Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Entity Central Index Key | 0001481792 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-34806 | ||
Entity Registrant Name | QUAD/GRAPHICS, INC. | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-1152983 | ||
Entity Address, Address Line One | N61 W23044 Harry’s Way | ||
Entity Address, City or Town | Sussex | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53089-3995 | ||
City Area Code | 414 | ||
Local Phone Number | 566-6000 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.025 per share | ||
Trading Symbol | QUAD | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 114,477,050 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the registrant’s 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K. | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 41,663,026 | ||
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, 2020 | Dec. 31, 2019 | |
Net sales | ||
Net sales | $ 2,929.6 | $ 3,923.4 |
Cost of sales | ||
Cost of sales | 2,334.8 | 3,192.2 |
Operating expenses | ||
Selling, general and administrative expenses | 335.1 | 397.6 |
Depreciation and amortization | 181.6 | 209.5 |
Restructuring, impairment and transaction-related charges | 124.1 | 89.4 |
Total operating expenses | 2,975.6 | 3,888.7 |
Operating income (loss) from continuing operations | (46) | 34.7 |
Interest expense | 68.8 | 90 |
Net pension income | (10.5) | (6) |
Loss on debt extinguishment | 1.8 | 30.5 |
Loss from continuing operations before income taxes and equity in loss of unconsolidated entity | (106.1) | (79.8) |
Income tax expense (benefit) | 0.3 | (24.4) |
Loss from continuing operations before equity in loss of unconsolidated entity | (106.4) | (55.4) |
Equity in loss of unconsolidated entity | 0.2 | 0.3 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (106.6) | (55.7) |
Loss from discontinued operations, net of tax | (21.9) | (100.6) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | (128.5) | (156.3) |
Less: net loss attributable to noncontrolling interests | (0.2) | 0 |
Net loss attributable to Quad common shareholders | $ (128.3) | $ (156.3) |
Loss per share attributable to Quad common shareholders | ||
Basic (in dollars per share) | $ (2.53) | $ (3.12) |
Basic, continuing operations (in dollars per share) | (2.10) | (1.11) |
Basic, discontinued operations (in dollars per share) | $ (0.43) | $ (2.01) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 50.6 | 50 |
Diluted (in shares) | 50.6 | 50 |
Product | ||
Net sales | ||
Net sales | $ 2,228.7 | $ 3,098.3 |
Cost of sales | ||
Cost of sales | 1,831.5 | 2,615.6 |
Service | ||
Net sales | ||
Net sales | 700.9 | 825.1 |
Cost of sales | ||
Cost of sales | $ 503.3 | $ 576.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (128.5) | $ (156.3) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||
Foreign currency translation adjustments | 0.9 | (1.3) |
Translation of long-term loans to foreign subsidiaries | (0.7) | 0.3 |
Total translation adjustments | 0.2 | (1) |
Interest rate swap adjustments | (7.5) | (10.7) |
Pension benefit plan adjustments | ||
Net gain (loss) arising during period | 3.2 | (8.1) |
Settlement charge on pension benefit plans included in net loss | 0.1 | 0 |
Total pension benefit plan adjustments | 3.3 | (8.1) |
Other comprehensive loss, before tax | (4) | (19.8) |
Income tax impact related to items of other comprehensive loss | (0.1) | 4.8 |
Other comprehensive loss, net of tax | (4.1) | (15) |
Total comprehensive loss | (132.6) | (171.3) |
Less: comprehensive loss attributable to noncontrolling interests | (0.2) | 0 |
Comprehensive loss attributable to Quad common shareholders | $ (132.4) | $ (171.3) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 55.2 | $ 78.7 |
Receivables, less allowances for credit losses of $33.8 million at December 31, 2020, and $25.0 million at December 31, 2019 | 399.1 | 456.1 |
Inventories | 170.2 | 210.5 |
Prepaid expenses and other current assets | 54.7 | 109 |
Current assets of discontinued operations | 0 | 56.6 |
Total current assets | 679.2 | 910.9 |
Property, plant and equipment—net | 884.2 | 1,036.5 |
Operating lease right-of-use assets—net | 81 | 97.9 |
Goodwill | 103 | 103 |
Other intangible assets—net | 104.3 | 137.2 |
Equity method investment in unconsolidated entity | 2.6 | 3.6 |
Other long-term assets | 73.4 | 127.5 |
Long-term assets of discontinued operations | 0 | 0.5 |
Total assets | 1,927.7 | 2,417.1 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 320 | 416.7 |
Other current liabilities | 310.8 | 303 |
Short-term debt and current portion of long-term debt | 20.7 | 40 |
Finance Lease, Liability, Current | 2.8 | 7.7 |
Operating Lease, Liability, Current | 28.4 | 30.2 |
Current liabilities of discontinued operations | 0 | 15.8 |
Total current liabilities | 682.7 | 813.4 |
Long-term debt | 902.7 | 1,058.5 |
Finance lease obligations | 6 | |
Long-term lease liability | 54.5 | 70.4 |
Long-term lease liability | 2 | |
Deferred income taxes | 4.2 | 2.8 |
Other long-term liabilities | 196.8 | 221.1 |
Long-term liabilities of discontinued operations | 0 | 0.6 |
Total liabilities | 1,842.9 | 2,172.8 |
Commitments and contingencies (Note 11) | ||
Shareholders’ equity (Note 19) | ||
Additional paid-in capital | 833.1 | 847.4 |
Treasury stock, at cost, 0.7 million shares at December 31, 2020, and 1.6 million shares at December 31, 2019 | (13.1) | (31.5) |
Accumulated deficit | (566) | (423.5) |
Accumulated other comprehensive loss | (171.3) | (167.2) |
Quad’s shareholders’ equity | 84.1 | 226.6 |
Noncontrolling interests | 0.7 | 17.7 |
Total shareholders’ equity and noncontrolling interests | 84.8 | 244.3 |
Total liabilities and shareholders’ equity | 1,927.7 | 2,417.1 |
Preferred Stock | ||
Shareholders’ equity (Note 19) | ||
Preferred stock, $0.01 par value; Authorized: 0.5 million shares; Issued: None | 0 | 0 |
Common Class A | ||
Shareholders’ equity (Note 19) | ||
Common stock, value, issued | 1 | 1 |
Common Class B | ||
Shareholders’ equity (Note 19) | ||
Common stock, value, issued | 0.4 | 0.4 |
Common Class C | ||
Shareholders’ equity (Note 19) | ||
Common stock, value, issued | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 33.8 | $ 25 | $ 27.4 |
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 500,000 | 500,000 | |
Preferred stock, shares issued | 0 | 0 | 0 |
Treasury stock, shares | 700,000 | 1,600,000 | |
Common Class A | |||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | |
Common stock, shares authorized | 105,000,000 | 105,000,000 | |
Common stock, shares issued | 40,400,000 | 40,300,000 | |
Treasury stock, shares | 200,000 | 1,100,000 | |
Common Class B | |||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | |
Common stock, shares authorized | 80,000,000 | 80,000,000 | |
Common stock, shares issued | 13,500,000 | 13,500,000 | |
Treasury stock, shares | 0 | 0 | |
Common Class C | |||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | |
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, shares issued | 500,000 | 500,000 | |
Treasury stock, shares | 500,000 | 500,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net loss | $ (128,500,000) | $ (156,300,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation And Amortization, Including Discontinued Operation | 181,600,000 | 223,100,000 |
Employee stock ownership plan contribution | 0 | 0 |
Impairment charges | 75,600,000 | 100,000,000 |
Goodwill impairment | 0 | 10,100,000 |
Amortization of debt issuance costs and original issue discount | 2,600,000 | 3,600,000 |
Loss on debt extinguishment | 1,800,000 | 30,500,000 |
Stock-based compensation | 10,600,000 | 13,600,000 |
Gain on the sale or disposal of property, plant and equipment | (1,800,000) | (6,600,000) |
Loss (gain) on the sale of businesses | 3,500,000 | (8,400,000) |
Gain from property insurance claims | (4,700,000) | (800,000) |
Deferred income taxes | 48,500,000 | (57,100,000) |
Equity in loss of unconsolidated entity | 200,000 | 300,000 |
Changes in operating assets and liabilities—net of acquisitions: | ||
Receivables | 72,800,000 | 57,100,000 |
Inventories | 45,800,000 | 61,300,000 |
Prepaid expenses and other current assets | 200,000 | (8,500,000) |
Accounts payable and other current liabilities | (90,500,000) | (87,600,000) |
Other | (27,500,000) | (18,800,000) |
Net cash provided by operating activities | 190,200,000 | 155,500,000 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (61,000,000) | (111,000,000) |
Cost investment in unconsolidated entities | (500,000) | 0 |
Proceeds from the sale of property, plant and equipment | 7,400,000 | 17,500,000 |
Proceeds from the sale of businesses | 61,300,000 | 11,100,000 |
Proceeds from property insurance claims | 4,800,000 | 300,000 |
Loan to an unconsolidated entity | 0 | (5,000,000) |
Acquisition of businesses—net of cash acquired (Note 3) | (2,200,000) | (121,000,000) |
Other investing activities | (100,000) | 0 |
Net cash provided by (used in) investing activities | 9,700,000 | (208,100,000) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of long-term debt | 1,000,000 | 1,285,100,000 |
Payments of long-term debt | (177,900,000) | (1,119,400,000) |
Payments of finance lease obligations | (7,400,000) | (8,700,000) |
Borrowings on revolving credit facilities | 350,600,000 | 3,636,100,000 |
Payments on revolving credit facilities | (351,700,000) | (3,642,100,000) |
Payments of debt issuance costs and financing fees | (2,700,000) | (20,200,000) |
Change in ownership of noncontrolling interests | (22,400,000) | 0 |
Equity awards redeemed to pay employees’ tax obligations | (1,000,000) | (6,600,000) |
Payment of cash dividends | (9,500,000) | (57,100,000) |
Other financing activities | (2,600,000) | (5,300,000) |
Net cash provided by (used in) financing activities | (223,600,000) | 61,800,000 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 200,000 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (23,500,000) | 9,200,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 78,700,000 | 69,500,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 55,200,000 | $ 78,700,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated DeficitCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance | Quad’s Shareholders’ Equity | Quad’s Shareholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Quad’s Shareholders’ EquityCumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling Interests | Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance, shares at Dec. 31, 2018 | 54.3 | (2.7) | |||||||||||||||
Beginning balance, Quad's shareholders equity at Dec. 31, 2018 | $ 1.4 | $ 861.3 | $ (56.6) | $ (211.4) | $ (152.2) | $ 442.5 | |||||||||||
Beginning balance, noncontrolling interests at Dec. 31, 2018 | $ 17.7 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net loss | $ (156.3) | (156.3) | (156.3) | ||||||||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||||||||||||
Foreign currency translation adjustments | (1) | (1) | |||||||||||||||
Pension benefit plan liability adjustments, net of tax | (6) | (6) | |||||||||||||||
Interest rate swap adjustments, net of tax | (8) | (8) | |||||||||||||||
Cash dividends declared | (55.8) | (55.8) | |||||||||||||||
Stock-based compensation | 14.7 | 14.7 | |||||||||||||||
Issuance of share-based awards, net of other activity | 3.1 | (28.6) | $ 31.7 | ||||||||||||||
Issuance of share-based awards, net of other activity, shares | 1.6 | ||||||||||||||||
Equity awards redeemed to pay employees' tax obligations, shares | (0.5) | ||||||||||||||||
Equity awards redeemed to pay employees’ tax obligations | $ (6.6) | (6.6) | |||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 54.3 | (1.6) | |||||||||||||||
Ending balance, Quad's shareholders' equity at Dec. 31, 2019 | 226.6 | $ 1.4 | $ 1.4 | 847.4 | $ 847.4 | $ (31.5) | $ (31.5) | (423.5) | $ (6.3) | $ (429.8) | (167.2) | $ (167.2) | 226.6 | $ (6.3) | $ 220.3 | ||
Ending balance, noncontrolling interests at Dec. 31, 2019 | $ 17.7 | 17.7 | $ 17.7 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||
Net loss | $ (128.3) | (128.3) | (128.3) | ||||||||||||||
Net loss attributable to noncontrolling interests | (0.2) | (0.2) | |||||||||||||||
Change in ownership of noncontrolling interests | (5.4) | (5.4) | (16.8) | ||||||||||||||
Foreign currency translation adjustments | 0.2 | 0.2 | |||||||||||||||
Pension benefit plan liability adjustments, net of tax | 3.3 | 3.3 | |||||||||||||||
Interest rate swap adjustments, net of tax | (7.6) | (7.6) | |||||||||||||||
Cash dividends declared | (7.9) | (7.9) | |||||||||||||||
Stock-based compensation | 10.7 | 10.7 | |||||||||||||||
Issuance of share-based awards, net of other activity | (19.6) | $ 19.4 | (0.2) | ||||||||||||||
Issuance of share-based awards, net of other activity, shares | 0.1 | 1 | |||||||||||||||
Equity awards redeemed to pay employees' tax obligations, shares | (0.2) | ||||||||||||||||
Equity awards redeemed to pay employees’ tax obligations | $ (1) | (1) | |||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 54.4 | (0.8) | |||||||||||||||
Ending balance, Quad's shareholders' equity at Dec. 31, 2020 | 84.1 | $ 1.4 | $ 833.1 | $ (13.1) | $ (566) | $ (171.3) | $ 84.1 | ||||||||||
Ending balance, noncontrolling interests at Dec. 31, 2020 | $ 0.7 | $ 0.7 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | Feb. 18, 2020 | Oct. 29, 2019 | Jul. 30, 2019 | Apr. 30, 2019 | Feb. 19, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Stockholders' Equity [Abstract] | |||||||
Cash dividend declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.15 | $ 1.05 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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, Quad leverages its 50-year heritage of platform excellence, innovation, strong culture and social purpose to create a better way for its clients, employees and communities. The Company’s integrated marketing platform helps brands and marketers reduce complexity, increase efficiency and enhance marketing spend effectiveness. Quad provides its clients with unmatched scale for on-site services and expanded subject expertise in marketing strategy, creative solutions, media deployment and marketing management services. With a client-centric approach that drives the Company to continuously evolve its offering, combined with leading-edge technology and single-source simplicity, the Company has the resources and knowledge to help a wide variety of clients in multiple vertical industries, including retail, publishing, consumer technology, consumer packaged goods, financial services, insurance, healthcare and direct-to-consumer. 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, 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. Discontinued Operations —The results of operations of the Company’s Book business have been reported as discontinued operations for all periods presented, in accordance with Accounting Standards Codification (“ASC”) 205-20 — Discontinued Operations . The corresponding current and long-term assets and liabilities of the Book business have been classified as held for sale in the consolidated balance sheets in accordance with ASC 205-20 as of December 31, 2019. The sale of the Book business was completed during 2020. The financial information pertaining to discontinued operations has been excluded from all relevant notes to the consolidated financial statements, unless otherwise noted. See all required disclosures and further information in Note 4, “Discontinued Operations” for information about the Company’s sale of its Book business. 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 $2.0 million during the year ended December 31, 2020 and gains of $1.2 million during the year ended December 31, 2019. The Company had a 49% interest in Plural, a commercial printer based in São Paulo, Brazil, as of December 31, 2020. 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, 2020. 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. 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 15, “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 $3.0 million and $3.6 million during the years ended December 31, 2020 and 2019, 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 credit losses. No single customer comprised more than 5% of the Company’s consolidated net sales in 2020 or 2019, or 5% of the Company’s consolidated receivables as of December 31, 2020 or 2019. On January 1, 2020, the Company adopted 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. This new impairment model, also known as the current expected credit loss (“CECL”) model, is based on expected losses rather than incurred losses. Under ASC 326— Financial Instruments — Credit Losses (“ASC 326”), the Company is required to measure expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable forecasts. The Company has adopted ASU 2016-13 using a modified retrospective transition approach and has recorded a cumulative-effect transition adjustment to accumulated deficit to increase the allowance for credit losses balance as of January 1, 2020. See Note 7, “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, 2020 and 2019, all inventories were valued using the first-in, first-out method. See Note 8, “Inventories,” for the components of the Company’s inventories. Leases —On January 1, 2019, the Company adopted 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 are classified as either finance or operating, with classification affecting the pattern of expense recognition. The Company adopted ASU 2016-02 using the modified retrospective approach and applied the new guidance under ASC 842 — Leases (“ASC 842”) to those contracts existing at, or entered into after, January 1, 2019. See Note 13, “Leases,” for additional accounting policy and transition disclosures. 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 9, “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; right-of-use assets 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 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 6, “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 14, “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. 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 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. See Note 16, “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. Equity awards accounted for as liabilities are recorded at fair value on the initial issuance date and are remeasured to fair value at each reporting period, with the change in fair value being recorded in selling, general and administrative expense in the consolidated statements of operations. See Note 18, “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 20, “Accumulated Other Comprehensive Loss,” for further discussion. The COVID-19 Pandemic Impacts and Response —The COVID-19 pandemic has had, and will continue to have, a negative impact on the Company’s business, financial condition, cash flows, results of operations and supply chain, although the full extent is still uncertain. The Company implemented cost reduction and cash conservation initiatives in response to the impact of the COVID-19 pandemic on its business, including implementing a COVID-19 Temporary Furlough Program through which employees take an unpaid leave of absence – the length of which varies upon business needs; temporary salary reductions for leaders through the end of July 2020, including a 50% salary reduction for the Chief Executive Officer and a 35% salary reduction for named executive officers; a temporary 50% reduction in retainer fees for the Company’s non-employee directors; temporarily suspending use of vacation and vacation payouts through the end of June 2020; temporarily suspending production at several manufacturing facilities where declining client volume or other effects of the pandemic impacted the Company’s ability to operate, all of which resumed operations by the end of September 2020; suspending quarterly dividend payments until further notice; and delaying capital spending projects. The Company also announced the permanent closures of the facilities located in the following locations as a result of ongoing volume declines, particularly in retail, that have been exacerbated by the COVID-19 pandemic during the year ended December 31, 2020: (1) Taunton, Massachusetts; (2) Fernley, Nevada; (3) Nashville, Tennessee; (4) Oklahoma City, Oklahoma; and (5) Charlotte, North Carolina. In addition, the Company amended its Senior Secured Credit Facility during the second quarter of 2020 to provide for certain financial covenant relief through the fiscal quarter ending September 30, 2021. The Company is continuing to evaluate its cost structure and expects to implement additional cost reduction measures as necessary. As the pandemic continues, the extent of the impact on the Company’s business, financial condition, cash flows, results of operations and supply chain will depend on future developments, all of which are still highly uncertain and cannot be predicted. Supplemental Cash Flow Information —The following table summarizes certain supplemental cash flow information for the years ended December 31, 2020 and 2019: 2020 2019 Interest paid, net of amounts capitalized $ 52.3 $ 77.1 Income taxes paid 2.7 9.2 Non-cash investing and financing activities: Non-cash finance lease additions 1.4 7.7 Non-cash operating lease additions 15.0 10.1 Acquisitions of businesses (see Note 3): Fair value of assets acquired, net of cash 5.0 97.2 Liabilities assumed (2.8) (31.5) Goodwill — 58.5 Equity incentive awards — (3.2) Acquisition of businesses—net of cash acquired $ 2.2 $ 121.0 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition 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, 2020 and 2019: United States Print International Total Year ended December 31, 2020 Catalog, publications, retail inserts and directories $ 1,402.0 $ 230.0 $ 1,632.0 Direct mail and other printed products 538.3 53.3 591.6 Other 3.7 1.4 5.1 Total Products 1,944.0 284.7 2,228.7 Logistics services 357.2 17.2 374.4 Imaging, marketing services and other services 326.4 0.1 326.5 Total Services 683.6 17.3 700.9 Total Net Sales $ 2,627.6 $ 302.0 $ 2,929.6 Year ended December 31, 2019 Catalog, publications, retail inserts and directories $ 2,014.7 $ 301.0 $ 2,315.7 Direct mail and other printed products 681.6 83.7 765.3 Other 17.0 0.3 17.3 Total Products 2,713.3 385.0 3,098.3 Logistics services 429.4 17.0 446.4 Imaging, marketing services and other services 378.3 0.4 378.7 Total Services 807.7 17.4 825.1 Total Net Sales $ 3,521.0 $ 402.4 $ 3,923.4 Nature of Products and Services The Company recognizes its products and services revenue based on when the transfer of control passes to the client or when the service is completed and accepted by the client. The products offering is predominantly comprised of the Company’s print operations which includes retail inserts, publications, catalogs, special interest publications, journals, direct mail, 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, 2020 and 2019. 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 ASC 606 — Revenue from Contracts with Customers (“ASC 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. Activity impacting costs to obtain contracts for the year ended December 31, 2020, was as follows: Costs to Obtain Contracts Balance at January 1, 2020 $ 12.7 Costs to obtain contracts 1.0 Amortization of costs to obtain contracts (5.0) Balance at December 31, 2020 $ 8.7 Practical Expedients The Company has elected to apply the following practical expedients allowed under ASC 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 zero volume commitments in contracts that extend beyond one year as of December 31, 2020. • 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, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Strategic Investments | Acquisitions and Strategic Investments 2020 Change of Ownership in Rise Interactive On June 15, 2020, the Company purchased units of equity in Rise from a previous holder in the form of a $15.9 million note payable paid in full on October 1, 2020, and $1.0 million cash paid on June 15, 2020. In addition, on June 15, 2020, Rise purchased and retired units of equity from previous holders of Rise for $5.4 million in cash. These transactions resulted in the Company’s ownership interest changing from 57% to 99%. The Company began consolidating the results of Rise in the Company’s consolidated financial statements when its equity ownership increased to 57% on March 14, 2018. The portion of Rise’s operating results not owned by the Company of 43% through June 15, 2020 and of 1% after June 15, 2020 is recorded as net earnings (loss) attributable to noncontrolling interests on the consolidated statement of operations. The portion of net assets not owned by the Company is recorded as noncontrolling interests as of the respective dates shown on the consolidated balance sheets. 2019 Acquisition of Periscope On January 3, 2019, the Company completed the acquisition of Periscope, a creative agency headquartered in Minneapolis, Minnesota, for $121.0 million cash paid. 