operating cash inflows or investing cash inflows. The Company reviews its equity method investment regularly for indicators of other than temporary impairment. Quad had no other significant unconsolidated entities as of December 31, 2018 . Use of Estimates —The preparation of consolidated financial statements requires the use of management’s estimates and assumptions that affect the reported assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated 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: allowances for doubtful accounts, inventory obsolescence, asset valuations and useful lives, pension and postretirement benefits, self-insurance reserves, stock-based compensation, taxes, restructuring and other provisions and contingencies. Revenue Recognition —The Company recognizes its products and services revenue based on when the transfer of control passes to the customer or when the service is completed and accepted by the customer. Under agreements with certain customers, products may be stored by the Company for future delivery. In these situations, the Company may receive warehouse management fees for the services it provides. Product returns are not significant because the products are customized; however, the Company accrues for the estimated amount of customer allowances at the time of sale based on historical experience and known trends. Revenue from services is recognized as services are performed. Revenues related to the Company’s imaging operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer. Revenues related to the Company’s logistics operations, which includes the delivery of printed material, are recognized upon completion of services. 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, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the consolidated statements of operations. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper. Revenues for Company-supplied paper are recognized on a gross basis. On January 1, 2018, the Company adopted Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ Topic 606 ”), which provides revised guidance on recognizing revenue from contracts with customers. The Company adopted Topic 606 using the modified retrospective approach and applied the guidance to those contracts which were not completed as of January 1, 2018. This means that Topic 606 has been applied to the 2018 financial statements and disclosures going forward, but that prior period financial statements and disclosures reflect the revenue recognition standard of Topic 605, Revenue from Contracts with Customers. See Note 2 , “ Revenue Recognition ,” for additional accounting policy and transition disclosures. Byproduct Recoveries —The Company presents byproduct recoveries as a reduction of cost of sales–products in the consolidated statements of operations. Classification of byproduct recoveries as a reduction of cost of sales aligns the proceeds from byproduct recoveries with the corresponding manufacturing costs. Financial Instruments —The Company uses derivative financial instruments for the purpose of hedging interest rate, commodity and foreign exchange exposures that exist as part of ongoing business operations, including interest rate swap agreements, natural gas forward purchase contracts and foreign exchange contracts. As a policy, the Company does not engage in speculative or leveraged transactions, nor does the Company hold or issue financial instruments for trading purposes. Derivative instruments are recorded on the consolidated balance sheets as either assets or liabilities measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive income (loss) and recognized in the consolidated statements of operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of hedges are insignificant and recognized in earnings. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash flows in the same category as the item being hedged. Fair Value Measurement —The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in its consolidated financial statements on a recurring basis. Fair value represents the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. See Note 14 , “ Financial Instruments and Fair Value Measurements ,” for further discussion. Research and Development —Research and development costs related to the development of new products or the adaptation of existing products are expensed as incurred, included in cost of sales and totaled $3.6 million , $9.0 million and $9.3 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. Cash and Cash Equivalents and Restricted Cash —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Receivables —Receivables are stated net of allowances for doubtful accounts. No single customer comprised more than 5% of the Company’s consolidated net sales in 2018 , 2017 or 2016 , or 5% of the Company’s consolidated receivables as of December 31, 2018 or 2017 . Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. Accounts that are deemed uncollectible are written off when all reasonable collection efforts have been exhausted. See Note 6 , “ Receivables ,” for further discussion on the transactions affecting the allowances for doubtful accounts. Inventories —Inventories include material, labor, and plant overhead and are stated at the lower of cost or net realizable value. At December 31, 2018 and 2017 , all inventories were valued using the first-in, first-out (“ FIFO ”) method. See Note 7 , “ Inventories ,” for the components of the Company’s inventories. Property, Plant and Equipment —Property, plant and equipment are recorded at cost, and are depreciated over the estimated useful lives of the assets using the straight-line method for financial reporting purposes. See Note 8 , “ Property, Plant and Equipment ,” for the components of the Company’s property, plant and equipment. Major improvements that extend the useful lives of existing assets are capitalized and charged to the asset accounts. Repairs and maintenance, which do not significantly improve or extend the useful lives of the respective assets, are expensed as incurred. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. When an asset is retired or disposed, the associated costs and accumulated depreciation are eliminated, and the resulting gain or loss is recognized in the Company’s consolidated statements of operations. Asset Category Range of Useful Lives Buildings 10 to 40 Years Machinery and equipment 3 to 15 Years Other 3 to 10 Years Other Intangible Assets —Identifiable intangible assets are recognized apart from goodwill and are amortized over their estimated useful lives. Impairment of Long-Lived and Other Intangible Assets —The Company evaluates long-lived assets and other intangible assets (of which the most significant are property, plant and equipment and customer relationship intangible assets) whenever events and circumstances have occurred that indicate the carrying value of an asset may not be recoverable. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount and the asset’s residual value, if any. In turn, assessing whether there is an impairment loss requires a determination of recoverability, which is generally estimated by the ability to recover the balance of the assets from expected future operating cash flows on an undiscounted basis. If impairment is determined to exist, any related impairment loss is calculated based on the difference in the fair value and carrying value of the asset. Goodwill —When applicable, goodwill is reviewed annually for impairment 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. In performing this analysis, the Company compares each reporting unit’s fair value to its carrying value. The fair value is estimated based on comparable company market valuations and/or expected future discounted cash flows to be generated by the reporting unit. If the carrying value exceeds the reporting unit’s fair value, an impairment loss would be charged to operations in the period identified. See Note 5 , “ Goodwill and Other Intangible Assets ,” for further discussion. Income Taxes —The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the effective date of enactment. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. This determination is based upon all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. If the Company determines that a deferred income tax asset will not be fully realized in the future, then a valuation allowance is established or increased to reflect the amount at which the asset will more likely than not be realized, which would increase the Company’s provision for income taxes. In a period after a valuation allowance has been established, if the Company determines the related deferred income tax assets will be realized in the future in excess of their net recorded amount, then an adjustment to reduce the related valuation allowance will be made, which would reduce the Company’s provision for income taxes. 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 consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is more likely than not of being recognized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The determination of the Company’s worldwide tax provision and related tax assets and liabilities requires the use of significant judgment in estimating the impact of uncertainties in the application of GAAP and the interpretation of complex tax laws. In the ordinary course of business, there are transactions and calculations where the final tax outcome is uncertain. Where fair market value is required to measure a tax asset or liability for GAAP purposes, the Company periodically obtains independent, third party assistance to validate that such value is determined in conformity with Internal Revenue Service fair market value guidelines. While the Company believes it has the appropriate support for the positions taken, certain positions may be successfully challenged by taxing authorities. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating results. The Company applies the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the appropriate amount of tax benefits to be recognized with respect to uncertain tax positions. The determination of the Company’s worldwide tax provision includes the impact of any changes to the amount of tax benefits recognized with respect to uncertain tax positions. See Note 13 , “ Income Taxes ,” for further discussion. Pension Plans —The Company assumed certain frozen underfunded defined benefit pension plans as part of the 2010 World Color Press acquisition. Pension plan costs are determined using actuarial methods and are funded through contributions. The Company records amounts relating to its pension plans based on calculations which include various actuarial assumptions including discount rates, assumed rates of return, and mortality. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current rates and trends when it is appropriate to do so. The effects of modifications are recognized immediately on the consolidated balance sheets, but are generally amortized into operating income over future periods, with the deferred amount recorded in accumulated other comprehensive loss on the consolidated balance sheets. 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. For the purposes of calculating the expected return on plan assets, those assets are valued at fair value. When an event gives rise to both a curtailment and a settlement, the curtailment is accounted for prior to the settlement. The Company’s measurement date to measure the defined benefit plan assets and the projected benefit obligation is December 31 . On January 1, 2018, the Company adopted ASU 2017-07 , which provides revised guidance on how to present the components of net pension income in the statement of operations. The Company has adopted ASU 2017-07 retrospectively and has utilized the practical expedient that permits the use of the amounts disclosed in previous filings for net pension income as the estimation basis for the presentation of the prior comparative periods. There are no service costs associated with the Company's pension plans due to their frozen status. The Company has previously participated in MEPPs as a result of the acquisition of World Color Press. Due to the significant underfunded status of the MEPPs , the Company has withdrawn from all significant MEPPs and replaced these union sponsored “promise to pay in the future” defined benefit plans with a Company sponsored “pay as you go” defined contribution plan, which is historically the form of retirement benefit provided to Quad’s employees. As a result of the decision to withdraw, the Company recorded an estimated withdrawal liability for the MEPPs as part of the World Color Press purchase price allocation process based on information received from the MEPPs ’ trustees. The estimated withdrawal liability is updated based on significant events, such as potential new information from the litigation proceedings with the MEPPs , until the final withdrawal liability is determined. See Note 15 , “ Employee Retirement Plans ,” for further discussion. Stock-Based Compensation —The Company recognizes stock-based compensation expense over the vesting period for all stock-based awards made to employees and directors based on the fair value of the instrument at the time of grant. See Note 17 , “ Equity Incentive Programs ,” for further discussion. Accumulated Other Comprehensive Income (Loss) —Accumulated other comprehensive income (loss) consists primarily of unrecognized actuarial gains and losses and prior service costs for pension plans, foreign currency translation adjustments and interest rate swap adjustments, and is presented in the consolidated statements of shareholders’ equity. See Note 19 , “ Accumulated Other Comprehensive Loss ,” for further discussion. Supplemental Cash Flow Information —The following table summarizes certain supplemental cash flow information for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Interest paid, net of amounts capitalized $ 60.5 $ 57.8 $ 65.9 Income taxes paid 12.5 6.5 34.0 Non-cash capital lease additions (see Note 12) 2.4 0.5 21.0 Acquisitions of businesses (see Note 3): Fair value of assets acquired, net of cash 124.9 — — Liabilities assumed (89.8 ) — — Goodwill 54.6 — — Noncontrolling interests (18.3 ) — — Acquisition of businesses—net of cash acquired $ 71.4 $ — $ — |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes its products and services revenue based on when the transfer of control passes to the customer or when the service is completed and accepted by the customer. The effects of the adjustments to the consolidated balance sheet as of December 31, 2017, for the modified retrospective adoption of Topic 606, were as follows: December 31, 2017 Topic 606 Adjustments Opening Balance at January 1, 2018 Prepaid expenses and other current assets $ 45.1 $ 2.3 $ 47.4 Other long-term assets 119.3 2.0 121.3 Deferred income taxes 41.9 1.1 43.0 Accumulated deficit (162.9 ) 3.2 (159.7 ) The adoption of Topic 606 did not have a material effect on the consolidated financial statements. In adopting Topic 606, the timing of recognition changed for certain variable consideration paid to customers and costs to obtain contracts with customers. Revenue Disaggregation The following table provides information about disaggregated revenue by the Company’s operating segments and major products and services offerings for the years ended December 31, 2018 , 2017 and 2016 : United States Print International Total Year ended December 31, 2018 Catalog, publications, retail inserts, books and directories $ 2,391.1 $ 337.6 $ 2,728.7 Direct mail and other printed products 605.3 30.5 635.8 Other 27.4 0.4 27.8 Total Products 3,023.8 368.5 3,392.3 Logistics services 429.0 18.6 447.6 Imaging, marketing services and other services 353.8 — 353.8 Total Services 782.8 18.6 801.4 Total Net Sales $ 3,806.6 $ 387.1 $ 4,193.7 Year ended December 31, 2017 Catalog, publications, retail inserts, books and directories $ 2,485.9 $ 338.8 $ 2,824.7 Direct mail and other printed products 614.4 32.4 646.8 Other 56.6 0.9 57.5 Total Products 3,156.9 372.1 3,529.0 Logistics services 398.9 19.2 418.1 Imaging, marketing services and other services 184.3 — 184.3 Total Services 583.2 19.2 602.4 Total Net Sales $ 3,740.1 $ 391.3 $ 4,131.4 Year ended December 31, 2016 Catalog, publications, retail inserts, books and directories $ 2,662.6 $ 351.7 $ 3,014.3 Direct mail and other printed products 616.6 29.6 646.2 Other 55.9 0.7 56.6 Total Products 3,335.1 382.0 3,717.1 Logistics services 406.8 20.5 427.3 Imaging, marketing services and other services 185.1 — 185.1 Total Services 591.9 20.5 612.4 Total Net Sales $ 3,927.0 $ 402.5 $ 4,329.5 Nature of Products and Services The products offering is predominantly comprised of the Company’s print operations which includes retail inserts, publications, catalogs, special interest publications, journals, direct mail, books, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement. The Company considers its logistic operations as services, which include the delivery of printed material. The Services offering also includes revenues related to the Company’s imaging operations, which include digital content management, photography, color services, page production, marketing services, media planning and placement, facilities management and medical services. Performance Obligations At contract inception, the Company assesses the products and services promised in its contracts with customers and identifies performance obligations for each promise to transfer to the customer a product or service that is distinct. To identify the performance obligations, the Company considers the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company determined that the following distinct products and services represent separate performance obligations: • Pre-Press Services • Print • Other Services For Pre-Press and Other Services, the Company recognizes revenue at point-in-time upon completion of the performed service and acceptance by the customer. The Company considers transfer of control to occur once the service is performed as the Company has right to payment and the customer has legal title and risk and reward of ownership. The Company recognizes its Print revenues upon transfer of title and the passage of risk of loss, which is point-in-time upon shipment to the customer, and when there is a reasonable assurance as to collectability. Revenues related to the Company’s logistics operations, which includes the delivery of printed material, are included in the Print performance obligation and are also recognized at point-in-time as services are completed. Under agreements with certain customers, products may be stored by the Company for future delivery. In these situations, the Company may receive warehouse management fees for the services it provides. Revenue from warehouse management fees was immaterial for the years ended December 31, 2018 , 2017 and 2016 . Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross as principal or net of related costs as an agent. Billings for third-party shipping and handling costs, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the consolidated statements of operations. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper. Revenues for the Company-supplied paper are recognized on a gross basis. In some cases, the Company will print items that are mailed to consumers and bill the customer for postage. In these cases, the Company is acting as an agent and billings are recorded on a net basis in net sales. Significant Payment Terms Payment terms and conditions for contracts with customers vary. The Company typically offers standard terms of net 30 days. It is not the Company’s standard business practice to offer extended payment terms longer than one year. The Company may offer cash discounts or prepayment and extended terms depending on certain facts and circumstances. As such, when the timing of the Company’s delivery of products and services differs from the timing of payment, the Company will record either a contract asset or a contract liability. Variable Consideration When evaluating the transaction price, the Company analyzes on a contract by contract basis all applicable variable considerations and non-cash consideration and also performs a constraint analysis. The nature of the Company’s contracts give rise to variable consideration, including, volume rebates, credits, discounts, and other similar items that generally decrease the transaction price. These variable amounts generally are credited to the customer, based on achieving certain levels of sales activity, when contracts are signed, or making payments within specific terms. Product returns are not significant because the products are customized; however, the Company accrues for the estimated amount of customer allowances at the time of sale based on historical experience and known trends. When the transaction price requires allocation to multiple performance obligations, the Company uses the estimated stand-alone selling prices using the adjusted market assessment approach. Costs to Obtain Contracts In accordance with Topic 606, the Company capitalizes certain sales incentives of the sales compensation packages for costs that are directly attributed to being awarded a customer contract or renewal and would not have been incurred had the contract not been obtained. The Company also defers certain contract acquisition costs paid to the customer at contract inception. Costs to obtain contracts with a duration of less than one year are expensed as incurred. For all contract costs with contracts over one year, the Company amortizes the costs to obtain contracts on a straight-line basis over the estimated life of the contract and reviews quarterly for impairment. At January 1, 2018 , the Company had $23.5 million in contract costs for contracts that were not completed as of that date. For the year ended December 31, 2018 , the Company incurred additional contract costs of $7.5 million , amortized $9.3 million , and consequently, the balance of contract costs were $21.7 million as of December 31, 2018 . Practical Expedients The Company has elected to apply the following practical expedients allowed under Topic 606: • For certain performance obligations related to print contracts, the Company has elected not to disclose the value of unsatisfied performance obligations for the following: (1) contracts that have an original expected length of one year or less; (2) contracts where revenue is recognized as invoiced; or (3) contracts with variable consideration related to unsatisfied performance obligations. The Company had approximately $469.7 million in volume commitments in contracts that extend beyond one year as of December 31, 2018 . The Company expects to recognize approximately 38% of these volume commitments in contracts as revenue by the end of 2019, an additional 32% by the end of 2021, and the balance thereafter. • The Company expenses costs to obtain contracts as incurred when the contract duration is less than one year. • The transaction amount is not adjusted for a significant financing component as the period between transfer of the products or services and payment is less than one year. • The Company accounts for shipping and handling activities, which includes postage, that occur after control of the related products or services transfers to the customer as fulfillment activities and are therefore recognized at time of shipping. • The Company excludes from its transaction price any amounts collected from customers for sales taxes. |
Acquisitions and Strategic Inve
Acquisitions and Strategic Investments | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Strategic Investments | Acquisitions and Strategic Investments 2018 Ivie & Associates, LLC Acquisition The Company completed the acquisition of Ivie on February 21, 2018, for $90.0 million cash paid, which is subject to a potential earn-out of up to an additional $16.0 million , to the extent that certain financial metrics are achieved post-integration. Ivie is headquartered in Flower Mound, Texas and provides a full array of marketing services, including creative and production services, studio services, sourcing, procurement, staff enhancement, media services, public relations, digital services, technology solutions and project management for many leading brands throughout the world. The purchase price of $105.4 million includes $13.6 million of acquired cash and an estimated $15.4 million of future cash payments related to the acquisition. Included in the purchase price allocation are $79.6 million of identifiable other intangible assets, which are amortized over their estimated useful lives, ranging from three to eight years , and $28.3 million of goodwill, of which $26.4 million is deductible for tax purposes. The final allocation of the purchase price was based on valuations performed to determine the fair value of the net assets as of the acquisition date. The net assets acquired, excluding acquired cash, were classified as Level 3 in the valuation hierarchy (see Note 14 , “ Financial Instruments and Fair Value Measurements ,” for the definition of Level 3 inputs). Ivie’s operations are included in the United States Print and Related Services segment. 2018 Investment in Rise Interactive and Analytics, LLC On March 14, 2018 , the Company increased its equity position in Rise from 19% to 57% for the conversion of $9.3 million of loans to equity ownership and $8.7 million cash paid. The Company had historically accounted for Rise as a cost method investment. Rise is a digital marketing agency headquartered in Chicago, Illinois, that specializes in digital media, analytics and customer experience, and helps enterprise marketers see, shape, and act on opportunities in digital media. The Company has consolidated the results of Rise as of the date the Company obtained controlling financial interest in Rise and accounts for the 43% portion of Rise ’s results not owned by the Company as noncontrolling interest in the consolidated financial statements. The fair value of the assets and liabilities of, and noncontrolling interest in, Rise is estimated to be $48.5 million , including $13.7 million of acquired cash. Also included in the fair value allocation are $23.1 million of identifiable other intangible assets, which are amortized over their estimated useful lives, ranging from five to six years , and $26.3 million of goodwill, which is not deductible for tax purposes. The final allocation of the purchase price was based on valuations performed to determine the fair value of the net assets as of the acquisition date. The net assets acquired, excluding acquired cash, were classified as Level 3 in the valuation hierarchy (see Note 14 , “ Financial Instruments and Fair Value Measurements ,” for the definition of Level 3 inputs). Rise ’s operations are included in the United States Print and Related Services segment. |
Restructuring, Impairment and T
Restructuring, Impairment and Transaction-Related Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment and Transaction-Related Charges | Restructuring, Impairment and Transaction-Related Charges The Company recorded restructuring, impairment and transaction-related charges for the years ended December 31, 2018 , 2017 and 2016 , as follows: 2018 2017 2016 Employee termination charges $ 23.0 $ 26.9 $ 12.9 Impairment charges 26.5 12.0 26.8 Transaction-related charges 8.2 3.1 2.2 Integration costs 1.3 — 0.1 Other restructuring charges 44.6 18.4 31.6 Total $ 103.6 $ 60.4 $ 73.6 The costs related to these activities have been recorded on the consolidated statements of operations as restructuring, impairment and transaction-related charges. See Note 20 , “ Segment Information ,” for restructuring, impairment and transaction-related charges by segment. Restructuring Charges The Company began a restructuring program in 2010 related to eliminating excess manufacturing capacity and properly aligning its cost structure. The Company has announced a total of 43 plant closures and has reduced headcount by approximately 13,000 employees since 2010. The Company announced the closures of the Hazleton, Pennsylvania and Franklin, Kentucky plants during the year ended December 31, 2018 . The Company recorded the following charges as a result of plant closures and other restructuring programs for the year ended December 31, 2018 : • Employee termination charges of $23.0 million were recorded as a result of workforce reductions through facility consolidations and separation programs. • Integration costs of $1.3 million were recorded, primarily related to the integration of acquired companies. • Other restructuring charges of $44.6 million were recorded, which consisted of the following: (1) a $32.1 million increase to the Company’s MEPPs withdrawal liability; (2) $12.9 million of vacant facility carrying costs, (3) $10.0 million in charges for certain legal matters and customer contract penalties related to the Company’s operations in Peru; (4) $4.0 million of lease exit charges, (5) $1.5 million in charges from foreign currency losses as a result of the economy in Argentina being classified as highly inflationary; and (6) $1.4 million of equipment and infrastructure removal costs from closed plants. Other restructuring charges were presented net of $17.3 million in gains on the sale of facilities, including a $7.5 million gain from the sale of the Taunton, Massachusetts Book plant, a $7.0 million gain from the sale of the Dallas, Texas plant and a $2.2 million gain from the sale of the San Ixhuatepec, Mexico plant. The Company announced the closures of the Waseca, Minnesota; Columbus, Ohio; Taunton, Massachusetts; and Dallas, Texas plants during the year ended December 31, 2017 . The Company recorded the following charges as a result of plant closures and other restructuring programs for the year ended December 31, 2017 : • Employee termination charges of $26.9 million were recorded as a result of workforce reductions through facility consolidations and separation programs. • Other restructuring charges of $18.4 million were recorded, which consisted of the following: (1) $14.2 million of vacant facility carrying costs, (2) a $6.7 million loss on the sale of a business; (3) $3.9 million of lease exit charges, including the lease termination of the Huntington Beach, California and Manassas, Virginia plants; and (4) $1.9 million of equipment and infrastructure removal costs from closed plants. Other restructuring charges were presented net of $7.1 million in gains from the sale of the Atglen, Pennsylvania; Dickson, Tennessee; Lenexa, Kansas; East Greenville, Pennsylvania and Marengo, Iowa facilities; and a $1.2 million gain from settlements with vendors through bankruptcy proceedings for the Company's Argentina Subsidiaries . The Company announced the closures of the Atglen, Pennsylvania; Huntington Beach, California; Lenexa, Kansas; Manassas, Virginia; Monroe, New Jersey; and York, Pennsylvania plants during the year ended December 31, 2016 . The Company recorded the following charges as a result of plant closures and other restructuring programs for the year ended December 31, 2016 : • Employee termination charges of $12.9 million were recorded as a result of workforce reductions through facility consolidations and separation programs. • Integration costs of $0.1 million were recorded, primarily related to preparing existing facilities to meet new production requirements resulting from work transferring from closed plants, as well as other costs related to the integration of acquired companies. • Other restructuring charges of $31.6 million were recorded, which consisted of the following: (1) $13.6 million of vacant facility carrying costs; (2) an $11.2 million increase to the Company’s MEPPs withdrawal liability; (3) $4.9 million of equipment and infrastructure removal costs from closed plants; and (4) $4.5 million of lease exit charges, including the lease termination of the Pittsburg, California facility. Other restructuring charges were presented net of the following: (1) a $1.3 million gain from settlements with vendors due to the Company's Argentina Subsidiaries emerging from bankruptcy during the fourth quarter of 2016 and (2) a $1.3 million gain on the sale of the Pilar, Argentina building. The restructuring charges recorded were based on plans that have been committed to by management and were, in part, based upon management’s best estimates of future events. Changes to the estimates may require future restructuring charges and adjustments to the restructuring liabilities. The Company expects to incur additional restructuring charges related to these and other initiatives. Impairment Charges The Company recognized impairment charges of $26.5 million during the year ended December 31, 2018 , consisting of the following: (1) $16.9 million of impairment charges primarily for machinery and equipment no longer being utilized in production as a result of facility consolidations, including Waseca, Minnesota; Hazleton, Pennsylvania; and Franklin, Kentucky; as well as other capacity and strategic reduction restructuring initiatives, including $5.0 million of impairment charges for machinery and equipment in Peru; and (2) $4.6 million of land and building impairment charges, primarily related to the Franklin, Kentucky plant closure. The Company recognized impairment charges of $12.0 million during the year ended December 31, 2017 , consisting of the following: (1) $6.7 million of impairment charges primarily for machinery and equipment no longer being utilized in production as a result of facility consolidations, including Waseca, Minnesota; Columbus, Ohio; and Taunton, Massachusetts, as well as other capacity and strategic reduction restructuring initiatives; and (2) $5.3 million of land and building impairment charges related to the Waseca, Minnesota and Taunton, Massachusetts plant closures. The Company recognized impairment charges of $26.8 million during the year ended December 31, 2016 , consisting of the following: (1) $12.1 million of land and building impairment charges related to the Atglen, Pennsylvania plant closure; and (2) $14.7 million of impairment charges primarily for machinery and equipment no longer being utilized in production as a result of facility consolidations, including Atglen, Pennsylvania; Augusta, Georgia; East Greenville, Pennsylvania; Monroe, New Jersey; Woodstock, Illinois; and Queretaro, Mexico, as well as other capacity and strategic reduction restructuring activities. The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 14 , “ Financial Instruments and Fair Value Measurements ,” for the definition of Level 3 inputs) and were estimated based on broker quotes, internal expertise related to current marketplace conditions and estimated future discounted cash flows. These assets were adjusted to their estimated fair values at the time of impairment. If estimated fair values subsequently decline, the carrying values of the assets are adjusted accordingly. Transaction-Related Charges The Company incurs transaction-related charges primarily consisting of professional service fees related to business acquisition and divestiture activities. The Company recognized transaction-related charges of $8.2 million , $3.1 million and $2.2 million during the years ended December 31, 2018 , 2017 and 2016 , respectively, which includes $6.4 million related to the proposed acquisition of LSC during the year ended December 31, 2018 , and $1.0 million related to the sale of a business during the year ended December 31, 2017 . The transaction-related charges were expensed as incurred in accordance with the applicable accounting guidance on business combinations. Restructuring Reserves Activity impacting the Company’s restructuring reserves for the years ended December 31, 2018 and 2017 , was as follows: Employee Termination Charges Impairment Charges Transaction-Related Charges (Income) Integration Costs Other Restructuring Charges Total Balance at January 1, 2017 $ 7.6 $ — $ 0.1 $ 1.1 $ 10.4 $ 19.2 Expense, net 26.9 12.0 3.1 — 18.4 60.4 Cash payments, net (19.0 ) — (2.8 ) (0.1 ) (14.5 ) (36.4 ) Non-cash adjustments/reclassifications 2.1 (12.0 ) — (0.8 ) (3.0 ) (13.7 ) Balance at December 31, 2017 $ 17.6 $ — $ 0.4 $ 0.2 $ 11.3 $ 29.5 Expense, net 23.0 26.5 8.2 1.3 44.6 103.6 Cash payments, net (28.7 ) — (7.4 ) (1.1 ) (6.6 ) (43.8 ) Non-cash adjustments/reclassifications (2.6 ) (26.5 ) — (0.2 ) (32.2 ) (61.5 ) Balance at December 31, 2018 $ 9.3 $ — $ 1.2 $ 0.2 $ 17.1 $ 27.8 The Company’s restructuring reserves at December 31, 2018 , included a short-term and a long-term component. The short-term portion included $23.1 million in accrued liabilities (see Note 9 , “ Accrued Liabilities and Other Long-Term Liabilities ”) and $1.8 million in accounts payable in the consolidated balance sheets as the Company expects these reserves to be paid within the next twelve months. The long-term portion of $2.9 million was included in other long-term liabilities (see Note 9 , “ Accrued Liabilities and Other Long-Term Liabilities ”) in the consolidated balance sheets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units and is tested annually for impairment 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. No goodwill impairment charges were recorded during the years ended December 31, 2018 , 2017 or 2016 . The accumulated goodwill impairment losses and the carrying value of goodwill at December 31, 2018 and 2017 , were as follows: December 31, 2018 December 31, 2017 United States Print and Related Services International Total United States Print and Related Services International Total Goodwill $ 832.9 $ 30.0 $ 862.9 $ 778.3 $ 30.0 $ 808.3 Accumulated goodwill impairment loss (778.3 ) (30.0 ) (808.3 ) (778.3 ) (30.0 ) (808.3 ) Goodwill, net of accumulated goodwill impairment loss $ 54.6 $ — $ 54.6 $ — $ — $ — The Company recorded goodwill within the United States Print and Related Services segment related to acquisitions completed during the year ended December 31, 2018. Activity impacting goodwill for the year ended December 31, 2018 , was as follows: United States Print and Related Services International Total Balance at January 1, 2018 $ — $ — $ — Ivie acquisition (see Note 3) 28.3 — 28.3 Investment in Rise (see Note 3) 26.3 — 26.3 Balance at December 31, 2018 $ 54.6 $ — $ 54.6 Other Intangible Assets The components of other intangible assets at December 31, 2018 and 2017 , were as follows: December 31, 2018 December 31, 2017 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Finite-lived intangible assets: Trademarks, patents, licenses and agreements 7 $ 59.8 $ (22.4 ) $ 37.4 7 $ 24.0 $ (13.5 ) $ 10.5 Capitalized software 5 15.3 (5.1 ) 10.2 5 4.8 (4.3 ) 0.5 Customer relationships 6 514.7 (449.7 ) 65.0 6 460.8 (428.4 ) 32.4 Total finite-lived intangible assets $ 589.8 $ (477.2 ) $ 112.6 $ 489.6 $ (446.2 ) $ 43.4 During the year ended December 31, 2018 , the gross carrying amount of other intangible assets increased primarily due to $102.7 million of acquired identifiable finite-lived intangible assets as discussed in Note 3 , “ Acquisitions and Strategic Investments .” The gross carrying amount and accumulated amortization within other intangible assets—net in the consolidated balance sheets at December 31, 2018 , and December 31, 2017 , differs from the value originally recorded at acquisition due to impairment charges recorded in prior years and the effects of currency fluctuations since the purchase date. Other intangible assets are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable. There were no impairment charges recorded on finite-lived intangible assets for the years ended December 31, 2018 , 2017 and 2016 . Amortization expense for other intangible assets was $34.4 million , $18.3 million and $50.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table outlines the estimated future amortization expense related to other intangible assets as of December 31, 2018 : Amortization Expense 2019 $ 32.5 2020 27.1 2021 18.8 2022 16.3 2023 12.1 2024 and thereafter 5.8 Total $ 112.6 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables Activity impacting the allowances for doubtful accounts for the years ended December 31, 2018 , 2017 and 2016 , was as follows: 2018 2017 2016 Balance at beginning of year $ 28.9 $ 53.5 $ 50.1 Provisions 3.1 2.6 8.0 Write-offs (1) (4.7 ) (26.3 ) (4.0 ) Translation and other 0.3 (0.9 ) (0.6 ) Balance at end of year $ 27.6 $ 28.9 $ 53.5 ______________________________ (1) Write-offs primarily consisted of fully reserved receivables for the years ended December 31, 2018 , 2017 and 2016 . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at December 31, 2018 and 2017 , were as follows: 2018 2017 Raw materials and manufacturing supplies $ 170.8 $ 128.7 Work in process 48.9 43.6 Finished goods 80.9 74.2 Total $ 300.6 $ 246.5 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment at December 31, 2018 and 2017 , were as follows: 2018 2017 Land $ 115.3 $ 122.5 Buildings 908.5 924.5 Machinery and equipment 3,549.1 3,617.1 Other (1) 178.6 197.5 Construction in progress 42.0 33.0 Property, plant and equipment—gross 4,793.5 4,894.6 Less: accumulated depreciation (3,536.1 ) (3,517.0 ) Property, plant and equipment—net $ 1,257.4 $ 1,377.6 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication related equipment. The Company recorded impairment charges of $26.5 million , $12.0 million and $26.8 million during the years ended December 31, 2018 , 2017 and 2016 , respectively, to reduce the carrying amounts of certain property, plant and equipment no longer utilized in production, or due to other capacity and strategic reduction restructuring initiatives, to fair value (see Note 4 , “ Restructuring, Impairment and Transaction-Related Charges ,” for further discussion on impairment charges). The Company recognized depreciation expense of $196.3 million , $214.2 million and $226.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Assets Held for Sale The Company considered certain closed facilities for held for sale classification in the consolidated balance sheets. Assets held for sale are carried at the lesser of original cost or fair value, less the estimated costs to sell. There were no assets held for sale as of December 31, 2018 , or as of December 31, 2017 . |
