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QUAD Quad/Graphics

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-34806
Entity Registrant NameQuad/Graphics, Inc.
Entity Incorporation, State or Country CodeWI
Entity Tax Identification Number39-1152983
Entity Address, Address Line OneN61 W23044 Harry’s Way
Entity Address, City or TownSussex
Entity Address, State or ProvinceWI
Entity Address, Postal Zip Code53089-3995
City Area Code414
Local Phone Number566-6000
Title of 12(b) SecurityClass A Common Stock, par value $0.025 per share
Trading SymbolQUAD
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0001481792
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding41,123,548
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding13,556,858
Common Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Total net sales $ 705.8 $ 822.5
Total cost of sales559.8 647.7
Operating expenses
Selling, general and administrative expenses80.5 99.6
Depreciation and amortization41.9 47.4
Restructuring, impairment and transaction-related charges2.6 22.8
Total operating expenses684.8 817.5
Operating income from continuing operations21 5
Interest expense14.5 18.1
Net pension income(4.1)(2.7)
Gain on debt extinguishment0 (0.6)
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated entity10.6 (9.8)
Income tax expense (benefit)0.5 (1.2)
Earnings (loss) from continuing operations before equity in earnings of unconsolidated entity10.1 (8.6)
Equity in earnings of unconsolidated entity(0.1)0
Net earnings (loss) from continuing operations10.2 (12.4)
Net earnings (loss) from continuing operations10.2 (8.6)
Loss from discontinued operations, net of tax0 (3.8)
Less: net earnings (loss) attributable to noncontrolling interests0 0
Net earnings (loss) attributable to Quad common shareholders $ 10.2 $ (12.4)
Earnings Per Share [Abstract]
Earnings (loss) per share attributable to Quad common shareholders, basic, continuing operations (USD per share) $ 0.20 $ (0.17)
Earnings (loss) per share attributable to Quad common shareholders, basic, discontinued operations (USD per share)0 (0.08)
Basic earnings (loss) per share attributable to Quad common shareholders (USD per share)0.20(0.25)
Earnings (loss) per share attributable to Quad common shareholders, diluted, continuing operations (USD per share)0.19(0.17)
Earnings (loss) per share attributable to Quad common shareholders, diluted, discontinued operations (USD per share)0 (0.08)
Diluted earnings (loss) per share attributable to Quad common shareholders (USD per share) $ 0.19 $ (0.25)
Weighted average number of common shares outstanding, basic (in shares)51.4 50.5
Weighted average number of common shares outstanding, diluted (in shares)52.8 50.5
Products
Total net sales $ 526 $ 645
Total cost of sales428.3 523.7
Services
Total net sales179.8 177.5
Total cost of sales $ 131.5 $ 124

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss) $ 10.2 $ (12.4)
Other comprehensive income (loss)
Translation adjustments(6)(15.3)
Interest rate swap adjustments1.8 (11.1)
Other comprehensive loss, before tax(4.2)(26.4)
Income tax impact related to items of other comprehensive income (loss)0 2.8
Other comprehensive loss, net of tax(4.2)(23.6)
Total comprehensive income (loss)6 (36)
Less: comprehensive income (loss) attributable to noncontrolling interests0 0
Comprehensive income (loss) attributable to Quad common shareholders $ 6 $ (36)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
ASSETS
Cash and cash equivalents $ 80.6 $ 55.2
Receivables, less allowance for credit losses of $33.3 million at March 31, 2021, and $33.8 million at December 31, 2020340.3 399.1
Inventories162 170.2
Prepaid expenses and other current assets50.8 54.7
Total current assets633.7 679.2
Property, plant and equipment—net850.7 884.2
Operating lease right-of-use assets—net78.7 81
Goodwill103 103
Other intangible assets—net95.9 104.3
Equity method investment in unconsolidated entity2.5 2.6
Other long-term assets72.7 73.4
Total assets1,837.2 1,927.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable330 320
Other current liabilities251.5 310.8
Short-term debt and current portion of long-term debt16.8 20.7
Current portion of finance lease obligations2.7 2.8
Current portion of operating lease obligations27.7 28.4
Liabilities, Current, Total628.7 682.7
Long-term debt871.3 902.7
Finance lease obligations1.8 2
Operating lease obligations53 54.5
Deferred income taxes5.1 4.2
Other long-term liabilities184.2 196.8
Liabilities, Total1,744.1 1,842.9
Commitments and contingencies (Note 10)
Shareholders’ equity
Preferred stock0 0
Additional paid-in capital835.5 833.1
Treasury stock, at cost(13.2)(13.1)
Accumulated deficit(555.8)(566)
Accumulated other comprehensive loss(175.5)(171.3)
Quad’s shareholders’ equity92.4 84.1
Noncontrolling interests0.7 0.7
Total shareholders’ equity and noncontrolling interests93.1 84.8
Total liabilities and shareholders’ equity1,837.2 1,927.7
Common Class A
Shareholders’ equity
Common stock1 1
Common Class B
Shareholders’ equity
Common stock0.4 0.4
Common Class C
Shareholders’ equity
Common stock $ 0 $ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowances for doubtful accounts $ 33.3 $ 33.8

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Statement of Cash Flows [Abstract]
Net earnings (loss) $ 10.2 $ (12.4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization41.9 47.4
Impairment charges0.8 3.8
Amortization of debt issuance costs and original issue discount0.6 0.6
Gain on debt extinguishment0 (0.6) $ (0.6)
Stock-based compensation3 2.8
Loss on the sale of a businesses0 2.9
Gain on the sale or disposal of property, plant and equipment(7)(0.8)
Deferred income taxes0.1 12.6
Equity in earnings of unconsolidated entity(0.1)0
Changes in operating assets and liabilities—net of acquisitions and divestitures23.4 (11.6)
Net cash provided by operating activities72.9 44.7
INVESTING ACTIVITIES
Purchases of property, plant and equipment(16.9)(29)
Cost investment in unconsolidated entities(0.3)0
Proceeds from the sale of property, plant and equipment11.4 3.6
Proceeds from the sale of businesses0 41.3
Acquisition of businesses—net of cash acquired0 (1.6)
Other investing activities(0.2)0
Net cash (used in) provided by investing activities(6)14.3
FINANCING ACTIVITIES
Payments of long-term debt(33.9)(43.9)
Payments of finance lease obligations(0.8)(3.1)
Borrowings on revolving credit facilities4.4 204.8
Payments on revolving credit facilities(5.7)(76.7)
Equity awards redeemed to pay employees’ tax obligations(1.1)(1)
Payment of cash dividends(1.4)(9.5)
Other financing activities(2.9)0.1
Net cash (used in) provided by financing activities(41.4)70.7
Effect of exchange rates on cash and cash equivalents(0.1)(0.6)
Net increase in cash and cash equivalents25.4 129.1
Cash and cash equivalents at beginning of period55.2 78.7 78.7
Cash and cash equivalents at end of period $ 80.6 $ 207.8 $ 55.2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity and Noncontrolling Interests - USD ($) shares in Millions, $ in MillionsTotalCommon StockCommon StockCumulative Effect, Period Of Adoption, Adjusted BalanceAdditional Paid-in CapitalAdditional Paid-in CapitalCumulative Effect, Period Of Adoption, Adjusted BalanceTreasury StockTreasury StockCumulative Effect, Period Of Adoption, Adjusted BalanceAccumulated DeficitAccumulated DeficitCumulative Effect, Period Of Adoption, AdjustmentAccumulated DeficitCumulative Effect, Period Of Adoption, Adjusted BalanceAccumulated Other Comprehensive LossAccumulated Other Comprehensive LossCumulative Effect, Period Of Adoption, Adjusted BalanceQuad’s Shareholders’ EquityQuad’s Shareholders’ EquityCumulative Effect, Period Of Adoption, AdjustmentQuad’s Shareholders’ EquityCumulative Effect, Period Of Adoption, Adjusted BalanceNoncontrolling InterestsNoncontrolling InterestsCumulative Effect, Period Of Adoption, Adjusted Balance
Beginning balance, shares at Dec. 31, 201954.3 54.3 (1.6)(1.6)
Beginning balance, Quad's shareholders equity at Dec. 31, 2019 $ 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
Beginning balance, noncontrolling interests at Dec. 31, 2019 $ 17.7 $ 17.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Quad common shareholders $ (12.4)(12.4)(12.4)
Less: net earnings (loss) attributable to noncontrolling interests0 0
Change in ownership of noncontrolling interests0.1
Foreign currency translation adjustments(15.3)(15.3)
Interest rate swap adjustments, net of tax(8.3)(8.3)
Cash dividends declared(7.9)(7.9)
Stock-based compensation3.1 3.1
Issuance of share-based awards, net of other activity, shares0.1 1.1
Issuance of share-based awards, net of other activity19.8 $ (19.8)0
Awards redeemed to pay employees' tax obligations, shares(0.2)
Awards redeemed to pay employees’ tax obligations $ (1)(1)
Ending balance, shares at Mar. 31, 202054.4 (0.7)
Ending balance, Quad's shareholders' equity at Mar. 31, 2020 $ 1.4 830.7 $ (12.7)(450.1)(190.8)178.5
Ending balance, noncontrolling interests at Mar. 31, 202017.8
Beginning balance, shares at Dec. 31, 202054.4 (0.8)
Beginning balance, Quad's shareholders equity at Dec. 31, 202084.1 $ 1.4 833.1 $ (13.1)(566)(171.3)84.1
Beginning balance, noncontrolling interests at Dec. 31, 20200.7 0.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Quad common shareholders10.2 10.2 10.2
Less: net earnings (loss) attributable to noncontrolling interests0
Foreign currency translation adjustments(6)(6)
Interest rate swap adjustments, net of tax1.8 1.8
Stock-based compensation3 3
Issuance of share-based awards, net of other activity, shares1.3 0
Issuance of share-based awards, net of other activity0.6 $ (1)(0.4)
Awards redeemed to pay employees' tax obligations, shares(0.2)
Awards redeemed to pay employees’ tax obligations $ (1.1)(1.1)
Ending balance, shares at Mar. 31, 202155.7 (1)
Ending balance, Quad's shareholders' equity at Mar. 31, 202192.4 $ 1.4 $ 835.5 $ (13.2) $ (555.8) $ (175.5) $ 92.4
Ending balance, noncontrolling interests at Mar. 31, 2021 $ 0.7 $ 0.7