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. The purchase price of $134.0 million includes $9.8 million of acquired cash and non-cash equity incentive awards with a grant date fair value of $3.2 million. Included in the purchase price allocation are $69.8 million of identifiable other intangible assets, which are amortized over their estimated useful lives, ranging from five Note 15, “Financial Instruments and Fair Value Measurements ,” for the definition of Level 3 inputs). Periscope’s operations are included in the United States Print and Related Services segment. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Discontinued Operations During the third quarter of 2019, the Company made a decision to sell its United States Book business as a part of an ongoing process to review its business portfolio and divest assets not core to the Company’s transformation strategy. Accordingly, the Company has classified the Book business as a discontinued operation, as required by ASC 205-20 — Discontinued Operations . The Book business primarily consists of three facilities: Versailles, Kentucky; Fairfield, Pennsylvania; and Martinsburg, West Virginia. The Company’s Book business has historically been included within the United States Print and Related Services segment and the Core Print and Related Services reporting unit. On July 1, 2020, the Company completed the sale of its Versailles, Kentucky book manufacturing plant to CJK Group, Inc., which serves book, magazine, catalog and journal publishers, for $7.0 million in cash and the assumption of approximately $3.0 million in finance lease obligation, resulting in a $10.1 million impairment charge related to property, plant and equipment and a $3.0 million gain on the sale of the business during the year ended December 31, 2020. Working capital was finalized during the third quarter of 2020. The Company used the proceeds from the sale to reduce debt. On October 31, 2020, the Company completed the sale of its Fairfield, Pennsylvania and Martinsburg, West Virginia book manufacturing plants to Berryville Graphics, a division of Bertelsmann Printing Group USA, a media, services and education company, for $14.2 million in cash, resulting in a loss on the sale of the business of $3.5 million and a $1.4 million impairment charge related to property plant and equipment during the year ended December 31, 2020. Working capital was finalized during the fourth quarter of 2020. The Company used the proceeds from the sale to reduce debt. This sale was the final step in the previously announced strategic decision to divest the Company’s Book business to optimize its product portfolio. The following table summarizes the results of operations of the Company’s Book business, which are included in the loss from discontinued operations in the consolidated statements of operations for the years ended December 31, 2020 and 2019. For The Year Ended December 31, 2020 2019 Total net sales $ 79.4 $ 213.8 Total cost of sales, excluding depreciation and amortization 80.4 226.8 Selling, general and administrative expenses 4.2 5.5 Depreciation and amortization — 13.6 Restructuring, impairment and transaction-related charges (1) 16.4 92.1 Goodwill impairment (2) — 10.1 Other expenses, net 0.3 0.1 Loss from discontinued operations before income taxes (21.9) (134.4) Income tax benefit — (33.8) Loss from discontinued operations, net of tax $ (21.9) $ (100.6) ______________________________ (1) The Company recognized $11.5 million of impairment charges for tangible property, plant and equipment during the year ended December 31, 2020, to reduce the carrying value of the Book business to its fair value, and recognized $2.2 million in employee termination charges and $2.7 million in other restructuring charges during the year ended December 31, 2020. Impairment charges recognized to reduce the carrying value of the Book business to its fair value during during the year ended December 31, 2019 included: $86.5 million of impairment charges for tangible property, plant and equipment and $5.6 million of impairment charges for contract assets. (2) The Book business was included in the Core Print and Related Services reporting unit. The amount of goodwill allocated to the Book business was determined based on the relative fair value of the Book business and the portion of the reporting unit that will be retained. Due to the decision to sell the Book business, the Company must determine whether any of the assets of the Book business were impaired. Therefore, management performed an interim goodwill impairment test. Due to the carrying value of the Book business net assets exceeding the estimated fair value, the Company recorded a $10.1 million goodwill impairment charge. The consolidated statements of cash flows for all periods have not been adjusted to separately disclose cash flows related to discontinued operations. Cash flows related to the Book business during the years ended December 31, 2020 and 2019 were as follows: For The Year Ended December 31, 2020 2019 Cash flows used in operating activities $ (3.9) $ (8.0) Cash flows provided by (used in) investing activities 19.6 (17.2) The following table summarizes the current and long-term assets and liabilities of the discontinued Book business that were classified as held for sale in the consolidated balance sheets at December 31, 2020, and 2019: December 31, December 31, Receivables—net $ — $ 19.6 Inventories — 14.0 Prepaid expenses and other current assets (1) — 23.0 Current assets of discontinued operations — 56.6 Property, plant and equipment—net — — Operating lease right-of-use assets—net — 0.2 Goodwill — — Other long-term assets — 0.3 Long-term assets of discontinued operations — 0.5 Accounts payable — 7.0 Other current liabilities — 8.5 Current portion of finance lease obligations — 0.1 Current portion of operating lease obligations — 0.2 Current liabilities of discontinued operations — 15.8 Finance lease obligations — — Other long-term liabilities — 0.6 Long-term liabilities of discontinued operations — 0.6 ______________________________ (1) Includes land and building assets that were reclassified to other current assets as of December 31, 2019 . |
Restructuring, Impairment and T
Restructuring, Impairment and Transaction-Related Charges | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, as follows: 2020 2019 Employee termination charges $ 34.7 $ 22.2 Impairment charges 64.1 7.9 Transaction-related charges 1.4 51.6 Integration costs 1.9 3.3 Other restructuring charges 22.0 4.4 Total $ 124.1 $ 89.4 The costs related to these activities have been recorded on the consolidated statements of operations as restructuring, impairment and transaction-related charges. See Note 21, “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 50 plant closures since 2010. The Company announced the closures of the facilities located in Charlotte, North Carolina; Taunton, Massachusetts (retail facility); Fernley, Nevada; Nashville, Tennessee; and Oklahoma City, Oklahoma during the year ended December 31, 2020. The Company classifies the following charges as restructuring: • Employee termination charges are incurred when the Company reduces its workforce through facility consolidations and separation programs. • Integration costs are incurred primarily for the integration of acquired companies (see Note 3, “Acquisitions and Strategic Investments,” for descriptions of the Company’s recent acquisitions). • Other restructuring charges are comprised of the following components and are presented net of any gains on the sale of facilities and businesses. During the year ended December 31, 2020, the Company recognized gains from the sale of the facilities located in Midland, Michigan and Shakopee, Minnesota. During the year ended December 31, 2019, the Company recognized an $8.4 million gain on the sale of a business, as well as gains from the sale of the facilities located in Franklin, Kentucky and Hazleton, Pennsylvania. Year Ended December 31, 2020 2019 Vacant facility carrying costs and lease exit charges $ 11.5 $ 9.5 Equipment and infrastructure removal costs 1.1 0.4 Gains on the sale of facilities (1.6) (6.1) Other restructuring activities 11.0 0.6 Other restructuring charges $ 22.0 $ 4.4 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 $64.1 million during the year ended December 31, 2020, which consisted of $22.1 million, for machinery and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction restructuring activities; and $42.0 million of land and building impairment charges. The Company recognized impairment charges of $7.9 million during the year ended December 31, 2019, which consisted of $7.6 million of impairment charges primarily for machinery and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction restructuring activities; and $0.3 million of land and building impairment charges. Additional impairment charges were recorded related to the Book business during the year ended December 31, 2019, which are disclosed in Note 4, “Discontinued Operations”. The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 15, “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 $1.4 million and $51.6 million during the years ended December 31, 2020 and 2019, respectively. Transaction-related charges included a $45 million reverse termination fee paid during the year ended December 31, 2019, in connection with the termination of the definitive agreement pursuant to which Quad would have acquired LSC Communications, Inc. (“LSC”) . 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, 2020 and 2019, was as follows: Employee Impairment Transaction-Related Integration Other Total Balance at January 1, 2019 $ 9.3 $ — $ 1.2 $ 0.2 $ 17.1 $ 27.8 Expense, net 22.2 7.9 51.6 3.3 4.4 89.4 Cash payments, net (20.0) — (52.6) (3.2) (1.8) (77.6) Non-cash adjustments/reclassifications (1.6) (7.9) 0.6 (0.1) (6.1) (15.1) Balance at December 31, 2019 $ 9.9 $ — $ 0.8 $ 0.2 $ 13.6 $ 24.5 Expense, net 34.7 64.1 1.4 1.9 22.0 124.1 Cash payments, net (29.7) — (1.7) (2.1) (10.5) (44.0) Non-cash adjustments/reclassifications (0.3) (64.1) — — 0.7 (63.7) Balance at December 31, 2020 $ 14.6 $ — $ 0.5 $ — $ 25.8 $ 40.9 The Company’s restructuring reserves at December 31, 2020, included a short-term and a long-term component. The short-term portion included $33.1 million in other current liabilities (see Note 10, “Other Current and Long-Term Liabilities”) and $0.6 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 $7.2 million was included in other long-term liabilities (see Note 10, “Other Current and Long-Term Liabilities”) in the consolidated balance sheets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
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. Due to the decline in the Company’s stock price and the uncertainty and impacts of the COVID-19 pandemic on the Company and the global economy, an interim goodwill impairment test was completed on the goodwill in the Core Print and Related Services reporting unit during the first quarter of 2020. As a result, the Company determined the fair value of the Core Print and Related Services reporting unit exceeded the carrying value, and therefore no impairment was recorded. The Company completed its annual impairment test as of October 31, 2020, and identified no indicators of impairment in any of the Company's reporting units during the year ended December 31, 2020. Due to the Company’s decision to sell its Book business, an interim goodwill impairment test was completed on the remaining goodwill in the Core Print and Related Services reporting unit during the third quarter of 2019. Due to the carrying value of the Book business net assets exceeding the estimated fair value, the Company recorded a $10.1 million goodwill impairment charge related to the Book business during the third quarter of 2019 (see Note 4, “Discontinued Operations”). In addition, the remaining goodwill that is not allocated to a business to be sold must be tested for impairment. No goodwill impairment was recorded on the remaining $103.0 million related to the retained portion of the Core Print and Related Services reporting unit during the year ended December 31, 2019. Fair value was determined using an equal weighting of both the income and market approaches. Under the income approach, the Company determined fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk and the rate of return an outside investor would expect to earn. Under the market approach, the Company derived the fair value of the reporting units based on market multiples of comparable publicly-traded companies. This fair value determination was categorized as Level 3 in the fair value hierarchy (see Note 15, “Financial Instruments and Fair Value Measurements,” for the definition of Level 3 inputs). No goodwill impairment charges were recorded related to the Company’s continuing operations during the years ended December 31, 2020 or 2019. The accumulated goodwill impairment losses and the carrying value of goodwill from continuing operations at December 31, 2020 and 2019, were as follows: United States Print and Related Services International Total Goodwill $ 881.3 $ 30.0 $ 911.3 Accumulated goodwill impairment loss (778.3) (30.0) (808.3) Goodwill, net of accumulated goodwill impairment loss $ 103.0 $ — $ 103.0 There was no activity impacting goodwill for the year ended December 31, 2020. Activity impacting goodwill for the year ended December 31, 2019, was as follows: United States Print and Related International Total Balance at January 1, 2019 $ 44.5 $ — $ 44.5 Acquisition of Periscope (see Note 3) 58.5 — 58.5 Balance at December 31, 2019 $ 103.0 $ — $ 103.0 Other Intangible Assets The components of other intangible assets at December 31, 2020 and 2019, were as follows: December 31, 2020 December 31, 2019 Weighted Gross Accumulated Amortization Net Book Gross Accumulated Net Book Finite-lived intangible assets: Trademarks, patents, licenses and agreements 6 $ 69.6 $ (44.3) $ 25.3 $ 68.6 $ (33.6) $ 35.0 Capitalized software 5 17.3 (11.7) 5.6 16.1 (8.5) 7.6 Acquired technology 5 3.0 (0.5) 2.5 2.0 (2.0) — Customer relationships 6 561.9 (491.0) 70.9 562.1 (467.5) 94.6 Total finite-lived intangible assets $ 651.8 $ (547.5) $ 104.3 $ 648.8 $ (511.6) $ 137.2 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, 2020 and 2019. Amortization expense for other intangible assets was $39.1 million and $44.8 million for the years ended December 31, 2020 and 2019, respectively. The following table outlines the estimated future amortization expense related to other intangible assets as of December 31, 2020: Amortization Expense 2021 $ 31.6 2022 29.8 2023 25.5 2024 14.7 2025 2.4 2026 0.3 Total $ 104.3 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Receivables | ReceivablesThe Company adopted ASU 2016-13 as of January 1, 2020, using a modified retrospective transition approach and has recorded a cumulative-effect transition adjustment to accumulated deficit as of January 1, 2020. The transition adjustment of $6.3 million to accumulated deficit included an $8.4 million increase in the allowance for credit losses, partially offset by a $2.1 million increase in deferred tax benefit. The transition had no impact to the consolidated statement of operations. Prior to granting credit, the Company evaluates each client in an underwriting process, taking into consideration the prospective client’s financial condition, past payment experience, credit bureau information and other financial and qualitative factors that may affect the client’s ability to pay. Specific credit reviews and standard industry credit scoring models are used in performing this evaluation. Clients’ financial condition is continuously monitored as part of the normal course of business. Some of the Company’s clients are highly leveraged or otherwise subject to their own operating and regulatory risks. Specific client provisions are made when a review of significant outstanding amounts, utilizing information about client creditworthiness, as well as current and future economic trends based on reasonable forecasts, indicates that collection is doubtful. The Company also records a general provision based on the overall risk profile of the receivables and through the assessment of reasonable economic forecasts. The risk profile is assessed on a quarterly basis using various methods, including external resources and credit scoring models. Accounts that are deemed uncollectible are written off when all reasonable collection efforts have been exhausted. The Company has recorded a credit loss expense of $9.1 million and $5.6 million during the years ended December 31, 2020 and 2019, respectively, which is included in selling, general and administrative expenses in the consolidated statements of operations. Receivables are stated net of allowances for credit losses in the consolidated balance sheets. Based on the clients’ account reviews and the continued uncertainty of the global economy, the Company has established an allowance for credit losses of $33.8 million as of December 31, 2020, and $25.0 million as of December 31, 2019. 2020 2019 Balance at beginning of year $ 25.0 $ 27.4 Transition adjustment for adoption of ASU 2016-13 8.4 — Balance at beginning of year, including transition adjustment 33.4 27.4 Provisions 9.1 5.6 Write-offs (8.8) (7.8) Translation and other 0.1 (0.2) Balance at end of year $ 33.8 $ 25.0 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at December 31, 2020 and 2019, were as follows: 2020 2019 Raw materials and manufacturing supplies $ 90.9 $ 112.2 Work in process 33.4 41.2 Finished goods 45.9 57.1 Total $ 170.2 $ 210.5 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment at December 31, 2020 and 2019, were as follows: 2020 2019 Land $ 97.6 $ 102.5 Buildings 780.3 846.1 Machinery and equipment 3,094.1 3,337.1 Other (1) 183.2 175.7 Construction in progress 33.0 35.0 Property, plant and equipment—gross 4,188.2 4,496.4 Less: accumulated depreciation (3,304.0) (3,459.9) Property, plant and equipment—net $ 884.2 $ 1,036.5 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication related equipment. The Company recorded impairment charges of $64.1 million and $7.9 million during the years ended December 31, 2020 and 2019, 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 5, “Restructuring, Impairment and Transaction-Related Charges,” for further discussion on impairment charges). The Company recognized depreciation expense for continuing operations of $142.5 million and $164.7 million for the years ended December 31, 2020 and 2019, respectively. Assets Held for Sale from Continuing Operations 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. Assets held for sale from continuing operations were $4.9 million as of December 31, 2020, and $59.3 million as of December 31, 2019, including the Omaha, Nebraska packaging plant that was sold on January 31, 2020. The fair values were determined by the Company to be Level 3 under the fair value hierarchy (see Note 15, “Financial Instruments and Fair Value Measurements,” for the definition of Level 3 inputs) and were estimated based on quoted market prices where available and independent appraisals, as appropriate. Assets held for sale were included in prepaid expenses and other current assets in the consolidated balance sheets. |
Accrued Liabilities and Other L
Accrued Liabilities and Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities and Other Long-Term Liabilities | Other Current and Long-Term Liabilities The components of other current and long-term liabilities at December 31, 2020 and 2019, were as follows: December 31, 2020 December 31, 2019 Other Current Liabilities Other Total Other Current Liabilities Other Total Employee-related liabilities (1) $ 130.2 $ 67.4 $ 197.6 $ 129.4 $ 61.9 $ 191.3 Single employer pension plan obligations 1.7 54.9 56.6 1.8 77.1 78.9 Multiemployer pension plans – withdrawal liability 3.5 32.2 35.7 8.4 35.7 44.1 Tax-related liabilities 25.3 5.3 30.6 24.6 10.7 35.3 Restructuring liabilities 33.1 7.2 40.3 15.8 7.4 23.2 Interest and rent liabilities 3.6 — 3.6 4.9 0.2 5.1 Interest rate swap liabilities — 14.4 14.4 — 6.4 6.4 Liabilities held for sale from continuing operations (2) — — — 17.9 — 17.9 Other 113.4 15.4 128.8 100.2 21.7 121.9 Total $ 310.8 $ 196.8 $ 507.6 $ 303.0 $ 221.1 $ 524.1 ______________________________ (1) Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers’ compensation. (2) The Omaha, Nebraska packaging plant was considered held for sale in the consolidated balance sheets as of December 31, 2019. The Company completed the sale on January 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company had firm commitments of $8.7 million as of December 31, 2020, 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. 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, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The components of long-term debt at December 31, 2020 and 2019, were as follows: Weighted Average Interest Rate 2020 2019 Master note and security agreement 7.78 % $ 15.6 $ 70.7 Term loan A 3.44 % 657.6 768.3 Revolving credit facility 3.24 % — — Senior unsecured notes 7.00 % 238.7 243.5 International term loans 1.91 % 10.7 16.5 International revolving credit facilities 1.37 % 4.9 5.7 Other 13.42 % 2.8 3.1 Debt issuance costs (6.9) (9.3) Total debt $ 923.4 $ 1,098.5 Less: short-term debt and current portion of long-term debt (20.7) (40.0) Long-term debt $ 902.7 $ 1,058.5 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, 2020, the borrowings outstanding under the Master Note and Security Agreement were $15.6 million. The senior notes under the Master Note and Security Agreement had a weighted average interest rate of 7.78% at December 31, 2020, which is fixed to maturity, with interest payable semiannually. Principal payments commenced September 1997 and extend through April 2026 in various tranches. The notes are collateralized by certain United States press equipment under the terms of the Master Note and Security Agreement. The Company redeemed $37.6 million of its senior notes under the Master Note and Security Agreement, at par (the outstanding principal balance as of the date of payment), during the year ended December 31, 2020. There was no direct gain or loss recognized as a result of the tender as all notes were redeemed at par; however, $0.2 million of unamortized debt issuance costs related to the tendered notes were recognized as a loss on debt extinguishment during the year ended December 31, 2020. 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 included a revolving credit facility, Term Loan A and Term Loan B. The Company completed the third amendment to the 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, but now terminated, 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 with a 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 with a delayed draw feature and 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 intended that the loans available under the amended revolving credit facility would be used to repay, refinance, repurchase, redeem, exchange or otherwise terminate LSC’s existing indebtedness in connection with the consummation of the merger, and to pay transaction expenses. On July 26, 2019, following the termination of the proposed acquisition of LSC, Quad fully funded the $825.0 million delayed draw Term Loan A to retire the entire amount outstanding on the $500.0 million Term Loan B and reduced the borrowings under the revolving credit facility. The Company completed the fourth amendment to the Senior Secured Credit Facility on June 29, 2020. The Senior Secured Credit Facility was amended to (a) provide for certain financial covenant relief through the fiscal quarter ending September 30, 2021 (the Covenant Relief Period); (b) reduce the aggregate amount of the existing revolving credit facility from $800.0 million to $500.0 million; (c) make certain adjustments to pricing such as the addition of a 0.75% LIBOR floor; and (d) prohibit repurchases of capital stock and payments of cash dividends during the Covenant Relief Period. Certain amendments were also made to the quarterly financial covenants to which the Company is subject, which are further described below. At December 31, 2020, the Company had no outstanding borrowings on the revolving credit facility, and had $38.6 million of issued letters of credit, leaving $461.4 million available for future borrowings. Borrowings under the revolving credit facility and delayed draw Term Loan A made under the Senior Secured Credit Facility at December 31, 2020, bear interest at 2.50% in excess of reserve adjusted LIBOR, with a LIBOR floor of 0.75%, or 1.50% in excess of an alternate base rate. 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. Senior Unsecured Notes The Company issued $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 7.0%, 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 above for the Senior Secured Credit Facility. The Company repurchased $4.7 million of its outstanding Senior Unsecured Notes in the open market, resulting in a net gain on debt extinguishment of $0.8 million during the year ended December 31, 2020. 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 reallocate debt to the lower interest rate revolving credit facility and thereby reduce 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. 