Accrued Liabilities and Other L
Accrued Liabilities and Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities and Other Long-Term Liabilities | Accrued Liabilities and Other Long-Term Liabilities The components of accrued and other long-term liabilities at December 31, 2018 and 2017 , were as follows: December 31, 2018 December 31, 2017 Accrued Liabilities Other Long-Term Liabilities Total Accrued Liabilities Other Long-Term Liabilities Total Employee-related liabilities (1) $ 126.4 $ 62.8 $ 189.2 $ 152.1 $ 67.4 $ 219.5 Single employer pension plan obligations 1.7 80.9 82.6 1.7 82.4 84.1 Multiemployer pension plans – withdrawal liability 8.4 42.5 50.9 8.8 19.4 28.2 Tax-related liabilities 29.6 8.1 37.7 29.0 18.2 47.2 Restructuring liabilities 23.1 2.9 26.0 24.6 4.2 28.8 Interest and rent liabilities 6.0 1.4 7.4 6.7 1.9 8.6 Other 97.1 34.0 131.1 93.8 31.5 125.3 Total $ 292.3 $ 232.6 $ 524.9 $ 316.7 $ 225.0 $ 541.7 ______________________________ (1) Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers’ compensation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company had firm commitments of $53.2 million as of December 31, 2018 , to purchase press and finishing equipment. Litigation The Company is named as a defendant in various lawsuits in which claims are asserted against the Company in the normal course of business. The liabilities, if any, which ultimately result from such lawsuits are not expected by management to have a material impact on the consolidated financial statements of the Company. In April 2016, the Company self-reported to the SEC and the Department of Justice (“DOJ”) certain Foreign Corrupt Practices Act (“FCPA”) issues, and a resulting internal investigation, related to its operations managed from Peru. These operations had approximate annual sales ranging from $95.0 million to $135.0 million from the date that the Company acquired those operations in July 2010 until the date the issues were discovered. The self-reported issues were identified by the Company’s financial internal controls. The Company, under the oversight of its Audit Committee and Board of Directors, proactively initiated an investigation into this matter with the assistance of external legal counsel and external forensic accountants. Additional compliance issues arising out of the Peru subsidiary have been identified during the course of the investigation and are known to the SEC and DOJ. During the course of its internal investigation, the Company has also identified, and self-reported to the DOJ and SEC, transactions raising similar issues involving certain sales made in its Quad/Tech China operations. For the period 2011 through 2015, the approximate annual sales of these China operations ranged from $2.0 million to $3.0 million . During the course of its internal investigation, the Company has also identified and informed the Office of Foreign Assets Control (“OFAC”), the DOJ and the SEC, of certain transactions involving Cuba, and continues to investigate the propriety of such transactions under United States trade sanctions. The Peruvian antitrust authority (“INDECOPI”) currently is conducting an investigation into certain alleged past collusive activities among printers in Peru, including Quad/Graphics Peru. In connection with these matters, the Company has made, and continues to evaluate, certain enhancements to its compliance program. The Company is fully cooperating with the OFAC, the SEC, the DOJ and INDECOPI. At this time, the Company does not anticipate any material adverse effect on its business or financial condition as a result of these matters. Environmental Reserves The Company is subject to various laws, regulations and government policies relating to health and safety, to the generation, storage, transportation, and disposal of hazardous substances, and to environment protection in general. The Company provides for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such reserves are adjusted as new information develops or as circumstances change. The environmental reserves are not discounted. The Company believes it is in compliance with such laws, regulations and government policies in all material respects. Furthermore, the Company does not anticipate that maintaining compliance with such environmental statutes will have a material impact upon the Company’s consolidated financial position. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The components of long-term debt at December 31, 2018 and 2017 , were as follows: Weighted Average Interest Rate 2018 2017 Master note and security agreement 7.36 % $ 96.2 $ 123.6 Term loan A—$375.0 million maturing January 2021 3.78 % 281.3 281.3 Term loan B—$300.0 million maturing April 2021 5.24 % 279.5 279.1 Revolving credit facility—$725.0 million maturing January 2021 3.91 % — — Senior unsecured notes—$300.0 million maturing May 2022 7.00 % 243.5 243.5 International term loans—$28.0 million 1.82 % 17.8 14.9 International revolving credit facilities—$16.0 million 2.25 % 11.8 9.8 Other 10.24 % 2.6 3.6 Debt issuance costs (7.2 ) (10.3 ) Total debt $ 925.5 $ 945.5 Less: short-term debt and current portion of long-term debt (42.9 ) (42.0 ) Long-term debt $ 882.6 $ 903.5 Description of Debt Obligations Master Note and Security Agreement On September 1, 1995, and as last amended on November 24, 2014 , Quad entered into its Master Note and Security Agreement . As of December 31, 2018 , the borrowings outstanding under the Master Note and Security Agreement were $96.2 million . The senior notes under the Master Note and Security Agreement had a weighted average interest rate of 7.36% at December 31, 2018 , which is fixed to maturity, with interest payable semiannually. Principal payments commenced September 1997 and extend through April 2031 in various tranches. The notes are collateralized by certain United States land, buildings and press and finishing equipment under the terms of the Master Note and Security Agreement . The Company redeemed $60.1 million of its senior notes under the Master Note and Security Agreement , resulting in a net loss on debt extinguishment of $0.2 million , during the year ended December 31, 2016. All tendered senior notes under the Master Note and Security Agreement were canceled. The Company used cash flows from operating activities and borrowings under its revolving credit facility to fund the tender. The tender was primarily completed to reallocate debt to the lower interest rate revolving credit facility and thereby reduce interest expense based on current LIBOR rates. Senior Secured Credit Facility On April 28, 2014 the Company entered into its Senior Secured Credit Facility , which includes a revolving credit facility, Term Loan A and Term Loan B. The Senior Secured Credit Facility was originally entered into to extend and stagger the Company’s debt maturity profile, to further diversify its capital structure and to provide more borrowing capacity to better position the Company to execute on its strategic goals. The proceeds from the Senior Secured Credit Facility were used to repay the Company’s previous debt financing arrangements and to fund acquisitions, as well as other general corporate purposes. The Company completed the second amendment to the Company’s Senior Secured Credit Facility on February 10, 2017 . This second amendment was completed to reduce the size of the revolving credit facility and Term Loan A and to extend the Company’s debt maturity profile while maintaining the Company’s current cost of borrowing and covenant structure. The revolving credit facility was lowered to a maximum borrowing amount of $725.0 million from $850.0 million , and the Term Loan A was lowered to an aggregate amount of $375.0 million from $450.0 million . This amendment to the Senior Secured Credit Facility did not have an impact on the Company’s quarterly financial covenant requirements and resulted in a loss on debt extinguishment of $2.6 million during the year ended December 31, 2017. The Senior Secured Credit Facility consists of three different loan facilities. The first facility is a revolving credit facility in the amount of $725.0 million with a term of just under four years , maturing on January 4, 2021 . The second facility is a Term Loan A in the aggregate amount of $375.0 million with a term of just under four years , maturing on January 4, 2021 , subject to certain required amortization. The third facility is a Term Loan B in the amount of $300.0 million with a term of seven years , maturing on April 27, 2021 , subject to certain required amortization. At December 31, 2018 , the Company had no outstanding borrowings on the revolving credit facility, and had $34.1 million of issued letters of credit, leaving $690.9 million available for future borrowings. Borrowings under the revolving credit facility and Term Loan A made under the Senior Secured Credit Facility at December 31, 2018 , bear interest at 2.00% in excess of reserve adjusted LIBOR, or 1.00% in excess of an alternate base rate, and borrowings under the Term Loan B at December 31, 2018 , bear interest at 3.25% in excess of reserve adjusted LIBOR, with a LIBOR floor of 1.00% , or 2.25% in excess of an alternative base rate at the Company’s option. The Senior Secured Credit Facility is secured by substantially all of the unencumbered assets of the Company. The Senior Secured Credit Facility also requires the Company to provide additional collateral to the lenders in certain limited circumstances. On January 31, 2019 , the Company completed the third amendment to the Senior Secured Credit Facility. See Note 24 , “ Subsequent Events ,” for further detail on this item. Senior Unsecured Notes The Company completed the issuance of $300.0 million aggregate principal amount of its Senior Unsecured Notes due May 1, 2022 , on April 28, 2014 . The Senior Unsecured Notes bear interest at 7.00% , and interest is payable semi-annually. The Senior Unsecured Notes were issued to extend and stagger the Company’s debt maturity profile, further diversify its capital structure and provide more borrowing capacity to better position the Company to execute on its strategic goals. The Company received $294.8 million in net proceeds from the sale of the Senior Unsecured Notes , after deducting the initial purchasers’ discounts and commissions. The proceeds from the Senior Unsecured Notes were used for the same purposes detailed in the April 28, 2014 Senior Secured Credit Facility above. The Company repurchased $56.5 million of its Senior Unsecured Notes in the open market, resulting in a net gain on debt extinguishment of $14.3 million , during the year ended December 31, 2016. All repurchased Senior Unsecured Notes were canceled. The Company used cash flows from operating activities and borrowings under its revolving credit facility to fund the repurchases. These repurchases were primarily completed to efficiently reduce debt balances and interest expense based on current LIBOR rates. Each of the Company’s existing and future domestic subsidiaries that is a borrower or guarantees indebtedness under the Company’s Senior Secured Credit Facility or that guarantees certain of the Company’s other indebtedness or indebtedness of the Company’s restricted subsidiaries (other than intercompany indebtedness) fully and unconditionally guarantee or, in the case of future subsidiaries, will guarantee, on a joint and several basis, the Senior Unsecured Notes (the “ Guarantor Subsidiaries ”). All of the Guarantor Subsidiaries are 100% owned by the Company. Guarantor Subsidiaries will be automatically released from these guarantees upon the occurrence of certain events. See Note 22 , “ Separate Financial Information of Subsidiary Guarantors of Indebtedness ,” for further details on the Guarantor Subsidiaries . International Debt Obligations The Company has two fixed rate, Euro denominated, international term loans for purposes of financing certain capital expenditures and general business needs. The first international term loan in the amount of $20.4 million was entered into on December 28, 2015 , was fully funded during 2016 and has a term of six years , maturing December 28, 2021 . As of December 31, 2018 , $10.2 million remained outstanding on the first international term loan at a weighted average interest rate of 1.72% . The second international term loan in the amount of $7.6 million was entered into on December 21, 2018 , bears interest at 1.96% and has a term of five years , maturing on December 31, 2023 . The Company has two multicurrency international revolving credit facilities that are used for financing working capital and general business needs. The Company had $11.8 million of borrowings outstanding at a weighted average interest rate of 2.25% on the international revolving credit facilities as of December 31, 2018 , leaving $4.2 million available for future borrowing. The terms of the international revolving credit facilities includes certain financial covenants, a guarantee of the international revolving credit facilities by the Company and a security agreement that includes collateralizing substantially all of the Quad Europe Sp. z.o.o. assets. The first multicurrency international revolving credit facility expires on October 31, 2019 , and bears interest at the aggregate of the Warsaw Interbank Offered Rate (“WIBOR”) plus 0.90% for any Polish Zloty denominated borrowings, the aggregate of Euro Interbank Offered Rate (“EURIBOR”) plus 0.95% for any Euro denominated borrowings or the aggregate of British pound sterling LIBOR plus 0.95% for any British pound sterling denominate borrowings. The second multicurrency international revolving credit facility expires on November 20, 2020 , and bears interest at the aggregate of WIBOR plus 0.70% for any Polish Zloty denominated borrowings or the aggregate of EURIBOR plus 0.70% for any Euro denominated borrowings. Fair Value of Debt Based upon the interest rates available to the Company for borrowings with similar terms and maturities, the fair value of the Company’s total debt was approximately $0.9 billion and $1.0 billion at December 31, 2018 and 2017 , respectively. The fair value determination of the Company’s total debt was categorized as Level 2 in the fair value hierarchy (see Note 14 , “ Financial Instruments and Fair Value Measurements ,” for the definition of Level 2 inputs). As of December 31, 2018 , approximately $2.2 billion of the Company’s assets were pledged as security under various loans and other agreements. Debt Issuance Costs and Original Issue Discount Activity impacting the Company’s capitalized debt issuance costs for the years ended December 31, 2018 and 2017 , was as follows: Capitalized Debt Issuance Costs Balance at January 1, 2017 $ 11.3 Debt issuance costs from February 10, 2017 debt financing amendment 3.2 Write off of debt issuance costs from April 28, 2014 debt financing agreement (1.1 ) Amortization of debt issuance costs (3.1 ) Balance at December 31, 2017 10.3 Amortization of debt issuance costs (3.1 ) Balance at December 31, 2018 $ 7.2 Activity impacting the Company’s original issue discount for the years ended December 31, 2018 and 2017 , was as follows: Original Issue Discount Balance at January 1, 2017 $ 1.8 Amortization of original issue discount (0.4 ) Balance at December 31, 2017 1.4 Amortization of original issue discount (0.4 ) Balance at December 31, 2018 $ 1.0 Amortization expense for debt issuance costs was $3.1 million , $3.1 million and $3.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Amortization expense for original issue discount was $0.4 million for the each of the years ended December 31, 2018 , 2017 and 2016 . The debt issuance costs and original issue discount are being amortized on a straight-line basis over the four , seven and eight year lives of the related debt instruments. Loss (Gain) on Debt Extinguishment 2017 Loss on Debt Extinguishment The Company incurred $4.7 million in debt issuance costs in conjunction with the second amendment to the Company’s Senior Secured Credit Facility. In accordance with the accounting guidance for the treatment of debt issuance costs in a debt extinguishment, of the $4.7 million in new debt issuance costs, $3.2 million is classified as a reduction of long-term debt in the consolidated balance sheets and $1.5 million was expensed and is classified as loss on debt extinguishment in the consolidated statements of operations. The loss on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2017, was comprised of the following: Loss on Debt Extinguishment Debt issuance costs from April 28, 2014 debt financing arrangement $ 1.1 Debt issuance costs from February 10, 2017 debt financing arrangement 1.5 Total $ 2.6 2016 Gain on Debt Extinguishment The Company recorded a net gain on debt extinguishment of $14.1 million during the year ended December 31, 2016. The $14.1 million was comprised of a $14.3 million gain incurred in conjunction with the repurchase of $56.5 million of the Company’s Senior Unsecured Notes , offset by a net loss on debt extinguishment of $0.2 million resulting from the redemption of $60.1 million of the Company’s senior notes under the Master Note and Security Agreement. The gain on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2016, was comprised of the following: Master Note and Security Agreement Senior Unsecured Notes Total Principal amount repurchased $ 60.1 $ 56.5 $ 116.6 Repurchase price 61.2 42.5 103.7 Less: accrued interest paid (1.2 ) (1.1 ) (2.3 ) Net repurchase price 60.0 41.4 101.4 Debt financing fees expensed (0.1 ) — (0.1 ) Debt issuance costs expensed (0.2 ) (0.8 ) (1.0 ) Gain (loss) on debt extinguishment $ (0.2 ) $ 14.3 $ 14.1 Covenants and Compliance The Company’s various lending arrangements include certain financial covenants (all financial terms, numbers and ratios are as defined in the Company’s debt agreements). Among these covenants, the Company was required to maintain the following as of December 31, 2018 : • Total Leverage Ratio. On a rolling twelve-month basis, the total leverage ratio, defined as total consolidated debt to consolidated EBITDA, shall not exceed 3.75 to 1.00 (for the twelve months ended December 31, 2018 , the Company’s total leverage ratio was 2.19 to 1.00). • Senior Secured Leverage Ratio. On a rolling twelve-month basis, the senior secured leverage ratio, defined as senior secured debt to consolidated EBITDA, shall not exceed 3.50 to 1.00 (for the twelve months ended December 31, 2018 , the Company’s senior secured leverage ratio was 1.63 to 1.00). • Minimum Interest Coverage Ratio. On a rolling twelve-month basis, the minimum interest coverage ratio, defined as consolidated EBITDA to consolidated cash interest expense, shall not be less than 3.50 to 1.00 (for the twelve months ended December 31, 2018 , the Company’s minimum interest coverage ratio was 6.23 to 1.00). The indenture underlying the Senior Unsecured Notes contains various covenants, including, but not limited to, covenants that, subject to certain exceptions, limit the Company’s and its restricted subsidiaries’ ability to incur and/or guarantee additional debt; pay dividends, repurchase stock or make certain other restricted payments; enter into agreements limiting dividends and certain other restricted payments; prepay, redeem or repurchase subordinated debt; grant liens on assets; enter into sale and leaseback transactions; merge, consolidate, transfer or dispose of substantially all of the Company’s consolidated assets; sell, transfer or otherwise dispose of property and assets; and engage in transactions with affiliates. In addition to those covenants, the Senior Secured Credit Facility also includes certain limitations on acquisitions, indebtedness, liens, dividends and repurchases of capital stock, including the following: • If the Company’s total leverage ratio is greater than 3.00 to 1.00 (as defined in the Senior Secured Credit Facility ), the Company is prohibited from making greater than $120.0 million of annual dividend payments, capital stock repurchases and certain other payments. If the total leverage ratio is less than 3.00 to 1.00, there are no such restrictions. • If the Company’s senior secured leverage ratio is greater than 3.00 to 1.00 or the Company’s total leverage ratio is greater than 3.50 to 1.00 (these ratios as defined in the Senior Secured Credit Facility ), the Company is prohibited from voluntarily prepaying any of the Senior Unsecured Notes and from voluntarily prepaying any other unsecured or subordinated indebtedness, with certain exceptions (including any mandatory prepayments on the Senior Unsecured Notes or any other unsecured or subordinated debt). If the senior secured leverage ratio is less than 3.00 to 1.00 and the total leverage ratio is less than 3.50 to 1.00, there are no such restrictions. Estimated Principal Payments The approximate annual principal amounts due on long-term debt, excluding $7.2 million for future amortization of debt issuance costs and $1.0 million for future amortization of original issue discount, at December 31, 2018 , were as follows: Principal Payments 2019 $ 41.3 2020 69.2 2021 548.2 2022 251.4 2023 6.7 2024 – 2028 13.9 2029 – 2031 3.0 Total $ 933.7 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations The Company enters into various master lease agreements for press, finishing and transportation equipment. These leases provide the Company with options to purchase the related equipment at the termination value, as defined, and at various early buyout dates during the term of the lease. These leases are accounted for as capital leases on the consolidated balance sheets. The components of capital lease assets at December 31, 2018 and 2017 , were as follows: 2018 2017 Leased equipment—gross $ 33.4 $ 38.0 Less: accumulated depreciation (18.9 ) (19.3 ) Leased equipment—net $ 14.5 $ 18.7 The future maturities of capitalized leases at December 31, 2018 , were as follows: Future Maturities of Capitalized Leases 2019 $ 5.9 2020 4.9 2021 4.1 2022 2.0 2023 0.2 2024 and thereafter — Total minimum payments 17.1 Less: amounts representing interest (1.7 ) Present value of minimum payments 15.4 Less: current portion (5.1 ) Long-term capital lease obligations $ 10.3 The Company has various operating lease agreements. Future minimum rental commitments under non-cancelable leases at December 31, 2018 , were as follows: Future Minimum Rental Commitments 2019 $ 38.2 2020 33.4 2021 23.9 2022 17.8 2023 13.7 2024 and thereafter 31.1 Total $ 158.1 Rent expense under these operating lease agreements totaled $38.5 million , $37.3 million and $43.7 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes have been based on the following components of earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 United States $ (5.8 ) $ 65.6 $ 48.4 Foreign 2.9 25.6 10.9 Total $ (2.9 ) $ 91.2 $ 59.3 The components of income tax (benefit) expense for the years ended December 31, 2018 , 2017 and 2016 , were as follows: 2018 2017 2016 Federal: Current $ 4.8 $ 1.4 $ 32.0 Deferred (7.3 ) (5.5 ) (20.0 ) State: Current (2.1 ) 2.7 3.9 Deferred 0.4 (0.5 ) (5.3 ) Foreign: Current 2.0 2.4 3.7 Deferred (7.6 ) (16.5 ) (1.3 ) Total income tax (benefit) expense $ (9.8 ) $ (16.0 ) $ 13.0 The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s income tax (benefit) expense for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Federal statutory rate $ (0.6 ) $ 31.9 $ 20.8 Adjustment to valuation allowances (6.9 ) (20.0 ) 1.0 Adjustment of uncertain tax positions (3.7 ) (2.6 ) 0.9 State taxes, net of federal benefit (2.0 ) 2.0 (2.1 ) Foreign rate differential (0.8 ) (2.9 ) (4.8 ) Impact from foreign branches 2.6 7.1 3.6 Adjustment of deferred tax liabilities 1.4 (1.7 ) 2.2 Federal rate change (0.8 ) (28.8 ) — Domestic production activity deduction — (0.9 ) (3.3 ) Loss on foreign investment — — (4.7 ) Other 1.0 (0.1 ) (0.6 ) Income tax (benefit) expense $ (9.8 ) $ (16.0 ) $ 13.0 The $6.9 million adjustment to valuation allowance in 2018 primarily relates to net operating losses and deferred tax assets related to property, plant and equipment expected to be realized in the future by one of the Company’s Mexican subsidiaries based on current and projected future profitability. The $20.0 million adjustment to valuation allowance in 2017 primarily relates to an income tax credit utilized by the Company’s Polish subsidiaries due to sustainable profitability. The Company determined the utilization of the credit is sufficient to record a reduction in the valuation allowance in order to reflect the current net realizable value of related deferred tax assets based on estimated credit utilization through 2026, the year the credit expires. Deferred Income Taxes The significant deferred tax assets and liabilities as of December 31, 2018 and 2017 , were as follows: 2018 2017 Deferred tax assets: Net operating loss and other tax carryforwards $ 125.1 $ 129.6 Interest limitation 47.1 43.7 Pension and workers compensation benefits 46.0 42.7 Accrued compensation 16.6 20.2 Accrued liabilities 14.1 19.3 Goodwill and intangible assets 11.4 7.5 Allowance for doubtful accounts 6.4 7.3 Other 7.3 9.4 Total deferred tax assets 274.0 279.7 Valuation allowance (115.2 ) (126.9 ) Net deferred tax assets $ 158.8 $ 152.8 Deferred tax liabilities: Property, plant and equipment $ (153.8 ) $ (165.0 ) Other (9.7 ) (8.5 ) Total deferred tax liabilities (163.5 ) (173.5 ) Net deferred tax liabilities $ (4.7 ) $ (20.7 ) The Company has recorded deferred income tax liabilities of $32.1 million and $41.9 million as of December 31, 2018 and 2017 , respectively, which were included in deferred income taxes in the consolidated balance sheets. The Company has also recorded deferred income tax assets of $27.4 million and $21.2 million as of December 31, 2018 and 2017 , respectively, which were included in other long-term assets in the consolidated balance sheets. At December 31, 2018 , the Company had the following gross amounts of tax-related carryforwards: • Net operating loss carryforwards of $99.1 million and $501.5 million for foreign and state, respectively. Of the foreign net operating loss carryforwards, $30.2 million is available without expiration, while the remainder expires through 2038 . The state net operating loss carryforwards expire in varying amounts through 2038 . • Capital loss carryforwards of $24.6 million and $13.6 million for federal and state, respectively. Of the federal capital loss carryforwards, $6.2 million expires in 2019 , $1.1 million expires in 2021 and $17.3 million expires in 2022 ; and of the state capital loss carryforwards, $4.6 million expires in 2019 , $0.5 million expires in 2021 and $8.5 million expires in 2022 . • Various credit carryforwards of $30.1 million and $44.1 million for foreign and state, respectively. The foreign credit carryforward expires in 2026 . The state credit carryforwards include $32.0 million that is available without expiration, while the remainder expires through 2033 . As of December 31, 2018 , the Company has recorded a valuation allowance of $115.2 million on its consolidated balance sheet primarily related to the tax-affected amounts of the above carryforwards. The valuation allowance includes $5.9 million , $53.6 million and $55.7 million of federal, foreign and state deferred tax assets, respectively, that are not expected to be realized. Uncertain Tax Positions The following table summarizes the activity of the Company’s liability for unrecognized tax benefits at December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Balance at beginning of period $ 21.6 $ 29.6 $ 29.8 Additions for tax positions of the current year — 2.3 0.3 Additions for tax positions of prior years 0.5 1.3 1.0 Reductions for tax positions of prior years (0.8 ) (11.3 ) (0.7 ) Lapses of applicable statutes of limitations (6.1 ) (0.3 ) (0.8 ) Settlements during the period (0.8 ) — — Balance at end of period $ 14.4 $ 21.6 $ 29.6 As of December 31, 2018 , $14.4 million of unrecognized tax benefits would impact the Company’s effective tax rate, if recognized. Of that amount, it is reasonably possible that $4.6 million of the total amount of unrecognized tax benefits will decrease within the next twelve months due to resolution of income tax audits or statute expirations. The Company classified interest (income) expense and any related penalties (refunds) related to income tax uncertainties as a component of income tax (benefit) expense. The following table summarizes the Company’s interest (income) expense related to tax uncertainties and penalties recognized during the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Interest (income) expense $ (2.8 ) $ (2.5 ) $ 1.0 Penalties (refunds) (0.4 ) 0.1 — Accrued interest and penalties related to income tax uncertainties are reported as components of other current liabilities and other long-term liabilities in the consolidated balance sheets. The following table summarizes the Company’s liabilities for accrued interest and penalties related to income tax uncertainties at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Accrued interest Accrued penalties Accrued interest Accrued penalties Other current liabilities $ 0.2 $ 0.1 $ 0.1 $ 0.2 Other long-term liabilities 0.3 — 3.2 0.3 Total liabilities $ 0.5 $ 0.1 $ 3.3 $ 0.5 The Company has tax years from 2014 through 2018 that remain open and subject to examination by the Internal Revenue Service. Tax years from 2013 through 2018 remain open and subject to examination in the Company’s various major state jurisdictions within the United States. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act . The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (5) creating a new limitation on deductible interest expense; (6) creating the base erosion anti-abuse tax, a new minimum tax; (7) the repeal of the domestic production activity deduction; and (8) bonus depreciation that will allow for full expensing of qualified property. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete, but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Act in 2017 and throughout 2018. As of December 31, 2017 , the Company had not completed the accounting for all of the enactment-date income tax effects of the Tax Act for the following aspects: (1) remeasurement of deferred tax assets and liabilities due to the reduced U.S. federal corporate rate; (2) deemed repatriation transition tax; and (3) global intangible low-tax income (“GILTI”). As of December 31, 2018 , the Company has completed the accounting for all the enactment-date income tax effects of the Tax Act. As discussed further below, during the year ended December 31, 2018 , the Company recognized adjustments of $0.8 million to the preliminary provisional amount recorded at December 31, 2017 , and included these adjustments as a component of income tax expense. Reduction of U.S. federal corporate rate : The Tax Act reduced the corporate tax rate to 21 percent, effective January 1, 2018 . The Company had recorded a provisional decrease of $23.7 million to its deferred tax liabilities, with a corresponding net adjustment to deferred income tax expense. Upon refinement of the calculation during the year ended December 31, 2018 , the Company increased the provisional adjustment by $0.8 million to $24.5 million , which was included as a component of income tax expense. Deemed Repatriation Transition Tax : The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of certain foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. After further analysis, the Company concluded that its Transition Tax was zero based on the aggregate post-1986 foreign earnings and profits deficit of the relevant subsidiaries. Therefore, there was no change from the initial estimate as of December 31, 2017. Global intangible low taxed income: The Tax Act creates a new requirement that certain income ( i.e. GILTI) earned by controlled foreign corporations (“CFCs”) must be included currently in the gross income of the CFCs’ U.S. shareholder. GILTI is the excess of the shareholder’s “net CFC tested income” over the net deemed tangible income return, which is currently defined as the excess of (1) ten percent of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. Under GAAP , the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company has elected to account for GILTI as a period cost. Accordingly, this income has been included as a component of current income tax expense for the year ended December 31, 2018 . As a result of the Tax Act, historical earnings in certain foreign subsidiaries became subject to the U.S. Transition Tax, as described above. However, an actual repatriation from these subsidiaries could be subject to additional foreign and U.S. state income taxes. The Company considers its foreign earnings to be indefinitely invested. Accordingly, the Company does not provide for, nor expect to incur, any significant, additional taxes which could become payable upon repatriation of such amounts. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of acquisitions or impairment charges. 