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity and Noncontroling Interests (Parenthetical)12 Months Ended
Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]us-gaap:AccountingStandardsUpdate201613Member

Basis of Presentation

Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis of Presentation The accompanying unaudited condensed consolidated financial statements for Quad/Graphics, Inc. and its subsidiaries (the “Company” or “Quad”) have been prepared by the Company pursuant to the rules and regulations for interim financial information of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to such SEC rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated annual financial statements as of and for the year ended December 31, 2020, and notes thereto included in the Company’s latest Annual Report on Form 10-K filed with the SEC on February 24, 2021. The Company is subject to seasonality in its quarterly results as net sales and operating income are higher in the third and fourth quarters of the calendar year as compared to the first and second quarters. The fourth quarter is typically the highest seasonal quarter for cash flows from operating activities due to the reduction of working capital requirements that reach peak levels during the third quarter. Seasonality is driven by increased magazine advertising page counts, retail inserts and catalogs primarily due to back-to-school and holiday-related advertising and promotions. The Company expects this seasonality impact to continue in future years. The financial information contained herein reflects all adjustments, in the opinion of management, necessary for a fair presentation of the Company’s results of operations for the three months ended March 31, 2021 and 2020. All of these adjustments are of a normal recurring nature, except as otherwise noted. All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. Discontinued Operations - The results of operations of the Company’s Book business are reported as discontinued operations for the three months ended March 31, 2020, in accordance with Accounting Standards Codification (“ASC”) 205-20 — Discontinued Operations . 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. Coronavirus (“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. The Company also 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.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue RecognitionRevenue 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 three months ended March 31, 2021 and 2020: United States Print International Total Three months ended March 31, 2021 Catalog, publications, retail inserts, and directories $ 329.7 $ 49.0 $ 378.7 Direct mail and other printed products 129.0 16.8 145.8 Other 1.2 0.3 1.5 Total products 459.9 66.1 526.0 Logistics services 92.7 5.1 97.8 Imaging, marketing services and other services 82.0 — 82.0 Total services 174.7 5.1 179.8 Total net sales $ 634.6 $ 71.2 $ 705.8 Three months ended March 31, 2020 Catalog, publications, retail inserts, and directories $ 412.1 $ 64.7 $ 476.8 Direct mail and other printed products 150.4 16.4 166.8 Other 1.1 0.3 1.4 Total products 563.6 81.4 645.0 Logistics services 90.0 4.4 94.4 Imaging, marketing services and other services 83.0 0.1 83.1 Total services 173.0 4.5 177.5 Total net sales $ 736.6 $ 85.9 $ 822.5 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, 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. Costs to Obtain Contracts In accordance with ASC 606 — Revenue from Contracts with Customers , the Company capitalizes certain sales incentives of the sales compensation packages for costs that are directly attributed to being awarded a client 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 client 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 impair ment. Activity impacting costs to obtain contracts for the three months ended March 31, 2021, was as follows: Costs to Obtain Contracts Balance at December 31, 2020 $ 8.7 Costs to obtain contracts — Amortization of costs to obtain contracts (0.9) Balance at March 31, 2021 $ 7.8

Acquisitions and Strategic Inve

Acquisitions and Strategic Investments Acquisitions and Strategic Investments3 Months Ended
Mar. 31, 2021
Acquisitions and Strategic Investments [Abstract]
Acquisitions and Strategic InvestmentsStrategic Investments

Discontinued Operations (Notes)

Discontinued Operations (Notes)3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued OperationsDiscontinued 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. 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. 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, which are included in the loss from discontinued operations in the condensed consolidated statements of operations for the three months ended March 31, 2020: Three Months Ended March 31, 2020 Total net sales $ 40.3 Total cost of sales, excluding depreciation and amortization 41.1 Selling, general and administrative expenses 1.9 Restructuring, impairment and transaction-related charges (1) 2.2 Other expenses, net — Loss from discontinued operations before income taxes (4.9) Income tax benefit (1.1) Loss from discontinued operations, net of tax $ (3.8) ______________________________ (1) The Company recognized $1.3 million of impairment charges for tangible property, plant and equipment during the three months ended March 31, 2020, to reduce the carrying value of the Book business to its fair value. The condensed consolidated statement of cash flows for the three months ended March 31, 2020 has not been adjusted to separately disclose cash flows related to discontinued operations. Cash flows related to the discontinued Book business during the three months ended March 31, 2020, were as follows: Three Months Ended March 31, 2020 Cash flows used in operating activities $ (0.9) Cash flows used in investing activities (1.6)

Restructuring, Impairment and T

Restructuring, Impairment and Transaction-Related Charges3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring, Impairment and Transaction-Related ChargesRestructuring, Impairment and Transaction-Related Charges The Company recorded restructuring, impairment and transaction-related charges for the three months ended March 31, 2021 and 2020, as follows: Three Months Ended March 31, 2021 2020 Employee termination charges $ 4.7 $ 12.6 Impairment charges 0.8 2.5 Transaction-related charges 0.2 0.5 Integration costs — 0.7 Other restructuring charges (income) (3.1) 6.5 Total $ 2.6 $ 22.8 The costs related to these activities have been recorded in the condensed consolidated statements of operations as restructuring, impairment and transaction-related charges. See Note 20, “Segment Information,” for restructuring, impairment and transaction-related charges by segment. Restructuring Charges The Company began a restructuring program in 2010 related to eliminating excess manufacturing capacity and properly aligning its cost structure and has since announced a total of 50 plant closures through March 31, 2021. The Company classifies the following charges as restructuring: • Employee termination charges are incurred when the Company reduces its workforce through separation programs and facility consolidations. • Integration costs are incurred primarily for the integration of acquired companies (see Note 3, “Strategic Investments,” for descriptions of the Company’s recent acquisitions and strategic investments). • Other restructuring charges (income) are presented net of the gains on the sale of facilities and businesses, including a gain on the sale of the Riverside, California facility during the three months ended March 31, 2021, and a gain on the sale of the Shakopee, Minnesota facility during the three months ended March 31, 2020. The Company also recognized a $2.9 million loss on the sale of a business during the three months ended March 31, 2020, which is included within other restructuring activities below. The components of other restructuring charges (income) consisted of the following during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Vacant facility carrying costs and lease exit charges $ 3.9 $ 2.7 Equipment and infrastructure removal costs 0.8 0.6 Gains on the sale of facilities (7.8) (0.8) Other restructuring activities — 4.0 Other restructuring charges (income) $ (3.1) $ 6.5 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 $0.8 million and $2.5 million during the three months ended March 31, 2021 and 2020, respectively, 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. The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 13, “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. Transaction-related charges of $0.2 million and $0.5 million were recorded during the three months ended March 31, 2021 and 2020, respectively. Restructuring Reserves Activity impacting the Company’s restructuring reserves for the three months ended March 31, 2021, was as follows: Employee Impairment Transaction-Related Other Total Balance at December 31, 2020 $ 14.6 $ — $ 0.5 $ 25.8 $ 40.9 Expense, net 4.7 0.8 0.2 (3.1) 2.6 Cash payments, net (5.6) — (0.3) 6.6 0.7 Non-cash adjustments/reclassifications and translation (0.4) (0.8) — (4.2) (5.4) Balance at March 31, 2021 $ 13.3 $ — $ 0.4 $ 25.1 $ 38.8

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units and is tested annually for impairment as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. No indicators of impairment were identified in any of the Company's reporting units during the three months ended March 31, 2021. The accumulated goodwill impairment losses and the carrying value of goodwill at March 31, 2021, and December 31, 2020, 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 Other Intangible Assets The components of finite-lived intangible assets at March 31, 2021, and December 31, 2020, were as follows: March 31, 2021 December 31, 2020 Weighted Gross Accumulated Net Book Weighted Gross Accumulated Net Book Trademarks, patents, licenses and agreements 6 $ 68.7 $ (46.0) $ 22.7 6 $ 69.6 $ (44.3) 25.3 Capitalized software 5 17.5 (12.3) 5.2 5 17.3 (11.7) 5.6 Acquired Technology 5 3.6 (0.7) 2.9 5 3.0 (0.5) 2.5 Customer relationships 6 561.1 (496.0) 65.1 6 561.9 (491.0) 70.9 Total $ 650.9 $ (555.0) $ 95.9 $ 651.8 $ (547.5) $ 104.3 The gross carrying amount and accumulated amortization within other intangible assets—net in the condensed consolidated balance sheets at March 31, 2021, and December 31, 2020, differs from the value originally recorded at acquisition due to impairment charges recorded in prior years and the effects of currency fluctuations since the purchase date. Other intangible assets are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable. There were no impairment charges recorded on finite-lived intangible assets for the three months ended March 31, 2021 and 2020. Amortization expense for other intangible assets was $9.1 million and $9.9 million for the three months ended March 31, 2021 and 2020, respectively. The estimated future amortization expense related to other intangible assets as of March 31, 2021, was as follows: Amortization Expense Remainder of 2021 $ 22.6 2022 29.9 2023 25.7 2024 14.9 2025 2.5 2026 0.3 Total $ 95.9

Receivables

Receivables3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
ReceivablesReceivablesPrior 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 credit loss expense of $0.6 million and $5.0 million during the three months ended March 31, 2021 and 2020, respectively, which is included in selling, general and administrative expenses in the condensed consolidated statements of operations. Activity impacting the allowance for credit losses for the three months ended March 31, 2021, was as follows: Allowance for Credit Losses Balance at December 31, 2020 $ 33.8 Provisions 0.6 Write-offs (0.6) Translation and other (0.5) Balance at March 31, 2021 $ 33.3

Inventories

Inventories3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
InventoriesInventories The components of inventories at March 31, 2021, and December 31, 2020, were as follows: March 31, December 31, Raw materials and manufacturing supplies $ 89.8 $ 90.9 Work in process 30.7 33.4 Finished goods 41.5 45.9 Total $ 162.0 $ 170.2