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 $21.7 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, 2020, $2.2 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 $12.8 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. As of December 31, 2020, $8.5 million remained outstanding on the second international term loan. The Company has two multicurrency international revolving credit facilities that are used for financing working capital and general business needs. The Company had $4.9 million of borrowings outstanding at a weighted average interest rate of 1.37% on the international revolving credit facilities as of December 31, 2020, leaving $11.2 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, 2021, and bears interest at the aggregate of the Warsaw Interbank Offered Rate (“WIBOR”) plus 1.40% for any Polish Zloty denominated borrowings, the aggregate of Euro Interbank Offered Rate (“EURIBOR”) plus 1.45% for any Euro denominated borrowings or the aggregate of British pound sterling LIBOR plus 1.45% for any British pound sterling denominate borrowings. The second multicurrency international revolving credit facility expires on November 20, 2021, and bears interest at the aggregate of WIBOR plus 1.00% for any Polish Zloty denominated borrowings or the aggregate of EURIBOR plus 1.00% 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 $1.1 billion at December 31, 2020 and 2019, respectively. The fair value determination of the Company’s total debt was categorized as Level 2 in the fair value hierarchy (see Note 15, “Financial Instruments and Fair Value Measurements,” for the definition of Level 2 inputs). As of December 31, 2020, approximately $1.6 billion of the Company’s assets were pledged as security under various loans and other agreements. Debt Issuance Costs and Original Issue Discount The debt issuance costs and original issue discount are amortized on a straight-line basis over the four seven eight Capitalized Debt Original Issue Discount Balance at January 1, 2019 $ 7.2 $ 1.0 Impacts from January 31, 2019 debt financing arrangement 6.0 15.0 Loss on debt extinguishment from February 10, 2017 debt financing arrangement (0.7) (1.0) Loss on debt extinguishment from July 26, 2019 delayed draw Term Loan A funding and retirement of Term Loan B (0.5) (14.1) Amortization expense (2.7) (0.9) Balance at December 31, 2019 9.3 — Debt issuance costs from June 29, 2020 debt financing arrangement 2.6 — Loss on debt extinguishment from January 31, 2019 debt financing arrangement (2.3) — Loss on debt extinguishment from Master Note and Security Tender (0.2) — Amortization expense (2.5) — Balance at December 31, 2020 $ 6.9 $ — Loss on Debt Extinguishment 2020 Loss on Debt Extinguishment The loss on debt extinguishment recorded during the year ended December 31, 2020, was comprised of the following: 2020 Loss on Debt Extinguishment Debt issuance costs from January 31, 2019 debt financing arrangement $ 2.3 Debt issuance costs from June 29, 2020 debt financing arrangement 0.1 Loss on debt extinguishment from Master Note and Security Tender 0.2 Gain on debt extinguishment from Senior Unsecured Note Repurchases (0.8) Total $ 1.8 2019 Loss on Debt Extinguishment In conjunction with the third amendment to the Company’s Senior Secured Credit Facility completed on January 31, 2019, the Company incurred $20.2 million in debt issuance costs. In accordance with the accounting guidance for the treatment of debt issuance costs in a debt extinguishment, of the $20.2 million in new debt issuance costs, $6.0 million was classified as a reduction of long-term debt in the consolidated balance sheets and $14.2 million was expensed and was classified as loss on debt extinguishment in the consolidated statements of operations at the time of the refinancing. The loss on debt extinguishment recorded during the year ended December 31, 2019, was comprised of the following: Loss on Debt Extinguishment Debt issuance costs: Debt issuance costs from February 10, 2017 debt financing arrangement $ 0.7 Debt issuance costs from January 31, 2019 debt financing arrangement 14.2 Debt issuance costs from July 26, 2019 delayed draw Term Loan A funding and retirement of Term Loan B 0.5 Original issue discount: Original issue discount from February 10, 2017 debt financing arrangement 1.0 Original issue discount from July 26, 2019 delayed draw Term Loan A funding and retirement of Term Loan B 14.1 Total $ 30.5 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, 2020: • Maximum Total Net Leverage Ratio. On a rolling twelve-month basis, the Maximum Total Net Leverage Ratio, defined as consolidated total indebtedness, net of no more than $75.0 million of unrestricted cash, to consolidated EBITDA, shall not exceed (i) 4.50 to 1.00 for the quarters ending December 31, 2020 and March 31, 2021, (ii) 4.25 to 1.00 for the quarter ending June 30, 2021, and (iii) 4.125 to 1.00 for the quarter ending September 30, 2021 (for the twelve months ended December 31, 2020, the Company’s Maximum Total Net Leverage Ratio was 3.29 to 1.00). After the Covenant Relief Period, the Company will be required to comply with the Total Leverage Ratio covenant, defined as consolidated total indebtedness to consolidated EBITDA which shall not exceed 3.75 to 1.00. • If there is any amount outstanding on the Revolving Credit Facility or Term Loan A, or if any lender has any revolving credit exposure or Term Loan A credit exposure, the Company is required to maintain the following: ◦ Senior Secured Leverage Ratio. On a rolling twelve-month basis, the Senior Secured Leverage Ratio, defined as consolidated senior secured net indebtedness to consolidated EBITDA, shall not exceed 3.50 to 1.00 (for the twelve months ended December 31, 2020, the Company’s Senior Secured Leverage Ratio was 2.41 to 1.00). • Interest Coverage Ratio. On a rolling twelve-month basis, the Interest Coverage Ratio, defined as consolidated EBITDA to cash consolidated interest expense, shall not be less than 3.00 to 1.00 (for the twelve months ended December 31, 2020, the Company’s Interest Coverage Ratio was 4.64 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. The following limitations utilize a Total Net Leverage Ratio calculation, which, on a rolling twelve-month basis, is defined as consolidated net indebtedness to consolidated EBITDA (for the twelve months ended December 31, 2020, the Company’s Total Net Leverage Ratio was 3.30 to 1.00). • If the Company’s Total Net Leverage Ratio is greater than 2.75 to 1.00, the Company is prohibited from making greater than $60.0 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, provided, however, that no such restricted payments shall be made during the Covenant Relief Period. As the Company’s Total Net Leverage Ratio as of December 31, 2020, was 3.30 to 1.00, and we are in the Covenant Relief Period, the limitations described above are currently applicable. • If the Company’s Senior Secured Leverage Ratio is greater than 3.00 to 1.00 or the Company’s Total Net Leverage Ratio is greater than 3.50 to 1.00, 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 Net Leverage Ratio is less than 3.50 to 1.00, there are no such restrictions. The limitations described above are currently not applicable, as the Company’s Senior Secured Leverage Ratio was 2.41 to 1.00 and Total Net Leverage Ratio was 3.30 to 1.00, as of December 31, 2020 . Estimated Principal Payments The approximate annual principal amounts due on long-term debt, excluding $6.9 million for future amortization of debt issuance costs, at December 31, 2020, were as follows: Principal Payments 2021 $ 20.7 2022 283.6 2023 87.2 2024 537.3 2025 1.0 2026 0.5 Total $ 930.3 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Obligations | Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For operating and finance leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date, and is subsequently measured at amortized cost using the effective interest method. Key estimates and judgments include how the Company determines the discount rate, lease term and lease payments. • ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the implicit interest rate as it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms based on the published United States Treasury rates as well as the Company’s credit rating at implementation or at the lease inception date. • The lease term for all of the Company’s leases includes the non-cancelable period of the lease, plus or minus any additional periods covered by an option to extend or terminate the lease that the Company is reasonably certain to exercise. • Lease payments included in the lease liability are comprised of fixed payments as well as any exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain to exercise. The Company’s leases do not contain variable lease payments. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently amortized by the straight-line lease expense adjusted by the lease liability accretion over the lease term. For finance leases, the ROU asset is subsequently amortized on a straight-line basis from the lease commencement date to the earlier of the end of its useful life or the end of the lease term. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. The Company’s ROU assets for both operating and finance leases are reviewed for impairment losses on a quarterly basis in line with ASC 360-10 — Property, Plant, and Equipment — Overall. The Company has not recognized any impairment losses to date from continuing operations. The Company also monitors its leases for events or changes in circumstances that require a reassessment of the lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the ROU asset. Operating leases are included in operating lease right-of-use assets—net, current portion of operating lease obligations, and operating lease obligations in the consolidated balance sheets. Finance leases are included in property and equipment—net, current portion of finance lease obligations, and finance lease obligations in the consolidated balance sheets. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have an original lease term of twelve months or less. Therefore, the Company recognizes the lease payments associated with these short-term leases as an expense over the lease term in the consolidated statement of operations. Practical Expedients The Company has elected to apply the following practical expedients allowed under ASU 842: • The Company elected the practical expedient package and therefore did not reassess for any existing leases: ◦ whether contracts are or contain leases; ◦ the lease classification for any existing leases; and ◦ any initial direct costs. • The Company elected the practical expedient related to land easements, allowing to carry forward the accounting treatment for land easements on existing agreements. • The Company used “hindsight” judgments that impact the lease term. • The Company elected to combine lease and non-lease components into one lease component for select underlying lease asset categories. Real estate leases are accounted for separately while all other leases, primarily equipment leases, with separate lease and non-lease components are accounted for as a single lease component. Leases Financial Information The Company enters into various lease agreements for real estate, such as office space and manufacturing facilities, as well as equipment leases, including press, finishing and transportation equipment. Many of these leases provide the Company with options to renew, terminate, or in the case of equipment leases, purchase the related equipment at the termination value, as defined, and at various early buyout dates during the term of the lease. In general, the Company has determined these options were not reasonably certain to be exercised, and therefore are not included in the determination of the lease term. The following summarizes certain lease information for the years ended December 31, 2020 and 2019: Year Ended Year Ended December 31, 2020 December 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 3.6 $ 5.8 Interest on lease liabilities 0.4 1.0 Operating lease cost 32.6 42.6 Short-term lease cost 0.3 0.5 Sublease income (2.5) (3.1) Total lease cost $ 34.4 $ 46.8 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ — $ — Operating cash flows from operating leases 33.4 43.0 Financing cash flows from finance leases 6.6 8.7 Right-of-use assets obtained in exchange for new finance lease liabilities 1.4 7.7 Right-of-use assets obtained in exchange for new operating lease liabilities 15.0 18.7 Weighted-average remaining lease term — finance leases 2.0 years 2.0 years Weighted-average remaining lease term — operating leases 4.0 years 5.1 years Weighted-average discount rate — finance leases 5.0 % 6.5 % Weighted-average discount rate — operating leases 6.3 % 6.7 % The components of finance lease assets at December 31, 2020 and 2019, were as follows: 2020 2019 Leased equipment—gross $ 26.1 $ 30.2 Less: accumulated depreciation (20.5) (17.8) Leased equipment—net $ 5.6 $ 12.4 Future maturities of lease liabilities at December 31, 2020, were as follows: Future Maturities of Operating Leases Future Maturities of Finance Leases 2021 $ 31.1 $ 2.9 2022 23.1 1.6 2023 16.6 0.4 2024 9.6 0.1 2025 6.8 0.1 2026 and thereafter 6.5 — Total minimum payments 93.7 5.1 Less: present value discount (10.8) (0.3) Present value of minimum payments 82.9 4.8 Less: current portion (28.4) (2.8) Long-term lease liability $ 54.5 $ 2.0 |
Lease Obligations | Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For operating and finance leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date, and is subsequently measured at amortized cost using the effective interest method. Key estimates and judgments include how the Company determines the discount rate, lease term and lease payments. • ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the implicit interest rate as it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms based on the published United States Treasury rates as well as the Company’s credit rating at implementation or at the lease inception date. • The lease term for all of the Company’s leases includes the non-cancelable period of the lease, plus or minus any additional periods covered by an option to extend or terminate the lease that the Company is reasonably certain to exercise. • Lease payments included in the lease liability are comprised of fixed payments as well as any exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain to exercise. The Company’s leases do not contain variable lease payments. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently amortized by the straight-line lease expense adjusted by the lease liability accretion over the lease term. For finance leases, the ROU asset is subsequently amortized on a straight-line basis from the lease commencement date to the earlier of the end of its useful life or the end of the lease term. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. The Company’s ROU assets for both operating and finance leases are reviewed for impairment losses on a quarterly basis in line with ASC 360-10 — Property, Plant, and Equipment — Overall. The Company has not recognized any impairment losses to date from continuing operations. The Company also monitors its leases for events or changes in circumstances that require a reassessment of the lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the ROU asset. Operating leases are included in operating lease right-of-use assets—net, current portion of operating lease obligations, and operating lease obligations in the consolidated balance sheets. Finance leases are included in property and equipment—net, current portion of finance lease obligations, and finance lease obligations in the consolidated balance sheets. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have an original lease term of twelve months or less. Therefore, the Company recognizes the lease payments associated with these short-term leases as an expense over the lease term in the consolidated statement of operations. Practical Expedients The Company has elected to apply the following practical expedients allowed under ASU 842: • The Company elected the practical expedient package and therefore did not reassess for any existing leases: ◦ whether contracts are or contain leases; ◦ the lease classification for any existing leases; and ◦ any initial direct costs. • The Company elected the practical expedient related to land easements, allowing to carry forward the accounting treatment for land easements on existing agreements. • The Company used “hindsight” judgments that impact the lease term. • The Company elected to combine lease and non-lease components into one lease component for select underlying lease asset categories. Real estate leases are accounted for separately while all other leases, primarily equipment leases, with separate lease and non-lease components are accounted for as a single lease component. Leases Financial Information The Company enters into various lease agreements for real estate, such as office space and manufacturing facilities, as well as equipment leases, including press, finishing and transportation equipment. Many of these leases provide the Company with options to renew, terminate, or in the case of equipment leases, purchase the related equipment at the termination value, as defined, and at various early buyout dates during the term of the lease. In general, the Company has determined these options were not reasonably certain to be exercised, and therefore are not included in the determination of the lease term. The following summarizes certain lease information for the years ended December 31, 2020 and 2019: Year Ended Year Ended December 31, 2020 December 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 3.6 $ 5.8 Interest on lease liabilities 0.4 1.0 Operating lease cost 32.6 42.6 Short-term lease cost 0.3 0.5 Sublease income (2.5) (3.1) Total lease cost $ 34.4 $ 46.8 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ — $ — Operating cash flows from operating leases 33.4 43.0 Financing cash flows from finance leases 6.6 8.7 Right-of-use assets obtained in exchange for new finance lease liabilities 1.4 7.7 Right-of-use assets obtained in exchange for new operating lease liabilities 15.0 18.7 Weighted-average remaining lease term — finance leases 2.0 years 2.0 years Weighted-average remaining lease term — operating leases 4.0 years 5.1 years Weighted-average discount rate — finance leases 5.0 % 6.5 % Weighted-average discount rate — operating leases 6.3 % 6.7 % The components of finance lease assets at December 31, 2020 and 2019, were as follows: 2020 2019 Leased equipment—gross $ 26.1 $ 30.2 Less: accumulated depreciation (20.5) (17.8) Leased equipment—net $ 5.6 $ 12.4 Future maturities of lease liabilities at December 31, 2020, were as follows: Future Maturities of Operating Leases Future Maturities of Finance Leases 2021 $ 31.1 $ 2.9 2022 23.1 1.6 2023 16.6 0.4 2024 9.6 0.1 2025 6.8 0.1 2026 and thereafter 6.5 — Total minimum payments 93.7 5.1 Less: present value discount (10.8) (0.3) Present value of minimum payments 82.9 4.8 Less: current portion (28.4) (2.8) Long-term lease liability $ 54.5 $ 2.0 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes from continuing operations have been based on the following components of earnings (loss) from continuing operations before income taxes and equity in (earnings) loss of unconsolidated entity for the years ended December 31, 2020 and 2019: 2020 2019 United States $ (108.8) $ (94.1) Foreign 2.7 14.3 Total $ (106.1) $ (79.8) The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2020, and 2019, were as follows: 2020 2019 Federal: Current $ (47.3) $ (2.2) Deferred 32.3 (21.0) State: Current (1.5) 0.9 Deferred 17.0 (4.9) Foreign: Current 0.6 0.1 Deferred (0.8) 2.7 Total income tax expense (benefit) $ 0.3 $ (24.4) The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s income tax expense (benefit) from continuing operations for the years ended December 31, 2020 and 2019: 2020 2019 Federal statutory rate $ (22.3) $ (16.8) State taxes, net of federal benefit 15.4 (4.1) Adjustment to valuation allowances 13.1 (0.2) Benefit of Net Operating Loss Carryback (14.3) — Impact from foreign branches 2.1 2.6 Adjustment of deferred tax liabilities 2.0 (1.6) Foreign rate differential (1.3) — Adjustment of uncertain tax positions 0.8 (2.5) Other 4.8 (1.8) Income tax expense (benefit) $ 0.3 $ (24.4) The $15.4 million effective rate reconciling item for State taxes, net of federal benefit, in 2020 includes a $19.1 million adjustment to valuation allowance primarily related to net operating losses and credits that are not expected to be realized in the future for state income tax purposes. The $13.1 million adjustment to valuation allowance in 2020 primarily relates to net operating losses, credits and the deferred tax asset for interest limitation that are not expected to be realized in the future for federal income tax purposes. On March 27, 2020, the United States government passed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES act”). This legislation includes significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 pandemic. The $14.3 million rate reconciling item for Benefit of Net Operating Loss Carryback in 2020, primarily relates to the provision from the CARES act allowing a net operating loss (“NOL”) generated in 2019 and 2020 to be carried back five years to years when the federal statutory tax rate was 35%. The amount of NOL available to be carried back was increased by other provisions in the CARES act that temporarily increases the amount of interest expense businesses are allowed to deduct in 2019 and 2020. Deferred Income Taxes The significant deferred tax assets and liabilities as of December 31, 2020 and 2019, were as follows: 2020 2019 Deferred tax assets: Net operating loss and other tax carryforwards $ 145.9 $ 125.1 Pension and workers compensation benefits 33.2 43.1 Accrued liabilities 20.5 11.1 Goodwill and intangible assets 19.0 17.4 Interest limitation 18.2 73.7 Accrued compensation 10.1 16.1 Allowance for doubtful accounts 7.2 5.5 Other 9.8 8.0 Total deferred tax assets 263.9 300.0 Valuation allowance (143.9) (107.1) Net deferred tax assets $ 120.0 $ 192.9 Deferred tax liabilities: Property, plant and equipment $ (103.8) $ (130.6) Other (4.2) (3.9) Total deferred tax liabilities (108.0) (134.5) Net deferred tax assets (liabilities) $ 12.0 $ 58.4 The Company has recorded deferred income tax liabilities of $4.2 million and $2.8 million as of December 31, 2020 and 2019, respectively, which were included in deferred income taxes in the consolidated balance sheets. The Company has also recorded deferred income tax assets of $16.2 million and $61.2 million as of December 31, 2020 and 2019, respectively, which were included in other long-term assets in the consolidated balance sheets. At December 31, 2020, the Company had the following gross amounts of tax-related carryforwards: • Net operating loss carryforwards of $82.2 million, $72.3 million and $638.3 million for federal, foreign and state, respectively. The federal net operating loss carryforward was generated in 2020 and is available without expiration. Of the foreign net operating loss carryforwards, $28.8 million is available without expiration, while the remainder expires through 2040. The state net operating loss carryforwards expire in varying amounts through 2040. • Capital loss carryforwards of $17.1 million and $8.7 million for federal and state, respectively. The federal and state capital loss carryforwards expire in 2022. • Various credit carryforwards of $8.9 million, $28.9 million and $44.0 million for federal, foreign and state, respectively. The federal carryforward expires in 2040, the foreign credit carryforward expires in 2026, and the state credit carryforwards include $32.1 million that is available without expiration, while the remainder expires through 2040. As of December 31, 2020, the Company has recorded a valuation allowance of $143.9 million on its consolidated balance sheet primarily related to the tax-affected amounts of the above carryforwards. The valuation allowance includes $22.5 million, $46.0 million and $75.4 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, 2020 and 2019: 2020 2019 Balance at beginning of period $ 17.8 $ 14.4 Additions for tax positions of the current year — — Additions for tax positions of prior years 0.9 7.8 Reductions for tax positions of prior years (6.1) — Lapses of applicable statutes of limitations (1.0) (4.3) Settlements during the period — (0.1) Balance at end of period $ 11.6 $ 17.8 As of December 31, 2020, $10.4 million of unrecognized tax benefits would impact the Company’s effective tax rate, if recognized. Of that amount, it is reasonably possible that $0.4 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 expense (income) and any related penalties (refunds) related to income tax uncertainties as a component of income tax expense (benefit). The following table summarizes the Company’s interest expense (income) related to tax uncertainties and penalties recognized during the years ended December 31, 2020 and 2019: 2020 2019 Interest expense (income) $ (0.3) $ 0.5 Penalties (refunds) — — 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, 2020 and 2019: December 31, 2020 December 31, 2019 Accrued interest Accrued penalties Accrued interest Accrued penalties Other current liabilities $ 0.5 $ 0.1 $ 0.5 $ 0.1 Other long-term liabilities 0.1 — 0.5 — Total liabilities $ 0.6 $ 0.1 $ 1.0 $ 0.1 The Company has tax years from 2013 through 2020 that remain open and subject to examination by the Internal Revenue Service. Tax years from 2016 through 2020 remain open and subject to examination in the Company’s various major state jurisdictions within the United States. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020. Interest Rate Swaps The Company currently holds two interest rate swap contracts. The purpose of entering into the contracts was to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable-rate debt. The interest rate swaps were previously designated as cash flow hedges as they effectively converted the notional value of the Company’s variable rate debt based on one-month LIBOR to a fixed rate, including a spread on underlying debt, and a monthly reset in the variable interest rate. However, the Company amended its Senior Secured Credit Facility during the second quarter of 2020, which added a 0.75% LIBOR floor to the Company’s variable rate debt, changing the critical terms of the hedged instrument. Due to this change in critical terms, the Company has elected to de-designate the swaps as cash flow hedges, resulting in future changes in fair value being recognized in interest expense. The balance of the accumulated other comprehensive loss attributable to the interest rate swaps as of June 30, 2020, will be amortized to interest expense on a straight-line basis over the remaining lives of the swap contracts. The Company expects to reclassify $7.1 million of this balance to interest expense over the next twelve months. March 19, 2019 February 7, 2017 Effective date March 29, 2019 February 28, 2017 Termination date March 28, 2024 February 28, 2022 Term 5 years 5 years Notional amount $130.0 $250.0 Fixed swap rate 2.43% 1.89% The Company classifies the interest rate swaps 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 fair values of the interest rate swaps classified as Level 2 as of December 31, 2020 and 2019, were as follows: Balance Sheet Location December 31, 2020 December 31, 2019 Interest rate swap liabilities Other long-term liabilities (14.4) (6.4) Prior to the Company’s de-designation of the interest rate swaps as cash flow hedges, the interest rate swaps were considered highly effective, with no amount of ineffectiveness recorded into earnings. The changes in the fair value of the interest rate swaps have been included in other comprehensive loss in the consolidated statements of comprehensive loss through the first quarter of 2020, and have been recorded as an adjustment to interest expense in the consolidated statements of operations in the periods thereafter. The cash flows associated with the interest rate swaps have been recognized as an adjustment to interest expense in the consolidated statements of operations: Year Ended December 31, 2020 2019 Cash Flow Impacts Net interest paid (received) $ 5.6 $ (0.8) Impacts with Swaps as Hedging Instruments Loss recognized in other comprehensive loss $ 11.1 $ 10.7 Impacts with Swaps as Nonhedging Instruments Income recognized in interest expense excluded from hedge effectiveness assessments $ (3.1) $ — Amounts reclassified out of accumulated other comprehensive loss to interest expense 3.6 — Net interest expense 5.6 (0.8) Total impact of swaps to interest expense $ 6.1 $ (0.8) 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, 2020. 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, 2020 and 2019, 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 12, “Debt,” for the fair value of the Company’s debt as of December 31, 2020. 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, “Discontinued Operations”; Note 5, “Restructuring, Impairment and Transaction-Related Charges”; Note 6, “Goodwill and Other Intangible Assets”; and Note 9, “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 other current liabilities approximate their carrying values as of December 31, 2020 and 2019. See Note 16, “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, 2020 | |
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 $2.2 billion as of December 31, 2020. Company 401(k) matching contributions were $11.7 million and $15.4 million for the years ended December 31, 2020 and 2019, respectively. The Company’s ESOP holds profit sharing contributions of Company stock, which are made at the discretion of the Company’s Board of Directors. There were no profit sharing contributions for the years ended December 31, 2020 and 2019. 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, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Interest cost $ (13.6) $ (17.5) Expected return on plan assets 24.2 23.5 Net periodic benefit income 10.6 6.0 Settlement charge (0.1) — Net pension income $ 10.5 $ 6.0 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, 2020 and 2019: Pension Benefits 2020 2019 Changes in benefit obligation Projected benefit obligation, beginning of year $ (515.7) $ (476.4) Interest cost (13.6) (17.5) Actuarial loss (40.5) (64.6) Benefits paid 43.6 42.8 Liability benefit from settlement 0.6 — Projected benefit obligation, end of year (525.6) (515.7) Changes in plan assets Fair value of plan assets, beginning of year 436.8 393.8 Actual return on plan assets 68.0 80.0 Employer contributions 7.8 5.8 Benefits paid (43.6) (42.8) Fair value of plan assets, end of year 469.0 436.8 Funded status $ (56.6) $ (78.9) The net underfunded defined benefit plan obligations decreased by $22.3 million during the year ended December 31, 2020. This decrease was primarily due to an actual return on pension plan assets of 17.0% during the year ended December 31, 2020, which was above the expected return on plan assets assumption of 5.75% and $7.8 million of employer contributions. The asset increase was partially offset by an 83 basis point decrease in the pension discount rate from 3.20% at December 31, 2019, to 2.37% at December 31, 2020. Amounts recognized on the consolidated balance sheets as of December 31, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Current liabilities $ (1.7) $ (1.8) Noncurrent liabilities (54.9) (77.1) Total amount recognized $ (56.6) $ (78.9) The following table provides a reconciliation of the Company’s accumulated other comprehensive loss prior to any deferred tax effects at December 31, 2020 and 2019: Actuarial Gain / (Loss), net Balance at January 1, 2019 $ (33.3) Amount arising during the period (8.1) Balance at December 31, 2019 (41.4) Amount arising during the period 3.2 Impact of pension plan settlement charge included in net loss 0.1 Balance at December 31, 2020 $ (38.1) 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. The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Discount rate 3.20 % 4.22 % Expected long-term return on plan assets 5.75 % 6.25 % The weighted average assumptions used to determine pension benefit obligations at December 31, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Discount rate (end of year rate) 2.37 % 3.20 % 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 2021, the Company expects to make cash contributions of $4.1 million to its qualified defined benefit pension plans and expects to make estimated benefit payments of $1.7 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, 2020, were as follows: Future Pension 2021 $ 38.0 2022 36.1 2023 35.1 2024 34.1 2025 33.4 2026 - 2030 149.6 Thereafter 199.3 Total $ 525.6 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, 2020, and as of December 31, 2019, was approximately 30% equity securities and 70% 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, 2020 and 2019, by asset category were as follows: December 31, 2020 December 31, 2019 Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5.3 $ 5.3 $ — $ — $ 1.9 $ 1.9 $ — $ — Debt securities 125.7 — 125.7 — 118.0 — 118.0 — Equity securities 28.9 — 28.9 — 27.0 — 27.0 — Total pension plan assets, excluding those measured at net asset value (“NAV”) 159.9 $ 5.3 $ 154.6 $ — 146.9 $ 1.9 $ 145.0 $ — Investments measured at NAV (1) 309.1 289.9 Total pension plan assets $ 469.0 $ 436.8 ______________________________ (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 were no Level 3 assets as of December 31, 2020 and 2019. See Note 15, “ 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, 2020: 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, 2020 and 2019, are as follows: Fair Value Redemption Frequency (If Currently Eligible) Redemption Notice Period 2020 2019 JP Morgan Chase Bank Strategic Property Fund $ 12.8 $ 12.6 Quarterly 30 days Pyramis Long Corporate A or Better 98.5 93.3 Daily 15 days Pyramis Long Duration 98.8 92.2 Daily 15 days Russell 3000 Index NL 99.0 91.8 Daily 1 day Total value of investments measured at NAV $ 309.1 $ 289.9 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 2020 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 2031. As a result, the GCIU Plan implemented a rehabilitation plan to improve the plan’s funded status. In 2019, the Company and the GCIU reached a settlement agreement for all claims, with scheduled payments until April 2032. 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 2020 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. In 2016, the Company and the GCC reached a settlement agreement for all claims, with scheduled payments until February 2024. The Company made payments totaling $11.4 million and $10.4 million for the years ended December 31, 2020 and 2019, respectively. The Company has reserved $35.7 million as its estimate of the total MEPPs withdrawal liability as of December 31, 2020, of which $32.2 million was recorded in other long-term liabilities and $3.5 million was recorded in other current liabilities in the consolidated balance sheets. |
Earnings Per Share Attributable
Earnings Per Share Attributable to Quad Common Shareholders | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Attributable to Quad Common Shareholders | Loss Per Share Attributable to Quad Common Shareholders Basic earnings (loss) per share attributable to Quad common shareholders is computed as net earnings (loss) attributable to Quad common shareholders, divided by the basic weighted average common shares outstanding. The calculation of diluted earnings (loss) 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. Due to the net loss incurred during the years ended December 31, 2020 and 2019, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share calculation. 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, 2020 and 2019, are summarized as follows: 2020 2019 Numerator: Net loss from continuing operations $ (106.6) $ (55.7) Less: net loss attributable to noncontrolling interests (0.2) — Net loss from continuing operations attributable to Quad common shareholders (106.4) (55.7) Loss from discontinued operations, net of tax (21.9) (100.6) Net loss attributable to Quad common shareholders $ (128.3) $ (156.3) Denominator: Basic weighted average number of common shares outstanding for all classes of common stock 50.6 50.0 Plus: effect of dilutive equity incentive instruments — — Diluted weighted average number of common shares outstanding for all classes of common shares 50.6 50.0 Loss per share attributable to Quad common shareholders: Basic and diluted: Continuing operations $ (2.10) $ (1.11) Discontinued operations (0.43) (2.01) Basic and diluted loss per share attributable to Quad common shareholders $ (2.53) $ (3.12) Cash dividends paid per common share for all classes of common shares $ 0.15 $ 1.05 |
Equity Incentive Programs
Equity Incentive Programs | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Programs | Equity Incentive Programs The shareholders of the Company approved the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan (the “2020 Plan”) at the Company’s annual meeting of shareholders held on May 18, 2020, (the “Annual Meeting”) 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 Company’s previous plan, the Quad/Graphics, Inc. 2010 Omnibus Plan (the “2010 Plan”), was terminated on the date of approval of the 2020 Plan, and no new awards will be granted under the 2010 Plan. All awards that were granted under the 2010 Plan that were outstanding as of May 18, 2020, will remain outstanding and will continue to be governed by the 2010 Plan. The 2020 Plan provides for an aggregate 3,000,000 shares of class A common stock reserved for issuance, plus shares still available for issuance or re-credited under the 2010 Plan. Awards under the 2020 Plan may consist of incentive awards, stock options, stock appreciation rights, performance shares, performance share units, shares of class A common 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 common stock on the date of grant. There were 3,580,483 shares of class A common stock reserved for issuance under the 2020 Plan as of December 31, 2020, including 3,000,000 shares of class A common stock that were approved for issuance at the Annual Meeting and 580,483 shares of class A common stock that were remaining and available for issuance that transferred from the 2010 Plan. Authorized unissued shares or treasury shares may be used for issuance under the Company’s equity incentive programs. The Company plans to either use treasury shares of its class A common stock or issue shares of class A common stock to meet the stock requirements of its awards in the future. 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 four Equity Incentive Compensation Expense Equity incentive compensation expense was recorded primarily in selling, general and administrative expenses in the consolidated statements of operations and includes expense (income) recognized for liability awards that are remeasured on a quarterly basis. The total compensation expense recognized related to all equity incentive programs for the years ended December 31, 2020 and 2019, was as follows: Year ended December 31, 2020 2019 RS and RSU equity awards expense $ 9.7 $ 13.8 RSU liability awards income (0.1) (1.1) DSU awards expense 1.0 0.9 Total equity incentive compensation expense $ 10.6 $ 13.6 Total future compensation expense related to all equity incentive programs granted as of December 31, 2020, is estimated to be $9.3 million, which consists entirely of expense for RS and RSU awards. Estimated future compensation expense is $6.8 million for 2021, $2.3 million for 2022 and $0.2 million for 2023. 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, 2020 and 2019. There was no compensation expense recognized related to stock options for the years ended December 31, 2020 and 2019. There is no future compensation expense for stock options granted as of December 31, 2020. The following table is a summary of the stock option activity for the year ended December 31, 2020: Shares Weighted Weighted Aggregate Outstanding and exercisable at December 31, 2019 790,237 $ 25.27 1.1 $ — Granted — — Exercised — — Canceled/forfeited/expired (275,361) 21.11 Outstanding and exercisable at December 31, 2020 514,876 $ 27.49 0.5 $ — The intrinsic value of options outstanding and exercisable as of December 31, 2020 and 2019, was based on the fair value of the stock price. All outstanding options are vested as of December 31, 2020. There were no stock options exercised for the years ended December 31, 2020 and 2019. 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, 2020: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2019 2,623,971 $ 17.82 1.5 230,621 $ 14.75 1.9 Granted 1,111,141 4.65 45,353 4.67 Vested (550,516) 26.84 (25,228) 26.88 Forfeited (222,846) 13.22 (1,208) 12.32 Nonvested at December 31, 2020 2,961,750 $ 11.55 1.3 249,538 $ 11.70 1.3 In the first quarter of 2019, the Company issued RSU awards in connection with the acquisition of Periscope that are accounted for as liability awards that will vest on March 1, 2022. The awards were recorded at fair value on the initial issuance date and are remeasured to fair value at each reporting period, with the change in fair value being recorded in selling, general and administrative expense in the consolidated statements of operations. The change in fair value of the awards classified as liabilities resulted in income of $0.1 million for the year ended December 31, 2020. As of December 31, 2020, the fair value of the RSU awards classified as liabilities was $0.5 million and was included in other long-term liabilities on the consolidated balance sheets. 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 classified as equity was $9.7 million and $13.8 million for the years ended December 31, 2020 and 2019, 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, 2020: Deferred Stock Units Units Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2019 314,658 $ 16.22 Granted 204,088 4.67 Dividend equivalents granted 21,145 3.40 Settled (38,930) 19.81 Outstanding at December 31, 2020 500,961 $ 10.69 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 $1.0 million and $0.9 million for the years ended December 31, 2020 and 2019, respectively. 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, 2020 | |
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) 105.0 December 31, 2020 40.2 0.2 40.4 December 31, 2019 39.2 1.1 40.3 Class B stock ($0.025 par value) 80.0 December 31, 2020 13.5 — 13.5 December 31, 2019 13.5 — 13.5 Class C stock ($0.025 par value) 20.0 December 31, 2020 — 0.5 0.5 December 31, 2019 — 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, 2020 and 2019. The Company has no present plans to issue any preferred stock. On July 30, 2018, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s outstanding class A common stock. Under the authorization, share repurchases may be made at the Company’s discretion, from time to time, in the open market and/or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will depend on economic and market conditions, share price, trading volume, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. The Company is currently prohibited from repurchasing capital stock through the Covenant Relief Period, in accordance with the fourth amendment to the April 28, 2014 Senior Secured Credit Facility, completed on June 29, 2020. There were no shares of the Company’s class A stock repurchased during the years ended December 31, 2020 and 2019. As of December 31, 2020, there were $100.0 million of authorized repurchases remaining under the program. 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, 2020 and 2019: Declaration Date Record Date Payment Date Dividend Amount per Share 2020 Q1 Dividend February 18, 2020 February 28, 2020 March 9, 2020 $ 0.15 2019 Q4 Dividend October 29, 2019 November 18, 2019 December 6, 2019 0.15 Q3 Dividend July 30, 2019 August 19, 2019 September 6, 2019 0.30 Q2 Dividend April 30, 2019 May 20, 2019 June 7, 2019 0.30 Q1 Dividend February 19, 2019 February 25, 2019 March 8, 2019 0.30 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at January 1, 2019 $ (130.0) $ 3.3 $ (25.5) $ (152.2) Other comprehensive loss before reclassifications (1.0) (8.0) (6.0) (15.0) Amounts reclassified from accumulated other comprehensive loss to net loss — — — — Net other comprehensive loss (1.0) (8.0) (6.0) (15.0) Balance at December 31, 2019 (131.0) (4.7) (31.5) (167.2) Other comprehensive income (loss) before reclassifications 0.2 (11.2) 3.2 (7.8) Amounts reclassified from accumulated other comprehensive loss to net loss — 3.6 0.1 3.7 Net other comprehensive income (loss) 0.2 (7.6) 3.3 (4.1) Balance at December 31, 2020 $ (130.8) $ (12.3) $ (28.2) $ (171.3) There were no reclassifications from accumulated other comprehensive loss to net loss for the year ended December 31, 2019. The details about the reclassifications from accumulated other comprehensive loss to net loss for the year ended December 31, 2020, were as follows: Details about Accumulated Other Year Ended Consolidated Statements of Operations Presentation December 31, 2020 Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges $ 3.6 Interest expense Impact of income taxes — Income tax benefit Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges, net of tax 3.6 Plan settlements on pension benefit plans 0.1 Pension income Impact of income taxes — Income tax benefit Plan settlements on pension benefit plans, net of tax 0.1 Total reclassifications for the period, net of tax $ 3.7 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As a worldwide marketing solutions partner, Quad leverages its 50-year heritage of platform excellence, innovation, strong culture and social purpose to create a better way for its clients, employees and communities. 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, 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. As of December 31, 2020, the Company has no unrestricted subsidiaries as defined in the Company’s Senior Unsecured Notes indenture. 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, 2020 and 2019: Operating Income (Loss) from Continuing Operations Restructuring, Impairment and Transaction-Related Charges Net Sales Depreciation and Amortization Capital Expenditures Products Services Year ended December 31, 2020 United States Print and Related Services $ 1,944.0 $ 683.6 $ 1.7 $ 160.8 $ 58.8 $ 110.1 International 284.7 17.3 (0.8) 18.9 2.1 12.2 Total operating segments 2,228.7 700.9 0.9 179.7 60.9 122.3 Corporate — — (46.9) 1.9 0.1 1.8 Total $ 2,228.7 $ 700.9 $ (46.0) $ 181.6 $ 61.0 $ 124.1 Year ended December 31, 2019 United States Print and Related Services $ 2,713.3 $ 807.7 $ 130.1 $ 188.1 $ 104.6 $ 24.6 International 385.0 17.4 8.6 20.1 6.4 10.0 Total operating segments 3,098.3 825.1 138.7 208.2 111.0 34.6 Corporate — — (104.0) 1.3 — 54.8 Total $ 3,098.3 $ 825.1 $ 34.7 $ 209.5 $ 111.0 $ 89.4 Capital expenditures shown in the above table includes capital expenditures from discontinued operations for all periods presented. Restructuring, impairment and transaction-related charges for the years ended December 31, 2020 and 2019, are further described in Note 5, “Restructuring, Impairment and Transaction-Related Charges,” and are included in the operating income (loss) results by segment above. A reconciliation of operating income from continuing operations to loss from continuing operations before income taxes and equity in loss of unconsolidated entity as reported in the consolidated statements of operations for the years ended December 31, 2020 and 2019, was as follows: 2020 2019 Operating income (loss) from continuing operations $ (46.0) $ 34.7 Less: interest expense 68.8 90.0 Less: net pension income (10.5) (6.0) Less: loss on debt extinguishment 1.8 30.5 Loss from continuing operations before income taxes and equity in loss of unconsolidated entity $ (106.1) $ (79.8) Total assets by segment at December 31, 2020 and 2019, are shown in the following table. Total assets from discontinued operations are included within the United States Print and Related Services segment for all periods presented: 2020 2019 United States Print and Related Services $ 1,612.3 $ 2,038.7 International 265.7 302.5 Total operating segments 1,878.0 2,341.2 Corporate 49.7 75.9 Total $ 1,927.7 $ 2,417.1 |
Geographic Area Information