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. GAAP also classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3: Unobservable inputs for the asset or liability. There were no Level 3 recurring measurements of assets or liabilities as of December 31, 2018 . Interest Rate Swap The Company entered into a $250.0 million interest rate swap on February 7, 2017. The swap was designated as a cash flow hedge as its purpose is to reduce the variability of cash flows from interest payments related to a portion of the Company’s variable-rate debt. The swap effectively converts $250.0 million of the Company’s variable-rate debt based on one-month LIBOR to a fixed rate of 3.89% (including a 2.00% spread on underlying debt at December 31, 2018 ). The variable interest rate resets monthly and the swap is a five year arrangement, maturing on February 28, 2022. The Company classifies the interest rate swap as Level 2 because the inputs into the valuation model are observable or can be derived or corroborated utilizing observable market data at commonly quoted intervals. The interest rate swap was highly effective as of December 31, 2018 ; therefore, the increase in fair value of $2.2 million during the year ended December 31, 2018 is included in accumulated other comprehensive loss in the consolidated balance sheets and is shown as a change in other comprehensive income in the consolidated statements of comprehensive income (loss). No amount of ineffectiveness has been recorded into earnings related to this cash flow hedge. The interest rate swap was classified as an asset, with fair values of $4.3 million and $2.1 million as of December 31, 2018 and 2017 , respectively, and was recorded in prepaid expenses and other current assets in the consolidated balance sheets. The company received a net interest payment totaling $0.2 million of interest income during the year ended December 31, 2018 , and made a net interest payment totaling $1.6 million of interest expense during the year ended December 31, 2017 . The net interest payments have been recognized as an adjustment to interest expense in the consolidated statements of operations. Foreign Exchange Contracts The Company has operations in countries that have transactions outside their functional currencies and periodically enters into foreign exchange contracts. These contracts are used to hedge the net exposures of changes in foreign currency exchange rates and are designated as either cash flow hedges or fair value hedges. Gains or losses on net foreign currency hedges are intended to offset losses or gains on the underlying net exposures in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. There were no open foreign currency exchange contracts as of December 31, 2018 . Natural Gas Forward Contracts The Company periodically enters into natural gas forward purchase contracts to hedge against increases in commodity costs. The Company’s commodity contracts qualified for the exception related to normal purchases and sales during the years ended December 31, 2018 and 2017 , as the Company takes delivery in the normal course of business. Debt The Company measures fair value on its debt instruments using interest rates available to the Company for borrowings with similar terms and maturities and is categorized as Level 2. See Note 11 , “ Debt ,” for the fair value of the Company’s debt as of December 31, 2018 . Nonrecurring Fair Value Measurements 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 Strategic Investments ,” for further discussion on acquisitions. See Note 4 , “ Restructuring, Impairment and Transaction-Related Charges ,” and Note 8 , “ Property, Plant and Equipment ,” for further discussion on impairment charges recorded as a result of the remeasurement of certain long-lived assets. Other Estimated Fair Value Measurements The Company records the fair value of its forward contracts and pension plan assets on a recurring basis. The fair value of cash and cash equivalents, receivables, inventories, restricted cash, accounts payable and accrued liabilities approximate their carrying values as of December 31, 2018 and 2017 . See Note 15 , “ Employee Retirement Plans ,” for the details of Level 1 and Level 2 inputs related to employee retirement plans. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans Defined Contribution Plans The Quad/Graphics, Inc. Diversified Plan is comprised of participant-directed 401(k) contributions, Company match and profit sharing contributions, with total participant assets of $1.8 billion as of December 31, 2018 . Company 401(k) matching contributions were $8.5 million , $7.2 million and $13.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The ESOP holds profit sharing contributions of Company stock, which are made at the discretion of the Company’s Board of Directors. On February 16, 2018 , the Company’s Board of Directors authorized the issuance of 1,006,061 shares of Company class A common stock from treasury to the Company’s ESOP , at a stock price of $22.18 per share for a total value of $22.3 million . There were no profit sharing contributions for the years ended December 31, 2017 and 2016 . Defined Benefit Plans The Company assumed various funded and unfunded frozen pension plans for a portion of its full-time employees in the United States as part of the acquisition of World Color Press in 2010. Benefits are generally based upon years of service and compensation. These plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all qualified plans using actuarial cost methods and assumptions acceptable under government regulations. The components of net pension income for the years ended December 31, 2018 , 2017 and 2016 , were as follows: Pension Benefits 2018 2017 2016 Interest cost $ (16.0 ) $ (17.3 ) $ (18.1 ) Expected return on plan assets 28.4 27.7 30.2 Net periodic benefit income 12.4 10.4 12.1 Settlement charge — (0.8 ) (7.0 ) Net pension income $ 12.4 $ 9.6 $ 5.1 The underfunded pension obligations are calculated using generally accepted actuarial methods and are measured annually as of December 31. The following table provides a reconciliation of the projected benefit obligation, fair value of plan assets and the funded status of the pension plans as of December 31, 2018 and 2017 : Pension Benefits 2018 2017 Changes in benefit obligation Projected benefit obligation, beginning of year $ (538.9 ) $ (560.6 ) Interest cost (16.0 ) (17.3 ) Actuarial gain (loss) 34.2 (17.2 ) Benefits paid 44.3 54.3 Liability benefit from lump-sum settlement — 1.9 Projected benefit obligation, end of year (476.4 ) (538.9 ) Changes in plan assets Fair value of plan assets, beginning of year 454.8 446.4 Actual return (loss) on plan assets (23.7 ) 61.7 Employer contributions 7.0 1.0 Benefits paid (44.3 ) (54.3 ) Fair value of plan assets, end of year 393.8 454.8 Funded status $ (82.6 ) $ (84.1 ) Amounts recognized on the consolidated balance sheets as of December 31, 2018 and 2017 , were as follows: Pension Benefits 2018 2017 Current liabilities $ (1.7 ) $ (1.7 ) Noncurrent liabilities (80.9 ) (82.4 ) Total amount recognized $ (82.6 ) $ (84.1 ) The following table provides a reconciliation of the Company’s accumulated other comprehensive loss prior to any deferred tax effects at December 31, 2018 and 2017 : Pension Benefits Actuarial Gain / (Loss), net Balance at January 1, 2017 $ (34.7 ) Amount arising during the period 18.7 Impact of pension plan settlement charge included in net earnings (loss) 0.8 Balance at December 31, 2017 (15.2 ) Amount arising during the period (18.1 ) Balance at December 31, 2018 $ (33.3 ) On July 1, 2017, the Company provided the option to receive a lump-sum pension payment to a select group of terminated vested participants. Total lump sum payments of $21.4 million were paid during 2017, of which $8.4 million was paid in October 2017 under the lump-sum program. During 2017, the Company settled $23.3 million of pension liabilities for $21.4 million of pension payments. On April 1, 2016, the Company provided the option to receive a lump-sum pension payment to a select group of terminated vested participants. Total lump-sum payments of $74.8 million were paid during 2016, of which $56.4 million was paid in July 2016 under the lump-sum program. During 2016, the Company settled $92.6 million of pension liabilities for $74.8 million of pension payouts. Payments to eligible participants who elected to receive a lump-sum pension payment were funded from existing pension plan assets and constituted a settlement of the Company’s pension liabilities with respect to these participants. As a result of the lump-sums paid to participants, non-cash settlement charges of $0.8 million and $7.0 million were recognized during the years ended December 31, 2017 and 2016, respectively. The settlement charges were classified as restructuring, impairment and transaction-related charges in the consolidated statement of operations. 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. Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of plan assets are recognized as a component of net periodic benefit costs over the average remaining service period 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. No amortization of amounts in accumulated other comprehensive loss is expected to be recognized as a component of net periodic pension income in 2019. The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2018 , 2017 and 2016 , were as follows: Pension Benefits 2018 2017 2016 Discount rate 3.52 % 3.91 % 3.32 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % The weighted average assumptions used to determine pension benefit obligations at December 31, 2018 and 2017 , were as follows: Pension Benefits 2018 2017 Discount rate (end of year rate) 4.22 % 3.52 % The Company determines its assumed discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the measurement date. Estimated Company Contributions and Benefit Payments In 2019 , the Company expects to make cash contributions of $4.7 million to its qualified defined benefit pension plans and expects to make estimated benefit payments of $1.8 million to its non-qualified defined benefit pension plans. The actual pension contributions may differ based on the funding calculations, and the Company may choose to make additional discretionary contributions. The estimated benefit payments may differ based on actual experience. Estimated Future Benefit Payments by the Plans to or on Behalf of Plan Participants An estimate of the Plans’ present value of future benefit payments to be made from funded qualified plans and unfunded non-qualified plans to plan participants at December 31, 2018 , were as follows: Future Pension Benefit Payments 2019 $ 40.4 2020 38.8 2021 38.0 2022 36.8 2023 35.3 2024 – 2028 160.7 Thereafter 126.4 Total $ 476.4 Plan Assets and Investment Strategy The Company follows a disciplined investment strategy, which provides diversification of investments by asset class, foreign currency, sector and company. The Pension Committee has an approved investment policy for the pension plan that establishes long-term asset mix targets based on several factors including the following: the funded status, historical returns achieved by worldwide investment markets, the time horizon of the pension plan’s obligations, and the investment risk. An allocation range by asset class is developed whereby a mix of equity securities and debt securities are used to provide an appropriate risk-adjusted long-term return on plan assets. Third-party investment managers are employed to invest assets in both passively-indexed and actively-managed strategies and investment returns and risks are monitored on an ongoing basis. Derivatives are used at certain times to hedge foreign currency exposure. Gains or losses on the derivatives are offset by a corresponding change in the value of the hedged assets. Derivatives are strictly used for hedging purposes and not speculative purposes. The current target allocations for plan assets on a weighted average basis are 30% equity securities and 70% debt securities, including cash and cash equivalents. The actual asset allocation as of December 31, 2018 , was approximately 30% equity securities and 70% debt securities. The actual asset allocation as of December 31, 2017 , was approximately 41% equity securities and 59% debt securities. Equity investments are diversified by country, issuer and industry sector. Debt securities primarily consist of government bonds and corporate bonds from diversified industries. The expected long-term rate of return on assets assumption is selected by first identifying the expected range of long-term rates of return for each major asset class. Expected long-term rates of return are developed based on long-term historical averages, current expectations of future returns and anticipated inflation rates. The expected long-term rate of return on plan assets is then calculated by weighting each asset class. The fair values of the Company’s pension plan assets at December 31, 2018 and 2017 , by asset category were as follows: December 31, 2018 December 31, 2017 Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2.7 $ 2.7 $ — $ — $ 2.6 $ 2.6 $ — $ — Debt securities 113.9 — 113.9 — 118.4 — 118.4 — Equity securities 26.4 — 26.4 — 40.0 — 40.0 — 143.0 $ 2.7 $ 140.3 $ — 161.0 $ 2.6 $ 158.4 $ — Investments measured at net asset value (“NAV”) (1) 250.8 293.8 $ 393.8 $ 454.8 ______________________________ (1) These investments consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund’s underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. There are no Level 3 assets as of December 31, 2018 and 2017 . See Note 14 , “ Financial Instruments and Fair Value Measurements ,” for definitions of fair value levels. The Company segregated its plan assets by the following major categories and levels for determining their fair value as of December 31, 2018 : Cash and cash equivalents. Carrying value approximates fair value and these assets are classified as Level 1. Debt Securities. This category consists of bonds, short-term fixed income securities and fixed income pooled funds fair valued based on a compilation of primarily observable market information or broker quotes in over-the-counter markets and are classified as Level 2. Equity Securities. This category consists of equity pooled funds that are classified as Level 2 in the fair value hierarchy. Level 2 assets are valued using quoted prices in markets that are not active, broker dealer quotations, and other methods by which all significant input was observable at the measurement date. 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 NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption on these investments or other reasons to indicate that the investment would be redeemed at an amount different than NAV. The fair value measurements in common/collective trusts, calculated using a NAV and their redemption restrictions, for the years ended December 31, 2018 and 2017 , are as follows: Fair Value Redemption Frequency (If Currently Eligible) Redemption Notice Period 2018 2017 JP Morgan Chase Bank Strategic Property Fund $ 18.0 $ 23.3 Quarterly 30 days Pyramis Long Corporate A or Better 78.6 73.9 Daily 15 days Pyramis Long Duration 79.2 73.5 Daily 15 days Russell 3000 Index NL 75.0 123.1 Daily 1 day Total value of investments measured at NAV $ 250.8 $ 293.8 Risk Management For all directly invested funds, the concentration risk is monitored through specific guidelines in the investment manager mandates. The investment manager mandates were developed by the Company’s external investment advisor, and specify diversification standards such as the maximum exposure per issuer, and concentration limits per type of security, industry and country when applicable. For the investments made through pooled funds, the investment mandates of the funds were again reviewed by the Company’s external investment advisor, to determine that the investment objectives and guidelines were consistent with the Company’s overall pension plan risk management objectives. In managing the plan assets, management reviews and manages risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability management and asset class diversification are central to the Company’s risk management approach and are integral to the overall investment strategy. Given the process in place to ensure a proper diversification of the portfolio, management believes that the Company pension plan assets are not exposed to significant concentration risk. Multiemployer Pension Plans The Company has previously participated in a number of MEPPs under terms of collective bargaining agreements that cover a number of its employees. The risks of participating in these MEPPs are different from single employer plans in the following aspects: • Assets contributed to the MEPPs by one company may be used to provide benefits to employees of other participating companies. • If a participating company stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating companies. • If the Company stops participating in some or all of its MEPPs, and continues in business, the Company would be required to pay an amount, referred to as a withdrawal liability, based on the unfunded status of the plan. The Company has withdrawn from all significant MEPPs and replaced these union sponsored “promise to pay in the future” defined benefit plans with a Company sponsored “pay as you go” defined contribution plan. The two MEPPs, the GCIU and GCC , are significantly underfunded, and will require the Company to pay a withdrawal liability to fund its pro rata share of the underfunding as of the plan year the full withdrawal was completed. As a result of the decision to withdraw, the Company accrued the estimated withdrawal liability based on information provided by each plan’s trustee, as part of the purchase price allocation for World Color Press. The GCIU Plan is a defined benefit plan that provides retirement benefits, total and permanent disability benefits, and pre-retirement death benefits for the participating union employees of the Company. The funded status of the GCIU Plan is classified as critical and declining based on the GCIU Plan’s 2018 certification to the United States Department of Labor, as the funded percentage for the plan is less than 65% , and the plan is projected to become insolvent in 2030. As a result, the GCIU Plan implemented a rehabilitation plan to improve the plan’s funded status. The Company has received a notice of withdrawal and demand for payment letter from the GCIU and is currently in litigation with the GCIU trustees to determine the amount and duration of the withdrawal payments for the GCIU . Arbitration proceedings with the GCIU have been completed, both sides have appealed the arbitrator’s ruling, and litigation in Federal court has commenced. During April 2017, a Federal district court overturned the arbitration decision in one of the pending disputes in this matter. The Company appealed the district court’s ruling to a panel of the Ninth Circuit Court of Appeals, and in December 2018, the panel upheld the district court’s decision. The Company filed a motion for reconsideration with the panel, which was denied. Until litigation with the GCIU trustees is concluded, the exact amount of the withdrawal liability will not be known. As a result of these unfavorable rulings, the Company recorded a $32.1 million increase to the MEPPs withdrawal liability during the year ended December 31, 2018, which was recorded in restructuring, impairment and transaction-related charges in the consolidated statements of operations. The GCC Plan is a defined benefit plan that provides retirement benefits, disability benefits, and early retirement benefits for the participating union employees of the Company. The funded status of the GCC Plan is classified as critical and declining based on the GCC Plan’s 2018 certification to the United States Department of Labor, as the funded percentage for the plan is less than 65% , and the plan is projected to become insolvent by 2023. As a result, the GCC Plan implemented a rehabilitation plan to improve the plan’s funded status. During the fourth quarter of 2016, the Company and the GCC reached a settlement agreement for all claims, with scheduled payments until February 2024. The Company made payments totaling $13.1 million , $24.0 million and $11.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company has reserved $50.9 million as its estimate of the total MEPPs withdrawal liability as of December 31, 2018 , of which $42.5 million was recorded in other long-term liabilities and $8.4 million was recorded in accrued liabilities in the consolidated balance sheets. |
Earnings Per Share Attributable
Earnings Per Share Attributable to Quad Common Shareholders | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Attributable to Quad Common Shareholders | Earnings Per Share Attributable to Quad Common Shareholders Basic earnings per share attributable to Quad common shareholders is computed as net earnings attributable to Quad common shareholders, divided by the basic weighted average common shares outstanding. The calculation of diluted earnings per share attributable to Quad common shareholders includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity incentive instruments of 0.5 million , 0.7 million and 1.9 million of class A common shares were excluded from the computations of diluted net earnings per share for the years ended December 31, 2018 , 2017 and 2016 , respectively. In periods of net loss, the assumed exercise of all equity incentive instruments is anti-dilutive and therefore, not included in the diluted loss per share calculation for that period. Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock for the years ended December 31, 2018 , 2017 and 2016 , are summarized as follows: 2018 2017 2016 Numerator: Net earnings attributable to Quad common shareholders $ 8.5 $ 107.2 $ 44.9 Denominator: Basic weighted average number of common shares outstanding for all classes of common shares 49.8 49.6 47.9 Plus: effect of dilutive equity incentive instruments 1.8 2.2 1.9 Diluted weighted average number of common shares outstanding for all classes of common shares 51.6 51.8 49.8 Earnings per share attributable to Quad common shareholders: Basic $ 0.17 $ 2.16 $ 0.94 Diluted $ 0.16 $ 2.07 $ 0.90 Cash dividends paid per common share for all classes of common shares $ 1.20 $ 1.20 $ 1.20 |
Equity Incentive Programs
Equity Incentive Programs | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Programs | Equity Incentive Programs The shareholders of the Company approved the Quad/Graphics, Inc. 2010 Omnibus Incentive Plan (“ Omnibus Plan ”) for two complementary purposes: (1) to attract and retain outstanding individuals to serve as directors, officers and employees; and (2) to increase shareholder value. The Omnibus Plan provides for an aggregate 10,871,652 shares of class A stock reserved for issuance under the Omnibus Plan. Awards under the Omnibus Plan may consist of incentive awards, stock options, stock appreciation rights, performance shares, performance share units, shares of class A stock, restricted stock (“RS”), restricted stock units (“RSU”), deferred stock units (“DSU”) or other stock-based awards as determined by the Company’s Board of Directors. Each stock option granted has an exercise price of no less than 100% of the fair market value of the class A stock on the date of grant. As of December 31, 2018 , there were 1,571,841 shares available for issuance under the Omnibus Plan. Authorized but unissued shares of the Company’s class A stock or treasury shares may be used for issuance under the Company’s equity incentive programs. The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and non-employee directors, including stock options, performance shares, performance share units, restricted stock, restricted stock units and deferred stock units. The Company recognizes these compensation costs for only those awards expected to vest, on a straight-line basis over the requisite three to four year service period of the awards, except DSU awards, which are fully vested and expensed on the grant date. 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 are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Equity Incentive Compensation Expense The total compensation expense recognized related to all equity incentive programs was $15.6 million , $16.4 million and $15.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and was recorded primarily in selling, general and administrative expenses in the consolidated statements of operations. Total future compensation expense related to all equity incentive programs granted as of December 31, 2018 , is estimated to be $15.9 million , which consists entirely of expense for RS and RSU awards. Estimated future compensation expense is $10.0 million for 2019 , $5.2 million for 2020 and $0.7 million for 2021 . Stock Options Options vest over four years, with no vesting in the first year and one-third vesting upon the second, third and fourth anniversary dates. As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, death, disability or normal retirement of the grantee. Options expire no later than the tenth anniversary of the grant date, 24 months after termination for death, 36 months after termination for normal retirement or disability and 90 days after termination of employment for any other reason. Options are not credited with dividend declarations, except for the November 18, 2011 grants. Stock options are only to be granted to employees. There were no stock options granted during the years ended December 31, 2018 , 2017 and 2016 . There was no compensation expense recognized related to stock options for the years ended December 31, 2018 , 2017 and 2016 . There is no future compensation expense for stock options granted as of December 31, 2018 . The following table is a summary of the stock option activity for the year ended December 31, 2018 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Outstanding and exercisable at December 31, 2017 1,532,033 $ 23.60 2.3 $ 6.8 Granted — — Exercised (282,661 ) 14.78 Canceled/forfeited/expired (307,057 ) 29.54 Outstanding and exercisable at December 31, 2018 942,315 $ 24.31 1.8 $ — The intrinsic value of options outstanding and exercisable as of December 31, 2018 and 2017 , was based on the fair value of the stock price. All outstanding options are vested as of December 31, 2018 . The following table is a summary of the stock option exercises and vesting activity for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Total intrinsic value of stock options exercised $ 3.7 $ 1.7 $ 12.4 Proceeds from stock options exercised 4.2 2.6 30.3 Total grant date fair value of stock options vested — — 0.3 Restricted Stock and Restricted Stock Units Restricted stock and restricted stock unit awards consist of shares or the rights to shares of the Company’s class A stock which are awarded to employees of the Company. The awards are restricted such that they are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer by the employee. RSU awards are typically granted to eligible employees outside of the United States. As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, death, disability or normal retirement of the grantee. Grantees receiving RS grants are able to exercise full voting rights and receive full credit for dividends during the vesting period. All such dividends will be paid to the RS grantee within 45 days of full vesting. Grantees receiving RSUs are not entitled to vote but do earn dividends. Upon vesting, RSUs will be settled either through cash payment equal to the fair market value of the RSUs on the vesting date or through issuance of Company class A stock . The following table is a summary of RS and RSU award activity for the year ended December 31, 2018 : Restricted Stock Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Units Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Nonvested at December 31, 2017 2,470,158 $ 16.95 1.2 114,942 $ 16.68 1.3 Granted 668,359 22.54 18,586 22.60 Vested (650,320 ) 21.26 (19,510 ) 23.11 Forfeited (152,281 ) 16.84 (6,926 ) 14.19 Nonvested at December 31, 2018 2,335,916 $ 17.36 1.0 107,092 $ 16.70 0.8 In general, RS and RSU awards will vest on the third anniversary of the grant date, provided the holder of the share is continuously employed by the Company until the vesting date. Compensation expense recognized for RS and RSUs was $14.7 million , $15.5 million and $14.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Deferred Stock Units Deferred stock units are awards of rights to shares of the Company’s class A stock and are awarded to non-employee directors of the Company. The following table is a summary of DSU award activity for the year ended December 31, 2018 : Deferred Stock Units Units Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2017 195,913 $ 18.18 Granted 39,360 22.60 Dividend equivalents granted 13,875 19.55 Settled (12,587 ) 10.56 Outstanding at December 31, 2018 236,561 $ 19.40 Each DSU award entitles the grantee to receive one share of class A stock upon the earlier of the separation date of the grantee or the second anniversary of the grant date, but could be subject to acceleration for a change in control, death or disability as defined in the individual DSU grant agreement. Grantees of DSU awards may not exercise voting rights, but are credited with dividend equivalents and those dividend equivalents will be converted into additional DSU awards based on the closing price of the class A stock . Compensation expense recognized for DSUs was $0.9 million for the years ended December 31, 2018 and 2017 , and $0.8 million for the year ended December 31, 2016 . As DSU awards are fully vested on the grant date, all compensation expense was recognized at the date of grant. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The Company has three classes of common stock as follows (share data in millions): Issued Common Stock Authorized Shares Outstanding Treasury Total Issued Shares Class A stock ($0.025 par value) 80.0 December 31, 2018 38.1 2.2 40.3 December 31, 2017 38.2 1.8 40.0 December 31, 2016 37.2 2.8 40.0 Class B stock ($0.025 par value) 80.0 December 31, 2018 13.5 — 13.5 December 31, 2017 13.8 — 13.8 December 31, 2016 14.2 0.8 15.0 Class C stock ($0.025 par value) 20.0 December 31, 2018 — 0.5 0.5 December 31, 2017 — 0.5 0.5 December 31, 2016 — 0.5 0.5 In accordance with the Articles of Incorporation, each class A common share has one vote per share and each class B and class C common share has ten votes per share on all matters voted upon by the Company’s shareholders. Liquidation rights are the same for all three classes of stock. The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at December 31, 2018 , 2017 and 2016 . The Company has no present plans to issue any preferred stock. On September 6, 2011 , the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s outstanding class A stock. On July 30, 2018 , the Company’s Board of Directors discontinued the remainder of the September 6, 2011 share repurchase program and authorized a new share repurchase program of up to $100.0 million of the Company’s outstanding class A common stock. During the year ended December 31, 2018 , the Company repurchased 1,871,631 shares of its class A common stock at a weighted average price of $19.59 per share for a total purchase price of $36.7 million . During the year ended December 31, 2017 , the Company repurchased 200,605 shares of its class A common stock at a weighted average price of $18.89 per share for a total purchase price of $3.8 million . During the year ended December 31, 2016 , the Company repurchased 984,190 shares of its class A common stock at a weighted average price of $8.96 per share for a total purchase price of $8.8 million . As of December 31, 2018 , there were $100.0 million of authorized repurchases remaining under the program. On February 16, 2018 , the Company’s Board of Directors authorized the issuance of 1,006,061 shares of Company class A common stock from treasury to the Company’s ESOP , at a stock price of $22.18 per share for a total value of $22.3 million . On October 13, 2017 , the Company’s Board of Directors authorized the cancellation of 1,027,907 shares of the Company’s class B common stock held in the Company’s treasury and returned the shares to the status of authorized, but unissued shares. In addition, all future acquired shares of the Company’s class B common stock will be immediately canceled and returned to the status of authorized but unissued shares. During the years ended December 31, 2018 and 2017 , 284,845 and 136,654 shares of class B common stock, respectively, were converted to class A common stock. The shares of class B common stock were canceled and returned to the status of authorized but unissued shares. In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common shares. The following table details the dividend activity related to the then outstanding shares of common stock for the years ended December 31, 2018 , 2017 and 2016 : Declaration Date Record Date Payment Date Dividend Amount per Share 2018 Q4 Dividend October 30, 2018 November 19, 2018 December 7, 2018 $ 0.30 Q3 Dividend July 31, 2018 August 20, 2018 September 7, 2018 0.30 Q2 Dividend May 1, 2018 May 21, 2018 June 8, 2018 0.30 Q1 Dividend February 21, 2018 March 19, 2018 March 30, 2018 0.30 2017 Q4 Dividend October 31, 2017 November 20, 2017 December 1, 2017 $ 0.30 Q3 Dividend August 1, 2017 August 21, 2017 September 1, 2017 0.30 Q2 Dividend May 1, 2017 May 22, 2017 June 2, 2017 0.30 Q1 Dividend February 17, 2017 February 27, 2017 March 10, 2017 0.30 2016 Q4 Dividend October 31, 2016 November 28, 2016 December 9, 2016 $ 0.30 Q3 Dividend August 1, 2016 August 29, 2016 September 9, 2016 0.30 Q2 Dividend May 3, 2016 June 6, 2016 June 17, 2016 0.30 Q1 Dividend February 19, 2016 March 7, 2016 March 18, 2016 0.30 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component, net of tax, for the years ended December 31, 2018 and 2017 , were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at January 1, 2017 $ (130.8 ) $ — $ (21.8 ) $ (152.6 ) Other comprehensive income before reclassifications 12.8 1.3 11.5 25.6 Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) 2.1 — 0.5 2.6 Net other comprehensive income 14.9 1.3 12.0 28.2 Balance at December 31, 2017 (115.9 ) 1.3 (9.8 ) (124.4 ) Amounts reclassified from accumulated other comprehensive loss to accumulated deficit (1) (1.1 ) 0.3 (2.1 ) (2.9 ) Balance at January 1, 2018 (117.0 ) 1.6 (11.9 ) (127.3 ) Other comprehensive income (loss) before reclassifications (13.0 ) 1.7 (13.6 ) (24.9 ) Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) — — — — Net other comprehensive income (loss) (13.0 ) 1.7 (13.6 ) (24.9 ) Balance at December 31, 2018 $ (130.0 ) $ 3.3 $ (25.5 ) $ (152.2 ) ______________________________ (1) Includes adjustments for the adoption of Accounting Standards Update 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ ASU 2018-02 ”). There were no reclassifications from accumulated other comprehensive loss to net earnings for the year ended December 31, 2018 . The details about the reclassifications from accumulated other comprehensive loss to net earnings for the years ended December 31, 2017 and 2016 , were as follows: Details about Accumulated Other Comprehensive Loss Components Year Ended December 31, Consolidated Statements of Operations Presentation 2017 2016 Revaluation loss on the sale of a business $ 2.1 $ — Restructuring, impairment and transaction-related charges Settlement charge on pension benefit plans 0.8 7.0 Net pension income Impact of income taxes (0.3 ) (2.7 ) Income tax (benefit) expense Settlement charge on pension benefit plans, net of tax 0.5 4.3 Total reclassifications for the period 2.9 7.0 Impact of income taxes (0.3 ) (2.7 ) Total reclassifications for the period, net of tax $ 2.6 $ 4.3 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company is a leading marketing solutions provider. T he Company leverages its strong print foundation as part of a much larger, robust integrated marketing platform that helps marketers and content creators improve the efficiency and effectiveness of their marketing spend across offline and online media channels. The Company’s operating and reportable segments are aligned with how the chief operating decision maker of the Company currently manages the business. The Company’s operating and reportable segments, including their product and service offerings, and a “Corporate” category are as follows: • United States Print and Related Services • International • Corporate United States Print and Related Services The United States Print and Related Services segment is predominantly comprised of the Company’s United States printing operations and is managed as one integrated platform. This includes retail inserts, publications, catalogs, special interest publications, journals, direct mail, books, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement, together with marketing and other complementary services, including consumer insights, audience targeting, personalization, media planning and placement, process optimization, campaign planning and creation, pre-media production, videography, photography, digital execution, print execution and logistics. This segment also includes the manufacture of ink. International The International segment consists of the Company’s printing operations in Europe and Latin America, including operations in England, France, Germany, Poland, Argentina, Colombia, Mexico and Peru, as well as investments in printing operations in Brazil and India. This segment provides printed products and marketing and other complementary services consistent with the United States Print and Related Services segment. Unrestricted subsidiaries as defined in the Senior Unsecured Notes indenture represent less than 2.0% of total consolidated assets as of December 31, 2018 , and less than 2.0% of total consolidated net sales for the year ended December 31, 2018 . Corporate Corporate consists of unallocated general and administrative activities and associated expenses including, in part, executive, legal and finance, as well as certain expenses and income from frozen employee retirement plans, such as pension benefit plans. The following is a summary of segment information for the years ended December 31, 2018 , 2017 and 2016 : Restructuring, Impairment and Transaction-Related Charges Net Sales Operating Income (Loss) Depreciation and Amortization Capital Expenditures Products Services Year ended December 31, 2018 United States Print and Related Services $ 3,023.8 $ 782.8 $ 154.0 $ 209.0 $ 69.3 $ 37.8 International 368.5 18.6 1.5 20.8 27.0 22.2 Total operating segments 3,392.3 801.4 155.5 229.8 96.3 60.0 Corporate — — (97.5 ) 0.9 — 43.6 Total $ 3,392.3 $ 801.4 $ 58.0 $ 230.7 $ 96.3 $ 103.6 Year ended December 31, 2017 United States Print and Related Services $ 3,156.9 $ 583.2 $ 194.3 $ 210.8 $ 73.3 $ 53.6 International 372.1 19.2 19.6 21.0 12.6 3.3 Total operating segments 3,529.0 602.4 213.9 231.8 85.9 56.9 Corporate — — (58.6 ) 0.7 — 3.5 Total $ 3,529.0 $ 602.4 $ 155.3 $ 232.5 $ 85.9 $ 60.4 Year ended December 31, 2016 United States Print and Related Services $ 3,335.1 $ 591.9 $ 186.1 $ 252.4 $ 88.1 $ 59.3 International 382.0 20.5 13.5 24.1 18.0 (1.1 ) Total operating segments 3,717.1 612.4 199.6 276.5 106.1 58.2 Corporate — — (82.3 ) 0.6 — 15.4 Total $ 3,717.1 $ 612.4 $ 117.3 $ 277.1 $ 106.1 $ 73.6 Restructuring, impairment and transaction-related charges for the years ended December 31, 2018 , 2017 and 2016 , are further described in Note 4 , “ Restructuring, Impairment and Transaction-Related Charges ,” and are included in the operating income (loss) results by segment above. A reconciliation of operating income (loss) to earnings (loss) before income taxes and equity in loss of unconsolidated entity as reported in the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 , was as follows: 2018 2017 2016 Operating income $ 58.0 $ 155.3 $ 117.3 Less: interest expense 73.3 71.1 77.2 Less: net pension income (12.4 ) (9.6 ) (5.1 ) Less: loss (gain) on debt extinguishment — 2.6 (14.1 ) Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity $ (2.9 ) $ 91.2 $ 59.3 Total assets by segment at December 31, 2018 , 2017 and 2016 , were as follows: 2018 2017 2016 United States Print and Related Services $ 2,057.8 $ 2,060.9 $ 2,241.3 International 341.5 329.5 312.7 Total operating segments 2,399.3 2,390.4 2,554.0 Corporate 69.8 62.0 16.1 Total $ 2,469.1 $ 2,452.4 $ 2,570.1 |