Property, Plant and Equipment

Property, Plant and Equipment3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and EquipmentProperty, Plant and Equipment The components of property, plant and equipment at March 31, 2021, and December 31, 2020, were as follows: March 31, December 31, Land $ 91.0 $ 97.6 Buildings 773.9 780.3 Machinery and equipment 3,076.2 3,094.1 Other (1) 184.8 183.2 Construction in progress 37.1 33.0 Property, plant and equipment—gross $ 4,163.0 $ 4,188.2 Less: accumulated depreciation (3,312.3) (3,304.0) Property, plant and equipment—net $ 850.7 $ 884.2 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication-related equipment. The Company recorded impairment charges of $0.8 million and $2.5 million during the three months ended March 31, 2021 and 2020, respectively, to reduce the carrying amounts of certain property, plant and equipment no longer utilized in production to fair value (see Note 5, “Restructuring, Impairment and Transaction-Related Charges,” for further discussion on impairment charges). The Company recognized depreciation expense of $32.8 million and $37.5 million for the three months ended March 31, 2021 and 2020, respectively. Assets Held for Sale from Continuing Operations

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments and Contingencies 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 condensed 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 environmental 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 condensed consolidated financial position.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDebt The components of long-term debt as of March 31, 2021, and December 31, 2020, were as follows: March 31, December 31, Master note and security agreement $ 14.6 $ 15.6 Term Loan A 627.0 657.6 Revolving credit facility — — Senior unsecured notes 238.7 238.7 International term loans 8.2 10.7 International revolving credit facilities 3.4 4.9 Other 2.5 2.8 Debt issuance costs (6.3) (6.9) Total debt $ 888.1 $ 923.4 Less: short-term debt and current portion of long-term debt (16.8) (20.7) Long-term debt $ 871.3 $ 902.7 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 at March 31, 2021, and at December 31, 2020. The fair value determination of the Company’s total debt was categorized as Level 2 in the fair value hierarchy (see Note 13, “Financial Instruments and Fair Value Measurements,” for the definition of Level 2 inputs). Debt Issuance Costs Activity impacting the Company’s debt issuance costs for the three months ended March 31, 2021, was as follows: Capitalized Debt Balance at December 31, 2020 $ 6.9 Amortization of debt issuance costs (0.6) Balance at March 31, 2021 $ 6.3 Gain on Debt Extinguishment During the three months ended March 31, 2020, the Company redeemed $37.6 million of its senior notes under the Master Note and Security Agreement, at par, which resulted in a loss on debt extinguishment recorded. In addition, the Company repurchased $4.7 million of its outstanding unsecured 7.0% senior notes due May 1, 2022 (the “Senior Unsecured Notes”) in the open market, which resulted in a gain on debt extinguishment recorded. The gain on debt extinguishment recorded during the three months ended March 31, 2020, was comprised of the following: 2020 Gain on Debt Extinguishment Loss on debt extinguishment from Master Note and Security Tender $ 0.2 Gain on debt extinguishment from Senior Unsecured Note Repurchases (0.8) Total $ (0.6) 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, as amended to date). Among these covenants, the Company was required to maintain the following as of March 31, 2021: • 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 quarter ended 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 March 31, 2021, the Company’s Maximum Total Net Leverage Ratio was 3.18 to 1.00). In 2020, the Company amended its Senior Secured Credit Facility to provide for certain financial covenant relief during the period starting June 29, 2020 and ending September 30, 2021 (the “Covenant Relief Period”). 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 March 31, 2021, the Company’s Senior Secured Leverage Ratio was 2.26 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 March 31, 2021, the Company’s Interest Coverage Ratio was 4.82 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 March 31, 2021, the Company’s Total Net Leverage Ratio was 3.18 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 March 31, 2021, was 3.18 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 2.26 to 1.00 and the Total Net Leverage Ratio was 3.18 to 1.00, as of March 31, 2021.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The Company records income tax expense (benefit) on an interim basis. The estimated effective income tax rate is adjusted quarterly, and items discrete to a specific quarter and adjustments to valuation allowances that could result in a reduction to tax expense or benefit are reflected in income tax expense (benefit) for that interim period. Tax allocable to continuing operations is calculated without regard to the tax effects of earnings and losses allocable to discontinued operations under the incremental approach. The effective income tax rate for the interim period can differ from the statutory tax rate, as it reflects discrete items, such as changes in the liability for unrecognized tax benefits related to the establishment and settlement of income tax exposures and benefits related to share-based compensation. The Company currently has various open tax audits in multiple jurisdictions. From time to time, the Company will receive tax assessments as part of the process. Based on the information available as of March 31, 2021, the Company has recorded its best estimate of the potential settlements of these audits. Actual results could differ from the estimated amounts. The Company’s liability for unrecognized tax benefits as of March 31, 2021, was $11.6 million. The Company anticipates a $0.4 million decrease to its liability for unrecognized tax benefits within the next twelve months due to the resolution of income tax audits or statute expirations.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value MeasurementsFinancial 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 recurring Level 3 fair value measurements of assets or liabilities as of March 31, 2021. 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 London Interbank Offered Rate (“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 $6.8 million of this balance to interest expense over the next twelve months. The key terms of the interest rate swaps are as follows: 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 value of the interest rate swaps classified as Level 2 as of March 31, 2021, and December 31, 2020, were as follows: Balance Sheet Location March 31, 2021 December 31, 2020 Interest rate swap liabilities Other current liabilites $ (4.0) $ — Interest rate swap liabilities Other long-term liabilities $ (7.7) $ (14.4) 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 condensed consolidated statements of comprehensive loss through the first quarter of 2020, and have been recorded as an adjustment to interest expense in the condensed 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 condensed consolidated statements of operations: Three Months Ended March 31, 2021 2020 Cash Flow Impacts Net interest paid (received) $ 1.8 $ 0.4 Impacts with Swaps as Hedging Instruments Loss recognized in other comprehensive loss — 11.1 Impacts with Swaps as Nonhedging Instruments Income recognized in interest expense excluded from hedge effectiveness assessments (2.7) — Amounts reclassified out of accumulated other comprehensive loss to interest expense 1.8 — Net interest expense 1.8 0.4 Total impact of swaps to interest expense $ 0.9 $ 0.4 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 March 31, 2021. 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 three months ended March 31, 2021 and 2020, as the Company takes delivery in the normal course of business. Debt The Company measures fair value on its debt instruments using interest rates available to the Company for borrowings with similar terms and maturities and is categorized as Level 2. See Note 11, “Debt,” for the fair value of the Company’s debt as of March 31, 2021. 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, “Strategic Investments,” for further discussion on acquisitions. See Note 4, “Discontinued Operations”; Note 5, “Restructuring, Impairment and Transaction-Related Charges”; 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, accounts payable and other current liabilities approximate their carrying values as of March 31, 2021, and December 31, 2020.

Accrued Liabilities and Other L

Accrued Liabilities and Other Long-Term Liabilities3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities and Other Long-Term LiabilitiesOther Current and Long-Term Liabilities The components of other current and long-term liabilities as of March 31, 2021, and December 31, 2020, were as follows: March 31, 2021 December 31, 2020 Other Current Liabilities Other Total Other Current Liabilities Other Total Employee-related liabilities (1) $ 98.4 $ 67.3 $ 165.7 $ 130.2 $ 67.4 $ 197.6 Single employer pension plan obligations 1.7 49.9 51.6 1.7 54.9 56.6 Multiemployer pension plans – withdrawal liability 3.6 31.3 34.9 3.5 32.2 35.7 Deferred revenue 45.7 2.3 48.0 52.9 2.6 55.5 Tax-related liabilities 17.9 5.3 23.2 25.3 5.3 30.6 Restructuring liabilities 31.1 7.0 38.1 33.1 7.2 40.3 Interest and rent liabilities 8.0 — 8.0 3.6 — 3.6 Interest rate swap liabilities 4.0 7.7 11.7 — 14.4 14.4 Other 41.1 13.4 54.5 60.5 12.8 73.3 Total $ 251.5 $ 184.2 $ 435.7 $ 310.8 $ 196.8 $ 507.6 ______________________________ (1) Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers’ compensation.

Employee Retirement Plans

Employee Retirement Plans3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Retirement PlansEmployee Retirement Plans Defined Contribution Plans The Quad/Graphics, Inc. Employee Stock Ownership Plan (“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 during the three months ended March 31, 2021 and 2020. Pension 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 Inc. (“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 three months ended March 31, 2021 and 2020, were as follows: Three Months Ended March 31, 2021 2020 Interest cost $ (2.1) $ (3.4) Expected return on plan assets 6.2 6.1 Net pension income $ 4.1 $ 2.7 The Company made $0.1 million in benefit payments to its non-qualified defined benefit pension plans and made $0.8 million in contributions to its qualified defined benefit pension plans during the three months ended March 31, 2021. Multiemployer Pension Plans (“MEPPs”)

Earnings (Loss) Per Share Attri

Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share Attributable to Quad/Graphics Common ShareholdersEarnings (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 attributable 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 from continuing operations, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity instruments excluded from the computation of diluted net earnings per share were 0.9 million class A common shares for the three months ended March 31, 2021. Due to the net loss incurred during the three months ended March 31, 2020, 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, including the impact of discontinued operations, for the three months ended March 31, 2021 and 2020, are summarized as follows: Three Months Ended March 31, 2021 2020 Numerator Net earnings (loss) from continuing operations $ 10.2 $ (8.6) Less: net earnings (loss) attributable to noncontrolling interests — — Net earnings (loss) from continuing operations attributable to Quad common shareholders 10.2 (8.6) Loss from discontinued operations, net of tax — (3.8) Net earnings (loss) attributable to Quad common shareholders $ 10.2 $ (12.4) Denominator Basic weighted average number of common shares outstanding for all classes of common shares 51.4 50.5 Plus: effect of dilutive equity incentive instruments 1.4 — Diluted weighted average number of common shares outstanding for all classes of common shares 52.8 50.5 Earnings (loss) per share attributable to Quad common shareholders Basic: Continuing operations $ 0.20 $ (0.17) Discontinued operations — (0.08) Basic earnings (loss) per share attributable to Quad common shareholders $ 0.20 $ (0.25) Diluted: Continuing operations $ 0.19 $ (0.17) Discontinued operations — (0.08) Diluted earnings (loss) per share attributable to Quad common shareholders $ 0.19 $ (0.25) Cash dividends paid per common share for all classes of common shares $ — $ 0.15