Geographic Area Information | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, by geographic region. The amounts in this table differ from the segment data presented in Note 21, “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 2020 Net sales Products $ 1,908.2 $ 156.0 $ 154.7 $ 9.8 $ 2,228.7 Services 683.6 17.3 — — 700.9 Property, plant and equipment—net 756.9 71.6 49.8 5.9 884.2 Operating lease right-of-use assets—net 74.7 2.1 2.0 2.2 81.0 Other intangible assets—net 99.2 3.0 2.1 — 104.3 Other long-term assets 55.4 7.4 10.2 0.4 73.4 2019 Net sales Products $ 2,679.1 $ 178.5 $ 234.3 $ 6.4 $ 3,098.3 Services 807.7 17.4 — — 825.1 Property, plant and equipment—net 896.3 73.5 60.0 6.7 1,036.5 Operating lease right-of-use assets—net 92.2 1.5 3.3 0.9 97.9 Other intangible assets—net 131.5 5.4 0.3 — 137.2 Other long-term assets 108.2 8.9 9.8 0.6 127.5 |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform. ASU 2020-04 permits entities to apply certain expedients and exceptions for contracts, hedging relationships, and other transactions impacted by the anticipated transition away from the use of LIBOR or other interbank offered rates to alternative reference rates. This optional guidance is effective as of March 12, 2020, through December 31, 2022. The Company is evaluating the impact of the adoption of ASU 2020-04 on the consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, accounting for hybrid tax regimes, interim-period accounting for enacted changes in tax law and limitation of tax benefit on year-to-date losses. This guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company has adopted this standard as of January 1, 2021. The Company evaluated the impact of the adoption of ASU 2019-12 on the consolidated financial statements and believes there is no material financial impact. 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”, 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 has adopted this standard for the year ended December 31, 2020, and has included the required disclosures within Note 16, “Employee Retirement Plans”. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events[TBD] |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations —As a worldwide marketing solutions partner, Quad leverages its 50-year heritage of platform excellence, innovation, strong culture and social purpose to create a better way for its clients, employees and communities. The Company’s integrated marketing platform helps brands and marketers reduce complexity, increase efficiency and enhance marketing spend effectiveness. Quad provides its clients with unmatched scale for on-site services and expanded subject expertise in marketing strategy, creative solutions, media deployment and marketing management services. With a client-centric approach that drives the Company to continuously evolve its offering, combined with leading-edge technology and single-source simplicity, the Company has the resources and knowledge to help a wide variety of clients in multiple vertical industries, including retail, publishing, consumer technology, consumer packaged goods, financial services, insurance, healthcare and direct-to-consumer. 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, 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”). |
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. 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 $3.0 million and $3.6 million during the years ended December 31, 2020 and 2019, 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 credit losses. No single customer comprised more than 5% of the Company’s consolidated net sales in 2020 or 2019, or 5% of the Company’s consolidated receivables as of December 31, 2020 or 2019. |
Inventories | Inventories—Inventories include material, labor, and plant overhead and are stated at the lower of cost or net realizable value. At December 31, 2020 and 2019, all inventories were valued using the first-in, first-out 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 9, “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; right-of-use assets 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—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. |
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. 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 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 |
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, 2020. |
Earnings (Loss) Per Share | Basic earnings (loss) per share attributable to Quad common shareholders is computed as net earnings (loss) attributable to Quad common shareholders, divided by the basic weighted average common shares outstanding. The calculation of diluted earnings (loss) 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform. ASU 2020-04 permits entities to apply certain expedients and exceptions for contracts, hedging relationships, and other transactions impacted by the anticipated transition away from the use of LIBOR or other interbank offered rates to alternative reference rates. This optional guidance is effective as of March 12, 2020, through December 31, 2022. The Company is evaluating the impact of the adoption of ASU 2020-04 on the consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, accounting for hybrid tax regimes, interim-period accounting for enacted changes in tax law and limitation of tax benefit on year-to-date losses. This guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company has adopted this standard as of January 1, 2021. The Company evaluated the impact of the adoption of ASU 2019-12 on the consolidated financial statements and believes there is no material financial impact. 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”, 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 has adopted this standard for the year ended December 31, 2020, and has included the required disclosures within Note 16, “Employee Retirement Plans”. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: 2020 2019 Interest paid, net of amounts capitalized $ 52.3 $ 77.1 Income taxes paid 2.7 9.2 Non-cash investing and financing activities: Non-cash finance lease additions 1.4 7.7 Non-cash operating lease additions 15.0 10.1 Acquisitions of businesses (see Note 3): Fair value of assets acquired, net of cash 5.0 97.2 Liabilities assumed (2.8) (31.5) Goodwill — 58.5 Equity incentive awards — (3.2) Acquisition of businesses—net of cash acquired $ 2.2 $ 121.0 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
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, 2020 and 2019: United States Print International Total Year ended December 31, 2020 Catalog, publications, retail inserts and directories $ 1,402.0 $ 230.0 $ 1,632.0 Direct mail and other printed products 538.3 53.3 591.6 Other 3.7 1.4 5.1 Total Products 1,944.0 284.7 2,228.7 Logistics services 357.2 17.2 374.4 Imaging, marketing services and other services 326.4 0.1 326.5 Total Services 683.6 17.3 700.9 Total Net Sales $ 2,627.6 $ 302.0 $ 2,929.6 Year ended December 31, 2019 Catalog, publications, retail inserts and directories $ 2,014.7 $ 301.0 $ 2,315.7 Direct mail and other printed products 681.6 83.7 765.3 Other 17.0 0.3 17.3 Total Products 2,713.3 385.0 3,098.3 Logistics services 429.4 17.0 446.4 Imaging, marketing services and other services 378.3 0.4 378.7 Total Services 807.7 17.4 825.1 Total Net Sales $ 3,521.0 $ 402.4 $ 3,923.4 |
Capitalized Contract Cost | Activity impacting costs to obtain contracts for the year ended December 31, 2020, was as follows: Costs to Obtain Contracts Balance at January 1, 2020 $ 12.7 Costs to obtain contracts 1.0 Amortization of costs to obtain contracts (5.0) Balance at December 31, 2020 $ 8.7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the results of operations of the Company’s Book business, which are included in the loss from discontinued operations in the consolidated statements of operations for the years ended December 31, 2020 and 2019. For The Year Ended December 31, 2020 2019 Total net sales $ 79.4 $ 213.8 Total cost of sales, excluding depreciation and amortization 80.4 226.8 Selling, general and administrative expenses 4.2 5.5 Depreciation and amortization — 13.6 Restructuring, impairment and transaction-related charges (1) 16.4 92.1 Goodwill impairment (2) — 10.1 Other expenses, net 0.3 0.1 Loss from discontinued operations before income taxes (21.9) (134.4) Income tax benefit — (33.8) Loss from discontinued operations, net of tax $ (21.9) $ (100.6) ______________________________ (1) The Company recognized $11.5 million of impairment charges for tangible property, plant and equipment during the year ended December 31, 2020, to reduce the carrying value of the Book business to its fair value, and recognized $2.2 million in employee termination charges and $2.7 million in other restructuring charges during the year ended December 31, 2020. Impairment charges recognized to reduce the carrying value of the Book business to its fair value during during the year ended December 31, 2019 included: $86.5 million of impairment charges for tangible property, plant and equipment and $5.6 million of impairment charges for contract assets. (2) The Book business was included in the Core Print and Related Services reporting unit. The amount of goodwill allocated to the Book business was determined based on the relative fair value of the Book business and the portion of the reporting unit that will be retained. Due to the decision to sell the Book business, the Company must determine whether any of the assets of the Book business were impaired. Therefore, management performed an interim goodwill impairment test. Due to the carrying value of the Book business net assets exceeding the estimated fair value, the Company recorded a $10.1 million goodwill impairment charge. For The Year Ended December 31, 2020 2019 Cash flows used in operating activities $ (3.9) $ (8.0) Cash flows provided by (used in) investing activities 19.6 (17.2) The following table summarizes the current and long-term assets and liabilities of the discontinued Book business that were classified as held for sale in the consolidated balance sheets at December 31, 2020, and 2019: December 31, December 31, Receivables—net $ — $ 19.6 Inventories — 14.0 Prepaid expenses and other current assets (1) — 23.0 Current assets of discontinued operations — 56.6 Property, plant and equipment—net — — Operating lease right-of-use assets—net — 0.2 Goodwill — — Other long-term assets — 0.3 Long-term assets of discontinued operations — 0.5 Accounts payable — 7.0 Other current liabilities — 8.5 Current portion of finance lease obligations — 0.1 Current portion of operating lease obligations — 0.2 Current liabilities of discontinued operations — 15.8 Finance lease obligations — — Other long-term liabilities — 0.6 Long-term liabilities of discontinued operations — 0.6 ______________________________ (1) Includes land and building assets that were reclassified to other current assets as of December 31, 2019 . |
Restructuring, Impairment and_2
Restructuring, Impairment and Transaction-Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, as follows: 2020 2019 Employee termination charges $ 34.7 $ 22.2 Impairment charges 64.1 7.9 Transaction-related charges 1.4 51.6 Integration costs 1.9 3.3 Other restructuring charges 22.0 4.4 Total $ 124.1 $ 89.4 |
Schedule of Restructuring Reserve by Type of Cost | Activity impacting the Company’s restructuring reserves for the years ended December 31, 2020 and 2019, was as follows: Employee Impairment Transaction-Related Integration Other Total Balance at January 1, 2019 $ 9.3 $ — $ 1.2 $ 0.2 $ 17.1 $ 27.8 Expense, net 22.2 7.9 51.6 3.3 4.4 89.4 Cash payments, net (20.0) — (52.6) (3.2) (1.8) (77.6) Non-cash adjustments/reclassifications (1.6) (7.9) 0.6 (0.1) (6.1) (15.1) Balance at December 31, 2019 $ 9.9 $ — $ 0.8 $ 0.2 $ 13.6 $ 24.5 Expense, net 34.7 64.1 1.4 1.9 22.0 124.1 Cash payments, net (29.7) — (1.7) (2.1) (10.5) (44.0) Non-cash adjustments/reclassifications (0.3) (64.1) — — 0.7 (63.7) Balance at December 31, 2020 $ 14.6 $ — $ 0.5 $ — $ 25.8 $ 40.9 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Accumulated Goodwill Impairment | The accumulated goodwill impairment losses and the carrying value of goodwill from continuing operations at December 31, 2020 and 2019, were as follows: United States Print and Related Services International Total Goodwill $ 881.3 $ 30.0 $ 911.3 Accumulated goodwill impairment loss (778.3) (30.0) (808.3) Goodwill, net of accumulated goodwill impairment loss $ 103.0 $ — $ 103.0 |
Schedule of Goodwill | Activity impacting goodwill for the year ended December 31, 2019, was as follows: United States Print and Related International Total Balance at January 1, 2019 $ 44.5 $ — $ 44.5 Acquisition of Periscope (see Note 3) 58.5 — 58.5 Balance at December 31, 2019 $ 103.0 $ — $ 103.0 |
Schedule of Components of Other Intangible Assets | The components of other intangible assets at December 31, 2020 and 2019, were as follows: December 31, 2020 December 31, 2019 Weighted Gross Accumulated Amortization Net Book Gross Accumulated Net Book Finite-lived intangible assets: Trademarks, patents, licenses and agreements 6 $ 69.6 $ (44.3) $ 25.3 $ 68.6 $ (33.6) $ 35.0 Capitalized software 5 17.3 (11.7) 5.6 16.1 (8.5) 7.6 Acquired technology 5 3.0 (0.5) 2.5 2.0 (2.0) — Customer relationships 6 561.9 (491.0) 70.9 562.1 (467.5) 94.6 Total finite-lived intangible assets $ 651.8 $ (547.5) $ 104.3 $ 648.8 $ (511.6) $ 137.2 |
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, 2020: Amortization Expense 2021 $ 31.6 2022 29.8 2023 25.5 2024 14.7 2025 2.4 2026 0.3 Total $ 104.3 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Allowance for Doubtful Accounts | 2020 2019 Balance at beginning of year $ 25.0 $ 27.4 Transition adjustment for adoption of ASU 2016-13 8.4 — Balance at beginning of year, including transition adjustment 33.4 27.4 Provisions 9.1 5.6 Write-offs (8.8) (7.8) Translation and other 0.1 (0.2) Balance at end of year $ 33.8 $ 25.0 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories at December 31, 2020 and 2019, were as follows: 2020 2019 Raw materials and manufacturing supplies $ 90.9 $ 112.2 Work in process 33.4 41.2 Finished goods 45.9 57.1 Total $ 170.2 $ 210.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment at December 31, 2020 and 2019, were as follows: 2020 2019 Land $ 97.6 $ 102.5 Buildings 780.3 846.1 Machinery and equipment 3,094.1 3,337.1 Other (1) 183.2 175.7 Construction in progress 33.0 35.0 Property, plant and equipment—gross 4,188.2 4,496.4 Less: accumulated depreciation (3,304.0) (3,459.9) Property, plant and equipment—net $ 884.2 $ 1,036.5 ______________________________ (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, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Components of Accrued and Other Long-Term Liabilities | The components of other current and long-term liabilities at December 31, 2020 and 2019, were as follows: December 31, 2020 December 31, 2019 Other Current Liabilities Other Total Other Current Liabilities Other Total Employee-related liabilities (1) $ 130.2 $ 67.4 $ 197.6 $ 129.4 $ 61.9 $ 191.3 Single employer pension plan obligations 1.7 54.9 56.6 1.8 77.1 78.9 Multiemployer pension plans – withdrawal liability 3.5 32.2 35.7 8.4 35.7 44.1 Tax-related liabilities 25.3 5.3 30.6 24.6 10.7 35.3 Restructuring liabilities 33.1 7.2 40.3 15.8 7.4 23.2 Interest and rent liabilities 3.6 — 3.6 4.9 0.2 5.1 Interest rate swap liabilities — 14.4 14.4 — 6.4 6.4 Liabilities held for sale from continuing operations (2) — — — 17.9 — 17.9 Other 113.4 15.4 128.8 100.2 21.7 121.9 Total $ 310.8 $ 196.8 $ 507.6 $ 303.0 $ 221.1 $ 524.1 ______________________________ (1) Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers’ compensation. (2) The Omaha, Nebraska packaging plant was considered held for sale in the consolidated balance sheets as of December 31, 2019. The Company completed the sale on January 31, 2020. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The components of long-term debt at December 31, 2020 and 2019, were as follows: Weighted Average Interest Rate 2020 2019 Master note and security agreement 7.78 % $ 15.6 $ 70.7 Term loan A 3.44 % 657.6 768.3 Revolving credit facility 3.24 % — — Senior unsecured notes 7.00 % 238.7 243.5 International term loans 1.91 % 10.7 16.5 International revolving credit facilities 1.37 % 4.9 5.7 Other 13.42 % 2.8 3.1 Debt issuance costs (6.9) (9.3) Total debt $ 923.4 $ 1,098.5 Less: short-term debt and current portion of long-term debt (20.7) (40.0) Long-term debt $ 902.7 $ 1,058.5 |
Schedule of Capitalized Debt Issuance Costs | Activity impacting the Company’s capitalized debt issuance costs and original issue discount for the years ended December 31, 2020 and 2019, was as follows: Capitalized Debt Original Issue Discount Balance at January 1, 2019 $ 7.2 $ 1.0 Impacts from January 31, 2019 debt financing arrangement 6.0 15.0 Loss on debt extinguishment from February 10, 2017 debt financing arrangement (0.7) (1.0) Loss on debt extinguishment from July 26, 2019 delayed draw Term Loan A funding and retirement of Term Loan B (0.5) (14.1) Amortization expense (2.7) (0.9) Balance at December 31, 2019 9.3 — Debt issuance costs from June 29, 2020 debt financing arrangement 2.6 — Loss on debt extinguishment from January 31, 2019 debt financing arrangement (2.3) — Loss on debt extinguishment from Master Note and Security Tender (0.2) — Amortization expense (2.5) — Balance at December 31, 2020 $ 6.9 $ — |
Schedule of Loss on Debt Extinguishment | The loss on debt extinguishment recorded during the year ended December 31, 2020, was comprised of the following: 2020 Loss on Debt Extinguishment Debt issuance costs from January 31, 2019 debt financing arrangement $ 2.3 Debt issuance costs from June 29, 2020 debt financing arrangement 0.1 Loss on debt extinguishment from Master Note and Security Tender 0.2 Gain on debt extinguishment from Senior Unsecured Note Repurchases (0.8) Total $ 1.8 The loss on debt extinguishment recorded during the year ended December 31, 2019, was comprised of the following: Loss on Debt Extinguishment Debt issuance costs: Debt issuance costs from February 10, 2017 debt financing arrangement $ 0.7 Debt issuance costs from January 31, 2019 debt financing arrangement 14.2 Debt issuance costs from July 26, 2019 delayed draw Term Loan A funding and retirement of Term Loan B 0.5 Original issue discount: Original issue discount from February 10, 2017 debt financing arrangement 1.0 Original issue discount from July 26, 2019 delayed draw Term Loan A funding and retirement of Term Loan B 14.1 Total $ 30.5 |
Schedule of Maturities of Long-term Debt | The approximate annual principal amounts due on long-term debt, excluding $6.9 million for future amortization of debt issuance costs, at December 31, 2020, were as follows: Principal Payments 2021 $ 20.7 2022 283.6 2023 87.2 2024 537.3 2025 1.0 2026 0.5 Total $ 930.3 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The following summarizes certain lease information for the years ended December 31, 2020 and 2019: Year Ended Year Ended December 31, 2020 December 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 3.6 $ 5.8 Interest on lease liabilities 0.4 1.0 Operating lease cost 32.6 42.6 Short-term lease cost 0.3 0.5 Sublease income (2.5) (3.1) Total lease cost $ 34.4 $ 46.8 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ — $ — Operating cash flows from operating leases 33.4 43.0 Financing cash flows from finance leases 6.6 8.7 Right-of-use assets obtained in exchange for new finance lease liabilities 1.4 7.7 Right-of-use assets obtained in exchange for new operating lease liabilities 15.0 18.7 Weighted-average remaining lease term — finance leases 2.0 years 2.0 years Weighted-average remaining lease term — operating leases 4.0 years 5.1 years Weighted-average discount rate — finance leases 5.0 % 6.5 % Weighted-average discount rate — operating leases 6.3 % 6.7 % |
Schedule of Capital Leased Assets | The components of finance lease assets at December 31, 2020 and 2019, were as follows: 2020 2019 Leased equipment—gross $ 26.1 $ 30.2 Less: accumulated depreciation (20.5) (17.8) Leased equipment—net $ 5.6 $ 12.4 |
Schedule of Future Minimum Lease Payments for Operating Leases | Future maturities of lease liabilities at December 31, 2020, were as follows: Future Maturities of Operating Leases Future Maturities of Finance Leases 2021 $ 31.1 $ 2.9 2022 23.1 1.6 2023 16.6 0.4 2024 9.6 0.1 2025 6.8 0.1 2026 and thereafter 6.5 — Total minimum payments 93.7 5.1 Less: present value discount (10.8) (0.3) Present value of minimum payments 82.9 4.8 Less: current portion (28.4) (2.8) Long-term lease liability $ 54.5 $ 2.0 |
Schedule of Future Minimum Rental Payments for Finance Leases | Future maturities of lease liabilities at December 31, 2020, were as follows: Future Maturities of Operating Leases Future Maturities of Finance Leases 2021 $ 31.1 $ 2.9 2022 23.1 1.6 2023 16.6 0.4 2024 9.6 0.1 2025 6.8 0.1 2026 and thereafter 6.5 — Total minimum payments 93.7 5.1 Less: present value discount (10.8) (0.3) Present value of minimum payments 82.9 4.8 Less: current portion (28.4) (2.8) Long-term lease liability $ 54.5 $ 2.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income taxes from continuing operations have been based on the following components of earnings (loss) from continuing operations before income taxes and equity in (earnings) loss of unconsolidated entity for the years ended December 31, 2020 and 2019: 2020 2019 United States $ (108.8) $ (94.1) Foreign 2.7 14.3 Total $ (106.1) $ (79.8) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) from continuing operations for the years ended December 31, 2020, and 2019, were as follows: 2020 2019 Federal: Current $ (47.3) $ (2.2) Deferred 32.3 (21.0) State: Current (1.5) 0.9 Deferred 17.0 (4.9) Foreign: Current 0.6 0.1 Deferred (0.8) 2.7 Total income tax expense (benefit) $ 0.3 $ (24.4) |
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 expense (benefit) from continuing operations for the years ended December 31, 2020 and 2019: 2020 2019 Federal statutory rate $ (22.3) $ (16.8) State taxes, net of federal benefit 15.4 (4.1) Adjustment to valuation allowances 13.1 (0.2) Benefit of Net Operating Loss Carryback (14.3) — Impact from foreign branches 2.1 2.6 Adjustment of deferred tax liabilities 2.0 (1.6) Foreign rate differential (1.3) — Adjustment of uncertain tax positions 0.8 (2.5) Other 4.8 (1.8) Income tax expense (benefit) $ 0.3 $ (24.4) |
Schedule of Deferred Tax Assets and Liabilities | The significant deferred tax assets and liabilities as of December 31, 2020 and 2019, were as follows: 2020 2019 Deferred tax assets: Net operating loss and other tax carryforwards $ 145.9 $ 125.1 Pension and workers compensation benefits 33.2 43.1 Accrued liabilities 20.5 11.1 Goodwill and intangible assets 19.0 17.4 Interest limitation 18.2 73.7 Accrued compensation 10.1 16.1 Allowance for doubtful accounts 7.2 5.5 Other 9.8 8.0 Total deferred tax assets 263.9 300.0 Valuation allowance (143.9) (107.1) Net deferred tax assets $ 120.0 $ 192.9 Deferred tax liabilities: Property, plant and equipment $ (103.8) $ (130.6) Other (4.2) (3.9) Total deferred tax liabilities (108.0) (134.5) Net deferred tax assets (liabilities) $ 12.0 $ 58.4 |
Summary of Income Tax Contingencies | The following table summarizes the activity of the Company’s liability for unrecognized tax benefits at December 31, 2020 and 2019: 2020 2019 Balance at beginning of period $ 17.8 $ 14.4 Additions for tax positions of the current year — — Additions for tax positions of prior years 0.9 7.8 Reductions for tax positions of prior years (6.1) — Lapses of applicable statutes of limitations (1.0) (4.3) Settlements during the period — (0.1) Balance at end of period $ 11.6 $ 17.8 2020 2019 Interest expense (income) $ (0.3) $ 0.5 Penalties (refunds) — — |
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, 2020 and 2019: December 31, 2020 December 31, 2019 Accrued interest Accrued penalties Accrued interest Accrued penalties Other current liabilities $ 0.5 $ 0.1 $ 0.5 $ 0.1 Other long-term liabilities 0.1 — 0.5 — Total liabilities $ 0.6 $ 0.1 $ 1.0 $ 0.1 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Interest Rate Derivatives | March 19, 2019 February 7, 2017 Effective date March 29, 2019 February 28, 2017 Termination date March 28, 2024 February 28, 2022 Term 5 years 5 years Notional amount $130.0 $250.0 Fixed swap rate 2.43% 1.89% Balance Sheet Location December 31, 2020 December 31, 2019 Interest rate swap liabilities Other long-term liabilities (14.4) (6.4) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The cash flows associated with the interest rate swaps have been recognized as an adjustment to interest expense in the consolidated statements of operations: Year Ended December 31, 2020 2019 Cash Flow Impacts Net interest paid (received) $ 5.6 $ (0.8) Impacts with Swaps as Hedging Instruments Loss recognized in other comprehensive loss $ 11.1 $ 10.7 Impacts with Swaps as Nonhedging Instruments Income recognized in interest expense excluded from hedge effectiveness assessments $ (3.1) $ — Amounts reclassified out of accumulated other comprehensive loss to interest expense 3.6 — Net interest expense 5.6 (0.8) Total impact of swaps to interest expense $ 6.1 $ (0.8) |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net pension income for the years ended December 31, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Interest cost $ (13.6) $ (17.5) Expected return on plan assets 24.2 23.5 Net periodic benefit income 10.6 6.0 Settlement charge (0.1) — Net pension income $ 10.5 $ 6.0 |
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, 2020 and 2019: Pension Benefits 2020 2019 Changes in benefit obligation Projected benefit obligation, beginning of year $ (515.7) $ (476.4) Interest cost (13.6) (17.5) Actuarial loss (40.5) (64.6) Benefits paid 43.6 42.8 Liability benefit from settlement 0.6 — Projected benefit obligation, end of year (525.6) (515.7) Changes in plan assets Fair value of plan assets, beginning of year 436.8 393.8 Actual return on plan assets 68.0 80.0 Employer contributions 7.8 5.8 Benefits paid (43.6) (42.8) Fair value of plan assets, end of year 469.0 436.8 Funded status $ (56.6) $ (78.9) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized on the consolidated balance sheets as of December 31, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Current liabilities $ (1.7) $ (1.8) Noncurrent liabilities (54.9) (77.1) Total amount recognized $ (56.6) $ (78.9) |
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, 2020 and 2019: Actuarial Gain / (Loss), net Balance at January 1, 2019 $ (33.3) Amount arising during the period (8.1) Balance at December 31, 2019 (41.4) Amount arising during the period 3.2 Impact of pension plan settlement charge included in net loss 0.1 Balance at December 31, 2020 $ (38.1) |