Geographic Area Information
Geographic Area Information | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Geographic Area Information | Geographic Area Information The table below presents the Company’s net sales and long-lived assets as of and for the years ended December 31, 2018 , 2017 and 2016 , by geographic region. The amounts in this table differ from the segment data presented in Note 20 , “ Segment Information ,” because each operating segment includes operations in multiple geographic regions, based on the Company’s management reporting structure. United States Europe Latin America Other Combined 2018 Net sales Products $ 2,987.8 $ 162.2 $ 234.3 $ 8.0 $ 3,392.3 Services 782.8 18.6 — — 801.4 Property, plant and equipment—net 1,099.7 83.4 66.6 7.7 1,257.4 Other intangible assets—net 104.2 8.2 0.2 — 112.6 Other long-term assets 71.1 11.8 10.7 0.3 93.9 2017 Net sales Products $ 3,121.2 $ 167.6 $ 209.3 $ 30.9 $ 3,529.0 Services 583.2 19.2 — — 602.4 Property, plant and equipment—net 1,215.1 85.5 68.3 8.7 1,377.6 Other intangible assets—net 32.3 11.1 — — 43.4 Other long-term assets 92.0 16.2 10.7 0.4 119.3 2016 Net sales Products $ 3,299.1 $ 169.8 $ 217.4 $ 30.8 $ 3,717.1 Services 591.9 20.5 — — 612.4 Property, plant and equipment—net 1,362.8 79.7 67.7 9.7 1,519.9 Other intangible assets—net 47.6 12.1 — — 59.7 Other long-term assets 71.6 0.3 12.2 0.2 84.3 |
Separate Financial Information
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness | Separate Financial Information of Subsidiary Guarantors of Indebtedness On April 28, 2014 , Quad completed an offering of the Senior Unsecured Notes (see Note 11 , “ Debt ,” for further details on the Senior Unsecured Notes ). Each of the Company’s Guarantor Subsidiaries fully and unconditionally guarantee or, in the case of future subsidiaries, will guarantee, on a joint and several basis, the Senior Unsecured Notes . All of the current Guarantor Subsidiaries are 100% owned by the Company. Guarantor Subsidiaries will be automatically released from these guarantees upon the occurrence of certain events, including the following: • the designation of any of the Guarantor Subsidiaries as an unrestricted subsidiary; • the release or discharge of any guarantee or indebtedness that resulted in the creation of the guarantee of the Senior Unsecured Notes by any of the Guarantor Subsidiaries ; or • the sale or disposition, including the sale of substantially all the assets, of any of the Guarantor Subsidiaries . The following condensed consolidating financial information reflects the summarized financial information of Quad, the Company’s Guarantor Subsidiaries on a combined basis and the Company’s non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,748.7 $ 2,457.6 $ 463.9 $ (476.5 ) $ 4,193.7 Cost of sales 1,378.2 2,156.2 361.2 (466.3 ) 3,429.3 Selling, general and administrative expenses 232.3 101.9 48.1 (10.2 ) 372.1 Depreciation and amortization 99.5 104.7 26.5 — 230.7 Restructuring, impairment and transaction-related charges 9.1 72.3 22.2 — 103.6 Total operating expenses 1,719.1 2,435.1 458.0 (476.5 ) 4,135.7 Operating income (loss) 29.6 22.5 5.9 — 58.0 Interest expense (income) 64.9 3.1 5.3 — 73.3 Net pension income — (12.4 ) — — (12.4 ) Loss (gain) on debt extinguishment — — — — — Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (35.3 ) 31.8 0.6 — (2.9 ) Income tax expense (benefit) 13.9 (18.7 ) (5.0 ) — (9.8 ) Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (49.2 ) 50.5 5.6 — 6.9 Equity in (earnings) loss of consolidated entities (57.7 ) (5.7 ) — 63.4 — Equity in (earnings) loss of unconsolidated entity — — (1.0 ) — (1.0 ) Net earnings (loss) 8.5 56.2 6.6 (63.4 ) 7.9 Less: net earnings (loss) attributable to noncontrolling interests — — (0.6 ) — (0.6 ) Net earnings (loss) attributable to Quad common shareholders $ 8.5 $ 56.2 $ 7.2 $ (63.4 ) $ 8.5 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 8.5 $ 56.2 $ 6.6 $ (63.4 ) $ 7.9 Other comprehensive income (loss), net of tax (24.9 ) (17.8 ) (12.7 ) 30.5 (24.9 ) Total comprehensive income (loss) (16.4 ) 38.4 (6.1 ) (32.9 ) (17.0 ) Less: comprehensive income (loss) attributable to noncontrolling interests — — (0.6 ) — (0.6 ) Comprehensive income (loss) attributable to Quad common shareholders $ (16.4 ) $ 38.4 $ (5.5 ) $ (32.9 ) $ (16.4 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,759.7 $ 2,342.5 $ 424.2 $ (395.0 ) $ 4,131.4 Cost of sales 1,292.2 2,018.9 336.1 (387.8 ) 3,259.4 Selling, general and administrative expenses 264.7 127.0 39.3 (7.2 ) 423.8 Depreciation and amortization 107.0 103.4 22.1 — 232.5 Restructuring, impairment and transaction-related charges 44.3 13.0 3.1 — 60.4 Total operating expenses 1,708.2 2,262.3 400.6 (395.0 ) 3,976.1 Operating income (loss) 51.5 80.2 23.6 — 155.3 Interest expense (income) 70.4 (3.1 ) 3.8 — 71.1 Net pension income — (9.6 ) — — (9.6 ) Loss (gain) on debt extinguishment 2.6 — — — 2.6 Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (21.5 ) 92.9 19.8 — 91.2 Income tax expense (benefit) (32.6 ) 30.7 (14.1 ) — (16.0 ) Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities 11.1 62.2 33.9 — 107.2 Equity in (earnings) loss of consolidated entities (96.1 ) (2.9 ) — 99.0 — Equity in (earnings) loss of unconsolidated entity — — — — — Net earnings (loss) 107.2 65.1 33.9 (99.0 ) 107.2 Less: net earnings (loss) attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad common shareholders $ 107.2 $ 65.1 $ 33.9 $ (99.0 ) $ 107.2 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 107.2 $ 65.1 $ 33.9 $ (99.0 ) $ 107.2 Other comprehensive income (loss), net of tax 28.2 13.0 12.0 (25.0 ) 28.2 Total comprehensive income (loss) 135.4 78.1 45.9 (124.0 ) 135.4 Less: comprehensive income (loss) attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to Quad common shareholders $ 135.4 $ 78.1 $ 45.9 $ (124.0 ) $ 135.4 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,863.6 $ 2,429.0 $ 454.6 $ (417.7 ) $ 4,329.5 Cost of sales 1,381.1 2,067.3 364.1 (417.7 ) 3,394.8 Selling, general and administrative expenses 257.8 164.6 44.3 — 466.7 Depreciation and amortization 146.8 100.1 30.2 — 277.1 Restructuring, impairment and transaction-related charges 56.8 18.2 (1.4 ) — 73.6 Goodwill impairment — — — — — Total operating expenses 1,842.5 2,350.2 437.2 (417.7 ) 4,212.2 Operating income (loss) 21.1 78.8 17.4 — 117.3 Interest expense (income) 76.0 (4.1 ) 5.3 — 77.2 Net pension income — (5.1 ) — — (5.1 ) Loss (gain) on debt extinguishment (14.1 ) — — — (14.1 ) Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (40.8 ) 88.0 12.1 — 59.3 Income tax expense (benefit) 15.2 (4.8 ) 2.6 — 13.0 Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (56.0 ) 92.8 9.5 — 46.3 Equity in (earnings) loss of consolidated entities (100.9 ) (6.0 ) — 106.9 — Equity in (earnings) loss of unconsolidated entity — — 1.4 — 1.4 Net earnings (loss) 44.9 98.8 8.1 (106.9 ) 44.9 Less: net earnings (loss) attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad common shareholders $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Other comprehensive income (loss), net of tax (0.1 ) 1.7 (4.7 ) 3.0 (0.1 ) Total comprehensive income (loss) 44.8 100.5 3.4 (103.9 ) 44.8 Less: comprehensive income (loss) attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to Quad common shareholders $ 44.8 $ 100.5 $ 3.4 $ (103.9 ) $ 44.8 Condensed Consolidating Balance Sheet As of December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 60.3 $ 2.9 $ 6.3 $ — $ 69.5 Receivables, less allowances for doubtful accounts 378.0 63.3 87.4 — 528.7 Intercompany receivables — 153.9 28.8 (182.7 ) — Inventories 108.6 121.0 71.0 — 300.6 Other current assets 34.3 4.3 9.2 — 47.8 Total current assets 581.2 345.4 202.7 (182.7 ) 946.6 Property, plant and equipment—net 647.7 451.6 158.1 — 1,257.4 Investment in consolidated entities 757.0 16.7 — (773.7 ) — Goodwill and intangible assets—net 1.7 111.3 54.2 — 167.2 Intercompany loan receivable 109.7 — — (109.7 ) — Other long-term assets 42.5 10.4 45.0 — 97.9 Total assets $ 2,139.8 $ 935.4 $ 460.0 $ (1,066.1 ) $ 2,469.1 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 265.5 $ 137.8 $ 107.7 $ — $ 511.0 Intercompany accounts payable 182.7 — — (182.7 ) — Short-term debt and current portion of long-term debt and capital lease obligations 29.7 0.7 17.6 — 48.0 Other current liabilities 182.6 64.7 45.0 — 292.3 Total current liabilities 660.5 203.2 170.3 (182.7 ) 851.3 Long-term debt and capital lease obligations 878.8 1.0 13.1 — 892.9 Intercompany loan payable — 42.0 67.7 (109.7 ) — Other long-term liabilities 140.3 115.4 9.0 — 264.7 Total liabilities 1,679.6 361.6 260.1 (292.4 ) 2,008.9 Total shareholders' equity and noncontrolling interests 460.2 573.8 199.9 (773.7 ) 460.2 Total liabilities and shareholders' equity $ 2,139.8 $ 935.4 $ 460.0 $ (1,066.1 ) $ 2,469.1 Condensed Consolidating Balance Sheet As of December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 51.7 $ 2.0 $ 10.7 $ — $ 64.4 Receivables, less allowances for doubtful accounts 427.9 40.6 84.0 — 552.5 Intercompany receivables — 85.3 — (85.3 ) — Inventories 97.0 108.6 40.9 — 246.5 Other current assets 35.2 2.6 7.3 — 45.1 Total current assets 611.8 239.1 142.9 (85.3 ) 908.5 Property, plant and equipment—net 706.5 508.6 162.5 — 1,377.6 Investment in consolidated entities 578.3 12.1 — (590.4 ) — Goodwill and intangible assets—net 6.9 25.5 11.0 — 43.4 Intercompany loan receivable 106.3 — 1.7 (108.0 ) — Other long-term assets 60.5 13.5 48.9 — 122.9 Total assets $ 2,070.3 $ 798.8 $ 367.0 $ (783.7 ) $ 2,452.4 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 201.6 $ 115.9 $ 64.1 $ — $ 381.6 Intercompany accounts payable 75.1 — 10.2 (85.3 ) — Short-term debt and current portion of long-term debt and capital lease obligations 31.9 1.0 14.7 — 47.6 Other current liabilities 213.9 74.9 27.9 — 316.7 Total current liabilities 522.5 191.8 116.9 (85.3 ) 745.9 Long-term debt and capital lease obligations 904.3 1.4 11.5 — 917.2 Intercompany loan payable — 40.9 67.1 (108.0 ) — Other long-term liabilities 121.1 133.4 12.4 — 266.9 Total liabilities 1,547.9 367.5 207.9 (193.3 ) 1,930.0 Total shareholders' equity and noncontrolling interests 522.4 431.3 159.1 (590.4 ) 522.4 Total liabilities and shareholders' equity $ 2,070.3 $ 798.8 $ 367.0 $ (783.7 ) $ 2,452.4 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 145.1 $ 65.6 $ 49.9 $ — $ 260.6 INVESTING ACTIVITIES Purchases of property, plant and equipment (23.7 ) (45.3 ) (27.3 ) — (96.3 ) Acquisition related investing activities—net of cash acquired — (76.4 ) 5.0 — (71.4 ) Intercompany investing activities (151.0 ) (81.2 ) (0.6 ) 232.8 — Other investing activities 29.4 13.3 4.5 — 47.2 Net cash from (used in) investing activities (145.3 ) (189.6 ) (18.4 ) 232.8 (120.5 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt — — 7.8 — 7.8 Payments of long-term debt and capital lease obligations (31.7 ) (2.1 ) (5.7 ) — (39.5 ) Borrowings on revolving credit facilities 2,536.3 — 27.4 — 2,563.7 Payments on revolving credit facilities (2,536.3 ) — (24.8 ) — (2,561.1 ) Purchases of treasury stock (36.7 ) — — — (36.7 ) Payment of cash dividends (62.9 ) — — — (62.9 ) Intercompany financing activities 144.9 127.0 (39.1 ) (232.8 ) — Other financing activities (4.8 ) — — — (4.8 ) Net cash from (used in) financing activities 8.8 124.9 (34.4 ) (232.8 ) (133.5 ) Effect of exchange rates on cash and cash equivalents — — (1.5 ) — (1.5 ) Net increase (decrease) in cash and cash equivalents 8.6 0.9 (4.4 ) — 5.1 Cash and cash equivalents at beginning of year 51.7 2.0 10.7 — 64.4 Cash and cash equivalents at end of year $ 60.3 $ 2.9 $ 6.3 $ — $ 69.5 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 974.5 $ (647.3 ) $ 16.8 $ — $ 344.0 INVESTING ACTIVITIES Purchases of property, plant and equipment (27.5 ) (43.9 ) (14.5 ) — (85.9 ) Divestiture related investing activities 8.4 5.7 — — 14.1 Acquisition related investing activities—net of cash acquired — — — — — Intercompany investing activities (18.1 ) 632.7 (0.3 ) (614.3 ) — Other investing activities 0.9 21.6 2.1 — 24.6 Net cash from (used in) investing activities (36.3 ) 616.1 (12.7 ) (614.3 ) (47.2 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt 375.0 — — — 375.0 Payments of long-term debt and capital lease obligations (523.3 ) (2.9 ) (4.3 ) — (530.5 ) Borrowings on revolving credit facilities 706.7 — 11.8 — 718.5 Payments on revolving credit facilities (725.7 ) — (10.3 ) — (736.0 ) Purchases of treasury stock (3.8 ) — — — (3.8 ) Payment of cash dividends (62.5 ) — — — (62.5 ) Intercompany financing activities (645.1 ) 30.2 0.6 614.3 — Other financing activities (8.1 ) (4.3 ) — — (12.4 ) Net cash from (used in) financing activities (886.8 ) 23.0 (2.2 ) 614.3 (251.7 ) Effect of exchange rates on cash and cash equivalents — — 0.1 — 0.1 Net increase (decrease) in cash and cash equivalents 51.4 (8.2 ) 2.0 — 45.2 Cash and cash equivalents at beginning of year 0.3 10.2 8.7 — 19.2 Cash and cash equivalents at end of year $ 51.7 $ 2.0 $ 10.7 $ — $ 64.4 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 676.2 $ (340.8 ) $ 18.2 $ — $ 353.6 INVESTING ACTIVITIES Purchases of property, plant and equipment (35.9 ) (46.8 ) (23.4 ) — (106.1 ) Acquisition related investing activities—net of cash acquired (0.9 ) 0.9 — — — Intercompany investing activities (62.4 ) 368.1 3.8 (309.5 ) — Other investing activities (4.5 ) 18.1 3.7 — 17.3 Net cash from (used in) investing activities (103.7 ) 340.3 (15.9 ) (309.5 ) (88.8 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt — — 19.7 — 19.7 Payments of long-term debt and capital lease obligations (195.7 ) (3.5 ) (2.3 ) — (201.5 ) Borrowings on revolving credit facilities 806.1 — 65.8 — 871.9 Payments on revolving credit facilities (857.9 ) — (60.1 ) — (918.0 ) Purchases of treasury stock (8.8 ) — — — (8.8 ) Payment of cash dividends (61.1 ) — — — (61.1 ) Intercompany financing activities (285.9 ) 0.2 (23.8 ) 309.5 — Other financing activities 28.8 (0.3 ) — — 28.5 Net cash from (used in) financing activities (574.5 ) (3.6 ) (0.7 ) 309.5 (269.3 ) Effect of exchange rates on cash and cash equivalents — — (0.6 ) — (0.6 ) Net increase (decrease) in cash and cash equivalents (2.0 ) (4.1 ) 1.0 — (5.1 ) Cash and cash equivalents at beginning of year 2.3 14.3 7.7 — 24.3 Cash and cash equivalents at end of year $ 0.3 $ 10.2 $ 8.7 $ — $ 19.2 |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Entities are allowed to apply either a retrospective or prospective transition approach to adopt the guidance. The Company is evaluating the impact of the adoption of ASU 2018-15 on the consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-14 “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which adds, removes and clarifies year-end disclosure requirements related to defined benefit pension and other postretirement plans. This guidance is effective for annual periods ending after December 15, 2020, with early adoption permitted. This new guidance will require a retrospective adoption approach. The Company is evaluating the impact of the adoption of ASU 2018-14 on the notes to the consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which changes the requirements on fair value measurements by removing, modifying or adding certain disclosures. This guidance is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Entities electing to early adopt are permitted to early adopt the eliminated or modified disclosure requirements and delay the adoption of all the new disclosure requirements until their effective date. The adoption of ASU 2018-13 requires the application of a combination of the prospective and retrospective methods of transition, depending on the topic of disclosure. The Company is evaluating the impact of the adoption of ASU 2018-13 on the notes to the consolidated financial statements. In February 2018, the FASB issued Accounting Standards Update 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which will give entities the option to reclassify tax effects stranded in accumulated other comprehensive loss as a result of tax reform into accumulated deficit. The guidance requires the entity to disclose whether or not it has elected to reclassify the tax effects related to the Tax Act, as well as the entity's policy for releasing income tax effects from accumulated other comprehensive loss. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted in periods for which financial statements have not yet been issued or made available for issuance, including in the period the Tax Act was enacted. Entities that choose to adopt ASU 2018-02 in an annual or interim period after the period of enactment will be able to choose whether to apply the amendments retrospectively to each period in which the effect of the Tax Act is recognized, or to apply the amendments in the period of adoption. The Company has adopted this standard as of January 1, 2018, applying the amendments in the period of adoption. The Company has elected to reclassify the stranded tax effects related to the change in federal tax rate due to enactment of the Tax Act for all items in accumulated other comprehensive loss. As a result of the adoption of ASU 2018-02, the Company has reclassified $2.9 million from accumulated other comprehensive loss to decrease accumulated deficit. See Note 19 , “ Accumulated Other Comprehensive Loss ,” for the breakout of the impact by component. In August 2017, the FASB issued Accounting Standards Update 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which simplifies and reduces the complexity of the hedge accounting requirements and better aligns an entity's financial reporting for hedging relationships with its risk management activities. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. This new guidance will require a modified retrospective adoption approach to existing hedging relationships as of the adoption date. The Company has adopted this standard as of January 1, 2018, and the adoption of ASU 2017-12 did not have a material impact on the consolidated financial statements. In March 2017, the FASB issued ASU 2017-07 , which requires that an employer disaggregate the service cost component from net benefit cost and provides guidance on how to present the service costs and other components of net benefit costs in the statement of operations. Under the new standard, an entity must report the service cost component in the same line item as other compensation costs. The other components of net benefit cost are required to be presented in the statement of operations separately from the service cost component and outside the subtotal of operating income. The guidance is effective for interim and annual periods beginning after December 15, 2017, and requires a retrospective adoption approach for the classification of components of net periodic benefit cost in the statement of operations. The Company has adopted this standard as of January 1, 2018, applying a retrospective adoption approach and utilizing the practical expedient that permits the use of the amounts disclosed in previous filings for net pension income as the estimation basis for the presentation of the prior comparative periods. See Note 1 , “ Basis of Presentation and Summary of Significant Accounting Policies ,” for additional accounting policy and transition disclosures and Note 15 , “ Employee Retirement Plans ,” for the components of net pension income. In January 2017, the FASB issued Accounting Standards Update 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates Step 2 as part of the goodwill impairment test. The amount of the impairment charge to be recognized would now be the amount by which the carrying value exceeds the reporting unit's fair value. The loss to be recognized cannot exceed the amount of goodwill allocated to that reporting unit. The amendments in ASU 2017-04 are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company elected to early adopt this standard and has applied this guidance to all goodwill impairment analyses performed after January 1, 2018. In November 2016, the FASB issued Accounting Standards Update 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, and requires a retrospective adoption approach. The Company has adopted this standard as of January 1, 2018, and as a result, the Company has condensed the line items “cash and cash equivalents” and “restricted cash” into one line on the consolidated balance sheets. The Company has also made adjustments to the consolidated statements of cash flows, which included removing certain line items related to the transfer of restricted cash, and adjusting beginning and ending cash balances to reflect the newly condensed “cash and cash equivalents” line item within the consolidated balance sheets. The adoption of ASU 2016-18 did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments. Under the new guidance, entities will be required to measure expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable forecasts. This guidance is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. This new guidance will require a modified retrospective transition approach, where the entity will need to apply a cumulative-effect adjustment to retained earnings (accumulated deficit) as of the beginning of the first reporting period in which the guidance is adopted. The Company is evaluating the impact of the adoption of ASU 2016-13 on the consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 “Leases (Topic 842)” (“ASU 2016-02”), which establishes a right-of-use model requiring a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The FASB approved a proposal to allow a prospective transition approach, in which only the current year financial statements would need to be reported under the new accounting model. The Company elected that option and will present the current year financial statements in accordance with Topic 842, while prior year comparative periods will be presented under Topic 840. The Company developed a comprehensive project plan and established a cross-functional implementation team to evaluate the impact of the standard. The project plan included evaluating the Company's lease portfolio, analyzing the standard’s impact on the Company’s various types of lease contracts and identifying the reporting requirements of the new standard. The Company completed the analysis and implementation of a system and performing data validation that will assist in meeting the standard’s reporting and disclosure requirements. The Company elected the available practical expedients and implemented changes to its processes and internal controls to enable the preparation of financial information upon adoption. The Company has adopted the standard as of January 1, 2019, applying the modified retrospective transition approach for all leases existing at, or entered into after, January 1, 2019. The Company is in the final stages of calculating the transition adjustment, which requires companies to record a right-of-use asset and lease liability for all operating leases valued at the present value of the remaining leases payments, discounted using the discount rate for the lease at the transition date. The impact of the transition adjustment is estimated to be $130.0 million to $140.0 million to the consolidated balance sheets, with no impact to the consolidated statements of operations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of Periscope On January 3, 2019 , the Company completed the acquisition of Periscope , a creative agency headquartered in Minneapolis, Minnesota, for a net preliminary purchase price of $121.1 million , excluding acquired cash. Periscope provides a comprehensive service offering, including media buying and analytics, creative and account management. Periscope also has packaging design and premedia services that complement Quad’s print-production capabilities. Senior Secured Credit Facility Amendment The Company completed the third amendment to the April 28, 2014 Senior Secured Credit Facility on January 31, 2019 . This third amendment was completed to provide Quad with the liquidity and structural flexibility to consummate the proposed acquisition of LSC and to extend existing maturities by (a) increasing the aggregate amount of the existing revolving credit facility from $725.0 million to $800.0 million in two tranches, with the first tranche of approximately $82.8 million maturing on January 4, 2021 and the second tranche of approximately $717.2 million with a delayed draw feature and term of five years, maturing on January 31, 2024; (b) increasing the aggregate amount of the existing Term Loan A from $375.0 million to $825.0 million in two tranches, with the first tranche of approximately $32.4 million maturing on January 4, 2021 and the second tranche of approximately $792.6 million with a term of five years, maturing on January 31, 2024; and (c) increasing the aggregate amount of the existing Term Loan B from $300.0 million to $500.0 million with a term of seven years, maturing on January 31, 2026. The Company intends that the loans available under the amended revolving credit facility will be used to repay, refinance, repurchase, redeem, exchange or otherwise terminate LSC’s existing indebtedness prior to, in connection with or following the consummation of the merger, and to pay transaction expenses. Borrowings under the revolving credit facility and delayed draw Term Loan A made under the Senior Secured Credit Facility will initially bear interest at 2.50% in excess of reserve adjusted LIBOR, or 1.50% in excess of an alternate base rate, and borrowing under the Term Loan B will initially bear interest at 5.00% in excess of reserve adjusted LIBOR, or 4.00% in excess of an alternative base rate at the Company’s option. The following amendments were made to the quarterly financial covenants to which the Company is subject (all financial terms, numbers and ratios are as defined in the Senior Secured Credit Facility, as amended by the third amendment): • On a rolling twelve-month basis, the minimum interest coverage ratio, defined as consolidated EBITDA to consolidated cash interest expense, cannot be less than 3.00 to 1.00. • A new financial covenant was added to the Senior Secured Credit Facility that requires the Company to maintain liquidity, defined as unrestricted cash and permitted investments of the Company and its subsidiaries (subject to certain conditions) plus the aggregate amount of the unused revolving credit facility commitments, of not less than $300.0 million at any time during the period from six months prior to the maturity date of the Company’s Senior Unsecured Notes until the earlier of the date on which (a) such Senior Unsecured Notes are repaid in full or (b) the maturity date of such Senior Unsecured Notes is extended to a date that is at least 91 days later than the latest maturity date under the Senior Secured Credit Facility. The maturity date of the Company’s Senior Unsecured Notes is currently May 1, 2022. In addition to those covenants, the following amendment was made to certain limitations on acquisitions, indebtedness, liens, dividends and repurchases of capital stock set forth in the Senior Secured Credit Facility: • If the Company’s total net leverage ratio is equal to or greater than 2.75 to 1.00 (as defined in the Senior Secured Credit Facility ), the Company is prohibited from making greater than $120.0 million of annual dividend payments, capital stock repurchases and certain other payments. If the total net leverage ratio is less than 2.75 to 1.00, there are no such restrictions. The Senior Secured Credit Facility remains secured by substantially all of the unencumbered assets of the Company. The Senior Secured Credit Facility also requires the Company to provide additional collateral to the lenders in certain limited circumstances. See Note 11, “Debt,” for the Company’s covenant requirements as of December 31, 2018. Definitive Agreement to Acquire LSC Communications, Inc. and Joint Proxy Statement/Prospectus As previously disclosed, on October 30, 2018, the Company and LSC entered into a definitive agreement, pursuant to which Quad will acquire LSC in an all-stock transaction valued at approximately $1.3 billion , including the refinancing of LSC’s debt and assumption of other obligations. The acquisition is subject to customary closing conditions including regulatory approval and approval by the shareholders of both companies. On December 13, 2018, Quad and LSC each received a request for additional information and documentary material (the “Second Request”) from the U. S. Department of Justice (the “DOJ”) in connection with the DOJ’s review of the transactions contemplated by the definitive agreement. Issuance of the Second Request extends the waiting period under the HSR Act until 30 days after both Quad and LSC have substantially complied with the Second Request or such later time as the parties may agree with the DOJ, unless the waiting period is terminated earlier by the DOJ. The Company’s Registration Statement on Form S-4, including as a part thereof the joint proxy statement/prospectus of Quad and LSC, was effective on February 4, 2019. Quad shareholders as of the close of business on January 16, 2019, the record date, are entitled to vote on a proposal to approve the issuance of shares of Quad class A common stock in connection with the acquisition of LSC at the Quad special meeting on February 22, 2019. LSC stockholders as of the close of business on the record date are entitled to vote upon, among other things, a proposal to adopt the definitive agreement for Quad to acquire LSC at the LSC special meeting on February 22, 2019. If the acquisition is consummated, LSC’s stockholders will be entitled to receive, for each issued and outstanding share of LSC common stock owned immediately prior to the effective time of the acquisition, 0.625 shares of Quad class A common stock. Quad and LSC cannot consummate the acquisition unless, among other things, Quad shareholders approve the issuance of shares of Quad class A common stock in connection with the acquisition and LSC stockholders adopt the acquisition agreement, the expiration of the waiting period under the HSR Act and other required regulatory approvals, and the satisfaction or waiver of the other closing conditions specified in the agreement. Quad continues to expect the acquisition to be consummated in mid-2019. Declaration of Quarterly Dividend On February 19, 2019 , the Company declared a quarterly dividend of $0.30 per share, which will be paid on March 8, 2019 . |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations —As a worldwide marketing solutions partner dedicated to creating a better way, Quad uses its data-driven, integrated marketing platform to help clients reduce complexity, increase efficiency and enhance marketing spend effectiveness. Quad provides its clients with unmatched scale for client on-site services and expanded subject expertise in marketing strategy, creative solutions, media solutions and marketing management services. With a client-centric approach, that drives its expanded offering, combined with leading-edge technology and single-source simplicity, the Company believes it has the resources and knowledge to help a wide variety of clients in multiple vertical industries, including retail, publishing and healthcare. The Company operates primarily in the commercial print portion of the printing industry as a printer of retail inserts, publications, catalogs, special interest publications, journals, direct mail, books, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement. The Company’s products and services for a variety of industries are sold primarily throughout North America, South America and Europe. In addition, the Company strategically sources packaging product manufacturing over multiple end markets in Central America and Asia. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation —The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned controlled subsidiaries and have been prepared in accordance with GAAP . The results of operations and accounts of businesses acquired are included in the consolidated financial statements from the dates of acquisition (see Note 3 , “ Acquisitions and Strategic Investments ”). Investments in entities where the Company has both the ability to exert significant influence but not control and an ownership interest of 50% or less but more than 20% are accounted for using the equity method of accounting. Investments in entities where the Company does not exert significant influence or control and has an ownership interest of less than 20% are accounted for using the cost method of accounting. |
Foreign Operations | Foreign Operations —Assets and liabilities denominated in foreign currencies are translated into United States dollars at the exchange rate 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 accumulated other comprehensive income (loss) on the consolidated statements of shareholders’ equity, while transaction gains and losses are recorded in selling, general and administrative expenses on the consolidated statements of operations. |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements requires the use of management’s estimates and assumptions that affect the reported assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated 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: allowances for doubtful accounts, inventory obsolescence, asset valuations and useful lives, pension and postretirement benefits, self-insurance reserves, stock-based compensation, taxes, restructuring and other provisions and contingencies. |
Revenue Recognition and Byproduct Recoveries | Revenue Recognition —The Company recognizes its products and services revenue based on when the transfer of control passes to the customer or when the service is completed and accepted by the customer. Under agreements with certain customers, products may be stored by the Company for future delivery. In these situations, the Company may receive warehouse management fees for the services it provides. Product returns are not significant because the products are customized; however, the Company accrues for the estimated amount of customer allowances at the time of sale based on historical experience and known trends. Revenue from services is recognized as services are performed. Revenues related to the Company’s imaging operations, which include digital content management, photography, color services and page production, are recognized in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer. Revenues related to the Company’s logistics operations, which includes the delivery of printed material, are recognized upon completion of services. 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, primarily in the Company’s logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the consolidated statements of operations. Many of the Company’s operations process materials, primarily paper, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer-supplied paper. Revenues for Company-supplied paper are recognized on a gross basis. On January 1, 2018, the Company adopted Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ Topic 606 ”), which provides revised guidance on recognizing revenue from contracts with customers. The Company adopted Topic 606 using the modified retrospective approach and applied the guidance to those contracts which were not completed as of January 1, 2018. This means that Topic 606 has been applied to the 2018 financial statements and disclosures going forward, but that prior period financial statements and disclosures reflect the revenue recognition standard of Topic 605, Revenue from Contracts with Customers. See Note 2 , “ Revenue Recognition ,” for additional accounting policy and transition disclosures. Byproduct Recoveries —The Company presents byproduct recoveries as a reduction of cost of sales–products in the consolidated statements of operations. Classification of byproduct recoveries as a reduction of cost of sales aligns the proceeds from byproduct recoveries with the corresponding manufacturing costs. |
Financial Instruments | Financial Instruments —The Company uses derivative financial instruments for the purpose of hedging interest rate, commodity and foreign exchange exposures that exist as part of ongoing business operations, including interest rate swap agreements, natural gas forward purchase contracts and foreign exchange contracts. As a policy, the Company does not engage in speculative or leveraged transactions, nor does the Company hold or issue financial instruments for trading purposes. Derivative instruments are recorded on the consolidated balance sheets as either assets or liabilities measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive income (loss) and recognized in the consolidated statements of operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of hedges are insignificant and recognized in earnings. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash flows in the same category as the item being hedged. |
Fair Value Measurement | Fair Value Measurement —The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in its consolidated financial statements on a recurring basis. Fair value represents the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. |