Equity Incentive Programs

Equity Incentive Programs3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive ProgramsEquity Incentive ProgramsThe 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 2,512,457 shares of class A common stock reserved for issuance under the 2020 Plan as of March 31, 2021. 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, RS awards, RSU awards and DSU awards. The Company recognizes these compensation costs for only those awards expected to vest, on a straight-line basis over the requisite three Equity Incentive Compensation Expense Equity incentive compensation expense was recorded primarily in selling, general and administrative expenses in the condensed 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 three months ended March 31, 2021 and 2020, was as follows: Three Months Ended March 31, 2021 2020 RS and RSU equity awards expense $ 2.2 $ 2.1 RSU liability awards income — (0.3) DSU awards expense 0.8 1.0 Total equity incentive compensation expense $ 3.0 $ 2.8 Total future compensation expense related to all equity incentive programs granted as of March 31, 2021, was estimated to be $10.7 million, which consists entirely of expense for RS and RSU awards. Estimated future compensation expense is $5.5 million for the remainder of 2021, $3.5 million for 2022, $1.5 million for 2023 and $0.2 million for 2024. 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, and no compensation expense was recognized related to stock options for the three months ended March 31, 2021 and 2020. There is no future compensation expense for stock options as of March 31, 2021. The following table is a summary of the stock option activity for the three months ended March 31, 2021: Shares Under Weighted Average Weighted Average Aggregate Outstanding at December 31, 2020 514,876 $ 27.49 0.5 $ — Granted — — Exercised — — Canceled/forfeited/expired (259,914) 41.10 Outstanding and exercisable at March 31, 2021 254,962 $ 13.62 0.7 $ — The intrinsic value of options outstanding and exercisable at March 31, 2021, and December 31, 2020, was based on the fair value of the stock price. All outstanding options are vested as of March 31, 2021. There were no stock options exercised during the three months ended March 31, 2021 and 2020. 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 common 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 awards 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 RSU awards are not entitled to vote, but do earn dividends. Upon vesting, RSU awards will be settled either through cash payment equal to the fair market value of the RSU awards on the vesting date or through issuance of the Company’s class A common stock. 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. The following table is a summary of RS and RSU award activity for the three months ended March 31, 2021: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2020 2,961,750 $ 11.55 1.3 249,538 $ 11.70 1.3 Granted 1,124,443 3.90 41,553 3.82 Vested (576,524) 22.55 (18,586) 22.60 Forfeited (59,672) 13.14 — — Nonvested at March 31, 2021 3,449,997 $ 7.19 1.9 272,505 $ 9.76 1.4 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 condensed consolidated statements of operations. As of March 31, 2021, the fair value of the RSU awards classified as liabilities was $0.5 million and was included in other long-term liabilities on the condensed consolidated balance sheets. Deferred Stock Units Deferred stock units are awards of rights to shares of the Company’s class A common stock and are awarded to non-employee directors of the Company. The following table is a summary of DSU award activity for the three months ended March 31, 2021: Deferred Stock Units Units Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2020 500,961 $ 10.69 Granted 221,616 3.82 Dividend equivalents granted — — Settled (35,186) 11.53 Outstanding at March 31, 2021 687,391 $ 8.36 Each DSU award entitles the grantee to receive one share of class A common 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 common stock. As DSU awards are fully vested on the grant date, all compensation expense is recognized at the date of grant.

Shareholders' Equity

Shareholders' Equity3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Shareholders' EquityShareholders’ 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) March 31, 2021 105.0 41.2 0.5 41.7 December 31, 2020 105.0 40.2 0.2 40.4 Class B stock ($0.025 par value) March 31, 2021 80.0 13.5 — 13.5 December 31, 2020 80.0 13.5 — 13.5 Class C stock ($0.025 par value) March 31, 2021 20.0 — 0.5 0.5 December 31, 2020 20.0 — 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 common stock. The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at March 31, 2021, and December 31, 2020. 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. There were no shares repurchased during the three months ended March 31, 2021, or during the three months ended March 31, 2020. As of March 31, 2021, there were $100.0 million of authorized repurchases remaining under the program. 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 (see Note 11. “Debt,” for more details on the amendment and timing of the Covenant Relief Period). In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common shares. Due to uncertainty in client demand as a result of the COVID-19 pandemic, the Company’s Board of Directors proactively suspended the Company’s quarterly dividends beginning in the second quarter of 2020, and the Company is currently prohibited from making dividend payments during the Covenant Relief Period. The dividend activity related to the then outstanding shares for the three months ended March 31, 2020 was as follows: Declaration Date Record Date Payment Date Dividend Amount 2020 Q1 Dividend February 18, 2020 February 28, 2020 March 9, 2020 0.15

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive LossAccumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2021, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2020 $ (130.8) $ (12.3) $ (28.2) $ (171.3) Other comprehensive loss before reclassifications (6.0) — — (6.0) Amounts reclassified from accumulated other comprehensive loss to net income — 1.8 — 1.8 Net other comprehensive income (loss) (6.0) 1.8 — (4.2) Balance at March 31, 2021 $ (136.8) $ (10.5) $ (28.2) $ (175.5) The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2020, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2019 $ (131.0) $ (4.7) $ (31.5) $ (167.2) Other comprehensive loss before reclassifications (15.3) (8.3) — (23.6) Amounts reclassified from accumulated other comprehensive loss to net loss — — — — Net other comprehensive loss (15.3) (8.3) — (23.6) Balance at March 31, 2020 $ (146.3) $ (13.0) $ (31.5) $ (190.8)

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment InformationSegment 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 March 31, 2021, 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 three months ended March 31, 2021 and 2020: Net Sales Operating Income (Loss) from Continuing Operations Restructuring, Impairment and Transaction- Products Services Three months ended March 31, 2021 United States Print and Related Services $ 459.9 $ 174.7 $ 32.5 $ 1.1 International 66.1 5.1 1.5 0.8 Total operating segments 526.0 179.8 34.0 1.9 Corporate — — (13.0) 0.7 Total $ 526.0 $ 179.8 $ 21.0 $ 2.6 Three months ended March 31, 2020 United States Print and Related Services $ 563.6 $ 173.0 $ 16.3 $ 20.8 International 81.4 4.5 0.3 1.3 Total operating segments 645.0 177.5 16.6 22.1 Corporate — — (11.6) 0.7 Total $ 645.0 $ 177.5 $ 5.0 $ 22.8 Restructuring, impairment and transaction-related charges for the three months ended March 31, 2021 and 2020, are further described in Note 5, “Restructuring, Impairment and Transaction-Related Charges,” and are included in the operating income (loss) from continuing operations results by segment above. A reconciliation of operating income (loss) from continuing operations to earnings (loss) from continuing operations before income taxes and equity in loss of unconsolidated entity as reported in the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020, was as follows: Three Months Ended March 31, 2021 2020 Operating income from continuing operations $ 21.0 $ 5.0 Less: interest expense 14.5 18.1 Less: net pension income (4.1) (2.7) Less: gain on debt extinguishment — (0.6) Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated entity $ 10.6 $ (9.8)

New Accounting Pronouncements

New Accounting Pronouncements3 Months Ended
Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting PronouncementsNew 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 condensed 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 adopted this standard as of January 1, 2021. The impact of the adoption of ASU 2019-12 on the condensed consolidated financial statements did not have a material financial impact.

Basis of Presentation (Policies

Basis of Presentation (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fair Value MeasurementCertain 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 recurring Level 3 fair value measurements of assets or liabilities as of March 31, 2021.
Earnings Per ShareThe 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 attributable 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 from continuing operations, and accordingly, the Company excludes them from the calculation.
Share-based Compensation, Option and Incentive PlansThe 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, RS awards, RSU awards and DSU awards. The Company recognizes these compensation costs for only those awards expected to vest, on a straight-line basis over the requisite three
New Accounting PronouncementsIn 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 adopted this standard as of January 1, 2021. The impact of the adoption of ASU 2019-12 on the condensed consolidated financial statements did not have a material financial impact.

Revenue Recognition (Tables)

Revenue Recognition (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of RevenueThe following table provides information about disaggregated revenue by the Company’s operating segments and major products and services offerings for the three months ended March 31, 2021 and 2020: United States Print International Total Three months ended March 31, 2021 Catalog, publications, retail inserts, and directories $ 329.7 $ 49.0 $ 378.7 Direct mail and other printed products 129.0 16.8 145.8 Other 1.2 0.3 1.5 Total products 459.9 66.1 526.0 Logistics services 92.7 5.1 97.8 Imaging, marketing services and other services 82.0 — 82.0 Total services 174.7 5.1 179.8 Total net sales $ 634.6 $ 71.2 $ 705.8 Three months ended March 31, 2020 Catalog, publications, retail inserts, and directories $ 412.1 $ 64.7 $ 476.8 Direct mail and other printed products 150.4 16.4 166.8 Other 1.1 0.3 1.4 Total products 563.6 81.4 645.0 Logistics services 90.0 4.4 94.4 Imaging, marketing services and other services 83.0 0.1 83.1 Total services 173.0 4.5 177.5 Total net sales $ 736.6 $ 85.9 $ 822.5
Costs to Obtain Contracts with CustomersActivity impacting costs to obtain contracts for the three months ended March 31, 2021, was as follows: Costs to Obtain Contracts Balance at December 31, 2020 $ 8.7 Costs to obtain contracts — Amortization of costs to obtain contracts (0.9) Balance at March 31, 2021 $ 7.8

Discontinued Operations (Tables

Discontinued Operations (Tables)3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued OperationsThe following table summarizes the results of operations, which are included in the loss from discontinued operations in the condensed consolidated statements of operations for the three months ended March 31, 2020: Three Months Ended March 31, 2020 Total net sales $ 40.3 Total cost of sales, excluding depreciation and amortization 41.1 Selling, general and administrative expenses 1.9 Restructuring, impairment and transaction-related charges (1) 2.2 Other expenses, net — Loss from discontinued operations before income taxes (4.9) Income tax benefit (1.1) Loss from discontinued operations, net of tax $ (3.8) ______________________________ (1) The Company recognized $1.3 million of impairment charges for tangible property, plant and equipment during the three months ended March 31, 2020, to reduce the carrying value of the Book business to its fair value. Three Months Ended March 31, 2020 Cash flows used in operating activities $ (0.9) Cash flows used in investing activities (1.6)