Schedule of Assumptions Used | The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Discount rate 3.20 % 4.22 % Expected long-term return on plan assets 5.75 % 6.25 % The weighted average assumptions used to determine pension benefit obligations at December 31, 2020 and 2019, were as follows: Pension Benefits 2020 2019 Discount rate (end of year rate) 2.37 % 3.20 % |
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, 2020, were as follows: Future Pension 2021 $ 38.0 2022 36.1 2023 35.1 2024 34.1 2025 33.4 2026 - 2030 149.6 Thereafter 199.3 Total $ 525.6 |
Schedule of Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2020 and 2019, by asset category were as follows: December 31, 2020 December 31, 2019 Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5.3 $ 5.3 $ — $ — $ 1.9 $ 1.9 $ — $ — Debt securities 125.7 — 125.7 — 118.0 — 118.0 — Equity securities 28.9 — 28.9 — 27.0 — 27.0 — Total pension plan assets, excluding those measured at net asset value (“NAV”) 159.9 $ 5.3 $ 154.6 $ — 146.9 $ 1.9 $ 145.0 $ — Investments measured at NAV (1) 309.1 289.9 Total pension plan assets $ 469.0 $ 436.8 ______________________________ (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, 2020 and 2019, are as follows: Fair Value Redemption Frequency (If Currently Eligible) Redemption Notice Period 2020 2019 JP Morgan Chase Bank Strategic Property Fund $ 12.8 $ 12.6 Quarterly 30 days Pyramis Long Corporate A or Better 98.5 93.3 Daily 15 days Pyramis Long Duration 98.8 92.2 Daily 15 days Russell 3000 Index NL 99.0 91.8 Daily 1 day Total value of investments measured at NAV $ 309.1 $ 289.9 |
Earnings Per Share Attributab_2
Earnings Per Share Attributable to Quad Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, are summarized as follows: 2020 2019 Numerator: Net loss from continuing operations $ (106.6) $ (55.7) Less: net loss attributable to noncontrolling interests (0.2) — Net loss from continuing operations attributable to Quad common shareholders (106.4) (55.7) Loss from discontinued operations, net of tax (21.9) (100.6) Net loss attributable to Quad common shareholders $ (128.3) $ (156.3) Denominator: Basic weighted average number of common shares outstanding for all classes of common stock 50.6 50.0 Plus: effect of dilutive equity incentive instruments — — Diluted weighted average number of common shares outstanding for all classes of common shares 50.6 50.0 Loss per share attributable to Quad common shareholders: Basic and diluted: Continuing operations $ (2.10) $ (1.11) Discontinued operations (0.43) (2.01) Basic and diluted loss per share attributable to Quad common shareholders $ (2.53) $ (3.12) Cash dividends paid per common share for all classes of common shares $ 0.15 $ 1.05 |
Equity Incentive Programs (Tabl
Equity Incentive Programs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense | The total compensation expense recognized related to all equity incentive programs for the years ended December 31, 2020 and 2019, was as follows: Year ended December 31, 2020 2019 RS and RSU equity awards expense $ 9.7 $ 13.8 RSU liability awards income (0.1) (1.1) DSU awards expense 1.0 0.9 Total equity incentive compensation expense $ 10.6 $ 13.6 |
Schedule of Stock Options Activity | The following table is a summary of the stock option activity for the year ended December 31, 2020: Shares Weighted Weighted Aggregate Outstanding and exercisable at December 31, 2019 790,237 $ 25.27 1.1 $ — Granted — — Exercised — — Canceled/forfeited/expired (275,361) 21.11 Outstanding and exercisable at December 31, 2020 514,876 $ 27.49 0.5 $ — |
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, 2020: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2019 2,623,971 $ 17.82 1.5 230,621 $ 14.75 1.9 Granted 1,111,141 4.65 45,353 4.67 Vested (550,516) 26.84 (25,228) 26.88 Forfeited (222,846) 13.22 (1,208) 12.32 Nonvested at December 31, 2020 2,961,750 $ 11.55 1.3 249,538 $ 11.70 1.3 |
Schedule of Deferred Stock Units Activity | The following table is a summary of DSU award activity for the year ended December 31, 2020: Deferred Stock Units Units Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2019 314,658 $ 16.22 Granted 204,088 4.67 Dividend equivalents granted 21,145 3.40 Settled (38,930) 19.81 Outstanding at December 31, 2020 500,961 $ 10.69 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 105.0 December 31, 2020 40.2 0.2 40.4 December 31, 2019 39.2 1.1 40.3 Class B stock ($0.025 par value) 80.0 December 31, 2020 13.5 — 13.5 December 31, 2019 13.5 — 13.5 Class C stock ($0.025 par value) 20.0 December 31, 2020 — 0.5 0.5 December 31, 2019 — 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, 2020 and 2019: Declaration Date Record Date Payment Date Dividend Amount per Share 2020 Q1 Dividend February 18, 2020 February 28, 2020 March 9, 2020 $ 0.15 2019 Q4 Dividend October 29, 2019 November 18, 2019 December 6, 2019 0.15 Q3 Dividend July 30, 2019 August 19, 2019 September 6, 2019 0.30 Q2 Dividend April 30, 2019 May 20, 2019 June 7, 2019 0.30 Q1 Dividend February 19, 2019 February 25, 2019 March 8, 2019 0.30 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at January 1, 2019 $ (130.0) $ 3.3 $ (25.5) $ (152.2) Other comprehensive loss before reclassifications (1.0) (8.0) (6.0) (15.0) Amounts reclassified from accumulated other comprehensive loss to net loss — — — — Net other comprehensive loss (1.0) (8.0) (6.0) (15.0) Balance at December 31, 2019 (131.0) (4.7) (31.5) (167.2) Other comprehensive income (loss) before reclassifications 0.2 (11.2) 3.2 (7.8) Amounts reclassified from accumulated other comprehensive loss to net loss — 3.6 0.1 3.7 Net other comprehensive income (loss) 0.2 (7.6) 3.3 (4.1) Balance at December 31, 2020 $ (130.8) $ (12.3) $ (28.2) $ (171.3) |
Reclassification out of Accumulated Other Comprehensive Loss to Net Earnings (Loss) | The details about the reclassifications from accumulated other comprehensive loss to net loss for the year ended December 31, 2020, were as follows: Details about Accumulated Other Year Ended Consolidated Statements of Operations Presentation December 31, 2020 Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges $ 3.6 Interest expense Impact of income taxes — Income tax benefit Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges, net of tax 3.6 Plan settlements on pension benefit plans 0.1 Pension income Impact of income taxes — Income tax benefit Plan settlements on pension benefit plans, net of tax 0.1 Total reclassifications for the period, net of tax $ 3.7 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following is a summary of segment information for the years ended December 31, 2020 and 2019: Operating Income (Loss) from Continuing Operations Restructuring, Impairment and Transaction-Related Charges Net Sales Depreciation and Amortization Capital Expenditures Products Services Year ended December 31, 2020 United States Print and Related Services $ 1,944.0 $ 683.6 $ 1.7 $ 160.8 $ 58.8 $ 110.1 International 284.7 17.3 (0.8) 18.9 2.1 12.2 Total operating segments 2,228.7 700.9 0.9 179.7 60.9 122.3 Corporate — — (46.9) 1.9 0.1 1.8 Total $ 2,228.7 $ 700.9 $ (46.0) $ 181.6 $ 61.0 $ 124.1 Year ended December 31, 2019 United States Print and Related Services $ 2,713.3 $ 807.7 $ 130.1 $ 188.1 $ 104.6 $ 24.6 International 385.0 17.4 8.6 20.1 6.4 10.0 Total operating segments 3,098.3 825.1 138.7 208.2 111.0 34.6 Corporate — — (104.0) 1.3 — 54.8 Total $ 3,098.3 $ 825.1 $ 34.7 $ 209.5 $ 111.0 $ 89.4 Total assets by segment at December 31, 2020 and 2019, are shown in the following table. Total assets from discontinued operations are included within the United States Print and Related Services segment for all periods presented: 2020 2019 United States Print and Related Services $ 1,612.3 $ 2,038.7 International 265.7 302.5 Total operating segments 1,878.0 2,341.2 Corporate 49.7 75.9 Total $ 1,927.7 $ 2,417.1 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of operating income from continuing operations to loss from continuing operations before income taxes and equity in loss of unconsolidated entity as reported in the consolidated statements of operations for the years ended December 31, 2020 and 2019, was as follows: 2020 2019 Operating income (loss) from continuing operations $ (46.0) $ 34.7 Less: interest expense 68.8 90.0 Less: net pension income (10.5) (6.0) Less: loss on debt extinguishment 1.8 30.5 Loss from continuing operations before income taxes and equity in loss of unconsolidated entity $ (106.1) $ (79.8) |
Geographic Area Information (Ta
Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, by geographic region. The amounts in this table differ from the segment data presented in Note 21, “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 2020 Net sales Products $ 1,908.2 $ 156.0 $ 154.7 $ 9.8 $ 2,228.7 Services 683.6 17.3 — — 700.9 Property, plant and equipment—net 756.9 71.6 49.8 5.9 884.2 Operating lease right-of-use assets—net 74.7 2.1 2.0 2.2 81.0 Other intangible assets—net 99.2 3.0 2.1 — 104.3 Other long-term assets 55.4 7.4 10.2 0.4 73.4 2019 Net sales Products $ 2,679.1 $ 178.5 $ 234.3 $ 6.4 $ 3,098.3 Services 807.7 17.4 — — 825.1 Property, plant and equipment—net 896.3 73.5 60.0 6.7 1,036.5 Operating lease right-of-use assets—net 92.2 1.5 3.3 0.9 97.9 Other intangible assets—net 131.5 5.4 0.3 — 137.2 Other long-term assets 108.2 8.9 9.8 0.6 127.5 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Equity Method and Cost Method Investments) (Details) | Dec. 31, 2020 |
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, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Foreign currency transaction loss | $ 2 | $ (1.2) |
Research and development costs | $ 3 | $ 3.6 |
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, 2020 | Dec. 31, 2019 | |
Sales | ||
Concentration Risk [Line Items] | ||
Concentration risk, customers above benchmark, number | 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% |
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, 2020 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 10 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 15 years |
Other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 3 years |
Other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 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, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information | ||
Interest paid, net of amounts capitalized | $ 52.3 | $ 77.1 |
Income taxes paid | 2.7 | 9.2 |
Non-cash finance lease additions | 1.4 | 7.7 |
Non-cash operating lease additions | 15 | 10.1 |
Acquisitions of businesses (see Note 3): | ||
Fair value of assets acquired, net of cash | 5 | 97.2 |
Liabilities assumed | (2.8) | (31.5) |
Goodwill | 0 | 58.5 |
Equity incentive awards | 0 | (3.2) |
Acquisition of businesses—net of cash acquired | $ 2.2 | $ 121 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,929.6 | $ 3,923.4 |
Catalog, publications, retail inserts, books and directories | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,632 | 2,315.7 |
Direct mail and other printed products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 591.6 | 765.3 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 5.1 | 17.3 |
Total Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,228.7 | 3,098.3 |
Logistics services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 374.4 | 446.4 |
Imaging, marketing services and other services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 326.5 | 378.7 |
Total Services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 700.9 | 825.1 |
United States Print and Related Services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,627.6 | 3,521 |
United States Print and Related Services | Catalog, publications, retail inserts, books and directories | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,402 | 2,014.7 |
United States Print and Related Services | Direct mail and other printed products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 538.3 | 681.6 |
United States Print and Related Services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3.7 | 17 |
United States Print and Related Services | Total Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,944 | 2,713.3 |
United States Print and Related Services | Logistics services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 357.2 | 429.4 |
United States Print and Related Services | Imaging, marketing services and other services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 326.4 | 378.3 |
United States Print and Related Services | Total Services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 683.6 | 807.7 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 302 | 402.4 |
International | Catalog, publications, retail inserts, books and directories | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 230 | 301 |
International | Direct mail and other printed products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 53.3 | 83.7 |
International | Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1.4 | 0.3 |
International | Total Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 284.7 | 385 |
International | Logistics services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 17.2 | 17 |
International | Imaging, marketing services and other services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.1 | 0.4 |
International | Total Services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 17.3 | $ 17.4 |
Revenue Recognition (Costs to O
Revenue Recognition (Costs to Obtain Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Capitalized contract costs | $ 8.7 | $ 12.7 |
Additional costs incurred | 1 | |
Contract costs amortized | $ 5 |
Revenue Recognition (Practical
Revenue Recognition (Practical Expedients) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Commitments that extended beyond one year | $ 0 |
Acquisitions and Strategic In_2
Acquisitions and Strategic Investments (Narrative) (Details) - USD ($) $ in Millions | Jun. 15, 2020 | Jan. 03, 2019 | Dec. 31, 2020 | Jun. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 103 | $ 103 | $ 44.5 | |||
Periscope Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid for acquisitions | $ 121 | |||||
Preliminary purchase price | 134 | |||||
Acquired cash | 9.8 | |||||
Equity issued, value | 3.2 | |||||
Identifiable finite-lived intangibles acquired | 69.8 | |||||
Goodwill | 58.5 | |||||
Goodwill, tax deductible | $ 52.7 | |||||
Periscope Acquisition | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Estimated finite-lived intangible assets, useful life (in years) | 5 years | |||||
Periscope Acquisition | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Estimated finite-lived intangible assets, useful life (in years) | 6 years | |||||
Rise Interactive | ||||||
Business Acquisition [Line Items] | ||||||
Notes payable acquired | $ 15.9 | |||||
Cash paid for acquisitions | $ 1 | |||||
Rise Interactive | Other Owner [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 43.00% | 1.00% | ||||
Rise Interactive | Rise Interactive | ||||||
Business Acquisition [Line Items] | ||||||
Stock repurchased and retired | $ 5.4 | |||||
Rise Interactive | Minimum | Quad/Graphics, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Parent ownership percentage | 57.00% | |||||
Rise Interactive | Maximum | Quad/Graphics, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Parent ownership percentage | 99.00% |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) | Jul. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill impairment | $ 0 | $ 0 | ||
Loss on sale of business | (3,500,000) | 8,400,000 | ||
Impairment charges | 64,100,000 | 7,900,000 | ||
Discontinued Operations, Held-for-sale | United States Book Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill impairment | 42,000,000 | $ 10,100,000 | ||
Discontinued Operations, Held-for-sale | United States Book Business, Versailles Kentucky Book Manufacturing Plant | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale of business, cash consideration received | $ 7,000,000 | |||
Liabilities assumed | $ 3,000,000 | |||
Loss on sale of business | 3,000,000 | |||
Impairment charges | 10,100,000 | |||
Discontinued Operations, Held-for-sale | United States Book Business, Fairfield Pennsylvania and Martinsburg West Virginia Book Manufacturing Plants | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale of business, cash consideration received | $ 14,200,000 | |||
Goodwill impairment | 1,400,000 | |||
Loss on sale of business | $ (3,500,000) |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Loss From Discontinued Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Goodwill impairment | $ 0 | $ 10,100,000 |
Severance Costs | 34,700,000 | 22,200,000 |
Other restructuring charges | 22,000,000 | 4,400,000 |
Goodwill impairment | 0 | 0 |
Discontinued Operations, Held-for-sale | United States Book Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total net sales | 79,400,000 | 213,800,000 |
Total cost of sales, excluding depreciation and amortization | 80,400,000 | 226,800,000 |
Selling, general and administrative expenses | 4,200,000 | 5,500,000 |
Depreciation and amortization | 0 | 13,600,000 |
Restructuring, impairment and transaction-related charges | 16,400,000 | 92,100,000 |
Goodwill impairment | 0 | 10,100,000 |
Other expenses, net | 300,000 | 100,000 |
Loss from discontinued operations before income taxes | (21,900,000) | (134,400,000) |
Income tax benefit | 0 | (33,800,000) |
Loss from discontinued operations, net of tax | (21,900,000) | (100,600,000) |
Impairment of tangible assets | 11,500,000 | 86,500,000 |
Severance Costs | 2,200,000 | |
Other restructuring charges | 2,700,000 | |
Impairment of contract assets | 5,600,000 | |
Goodwill impairment | $ 42,000,000 | $ 10,100,000 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Cash Flows from Book Business (Details) - Discontinued Operations, Held-for-sale - United States Book Business - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash flows used in operating activities | $ (3.9) | $ (8) |
Cash flows provided by (used in) investing activities | $ 19.6 | $ (17.2) |
Discontinued Operations - Sch_3
Discontinued Operations - Schedule of Assets and Liabilities of Discontinued Business (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets of discontinued operations | $ 0 | $ 56.6 |
Long-term assets of discontinued operations | 0 | 0.5 |
Current liabilities of discontinued operations | 0 | 15.8 |
Long-term liabilities of discontinued operations | 0 | 0.6 |
Discontinued Operations, Held-for-sale | United States Book Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Receivables—net | 0 | 19.6 |
Inventories | 0 | 14 |
Prepaid expenses and other current assets | 0 | 23 |
Current assets of discontinued operations | 0 | 56.6 |
Property, plant and equipment—net | 0 | 0 |
Operating lease right-of-use assets—net | 0 | 0.2 |
Goodwill | 0 | 0 |
Other long-term assets | 0 | 0.3 |
Long-term assets of discontinued operations | 0 | 0.5 |
Accounts payable | 0 | 7 |
Other current liabilities | 0 | 8.5 |
Current portion of finance lease obligations | 0 | 0.1 |
Current portion of operating lease obligations | 0 | 0.2 |
Current liabilities of discontinued operations | 0 | 15.8 |
Finance lease obligations | 0 | 0 |
Other long-term liabilities | 0 | 0.6 |
Long-term liabilities of discontinued operations | $ 0 | $ 0.6 |
Restructuring, Impairment and_3
Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | ||
Employee termination charges | $ 34.7 | $ 22.2 |
Impairment charges | 64.1 | 7.9 |
Transaction-related charges | 1.4 | 51.6 |
Integration costs | 1.9 | 3.3 |
Other restructuring charges | 22 | 4.4 |
Total | $ 124.1 | $ 89.4 |
Restructuring, Impairment and_4
Restructuring, Impairment and Transaction-Related Charges (Restructuring Activities) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Gain on sale of properties | $ 8.4 | ||
Employee termination charges | $ 34.7 | $ 22.2 | |
Integration costs | 1.9 | 3.3 | |
Other restructuring charges | 22 | 4.4 | |
Gains on the sale of facilities | $ (8.4) | ||
Impairment charges | 64.1 | 7.9 | |
Impairment of machinery and equipment | 22.1 | 7.6 | |
Impairment of land and building | 0.3 | ||
Impairment charges | 64.1 | 7.9 | |
Transaction-related charges | 1.4 | 51.6 | |
Non-cash adjustments/reclassifications | (63.7) | (15.1) | |
Accrued Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring liabilities | 33.1 | ||
Accounts Payable | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring liabilities | 0.6 | ||
Other Noncurrent Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Long-term restructuring reserve | $ 7.2 | ||
2010 Restructuring Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Announced plant closures since inception | facility | 50 | ||
LSC Communications | |||
Restructuring Cost and Reserve [Line Items] | |||
Transaction-related charges | $ 45 |
Restructuring, Impairment and_5
Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Gains on the sale of facilities | $ (8.4) | ||
Other restructuring charges | $ 22 | $ 4.4 | |
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 24.5 | 27.8 | |
Expense, net | 124.1 | 89.4 | |
Cash payments, net | (44) | (77.6) | |
Non-cash adjustments/reclassifications | (63.7) | (15.1) | |
Balance, end of year | 24.5 | 40.9 | 24.5 |
Facilities Idled | |||
Restructuring Cost and Reserve [Line Items] | |||
Vacant facility carrying costs and lease exit charges | 11.5 | 9.5 | |
Equipment and Infrastructure Removal Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Equipment and infrastructure removal costs | 1.1 | 0.4 | |
Sale of facilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Gains on the sale of facilities | (1.6) | (6.1) | |
Other restructuring charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring activities | 11 | 0.6 | |
Employee Termination Charges | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 9.9 | 9.3 | |
Expense, net | 34.7 | 22.2 | |
Cash payments, net | (29.7) | (20) | |
Non-cash adjustments/reclassifications | (0.3) | (1.6) | |
Balance, end of year | 9.9 | 14.6 | 9.9 |
Impairment Charges | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0 | 0 | |
Expense, net | 64.1 | 7.9 | |
Cash payments, net | 0 | 0 | |
Non-cash adjustments/reclassifications | (64.1) | (7.9) | |
Balance, end of year | 0 | 0 | 0 |
Transaction-Related Charges (Income) | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0.8 | 1.2 | |
Expense, net | 1.4 | 51.6 | |
Cash payments, net | (1.7) | (52.6) | |
Non-cash adjustments/reclassifications | 0 | 0.6 | |
Balance, end of year | 0.8 | 0.5 | 0.8 |
Integration Costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 0.2 | 0.2 | |
Expense, net | 1.9 | 3.3 | |
Cash payments, net | (2.1) | (3.2) | |
Non-cash adjustments/reclassifications | 0 | (0.1) | |
Balance, end of year | 0.2 | 0 | 0.2 |
Other Restructuring Charges | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning of year | 13.6 | 17.1 | |
Expense, net | 22 | 4.4 | |
Cash payments, net | (10.5) | (1.8) | |
Non-cash adjustments/reclassifications | 0.7 | (6.1) | |
Balance, end of year | $ 13.6 | $ 25.8 | $ 13.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | |
Goodwill | 103,000,000 | 103,000,000 | $ 44,500,000 |
Impairment of intangible assets | 0 | 0 | |
Amortization expense for other intangible assets | 39,100,000 | 44,800,000 | |
United States Book Business | Discontinued Operations, Held-for-sale | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 42,000,000 | $ 10,100,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Jan. 03, 2019 | |
Goodwill [Line Items] | ||||
Goodwill | $ 911.3 | |||
Accumulated goodwill impairment loss | (808.3) | |||
Goodwill, net of accumulated goodwill impairment loss | $ 103 | $ 103 | 103 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 103 | 44.5 | ||
Acquisitions | 0 | 58.5 | ||
Goodwill, ending balance | 103 | 103 | ||
Ivie and Associates | ||||
Goodwill [Roll Forward] | ||||
Acquisitions | 58.5 | |||
Periscope Acquisition | ||||
Goodwill [Line Items] | ||||
Goodwill, net of accumulated goodwill impairment loss | $ 58.5 | |||
United States Print and Related Services | ||||
Goodwill [Line Items] | ||||
Goodwill | 881.3 | |||
Accumulated goodwill impairment loss | (778.3) | |||
Goodwill, net of accumulated goodwill impairment loss | 103 | 103 | 103 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 103 | 44.5 | ||
Goodwill, ending balance | 103 | 103 | ||
United States Print and Related Services | Ivie and Associates | ||||
Goodwill [Roll Forward] | ||||
Acquisitions | 58.5 | |||
International | ||||
Goodwill [Line Items] | ||||
Goodwill | 30 | |||
Accumulated goodwill impairment loss | (30) | |||
Goodwill, net of accumulated goodwill impairment loss | 0 | 0 | $ 0 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 0 | 0 | ||
Goodwill, ending balance | 0 | $ 0 | ||
International | Ivie and Associates | ||||
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, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 651.8 | $ 648.8 |
Accumulated Amortization | (547.5) | (511.6) |
Total | $ 104.3 | 137.2 |