Research and Development | Research and Development —Research and development costs related to the development of new products or the adaptation of existing products are expensed as incurred, included in cost of sales and totaled $3.6 million , $9.0 million and $9.3 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash —The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Receivables | Receivables —Receivables are stated net of allowances for doubtful accounts. No single customer comprised more than 5% of the Company’s consolidated net sales in 2018 , 2017 or 2016 , or 5% of the Company’s consolidated receivables as of December 31, 2018 or 2017 . Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and the Company’s historical collection experience. Accounts that are deemed uncollectible are written off when all reasonable collection efforts have been exhausted. |
Inventories | Inventories —Inventories include material, labor, and plant overhead and are stated at the lower of cost or net realizable value. At December 31, 2018 and 2017 , all inventories were valued using the first-in, first-out (“ FIFO ”) method. |
Property, Plant and Equipment | Property, Plant and Equipment —Property, plant and equipment are recorded at cost, and are depreciated over the estimated useful lives of the assets using the straight-line method for financial reporting purposes. See Note 8 , “ Property, Plant and Equipment ,” for the components of the Company’s property, plant and equipment. Major improvements that extend the useful lives of existing assets are capitalized and charged to the asset accounts. Repairs and maintenance, which do not significantly improve or extend the useful lives of the respective assets, are expensed as incurred. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the respective asset. When an asset is retired or disposed, the associated costs and accumulated depreciation are eliminated, and the resulting gain or loss is recognized in the Company’s consolidated statements of operations. Asset Category Range of Useful Lives Buildings 10 to 40 Years Machinery and equipment 3 to 15 Years Other 3 to 10 Years |
Other Intangible Assets | Other Intangible Assets —Identifiable intangible assets are recognized apart from goodwill and are amortized over their estimated useful lives. |
Impairment of Long-Lived and Other Intangible Assets | Impairment of Long-Lived and Other Intangible Assets —The Company evaluates long-lived assets and other intangible assets (of which the most significant are property, plant and equipment and customer relationship intangible assets) whenever events and circumstances have occurred that indicate the carrying value of an asset may not be recoverable. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount and the asset’s residual value, if any. In turn, assessing whether there is an impairment loss requires a determination of recoverability, which is generally estimated by the ability to recover the balance of the assets from expected future operating cash flows on an undiscounted basis. If impairment is determined to exist, any related impairment loss is calculated based on the difference in the fair value and carrying value of the asset. |
Goodwill | Goodwill —When applicable, goodwill is reviewed annually for impairment 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. In performing this analysis, the Company compares each reporting unit’s fair value to its carrying value. The fair value is estimated based on comparable company market valuations and/or expected future discounted cash flows to be generated by the reporting unit. If the carrying value exceeds the reporting unit’s fair value, an impairment loss would be charged to operations in the period identified. |
Income Taxes | Income Taxes —The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the effective date of enactment. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. This determination is based upon all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. If the Company determines that a deferred income tax asset will not be fully realized in the future, then a valuation allowance is established or increased to reflect the amount at which the asset will more likely than not be realized, which would increase the Company’s provision for income taxes. In a period after a valuation allowance has been established, if the Company determines the related deferred income tax assets will be realized in the future in excess of their net recorded amount, then an adjustment to reduce the related valuation allowance will be made, which would reduce the Company’s provision for income taxes. 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 consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is more likely than not of being recognized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The determination of the Company’s worldwide tax provision and related tax assets and liabilities requires the use of significant judgment in estimating the impact of uncertainties in the application of GAAP and the interpretation of complex tax laws. In the ordinary course of business, there are transactions and calculations where the final tax outcome is uncertain. Where fair market value is required to measure a tax asset or liability for GAAP purposes, the Company periodically obtains independent, third party assistance to validate that such value is determined in conformity with Internal Revenue Service fair market value guidelines. While the Company believes it has the appropriate support for the positions taken, certain positions may be successfully challenged by taxing authorities. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating results. The Company applies the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the appropriate amount of tax benefits to be recognized with respect to uncertain tax positions. The determination of the Company’s worldwide tax provision includes the impact of any changes to the amount of tax benefits recognized with respect to uncertain tax positions. |
Pension Plans | Pension Plans —The Company assumed certain frozen underfunded defined benefit pension plans as part of the 2010 World Color Press acquisition. Pension plan costs are determined using actuarial methods and are funded through contributions. The Company records amounts relating to its pension plans based on calculations which include various actuarial assumptions including discount rates, assumed rates of return, and mortality. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current rates and trends when it is appropriate to do so. The effects of modifications are recognized immediately on the consolidated balance sheets, but are generally amortized into operating income over future periods, with the deferred amount recorded in accumulated other comprehensive loss on the consolidated balance sheets. 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. For the purposes of calculating the expected return on plan assets, those assets are valued at fair value. When an event gives rise to both a curtailment and a settlement, the curtailment is accounted for prior to the settlement. The Company’s measurement date to measure the defined benefit plan assets and the projected benefit obligation is December 31 . On January 1, 2018, the Company adopted ASU 2017-07 , which provides revised guidance on how to present the components of net pension income in the statement of operations. The Company has adopted ASU 2017-07 retrospectively and has utilized the practical expedient that permits the use of the amounts disclosed in previous filings for net pension income as the estimation basis for the presentation of the prior comparative periods. There are no service costs associated with the Company's pension plans due to their frozen status. The Company has previously participated in MEPPs as a result of the acquisition of World Color Press. Due to the significant underfunded status of the MEPPs , the Company has withdrawn from all significant MEPPs and replaced these union sponsored “promise to pay in the future” defined benefit plans with a Company sponsored “pay as you go” defined contribution plan, which is historically the form of retirement benefit provided to Quad’s employees. As a result of the decision to withdraw, the Company recorded an estimated withdrawal liability for the MEPPs as part of the World Color Press purchase price allocation process based on information received from the MEPPs ’ trustees. The estimated withdrawal liability is updated based on significant events, such as potential new information from the litigation proceedings with the MEPPs , until the final withdrawal liability is determined. |
Stock-Based Compensation | Stock-Based Compensation —The Company recognizes stock-based compensation expense over the vesting period for all stock-based awards made to employees and directors based on the fair value of the instrument at the time of grant. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) —Accumulated other comprehensive income (loss) consists primarily of unrecognized actuarial gains and losses and prior service costs for pension plans, foreign currency translation adjustments and interest rate swap adjustments, and is presented in the consolidated statements of shareholders’ equity. |
Fair Value Measurement Policy | Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of acquisitions or impairment charges. 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. GAAP also classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3: Unobservable inputs for the asset or liability. There were no Level 3 recurring measurements of assets or liabilities as of December 31, 2018 . |
Earnings (Loss) Per Share | Basic earnings per share attributable to Quad common shareholders is computed as net earnings attributable to Quad common shareholders, divided by the basic weighted average common shares outstanding. The calculation of diluted earnings per share attributable to Quad common shareholders includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. |
New Accounting Pronouncements | In August 2017, the FASB issued Accounting Standards Update 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which simplifies and reduces the complexity of the hedge accounting requirements and better aligns an entity's financial reporting for hedging relationships with its risk management activities. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. This new guidance will require a modified retrospective adoption approach to existing hedging relationships as of the adoption date. The Company has adopted this standard as of January 1, 2018, and the adoption of ASU 2017-12 did not have a material impact on the consolidated financial statements. In March 2017, the FASB issued ASU 2017-07 , which requires that an employer disaggregate the service cost component from net benefit cost and provides guidance on how to present the service costs and other components of net benefit costs in the statement of operations. Under the new standard, an entity must report the service cost component in the same line item as other compensation costs. The other components of net benefit cost are required to be presented in the statement of operations separately from the service cost component and outside the subtotal of operating income. The guidance is effective for interim and annual periods beginning after December 15, 2017, and requires a retrospective adoption approach for the classification of components of net periodic benefit cost in the statement of operations. The Company has adopted this standard as of January 1, 2018, applying a retrospective adoption approach and utilizing the practical expedient that permits the use of the amounts disclosed in previous filings for net pension income as the estimation basis for the presentation of the prior comparative periods. See Note 1 , “ Basis of Presentation and Summary of Significant Accounting Policies ,” for additional accounting policy and transition disclosures and Note 15 , “ Employee Retirement Plans ,” for the components of net pension income. In January 2017, the FASB issued Accounting Standards Update 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which eliminates Step 2 as part of the goodwill impairment test. The amount of the impairment charge to be recognized would now be the amount by which the carrying value exceeds the reporting unit's fair value. The loss to be recognized cannot exceed the amount of goodwill allocated to that reporting unit. The amendments in ASU 2017-04 are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company elected to early adopt this standard and has applied this guidance to all goodwill impairment analyses performed after January 1, 2018. In November 2016, the FASB issued Accounting Standards Update 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, and requires a retrospective adoption approach. The Company has adopted this standard as of January 1, 2018, and as a result, the Company has condensed the line items “cash and cash equivalents” and “restricted cash” into one line on the consolidated balance sheets. The Company has also made adjustments to the consolidated statements of cash flows, which included removing certain line items related to the transfer of restricted cash, and adjusting beginning and ending cash balances to reflect the newly condensed “cash and cash equivalents” line item within the consolidated balance sheets. The adoption of ASU 2016-18 did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments. Under the new guidance, entities will be required to measure expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable forecasts. This guidance is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. This new guidance will require a modified retrospective transition approach, where the entity will need to apply a cumulative-effect adjustment to retained earnings (accumulated deficit) as of the beginning of the first reporting period in which the guidance is adopted. The Company is evaluating the impact of the adoption of ASU 2016-13 on the consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 “Leases (Topic 842)” (“ASU 2016-02”), which establishes a right-of-use model requiring a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The FASB approved a proposal to allow a prospective transition approach, in which only the current year financial statements would need to be reported under the new accounting model. The Company elected that option and will present the current year financial statements in accordance with Topic 842, while prior year comparative periods will be presented under Topic 840. The Company developed a comprehensive project plan and established a cross-functional implementation team to evaluate the impact of the standard. The project plan included evaluating the Company's lease portfolio, analyzing the standard’s impact on the Company’s various types of lease contracts and identifying the reporting requirements of the new standard. The Company completed the analysis and implementation of a system and performing data validation that will assist in meeting the standard’s reporting and disclosure requirements. The Company elected the available practical expedients and implemented changes to its processes and internal controls to enable the preparation of financial information upon adoption. The Company has adopted the standard as of January 1, 2019, applying the modified retrospective transition approach for all leases existing at, or entered into after, January 1, 2019. The Company is in the final stages of calculating the transition adjustment, which requires companies to record a right-of-use asset and lease liability for all operating leases valued at the present value of the remaining leases payments, discounted using the discount rate for the lease at the transition date. The impact of the transition adjustment is estimated to be $130.0 million to $140.0 million to the consolidated balance sheets, with no impact to the consolidated statements of operations. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Range of Useful Lives | Asset Category Range of Useful Lives Buildings 10 to 40 Years Machinery and equipment 3 to 15 Years Other 3 to 10 Years |
Schedule of Supplemental Cash Flow Information | The following table summarizes certain supplemental cash flow information for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Interest paid, net of amounts capitalized $ 60.5 $ 57.8 $ 65.9 Income taxes paid 12.5 6.5 34.0 Non-cash capital lease additions (see Note 12) 2.4 0.5 21.0 Acquisitions of businesses (see Note 3): Fair value of assets acquired, net of cash 124.9 — — Liabilities assumed (89.8 ) — — Goodwill 54.6 — — Noncontrolling interests (18.3 ) — — Acquisition of businesses—net of cash acquired $ 71.4 $ — $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The effects of the adjustments to the consolidated balance sheet as of December 31, 2017, for the modified retrospective adoption of Topic 606, were as follows: December 31, 2017 Topic 606 Adjustments Opening Balance at January 1, 2018 Prepaid expenses and other current assets $ 45.1 $ 2.3 $ 47.4 Other long-term assets 119.3 2.0 121.3 Deferred income taxes 41.9 1.1 43.0 Accumulated deficit (162.9 ) 3.2 (159.7 ) |
Disaggregation of Revenue | Revenue Disaggregation The following table provides information about disaggregated revenue by the Company’s operating segments and major products and services offerings for the years ended December 31, 2018 , 2017 and 2016 : United States Print International Total Year ended December 31, 2018 Catalog, publications, retail inserts, books and directories $ 2,391.1 $ 337.6 $ 2,728.7 Direct mail and other printed products 605.3 30.5 635.8 Other 27.4 0.4 27.8 Total Products 3,023.8 368.5 3,392.3 Logistics services 429.0 18.6 447.6 Imaging, marketing services and other services 353.8 — 353.8 Total Services 782.8 18.6 801.4 Total Net Sales $ 3,806.6 $ 387.1 $ 4,193.7 Year ended December 31, 2017 Catalog, publications, retail inserts, books and directories $ 2,485.9 $ 338.8 $ 2,824.7 Direct mail and other printed products 614.4 32.4 646.8 Other 56.6 0.9 57.5 Total Products 3,156.9 372.1 3,529.0 Logistics services 398.9 19.2 418.1 Imaging, marketing services and other services 184.3 — 184.3 Total Services 583.2 19.2 602.4 Total Net Sales $ 3,740.1 $ 391.3 $ 4,131.4 Year ended December 31, 2016 Catalog, publications, retail inserts, books and directories $ 2,662.6 $ 351.7 $ 3,014.3 Direct mail and other printed products 616.6 29.6 646.2 Other 55.9 0.7 56.6 Total Products 3,335.1 382.0 3,717.1 Logistics services 406.8 20.5 427.3 Imaging, marketing services and other services 185.1 — 185.1 Total Services 591.9 20.5 612.4 Total Net Sales $ 3,927.0 $ 402.5 $ 4,329.5 |
Restructuring, Impairment and_2
Restructuring, Impairment and Transaction-Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The Company recorded restructuring, impairment and transaction-related charges for the years ended December 31, 2018 , 2017 and 2016 , as follows: 2018 2017 2016 Employee termination charges $ 23.0 $ 26.9 $ 12.9 Impairment charges 26.5 12.0 26.8 Transaction-related charges 8.2 3.1 2.2 Integration costs 1.3 — 0.1 Other restructuring charges 44.6 18.4 31.6 Total $ 103.6 $ 60.4 $ 73.6 |
Schedule of Restructuring Reserve by Type of Cost | Activity impacting the Company’s restructuring reserves for the years ended December 31, 2018 and 2017 , was as follows: Employee Termination Charges Impairment Charges Transaction-Related Charges (Income) Integration Costs Other Restructuring Charges Total Balance at January 1, 2017 $ 7.6 $ — $ 0.1 $ 1.1 $ 10.4 $ 19.2 Expense, net 26.9 12.0 3.1 — 18.4 60.4 Cash payments, net (19.0 ) — (2.8 ) (0.1 ) (14.5 ) (36.4 ) Non-cash adjustments/reclassifications 2.1 (12.0 ) — (0.8 ) (3.0 ) (13.7 ) Balance at December 31, 2017 $ 17.6 $ — $ 0.4 $ 0.2 $ 11.3 $ 29.5 Expense, net 23.0 26.5 8.2 1.3 44.6 103.6 Cash payments, net (28.7 ) — (7.4 ) (1.1 ) (6.6 ) (43.8 ) Non-cash adjustments/reclassifications (2.6 ) (26.5 ) — (0.2 ) (32.2 ) (61.5 ) Balance at December 31, 2018 $ 9.3 $ — $ 1.2 $ 0.2 $ 17.1 $ 27.8 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Accumulated Goodwill Impairment | The accumulated goodwill impairment losses and the carrying value of goodwill at December 31, 2018 and 2017 , were as follows: December 31, 2018 December 31, 2017 United States Print and Related Services International Total United States Print and Related Services International Total Goodwill $ 832.9 $ 30.0 $ 862.9 $ 778.3 $ 30.0 $ 808.3 Accumulated goodwill impairment loss (778.3 ) (30.0 ) (808.3 ) (778.3 ) (30.0 ) (808.3 ) Goodwill, net of accumulated goodwill impairment loss $ 54.6 $ — $ 54.6 $ — $ — $ — |
Schedule of Goodwill | Activity impacting goodwill for the year ended December 31, 2018 , was as follows: United States Print and Related Services International Total Balance at January 1, 2018 $ — $ — $ — Ivie acquisition (see Note 3) 28.3 — 28.3 Investment in Rise (see Note 3) 26.3 — 26.3 Balance at December 31, 2018 $ 54.6 $ — $ 54.6 |
Schedule of Components of Other Intangible Assets | The components of other intangible assets at December 31, 2018 and 2017 , were as follows: December 31, 2018 December 31, 2017 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Finite-lived intangible assets: Trademarks, patents, licenses and agreements 7 $ 59.8 $ (22.4 ) $ 37.4 7 $ 24.0 $ (13.5 ) $ 10.5 Capitalized software 5 15.3 (5.1 ) 10.2 5 4.8 (4.3 ) 0.5 Customer relationships 6 514.7 (449.7 ) 65.0 6 460.8 (428.4 ) 32.4 Total finite-lived intangible assets $ 589.8 $ (477.2 ) $ 112.6 $ 489.6 $ (446.2 ) $ 43.4 |
Schedule of Estimated Future Amortization Expense Related to Other Intangible Assets | The following table outlines the estimated future amortization expense related to other intangible assets as of December 31, 2018 : Amortization Expense 2019 $ 32.5 2020 27.1 2021 18.8 2022 16.3 2023 12.1 2024 and thereafter 5.8 Total $ 112.6 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Allowance for Doubtful Accounts | Activity impacting the allowances for doubtful accounts for the years ended December 31, 2018 , 2017 and 2016 , was as follows: 2018 2017 2016 Balance at beginning of year $ 28.9 $ 53.5 $ 50.1 Provisions 3.1 2.6 8.0 Write-offs (1) (4.7 ) (26.3 ) (4.0 ) Translation and other 0.3 (0.9 ) (0.6 ) Balance at end of year $ 27.6 $ 28.9 $ 53.5 ______________________________ (1) Write-offs primarily consisted of fully reserved receivables for the years ended December 31, 2018 , 2017 and 2016 . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories at December 31, 2018 and 2017 , were as follows: 2018 2017 Raw materials and manufacturing supplies $ 170.8 $ 128.7 Work in process 48.9 43.6 Finished goods 80.9 74.2 Total $ 300.6 $ 246.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment at December 31, 2018 and 2017 , were as follows: 2018 2017 Land $ 115.3 $ 122.5 Buildings 908.5 924.5 Machinery and equipment 3,549.1 3,617.1 Other (1) 178.6 197.5 Construction in progress 42.0 33.0 Property, plant and equipment—gross 4,793.5 4,894.6 Less: accumulated depreciation (3,536.1 ) (3,517.0 ) Property, plant and equipment—net $ 1,257.4 $ 1,377.6 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication related equipment. |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Components of Accrued and Other Long-Term Liabilities | The components of accrued and other long-term liabilities at December 31, 2018 and 2017 , were as follows: December 31, 2018 December 31, 2017 Accrued Liabilities Other Long-Term Liabilities Total Accrued Liabilities Other Long-Term Liabilities Total Employee-related liabilities (1) $ 126.4 $ 62.8 $ 189.2 $ 152.1 $ 67.4 $ 219.5 Single employer pension plan obligations 1.7 80.9 82.6 1.7 82.4 84.1 Multiemployer pension plans – withdrawal liability 8.4 42.5 50.9 8.8 19.4 28.2 Tax-related liabilities 29.6 8.1 37.7 29.0 18.2 47.2 Restructuring liabilities 23.1 2.9 26.0 24.6 4.2 28.8 Interest and rent liabilities 6.0 1.4 7.4 6.7 1.9 8.6 Other 97.1 34.0 131.1 93.8 31.5 125.3 Total $ 292.3 $ 232.6 $ 524.9 $ 316.7 $ 225.0 $ 541.7 ______________________________ (1) Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers’ compensation. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The components of long-term debt at December 31, 2018 and 2017 , were as follows: Weighted Average Interest Rate 2018 2017 Master note and security agreement 7.36 % $ 96.2 $ 123.6 Term loan A—$375.0 million maturing January 2021 3.78 % 281.3 281.3 Term loan B—$300.0 million maturing April 2021 5.24 % 279.5 279.1 Revolving credit facility—$725.0 million maturing January 2021 3.91 % — — Senior unsecured notes—$300.0 million maturing May 2022 7.00 % 243.5 243.5 International term loans—$28.0 million 1.82 % 17.8 14.9 International revolving credit facilities—$16.0 million 2.25 % 11.8 9.8 Other 10.24 % 2.6 3.6 Debt issuance costs (7.2 ) (10.3 ) Total debt $ 925.5 $ 945.5 Less: short-term debt and current portion of long-term debt (42.9 ) (42.0 ) Long-term debt $ 882.6 $ 903.5 |
Schedule of Capitalized Debt Issuance Costs | Activity impacting the Company’s capitalized debt issuance costs for the years ended December 31, 2018 and 2017 , was as follows: Capitalized Debt Issuance Costs Balance at January 1, 2017 $ 11.3 Debt issuance costs from February 10, 2017 debt financing amendment 3.2 Write off of debt issuance costs from April 28, 2014 debt financing agreement (1.1 ) Amortization of debt issuance costs (3.1 ) Balance at December 31, 2017 10.3 Amortization of debt issuance costs (3.1 ) Balance at December 31, 2018 $ 7.2 |
Schedule of Original Issue Discount | Activity impacting the Company’s original issue discount for the years ended December 31, 2018 and 2017 , was as follows: Original Issue Discount Balance at January 1, 2017 $ 1.8 Amortization of original issue discount (0.4 ) Balance at December 31, 2017 1.4 Amortization of original issue discount (0.4 ) Balance at December 31, 2018 $ 1.0 |
Schedule of Loss on Debt Extinguishment | The loss on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2017, was comprised of the following: Loss on Debt Extinguishment Debt issuance costs from April 28, 2014 debt financing arrangement $ 1.1 Debt issuance costs from February 10, 2017 debt financing arrangement 1.5 Total $ 2.6 |
Schedule of Gain on Debt Extinguishment | The gain on debt extinguishment recorded in the consolidated statements of operations for the year ended December 31, 2016, was comprised of the following: Master Note and Security Agreement Senior Unsecured Notes Total Principal amount repurchased $ 60.1 $ 56.5 $ 116.6 Repurchase price 61.2 42.5 103.7 Less: accrued interest paid (1.2 ) (1.1 ) (2.3 ) Net repurchase price 60.0 41.4 101.4 Debt financing fees expensed (0.1 ) — (0.1 ) Debt issuance costs expensed (0.2 ) (0.8 ) (1.0 ) Gain (loss) on debt extinguishment $ (0.2 ) $ 14.3 $ 14.1 |
Schedule of Maturities of Long-term Debt | The approximate annual principal amounts due on long-term debt, excluding $7.2 million for future amortization of debt issuance costs and $1.0 million for future amortization of original issue discount, at December 31, 2018 , were as follows: Principal Payments 2019 $ 41.3 2020 69.2 2021 548.2 2022 251.4 2023 6.7 2024 – 2028 13.9 2029 – 2031 3.0 Total $ 933.7 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Capital Leased Assets | The components of capital lease assets at December 31, 2018 and 2017 , were as follows: 2018 2017 Leased equipment—gross $ 33.4 $ 38.0 Less: accumulated depreciation (18.9 ) (19.3 ) Leased equipment—net $ 14.5 $ 18.7 |
Schedule of Future Minimum Lease Payments for Capital Leases | The future maturities of capitalized leases at December 31, 2018 , were as follows: Future Maturities of Capitalized Leases 2019 $ 5.9 2020 4.9 2021 4.1 2022 2.0 2023 0.2 2024 and thereafter — Total minimum payments 17.1 Less: amounts representing interest (1.7 ) Present value of minimum payments 15.4 Less: current portion (5.1 ) Long-term capital lease obligations $ 10.3 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental commitments under non-cancelable leases at December 31, 2018 , were as follows: Future Minimum Rental Commitments 2019 $ 38.2 2020 33.4 2021 23.9 2022 17.8 2023 13.7 2024 and thereafter 31.1 Total $ 158.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income taxes have been based on the following components of earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 United States $ (5.8 ) $ 65.6 $ 48.4 Foreign 2.9 25.6 10.9 Total $ (2.9 ) $ 91.2 $ 59.3 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax (benefit) expense for the years ended December 31, 2018 , 2017 and 2016 , were as follows: 2018 2017 2016 Federal: Current $ 4.8 $ 1.4 $ 32.0 Deferred (7.3 ) (5.5 ) (20.0 ) State: Current (2.1 ) 2.7 3.9 Deferred 0.4 (0.5 ) (5.3 ) Foreign: Current 2.0 2.4 3.7 Deferred (7.6 ) (16.5 ) (1.3 ) Total income tax (benefit) expense $ (9.8 ) $ (16.0 ) $ 13.0 |
Schedule of Effective Income Tax Rate Reconciliation | The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s income tax (benefit) expense for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Federal statutory rate $ (0.6 ) $ 31.9 $ 20.8 Adjustment to valuation allowances (6.9 ) (20.0 ) 1.0 Adjustment of uncertain tax positions (3.7 ) (2.6 ) 0.9 State taxes, net of federal benefit (2.0 ) 2.0 (2.1 ) Foreign rate differential (0.8 ) (2.9 ) (4.8 ) Impact from foreign branches 2.6 7.1 3.6 Adjustment of deferred tax liabilities 1.4 (1.7 ) 2.2 Federal rate change (0.8 ) (28.8 ) — Domestic production activity deduction — (0.9 ) (3.3 ) Loss on foreign investment — — (4.7 ) Other 1.0 (0.1 ) (0.6 ) Income tax (benefit) expense $ (9.8 ) $ (16.0 ) $ 13.0 |
Schedule of Deferred Tax Assets and Liabilities | The significant deferred tax assets and liabilities as of December 31, 2018 and 2017 , were as follows: 2018 2017 Deferred tax assets: Net operating loss and other tax carryforwards $ 125.1 $ 129.6 Interest limitation 47.1 43.7 Pension and workers compensation benefits 46.0 42.7 Accrued compensation 16.6 20.2 Accrued liabilities 14.1 19.3 Goodwill and intangible assets 11.4 7.5 Allowance for doubtful accounts 6.4 7.3 Other 7.3 9.4 Total deferred tax assets 274.0 279.7 Valuation allowance (115.2 ) (126.9 ) Net deferred tax assets $ 158.8 $ 152.8 Deferred tax liabilities: Property, plant and equipment $ (153.8 ) $ (165.0 ) Other (9.7 ) (8.5 ) Total deferred tax liabilities (163.5 ) (173.5 ) Net deferred tax liabilities $ (4.7 ) $ (20.7 ) |
Summary of Income Tax Contingencies | The following table summarizes the Company’s interest (income) expense related to tax uncertainties and penalties recognized during the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Interest (income) expense $ (2.8 ) $ (2.5 ) $ 1.0 Penalties (refunds) (0.4 ) 0.1 — The following table summarizes the activity of the Company’s liability for unrecognized tax benefits at December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Balance at beginning of period $ 21.6 $ 29.6 $ 29.8 Additions for tax positions of the current year — 2.3 0.3 Additions for tax positions of prior years 0.5 1.3 1.0 Reductions for tax positions of prior years (0.8 ) (11.3 ) (0.7 ) Lapses of applicable statutes of limitations (6.1 ) (0.3 ) (0.8 ) Settlements during the period (0.8 ) — — Balance at end of period $ 14.4 $ 21.6 $ 29.6 |
Schedule of Accrued Interest and Penalties | The following table summarizes the Company’s liabilities for accrued interest and penalties related to income tax uncertainties at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Accrued interest Accrued penalties Accrued interest Accrued penalties Other current liabilities $ 0.2 $ 0.1 $ 0.1 $ 0.2 Other long-term liabilities 0.3 — 3.2 0.3 Total liabilities $ 0.5 $ 0.1 $ 3.3 $ 0.5 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net pension income for the years ended December 31, 2018 , 2017 and 2016 , were as follows: Pension Benefits 2018 2017 2016 Interest cost $ (16.0 ) $ (17.3 ) $ (18.1 ) Expected return on plan assets 28.4 27.7 30.2 Net periodic benefit income 12.4 10.4 12.1 Settlement charge — (0.8 ) (7.0 ) Net pension income $ 12.4 $ 9.6 $ 5.1 |
Schedule of Defined Benefit Plans Disclosures | The following table provides a reconciliation of the projected benefit obligation, fair value of plan assets and the funded status of the pension plans as of December 31, 2018 and 2017 : Pension Benefits 2018 2017 Changes in benefit obligation Projected benefit obligation, beginning of year $ (538.9 ) $ (560.6 ) Interest cost (16.0 ) (17.3 ) Actuarial gain (loss) 34.2 (17.2 ) Benefits paid 44.3 54.3 Liability benefit from lump-sum settlement — 1.9 Projected benefit obligation, end of year (476.4 ) (538.9 ) Changes in plan assets Fair value of plan assets, beginning of year 454.8 446.4 Actual return (loss) on plan assets (23.7 ) 61.7 Employer contributions 7.0 1.0 Benefits paid (44.3 ) (54.3 ) Fair value of plan assets, end of year 393.8 454.8 Funded status $ (82.6 ) $ (84.1 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized on the consolidated balance sheets as of December 31, 2018 and 2017 , were as follows: Pension Benefits 2018 2017 Current liabilities $ (1.7 ) $ (1.7 ) Noncurrent liabilities (80.9 ) (82.4 ) Total amount recognized $ (82.6 ) $ (84.1 ) |
Reconciliation of Accumulated Other Comprehensive Income (Loss) Prior to Any Deferred Tax Effects | The following table provides a reconciliation of the Company’s accumulated other comprehensive loss prior to any deferred tax effects at December 31, 2018 and 2017 : Pension Benefits Actuarial Gain / (Loss), net Balance at January 1, 2017 $ (34.7 ) Amount arising during the period 18.7 Impact of pension plan settlement charge included in net earnings (loss) 0.8 Balance at December 31, 2017 (15.2 ) Amount arising during the period (18.1 ) Balance at December 31, 2018 $ (33.3 ) |
Schedule of Assumptions Used | The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2018 , 2017 and 2016 , were as follows: Pension Benefits 2018 2017 2016 Discount rate 3.52 % 3.91 % 3.32 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % The weighted average assumptions used to determine pension benefit obligations at December 31, 2018 and 2017 , were as follows: Pension Benefits 2018 2017 Discount rate (end of year rate) 4.22 % 3.52 % |
Schedule of Expected Benefit Payments | An estimate of the Plans’ present value of future benefit payments to be made from funded qualified plans and unfunded non-qualified plans to plan participants at December 31, 2018 , were as follows: Future Pension Benefit Payments 2019 $ 40.4 2020 38.8 2021 38.0 2022 36.8 2023 35.3 2024 – 2028 160.7 Thereafter 126.4 Total $ 476.4 |
Schedule of Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2018 and 2017 , by asset category were as follows: December 31, 2018 December 31, 2017 Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2.7 $ 2.7 $ — $ — $ 2.6 $ 2.6 $ — $ — Debt securities 113.9 — 113.9 — 118.4 — 118.4 — Equity securities 26.4 — 26.4 — 40.0 — 40.0 — 143.0 $ 2.7 $ 140.3 $ — 161.0 $ 2.6 $ 158.4 $ — Investments measured at net asset value (“NAV”) (1) 250.8 293.8 $ 393.8 $ 454.8 ______________________________ (1) These investments consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund’s underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
Schedule of Fair Value Measurements in Collective Trusts [Table Text Block] | The fair value measurements in common/collective trusts, calculated using a NAV and their redemption restrictions, for the years ended December 31, 2018 and 2017 , are as follows: Fair Value Redemption Frequency (If Currently Eligible) Redemption Notice Period 2018 2017 JP Morgan Chase Bank Strategic Property Fund $ 18.0 $ 23.3 Quarterly 30 days Pyramis Long Corporate A or Better 78.6 73.9 Daily 15 days Pyramis Long Duration 79.2 73.5 Daily 15 days Russell 3000 Index NL 75.0 123.1 Daily 1 day Total value of investments measured at NAV $ 250.8 $ 293.8 |
Earnings Per Share Attributab_2
Earnings Per Share Attributable to Quad Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock for the years ended December 31, 2018 , 2017 and 2016 , are summarized as follows: 2018 2017 2016 Numerator: Net earnings attributable to Quad common shareholders $ 8.5 $ 107.2 $ 44.9 Denominator: Basic weighted average number of common shares outstanding for all classes of common shares 49.8 49.6 47.9 Plus: effect of dilutive equity incentive instruments 1.8 2.2 1.9 Diluted weighted average number of common shares outstanding for all classes of common shares 51.6 51.8 49.8 Earnings per share attributable to Quad common shareholders: Basic $ 0.17 $ 2.16 $ 0.94 Diluted $ 0.16 $ 2.07 $ 0.90 Cash dividends paid per common share for all classes of common shares $ 1.20 $ 1.20 $ 1.20 |
Equity Incentive Programs (Tabl
Equity Incentive Programs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | The following table is a summary of the stock option activity for the year ended December 31, 2018 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Outstanding and exercisable at December 31, 2017 1,532,033 $ 23.60 2.3 $ 6.8 Granted — — Exercised (282,661 ) 14.78 Canceled/forfeited/expired (307,057 ) 29.54 Outstanding and exercisable at December 31, 2018 942,315 $ 24.31 1.8 $ — |
Schedule of Stock Option Exercises and Vesting Activity | The following table is a summary of the stock option exercises and vesting activity for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Total intrinsic value of stock options exercised $ 3.7 $ 1.7 $ 12.4 Proceeds from stock options exercised 4.2 2.6 30.3 Total grant date fair value of stock options vested — — 0.3 |
Schedule of Restricted Stock and Restricted Stock Units Activity | The following table is a summary of RS and RSU award activity for the year ended December 31, 2018 : Restricted Stock Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Units Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (Years) Nonvested at December 31, 2017 2,470,158 $ 16.95 1.2 114,942 $ 16.68 1.3 Granted 668,359 22.54 18,586 22.60 Vested (650,320 ) 21.26 (19,510 ) 23.11 Forfeited (152,281 ) 16.84 (6,926 ) 14.19 Nonvested at December 31, 2018 2,335,916 $ 17.36 1.0 107,092 $ 16.70 0.8 |