Restructuring, Impairment and_2

Restructuring, Impairment and Transaction-Related Charges (Tables)3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring, Impairment and Transaction-Related ChargesThe Company recorded restructuring, impairment and transaction-related charges for the three months ended March 31, 2021 and 2020, as follows: Three Months Ended March 31, 2021 2020 Employee termination charges $ 4.7 $ 12.6 Impairment charges 0.8 2.5 Transaction-related charges 0.2 0.5 Integration costs — 0.7 Other restructuring charges (income) (3.1) 6.5 Total $ 2.6 $ 22.8 Three Months Ended March 31, 2021 2020 Vacant facility carrying costs and lease exit charges $ 3.9 $ 2.7 Equipment and infrastructure removal costs 0.8 0.6 Gains on the sale of facilities (7.8) (0.8) Other restructuring activities — 4.0 Other restructuring charges (income) $ (3.1) $ 6.5
Activity Impacting Reserves for Restructuring, Impairment and Transaction-Related ChargesActivity impacting the Company’s restructuring reserves for the three months ended March 31, 2021, was as follows: Employee Impairment Transaction-Related Other Total Balance at December 31, 2020 $ 14.6 $ — $ 0.5 $ 25.8 $ 40.9 Expense, net 4.7 0.8 0.2 (3.1) 2.6 Cash payments, net (5.6) — (0.3) 6.6 0.7 Non-cash adjustments/reclassifications and translation (0.4) (0.8) — (4.2) (5.4) Balance at March 31, 2021 $ 13.3 $ — $ 0.4 $ 25.1 $ 38.8

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Accumulated Goodwill ImpairmentThe accumulated goodwill impairment losses and the carrying value of goodwill at March 31, 2021, and December 31, 2020, 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 Intangible AssetsThe components of finite-lived intangible assets at March 31, 2021, and December 31, 2020, were as follows: March 31, 2021 December 31, 2020 Weighted Gross Accumulated Net Book Weighted Gross Accumulated Net Book Trademarks, patents, licenses and agreements 6 $ 68.7 $ (46.0) $ 22.7 6 $ 69.6 $ (44.3) 25.3 Capitalized software 5 17.5 (12.3) 5.2 5 17.3 (11.7) 5.6 Acquired Technology 5 3.6 (0.7) 2.9 5 3.0 (0.5) 2.5 Customer relationships 6 561.1 (496.0) 65.1 6 561.9 (491.0) 70.9 Total $ 650.9 $ (555.0) $ 95.9 $ 651.8 $ (547.5) $ 104.3
Schedule of Estimated Future Amortization Expense Related to Intangible AssetsThe estimated future amortization expense related to other intangible assets as of March 31, 2021, was as follows: Amortization Expense Remainder of 2021 $ 22.6 2022 29.9 2023 25.7 2024 14.9 2025 2.5 2026 0.3 Total $ 95.9

Receivables (Tables)

Receivables (Tables)3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Activity Impacting Allowance for Credit LossesActivity impacting the allowance for credit losses for the three months ended March 31, 2021, was as follows: Allowance for Credit Losses Balance at December 31, 2020 $ 33.8 Provisions 0.6 Write-offs (0.6) Translation and other (0.5) Balance at March 31, 2021 $ 33.3

Inventories (Tables)

Inventories (Tables)3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Components of InventoryThe components of inventories at March 31, 2021, and December 31, 2020, were as follows: March 31, December 31, Raw materials and manufacturing supplies $ 89.8 $ 90.9 Work in process 30.7 33.4 Finished goods 41.5 45.9 Total $ 162.0 $ 170.2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Components of Property, Plant and EquipmentThe components of property, plant and equipment at March 31, 2021, and December 31, 2020, were as follows: March 31, December 31, Land $ 91.0 $ 97.6 Buildings 773.9 780.3 Machinery and equipment 3,076.2 3,094.1 Other (1) 184.8 183.2 Construction in progress 37.1 33.0 Property, plant and equipment—gross $ 4,163.0 $ 4,188.2 Less: accumulated depreciation (3,312.3) (3,304.0) Property, plant and equipment—net $ 850.7 $ 884.2 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication-related equipment.

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule Components of Long-Term DebtThe components of long-term debt as of March 31, 2021, and December 31, 2020, were as follows: March 31, December 31, Master note and security agreement $ 14.6 $ 15.6 Term Loan A 627.0 657.6 Revolving credit facility — — Senior unsecured notes 238.7 238.7 International term loans 8.2 10.7 International revolving credit facilities 3.4 4.9 Other 2.5 2.8 Debt issuance costs (6.3) (6.9) Total debt $ 888.1 $ 923.4 Less: short-term debt and current portion of long-term debt (16.8) (20.7) Long-term debt $ 871.3 $ 902.7
Schedule of Debt Issuance CostsActivity impacting the Company’s debt issuance costs for the three months ended March 31, 2021, was as follows: Capitalized Debt Balance at December 31, 2020 $ 6.9 Amortization of debt issuance costs (0.6) Balance at March 31, 2021 $ 6.3
Schedule of Loss on Debt ExtinguishmentThe gain on debt extinguishment recorded during the three months ended March 31, 2020, was comprised of the following: 2020 Gain on Debt Extinguishment Loss on debt extinguishment from Master Note and Security Tender $ 0.2 Gain on debt extinguishment from Senior Unsecured Note Repurchases (0.8) Total $ (0.6)

Accrued Liabilities and Other_2

Accrued Liabilities and Other Long-Term Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Components of Other Long-Term LiabilitiesThe components of other current and long-term liabilities as of March 31, 2021, and December 31, 2020, were as follows: March 31, 2021 December 31, 2020 Other Current Liabilities Other Total Other Current Liabilities Other Total Employee-related liabilities (1) $ 98.4 $ 67.3 $ 165.7 $ 130.2 $ 67.4 $ 197.6 Single employer pension plan obligations 1.7 49.9 51.6 1.7 54.9 56.6 Multiemployer pension plans – withdrawal liability 3.6 31.3 34.9 3.5 32.2 35.7 Deferred revenue 45.7 2.3 48.0 52.9 2.6 55.5 Tax-related liabilities 17.9 5.3 23.2 25.3 5.3 30.6 Restructuring liabilities 31.1 7.0 38.1 33.1 7.2 40.3 Interest and rent liabilities 8.0 — 8.0 3.6 — 3.6 Interest rate swap liabilities 4.0 7.7 11.7 — 14.4 14.4 Other 41.1 13.4 54.5 60.5 12.8 73.3 Total $ 251.5 $ 184.2 $ 435.7 $ 310.8 $ 196.8 $ 507.6 ______________________________ (1) Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers’ compensation.

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Components of Net Pension IncomeThe components of net pension income for the three months ended March 31, 2021 and 2020, were as follows: Three Months Ended March 31, 2021 2020 Interest cost $ (2.1) $ (3.4) Expected return on plan assets 6.2 6.1 Net pension income $ 4.1 $ 2.7

Earnings (Loss) Per Share Att_2

Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per ShareReconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock, including the impact of discontinued operations, for the three months ended March 31, 2021 and 2020, are summarized as follows: Three Months Ended March 31, 2021 2020 Numerator Net earnings (loss) from continuing operations $ 10.2 $ (8.6) Less: net earnings (loss) attributable to noncontrolling interests — — Net earnings (loss) from continuing operations attributable to Quad common shareholders 10.2 (8.6) Loss from discontinued operations, net of tax — (3.8) Net earnings (loss) attributable to Quad common shareholders $ 10.2 $ (12.4) Denominator Basic weighted average number of common shares outstanding for all classes of common shares 51.4 50.5 Plus: effect of dilutive equity incentive instruments 1.4 — Diluted weighted average number of common shares outstanding for all classes of common shares 52.8 50.5 Earnings (loss) per share attributable to Quad common shareholders Basic: Continuing operations $ 0.20 $ (0.17) Discontinued operations — (0.08) Basic earnings (loss) per share attributable to Quad common shareholders $ 0.20 $ (0.25) Diluted: Continuing operations $ 0.19 $ (0.17) Discontinued operations — (0.08) Diluted earnings (loss) per share attributable to Quad common shareholders $ 0.19 $ (0.25) Cash dividends paid per common share for all classes of common shares $ — $ 0.15

Equity Incentive Programs (Tabl

Equity Incentive Programs (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option ActivityThe following table is a summary of the stock option activity for the three months ended March 31, 2021: Shares Under Weighted Average Weighted Average Aggregate Outstanding at December 31, 2020 514,876 $ 27.49 0.5 $ — Granted — — Exercised — — Canceled/forfeited/expired (259,914) 41.10 Outstanding and exercisable at March 31, 2021 254,962 $ 13.62 0.7 $ —
Summary of RS and RSU Award ActivityThe following table is a summary of RS and RSU award activity for the three months ended March 31, 2021: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2020 2,961,750 $ 11.55 1.3 249,538 $ 11.70 1.3 Granted 1,124,443 3.90 41,553 3.82 Vested (576,524) 22.55 (18,586) 22.60 Forfeited (59,672) 13.14 — — Nonvested at March 31, 2021 3,449,997 $ 7.19 1.9 272,505 $ 9.76 1.4
Summary of DSU Award ActivityThe following table is a summary of DSU award activity for the three months ended March 31, 2021: Deferred Stock Units Units Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2020 500,961 $ 10.69 Granted 221,616 3.82 Dividend equivalents granted — — Settled (35,186) 11.53 Outstanding at March 31, 2021 687,391 $ 8.36

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Schedule of Stock by ClassThe 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) March 31, 2021 105.0 41.2 0.5 41.7 December 31, 2020 105.0 40.2 0.2 40.4 Class B stock ($0.025 par value) March 31, 2021 80.0 13.5 — 13.5 December 31, 2020 80.0 13.5 — 13.5 Class C stock ($0.025 par value) March 31, 2021 20.0 — 0.5 0.5 December 31, 2020 20.0 — 0.5 0.5
Schedule of Dividend Activity Related to the Outstanding SharesThe dividend activity related to the then outstanding shares for the three months ended March 31, 2020 was as follows: Declaration Date Record Date Payment Date Dividend Amount 2020 Q1 Dividend February 18, 2020 February 28, 2020 March 9, 2020 0.15

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss By Component, Net of TaxThe changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2021, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2020 $ (130.8) $ (12.3) $ (28.2) $ (171.3) Other comprehensive loss before reclassifications (6.0) — — (6.0) Amounts reclassified from accumulated other comprehensive loss to net income — 1.8 — 1.8 Net other comprehensive income (loss) (6.0) 1.8 — (4.2) Balance at March 31, 2021 $ (136.8) $ (10.5) $ (28.2) $ (175.5) The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2020, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2019 $ (131.0) $ (4.7) $ (31.5) $ (167.2) Other comprehensive loss before reclassifications (15.3) (8.3) — (23.6) Amounts reclassified from accumulated other comprehensive loss to net loss — — — — Net other comprehensive loss (15.3) (8.3) — (23.6) Balance at March 31, 2020 $ (146.3) $ (13.0) $ (31.5) $ (190.8)