Trademarks, patents, licenses and agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 6 years | |
Gross Carrying Amount | $ 69.6 | 68.6 |
Accumulated Amortization | (44.3) | (33.6) |
Total | $ 25.3 | 35 |
Capitalized software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 5 years | |
Gross Carrying Amount | $ 17.3 | 16.1 |
Accumulated Amortization | (11.7) | (8.5) |
Total | $ 5.6 | 7.6 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 5 years | |
Gross Carrying Amount | $ 3 | 2 |
Accumulated Amortization | (0.5) | (2) |
Total | $ 2.5 | 0 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 6 years | |
Gross Carrying Amount | $ 561.9 | 562.1 |
Accumulated Amortization | (491) | (467.5) |
Total | $ 70.9 | $ 94.6 |
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, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2020 | $ 31.6 | |
2021 | 29.8 | |
2022 | 25.5 | |
2023 | 14.7 | |
2024 | 2.4 | |
2025 and thereafter | 0.3 | |
Total | $ 104.3 | $ 137.2 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accumulated deficit | $ 566 | $ 423.5 | ||
Allowance for doubtful accounts | 33.8 | 25 | $ 27.4 | |
Deferred income taxes | 48.5 | (57.1) | ||
Provisions | $ 9.1 | 5.6 | ||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accumulated deficit | $ 6.3 | |||
Allowance for doubtful accounts | 8.4 | $ 8.4 | $ 0 | |
Deferred income taxes | $ (2.1) |
Receivables - Credit Loss Allow
Receivables - Credit Loss Allowance Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 25 | $ 27.4 | |
Transition adjustment for adoption of ASU 2016-13 | 25 | 27.4 | |
Provisions | 9.1 | 5.6 | |
Write-offs | (8.8) | (7.8) | |
Translation and other | 0.1 | (0.2) | |
Balance at end of year | 33.8 | 25 | |
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 8.4 | 0 | |
Transition adjustment for adoption of ASU 2016-13 | 8.4 | 0 | $ 8.4 |
Balance at end of year | 8.4 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 33.4 | 27.4 | |
Transition adjustment for adoption of ASU 2016-13 | $ 33.4 | 27.4 | |
Balance at end of year | $ 33.4 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and manufacturing supplies | $ 90.9 | $ 112.2 |
Work in process | 33.4 | 41.2 |
Finished goods | 45.9 | 57.1 |
Total | $ 170.2 | $ 210.5 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Land | $ 97,600,000 | $ 102,500,000 |
Buildings | 780,300,000 | 846,100,000 |
Machinery and equipment | 3,094,100,000 | 3,337,100,000 |
Other | 183,200,000 | 175,700,000 |
Construction in progress | 33,000,000 | 35,000,000 |
Property, plant and equipment—gross | 4,188,200,000 | 4,496,400,000 |
Less: accumulated depreciation | (3,304,000,000) | (3,459,900,000) |
Property, plant and equipment—net | 884,200,000 | 1,036,500,000 |
Impairment charges | 64,100,000 | 7,900,000 |
Depreciation expense | 142,500,000 | 164,700,000 |
Net book value of assets held for sale | $ 4,900,000 | $ 59,300,000 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Multiemployer pension plans – withdrawal liability | $ 35.7 | ||
Restructuring liabilities | 40.9 | $ 24.5 | $ 27.8 |
Accrued Liabilities | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities(1) | 130.2 | 129.4 | |
Single employer pension plan obligations | 1.7 | 1.8 | |
Multiemployer pension plans – withdrawal liability | 3.5 | 8.4 | |
Tax-related liabilities | 25.3 | 24.6 | |
Restructuring liabilities | 33.1 | 15.8 | |
Interest and rent liabilities | 3.6 | 4.9 | |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | |
Held-For-Sale Liabilities, Continuing Operations | 0 | 17.9 | |
Other | 113.4 | 100.2 | |
Total Accrued Liabilities and Other Liabilities | 310.8 | 303 | |
Other Noncurrent Liabilities | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities(1) | 67.4 | 61.9 | |
Single employer pension plan obligations | 54.9 | 77.1 | |
Multiemployer pension plans – withdrawal liability | 32.2 | 35.7 | |
Tax-related liabilities | 5.3 | 10.7 | |
Restructuring liabilities | 7.2 | 7.4 | |
Interest and rent liabilities | 0 | 0.2 | |
Interest Rate Derivative Liabilities, at Fair Value | 14.4 | 6.4 | |
Held-For-Sale Liabilities, Continuing Operations | 0 | 0 | |
Other | 15.4 | 21.7 | |
Total Accrued Liabilities and Other Liabilities | 196.8 | 221.1 | |
Accrued Liabilities and Other Noncurrent Liabilities | |||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | |||
Employee-related liabilities(1) | 197.6 | 191.3 | |
Single employer pension plan obligations | 56.6 | 78.9 | |
Multiemployer pension plans – withdrawal liability | 35.7 | 44.1 | |
Tax-related liabilities | 30.6 | 35.3 | |
Restructuring liabilities | 40.3 | 23.2 | |
Interest and rent liabilities | 3.6 | 5.1 | |
Interest Rate Derivative Liabilities, at Fair Value | 14.4 | 6.4 | |
Held-For-Sale Liabilities, Continuing Operations | 0 | 17.9 | |
Other | 128.8 | 121.9 | |
Total Accrued Liabilities and Other Liabilities | $ 507.6 | $ 524.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remaining minimum amount committed | $ 8.7 |
Debt (Components of Long-term D
Debt (Components of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 923.4 | $ 1,098.5 |
Debt issuance costs | (6.9) | (9.3) |
Less: short-term debt and current portion of long-term debt | (20.7) | (40) |
Long-term debt | $ 902.7 | 1,058.5 |
Master note and security agreement | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 7.78% | |
Total debt | $ 15.6 | 70.7 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.44% | |
Total debt | $ 657.6 | 768.3 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.24% | |
Total debt | $ 0 | 0 |
Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 7.00% | |
Total debt | $ 238.7 | 243.5 |
International Term Loan | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.91% | |
Total debt | $ 10.7 | 16.5 |
International Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.37% | |
Total debt | $ 4.9 | 5.7 |
Other Debt Instruments | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 13.42% | |
Total debt | $ 2.8 | $ 3.1 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Jan. 31, 2019USD ($) | Dec. 21, 2018USD ($) | Dec. 28, 2015USD ($) | Apr. 28, 2014USD ($) | Dec. 31, 2020USD ($)loan_facilities | Dec. 31, 2019USD ($) | Jun. 29, 2020USD ($) | Dec. 31, 2018USD ($) | Feb. 10, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 923,400,000 | $ 1,098,500,000 | |||||||
Proceeds from the sale of the Senior Unsecured Notes | $ 294,800,000 | ||||||||
Gain on extinguishment of debt | $ (1,800,000) | (30,500,000) | |||||||
Ownership percentage | 100.00% | ||||||||
Fair value of total debt | $ 900,000,000 | 1,100,000,000 | |||||||
Assets pledged as collateral | 1,600,000,000 | ||||||||
Amortization of debt issuance costs | (2,500,000) | (2,700,000) | |||||||
Amortization of debt discount | 0 | (900,000) | |||||||
Future amortization of debt issuance costs | 6,900,000 | 9,300,000 | $ 7,200,000 | ||||||
Financing Arrangement, January 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs: | $ 20,200,000 | ||||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior secured credit facility | 725,000,000 | ||||||||
Master note and security agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 15,600,000 | 70,700,000 | |||||||
Repayment of long-term debt | 37,600,000 | ||||||||
Write off of deferred debt issuance cost | $ 200,000 | ||||||||
Weighted average interest rate | 7.78% | ||||||||
Gain on extinguishment of debt | $ (200,000) | ||||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 0 | 0 | |||||||
Weighted average interest rate | 3.24% | ||||||||
Debt instrument, term | 4 years | ||||||||
Letters of credit outstanding | $ 38,600,000 | ||||||||
Remaining borrowing capacity | 461,400,000 | ||||||||
Third Amendment To Senior Secured Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior secured credit facility | 800,000,000 | ||||||||
Fourth Amendment To Senior Secured Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior secured credit facility | $ 500,000,000 | ||||||||
Interest rate floor, LIBOR | 0.75% | ||||||||
Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 657,600,000 | 768,300,000 | |||||||
Weighted average interest rate | 3.44% | ||||||||
Debt instrument, face amount | $ 825,000,000 | $ 375,000,000 | |||||||
Debt instrument, term | 5 years | ||||||||
Term Loan B | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 500,000,000 | 300,000,000 | |||||||
Debt instrument, term | 7 years | 7 years | |||||||
Revolving Credit Facility And Term Loan A | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.50% | ||||||||
Revolving Credit Facility And Term Loan A | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.50% | ||||||||
Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 238,700,000 | 243,500,000 | |||||||
Weighted average interest rate | 7.00% | ||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||
Debt instrument, term | 8 years | ||||||||
Unsecured senior note percent | 7.00% | ||||||||
Repayments of Senior Debt | $ 4,700,000 | ||||||||
Gain on extinguishment of debt | 800,000 | ||||||||
International Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 4,900,000 | $ 5,700,000 | |||||||
Weighted average interest rate | 1.37% | ||||||||
Number of Loan Facilities | loan_facilities | 2 | ||||||||
Remaining borrowing capacity | $ 11,200,000 | ||||||||
International Revolving Credit Facility | Poland, Zlotych | October 31, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.40% | ||||||||
International Revolving Credit Facility | Poland, Zlotych | November 20, 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
International Revolving Credit Facility | Euro Member Countries, Euro | October 31, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.45% | ||||||||
International Revolving Credit Facility | Euro Member Countries, Euro | November 20, 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
International Revolving Credit Facility | United Kingdom, Pounds | October 31, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.45% | ||||||||
Secured Debt | Second International Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 12,800,000 | $ 8,500,000 | |||||||
Weighted average interest rate | 1.96% | ||||||||
Debt instrument, term | 5 years | ||||||||
Secured Debt | First International Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 2,200,000 | ||||||||
Weighted average interest rate | 1.72% | ||||||||
Debt instrument, face amount | $ 21,700,000 | ||||||||
Debt instrument, term | 6 years | ||||||||
Long-term Debt | Financing Arrangement, January 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs: | $ 6,000,000 | ||||||||
Discharge of Debt | Financing Arrangement, January 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs: | $ 14,200,000 |
Debt (Schedule of Debt Issuance
Debt (Schedule of Debt Issuance Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Issuance Costs [Roll Forward] | ||
Debt issuance costs, beginning balance | $ 9.3 | $ 7.2 |
Original issue discount, beginning balance | 0 | 1 |
Impact and debt issuance costs, debt financing arrangements | 2.7 | 20.2 |
Loss on debt extinguishment | (1.8) | (30.5) |
Amortization of debt issuance costs | (2.5) | (2.7) |
Amortization of debt discount | 0 | (0.9) |
Debt issuance costs, ending balance | 6.9 | 9.3 |
Original issue discount, ending balance | 0 | 0 |
Financing Arrangement, January 2019 | ||
Debt Issuance Costs [Roll Forward] | ||
Impact and debt issuance costs, debt financing arrangements | 6 | |
Impact and debt issuance costs, debt financing arrangements | 15 | |
Loss on debt extinguishment | (2.3) | |
Loss on debt extinguishment | 0 | |
Financing Arrangement, February 2017 | ||
Debt Issuance Costs [Roll Forward] | ||
Loss on debt extinguishment | (0.7) | |
Loss on debt extinguishment | (1) | |
Financing Arrangement, July 2019 | ||
Debt Issuance Costs [Roll Forward] | ||
Loss on debt extinguishment | (0.5) | |
Loss on debt extinguishment | $ (14.1) | |
Financing Arrangement, June 2020 | ||
Debt Issuance Costs [Roll Forward] | ||
Impact and debt issuance costs, debt financing arrangements | 2.6 | |
Impact and debt issuance costs, debt financing arrangements | 0 | |
Master note and security agreement | ||
Debt Issuance Costs [Roll Forward] | ||
Loss on debt extinguishment | (0.2) | |
Loss on debt extinguishment | $ 0 |
Debt (Schedule of Original Issu
Debt (Schedule of Original Issue Discount) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
(Original Issue Discount) [Abstract] | ||
Amortization of debt discount | $ 0 | $ (0.9) |
Debt (Schedule of Loss on Debt
Debt (Schedule of Loss on Debt Extinguishment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Unamortized discount and debt issuance costs | $ 30.5 | |
Loss on debt extinguishment | $ 1.8 | 30.5 |
Financing Arrangement, February 2017 | ||
Debt Instrument [Line Items] | ||
Debt issuance costs: | 0.7 | |
Original issue discount: | 1 | |
Loss on debt extinguishment | 0.7 | |
Financing Arrangement, January 2019 | ||
Debt Instrument [Line Items] | ||
Debt issuance costs: | 2.3 | 14.2 |
Loss on debt extinguishment | 2.3 | |
Financing Arrangement, July 2019 | ||
Debt Instrument [Line Items] | ||
Debt issuance costs: | 0.5 | |
Original issue discount: | 14.1 | |
Loss on debt extinguishment | $ 0.5 | |
Financing Arrangement, June 2020 | ||
Debt Instrument [Line Items] | ||
Debt issuance costs: | 0.1 | |
Master note and security agreement | ||
Debt Instrument [Line Items] | ||
Loss on debt extinguishment | 0.2 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Loss on debt extinguishment | $ (0.8) |
Debt (Schedule of Gain on Debt
Debt (Schedule of Gain on Debt Extinguishment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Loss (gain) on debt extinguishment | $ (1.8) | $ (30.5) |
Master note and security agreement | ||
Debt Instrument [Line Items] | ||
Loss (gain) on debt extinguishment | (0.2) | |
Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Loss (gain) on debt extinguishment | $ 0.8 |
Debt (Debt Covenant Compliance)
Debt (Debt Covenant Compliance) (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Covenant compliance, maximum unrestricted cash for maximum total net leverage ratio | $ 75,000,000 | ||||
Covenant compliance, leverage ratio | 4.50 | ||||
Covenant compliance senior secured leverage ratio | 2.41 | ||||
Interest coverage | 4.64 | ||||
Net leverage ratio | 3.30 | ||||
Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Covenant compliance, leverage ratio | 3.75 | 4.125 | 4.25 | 4.50 | |
Maximum | |||||
Debt Instrument [Line Items] | |||||
Covenant compliance, leverage ratio | 3.29 | ||||
Covenant compliance senior secured leverage ratio | 3.50 | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Covenant compliance, interest coverage | 3 | ||||
Financing Agreement, April 2014 | |||||
Debt Instrument [Line Items] | |||||
Covenant compliance maximum annual dividend payment | $ 60,000,000 | ||||
Financing Agreement, April 2014 | Maximum | |||||
Debt Instrument [Line Items] | |||||
Covenant compliance total leverage ratio | 2.75 | ||||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | |||
Future amortization of debt issuance costs | $ 6.9 | $ 9.3 | $ 7.2 |
Long-term Debt, by Maturity [Abstract] | |||
2020 | 20.7 | ||
2021 | 283.6 | ||
2022 | 87.2 | ||
2023 | 537.3 | ||
2024 | 1 | ||
2025 - 2029 | 0.5 | ||
Total | $ 930.3 |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets—net | $ 81 | $ 97.9 |
Lease liability | $ 82.9 |
Lease Obligations (Lease Inform
Lease Obligations (Lease Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 3.6 | $ 5.8 |
Interest on lease liabilities | 0.4 | 1 |
Operating lease cost | 32.6 | 42.6 |
Short-term lease cost | 0.3 | 0.5 |
Sublease income | (2.5) | (3.1) |
Total lease cost | 34.4 | 46.8 |
Operating cash flows from finance leases | 0 | 0 |
Operating cash flows from operating leases | 33.4 | 43 |
Financing cash flows from finance leases | 6.6 | 8.7 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1.4 | 7.7 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 18.7 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 15 | $ 10.1 |
Weighted-average remaining lease term — finance leases (years) | 2 years | 2 years |
Weighted-average remaining lease term — operating leases (years) | 4 years | 5 years 1 month 6 days |
Weighted-average discount rate — finance leases (percent) | 5.00% | 6.50% |
Weighted-average discount rate — operating leases (percent) | 6.30% | 6.70% |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Capital Leased Assets) (Details) - Machinery and Equipment - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Capital Leased Assets [Line Items] | ||
Leased equipment—gross | $ 26.1 | $ 30.2 |
Less: accumulated depreciation | (20.5) | (17.8) |
Leased equipment—net | $ 5.6 | $ 12.4 |
Lease Obligations (Schedule o_2
Lease Obligations (Schedule of Future MinimumLease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2020 | $ 31.1 | |
2021 | 23.1 | |
2022 | 16.6 | |
2023 | 9.6 | |
2024 | 6.8 | |
2025 and thereafter | 6.5 | |
Total minimum payments | 93.7 | |
Less: present value discount | (10.8) | |
Present value of minimum payments | 82.9 | |
Less: current portion | (28.4) | $ (30.2) |
Long-term lease liability | 54.5 | 70.4 |
Finance Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2020 | 2.9 | |
2021 | 1.6 | |
2022 | 0.4 | |
2023 | 0.1 | |
2024 | 0.1 | |
2025 and thereafter | 0 | |
Total minimum payments | 5.1 | |
Less: present value discount | (0.3) | |
Present value of minimum payments | 4.8 | |
Less: current portion | (2.8) | $ (7.7) |
Long-term lease liability | $ 2 |
Income Taxes (Income (Loss) Bef
Income Taxes (Income (Loss) Before Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
United States | $ (108.8) | $ (94.1) |
Foreign | 2.7 | 14.3 |
Loss from continuing operations before income taxes and equity in loss of unconsolidated entity | $ (106.1) | $ (79.8) |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal: | ||
Current | $ (47.3) | $ (2.2) |
Deferred | 32.3 | (21) |
State: | ||
Current | (1.5) | 0.9 |
Deferred | 17 | (4.9) |
Foreign: | ||
Current | 0.6 | 0.1 |
Deferred | (0.8) | 2.7 |
Total income tax expense (benefit) | $ 0.3 | $ (24.4) |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | $ (22.3) | $ (16.8) |
State taxes, net of federal benefit | 15.4 | (4.1) |
Adjustment to valuation allowances | 13.1 | (0.2) |
Benefit of Net Operating Loss Carryback | (14.3) | 0 |
Impact from foreign branches | 2.1 | 2.6 |
Adjustment of deferred tax liabilities | 2 | (1.6) |
Foreign rate differential | (1.3) | 0 |
Adjustment of uncertain tax positions | 0.8 | (2.5) |
Other | 4.8 | (1.8) |
Total income tax expense (benefit) | $ 0.3 | $ (24.4) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Adjustment to valuation allowance, net operating losses and credits not expected to be realized, state income tax purposes | $ 19.1 | |
Adjustment to valuation allowances | 13.1 | $ (0.2) |
Deferred tax liabilities | $ (4.2) | $ (2.8) |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss and other tax carryforwards | $ 145.9 | $ 125.1 |
Accrued liabilities | 20.5 | 11.1 |
Pension and workers compensation benefits | 33.2 | 43.1 |
Goodwill and intangible assets | 19 | 17.4 |
Interest limitation | 18.2 | 73.7 |
Allowance for doubtful accounts | 7.2 | 5.5 |
Accrued compensation | 10.1 | 16.1 |
Other | 9.8 | 8 |
Total deferred tax assets | 263.9 | 300 |
Valuation allowance | (143.9) | (107.1) |
Net deferred tax assets | 120 | 192.9 |
Deferred tax liabilities: | ||
Property, plant and equipment | (103.8) | (130.6) |
Other | (4.2) | (3.9) |
Total deferred tax liabilities | (108) | (134.5) |
Net deferred tax assets (liabilities) | 12 | 58.4 |
Valuation allowance | 143.9 | 107.1 |
Domestic Tax Authority | ||
Deferred tax assets: | ||
Valuation allowance | (22.5) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 82.2 | |
Capital loss carryforwards | 17.1 | |
Tax credit carryforward | 8.9 | |
Valuation allowance | 22.5 | |
Foreign Tax Authority | ||
Deferred tax assets: | ||
Valuation allowance | (46) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 72.3 | |
Net operating loss carryforwards, not subject to expiration | 28.8 | |
Tax credit carryforward | 28.9 | |
Valuation allowance | 46 | |
State and Local Jurisdiction | ||
Deferred tax assets: | ||
Valuation allowance | (75.4) | |
Deferred tax liabilities: | ||
Net operating loss carryforwards | 638.3 | |
Capital loss carryforwards | 8.7 | |
Tax credit carryforward | 44 | |
Tax credit carryforward, not subject to expiration | 32.1 | |
Valuation allowance | 75.4 | |
Other Noncurrent Assets | ||
Deferred tax liabilities: | ||
Net deferred tax assets (liabilities) | $ 16.2 | $ 61.2 |
Income Taxes (Income Tax Uncert
Income Taxes (Income Tax Uncertainties) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||
Document Period End Date | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 17.8 | $ 14.4 |
Additions for tax positions of the current year | 0 | 0 |
Additions for tax positions of prior years | 0.9 | 7.8 |
Reductions for tax positions of prior years | (6.1) | 0 |
Lapses of applicable statutes of limitations | (1) | (4.3) |
Settlements during the period | 0 | (0.1) |
Balance at end of period | 11.6 | 17.8 |
Unrecognized tax benefits that would impact the effective tax rate, if recognized | 10.4 | |
Interest expense (income) | (0.3) | 0.5 |
Penalties (refunds) | 0 | 0 |
Accrued interest related to income tax uncertainties | 0.6 | 1 |
Accrued penalties related to income tax uncertainties | 0.1 | 0.1 |
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 | 0.4 | |
Other Current Liabilities | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Accrued interest related to income tax uncertainties | 0.5 | 0.5 |
Accrued penalties related to income tax uncertainties | 0.1 | 0.1 |
Other Noncurrent Liabilities | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Accrued interest related to income tax uncertainties | 0.1 | 0.5 |
Accrued penalties related to income tax uncertainties | $ 0 | $ 0 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Interest Rate Swap Information (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($) | Jun. 29, 2020 | Mar. 19, 2019USD ($) | Feb. 07, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount to be reclassified over next twelve months | $ 7,100,000 | ||||
Total impact of swaps to interest expense | 5,600,000 | $ (800,000) | |||
Revolving Credit Facility | Fourth Amendment To Senior Secured Credit Facility | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate floor, LIBOR | 0.75% | ||||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cash flow hedge ineffectiveness recorded | $ 0 | ||||
Foreign Exchange Contract | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Foreign currency exchange contracts | contract | 0 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Loss recognized in other comprehensive loss | $ 11,100,000 | 10,700,000 | |||
Cash Flow Hedging | March 19, 2019 Interest Rate Swap | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Term of contract (years) | 5 years | ||||
Notional amount | $ 130,000,000 | ||||
Fixed interest rate (percentage) | 2.43% | ||||
Cash Flow Hedging | February 7, 2017 Interest Rate Swap | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Term of contract (years) | 5 years | ||||
Notional amount | $ 250,000,000 | ||||
Fixed interest rate (percentage) | 1.89% | ||||
Level 2 | Other Long Term Liabilities | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Fair value of interest rate swap | $ (14,400,000) | (6,400,000) | |||
Interest Expense | Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Income recognized in interest expense excluded from hedge effectiveness assessments | (3,100,000) | 0 | |||
Amounts reclassified out of accumulated other comprehensive loss to interest expense | 3,600,000 | 0 | |||
Total impact of swaps to interest expense | 6,100,000 | (800,000) | |||
Interest Expense | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Net interest paid (received) | $ (5,600,000) | $ 800,000 |
Employee Retirement Plans (Defi
Employee Retirement Plans (Defined Contribution Plans) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Employee stock ownership plan contribution | $ 0 | $ 0 |
Quad/Graphics Diversified Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Total assets | 2,200,000,000 | |
Defined contribution plan, cost recognized | $ 11,700,000 | $ 15,400,000 |
Employee Retirement Plans (Net
Employee Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Periodic Benefit Cost | ||
Interest cost | $ (13.6) | $ (17.5) |
Net pension income | 10.5 | 6 |
Pension Benefits | ||
Net Periodic Benefit Cost | ||
Interest cost | (13.6) | (17.5) |
Expected return on plan assets | 24.2 | 23.5 |
Net periodic benefit income | 10.6 | 6 |
Settlement charge | (0.1) | 0 |
Net pension income | $ 10.5 | $ 6 |
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, 2020 | Dec. 31, 2019 | |
Changes in benefit obligation | ||
Projected benefit obligation, beginning of year | $ (515.7) | $ (476.4) |
Interest cost | (13.6) | (17.5) |
Actuarial gain (loss) | (40.5) | (64.6) |
Benefits paid | 43.6 | 42.8 |
Liability benefit from settlement | 0.6 | 0 |
Projected benefit obligation, end of year | (525.6) | (515.7) |
Changes in plan assets | ||