Schedule of Deferred Stock Units Activity | The following table is a summary of DSU award activity for the year ended December 31, 2018 : Deferred Stock Units Units Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2017 195,913 $ 18.18 Granted 39,360 22.60 Dividend equivalents granted 13,875 19.55 Settled (12,587 ) 10.56 Outstanding at December 31, 2018 236,561 $ 19.40 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The Company has three classes of common stock as follows (share data in millions): Issued Common Stock Authorized Shares Outstanding Treasury Total Issued Shares Class A stock ($0.025 par value) 80.0 December 31, 2018 38.1 2.2 40.3 December 31, 2017 38.2 1.8 40.0 December 31, 2016 37.2 2.8 40.0 Class B stock ($0.025 par value) 80.0 December 31, 2018 13.5 — 13.5 December 31, 2017 13.8 — 13.8 December 31, 2016 14.2 0.8 15.0 Class C stock ($0.025 par value) 20.0 December 31, 2018 — 0.5 0.5 December 31, 2017 — 0.5 0.5 December 31, 2016 — 0.5 0.5 |
Schedule of Dividend Activity | The following table details the dividend activity related to the then outstanding shares of common stock for the years ended December 31, 2018 , 2017 and 2016 : Declaration Date Record Date Payment Date Dividend Amount per Share 2018 Q4 Dividend October 30, 2018 November 19, 2018 December 7, 2018 $ 0.30 Q3 Dividend July 31, 2018 August 20, 2018 September 7, 2018 0.30 Q2 Dividend May 1, 2018 May 21, 2018 June 8, 2018 0.30 Q1 Dividend February 21, 2018 March 19, 2018 March 30, 2018 0.30 2017 Q4 Dividend October 31, 2017 November 20, 2017 December 1, 2017 $ 0.30 Q3 Dividend August 1, 2017 August 21, 2017 September 1, 2017 0.30 Q2 Dividend May 1, 2017 May 22, 2017 June 2, 2017 0.30 Q1 Dividend February 17, 2017 February 27, 2017 March 10, 2017 0.30 2016 Q4 Dividend October 31, 2016 November 28, 2016 December 9, 2016 $ 0.30 Q3 Dividend August 1, 2016 August 29, 2016 September 9, 2016 0.30 Q2 Dividend May 3, 2016 June 6, 2016 June 17, 2016 0.30 Q1 Dividend February 19, 2016 March 7, 2016 March 18, 2016 0.30 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss by Component, Net of Tax | The changes in accumulated other comprehensive loss by component, net of tax, for the years ended December 31, 2018 and 2017 , were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at January 1, 2017 $ (130.8 ) $ — $ (21.8 ) $ (152.6 ) Other comprehensive income before reclassifications 12.8 1.3 11.5 25.6 Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) 2.1 — 0.5 2.6 Net other comprehensive income 14.9 1.3 12.0 28.2 Balance at December 31, 2017 (115.9 ) 1.3 (9.8 ) (124.4 ) Amounts reclassified from accumulated other comprehensive loss to accumulated deficit (1) (1.1 ) 0.3 (2.1 ) (2.9 ) Balance at January 1, 2018 (117.0 ) 1.6 (11.9 ) (127.3 ) Other comprehensive income (loss) before reclassifications (13.0 ) 1.7 (13.6 ) (24.9 ) Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) — — — — Net other comprehensive income (loss) (13.0 ) 1.7 (13.6 ) (24.9 ) Balance at December 31, 2018 $ (130.0 ) $ 3.3 $ (25.5 ) $ (152.2 ) |
Reclassification out of Accumulated Other Comprehensive Loss to Net Earnings (Loss) | The details about the reclassifications from accumulated other comprehensive loss to net earnings for the years ended December 31, 2017 and 2016 , were as follows: Details about Accumulated Other Comprehensive Loss Components Year Ended December 31, Consolidated Statements of Operations Presentation 2017 2016 Revaluation loss on the sale of a business $ 2.1 $ — Restructuring, impairment and transaction-related charges Settlement charge on pension benefit plans 0.8 7.0 Net pension income Impact of income taxes (0.3 ) (2.7 ) Income tax (benefit) expense Settlement charge on pension benefit plans, net of tax 0.5 4.3 Total reclassifications for the period 2.9 7.0 Impact of income taxes (0.3 ) (2.7 ) Total reclassifications for the period, net of tax $ 2.6 $ 4.3 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following is a summary of segment information for the years ended December 31, 2018 , 2017 and 2016 : Restructuring, Impairment and Transaction-Related Charges Net Sales Operating Income (Loss) Depreciation and Amortization Capital Expenditures Products Services Year ended December 31, 2018 United States Print and Related Services $ 3,023.8 $ 782.8 $ 154.0 $ 209.0 $ 69.3 $ 37.8 International 368.5 18.6 1.5 20.8 27.0 22.2 Total operating segments 3,392.3 801.4 155.5 229.8 96.3 60.0 Corporate — — (97.5 ) 0.9 — 43.6 Total $ 3,392.3 $ 801.4 $ 58.0 $ 230.7 $ 96.3 $ 103.6 Year ended December 31, 2017 United States Print and Related Services $ 3,156.9 $ 583.2 $ 194.3 $ 210.8 $ 73.3 $ 53.6 International 372.1 19.2 19.6 21.0 12.6 3.3 Total operating segments 3,529.0 602.4 213.9 231.8 85.9 56.9 Corporate — — (58.6 ) 0.7 — 3.5 Total $ 3,529.0 $ 602.4 $ 155.3 $ 232.5 $ 85.9 $ 60.4 Year ended December 31, 2016 United States Print and Related Services $ 3,335.1 $ 591.9 $ 186.1 $ 252.4 $ 88.1 $ 59.3 International 382.0 20.5 13.5 24.1 18.0 (1.1 ) Total operating segments 3,717.1 612.4 199.6 276.5 106.1 58.2 Corporate — — (82.3 ) 0.6 — 15.4 Total $ 3,717.1 $ 612.4 $ 117.3 $ 277.1 $ 106.1 $ 73.6 Total assets by segment at December 31, 2018 , 2017 and 2016 , were as follows: 2018 2017 2016 United States Print and Related Services $ 2,057.8 $ 2,060.9 $ 2,241.3 International 341.5 329.5 312.7 Total operating segments 2,399.3 2,390.4 2,554.0 Corporate 69.8 62.0 16.1 Total $ 2,469.1 $ 2,452.4 $ 2,570.1 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of operating income (loss) to earnings (loss) before income taxes and equity in loss of unconsolidated entity as reported in the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 , was as follows: 2018 2017 2016 Operating income $ 58.0 $ 155.3 $ 117.3 Less: interest expense 73.3 71.1 77.2 Less: net pension income (12.4 ) (9.6 ) (5.1 ) Less: loss (gain) on debt extinguishment — 2.6 (14.1 ) Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity $ (2.9 ) $ 91.2 $ 59.3 |
Geographic Area Information (Ta
Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The table below presents the Company’s net sales and long-lived assets as of and for the years ended December 31, 2018 , 2017 and 2016 , by geographic region. The amounts in this table differ from the segment data presented in Note 20 , “ Segment Information ,” because each operating segment includes operations in multiple geographic regions, based on the Company’s management reporting structure. United States Europe Latin America Other Combined 2018 Net sales Products $ 2,987.8 $ 162.2 $ 234.3 $ 8.0 $ 3,392.3 Services 782.8 18.6 — — 801.4 Property, plant and equipment—net 1,099.7 83.4 66.6 7.7 1,257.4 Other intangible assets—net 104.2 8.2 0.2 — 112.6 Other long-term assets 71.1 11.8 10.7 0.3 93.9 2017 Net sales Products $ 3,121.2 $ 167.6 $ 209.3 $ 30.9 $ 3,529.0 Services 583.2 19.2 — — 602.4 Property, plant and equipment—net 1,215.1 85.5 68.3 8.7 1,377.6 Other intangible assets—net 32.3 11.1 — — 43.4 Other long-term assets 92.0 16.2 10.7 0.4 119.3 2016 Net sales Products $ 3,299.1 $ 169.8 $ 217.4 $ 30.8 $ 3,717.1 Services 591.9 20.5 — — 612.4 Property, plant and equipment—net 1,362.8 79.7 67.7 9.7 1,519.9 Other intangible assets—net 47.6 12.1 — — 59.7 Other long-term assets 71.6 0.3 12.2 0.2 84.3 |
Separate Financial Informatio_2
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidated Statement of Operations | Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,863.6 $ 2,429.0 $ 454.6 $ (417.7 ) $ 4,329.5 Cost of sales 1,381.1 2,067.3 364.1 (417.7 ) 3,394.8 Selling, general and administrative expenses 257.8 164.6 44.3 — 466.7 Depreciation and amortization 146.8 100.1 30.2 — 277.1 Restructuring, impairment and transaction-related charges 56.8 18.2 (1.4 ) — 73.6 Goodwill impairment — — — — — Total operating expenses 1,842.5 2,350.2 437.2 (417.7 ) 4,212.2 Operating income (loss) 21.1 78.8 17.4 — 117.3 Interest expense (income) 76.0 (4.1 ) 5.3 — 77.2 Net pension income — (5.1 ) — — (5.1 ) Loss (gain) on debt extinguishment (14.1 ) — — — (14.1 ) Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (40.8 ) 88.0 12.1 — 59.3 Income tax expense (benefit) 15.2 (4.8 ) 2.6 — 13.0 Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (56.0 ) 92.8 9.5 — 46.3 Equity in (earnings) loss of consolidated entities (100.9 ) (6.0 ) — 106.9 — Equity in (earnings) loss of unconsolidated entity — — 1.4 — 1.4 Net earnings (loss) 44.9 98.8 8.1 (106.9 ) 44.9 Less: net earnings (loss) attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad common shareholders $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,759.7 $ 2,342.5 $ 424.2 $ (395.0 ) $ 4,131.4 Cost of sales 1,292.2 2,018.9 336.1 (387.8 ) 3,259.4 Selling, general and administrative expenses 264.7 127.0 39.3 (7.2 ) 423.8 Depreciation and amortization 107.0 103.4 22.1 — 232.5 Restructuring, impairment and transaction-related charges 44.3 13.0 3.1 — 60.4 Total operating expenses 1,708.2 2,262.3 400.6 (395.0 ) 3,976.1 Operating income (loss) 51.5 80.2 23.6 — 155.3 Interest expense (income) 70.4 (3.1 ) 3.8 — 71.1 Net pension income — (9.6 ) — — (9.6 ) Loss (gain) on debt extinguishment 2.6 — — — 2.6 Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (21.5 ) 92.9 19.8 — 91.2 Income tax expense (benefit) (32.6 ) 30.7 (14.1 ) — (16.0 ) Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities 11.1 62.2 33.9 — 107.2 Equity in (earnings) loss of consolidated entities (96.1 ) (2.9 ) — 99.0 — Equity in (earnings) loss of unconsolidated entity — — — — — Net earnings (loss) 107.2 65.1 33.9 (99.0 ) 107.2 Less: net earnings (loss) attributable to noncontrolling interests — — — — — Net earnings (loss) attributable to Quad common shareholders $ 107.2 $ 65.1 $ 33.9 $ (99.0 ) $ 107.2 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ 1,748.7 $ 2,457.6 $ 463.9 $ (476.5 ) $ 4,193.7 Cost of sales 1,378.2 2,156.2 361.2 (466.3 ) 3,429.3 Selling, general and administrative expenses 232.3 101.9 48.1 (10.2 ) 372.1 Depreciation and amortization 99.5 104.7 26.5 — 230.7 Restructuring, impairment and transaction-related charges 9.1 72.3 22.2 — 103.6 Total operating expenses 1,719.1 2,435.1 458.0 (476.5 ) 4,135.7 Operating income (loss) 29.6 22.5 5.9 — 58.0 Interest expense (income) 64.9 3.1 5.3 — 73.3 Net pension income — (12.4 ) — — (12.4 ) Loss (gain) on debt extinguishment — — — — — Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities (35.3 ) 31.8 0.6 — (2.9 ) Income tax expense (benefit) 13.9 (18.7 ) (5.0 ) — (9.8 ) Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities (49.2 ) 50.5 5.6 — 6.9 Equity in (earnings) loss of consolidated entities (57.7 ) (5.7 ) — 63.4 — Equity in (earnings) loss of unconsolidated entity — — (1.0 ) — (1.0 ) Net earnings (loss) 8.5 56.2 6.6 (63.4 ) 7.9 Less: net earnings (loss) attributable to noncontrolling interests — — (0.6 ) — (0.6 ) Net earnings (loss) attributable to Quad common shareholders $ 8.5 $ 56.2 $ 7.2 $ (63.4 ) $ 8.5 |
Condensed Consolidated Statement of Comprehensive Income (Loss) | Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 8.5 $ 56.2 $ 6.6 $ (63.4 ) $ 7.9 Other comprehensive income (loss), net of tax (24.9 ) (17.8 ) (12.7 ) 30.5 (24.9 ) Total comprehensive income (loss) (16.4 ) 38.4 (6.1 ) (32.9 ) (17.0 ) Less: comprehensive income (loss) attributable to noncontrolling interests — — (0.6 ) — (0.6 ) Comprehensive income (loss) attributable to Quad common shareholders $ (16.4 ) $ 38.4 $ (5.5 ) $ (32.9 ) $ (16.4 ) Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 44.9 $ 98.8 $ 8.1 $ (106.9 ) $ 44.9 Other comprehensive income (loss), net of tax (0.1 ) 1.7 (4.7 ) 3.0 (0.1 ) Total comprehensive income (loss) 44.8 100.5 3.4 (103.9 ) 44.8 Less: comprehensive income (loss) attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to Quad common shareholders $ 44.8 $ 100.5 $ 3.4 $ (103.9 ) $ 44.8 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net earnings (loss) $ 107.2 $ 65.1 $ 33.9 $ (99.0 ) $ 107.2 Other comprehensive income (loss), net of tax 28.2 13.0 12.0 (25.0 ) 28.2 Total comprehensive income (loss) 135.4 78.1 45.9 (124.0 ) 135.4 Less: comprehensive income (loss) attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to Quad common shareholders $ 135.4 $ 78.1 $ 45.9 $ (124.0 ) $ 135.4 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 60.3 $ 2.9 $ 6.3 $ — $ 69.5 Receivables, less allowances for doubtful accounts 378.0 63.3 87.4 — 528.7 Intercompany receivables — 153.9 28.8 (182.7 ) — Inventories 108.6 121.0 71.0 — 300.6 Other current assets 34.3 4.3 9.2 — 47.8 Total current assets 581.2 345.4 202.7 (182.7 ) 946.6 Property, plant and equipment—net 647.7 451.6 158.1 — 1,257.4 Investment in consolidated entities 757.0 16.7 — (773.7 ) — Goodwill and intangible assets—net 1.7 111.3 54.2 — 167.2 Intercompany loan receivable 109.7 — — (109.7 ) — Other long-term assets 42.5 10.4 45.0 — 97.9 Total assets $ 2,139.8 $ 935.4 $ 460.0 $ (1,066.1 ) $ 2,469.1 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 265.5 $ 137.8 $ 107.7 $ — $ 511.0 Intercompany accounts payable 182.7 — — (182.7 ) — Short-term debt and current portion of long-term debt and capital lease obligations 29.7 0.7 17.6 — 48.0 Other current liabilities 182.6 64.7 45.0 — 292.3 Total current liabilities 660.5 203.2 170.3 (182.7 ) 851.3 Long-term debt and capital lease obligations 878.8 1.0 13.1 — 892.9 Intercompany loan payable — 42.0 67.7 (109.7 ) — Other long-term liabilities 140.3 115.4 9.0 — 264.7 Total liabilities 1,679.6 361.6 260.1 (292.4 ) 2,008.9 Total shareholders' equity and noncontrolling interests 460.2 573.8 199.9 (773.7 ) 460.2 Total liabilities and shareholders' equity $ 2,139.8 $ 935.4 $ 460.0 $ (1,066.1 ) $ 2,469.1 Condensed Consolidating Balance Sheet As of December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 51.7 $ 2.0 $ 10.7 $ — $ 64.4 Receivables, less allowances for doubtful accounts 427.9 40.6 84.0 — 552.5 Intercompany receivables — 85.3 — (85.3 ) — Inventories 97.0 108.6 40.9 — 246.5 Other current assets 35.2 2.6 7.3 — 45.1 Total current assets 611.8 239.1 142.9 (85.3 ) 908.5 Property, plant and equipment—net 706.5 508.6 162.5 — 1,377.6 Investment in consolidated entities 578.3 12.1 — (590.4 ) — Goodwill and intangible assets—net 6.9 25.5 11.0 — 43.4 Intercompany loan receivable 106.3 — 1.7 (108.0 ) — Other long-term assets 60.5 13.5 48.9 — 122.9 Total assets $ 2,070.3 $ 798.8 $ 367.0 $ (783.7 ) $ 2,452.4 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 201.6 $ 115.9 $ 64.1 $ — $ 381.6 Intercompany accounts payable 75.1 — 10.2 (85.3 ) — Short-term debt and current portion of long-term debt and capital lease obligations 31.9 1.0 14.7 — 47.6 Other current liabilities 213.9 74.9 27.9 — 316.7 Total current liabilities 522.5 191.8 116.9 (85.3 ) 745.9 Long-term debt and capital lease obligations 904.3 1.4 11.5 — 917.2 Intercompany loan payable — 40.9 67.1 (108.0 ) — Other long-term liabilities 121.1 133.4 12.4 — 266.9 Total liabilities 1,547.9 367.5 207.9 (193.3 ) 1,930.0 Total shareholders' equity and noncontrolling interests 522.4 431.3 159.1 (590.4 ) 522.4 Total liabilities and shareholders' equity $ 2,070.3 $ 798.8 $ 367.0 $ (783.7 ) $ 2,452.4 |
Condensed Consolidated Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 145.1 $ 65.6 $ 49.9 $ — $ 260.6 INVESTING ACTIVITIES Purchases of property, plant and equipment (23.7 ) (45.3 ) (27.3 ) — (96.3 ) Acquisition related investing activities—net of cash acquired — (76.4 ) 5.0 — (71.4 ) Intercompany investing activities (151.0 ) (81.2 ) (0.6 ) 232.8 — Other investing activities 29.4 13.3 4.5 — 47.2 Net cash from (used in) investing activities (145.3 ) (189.6 ) (18.4 ) 232.8 (120.5 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt — — 7.8 — 7.8 Payments of long-term debt and capital lease obligations (31.7 ) (2.1 ) (5.7 ) — (39.5 ) Borrowings on revolving credit facilities 2,536.3 — 27.4 — 2,563.7 Payments on revolving credit facilities (2,536.3 ) — (24.8 ) — (2,561.1 ) Purchases of treasury stock (36.7 ) — — — (36.7 ) Payment of cash dividends (62.9 ) — — — (62.9 ) Intercompany financing activities 144.9 127.0 (39.1 ) (232.8 ) — Other financing activities (4.8 ) — — — (4.8 ) Net cash from (used in) financing activities 8.8 124.9 (34.4 ) (232.8 ) (133.5 ) Effect of exchange rates on cash and cash equivalents — — (1.5 ) — (1.5 ) Net increase (decrease) in cash and cash equivalents 8.6 0.9 (4.4 ) — 5.1 Cash and cash equivalents at beginning of year 51.7 2.0 10.7 — 64.4 Cash and cash equivalents at end of year $ 60.3 $ 2.9 $ 6.3 $ — $ 69.5 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 974.5 $ (647.3 ) $ 16.8 $ — $ 344.0 INVESTING ACTIVITIES Purchases of property, plant and equipment (27.5 ) (43.9 ) (14.5 ) — (85.9 ) Divestiture related investing activities 8.4 5.7 — — 14.1 Acquisition related investing activities—net of cash acquired — — — — — Intercompany investing activities (18.1 ) 632.7 (0.3 ) (614.3 ) — Other investing activities 0.9 21.6 2.1 — 24.6 Net cash from (used in) investing activities (36.3 ) 616.1 (12.7 ) (614.3 ) (47.2 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt 375.0 — — — 375.0 Payments of long-term debt and capital lease obligations (523.3 ) (2.9 ) (4.3 ) — (530.5 ) Borrowings on revolving credit facilities 706.7 — 11.8 — 718.5 Payments on revolving credit facilities (725.7 ) — (10.3 ) — (736.0 ) Purchases of treasury stock (3.8 ) — — — (3.8 ) Payment of cash dividends (62.5 ) — — — (62.5 ) Intercompany financing activities (645.1 ) 30.2 0.6 614.3 — Other financing activities (8.1 ) (4.3 ) — — (12.4 ) Net cash from (used in) financing activities (886.8 ) 23.0 (2.2 ) 614.3 (251.7 ) Effect of exchange rates on cash and cash equivalents — — 0.1 — 0.1 Net increase (decrease) in cash and cash equivalents 51.4 (8.2 ) 2.0 — 45.2 Cash and cash equivalents at beginning of year 0.3 10.2 8.7 — 19.2 Cash and cash equivalents at end of year $ 51.7 $ 2.0 $ 10.7 $ — $ 64.4 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Quad/Graphics, Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total OPERATING ACTIVITIES Net cash from (used in) operating activities $ 676.2 $ (340.8 ) $ 18.2 $ — $ 353.6 INVESTING ACTIVITIES Purchases of property, plant and equipment (35.9 ) (46.8 ) (23.4 ) — (106.1 ) Acquisition related investing activities—net of cash acquired (0.9 ) 0.9 — — — Intercompany investing activities (62.4 ) 368.1 3.8 (309.5 ) — Other investing activities (4.5 ) 18.1 3.7 — 17.3 Net cash from (used in) investing activities (103.7 ) 340.3 (15.9 ) (309.5 ) (88.8 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt — — 19.7 — 19.7 Payments of long-term debt and capital lease obligations (195.7 ) (3.5 ) (2.3 ) — (201.5 ) Borrowings on revolving credit facilities 806.1 — 65.8 — 871.9 Payments on revolving credit facilities (857.9 ) — (60.1 ) — (918.0 ) Purchases of treasury stock (8.8 ) — — — (8.8 ) Payment of cash dividends (61.1 ) — — — (61.1 ) Intercompany financing activities (285.9 ) 0.2 (23.8 ) 309.5 — Other financing activities 28.8 (0.3 ) — — 28.5 Net cash from (used in) financing activities (574.5 ) (3.6 ) (0.7 ) 309.5 (269.3 ) Effect of exchange rates on cash and cash equivalents — — (0.6 ) — (0.6 ) Net increase (decrease) in cash and cash equivalents (2.0 ) (4.1 ) 1.0 — (5.1 ) Cash and cash equivalents at beginning of year 2.3 14.3 7.7 — 24.3 Cash and cash equivalents at end of year $ 0.3 $ 10.2 $ 8.7 $ — $ 19.2 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Equity Method and Cost Method Investments) (Details) | Dec. 31, 2018 |
Plural Editora e Grafica | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, ownership percentage | 49.00% |
Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in investment required for equity method | 50.00% |
Ownership percentage in investment required for cost method (less than) | 20.00% |
Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in investment required for equity method | 20.00% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction loss | $ 1.6 | $ (1.5) | $ 6 |
Research and development costs | $ 3.6 | $ 9 | $ 9.3 |
Maximum maturity period of highly liquid cash investments | 3 months |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Concentration Risk) (Details) - customer | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk, customers above benchmark, number | 0 | 0 | 0 |
Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, customers above benchmark, number | 0 | 0 | |
Minimum | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 5.00% | 5.00% | 5.00% |
Minimum | Customer Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 5.00% | 5.00% |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 15 years |
Other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information | |||
Interest paid, net of amounts capitalized | $ 60.5 | $ 57.8 | $ 65.9 |
Income taxes paid | 12.5 | 6.5 | 34 |
Non-cash capital lease additions (see Note 12) | 2.4 | 0.5 | 21 |
Acquisitions of businesses (see Note 3): | |||
Fair value of assets acquired, net of cash | 124.9 | 0 | 0 |
Liabilities assumed | (89.8) | 0 | 0 |
Goodwill | 54.6 | 0 | 0 |
Noncontrolling interests | (18.3) | 0 | 0 |
Acquisition of businesses—net of cash acquired | $ 71.4 | $ 0 | $ 0 |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Effects of Adjustments) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Prepaid expenses and other current assets | $ 47.8 | $ 47.4 | $ 45.1 | |
Other long-term assets | 93.9 | 121.3 | 119.3 | $ 84.3 |
Deferred income taxes | 32.1 | 43 | 41.9 | |
Accumulated deficit | $ (211.4) | (159.7) | (162.9) | |
Calculated under Revenue Guidance in Effect before Topic 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Prepaid expenses and other current assets | 45.1 | |||
Other long-term assets | 119.3 | |||
Deferred income taxes | 41.9 | |||
Accumulated deficit | $ (162.9) | |||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Prepaid expenses and other current assets | 2.3 | |||
Other long-term assets | 2 | |||
Deferred income taxes | 1.1 | |||
Accumulated deficit | $ 3.2 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 4,193.7 | $ 4,131.4 | $ 4,329.5 |
Catalog, publications, retail inserts, books and directories | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2,728.7 | 2,824.7 | 3,014.3 |
Direct mail and other printed products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 635.8 | 646.8 | 646.2 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 27.8 | 57.5 | 56.6 |
Total Products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3,392.3 | 3,529 | 3,717.1 |
Logistics services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 447.6 | 418.1 | 427.3 |
Imaging, marketing services and other services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 353.8 | 184.3 | 185.1 |
Total Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 801.4 | 602.4 | 612.4 |
United States Print and Related Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3,806.6 | 3,740.1 | 3,927 |
United States Print and Related Services | Catalog, publications, retail inserts, books and directories | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2,391.1 | 2,485.9 | 2,662.6 |
United States Print and Related Services | Direct mail and other printed products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 605.3 | 614.4 | 616.6 |
United States Print and Related Services | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 27.4 | 56.6 | 55.9 |
United States Print and Related Services | Total Products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3,023.8 | 3,156.9 | 3,335.1 |
United States Print and Related Services | Logistics services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 429 | 398.9 | 406.8 |
United States Print and Related Services | Imaging, marketing services and other services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 353.8 | 184.3 | 185.1 |
United States Print and Related Services | Total Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 782.8 | 583.2 | 591.9 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 387.1 | 391.3 | 402.5 |
International | Catalog, publications, retail inserts, books and directories | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 337.6 | 338.8 | 351.7 |
International | Direct mail and other printed products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 30.5 | 32.4 | 29.6 |
International | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0.4 | 0.9 | 0.7 |
International | Total Products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 368.5 | 372.1 | 382 |
International | Logistics services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 18.6 | 19.2 | 20.5 |
International | Imaging, marketing services and other services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | 0 |
International | Total Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 18.6 | $ 19.2 | $ 20.5 |
Revenue Recognition (Costs to O
Revenue Recognition (Costs to Obtain Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Capitalized contract costs | $ 21.7 | $ 23.5 |
Additional costs incurred | 7.5 | |
Contract costs amortized | $ 9.3 |
Revenue Recognition (Practical
Revenue Recognition (Practical Expedients) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Commitments that extended beyond one year | $ 469.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percent | 38.00% |
Remaining performance obligation, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percent | 30.00% |
Remaining performance obligation, expected timing of satisfaction period | 2 years |
Acquisitions and Strategic In_2
Acquisitions and Strategic Investments (Narrative) (Details) - USD ($) $ in Millions | Mar. 14, 2018 | Feb. 21, 2018 | Dec. 31, 2018 | Mar. 13, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 54.6 | $ 0 | |||
Ivie and Associates | |||||
Business Acquisition [Line Items] | |||||
Cash paid for acquisitions | $ 90 | ||||
Potential earn-out | 16 | ||||
Preliminary purchase price | 105.4 | ||||
Acquired cash | 13.6 | ||||
Estimated future cash payments | 15.4 | ||||
Identifiable finite-lived intangibles acquired | 79.6 | ||||
Goodwill | 28.3 | ||||
Goodwill, tax deductible | $ 26.4 | ||||
Ivie and Associates | Minimum | |||||
Business Acquisition [Line Items] | |||||
Estimated finite-lived intangible assets, useful life (in years) | 3 years | ||||
Ivie and Associates | Maximum | |||||
Business Acquisition [Line Items] | |||||
Estimated finite-lived intangible assets, useful life (in years) | 8 years | ||||
Rise Interactive | |||||
Business Acquisition [Line Items] | |||||
Cash paid for acquisitions | $ 8.7 | ||||
Preliminary purchase price | 48.5 | ||||
Acquired cash | $ 13.7 | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 43.00% | ||||
Identifiable finite-lived intangibles acquired | $ 23.1 | ||||
Goodwill | $ 26.3 | ||||
Parent ownership percentage | 57.00% | 19.00% | |||
Conversion of loans to equity ownership | $ 9.3 | ||||
Rise Interactive | Minimum | |||||
Business Acquisition [Line Items] | |||||
Estimated finite-lived intangible assets, useful life (in years) | 5 years | ||||
Rise Interactive | Maximum | |||||
Business Acquisition [Line Items] | |||||
Estimated finite-lived intangible assets, useful life (in years) | 6 years |
Restructuring, Impairment and_3
Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |||
Employee termination charges | $ 23 | $ 26.9 | $ 12.9 |
Impairment charges | 26.5 | 12 | 26.8 |
Transaction-related charges | 8.2 | 3.1 | 2.2 |
Integration costs | 1.3 | 0 | 0.1 |
Other restructuring charges | 44.6 | 18.4 | 31.6 |
Total | $ 103.6 | $ 60.4 | $ 73.6 |
Restructuring, Impairment and_4
Restructuring, Impairment and Transaction-Related Charges (Restructuring Activities) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)facilityemployee | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Employee termination charges | $ 23 | $ 26.9 | $ 12.9 |
Integration costs | 1.3 | 0 | 0.1 |
Other restructuring charges | 44.6 | 18.4 | 31.6 |
Gains from the sale of facilities | (17.3) | 7.1 | 1.3 |
Impairment charges | 26.5 | 12 | 26.8 |
Impairment of machinery and equipment | 16.9 | 6.7 | 14.7 |
Impairment of land and building | 4.6 | 5.3 | 12.1 |
Impairment charges | 26.5 | 12 | 26.8 |
Transaction-related charges | 8.2 | 3.1 | 2.2 |
Accrued Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring liabilities | 23.1 | ||
Accounts Payable | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring liabilities | 1.8 | ||
Other Noncurrent Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Long-term restructuring reserve | 2.9 | ||
PERU | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment of machinery and equipment | 5 | ||
ARGENTINA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges due to highly inflationary accounting | 1.5 | ||
Taunton, Massachusetts | |||
Restructuring Cost and Reserve [Line Items] | |||
Gains from the sale of facilities | (7.5) | ||
Dallas, Texas | |||
Restructuring Cost and Reserve [Line Items] | |||
Gains from the sale of facilities | (7) | ||
San Ixhuatepec, Mexico | |||
Restructuring Cost and Reserve [Line Items] | |||
Gains from the sale of facilities | (2.2) | ||
Adjustment to MEPPs withdrawal liability | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring charges | 32.1 | 11.2 | |
Facilities Idled | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring charges | 12.9 | 14.2 | 13.6 |
Legal Costs | PERU | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring charges | 10 | ||
Contract Termination | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring charges | 4 | 3.9 | 4.5 |
Loss On Sale Of Business | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring charges | 6.7 | ||
Transaction-related charges | 1 | ||
Equipment and Infrastructure Removal Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring charges | $ 1.4 | 1.9 | 4.9 |
Gain From Settlement With Vendors | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring charges | $ 1.2 | $ (1.3) | |
2010 Restructuring Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Announced plant closures since inception | facility | 43 | ||
Number of positions eliminated since inception | employee | 13,000 | ||
LSC Communications | |||
Restructuring Cost and Reserve [Line Items] | |||
Transaction-related charges | $ 6.4 |
Restructuring, Impairment and_5
Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | $ 29.5 | $ 19.2 | |
Expense, net | 103.6 | 60.4 | $ 73.6 |
Cash payments, net | (43.8) | (36.4) | |
Non-cash adjustments/reclassifications | (61.5) | (13.7) | |
Balance, end of year | 27.8 | 29.5 | 19.2 |
Employee Termination Charges | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 17.6 | 7.6 | |
Expense, net | 23 | 26.9 | |
Cash payments, net | (28.7) | (19) | |
Non-cash adjustments/reclassifications | (2.6) | 2.1 | |
Balance, end of year | 9.3 | 17.6 | 7.6 |
Impairment Charges | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0 | 0 | |
Expense, net | 26.5 | 12 | |
Cash payments, net | 0 | 0 | |
Non-cash adjustments/reclassifications | (26.5) | (12) | |
Balance, end of year | 0 | 0 | 0 |
Transaction-Related Charges (Income) | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0.4 | 0.1 | |
Expense, net | 8.2 | 3.1 | |
Cash payments, net | (7.4) | (2.8) | |
Non-cash adjustments/reclassifications | 0 | 0 | |
Balance, end of year | 1.2 | 0.4 | 0.1 |
Integration Costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0.2 | 1.1 | |
Expense, net | 1.3 | 0 | |
Cash payments, net | (1.1) | (0.1) | |
Non-cash adjustments/reclassifications | (0.2) | (0.8) | |
Balance, end of year | 0.2 | 0.2 | 1.1 |
Other Restructuring Charges | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 11.3 | 10.4 | |
Expense, net | 44.6 | 18.4 | |
Cash payments, net | (6.6) | (14.5) | |
Non-cash adjustments/reclassifications | (32.2) | (3) | |
Balance, end of year | $ 17.1 | $ 11.3 | $ 10.4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets acquired | $ 102,700,000 | ||
Goodwill impairment | 0 | $ 0 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Amortization expense for other intangible assets | $ 34,400,000 | $ 18,300,000 | $ 50,700,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 14, 2018 | Feb. 21, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||||||
Goodwill | $ 862.9 | $ 808.3 | |||||
Accumulated goodwill impairment loss | (808.3) | (808.3) | |||||
Goodwill, net of accumulated goodwill impairment loss | $ 0 | $ 0 | 54.6 | 0 | |||
Goodwill [Roll Forward] | |||||||
Goodwill, beginning balance | 0 | ||||||
Acquisitions | 54.6 | 0 | $ 0 | ||||
Goodwill, ending balance | 54.6 | 0 | |||||
Ivie and Associates | |||||||
Goodwill [Line Items] | |||||||
Goodwill, net of accumulated goodwill impairment loss | $ 28.3 | ||||||
Goodwill [Roll Forward] | |||||||
Acquisitions | 28.3 | ||||||
Rise Interactive | |||||||
Goodwill [Line Items] | |||||||
Goodwill, net of accumulated goodwill impairment loss | $ 26.3 | ||||||
Goodwill [Roll Forward] | |||||||
Acquisitions | 26.3 | ||||||
United States Print and Related Services | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 832.9 | 778.3 | |||||
Accumulated goodwill impairment loss | (778.3) | (778.3) | |||||
Goodwill, net of accumulated goodwill impairment loss | 0 | 0 | 54.6 | 0 | |||
Goodwill [Roll Forward] | |||||||
Goodwill, beginning balance | 0 | ||||||
Goodwill, ending balance | 54.6 | 0 | |||||
United States Print and Related Services | Ivie and Associates | |||||||
Goodwill [Roll Forward] | |||||||
Acquisitions | 28.3 | ||||||
United States Print and Related Services | Rise Interactive | |||||||
Goodwill [Roll Forward] | |||||||
Acquisitions | 26.3 | ||||||
International | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 30 | 30 | |||||
Accumulated goodwill impairment loss | (30) | (30) | |||||
Goodwill, net of accumulated goodwill impairment loss | 0 | 0 | $ 0 | $ 0 | |||
Goodwill [Roll Forward] | |||||||
Goodwill, beginning balance | 0 | ||||||
Goodwill, ending balance | 0 | $ 0 | |||||
International | Ivie and Associates | |||||||
Goodwill [Roll Forward] | |||||||
Acquisitions | 0 | ||||||
International | Rise Interactive | |||||||
Goodwill [Roll Forward] | |||||||
Acquisitions | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Intangible Assets, Excluding Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 589.8 | $ 489.6 |
Accumulated Amortization | (477.2) | (446.2) |
Total | $ 112.6 | $ 43.4 |
Trademarks, patents, licenses and agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 7 years | 7 years |
Gross Carrying Amount | $ 59.8 | $ 24 |
Accumulated Amortization | (22.4) | (13.5) |
Total | $ 37.4 | $ 10.5 |
Capitalized software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 5 years | 5 years |
Gross Carrying Amount | $ 15.3 | $ 4.8 |
Accumulated Amortization | (5.1) | (4.3) |
Total | $ 10.2 | $ 0.5 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 6 years | 6 years |
Gross Carrying Amount | $ 514.7 | $ 460.8 |
Accumulated Amortization | (449.7) | (428.4) |
Total | $ 65 | $ 32.4 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2,019 | $ 32.5 | |
2,020 | 27.1 | |
2,021 | 18.8 | |
2,022 | 16.3 | |
2,023 | 12.1 | |
2024 and thereafter | 5.8 | |
Total | $ 112.6 | $ 43.4 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 28.9 | $ 53.5 | $ 50.1 |
Provisions | 3.1 | 2.6 | 8 |
Write-offs | (4.7) | (26.3) | (4) |
Translation and other | 0.3 | (0.9) | (0.6) |
Balance at end of year | $ 27.6 | $ 28.9 | $ 53.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and manufacturing supplies | $ 170.8 | $ 128.7 |
Work in process | 48.9 | 43.6 |
Finished goods | 80.9 | 74.2 |
Total | $ 300.6 | $ 246.5 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 115,300,000 | $ 122,500,000 | |
Buildings | 908,500,000 | 924,500,000 | |
Machinery and equipment | 3,549,100,000 | 3,617,100,000 | |
Other | 178,600,000 | 197,500,000 | |
Construction in progress | 42,000,000 | 33,000,000 | |
Property, plant and equipment—gross | 4,793,500,000 | 4,894,600,000 | |
Less: accumulated depreciation | (3,536,100,000) | (3,517,000,000) | |
Property, plant and equipment—net | 1,257,400,000 | 1,377,600,000 | $ 1,519,900,000 |
Impairment charges | 26,500,000 | 12,000,000 | 26,800,000 |
Depreciation expense | 196,300,000 | 214,200,000 | $ 226,400,000 |
Net book value of assets held for sale | $ 0 | $ 0 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Multiemployer pension plans – withdrawal liability | $ 50.9 | ||
Restructuring liabilities | 27.8 | $ 29.5 | $ 19.2 |
Accrued Liabilities | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities(1) | 126.4 | 152.1 | |
Single employer pension plan obligations | 1.7 | 1.7 | |
Multiemployer pension plans – withdrawal liability | 8.4 | 8.8 | |
Tax-related liabilities | 29.6 | 29 | |
Restructuring liabilities | 23.1 | 24.6 | |
Interest and rent liabilities | 6 | 6.7 | |
Other | 97.1 | 93.8 | |
Total Accrued Liabilities and Other Liabilities | 292.3 | 316.7 | |
Other Noncurrent Liabilities | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities(1) | 62.8 | 67.4 | |
Single employer pension plan obligations | 80.9 | 82.4 | |
Multiemployer pension plans – withdrawal liability | 42.5 | 19.4 | |
Tax-related liabilities | 8.1 | 18.2 | |
Restructuring liabilities | 2.9 | 4.2 | |
Interest and rent liabilities | 1.4 | 1.9 | |
Other | 34 | 31.5 | |
Total Accrued Liabilities and Other Liabilities | 232.6 | 225 | |
Accrued Liabilities and Other Noncurrent Liabilities | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities(1) | 189.2 | 219.5 | |
Single employer pension plan obligations | 82.6 | 84.1 | |
Multiemployer pension plans – withdrawal liability | 50.9 | 28.2 | |
Tax-related liabilities | 37.7 | 47.2 | |
Restructuring liabilities | 26 | 28.8 | |
Interest and rent liabilities | 7.4 | 8.6 | |
Other | 131.1 | 125.3 | |
Total Accrued Liabilities and Other Liabilities | $ 524.9 | $ 541.7 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | 60 Months Ended | 69 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2016 | |
Loss Contingencies [Line Items] | |||||
Remaining minimum amount committed | $ 53.2 | ||||
Net sales | $ 4,193.7 | $ 4,131.4 | $ 4,329.5 | ||
PERU | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Net sales | $ 95 | ||||
PERU | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Net sales | $ 135 | ||||
CHINA | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Net sales | $ 2 | ||||
CHINA | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Net sales | $ 3 |
Debt (Components of Long-term D
Debt (Components of Long-term Debt) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 10, 2017 | Apr. 28, 2014 |
Debt Instrument [Line Items] | ||||
Total debt | $ 925,500,000 | $ 945,500,000 | ||
Debt issuance costs | (7,200,000) | (10,300,000) | ||
Less: short-term debt and current portion of long-term debt | (42,900,000) | (42,000,000) | ||
Long-term debt | $ 882,600,000 | 903,500,000 | ||