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Segment InformationThe following is a summary of segment information for the three months ended March 31, 2021 and 2020: Net Sales Operating Income (Loss) from Continuing Operations Restructuring, Impairment and Transaction- Products Services Three months ended March 31, 2021 United States Print and Related Services $ 459.9 $ 174.7 $ 32.5 $ 1.1 International 66.1 5.1 1.5 0.8 Total operating segments 526.0 179.8 34.0 1.9 Corporate — — (13.0) 0.7 Total $ 526.0 $ 179.8 $ 21.0 $ 2.6 Three months ended March 31, 2020 United States Print and Related Services $ 563.6 $ 173.0 $ 16.3 $ 20.8 International 81.4 4.5 0.3 1.3 Total operating segments 645.0 177.5 16.6 22.1 Corporate — — (11.6) 0.7 Total $ 645.0 $ 177.5 $ 5.0 $ 22.8
Reconciliation of Operating Income (Loss) to Earnings (Loss) Before Income Taxes and Equity in Loss of Unconsolidated EntitiesA reconciliation of operating income (loss) from continuing operations to earnings (loss) from continuing operations before income taxes and equity in loss of unconsolidated entity as reported in the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020, was as follows: Three Months Ended March 31, 2021 2020 Operating income from continuing operations $ 21.0 $ 5.0 Less: interest expense 14.5 18.1 Less: net pension income (4.1) (2.7) Less: gain on debt extinguishment — (0.6) Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated entity $ 10.6 $ (9.8)

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from contract with customer $ 705.8 $ 822.5
Catalog, publications, retail inserts, books and directories
Disaggregation of Revenue [Line Items]
Revenue from contract with customer378.7 476.8
Direct mail and other printed products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer145.8 166.8
Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer1.5 1.4
Total Products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer526 645
Logistics services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer97.8 94.4
Imaging, marketing services and other services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer82 83.1
Total Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer179.8 177.5
United States Print and Related Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer634.6 736.6
United States Print and Related Services | Catalog, publications, retail inserts, books and directories
Disaggregation of Revenue [Line Items]
Revenue from contract with customer329.7 412.1
United States Print and Related Services | Direct mail and other printed products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer129 150.4
United States Print and Related Services | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer1.2 1.1
United States Print and Related Services | Total Products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer459.9 563.6
United States Print and Related Services | Logistics services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer92.7 90
United States Print and Related Services | Imaging, marketing services and other services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer82 83
United States Print and Related Services | Total Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer174.7 173
International
Disaggregation of Revenue [Line Items]
Revenue from contract with customer71.2 85.9
International | Catalog, publications, retail inserts, books and directories
Disaggregation of Revenue [Line Items]
Revenue from contract with customer49 64.7
International | Direct mail and other printed products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer16.8 16.4
International | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer0.3 0.3
International | Total Products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer66.1 81.4
International | Logistics services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer5.1 4.4
International | Imaging, marketing services and other services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer0 0.1
International | Total Services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer $ 5.1 $ 4.5

Revenue Recognition (Costs to O

Revenue Recognition (Costs to Obtain Contracts) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Change in Capitalized Contract Costs [Roll Forward]
Balance at January 1, 2021 $ 8.7
Costs to obtain contracts0
Amortization of costs to obtain contracts(0.9)
Balance at March 31, 2021 $ 7.8

Acquisitions and Strategic In_2

Acquisitions and Strategic Investments (Change in Ownership in Rise Interactive) (Details) - Rise Interactive - USD ($) $ in MillionsJun. 15, 2020Jun. 16, 2020
Business Acquisition [Line Items]
Notes payable issued for purchase price $ 15.9
Cash paid for acquisition $ 1
Other Owner
Business Acquisition [Line Items]
Ownership interest by noncontrolling interests43.00%1.00%
Minimum | Quad/Graphics, Inc.
Business Acquisition [Line Items]
Ownership interest57.00%
Maximum | Quad/Graphics, Inc.
Business Acquisition [Line Items]
Ownership interest99.00%
Rise Interactive
Business Acquisition [Line Items]
Stock repurchased and retired during period, value $ 5.4

Acquisitions and Strategic In_3

Acquisitions and Strategic Investments (Periscope) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill $ 103 $ 103

Acquisitions and Strategic In_4

Acquisitions and Strategic Investments (Ivie and Associates Acquisition) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill $ 103 $ 103

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in MillionsJul. 01, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Oct. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tangible asset impairment charges $ 0.8 $ 2.5
Gain on sale of business $ 0 $ (2.9)
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]
Discontinued operation, cash consideration $ 7
Liabilities assumed $ 3
Tangible asset impairment charges $ 10.1
Gain on sale of business3
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]
Discontinued operation, cash consideration $ 14.2
Gain on sale of business(3.5)
Goodwill impairment $ 1.4

Discontinued Operations - Sched

Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tangible asset impairment charges $ 0.8 $ 2.5
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 sales40.3
Total cost of sales, excluding depreciation and amortization41.1
Selling, general and administrative expenses1.9
Restructuring, impairment and transaction-related charges2.2
Other expenses, net0
Loss from discontinued operations before income taxes(4.9)
Income tax benefit(1.1)
Loss from discontinued operations, net of tax(3.8)
Tangible asset impairment charges $ 1.3

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Cash Flows Due to Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - United States Book Business $ in Millions3 Months Ended
Mar. 31, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash flows used in operating activities $ (0.9)
Cash flows used in investing activities $ (1.6)

Restructuring, Impairment and_3

Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring, Impairment and Transaction-Related Charges) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Employee termination charges $ 4.7 $ 12.6
Impairment charges0.8 2.5
Transaction-related charges0.2 0.5
Integration costs0 0.7
Other restructuring charges (income)(3.1)6.5
Total $ 2.6 $ 22.8

Restructuring, Impairment and_4

Restructuring, Impairment and Transaction-Related Charges (Restructuring, Impairment and Transaction-Related Charges) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)plantMar. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Value-added tax assessment $ 2.6
Impairment charges0.8 $ 2.5
Transaction-related charges0.2 0.5
Employee termination charges $ 4.7 12.6
Facilities Idled
Restructuring Cost and Reserve [Line Items]
Gain from sale of properties $ 2.9
2010 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Number of plant closures | plant50

Restructuring, Impairment and_5

Restructuring, Impairment and Transaction-Related Charges (Schedule of Other Restructuring (Income) Charges (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Other restructuring charges (income) $ (3.1) $ 6.5
Facilities Idled
Restructuring Cost and Reserve [Line Items]
Vacant facility carrying costs and lease exit charges3.9 2.7
Gain from sale of properties(2.9)
Equipment and Infrastructure Removal Charges
Restructuring Cost and Reserve [Line Items]
Equipment and infrastructure removal costs0.8 0.6
Sale of facilities
Restructuring Cost and Reserve [Line Items]
Gain from sale of properties(7.8)(0.8)
Other restructuring charges
Restructuring Cost and Reserve [Line Items]
Other restructuring activities $ 0 $ 4

Restructuring, Impairment and_6

Restructuring, Impairment and Transaction-Related Charges (Schedule of Restructuring Reserves) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Balance, beginning of period $ 40.9
Expense, net2.6
Cash payments, net0.7
Non-cash adjustments/reclassifications and translation(5.4)
Balance, end of period38.8
Other Current Liabilities
Restructuring Reserve [Roll Forward]
Balance, beginning of period33.1
Balance, end of period31.1
Short-term restructuring reserve(31.1)
Accounts Payable
Restructuring Reserve [Roll Forward]
Short-term restructuring reserve(0.7)
Other Long-Term Liabilities
Restructuring Reserve [Roll Forward]
Balance, beginning of period7.2
Balance, end of period7
Long-term restructuring reserve(7)
Employee Termination Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period14.6
Expense, net4.7
Cash payments, net(5.6)
Non-cash adjustments/reclassifications and translation(0.4)
Balance, end of period13.3
Impairment Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period0
Expense, net0.8
Cash payments, net0
Non-cash adjustments/reclassifications and translation(0.8)
Balance, end of period0
Transaction-Related Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period0.5
Expense, net0.2
Cash payments, net(0.3)
Non-cash adjustments/reclassifications and translation0
Balance, end of period0.4
Other Restructuring Charges
Restructuring Reserve [Roll Forward]
Balance, beginning of period25.8
Expense, net(3.1)
Cash payments, net6.6
Non-cash adjustments/reclassifications and translation(4.2)
Balance, end of period $ 25.1

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Goodwill [Line Items]
Impairment of intangible assets $ 0 $ 0
Amortization expense of intangible assets $ 9,100,000 $ 9,900,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Goodwill [Line Items]
Goodwill, Gross $ 911.3
Accumulated goodwill impairment loss(808.3)
Goodwill103 $ 103
United States Print and Related Services
Goodwill [Line Items]
Goodwill, Gross881.3
Accumulated goodwill impairment loss(778.3)
Goodwill103
International
Goodwill [Line Items]
Goodwill, Gross30
Accumulated goodwill impairment loss(30)
Goodwill $ 0

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Intangible Assets, Excluding Goodwill) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount $ 650.9 $ 651.8
Accumulated Amortization(555)(547.5)
Net Book Value $ 95.9 104.3
Trademarks, patents, licenses and agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)6 years6 years
Gross Carrying Amount $ 68.7 69.6
Accumulated Amortization(46)(44.3)
Net Book Value $ 22.7 25.3
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)5 years5 years
Gross Carrying Amount $ 17.5 17.3
Accumulated Amortization(12.3)(11.7)
Net Book Value $ 5.2 5.6
Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)5 years5 years
Gross Carrying Amount $ 3.6 3
Accumulated Amortization(0.7)(0.5)
Net Book Value $ 2.9 2.5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)6 years6 years
Gross Carrying Amount $ 561.1 561.9
Accumulated Amortization(496)(491)
Net Book Value $ 65.1 $ 70.9

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021 $ 22.6
202229.9
202325.7
202414.9
20252.5
20260.3
Net Book Value $ 95.9 $ 104.3