Fair value of plan assets, beginning of year | 436.8 | 393.8 |
Actual return on plan assets | 68 | 80 |
Employer contributions | 7.8 | 5.8 |
Benefits paid | (43.6) | (42.8) |
Fair value of plan assets, end of year | 469 | 436.8 |
Funded status | ||
Funded status | (56.6) | $ (78.9) |
Net underfunded benefit plan obligations decrease | $ (22.3) | |
Defined benefit plan, actual return on plan assets | 17.00% |
Employee Retirement Plans (Accu
Employee Retirement Plans (Accumulated Benefit Obligations, Amounts Recognized on Balance Sheets, and Reconciliation of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||
Amount arising during the period | $ 3.2 | $ (8.1) |
Impact of pension plan settlement charge included in net earnings (loss) | 0.1 | 0 |
Pension Benefits | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ||
Current liabilities | (1.7) | (1.8) |
Noncurrent liabilities | (54.9) | (77.1) |
Total amount recognized | (56.6) | (78.9) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||
Accumulated other comprehensive income (loss), before Tax, beginning balance | (41.4) | (33.3) |
Amount arising during the period | 3.2 | (8.1) |
Impact of pension plan settlement charge included in net earnings (loss) | 0.1 | |
Accumulated other comprehensive income (loss), before Tax, ending balance | (38.1) | (41.4) |
Settlement charge | $ (0.1) | $ 0 |
Employee Retirement Plans (Weig
Employee Retirement Plans (Weighted Average Assumptions) (Details) - Pension Benefits | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | ||
Discount rate (beginning of year rate) | 3.20% | 4.22% |
Expected long-term return on plan assets | 5.75% | 6.25% |
Weighted-average assumptions used to determine benefit obligations at December 31, | ||
Discount rate (end of year rate) | 2.37% | 3.20% |
Employee Retirement Plans (Esti
Employee Retirement Plans (Estimated Contributions and Benefit Payments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments | |
2019 | $ 38 |
2020 | 36.1 |
2021 | 35.1 |
2022 | 34.1 |
2023 | 33.4 |
2026 - 2030 | 149.6 |
Thereafter | 199.3 |
Total | 525.6 |
Qualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | 4.1 |
Nonqualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | $ 1.7 |
Employee Retirement Plans (Plan
Employee Retirement Plans (Plan Assets and Investment Strategy) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | $ 469 | $ 436.8 | $ 393.8 |
Debt securities | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||
Target allocation percentage of assets | 70.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Actual plan asset allocations | 70.00% | ||
Equity securities | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||
Target allocation percentage of assets | 30.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Actual plan asset allocations | 30.00% | ||
Redemption Notice Period | JP Morgan Chase Bank Strategic Property Fund | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 30 days | ||
Redemption Notice Period | Pyramis Long Corporate A or Better | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 15 days | ||
Redemption Notice Period | Pyramis Long Duration | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 15 days | ||
Redemption Notice Period | Russell 3000 Index NL | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Redemption notice period | 1 day | ||
Fair Value, Recurring | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | $ 5.3 | 1.9 | |
Fair Value, Recurring | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 154.6 | 145 | |
Fair Value, Recurring | Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Recurring | NAV | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 309.1 | 289.9 | |
Fair Value, Recurring | NAV | JP Morgan Chase Bank Strategic Property Fund | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 12.8 | 12.6 | |
Fair Value, Recurring | NAV | Pyramis Long Corporate A or Better | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 98.5 | 93.3 | |
Fair Value, Recurring | NAV | Pyramis Long Duration | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 98.8 | 92.2 | |
Fair Value, Recurring | NAV | Russell 3000 Index NL | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 99 | 91.8 | |
Fair Value, Recurring | Cash and cash equivalents | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 5.3 | 1.9 | |
Fair Value, Recurring | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 5.3 | 1.9 | |
Fair Value, Recurring | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Recurring | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Recurring | Debt securities | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 125.7 | 118 | |
Fair Value, Recurring | Debt securities | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Recurring | Debt securities | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 125.7 | 118 | |
Fair Value, Recurring | Debt securities | Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Recurring | Equity securities | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 28.9 | 27 | |
Fair Value, Recurring | Equity securities | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Recurring | Equity securities | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 28.9 | 27 | |
Fair Value, Recurring | Equity securities | Level 3 | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Recurring | Pension Plan Assets, Excluding Investments Measured At NAV | |||
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] | |||
Fair value of plan assets | $ 159.9 | $ 146.9 |
Employee Retirement Plans (Mult
Employee Retirement Plans (Multiemployer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Other restructuring charges | $ 22 | $ 4.4 |
Multiemployer plans, plan contributions | 11.4 | 10.4 |
Withdrawal liability | 35.7 | |
Other Noncurrent Liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Withdrawal liability | 32.2 | 35.7 |
Accrued Liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Withdrawal liability | $ 3.5 | $ 8.4 |
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% |
Earnings Per Share Attributab_3
Earnings Per Share Attributable to Quad Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 09, 2020 | Dec. 06, 2019 | Sep. 06, 2019 | Jun. 07, 2019 | Mar. 08, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Numerator: | |||||||
Net loss from continuing operations | $ (106.6) | $ (55.7) | |||||
Less: net loss attributable to noncontrolling interests | (0.2) | 0 | |||||
Net loss from continuing operations attributable to Quad common shareholders | (106.4) | (55.7) | |||||
Loss from discontinued operations, net of tax | (21.9) | (100.6) | |||||
Net loss attributable to Quad common shareholders | $ (128.3) | $ (156.3) | |||||
Denominator: | |||||||
Basic weighted average number of common shares outstanding for all classes of common shares (in shares) | 50.6 | 50 | |||||
Plus: effect of dilutive equity incentive instruments (in shares) | 0 | 0 | |||||
Diluted weighted average number of common shares outstanding for all classes of common shares (in shares) | 50.6 | 50 | |||||
Earnings (loss) per share attributable to Quad/Graphics common shareholders: | |||||||
Basic, continuing operations (in dollars per share) | $ (2.10) | $ (1.11) | |||||
Basic, discontinued operations (in dollars per share) | (0.43) | (2.01) | |||||
Basic (in dollars per share) | (2.53) | (3.12) | |||||
Cash dividends paid per common share for all classes of common shares (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.15 | $ 1.05 |
Equity Incentive Programs (Addi
Equity Incentive Programs (Additional Information) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation charges | $ 10,600,000 | $ 13,600,000 |
Total future compensation expense | $ 9,300,000 | |
2020 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of class A stock reserved for issuance | 3,000,000 | |
2020 Plan, Including 2010 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of class A stock reserved for issuance | 3,580,483 | |
2010 Plan, Now Included In 2020 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of class A stock reserved for issuance | 580,483 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Fair Value | $ 500,000 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
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 | $ 9,300,000 | |
Estimated Future Expense in Year One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total future compensation expense | 6,800,000 | |
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 | 6,800,000 | |
Estimated Future Expense in Year Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total future compensation expense | 2,300,000 | |
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 | 2,300,000 | |
Estimated Future Expense in Year Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total future compensation expense | 200,000 | |
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 | $ 200,000 | |
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 Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU liability awards income | $ (0.1) | $ (1.1) |
Stock-based compensation charges | 10.6 | 13.6 |
Restricted Stock and Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized | 9.7 | 13.8 |
Deferred Stock Units (DSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized | $ 1 | $ 0.9 |
Equity Incentive Programs (Sc_2
Equity Incentive Programs (Schedule of Stock Option Activity Rollforward) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total future compensation expense | $ 9,300,000 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized | 0 | $ 0 |
Total future compensation expense | $ 0 | |
Shares Under Option | ||
Outstanding, beginning of year, Shares Under Option (in shares) | 790,237 | |
Granted, Shares Under Option (in shares) | 0 | 0 |
Exercised, Shares Under Option (in shares) | 0 | |
Canceled/forfeited/expired, Shares Under Option (in shares) | (275,361) | |
Outstanding, end of year, Shares Under Option (in shares) | 514,876 | 790,237 |
Weighted Average Exercise Price | ||
Outstanding, beginning of year, Weighted Average Exercise Price (in dollars per share) | $ 25.27 | |
Granted, Weighted Average Exercise Price (in dollars per share) | 0 | |
Exercised, Weighted Average Exercise Price (in dollars per share) | 0 | |
Canceled/forfeited/expired, Weighted Average Exercise Price (in dollars per share) | 21.11 | |
Outstanding, end of year, Weighted Average Exercise Price (in dollars per share) | $ 27.49 | $ 25.27 |
Weighted Average Remaining Contractual Term (years) | ||
Options exercisable | 6 months | 1 year 1 month 6 days |
Aggregate Intrinsic Value (millions) | ||
Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 |
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 | 33.30% | |
Stock Options | Vested in third year | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of options vested | 33.30% | |
Stock Options | Vested in fourth year | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of options vested | 33.30% |
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, 2020 | Dec. 31, 2019 | |
Weighted- Average Grant Date Fair Value Per Share | ||
Total future compensation expense | $ 9.3 | |
Estimated Future Expense in Year One | ||
Weighted- Average Grant Date Fair Value Per Share | ||
Total future compensation expense | 6.8 | |
Estimated Future Expense in Year Two | ||
Weighted- Average Grant Date Fair Value Per Share | ||
Total future compensation expense | 2.3 | |
Estimated Future Expense in Year Three | ||
Weighted- Average Grant Date Fair Value Per Share | ||
Total future compensation expense | $ 0.2 | |
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 | $ 9.7 | $ 13.8 |
Total future compensation expense | 9.3 | |
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 | 6.8 | |
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 | 2.3 | |
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 | $ 0.2 | |
Restricted Stock | ||
Shares | ||
Nonvested at beginning of year, (in shares) | 2,623,971 | |
Granted, Units (in shares) | 1,111,141 | |
Vested (in shares) | (550,516) | |
Forfeited, Units (in shares) | (222,846) | |
Nonvested at end of year, (in shares) | 2,961,750 | 2,623,971 |
Weighted- Average Grant Date Fair Value Per Share | ||
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 17.82 | |
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 4.65 | |
Vested, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 26.84 | |
Forfeited, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 13.22 | |
Nonvested, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 11.55 | $ 17.82 |
Nonvested, Weighted- Average Remaining Contractual Term (Years) | 1 year 3 months 18 days | 1 year 6 months |
Restricted Stock Units (RSUs) | ||
Shares | ||
Nonvested at beginning of year, (in shares) | 230,621 | |
Granted, Units (in shares) | 45,353 | |
Vested (in shares) | (25,228) | |
Forfeited, Units (in shares) | (1,208) | |
Nonvested at end of year, (in shares) | 249,538 | 230,621 |
Weighted- Average Grant Date Fair Value Per Share | ||
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 14.75 | |
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 4.67 | |
Vested, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 26.88 | |
Forfeited, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 12.32 | |
Nonvested, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 11.70 | $ 14.75 |
Nonvested, Weighted- Average Remaining Contractual Term (Years) | 1 year 3 months 18 days | 1 year 10 months 24 days |
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, 2020 | Dec. 31, 2019 | |
Units | ||
Outstanding, Units, beginning balance (in shares) | 314,658 | |
Granted, Units (in shares) | 204,088 | |
Dividend equivalents granted, Units (in shares) | 21,145 | |
Settled, Units (in shares) | (38,930) | |
Outstanding, Units, ending balance (in shares) | 500,961 | 314,658 |
Weighted- Average Grant Date Fair Value Per Share | ||
Outstanding, beginning of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 16.22 | |
Granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 4.67 | |
Dividend equivalents granted, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 3.40 | |
Settled, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | 19.81 | |
Outstanding, end of year, Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ 10.69 | $ 16.22 |
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 | $ 1 | $ 0.9 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Stock by Class) (Details) - $ / shares shares in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Treasury Stock (shares) | 0.7 | 1.6 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Authorized Shares | 105 | 105 |
Common Stock Outstanding (shares) | 40.2 | 39.2 |
Treasury Stock (shares) | 0.2 | 1.1 |
Total Issued Shares | 40.4 | 40.3 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Authorized Shares | 80 | 80 |
Common Stock Outstanding (shares) | 13.5 | 13.5 |
Treasury Stock (shares) | 0 | 0 |
Total Issued Shares | 13.5 | 13.5 |
Common Class C | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Authorized Shares | 20 | 20 |
Common Stock Outstanding (shares) | 0 | 0 |
Treasury Stock (shares) | 0.5 | 0.5 |
Total Issued Shares | 0.5 | 0.5 |
Shareholders' Equity (Sharehold
Shareholders' Equity (Shareholders' Equity Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)votestock_class$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018shares | Jun. 30, 2018USD ($) | |
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 | ||
Preferred stock, par value (in dollars per shares) | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock issued | 0 | 0 | 0 | |
Stock repurchase program, authorized amount (up to) | $ | $ 100,000,000 | |||
Employee stock ownership plan contribution | $ | $ 0 | $ 0 | ||
Common Class A | ||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||
Number of votes per share | vote | 1 | |||
Number of shares repurchased | 0 | 0 | ||
Remaining authorized repurchase amount | $ | $ 100,000,000 | |||
Common stock, shares authorized | 105,000,000 | 105,000,000 | ||
Common Class B | ||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||
Number of votes per share | vote | 10 | |||
Common stock, shares authorized | 80,000,000 | 80,000,000 | ||
Common Class C | ||||
Schedule of Shareholders' Equity Activity [Line Items] | ||||
Number of votes per share | vote | 10 | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule of Dividend Activity) (Details) - $ / shares | Mar. 09, 2020 | Feb. 18, 2020 | Dec. 06, 2019 | Oct. 29, 2019 | Sep. 06, 2019 | Jul. 30, 2019 | Jun. 07, 2019 | Apr. 30, 2019 | Mar. 08, 2019 | Feb. 19, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity Note [Abstract] | ||||||||||||
Cash dividends paid per common share for all classes of common shares (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.15 | $ 1.05 | |||||
Dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.15 | $ 1.05 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | $ (167.2) | $ (152.2) |
Other comprehensive loss before reclassifications | (7.8) | (15) |
Amounts reclassified from accumulated other comprehensive loss to net loss | 3.7 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (4.1) | (15) |
Accumulated other comprehensive loss, ending balance | (171.3) | (167.2) |
Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (131) | (130) |
Other comprehensive loss before reclassifications | 0.2 | (1) |
Amounts reclassified from accumulated other comprehensive loss to net loss | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 0.2 | (1) |
Accumulated other comprehensive loss, ending balance | (130.8) | (131) |
Interest Rate Swap Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (4.7) | 3.3 |
Other comprehensive loss before reclassifications | (11.2) | (8) |
Amounts reclassified from accumulated other comprehensive loss to net loss | 3.6 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (7.6) | (8) |
Accumulated other comprehensive loss, ending balance | (12.3) | (4.7) |
Pension Benefit Plan Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (31.5) | (25.5) |
Other comprehensive loss before reclassifications | 3.2 | (6) |
Amounts reclassified from accumulated other comprehensive loss to net loss | 0.1 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 3.3 | (6) |
Accumulated other comprehensive loss, ending balance | $ (28.2) | $ (31.5) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Reclassifications from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ 68.8 | $ 90 |
Income tax expense (benefit) | 0.3 | (24.4) |
Net pension income | (10.5) | (6) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3.7) | 0 |
Interest Rate Swap Adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3.6) | 0 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3.7 | |
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Swap Adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | 3.6 | |
Income tax expense (benefit) | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3.6) | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense (benefit) | 0 | |
Net pension income | 0.1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.1 | |
Pension Benefits | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net pension income | $ (10.5) | $ (6) |
Segment Information (Summary of
Segment Information (Summary of Segment Information) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Products | $ 2,929,600,000 | $ 3,923,400,000 |
Operating Income (Loss) | (46,000,000) | 34,700,000 |
Depreciation and Amortization | 181,600,000 | 209,500,000 |
Capital Expenditures | 61,000,000 | 111,000,000 |
Restructuring, impairment and transaction-related charges | 124,100,000 | 89,400,000 |
Goodwill impairment | 0 | 0 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (46,900,000) | (104,000,000) |
Depreciation and Amortization | 1,900,000 | 1,300,000 |
Capital Expenditures | 100,000 | 0 |
Restructuring, impairment and transaction-related charges | 1,800,000 | 54,800,000 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | 900,000 | 138,700,000 |
Depreciation and Amortization | 179,700,000 | 208,200,000 |
Capital Expenditures | 60,900,000 | 111,000,000 |
Restructuring, impairment and transaction-related charges | 122,300,000 | 34,600,000 |
United States Print and Related Services | ||
Segment Reporting Information [Line Items] | ||
Products | 2,627,600,000 | 3,521,000,000 |
Operating Income (Loss) | 1,700,000 | 130,100,000 |
Depreciation and Amortization | 160,800,000 | 188,100,000 |
Capital Expenditures | 58,800,000 | 104,600,000 |
Restructuring, impairment and transaction-related charges | 110,100,000 | 24,600,000 |
Goodwill impairment | 0 | |
International | ||
Segment Reporting Information [Line Items] | ||
Products | 302,000,000 | 402,400,000 |
Operating Income (Loss) | (800,000) | 8,600,000 |
Depreciation and Amortization | 18,900,000 | 20,100,000 |
Capital Expenditures | 2,100,000 | 6,400,000 |
Restructuring, impairment and transaction-related charges | 12,200,000 | 10,000,000 |
Product | ||
Segment Reporting Information [Line Items] | ||
Products | 2,228,700,000 | 3,098,300,000 |
Product | Corporate | ||
Segment Reporting Information [Line Items] | ||
Products | 0 | 0 |
Product | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Products | 2,228,700,000 | 3,098,300,000 |
Product | United States Print and Related Services | ||
Segment Reporting Information [Line Items] | ||
Products | 1,944,000,000 | 2,713,300,000 |
Product | International | ||
Segment Reporting Information [Line Items] | ||
Products | 284,700,000 | 385,000,000 |
Service | ||
Segment Reporting Information [Line Items] | ||
Products | 700,900,000 | 825,100,000 |
Service | Corporate | ||
Segment Reporting Information [Line Items] | ||
Products | 0 | 0 |
Service | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Products | 700,900,000 | 825,100,000 |
Service | United States Print and Related Services | ||
Segment Reporting Information [Line Items] | ||
Products | 683,600,000 | 807,700,000 |
Service | International | ||
Segment Reporting Information [Line Items] | ||
Products | $ 17,300,000 | $ 17,400,000 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Operating Profit from Segment to Consolidated) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | ||
Operating income (loss) from continuing operations | $ (46) | $ 34.7 |
Less: interest expense | 68.8 | 90 |
Less: loss on debt extinguishment | 1.8 | 30.5 |
Loss from continuing operations before income taxes and equity in loss of unconsolidated entity | $ (106.1) | $ (79.8) |
Segment Information (Assets by
Segment Information (Assets by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net pension income | $ (10.5) | $ (6) |
Assets | 1,927.7 | 2,417.1 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,878 | 2,341.2 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Assets | 49.7 | 75.9 |
United States Print and Related Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,612.3 | 2,038.7 |
International | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 265.7 | $ 302.5 |
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, 2020 | Dec. 31, 2019 | |
Net sales | ||
Net sales | $ 2,929.6 | $ 3,923.4 |
Property, plant and equipment—net | 884.2 | 1,036.5 |
Operating lease right-of-use assets—net | 81 | 97.9 |
Other intangible assets—net | 104.3 | 137.2 |
Other long-term assets | 73.4 | 127.5 |
United States | ||
Net sales | ||
Property, plant and equipment—net | 756.9 | 896.3 |
Operating lease right-of-use assets—net | 74.7 | 92.2 |
Other intangible assets—net | 99.2 | 131.5 |
Other long-term assets | 55.4 | 108.2 |
Europe | ||
Net sales | ||
Property, plant and equipment—net | 71.6 | 73.5 |
Operating lease right-of-use assets—net | 2.1 | 1.5 |
Other intangible assets—net | 3 | 5.4 |
Other long-term assets | 7.4 | 8.9 |
Latin America | ||
Net sales | ||
Property, plant and equipment—net | 49.8 | 60 |
Operating lease right-of-use assets—net | 2 | 3.3 |
Other intangible assets—net | 2.1 | 0.3 |
Other long-term assets | 10.2 | 9.8 |
Other | ||
Net sales | ||
Property, plant and equipment—net | 5.9 | 6.7 |
Operating lease right-of-use assets—net | 2.2 | 0.9 |
Other intangible assets—net | 0 | 0 |
Other long-term assets | 0.4 | 0.6 |
Product | ||
Net sales | ||
Net sales | 2,228.7 | 3,098.3 |
Product | United States | ||
Net sales | ||
Net sales | 1,908.2 | 2,679.1 |
Product | Europe | ||
Net sales | ||
Net sales | 156 | 178.5 |
Product | Latin America | ||
Net sales | ||
Net sales | 154.7 | 234.3 |
Product | Other | ||
Net sales | ||
Net sales | 9.8 | 6.4 |
Service | ||
Net sales | ||
Net sales | 700.9 | 825.1 |
Service | United States | ||
Net sales | ||
Net sales | 683.6 | 807.7 |
Service | Europe | ||
Net sales | ||
Net sales | 17.3 | 17.4 |
Service | Latin America | ||
Net sales | ||
Net sales | 0 | 0 |
Service | Other | ||
Net sales | ||
Net sales | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 18, 2020 | Oct. 29, 2019 | Jul. 30, 2019 | Apr. 30, 2019 | Feb. 19, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||||||
Proceeds from the sale of property, plant and equipment | $ 7.4 | $ 17.5 | |||||
Dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.15 | $ 1.05 |