Master note and security agreement | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 7.36% | |||
Total debt | $ 96,200,000 | 123,600,000 | ||
Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 375,000,000 | $ 375,000,000 | $ 450,000,000 | |
Weighted Average Interest Rate | 3.78% | |||
Total debt | $ 281,300,000 | 281,300,000 | ||
Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | ||
Weighted Average Interest Rate | 5.24% | |||
Total debt | $ 279,500,000 | 279,100,000 | ||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 725,000,000 | |||
Weighted Average Interest Rate | 3.91% | |||
Total debt | $ 0 | 0 | ||
Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | ||
Weighted Average Interest Rate | 7.00% | |||
Total debt | $ 243,500,000 | 243,500,000 | ||
International Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 28,000,000 | |||
Weighted Average Interest Rate | 1.82% | |||
Total debt | $ 17,800,000 | 14,900,000 | ||
International Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 16,000,000 | |||
Weighted Average Interest Rate | 2.25% | |||
Total debt | $ 11,800,000 | 9,800,000 | ||
Other Debt Instruments | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 10.24% | |||
Total debt | $ 2,600,000 | $ 3,600,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Dec. 21, 2018USD ($) | Feb. 10, 2017USD ($) | Dec. 28, 2015USD ($) | Apr. 28, 2014USD ($) | Dec. 31, 2018USD ($)loan_facilities | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 925,500,000 | $ 945,500,000 | |||||
Principal amount repurchased | $ 116,600,000 | ||||||
Loss (gain) on debt extinguishment | $ 0 | 2,600,000 | (14,100,000) | ||||
Proceeds from the sale of the Senior Unsecured Notes | $ 294,800,000 | ||||||
Ownership percentage | 100.00% | ||||||
Fair value of total debt | $ 900,000,000 | 1,000,000,000 | |||||
Assets pledged as collateral | 2,200,000,000 | ||||||
Amortization of debt issuance costs | (3,100,000) | (3,100,000) | (3,800,000) | ||||
Amortization of debt discount | $ (400,000) | (400,000) | (400,000) | ||||
Financing Agreement, April 2014 | |||||||
Debt Instrument [Line Items] | |||||||
Loss (gain) on debt extinguishment | 1,100,000 | ||||||
Number of Loan Facilities | loan_facilities | 3 | ||||||
Term Loan B | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.25% | ||||||
Term Loan B | London Interbank Offered Rate (LIBOR) | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Term Loan B | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.25% | ||||||
Financing Agreement Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.00% | ||||||
Financing Agreement Senior Secured Credit Facility | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Master note and security agreement | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 96,200,000 | 123,600,000 | |||||
Weighted average interest rate | 7.36% | ||||||
Principal amount repurchased | 60,100,000 | ||||||
Loss (gain) on debt extinguishment | 200,000 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 0 | 0 | |||||
Weighted average interest rate | 3.91% | ||||||
Senior secured credit facility | $ 725,000,000 | 850,000,000 | |||||
Debt instrument, face amount | $ 725,000,000 | ||||||
Debt instrument, term | 4 years | ||||||
Letters of credit outstanding | $ 34,100,000 | ||||||
Remaining borrowing capacity | 690,900,000 | ||||||
Term Loan A | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 281,300,000 | 281,300,000 | |||||
Weighted average interest rate | 3.78% | ||||||
Debt instrument, face amount | $ 375,000,000 | 450,000,000 | $ 375,000,000 | ||||
Debt instrument, term | 4 years | ||||||
Term Loan B | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 279,500,000 | 279,100,000 | |||||
Weighted average interest rate | 5.24% | ||||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | |||||
Debt instrument, term | 7 years | ||||||
Senior Unsecured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 243,500,000 | 243,500,000 | |||||
Weighted average interest rate | 7.00% | ||||||
Principal amount repurchased | 56,500,000 | ||||||
Loss (gain) on debt extinguishment | $ (14,300,000) | ||||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | |||||
Debt instrument, term | 8 years | ||||||
Unsecured senior note percent | 7.00% | ||||||
International Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 11,800,000 | $ 9,800,000 | |||||
Weighted average interest rate | 2.25% | ||||||
Debt instrument, face amount | $ 16,000,000 | ||||||
Number of Loan Facilities | loan_facilities | 2 | ||||||
Remaining borrowing capacity | $ 4,200,000 | ||||||
International Revolving Credit Facility | Poland, Zlotych | October 31, 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.90% | ||||||
International Revolving Credit Facility | Poland, Zlotych | November 20, 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.70% | ||||||
International Revolving Credit Facility | Euro Member Countries, Euro | October 31, 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.95% | ||||||
International Revolving Credit Facility | Euro Member Countries, Euro | November 20, 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.70% | ||||||
International Revolving Credit Facility | United Kingdom, Pounds | October 31, 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.95% | ||||||
Secured Debt | Second International Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 7,600,000 | ||||||
Weighted average interest rate | 1.96% | ||||||
Debt instrument, term | 5 years | ||||||
Secured Debt | First International Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 10,200,000 | ||||||
Weighted average interest rate | 1.72% | ||||||
Debt instrument, face amount | $ 20,400,000 | ||||||
Debt instrument, term | 6 years |
Debt (Schedule of Debt Issuance
Debt (Schedule of Debt Issuance Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Issuance Costs [Roll Forward] | |||
Debt issuance costs, beginning balance | $ 10.3 | $ 11.3 | |
Payments of debt issuance costs | 0 | 4.7 | $ 0.1 |
Write off of debt issuance costs | (1) | ||
Amortization of debt issuance costs | (3.1) | (3.1) | (3.8) |
Debt issuance costs, ending balance | $ 7.2 | 10.3 | $ 11.3 |
Financing Arrangement, February 2017 | |||
Debt Issuance Costs [Roll Forward] | |||
Payments of debt issuance costs | 3.2 | ||
Financing Agreement, April 2014 | |||
Debt Issuance Costs [Roll Forward] | |||
Write off of debt issuance costs | $ (1.1) |
Debt (Schedule of Original Issu
Debt (Schedule of Original Issue Discount) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
(Original Issue Discount) [Abstract] | |||
Unamortized discount, beginning balance | $ 1.4 | $ 1.8 | |
Amortization of debt discount | (0.4) | (0.4) | $ (0.4) |
Unamortized discount, ending balance | $ 1 | $ 1.4 | $ 1.8 |
Debt (Schedule of Loss on Debt
Debt (Schedule of Loss on Debt Extinguishment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 10, 2017 | |
Debt Instrument [Line Items] | ||||
Loss (gain) on debt extinguishment | $ 0 | $ 2.6 | $ (14.1) | |
Financing Agreement, April 2014 | ||||
Debt Instrument [Line Items] | ||||
Loss (gain) on debt extinguishment | 1.1 | |||
Financing Arrangement, February 2017 | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 4.7 | |||
Loss (gain) on debt extinguishment | 1.5 | |||
Discharge of Debt | Financing Arrangement, February 2017 | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | 1.5 | |||
Long-term Debt | Financing Arrangement, February 2017 | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 3.2 |
Debt (Schedule of Gain on Debt
Debt (Schedule of Gain on Debt Extinguishment) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Principal amount repurchased | $ 116,600,000 | ||
Repurchase price | 103,700,000 | ||
Less: accrued interest paid | (2,300,000) | ||
Net repurchase price | 101,400,000 | ||
Debt financing fees expensed | (100,000) | ||
Debt issuance costs expensed | (1,000,000) | ||
Loss (gain) on debt extinguishment | $ 0 | $ (2,600,000) | 14,100,000 |
Master note and security agreement | |||
Debt Instrument [Line Items] | |||
Principal amount repurchased | 60,100,000 | ||
Repurchase price | 61,200,000 | ||
Less: accrued interest paid | (1,200,000) | ||
Net repurchase price | 60,000,000 | ||
Debt financing fees expensed | (100,000) | ||
Debt issuance costs expensed | (200,000) | ||
Loss (gain) on debt extinguishment | (200,000) | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Principal amount repurchased | 56,500,000 | ||
Repurchase price | 42,500,000 | ||
Less: accrued interest paid | (1,100,000) | ||
Net repurchase price | 41,400,000 | ||
Debt financing fees expensed | 0 | ||
Debt issuance costs expensed | (800,000) | ||
Loss (gain) on debt extinguishment | $ 14,300,000 |
Debt (Debt Covenant Compliance)
Debt (Debt Covenant Compliance) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance, leverage ratio | 2.19 |
Covenant compliance senior secured leverage ratio | 1.63 |
Interest coverage | 6.23 |
Maximum | |
Debt Instrument [Line Items] | |
Covenant compliance, leverage ratio | 3.75 |
Covenant compliance senior secured leverage ratio | 3.50 |
Minimum | |
Debt Instrument [Line Items] | |
Covenant compliance, interest coverage | 3.50 |
Financing Agreement, April 2014 | |
Debt Instrument [Line Items] | |
Covenant compliance maximum annual dividend payment | $ 120,000,000 |
Financing Agreement, April 2014 | Maximum | |
Debt Instrument [Line Items] | |
Covenant compliance total leverage ratio | 3 |
Senior secured leverage ratio, payment restrictions on unsecured debt | 3 |
Covenant compliance unsecured total leverage ratio | 3.50 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | |||
Future amortization of debt issuance costs | $ 7.2 | $ 10.3 | $ 11.3 |
Future amortization of original issue discount | 1 | $ 1.4 | $ 1.8 |
Long-term Debt, by Maturity [Abstract] | |||
2,019 | 41.3 | ||
2,020 | 69.2 | ||
2,021 | 548.2 | ||
2,022 | 251.4 | ||
2,023 | 6.7 | ||
2024 to 2028 | 13.9 | ||
2029 to 2031 | 3 | ||
Total Debt, Excluding Unamortized Debt Issuance Costs and Original Issue Discount | $ 933.7 |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Capital Leased Assets) (Details) - Machinery and Equipment - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leased Assets [Line Items] | ||
Leased equipment—gross | $ 33.4 | $ 38 |
Less: accumulated depreciation | (18.9) | (19.3) |
Leased equipment—net | $ 14.5 | $ 18.7 |
Lease Obligations (Schedule o_2
Lease Obligations (Schedule of Future Minimum Capital Lease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 5.9 | |
2,020 | 4.9 | |
2,021 | 4.1 | |
2,022 | 2 | |
2,023 | 0.2 | |
2024 and thereafter | 0 | |
Total minimum payments | 17.1 | |
Less: amounts representing interest | (1.7) | |
Present value of minimum payments | 15.4 | |
Less: current portion | (5.1) | $ (5.6) |
Long-term capital lease obligations | $ 10.3 | $ 13.7 |
Lease Obligations (Schedule o_3
Lease Obligations (Schedule of Future Minimum Operating Lease Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | $ 38.2 | ||
2,020 | 33.4 | ||
2,021 | 23.9 | ||
2,022 | 17.8 | ||
2,023 | 13.7 | ||
2024 and thereafter | 31.1 | ||
Total | 158.1 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Rent expense under operating leases | $ 38.5 | $ 37.3 | $ 43.7 |
Income Taxes (Income (Loss) Bef
Income Taxes (Income (Loss) Before Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (5.8) | $ 65.6 | $ 48.4 |
Foreign | 2.9 | 25.6 | 10.9 |
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | $ (2.9) | $ 91.2 | $ 59.3 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal: | |||
Current | $ 4.8 | $ 1.4 | $ 32 |
Deferred | (7.3) | (5.5) | (20) |
State: | |||
Current | (2.1) | 2.7 | 3.9 |
Deferred | 0.4 | (0.5) | (5.3) |
Foreign: | |||
Current | 2 | 2.4 | 3.7 |
Deferred | (7.6) | (16.5) | (1.3) |
Total income tax (benefit) expense | $ (9.8) | $ (16) | $ 13 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | $ (0.6) | $ 31.9 | $ 20.8 |
Adjustment to valuation allowances | (6.9) | (20) | 1 |
Adjustment of uncertain tax positions | (3.7) | (2.6) | 0.9 |
State taxes, net of federal benefit | (2) | 2 | (2.1) |
Foreign rate differential | (0.8) | (2.9) | (4.8) |
Impact from foreign branches | 2.6 | 7.1 | 3.6 |
Adjustment of deferred tax liabilities | 1.4 | (1.7) | 2.2 |
Federal rate change | (0.8) | (28.8) | 0 |
Domestic production activity deduction | 0 | (0.9) | (3.3) |
Loss on foreign investment | 0 | 0 | (4.7) |
Other | 1 | (0.1) | (0.6) |
Total income tax (benefit) expense | $ (9.8) | $ (16) | $ 13 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss and other tax carryforwards | $ 125.1 | $ 129.6 |
Interest limitation | 47.1 | 43.7 |
Pension and workers compensation benefits | 46 | 42.7 |
Accrued compensation | 16.6 | 20.2 |
Accrued liabilities | 14.1 | 19.3 |
Goodwill and intangible assets | 11.4 | 7.5 |
Allowance for doubtful accounts | 6.4 | 7.3 |
Other | 7.3 | 9.4 |
Total deferred tax assets | 274 | 279.7 |
Valuation allowance | (115.2) | (126.9) |
Net deferred tax assets | 158.8 | 152.8 |
Deferred tax liabilities: | ||
Property, plant and equipment | (153.8) | (165) |
Other | (9.7) | (8.5) |
Total deferred tax liabilities | (163.5) | (173.5) |
Net deferred tax liabilities | (4.7) | (20.7) |
Valuation allowance | 115.2 | 126.9 |
Foreign Tax Authority | ||
Deferred tax assets: | ||
Valuation allowance | (53.6) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 99.1 | |
Net operating loss carryforwards, not subject to expiration | 30.2 | |
Tax credit carryforward | 30.1 | |
Valuation allowance | 53.6 | |
State and Local Jurisdiction | ||
Deferred tax assets: | ||
Valuation allowance | (55.7) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 501.5 | |
Capital loss carryforwards | 13.6 | |
Tax credit carryforward | 44.1 | |
Tax credit carryforward, not subject to expiration | 32 | |
Valuation allowance | 55.7 | |
State and Local Jurisdiction | Expires in 2019 | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 4.6 | |
State and Local Jurisdiction | Expires in 2021 | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 0.5 | |
State and Local Jurisdiction | Expires in 2022 | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 8.5 | |
Domestic Tax Authority | ||
Deferred tax assets: | ||
Valuation allowance | (5.9) | |
Deferred tax liabilities: | ||
Capital loss carryforwards | 24.6 | |
Valuation allowance | 5.9 | |
Domestic Tax Authority | Expires in 2019 | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 6.2 | |
Domestic Tax Authority | Expires in 2021 | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 1.1 | |
Domestic Tax Authority | Expires in 2022 | ||
Deferred tax liabilities: | ||
Capital loss carryforwards | 17.3 | |
Deferred Income Taxes | ||
Deferred tax liabilities: | ||
Net deferred tax liabilities | (32.1) | (41.9) |
Other Noncurrent Assets | ||
Deferred tax liabilities: | ||
Deferred tax assets, net | $ 27.4 | $ 21.2 |
Income Taxes (Income Tax Uncert
Income Taxes (Income Tax Uncertainties) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Document Period End Date | Dec. 31, 2018 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 21.6 | $ 29.6 | $ 29.8 |
Additions for tax positions of the current year | 0 | 2.3 | 0.3 |
Additions for tax positions of prior years | 0.5 | 1.3 | 1 |
Reductions for tax positions of prior years | (0.8) | (11.3) | (0.7) |
Lapses of applicable statutes of limitations | (6.1) | (0.3) | (0.8) |
Settlements during the period | (0.8) | 0 | 0 |
Balance at end of period | 14.4 | 21.6 | 29.6 |
Unrecognized tax benefits that would impact the effective tax rate, if recognized | 14.4 | ||
Interest (income) expense | (2.8) | (2.5) | 1 |
Penalties (refunds) | (0.4) | 0.1 | 0 |
Accrued interest related to income tax uncertainties | 0.5 | 3.3 | |
Accrued penalties related to income tax uncertainties | 0.1 | 0.5 | |
Federal rate change | (0.8) | (28.8) | $ 0 |
Provisional decrease to deferred income taxes due to Tax Act | (24.5) | ||
Decrease in uncertain tax positions due to Tax Act | 0.8 | ||
Tax act, provisional income tax benefit | (23.7) | ||
Resolution of Audits or Statute Expirations | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Reasonably possible decrease in unrecognized tax benefits | 4.6 | ||
Other Current Liabilities | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Accrued interest related to income tax uncertainties | 0.2 | 0.1 | |
Accrued penalties related to income tax uncertainties | 0.1 | 0.2 | |
Other Noncurrent Liabilities | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Accrued interest related to income tax uncertainties | 0.3 | 3.2 | |
Accrued penalties related to income tax uncertainties | $ 0 | $ 0.3 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Details) | Feb. 28, 2017 | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 07, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Changes in fair value of Interest rate swap | $ 2,200,000 | $ 2,100,000 | $ 0 | ||
Interest Rate Swap | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notional amount | $ 250,000,000 | ||||
Fixed interest rate | 3.89% | ||||
Spread on underlying rate | 2.00% | ||||
Term of contract | 5 years | ||||
Cash flow hedge ineffectiveness recorded | $ 0 | ||||
Interest Rate Swap | Interest Expense | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Interest expense | 200,000 | (1,600,000) | |||
Interest Rate Swap | Prepaid Expenses and Other Current Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of interest rate swap | 4,300,000 | $ 2,100,000 | |||
Interest Rate Swap | Other Comprehensive Income (Loss) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Changes in fair value of Interest rate swap | $ 2,200,000 | ||||
Foreign Exchange Contract | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign currency exchange contracts | contract | 0 |
Employee Retirement Plans (Defi
Employee Retirement Plans (Defined Contribution Plans) (Details) - USD ($) | Feb. 16, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Contribution Plan Disclosure [Line Items] | ||||
Employee stock ownership plan contribution | $ 22,300,000 | $ 22,300,000 | $ 0 | $ 0 |
Quad/Graphics Diversified Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Total assets | 1,800,000,000 | |||
Defined contribution plan, cost recognized | $ 8,500,000 | $ 7,200,000 | $ 13,300,000 |
Employee Retirement Plans (Net
Employee Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Periodic Benefit Cost | |||
Interest cost | $ (16) | $ (17.3) | |
Net pension income | 12.4 | 9.6 | $ 5.1 |
Pension Benefits | |||
Net Periodic Benefit Cost | |||
Interest cost | (16) | (17.3) | (18.1) |
Expected return on plan assets | 28.4 | 27.7 | 30.2 |
Net periodic benefit income | 12.4 | 10.4 | 12.1 |
Settlement charge | 0 | (0.8) | (7) |
Net pension income | $ 12.4 | $ 9.6 | $ 5.1 |
Employee Retirement Plans (Reco
Employee Retirement Plans (Reconciliation of Projected Benefit Obligation, Fair Value of Plan Assets, and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in benefit obligation | ||
Projected benefit obligation, beginning of year | $ (538.9) | $ (560.6) |
Interest cost | (16) | (17.3) |
Actuarial gain (loss) | 34.2 | (17.2) |
Benefits paid | 44.3 | 54.3 |
Liability benefit from lump-sum settlement | 0 | 1.9 |
Projected benefit obligation, end of year | (476.4) | (538.9) |
Changes in plan assets | ||
Fair value of plan assets, beginning of year | 454.8 | 446.4 |
Actual return on plan assets | (23.7) | 61.7 |
Employer contributions | 7 | 1 |
Benefits paid | (44.3) | (54.3) |
Fair value of plan assets, end of year | 393.8 | 454.8 |
Funded status | ||
Funded status | $ (82.6) | $ (84.1) |
Employee Retirement Plans (Accu
Employee Retirement Plans (Accumulated Benefit Obligations, Amounts Recognized on Balance Sheets, and Reconciliation of AOCI) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Jul. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | |||||
Amount arising during the period | $ (18,100,000) | $ 18,700,000 | $ (800,000) | ||
Impact of pension plan settlement charge included in net earnings (loss) | 0 | 800,000 | 7,000,000 | ||
Lump sum payments | $ 8,400,000 | $ 56,400,000 | 21,400,000 | 74,800,000 | |
Pension liabilities settled | 23,300,000 | 92,600,000 | |||
Pension Benefits | |||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet | |||||
Current liabilities | (1,700,000) | (1,700,000) | |||
Noncurrent liabilities | (80,900,000) | (82,400,000) | |||
Total amount recognized | (82,600,000) | (84,100,000) | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | |||||
Settlement charge | 0 | (800,000) | (7,000,000) | ||
Amortization of amounts in accumulated other comprehensive income expected to be recognized as components of net periodic pension income | 0 | ||||
Pension Benefits | Restructuring Charges | |||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | |||||
Settlement charge | 800,000 | 7,000,000 | |||
Pension Benefits | Actuarial Gain (Loss), net | |||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | |||||
Accumulated other comprehensive income (loss), before Tax, beginning balance | (15,200,000) | (34,700,000) | |||
Amount arising during the period | (18,100,000) | 18,700,000 | |||
Impact of pension plan settlement charge included in net earnings (loss) | 800,000 | ||||
Accumulated other comprehensive income (loss), before Tax, ending balance | $ (33,300,000) | $ (15,200,000) | $ (34,700,000) |
Employee Retirement Plans (Weig
Employee Retirement Plans (Weighted Average Assumptions) (Details) - Pension Benefits | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | |||
Discount rate (beginning of year rate) | 3.52% | 3.91% | 3.32% |
Expected long-term return on plan assets | 6.50% | 6.50% | 6.50% |
Weighted-average assumptions used to determine benefit obligations at December 31, | |||
Discount rate (end of year rate) | 4.22% | 3.52% |
Employee Retirement Plans (Esti
Employee Retirement Plans (Estimated Contributions and Benefit Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments | |
2,019 | $ 40.4 |
2,020 | 38.8 |
2,021 | 38 |
2,022 | 36.8 |
2,023 | 35.3 |
2024 – 2028 | 160.7 |
Thereafter | 126.4 |
Total | 476.4 |
Qualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | 4.7 |
Nonqualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | $ 1.8 |
Employee Retirement Plans (Plan
Employee Retirement Plans (Plan Assets and Investment Strategy) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | $ 393.8 | $ 454.8 | $ 446.4 |
Investments measured at net asset value | 250.8 | 293.8 | |
JP Morgan Chase Bank Strategic Property Fund | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Investments measured at net asset value | 18 | 23.3 | |
Pyramis Long Corporate A or Better | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Investments measured at net asset value | 78.6 | 73.9 | |
Pyramis Long Duration | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Investments measured at net asset value | 79.2 | 73.5 | |
Russell 3000 Index NL | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Investments measured at net asset value | 75 | 123.1 | |
Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 2.7 | 2.6 | |
Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 140.3 | 158.4 | |
Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 2.7 | 2.6 | |
Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 2.7 | 2.6 | |
Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Debt securities | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Target allocation percentage of assets | 70.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Actual plan asset allocations | 70.00% | 59.00% | |
Fair value of plan assets | $ 113.9 | $ 118.4 | |
Debt securities | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Debt securities | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 113.9 | 118.4 | |
Debt securities | Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Equity securities | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Target allocation percentage of assets | 30.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Actual plan asset allocations | 30.00% | 41.00% | |
Fair value of plan assets | $ 26.4 | $ 40 | |
Equity securities | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 26.4 | 40 | |
Equity securities | Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan Assets, Excluding Investments Measured At NAV | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 143 | 161 | |
Investments measured at net asset value (“NAV”) (1) | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Investments measured at net asset value | $ 250.8 | $ 293.8 | |
Redemption Notice Period | JP Morgan Chase Bank Strategic Property Fund | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 30 days | 45 days | |
Redemption Notice Period | Pyramis Long Corporate A or Better | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 15 days | 15 days | |
Redemption Notice Period | Pyramis Long Duration | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 15 days | 15 days | |
Redemption Notice Period | Russell 3000 Index NL | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 1 day | 1 day | |
Redemption Notice Period | Russell 1000 Index NL | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 1 day |
Employee Retirement Plans (Mult
Employee Retirement Plans (Multiemployer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Adjustment to MEPPs withdrawal liability | $ 44.6 | $ 18.4 | $ 31.6 |
Multiemployer plans, plan contributions | 13.1 | 24 | 11.8 |
Withdrawal liability | 50.9 | ||
Other Noncurrent Liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Withdrawal liability | 42.5 | 19.4 | |
Accrued Liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Withdrawal liability | $ 8.4 | $ 8.8 | |
Graphics Communications International Union Employer Retirement Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage of plan (less than) | 65.00% | ||
Graphics Communications Conference of the International Brotherhood of Teamsters National PensionFund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage of plan (less than) | 65.00% | ||
Adjustment to MEPPs withdrawal liability | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Adjustment to MEPPs withdrawal liability | $ 32.1 | $ 11.2 |
Earnings Per Share Attributab_3
Earnings Per Share Attributable to Quad Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||||||
Anti-dilutive equity instruments (in shares) | 0.5 | 0.7 | 1.9 | ||||||||||||
Numerator: | |||||||||||||||
Net earnings attributable to Quad common shareholders | $ 8.5 | $ 107.2 | $ 44.9 | ||||||||||||
Denominator: | |||||||||||||||
Basic weighted average number of common shares outstanding for all classes of common shares (in shares) | 49.8 | 49.6 | 47.9 | ||||||||||||
Plus: effect of dilutive equity incentive instruments (in shares) | 1.8 | 2.2 | 1.9 | ||||||||||||
Diluted weighted average number of common shares outstanding for all classes of common shares (in shares) | 51.6 | 51.8 | 49.8 | ||||||||||||
Earnings (loss) per share attributable to Quad/Graphics common shareholders: | |||||||||||||||
Basic (in dollars per share) | $ 0.17 | $ 2.16 | $ 0.94 | ||||||||||||
Diluted (in dollars per share) | 0.16 | 2.07 | 0.90 | ||||||||||||
Cash dividends paid per common share for all classes of common shares (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 |
Equity Incentive Programs (Addi
Equity Incentive Programs (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of class A stock reserved for issuance | 10,871,652 | ||
Stock option exercise price floor of fair market value of class A common stock (percent) | 100.00% | ||
Shares available for issuance | 1,571,841 | ||
Stock-based compensation charges | $ 15,600,000 | $ 16,400,000 | $ 15,200,000 |
Total future compensation expense | $ 15,900,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Total future compensation expense | $ 0 | ||
Restricted Stock and Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total future compensation expense | $ 15,900,000 | ||
Estimated Future Expense in Year One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | 10,000,000 | ||
Estimated Future Expense in Year One | Restricted Stock and Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | 10,000,000 | ||
Estimated Future Expense in Year Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | 5,200,000 | ||
Estimated Future Expense in Year Two | Restricted Stock and Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | 5,200,000 | ||
Estimated Future Expense in Year Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | 700,000 | ||
Estimated Future Expense in Year Three | Restricted Stock and Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | $ 700,000 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years |
Equity Incentive Programs (Sche
Equity Incentive Programs (Schedule of Stock Option Activity Rollforward) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | $ 15,900,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Compensation expense recognized | $ 0 | $ 0 | $ 0 |
Total future compensation expense | $ 0 | ||
Shares Under Option | |||
Options exercisable (in shares) | 1,532,033 | 1,702,866 | |
Outstanding, beginning of year, Shares Under Option (in shares) | 1,532,033 | ||
Granted, Shares Under Option (in shares) | 0 | 0 | 0 |
Exercised, Shares Under Option (in shares) | (282,661) | ||
Canceled/forfeited/expired, Shares Under Option (in shares) | (307,057) | ||
Outstanding, end of year, Shares Under Option (in shares) | 942,315 | 1,532,033 | |
Weighted Average Exercise Price | |||
Options exercisable (in dollars per share) | $ 23.60 | $ 23 | |
Outstanding, beginning of year, Weighted Average Exercise Price (in dollars per share) | 23.60 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | 0 | ||
Exercised, Weighted Average Exercise Price (in dollars per share) | 14.78 | ||
Canceled/forfeited/expired, Weighted Average Exercise Price (in dollars per share) | 29.54 | ||
Outstanding, end of year, Weighted Average Exercise Price (in dollars per share) | $ 24.31 | $ 23.60 | |
Weighted Average Remaining Contractual Term (years) | |||
Options exercisable | 1 year 9 months | 2 years 4 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months | 3 years 4 months | |
Aggregate Intrinsic Value (millions) | |||
Options exercisable | $ 6,800,000 | $ 12,300,000 | |
Outstanding, Aggregate Intrinsic Value | $ 0 | $ 6,800,000 | |
Stock Options | Annual Anniversary Grant Date of Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 10 years | ||
Stock Options | Termination for Death | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 24 months | ||
Stock Options | Termination for Retirement or Disability | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 36 months | ||
Stock Options | Employment Terminated, Any Other Reason | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration date | 90 days | ||
Stock Options | Vested in first year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 0.00% | ||
Stock Options | Vested in second year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 33.33% | ||
Stock Options | Vested in third year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 33.33% | ||
Stock Options | Vested in fourth year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vested | 33.34% |
Equity Incentive Programs (Sc_2
Equity Incentive Programs (Schedule of Stock Option Exercises and Vesting Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from stock options exercised | $ 4.2 | $ 2.6 | $ 30.3 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | 3.7 | 1.7 | 12.4 |
Proceeds from stock options exercised | 4.2 | 2.6 | 30.3 |
Total grant date fair value of stock options vested | $ 0 | $ 0 | $ 0.3 |
Equity Incentive Programs (Sc_3
Equity Incentive Programs (Schedule of Restricted Stock and Restricted Stock Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | $ 15.9 | ||
Estimated Future Expense in Year One | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 10 | ||
Estimated Future Expense in Year Two | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 5.2 | ||
Estimated Future Expense in Year Three | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | $ 0.7 | ||
Restricted Stock and Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of days dividends will be paid after vesting, maximum | 45 days | ||
Weighted- Average Grant Date Fair Value Per Share | |||
Compensation expense recognized | $ 14.7 | $ 15.5 | $ 14.4 |
Total future compensation expense | 15.9 | ||
Restricted Stock and Restricted Stock Units (RSUs) | Estimated Future Expense in Year One | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 10 | ||
Restricted Stock and Restricted Stock Units (RSUs) | Estimated Future Expense in Year Two | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | 5.2 | ||
Restricted Stock and Restricted Stock Units (RSUs) | Estimated Future Expense in Year Three | |||
Weighted- Average Grant Date Fair Value Per Share | |||
Total future compensation expense | $ 0.7 | ||
Restricted Stock | |||
Shares | |||
Nonvested at beginning of year, (in shares) | 2,470,158 | ||
Granted, Units (in shares) | 668,359 | ||
Vested (in shares) | (650,320) | ||
Forfeited, Units (in shares) | (152,281) | ||
Nonvested at end of year, (in shares) | 2,335,916 | 2,470,158 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 16.95 | ||
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 22.54 | ||
Vested, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 21.26 | ||
Forfeited, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 16.84 | ||
Nonvested, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 17.36 | $ 16.95 | |
Nonvested, Weighted- Average Remaining Contractual Term (Years) | 1 year | 1 year 2 months | |
Restricted Stock Units (RSUs) | |||
Shares | |||
Nonvested at beginning of year, (in shares) | 114,942 | ||
Granted, Units (in shares) | 18,586 | ||
Vested (in shares) | (19,510) | ||
Forfeited, Units (in shares) | (6,926) | ||
Nonvested at end of year, (in shares) | 107,092 | 114,942 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 16.68 | ||
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 22.60 | ||
Vested, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 23.11 | ||
Forfeited, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 14.19 | ||
Nonvested, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 16.70 | $ 16.68 | |
Nonvested, Weighted- Average Remaining Contractual Term (Years) | 9 months | 1 year 4 months |
Equity Incentive Programs (Defe
Equity Incentive Programs (Deferred Stock Unit Activity) (Details) - Deferred Stock Units (DSUs) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Units | |||
Outstanding, Units, beginning balance (in shares) | 195,913 | ||
Granted, Units (in shares) | 39,360 | ||
Dividend equivalents granted, Units (in shares) | 13,875 | ||
Settled, Units (in shares) | (12,587) | ||
Outstanding, Units, ending balance (in shares) | 236,561 | 195,913 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Outstanding, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 18.18 | ||
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 22.60 | ||
Dividend equivalents granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 19.55 | ||
Settled, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 10.56 | ||
Outstanding, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 19.40 | $ 18.18 | |
Number of shares each deferred stock unit will convert to upon the earlier of the separation date of the grantee or the second anniversary of the grant date | 1 | ||
Compensation expense recognized | $ 0.9 | $ 0.9 | $ 0.8 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Stock by Class) (Details) - $ / shares | Feb. 16, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||
Shares, Issued | 1,006,061 | |||
Treasury Stock (shares) | 2,700,000 | 2,300,000 | ||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | |
Authorized Shares | 80,000,000 | 80,000,000 | 80,000,000 | |
Common Stock Outstanding (shares) | 38,100,000 | 38,200,000 | 37,200,000 | |
Treasury Stock (shares) | 2,200,000 | 1,800,000 | 2,800,000 | |
Total Issued Shares | 40,300,000 | 40,000,000 | 40,000,000 | |
Common Class B | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | |
Authorized Shares | 80,000,000 | 80,000,000 | 80,000,000 | |
Common Stock Outstanding (shares) | 13,500,000 | 13,800,000 | 14,200,000 | |
Treasury Stock (shares) | 0 | 0 | 800,000 | |
Total Issued Shares | 13,500,000 | 13,800,000 | 15,000,000 | |
Common Class C | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | |
Authorized Shares | 20,000,000 | 20,000,000 | 20,000,000 | |
Common Stock Outstanding (shares) | 0 | 0 | 0 | |
Treasury Stock (shares) | 500,000 | 500,000 | 500,000 | |
Total Issued Shares | 500,000 | 500,000 | 500,000 |
Shareholders' Equity (Sharehold
Shareholders' Equity (Shareholders' Equity Narrative) (Details) | Feb. 16, 2018USD ($)$ / shares | Oct. 13, 2017shares | Dec. 31, 2018USD ($)votestock_class$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 06, 2011USD ($) |
Schedule of Shareholders' Equity Activity [Line Items] | ||||||
Number of classes of common stock | stock_class | 3 | |||||
Preferred stock authorized (in shares) | 500,000 | 500,000 | 500,000 | |||
Preferred stock, par value (in dollars per shares) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred stock issued | 0 | 0 | 0 | |||
Purchases of treasury stock | $ | $ 8,800,000 | |||||
Share Price | $ / shares | $ 22.18 | |||||
Employee stock ownership plan contribution | $ | $ 22,300,000 | $ 22,300,000 | $ 0 | $ 0 | ||
Treasury Stock | ||||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||||
Number of shares repurchased | (1,900,000) | (200,000) | (1,100,000) | |||
Purchases of treasury stock | $ | $ 36,700,000 | $ 3,800,000 | $ 8,800,000 | |||
Cancellation of class B treasury shares | 1,200,000 | |||||
Common Class A | ||||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||||
Number of votes per share | vote | 1 | |||||
Number of shares repurchased | 1,871,631 | 200,605 | 984,190 | |||
Average cost per share (in dollars per share) | $ / shares | $ 19.59 | $ 18.89 | $ 8.96 | |||
Purchases of treasury stock | $ | $ 36,700,000 | $ 3,800,000 | ||||
Remaining authorized repurchase amount | $ | $ 100,000,000 | |||||
Common Class A | Treasury Stock | ||||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||||
Stock repurchase program, authorized amount | $ | $ 100,000,000 | |||||