Receivables - Narrative (Detail

Receivables - Narrative (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Receivables [Abstract]
Accounts receivable, credit loss expense $ 0.6 $ 5

Receivables - Rollforward (Deta

Receivables - Rollforward (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period $ 33.8
Provisions0.6
Write-offs(0.6)
Translation and other(0.5)
Balance at end of period33.3
Cumulative Effect, Period Of Adoption, Adjusted Balance
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period $ 33.8

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and manufacturing supplies $ 89.8 $ 90.9
Work in process30.7 33.4
Finished goods41.5 45.9
Total $ 162 $ 170.2

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 4,163 $ 4,188.2
Less: accumulated depreciation(3,312.3)(3,304)
Property, plant and equipment—net850.7 884.2
Tangible asset impairment charges0.8 $ 2.5
Depreciation expense32.8 $ 37.5
Current assets of discontinued operations6.3 4.9
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross91 97.6
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross773.9 780.3
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross3,076.2 3,094.1
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross184.8 183.2
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 37.1 $ 33

Debt (Schedule of Long-term Deb

Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Total debt $ 888.1 $ 923.4
Debt issuance costs(6.3)(6.9)
Less: short-term debt and current portion of long-term debt(16.8)(20.7)
Long-term debt871.3 902.7
Master note and security agreement
Debt Instrument [Line Items]
Total debt14.6 15.6
Term Loan A
Debt Instrument [Line Items]
Total debt627 657.6
Revolving credit facility
Debt Instrument [Line Items]
Total debt0 0
Senior unsecured notes
Debt Instrument [Line Items]
Total debt238.7 238.7
International term loans
Debt Instrument [Line Items]
Total debt8.2 10.7
International revolving credit facilities
Debt Instrument [Line Items]
Total debt3.4 4.9
Other
Debt Instrument [Line Items]
Total debt $ 2.5 $ 2.8

Debt (Debt Transactions Narrati

Debt (Debt Transactions Narrative) (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Jun. 29, 2020
Debt Instrument [Line Items]
Fair value of company debt $ 900
Gain on debt extinguishment $ 0 $ (0.6) $ (0.6)
Master note and security agreement
Debt Instrument [Line Items]
Debt redeemed37.6
Gain on debt extinguishment0.2
Senior Unsecured Notes
Debt Instrument [Line Items]
Gain on debt extinguishment $ (0.8)
Amount of debt repurchased $ 4.7
Interest rate, percentage7.00%
Fourth Amendment To Senior Secured Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
LIBOR interest rate floor0.75%

Debt (Schedule of Debt Issuance

Debt (Schedule of Debt Issuance Costs) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Debt Issuance Costs [Roll Forward]
Balance at December 31, 2020 $ 6.9
Amortization of debt issuance costs(0.6)
Balance at March 31, 2021 $ 6.3

Debt (Schedule of Loss on Debt

Debt (Schedule of Loss on Debt Extinguishment) (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Extinguishment of Debt [Line Items]
(Gain) loss on debt extinguishment $ 0 $ (0.6) $ (0.6)
Master note and security agreement
Extinguishment of Debt [Line Items]
(Gain) loss on debt extinguishment0.2
Senior Unsecured Notes
Extinguishment of Debt [Line Items]
(Gain) loss on debt extinguishment $ (0.8)

Debt (Debt Covenants and Compli

Debt (Debt Covenants and Compliance) (Details)3 Months Ended
Mar. 31, 2021USD ($)Oct. 01, 2021Sep. 30, 2021Jun. 30, 2021Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Cash and cash equivalents $ 80,600,000 $ 55,200,000
Senior secured leverage ratio to consolidated EBITDA2.26
Ratio of interest coverage4.82
Actual total leverage ratio3.18
Financing Agreement Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum annual dividend payment $ 60,000,000
Maximum
Debt Instrument [Line Items]
Senior secured leverage ratio to consolidated EBITDA3.50
Maximum | Financing Agreement Senior Secured Credit Facility
Debt Instrument [Line Items]
Total leverage ratio2.75
Senior secured leverage ratio3
Total leverage ratio on unsecured debt3.50
Minimum
Debt Instrument [Line Items]
Ratio of interest coverage, covenant compliance3
Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate, percentage7.00%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Cash and cash equivalents $ 75,000,000
Total leverage ratio, covenant compliance4.50
Effective total leverage ratio, covenant compliance3.18
Senior Secured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Total leverage ratio, covenant compliance4.125 4.25
Senior Secured Credit Facility | Maximum | Subsequent Event
Debt Instrument [Line Items]
Total leverage ratio, covenant compliance3.75

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Liability for unrecognized tax benefits $ 11.6
Anticipated decrease in unrecognized tax benefits within the next twelve months0.4
Income tax benefit $ (0.5) $ 1.2

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements - Interest Rate Swaps (Details) - USD ($)Mar. 29, 2019Feb. 28, 2017Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Jun. 29, 2020Mar. 19, 2019Feb. 07, 2017
Derivative [Line Items]
Balance of accumulated other comprehensive loss related to interest rate swaps expected to be reclassified during next twelve months $ 6,800,000
Change in fair value of interest rate swap1,800,000 $ (11,100,000)
Revolving credit facility | Fourth Amendment To Senior Secured Credit Facility
Derivative [Line Items]
LIBOR interest rate floor0.75%
Interest Rate Swap
Derivative [Line Items]
Term5 years5 years
Derivative, Notional Amount $ 130,000,000 $ 250,000,000
Fixed swap rate2.43%1.89%
Cash flow hedge ineffectiveness recorded in earnings0
Interest income (expense) on interest rate swap900,000 400,000
Other current liabilites | Interest Rate Swap
Derivative [Line Items]
Interest rate swap liabilities(4,000,000) $ 0
Other long-term liabilities
Derivative [Line Items]
Interest rate swap liabilities(7,700,000)(14,400,000)
Other long-term liabilities | Interest Rate Swap
Derivative [Line Items]
Interest rate swap liabilities(7,700,000) $ (14,400,000)
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Interest income (expense) on interest rate swap1,800,000 400,000
Loss recognized in interest expense excluded from hedge effectiveness assessments(2,700,000)0
Amounts reclassified out of accumulated other comprehensive loss to interest expense1,800,000 0
Other Comprehensive Income (Loss) | Interest Rate Swap
Derivative [Line Items]
Change in fair value of interest rate swap $ 0 $ 11,100,000

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Foreign Exchange Contracts (Details)Mar. 31, 2021contract
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts0

Accrued Liabilities and Other_3

Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items]
Multiemployer pension plans – withdrawal liability $ 34.9
Restructuring liabilities38.8 $ 40.9
Other Current Liabilities
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items]
Employee-related liabilities98.4 130.2
Single employer pension plan obligations1.7 1.7
Multiemployer pension plans – withdrawal liability3.6 3.5
Deferred revenue45.7 52.9
Tax-related liabilities17.9 25.3
Restructuring liabilities31.1 33.1
Interest and rent liabilities8 3.6
Interest rate swap liabilities4 0
Other41.1 60.5
Total251.5 310.8
Other Long-Term Liabilities
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items]
Employee-related liabilities67.3 67.4
Single employer pension plan obligations49.9 54.9
Multiemployer pension plans – withdrawal liability31.3 32.2
Deferred revenue2.3 2.6
Tax-related liabilities5.3 5.3
Restructuring liabilities7 7.2
Interest and rent liabilities0 0
Interest rate swap liabilities7.7 14.4
Other13.4 12.8
Total184.2 196.8
Total
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items]
Employee-related liabilities165.7 197.6
Single employer pension plan obligations51.6 56.6
Multiemployer pension plans – withdrawal liability34.9 35.7
Deferred revenue48 55.5
Tax-related liabilities23.2 30.6
Restructuring liabilities38.1 40.3
Interest and rent liabilities8 3.6
Interest rate swap liabilities11.7 14.4
Other54.5 73.3
Total $ 435.7 $ 507.6

Employee Retirement Plans (Defi

Employee Retirement Plans (Defined Contribution Plans) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Retirement Benefits [Abstract]
Employee stock ownership plan contribution expense $ 0 $ 0

Employee Retirement Plans (Pens

Employee Retirement Plans (Pension Plans) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension income $ 4.1 $ 2.7
Pension Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost(2.1)(3.4)
Expected return on plan assets6.2 6.1
Net pension income4.1 $ 2.7
Pension Plans | Non-qualified
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Benefit payments on non-qualified pension plans0.1
Pension Plans | Qualified
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Contributions on qualified pension plans $ 0.8

Employee Retirement Plans (Mult

Employee Retirement Plans (Multiemployer Pension Plans) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)planMar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Multiemployer Plans [Line Items]
Number of underfunded plans | plan2
Withdrawal obligation $ 34.9
Payments to multiemployer pension plans1.5 $ 4.2
Other Long-Term Liabilities
Multiemployer Plans [Line Items]
Withdrawal obligation31.3 $ 32.2
Other Current Liabilities
Multiemployer Plans [Line Items]
Withdrawal obligation $ 3.6 $ 3.5

Earnings (Loss) Per Share Att_3

Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net earnings (loss) from continuing operations $ 10.2 $ (8.6)
Less: net earnings (loss) attributable to noncontrolling interests0 0
Net earnings (loss) from continuing operations attributable to Quad common shareholders10.2 (8.6)
Numerator
Net earnings (loss) attributable to Quad common shareholders10.2 (12.4)
Loss from discontinued operations, net of tax $ 0 $ (3.8)
Denominator
Basic weighted average number of common shares outstanding for all classes of common shares (in shares)51.4 50.5
Plus: effect of dilutive equity incentive instruments (in shares)1.4 0
Diluted weighted average number of common shares outstanding for all classes of common shares (in shares)52.8 50.5
Earnings (loss) per share attributable to Quad common shareholders
Earnings (loss) per share attributable to Quad common shareholders, basic, continuing operations (USD per share) $ 0.20 $ (0.17)
Earnings (loss) per share attributable to Quad common shareholders, basic, discontinued operations (USD per share)0 (0.08)
Cash dividends paid per common share for all classes of common shares (USD per share) $ 0 $ 0.15
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)0.9