Common Class B | ||||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||||
Number of votes per share | vote | 10 | |||||
Common Class B | Treasury Stock | ||||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||||
Cancellation of class B treasury shares | 1,027,907 | |||||
Class B common stock converted (in shares) | 284,845 | 136,654 | ||||
Common Class C | ||||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||||
Number of votes per share | vote | 10 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule of Dividend Activity) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Cash dividends paid per common share for all classes of common shares (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 | ||||
Dividends declared (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning balance | $ (124.4) | $ (124.4) | $ (152.6) | |
Other comprehensive income before reclassifications | (24.9) | 25.6 | ||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0 | 2.6 | $ 4.3 | |
Other comprehensive income (loss), net of tax | (24.9) | 28.2 | (0.1) | |
Accumulated other comprehensive loss, ending balance | (127.3) | (152.2) | (124.4) | (152.6) |
Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning balance | (115.9) | (115.9) | (130.8) | |
Other comprehensive income before reclassifications | (13) | 12.8 | ||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0 | 2.1 | ||
Other comprehensive income (loss), net of tax | (13) | 14.9 | ||
Accumulated other comprehensive loss, ending balance | (117) | (130) | (115.9) | (130.8) |
Interest Rate Swap Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning balance | 1.3 | 1.3 | 0 | |
Other comprehensive income before reclassifications | 1.7 | 1.3 | ||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0 | 0 | ||
Other comprehensive income (loss), net of tax | 1.7 | 1.3 | ||
Accumulated other comprehensive loss, ending balance | 1.6 | 3.3 | 1.3 | 0 |
Pension Benefit Plan Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss, beginning balance | (9.8) | (9.8) | (21.8) | |
Other comprehensive income before reclassifications | (13.6) | 11.5 | ||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0 | 0.5 | ||
Other comprehensive income (loss), net of tax | (13.6) | 12 | ||
Accumulated other comprehensive loss, ending balance | (11.9) | (25.5) | $ (9.8) | $ (21.8) |
Accounting Standards Update 2018-02 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | (2.9) | $ (2.9) | ||
Accounting Standards Update 2018-02 | Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | (1.1) | |||
Accounting Standards Update 2018-02 | Interest Rate Swap Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0.3 | |||
Accounting Standards Update 2018-02 | Pension Benefit Plan Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | $ (2.1) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Reclassifications from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications for the period | $ 2.9 | $ 7 | |
Impact of income taxes | (0.3) | (2.7) | |
Total reclassifications for the period, net of tax | $ 0 | (2.6) | (4.3) |
Pension Benefits | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge on pension benefit plans, net of tax | 0.5 | 4.3 | |
Restructuring Charges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Revaluation (gain) loss on sale | 2.1 | 0 | |
Net Pension Income | Pension Benefits | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge on pension benefit plans | 0.8 | 7 | |
Income Tax Expense (Benefit) | Pension Benefits | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Impact of income taxes | $ (0.3) | $ (2.7) |
Segment Information (Summary of
Segment Information (Summary of Segment Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Unrestricted subsidiaries under the Senior Unsecured Notes indenture as percentage of total consolidated assets (less than) | 2.00% | ||
Unrestricted subsidiaries under the Senior Unsecured Notes indenture as a percentage of total consolidated net sales (less than) | 2.00% | ||
Segment Reporting Information [Line Items] | |||
Products | $ 3,392,300,000 | $ 3,529,000,000 | $ 3,717,100,000 |
Services | 801,400,000 | 602,400,000 | 612,400,000 |
Operating Income (Loss) | 58,000,000 | 155,300,000 | 117,300,000 |
Depreciation and Amortization | 230,700,000 | 232,500,000 | 277,100,000 |
Capital Expenditures | 96,300,000 | 85,900,000 | 106,100,000 |
Restructuring, impairment and transaction-related charges | 103,600,000 | 60,400,000 | 73,600,000 |
Goodwill impairment | 0 | 0 | 0 |
United States Print and Related Services | |||
Segment Reporting Information [Line Items] | |||
Products | 3,023,800,000 | 3,156,900,000 | 3,335,100,000 |
Services | 782,800,000 | 583,200,000 | 591,900,000 |
Operating Income (Loss) | 154,000,000 | 194,300,000 | 186,100,000 |
Depreciation and Amortization | 209,000,000 | 210,800,000 | 252,400,000 |
Capital Expenditures | 69,300,000 | 73,300,000 | 88,100,000 |
Restructuring, impairment and transaction-related charges | 37,800,000 | 53,600,000 | 59,300,000 |
International | |||
Segment Reporting Information [Line Items] | |||
Products | 368,500,000 | 372,100,000 | 382,000,000 |
Services | 18,600,000 | 19,200,000 | 20,500,000 |
Operating Income (Loss) | 1,500,000 | 19,600,000 | 13,500,000 |
Depreciation and Amortization | 20,800,000 | 21,000,000 | 24,100,000 |
Capital Expenditures | 27,000,000 | 12,600,000 | 18,000,000 |
Restructuring, impairment and transaction-related charges | 22,200,000 | 3,300,000 | (1,100,000) |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Products | 3,392,300,000 | 3,529,000,000 | 3,717,100,000 |
Services | 801,400,000 | 602,400,000 | 612,400,000 |
Operating Income (Loss) | 155,500,000 | 213,900,000 | 199,600,000 |
Depreciation and Amortization | 229,800,000 | 231,800,000 | 276,500,000 |
Capital Expenditures | 96,300,000 | 85,900,000 | 106,100,000 |
Restructuring, impairment and transaction-related charges | 60,000,000 | 56,900,000 | 58,200,000 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Products | 0 | 0 | 0 |
Services | 0 | 0 | 0 |
Operating Income (Loss) | (97,500,000) | (58,600,000) | (82,300,000) |
Depreciation and Amortization | 900,000 | 700,000 | 600,000 |
Capital Expenditures | 0 | 0 | 0 |
Restructuring, impairment and transaction-related charges | $ 43,600,000 | $ 3,500,000 | $ 15,400,000 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Operating Profit from Segment to Consolidated) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Operating income | $ 58 | $ 155.3 | $ 117.3 |
Less: interest expense | 73.3 | 71.1 | 77.2 |
Less: loss (gain) on debt extinguishment | 0 | 2.6 | (14.1) |
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | $ (2.9) | $ 91.2 | $ 59.3 |
Segment Information (Assets by
Segment Information (Assets by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net pension income | $ (12.4) | $ (9.6) | $ (5.1) |
Assets | 2,469.1 | 2,452.4 | 2,570.1 |
United States Print and Related Services | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,057.8 | 2,060.9 | 2,241.3 |
International | |||
Segment Reporting Information [Line Items] | |||
Assets | 341.5 | 329.5 | 312.7 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,399.3 | 2,390.4 | 2,554 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 69.8 | $ 62 | $ 16.1 |
Geographic Area Information (Ne
Geographic Area Information (Net Sales and Long-Lived Assets by Geographic Region) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Net sales | ||||
Products | $ 3,392.3 | $ 3,529 | $ 3,717.1 | |
Services | 801.4 | 602.4 | 612.4 | |
Property, plant and equipment—net | 1,257.4 | 1,377.6 | 1,519.9 | |
Other intangible assets—net | 112.6 | 43.4 | 59.7 | |
Other long-term assets | 93.9 | 119.3 | 84.3 | $ 121.3 |
United States | ||||
Net sales | ||||
Products | 2,987.8 | 3,121.2 | 3,299.1 | |
Services | 782.8 | 583.2 | 591.9 | |
Property, plant and equipment—net | 1,099.7 | 1,215.1 | 1,362.8 | |
Other intangible assets—net | 104.2 | 32.3 | 47.6 | |
Other long-term assets | 71.1 | 92 | 71.6 | |
Europe | ||||
Net sales | ||||
Products | 162.2 | 167.6 | 169.8 | |
Services | 18.6 | 19.2 | 20.5 | |
Property, plant and equipment—net | 83.4 | 85.5 | 79.7 | |
Other intangible assets—net | 8.2 | 11.1 | 12.1 | |
Other long-term assets | 11.8 | 16.2 | 0.3 | |
Latin America | ||||
Net sales | ||||
Products | 234.3 | 209.3 | 217.4 | |
Services | 0 | 0 | 0 | |
Property, plant and equipment—net | 66.6 | 68.3 | 67.7 | |
Other intangible assets—net | 0.2 | 0 | 0 | |
Other long-term assets | 10.7 | 10.7 | 12.2 | |
Other | ||||
Net sales | ||||
Products | 8 | 30.9 | 30.8 | |
Services | 0 | 0 | 0 | |
Property, plant and equipment—net | 7.7 | 8.7 | 9.7 | |
Other intangible assets—net | 0 | 0 | 0 | |
Other long-term assets | $ 0.3 | $ 0.4 | $ 0.2 |
Separate Financial Informatio_3
Separate Financial Information of Subsidiary Guarantors of Indebtedness Narrative (Details) | Dec. 31, 2018 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Ownership percentage | 100.00% |
Separate Financial Informatio_4
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||||||
Net sales | $ 4,193,700,000 | $ 4,131,400,000 | $ 4,329,500,000 | |||
Cost of sales | 3,429,300,000 | 3,259,400,000 | 3,394,800,000 | |||
Selling, general and administrative expenses | 372,100,000 | 423,800,000 | 466,700,000 | |||
Depreciation and amortization | 230,700,000 | 232,500,000 | 277,100,000 | |||
Restructuring, impairment and transaction-related charges | 103,600,000 | 60,400,000 | 73,600,000 | |||
Goodwill impairment | 0 | 0 | 0 | |||
Total operating expenses | 4,135,700,000 | 3,976,100,000 | 4,212,200,000 | |||
Operating income | 58,000,000 | 155,300,000 | 117,300,000 | |||
Interest expense (income) | 73,300,000 | 71,100,000 | 77,200,000 | |||
Net pension income | (12,400,000) | (9,600,000) | (5,100,000) | |||
Loss (gain) on debt extinguishment | 0 | 2,600,000 | (14,100,000) | |||
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | (2,900,000) | 91,200,000 | 59,300,000 | |||
Income tax expense (benefit) | (9,800,000) | (16,000,000) | 13,000,000 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 6,900,000 | 107,200,000 | 46,300,000 | |||
Equity in (earnings) loss of consolidated entities | 0 | 0 | 0 | |||
Equity in (earnings) loss of unconsolidated entity | (1,000,000) | 0 | 1,400,000 | |||
Net earnings (loss) | 7,900,000 | 107,200,000 | 44,900,000 | |||
Less: net earnings (loss) attributable to noncontrolling interests | (600,000) | 0 | 0 | |||
Net earnings (loss) attributable to Quad common shareholders | 8,500,000 | 107,200,000 | 44,900,000 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Other comprehensive income (loss), net of tax | (24,900,000) | 28,200,000 | (100,000) | |||
Total comprehensive income (loss) | (17,000,000) | 135,400,000 | 44,800,000 | |||
Less: comprehensive income (loss) attributable to noncontrolling interests | (600,000) | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad common shareholders | (16,400,000) | 135,400,000 | 44,800,000 | |||
ASSETS | ||||||
Cash and cash equivalents | 64,400,000 | 19,200,000 | 24,300,000 | $ 69,500,000 | $ 64,400,000 | $ 19,200,000 |
Receivables, less allowances for doubtful accounts | 528,700,000 | 552,500,000 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 300,600,000 | 246,500,000 | ||||
Other current assets | 47,800,000 | 45,100,000 | ||||
Total current assets | 946,600,000 | 908,500,000 | ||||
Property, plant and equipment—net | 1,257,400,000 | 1,377,600,000 | 1,519,900,000 | |||
Investment in consolidated entities | 0 | 0 | ||||
Intangible Assets, Net (Including Goodwill) | 167,200,000 | 43,400,000 | ||||
Intercompany loan receivable | 0 | 0 | ||||
Other long-term assets | 97,900,000 | 122,900,000 | ||||
Total assets | 2,469,100,000 | 2,452,400,000 | 2,570,100,000 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Accounts payable | 511,000,000 | 381,600,000 | ||||
Intercompany accounts payable | 0 | 0 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 48,000,000 | 47,600,000 | ||||
Other current liabilities | 292,300,000 | 316,700,000 | ||||
Total current liabilities | 851,300,000 | 745,900,000 | ||||
Long-term debt and capital lease obligations | 892,900,000 | 917,200,000 | ||||
Intercompany loan payable | 0 | 0 | ||||
Other long-term liabilities | 264,700,000 | 266,900,000 | ||||
Total liabilities | 2,008,900,000 | 1,930,000,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 460,200,000 | 522,400,000 | ||||
Total liabilities and shareholders’ equity | 2,469,100,000 | 2,452,400,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 260,600,000 | 344,000,000 | 353,600,000 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (96,300,000) | (85,900,000) | (106,100,000) | |||
Acquisition related investing activities—net of cash acquired | 71,400,000 | 0 | 0 | |||
Divestiture related investing activities | 0 | 14,100,000 | 0 | |||
Intercompany investing activities | 0 | 0 | 0 | |||
Other investing activities | 47,200,000 | 24,600,000 | 17,300,000 | |||
Net cash used in investing activities | (120,500,000) | (47,200,000) | (88,800,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 7,800,000 | 375,000,000 | 19,700,000 | |||
Payments of long-term debt and capital lease obligations | (39,500,000) | (530,500,000) | (201,500,000) | |||
Borrowings on revolving credit facilities | 2,563,700,000 | 718,500,000 | 871,900,000 | |||
Payments on revolving credit facilities | (2,561,100,000) | (736,000,000) | (918,000,000) | |||
Purchases of treasury stock | (36,700,000) | (3,800,000) | (8,800,000) | |||
Payment of cash dividends | (62,900,000) | (62,500,000) | (61,100,000) | |||
Intercompany financing activities | 0 | 0 | 0 | |||
Other financing activities | (4,800,000) | (12,400,000) | 28,500,000 | |||
Net cash used in financing activities | (133,500,000) | (251,700,000) | (269,300,000) | |||
Effect of exchange rates on cash and cash equivalents | (1,500,000) | 100,000 | (600,000) | |||
Net increase (decrease) in cash and cash equivalents | 5,100,000 | 45,200,000 | (5,100,000) | |||
Cash and cash equivalents at beginning of year | 64,400,000 | 19,200,000 | 24,300,000 | |||
Cash and cash equivalents at end of year | 69,500,000 | 64,400,000 | 19,200,000 | |||
Intersegment Eliminations | ||||||
Income Statement [Abstract] | ||||||
Net sales | (476,500,000) | (395,000,000) | (417,700,000) | |||
Cost of sales | (466,300,000) | (387,800,000) | (417,700,000) | |||
Selling, general and administrative expenses | (10,200,000) | (7,200,000) | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Restructuring, impairment and transaction-related charges | 0 | 0 | 0 | |||
Goodwill impairment | 0 | |||||
Total operating expenses | (476,500,000) | (395,000,000) | (417,700,000) | |||
Operating income | 0 | 0 | 0 | |||
Interest expense (income) | 0 | 0 | 0 | |||
Net pension income | 0 | 0 | 0 | |||
Loss (gain) on debt extinguishment | 0 | 0 | 0 | |||
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | 0 | 0 | 0 | |||
Income tax expense (benefit) | 0 | 0 | 0 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 0 | 0 | 0 | |||
Equity in (earnings) loss of consolidated entities | 63,400,000 | 99,000,000 | 106,900,000 | |||
Equity in (earnings) loss of unconsolidated entity | 0 | 0 | 0 | |||
Net earnings (loss) | (63,400,000) | (99,000,000) | (106,900,000) | |||
Less: net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net earnings (loss) attributable to Quad common shareholders | (63,400,000) | (99,000,000) | (106,900,000) | |||
Statement of Comprehensive Income [Abstract] | ||||||
Other comprehensive income (loss), net of tax | 30,500,000 | (25,000,000) | 3,000,000 | |||
Total comprehensive income (loss) | (32,900,000) | (124,000,000) | (103,900,000) | |||
Less: comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad common shareholders | (32,900,000) | (124,000,000) | (103,900,000) | |||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Receivables, less allowances for doubtful accounts | 0 | 0 | ||||
Intercompany receivables | (182,700,000) | (85,300,000) | ||||
Inventories | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Total current assets | (182,700,000) | (85,300,000) | ||||
Property, plant and equipment—net | 0 | 0 | ||||
Investment in consolidated entities | (773,700,000) | (590,400,000) | ||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | ||||
Intercompany loan receivable | (109,700,000) | (108,000,000) | ||||
Other long-term assets | 0 | 0 | ||||
Total assets | (1,066,100,000) | (783,700,000) | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Accounts payable | 0 | 0 | ||||
Intercompany accounts payable | (182,700,000) | (85,300,000) | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | (182,700,000) | (85,300,000) | ||||
Long-term debt and capital lease obligations | 0 | 0 | ||||
Intercompany loan payable | (109,700,000) | (108,000,000) | ||||
Other long-term liabilities | 0 | 0 | ||||
Total liabilities | (292,400,000) | (193,300,000) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (773,700,000) | (590,400,000) | ||||
Total liabilities and shareholders’ equity | (1,066,100,000) | (783,700,000) | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 0 | 0 | 0 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | |||
Acquisition related investing activities—net of cash acquired | 0 | 0 | 0 | |||
Divestiture related investing activities | 0 | |||||
Intercompany investing activities | 232,800,000 | (614,300,000) | (309,500,000) | |||
Other investing activities | 0 | 0 | 0 | |||
Net cash used in investing activities | 232,800,000 | (614,300,000) | (309,500,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |||
Payments of long-term debt and capital lease obligations | 0 | 0 | 0 | |||
Borrowings on revolving credit facilities | 0 | 0 | 0 | |||
Payments on revolving credit facilities | 0 | 0 | 0 | |||
Purchases of treasury stock | 0 | 0 | 0 | |||
Payment of cash dividends | 0 | 0 | 0 | |||
Intercompany financing activities | (232,800,000) | 614,300,000 | 309,500,000 | |||
Other financing activities | 0 | 0 | 0 | |||
Net cash used in financing activities | (232,800,000) | 614,300,000 | 309,500,000 | |||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | |||
Cash and cash equivalents at end of year | 0 | 0 | 0 | |||
Parent Company | ||||||
Income Statement [Abstract] | ||||||
Net sales | 1,748,700,000 | 1,759,700,000 | 1,863,600,000 | |||
Cost of sales | 1,378,200,000 | 1,292,200,000 | 1,381,100,000 | |||
Selling, general and administrative expenses | 232,300,000 | 264,700,000 | 257,800,000 | |||
Depreciation and amortization | 99,500,000 | 107,000,000 | 146,800,000 | |||
Restructuring, impairment and transaction-related charges | 9,100,000 | 44,300,000 | 56,800,000 | |||
Goodwill impairment | 0 | |||||
Total operating expenses | 1,719,100,000 | 1,708,200,000 | 1,842,500,000 | |||
Operating income | 29,600,000 | 51,500,000 | 21,100,000 | |||
Interest expense (income) | 64,900,000 | 70,400,000 | 76,000,000 | |||
Net pension income | 0 | 0 | 0 | |||
Loss (gain) on debt extinguishment | 0 | 2,600,000 | (14,100,000) | |||
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | (35,300,000) | (21,500,000) | (40,800,000) | |||
Income tax expense (benefit) | 13,900,000 | (32,600,000) | 15,200,000 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | (49,200,000) | 11,100,000 | (56,000,000) | |||
Equity in (earnings) loss of consolidated entities | (57,700,000) | (96,100,000) | (100,900,000) | |||
Equity in (earnings) loss of unconsolidated entity | 0 | 0 | 0 | |||
Net earnings (loss) | 8,500,000 | 107,200,000 | 44,900,000 | |||
Less: net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net earnings (loss) attributable to Quad common shareholders | 8,500,000 | 107,200,000 | 44,900,000 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Other comprehensive income (loss), net of tax | (24,900,000) | 28,200,000 | (100,000) | |||
Total comprehensive income (loss) | (16,400,000) | 135,400,000 | 44,800,000 | |||
Less: comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad common shareholders | (16,400,000) | 135,400,000 | 44,800,000 | |||
ASSETS | ||||||
Cash and cash equivalents | 51,700,000 | 300,000 | 2,300,000 | 60,300,000 | 51,700,000 | 300,000 |
Receivables, less allowances for doubtful accounts | 378,000,000 | 427,900,000 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 108,600,000 | 97,000,000 | ||||
Other current assets | 34,300,000 | 35,200,000 | ||||
Total current assets | 581,200,000 | 611,800,000 | ||||
Property, plant and equipment—net | 647,700,000 | 706,500,000 | ||||
Investment in consolidated entities | 757,000,000 | 578,300,000 | ||||
Intangible Assets, Net (Including Goodwill) | 1,700,000 | 6,900,000 | ||||
Intercompany loan receivable | 109,700,000 | 106,300,000 | ||||
Other long-term assets | 42,500,000 | 60,500,000 | ||||
Total assets | 2,139,800,000 | 2,070,300,000 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Accounts payable | 265,500,000 | 201,600,000 | ||||
Intercompany accounts payable | 182,700,000 | 75,100,000 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 29,700,000 | 31,900,000 | ||||
Other current liabilities | 182,600,000 | 213,900,000 | ||||
Total current liabilities | 660,500,000 | 522,500,000 | ||||
Long-term debt and capital lease obligations | 878,800,000 | 904,300,000 | ||||
Intercompany loan payable | 0 | 0 | ||||
Other long-term liabilities | 140,300,000 | 121,100,000 | ||||
Total liabilities | 1,679,600,000 | 1,547,900,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 460,200,000 | 522,400,000 | ||||
Total liabilities and shareholders’ equity | 2,139,800,000 | 2,070,300,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 145,100,000 | 974,500,000 | 676,200,000 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (23,700,000) | (27,500,000) | (35,900,000) | |||
Acquisition related investing activities—net of cash acquired | 0 | 0 | 900,000 | |||
Divestiture related investing activities | 8,400,000 | |||||
Intercompany investing activities | (151,000,000) | (18,100,000) | (62,400,000) | |||
Other investing activities | 29,400,000 | 900,000 | (4,500,000) | |||
Net cash used in investing activities | (145,300,000) | (36,300,000) | (103,700,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 0 | 375,000,000 | 0 | |||
Payments of long-term debt and capital lease obligations | (31,700,000) | (523,300,000) | (195,700,000) | |||
Borrowings on revolving credit facilities | 2,536,300,000 | 706,700,000 | 806,100,000 | |||
Payments on revolving credit facilities | (2,536,300,000) | (725,700,000) | (857,900,000) | |||
Purchases of treasury stock | (36,700,000) | (3,800,000) | (8,800,000) | |||
Payment of cash dividends | (62,900,000) | (62,500,000) | (61,100,000) | |||
Intercompany financing activities | 144,900,000 | (645,100,000) | (285,900,000) | |||
Other financing activities | (4,800,000) | (8,100,000) | 28,800,000 | |||
Net cash used in financing activities | 8,800,000 | (886,800,000) | (574,500,000) | |||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 8,600,000 | 51,400,000 | (2,000,000) | |||
Cash and cash equivalents at beginning of year | 51,700,000 | 300,000 | 2,300,000 | |||
Cash and cash equivalents at end of year | 60,300,000 | 51,700,000 | 300,000 | |||
Guarantor Subsidiaries | ||||||
Income Statement [Abstract] | ||||||
Net sales | 2,457,600,000 | 2,342,500,000 | 2,429,000,000 | |||
Cost of sales | 2,156,200,000 | 2,018,900,000 | 2,067,300,000 | |||
Selling, general and administrative expenses | 101,900,000 | 127,000,000 | 164,600,000 | |||
Depreciation and amortization | 104,700,000 | 103,400,000 | 100,100,000 | |||
Restructuring, impairment and transaction-related charges | 72,300,000 | 13,000,000 | 18,200,000 | |||
Goodwill impairment | 0 | |||||
Total operating expenses | 2,435,100,000 | 2,262,300,000 | 2,350,200,000 | |||
Operating income | 22,500,000 | 80,200,000 | 78,800,000 | |||
Interest expense (income) | 3,100,000 | (3,100,000) | (4,100,000) | |||
Net pension income | (12,400,000) | (9,600,000) | (5,100,000) | |||
Loss (gain) on debt extinguishment | 0 | 0 | 0 | |||
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | 31,800,000 | 92,900,000 | 88,000,000 | |||
Income tax expense (benefit) | (18,700,000) | 30,700,000 | (4,800,000) | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 50,500,000 | 62,200,000 | 92,800,000 | |||
Equity in (earnings) loss of consolidated entities | (5,700,000) | (2,900,000) | (6,000,000) | |||
Equity in (earnings) loss of unconsolidated entity | 0 | 0 | 0 | |||
Net earnings (loss) | 56,200,000 | 65,100,000 | 98,800,000 | |||
Less: net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net earnings (loss) attributable to Quad common shareholders | 56,200,000 | 65,100,000 | 98,800,000 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Other comprehensive income (loss), net of tax | (17,800,000) | 13,000,000 | 1,700,000 | |||
Total comprehensive income (loss) | 38,400,000 | 78,100,000 | 100,500,000 | |||
Less: comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad common shareholders | 38,400,000 | 78,100,000 | 100,500,000 | |||
ASSETS | ||||||
Cash and cash equivalents | 2,000,000 | 10,200,000 | 14,300,000 | 2,900,000 | 2,000,000 | 10,200,000 |
Receivables, less allowances for doubtful accounts | 63,300,000 | 40,600,000 | ||||
Intercompany receivables | 153,900,000 | 85,300,000 | ||||
Inventories | 121,000,000 | 108,600,000 | ||||
Other current assets | 4,300,000 | 2,600,000 | ||||
Total current assets | 345,400,000 | 239,100,000 | ||||
Property, plant and equipment—net | 451,600,000 | 508,600,000 | ||||
Investment in consolidated entities | 16,700,000 | 12,100,000 | ||||
Intangible Assets, Net (Including Goodwill) | 111,300,000 | 25,500,000 | ||||
Intercompany loan receivable | 0 | 0 | ||||
Other long-term assets | 10,400,000 | 13,500,000 | ||||
Total assets | 935,400,000 | 798,800,000 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Accounts payable | 137,800,000 | 115,900,000 | ||||
Intercompany accounts payable | 0 | 0 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 700,000 | 1,000,000 | ||||
Other current liabilities | 64,700,000 | 74,900,000 | ||||
Total current liabilities | 203,200,000 | 191,800,000 | ||||
Long-term debt and capital lease obligations | 1,000,000 | 1,400,000 | ||||
Intercompany loan payable | 42,000,000 | 40,900,000 | ||||
Other long-term liabilities | 115,400,000 | 133,400,000 | ||||
Total liabilities | 361,600,000 | 367,500,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 573,800,000 | 431,300,000 | ||||
Total liabilities and shareholders’ equity | 935,400,000 | 798,800,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 65,600,000 | (647,300,000) | (340,800,000) | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (45,300,000) | (43,900,000) | (46,800,000) | |||
Acquisition related investing activities—net of cash acquired | 76,400,000 | 0 | (900,000) | |||
Divestiture related investing activities | 5,700,000 | |||||
Intercompany investing activities | (81,200,000) | 632,700,000 | 368,100,000 | |||
Other investing activities | 13,300,000 | 21,600,000 | 18,100,000 | |||
Net cash used in investing activities | (189,600,000) | 616,100,000 | 340,300,000 | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |||
Payments of long-term debt and capital lease obligations | (2,100,000) | (2,900,000) | (3,500,000) | |||
Borrowings on revolving credit facilities | 0 | 0 | 0 | |||
Payments on revolving credit facilities | 0 | 0 | 0 | |||
Purchases of treasury stock | 0 | 0 | 0 | |||
Payment of cash dividends | 0 | 0 | 0 | |||
Intercompany financing activities | 127,000,000 | 30,200,000 | 200,000 | |||
Other financing activities | 0 | (4,300,000) | (300,000) | |||
Net cash used in financing activities | 124,900,000 | 23,000,000 | (3,600,000) | |||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 900,000 | (8,200,000) | (4,100,000) | |||
Cash and cash equivalents at beginning of year | 2,000,000 | 10,200,000 | 14,300,000 | |||
Cash and cash equivalents at end of year | 2,900,000 | 2,000,000 | 10,200,000 | |||
Non-Guarantor Subsidiaries | ||||||
Income Statement [Abstract] | ||||||
Net sales | 463,900,000 | 424,200,000 | 454,600,000 | |||
Cost of sales | 361,200,000 | 336,100,000 | 364,100,000 | |||
Selling, general and administrative expenses | 48,100,000 | 39,300,000 | 44,300,000 | |||
Depreciation and amortization | 26,500,000 | 22,100,000 | 30,200,000 | |||
Restructuring, impairment and transaction-related charges | 22,200,000 | 3,100,000 | (1,400,000) | |||
Goodwill impairment | 0 | |||||
Total operating expenses | 458,000,000 | 400,600,000 | 437,200,000 | |||
Operating income | 5,900,000 | 23,600,000 | 17,400,000 | |||
Interest expense (income) | 5,300,000 | 3,800,000 | 5,300,000 | |||
Net pension income | 0 | 0 | 0 | |||
Loss (gain) on debt extinguishment | 0 | 0 | 0 | |||
Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity | 600,000 | 19,800,000 | 12,100,000 | |||
Income tax expense (benefit) | (5,000,000) | (14,100,000) | 2,600,000 | |||
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities | 5,600,000 | 33,900,000 | 9,500,000 | |||
Equity in (earnings) loss of consolidated entities | 0 | 0 | 0 | |||
Equity in (earnings) loss of unconsolidated entity | (1,000,000) | 0 | 1,400,000 | |||
Net earnings (loss) | 6,600,000 | 33,900,000 | 8,100,000 | |||
Less: net earnings (loss) attributable to noncontrolling interests | (600,000) | 0 | 0 | |||
Net earnings (loss) attributable to Quad common shareholders | 7,200,000 | 33,900,000 | 8,100,000 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Other comprehensive income (loss), net of tax | (12,700,000) | 12,000,000 | (4,700,000) | |||
Total comprehensive income (loss) | (6,100,000) | 45,900,000 | 3,400,000 | |||
Less: comprehensive income (loss) attributable to noncontrolling interests | (600,000) | 0 | 0 | |||
Comprehensive income (loss) attributable to Quad common shareholders | (5,500,000) | 45,900,000 | 3,400,000 | |||
ASSETS | ||||||
Cash and cash equivalents | 10,700,000 | 8,700,000 | 7,700,000 | 6,300,000 | 10,700,000 | $ 8,700,000 |
Receivables, less allowances for doubtful accounts | 87,400,000 | 84,000,000 | ||||
Intercompany receivables | 28,800,000 | 0 | ||||
Inventories | 71,000,000 | 40,900,000 | ||||
Other current assets | 9,200,000 | 7,300,000 | ||||
Total current assets | 202,700,000 | 142,900,000 | ||||
Property, plant and equipment—net | 158,100,000 | 162,500,000 | ||||
Investment in consolidated entities | 0 | 0 | ||||
Intangible Assets, Net (Including Goodwill) | 54,200,000 | 11,000,000 | ||||
Intercompany loan receivable | 0 | 1,700,000 | ||||
Other long-term assets | 45,000,000 | 48,900,000 | ||||
Total assets | 460,000,000 | 367,000,000 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Accounts payable | 107,700,000 | 64,100,000 | ||||
Intercompany accounts payable | 0 | 10,200,000 | ||||
Short-term debt and current portion of long-term debt and capital lease obligations | 17,600,000 | 14,700,000 | ||||
Other current liabilities | 45,000,000 | 27,900,000 | ||||
Total current liabilities | 170,300,000 | 116,900,000 | ||||
Long-term debt and capital lease obligations | 13,100,000 | 11,500,000 | ||||
Intercompany loan payable | 67,700,000 | 67,100,000 | ||||
Other long-term liabilities | 9,000,000 | 12,400,000 | ||||
Total liabilities | 260,100,000 | 207,900,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 199,900,000 | 159,100,000 | ||||
Total liabilities and shareholders’ equity | $ 460,000,000 | $ 367,000,000 | ||||
OPERATING ACTIVITIES | ||||||
Net cash from (used in) operating activities | 49,900,000 | 16,800,000 | 18,200,000 | |||
INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (27,300,000) | (14,500,000) | (23,400,000) | |||
Acquisition related investing activities—net of cash acquired | (5,000,000) | 0 | 0 | |||
Divestiture related investing activities | 0 | |||||
Intercompany investing activities | (600,000) | (300,000) | 3,800,000 | |||
Other investing activities | 4,500,000 | 2,100,000 | 3,700,000 | |||
Net cash used in investing activities | (18,400,000) | (12,700,000) | (15,900,000) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of long-term debt | 7,800,000 | 0 | 19,700,000 | |||
Payments of long-term debt and capital lease obligations | (5,700,000) | (4,300,000) | (2,300,000) | |||
Borrowings on revolving credit facilities | 27,400,000 | 11,800,000 | 65,800,000 | |||
Payments on revolving credit facilities | (24,800,000) | (10,300,000) | (60,100,000) | |||
Purchases of treasury stock | 0 | 0 | 0 | |||
Payment of cash dividends | 0 | 0 | 0 | |||
Intercompany financing activities | (39,100,000) | 600,000 | (23,800,000) | |||
Other financing activities | 0 | 0 | 0 | |||
Net cash used in financing activities | (34,400,000) | (2,200,000) | (700,000) | |||
Effect of exchange rates on cash and cash equivalents | (1,500,000) | 100,000 | (600,000) | |||
Net increase (decrease) in cash and cash equivalents | (4,400,000) | 2,000,000 | 1,000,000 | |||
Cash and cash equivalents at beginning of year | 10,700,000 | 8,700,000 | 7,700,000 | |||
Cash and cash equivalents at end of year | $ 6,300,000 | $ 10,700,000 | $ 8,700,000 |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification from accumulated other comprehensive loss | $ 0 | $ (2.6) | $ (4.3) | ||
Expected reclassification of pension expense (income) | 12.4 | 9.6 | 5.1 | ||
Accumulated deficit | $ (159.7) | (211.4) | (162.9) | ||
Prepaid expenses and other current assets | 47.4 | 47.8 | 45.1 | ||
Other long-term assets | 121.3 | 93.9 | 119.3 | $ 84.3 | |
Deferred income taxes | 43 | 32.1 | $ 41.9 | ||
Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification from accumulated other comprehensive loss | $ 2.9 | $ 2.9 | |||
Minimum | Pro Forma | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Lease liability | $ 130 | ||||
Right of use asset | 130 | ||||
Maximum | Pro Forma | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Lease liability | 140 | ||||
Right of use asset | $ 140 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 19, 2019$ / shares | Jan. 31, 2019USD ($) | Jan. 03, 2019USD ($) | Oct. 30, 2018USD ($) | Feb. 10, 2017USD ($) | Dec. 31, 2017$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Apr. 28, 2014USD ($) |
Subsequent Event [Line Items] | |||||||||||||||||||||
Covenant compliance, leverage ratio | 2.19 | ||||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 | ||||||
Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.30 | ||||||||||||||||||||
Periscope Acquisition | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Cash paid for acquisitions | $ 121,100,000 | ||||||||||||||||||||
LSC Communications | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Cash paid in business acquisition | $ 1,300,000,000 | ||||||||||||||||||||
Term Loan A | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Debt instrument, face amount | $ 375,000,000 | $ 375,000,000 | $ 450,000,000 | ||||||||||||||||||
Debt instrument, term | 4 years | ||||||||||||||||||||
Term Loan A | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Debt instrument, face amount | $ 825,000,000 | ||||||||||||||||||||
Term Loan B | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | |||||||||||||||||||
Debt instrument, term | 7 years | ||||||||||||||||||||
Term Loan B | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Debt instrument, face amount | $ 500,000,000 | ||||||||||||||||||||
Debt instrument, term | 7 years | ||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Senior secured credit facility | $ 725,000,000 | $ 850,000,000 | |||||||||||||||||||
Debt instrument, face amount | $ 725,000,000 | ||||||||||||||||||||
Debt instrument, term | 4 years | ||||||||||||||||||||
Revolving Credit Facility | Third Amendment To Senior Secured Credit Facility | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Senior secured credit facility | $ 800,000,000 | ||||||||||||||||||||
Covenant compliance, interest coverage | 3 | ||||||||||||||||||||
Covenant terms, unused commitment minimum | $ 300,000,000 | ||||||||||||||||||||
Covenant compliance, leverage ratio | 2.75 | ||||||||||||||||||||
Covenant terms, annual dividend payment maximum | $ 120,000,000 | ||||||||||||||||||||
Debt Instrument, Redemption, Period One | Term Loan A | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Debt instrument, face amount | 32,400,000 | ||||||||||||||||||||
Debt Instrument, Redemption, Period One | Revolving Credit Facility | Third Amendment To Senior Secured Credit Facility | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Senior secured credit facility | 82,800,000 | ||||||||||||||||||||
Debt Instrument, Redemption, Period Two | Term Loan A | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Debt instrument, face amount | 792,600,000 | ||||||||||||||||||||
Debt Instrument, Redemption, Period Two | Revolving Credit Facility | Third Amendment To Senior Secured Credit Facility | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Senior secured credit facility | $ 717,200,000 | ||||||||||||||||||||
London Interbank Offered Rate (LIBOR) | Term Loan B | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 5.00% | ||||||||||||||||||||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility And Term Loan A | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 2.50% | ||||||||||||||||||||
Base Rate | Term Loan B | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 4.00% | ||||||||||||||||||||
Base Rate | Revolving Credit Facility And Term Loan A | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 1.50% |
Uncategorized Items - quad-2018
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 861,100,000 |
Treasury Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (52,800,000) |
Shares, Outstanding | us-gaap_SharesOutstanding | (2,300,000) |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (127,300,000) |
Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (156,800,000) |
Common Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 1,400,000 |
Shares, Outstanding | us-gaap_SharesOutstanding | 54,300,000 |
Noncontrolling Interest [Member] | ||
Stockholders' Equity Attributable to Noncontrolling Interest | us-gaap_MinorityInterest | $ 0 |
Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 525,600,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 3,200,000 |
Accounting Standards Update 2014-09 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 3,200,000 |
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,900,000) |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,900,000 |