Equity Incentive Programs (Equi

Equity Incentive Programs (Equity Incentive Programs and Compensation Expense) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation $ 3 $ 2.8
Income from remeasurement of liabilities0 $ 0.3
Estimated future compensation expense $ 10.7
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period4 years
Estimated Future Expense in 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense $ 5.5
Estimated Future Expense in 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense3.5
Estimated Future Expense in 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense1.5
Estimated Future Expense in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense $ 0.2
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock reserved (in shares)3,000,000
Stock option exercise price floor of fair market value of class A common stock (percent)100.00%
Shares available for issuance (in shares)2,512,457

Equity Incentive Programs (Stoc

Equity Incentive Programs (Stock Options Narrative) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated future compensation expense $ 10,700,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period4 years
Options granted (in shares)0 0
Compensation expense $ 0 $ 0
Estimated future compensation expense0
Proceeds from stock options exercised $ 0 $ 0
Annual Anniversary Grant Date of Award | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earliest expiration period of award after event10 years
Termination for Death | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earliest expiration period of award after event24 months
Termination for Retirement or Disability | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earliest expiration period of award after event36 months
Employment Terminated, Any Other Reason | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earliest expiration period of award after event90 days
Vested in the first year | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested0.00%
Vested in the second year | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested33.33%
Vested in third year | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested33.33%
Vested in fourth year | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested33.33%

Equity Incentive Programs (Sche

Equity Incentive Programs (Schedule of Stock Option Activity Roll Forward) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Shares Under Option
Outstanding at beginning of period (in shares)514,876
Granted (in shares)0 0
Exercised (in shares)0
Canceled/forfeited/expired (in shares)(259,914)
Outstanding at end of period (in shares)254,962 514,876
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) $ 27.49
Granted (in dollars per share)0
Exercised (in dollars per share)0
Canceled/forfeited/expired (in dollars per share)41.10
Outstanding at end of period (in dollars per share) $ 13.62 $ 27.49
Weighted Average Remaining Contractual Term (years)
Outstanding at beginning of period (in years)8 months 12 days6 months
Outstanding at end of period (in years)8 months 12 days6 months
Aggregate Intrinsic Value (millions)
Outstanding at beginning of period $ 0
Outstanding at end of period $ 0 $ 0

Equity Incentive Programs (Rest

Equity Incentive Programs (Restricted Stock and Restricted Stock Unit Activity Narrative) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income from remeasurement of liabilities $ 0 $ 0.3
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, maximum45 days
Award vesting period3 years
Compensation expense $ 2.2 $ 2.1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs classified as liability $ 0.5

Equity Incentive Programs (Sc_2

Equity Incentive Programs (Schedule of Restricted Stock and Restricted Stock Unit Award Activity) (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)2,961,750
Granted (in shares)1,124,443
Vested (in shares)(576,524)
Forfeited (in shares)(59,672)
Nonvested at end of period (in shares)3,449,997 2,961,750
Weighted- Average Grant Date Fair Value Per Share
Nonvested at beginning of period (in dollars per share) $ 11.55
Granted (in dollars per share)3.90
Vested (in dollars per share)22.55
Forfeited (in dollars per share)13.14
Nonvested at end of period (in dollars per share) $ 7.19 $ 11.55
Weighted- Average Remaining Contractual Term (years)
Nonvested at beginning of period1 year 10 months 24 days1 year 3 months 18 days
Nonvested at end of period1 year 10 months 24 days1 year 3 months 18 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)249,538
Granted (in shares)41,553
Vested (in shares)(18,586)
Forfeited (in shares)0
Nonvested at end of period (in shares)272,505 249,538
Weighted- Average Grant Date Fair Value Per Share
Nonvested at beginning of period (in dollars per share) $ 11.70
Granted (in dollars per share)3.82
Vested (in dollars per share)22.60
Forfeited (in dollars per share)0
Nonvested at end of period (in dollars per share) $ 9.76 $ 11.70
Weighted- Average Remaining Contractual Term (years)
Nonvested at beginning of period1 year 4 months 24 days1 year 3 months 18 days
Nonvested at end of period1 year 4 months 24 days1 year 3 months 18 days
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)221,616
Weighted- Average Grant Date Fair Value Per Share
Granted (in dollars per share) $ 3.82
Weighted- Average Remaining Contractual Term (years)
Compensation expense $ 0.8 $ 1

Equity Incentive Programs (Defe

Equity Incentive Programs (Deferred Stock Unit Activity) (Details) - Deferred Stock Units (DSUs)3 Months Ended
Mar. 31, 2021$ / sharesshares
Units
Outstanding at beginning of period (in shares)500,961
Granted (in shares)221,616
Dividend equivalents granted (in shares)0
Settled (in shares)(35,186)
Outstanding at end of period (in shares)687,391
Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share) | $ / shares $ 10.69
Granted (in dollars per share) | $ / shares3.82
Dividend equivalents granted (in dollars per share) | $ / shares0
Settled (in dollars per share) | $ / shares11.53
Outstanding at end of period (in dollars per share) | $ / shares $ 8.36
Number of DSU to class A common share conversion (in shares)1

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Stock by Class) (Details)Mar. 31, 2021vote$ / sharessharesDec. 31, 2020$ / sharesshares
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares $ 0.025 $ 0.025
Authorized Shares105,000,000 105,000,000
Outstanding41,200,000 40,200,000
Treasury500,000 200,000
Total Issued Shares41,700,000 40,400,000
Number of votes | vote1
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares $ 0.025 $ 0.025
Authorized Shares80,000,000 80,000,000
Outstanding13,500,000 13,500,000
Treasury0 0
Total Issued Shares13,500,000 13,500,000
Number of votes | vote10
Common Class C
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares $ 0.025 $ 0.025
Authorized Shares20,000,000 20,000,000
Outstanding0 0
Treasury500,000 500,000
Total Issued Shares500,000 500,000
Number of votes | vote10

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative and Dividends) (Details)3 Months Ended
Mar. 31, 2021USD ($)votestock_class$ / sharessharesDec. 31, 2020$ / sharessharesMar. 31, 2020USD ($)$ / sharessharesJul. 30, 2018USD ($)
Shareholders' Equity [Line Items]
Number of classes of common stock | stock_class3
Preferred stock, authorized shares500,000 500,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01
Preferred stock, issued shares0 0
Employee stock ownership plan contribution expense | $ $ 0 $ 0
Cash dividend declared (USD per share) | $ / shares $ 0.15 $ 0.15
Common Class A
Shareholders' Equity [Line Items]
Number of votes | vote1
Common stock, authorized shares105,000,000 105,000,000
Share repurchase program, authorized amount | $ $ 100,000,000
Shares repurchased (in shares)0 0
Remaining authorized repurchases | $ $ 100,000,000
Common Class B
Shareholders' Equity [Line Items]
Number of votes | vote10
Common stock, authorized shares80,000,000 80,000,000
Common Class C
Shareholders' Equity [Line Items]
Number of votes | vote10
Common stock, authorized shares20,000,000 20,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (By Component) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period $ (171.3) $ (167.2)
Other comprehensive income (loss) before reclassifications(6)(23.6)
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)1.8 0
Other comprehensive loss, net of tax(4.2)(23.6)
Accumulated other comprehensive income (loss), net of tax, end of period(175.5)(190.8)
Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period(130.8)(131)
Other comprehensive income (loss) before reclassifications(6)(15.3)
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)0 0
Other comprehensive loss, net of tax(6)(15.3)
Accumulated other comprehensive income (loss), net of tax, end of period(136.8)(146.3)
Interest Rate Swap Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period(12.3)(4.7)
Other comprehensive income (loss) before reclassifications0 (8.3)
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)1.8 0
Other comprehensive loss, net of tax1.8 (8.3)
Accumulated other comprehensive income (loss), net of tax, end of period(10.5)(13)
Pension Benefit Plan Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), net of tax, beginning of period(28.2)(31.5)
Other comprehensive income (loss) before reclassifications0 0
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss)0 0
Other comprehensive loss, net of tax0 0
Accumulated other comprehensive income (loss), net of tax, end of period $ (28.2) $ (31.5)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges, net of tax $ (1.8) $ 0
Interest expense14.5 18.1
Income tax expense (benefit)0.5 (1.2)
Interest Rate Swap Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges, net of tax(1.8) $ 0
Interest Rate Swap Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges, net of tax(1.8)
Interest expense1.8
Income tax expense (benefit) $ 0

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Total net sales $ 705.8 $ 822.5
Operating Income (Loss) from Continuing Operations21 5
Restructuring, Impairment and Transaction- Related Charges2.6 22.8
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss) from Continuing Operations34 16.6
Restructuring, Impairment and Transaction- Related Charges1.9 22.1
Corporate
Segment Reporting Information [Line Items]
Operating Income (Loss) from Continuing Operations(13)(11.6)
Restructuring, Impairment and Transaction- Related Charges0.7 0.7
United States Print and Related Services
Segment Reporting Information [Line Items]
Total net sales634.6 736.6
Operating Income (Loss) from Continuing Operations32.5 16.3
Restructuring, Impairment and Transaction- Related Charges1.1 20.8
International
Segment Reporting Information [Line Items]
Total net sales71.2 85.9
Operating Income (Loss) from Continuing Operations1.5 0.3
Restructuring, Impairment and Transaction- Related Charges0.8 1.3
Products
Segment Reporting Information [Line Items]
Total net sales526 645
Products | Operating Segments
Segment Reporting Information [Line Items]
Total net sales526 645
Products | Corporate
Segment Reporting Information [Line Items]
Total net sales0 0
Products | United States Print and Related Services
Segment Reporting Information [Line Items]
Total net sales459.9 563.6
Products | International
Segment Reporting Information [Line Items]
Total net sales66.1 81.4
Services
Segment Reporting Information [Line Items]
Total net sales179.8 177.5
Services | Operating Segments
Segment Reporting Information [Line Items]
Total net sales179.8 177.5
Services | Corporate
Segment Reporting Information [Line Items]
Total net sales0 0
Services | United States Print and Related Services
Segment Reporting Information [Line Items]
Total net sales174.7 173
Services | International
Segment Reporting Information [Line Items]
Total net sales $ 5.1 $ 4.5

Segment Information (Reconcilia

Segment Information (Reconciliation of Operating Profit from Segment to Consolidated) (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Segment Reporting [Abstract]
Operating income from continuing operations $ 21 $ 5
Less: interest expense14.5 18.1
Less: net pension income(4.1)(2.7)
Gain on debt extinguishment0 (0.6) $ (0.6)
Loss before income taxes and equity in loss (earnings) of unconsolidated entity $ 10.6 $ (9.8)