Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34806 | |
Entity Registrant Name | Quad/Graphics, Inc. | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-1152983 | |
Entity Address, Address Line One | N61 W23044 Harry’s Way | |
Entity Address, City or Town | Sussex | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53089-3995 | |
City Area Code | 414 | |
Local Phone Number | 566-6000 | |
Title of 12(b) Security | Class A Common Stock, par value $0.025 per share | |
Trading Symbol | QUAD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001481792 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,023,525 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,556,858 | |
Common Class C | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total net sales | $ 744.2 | $ 705.8 |
Total cost of sales | 619.6 | 559.8 |
Operating expenses | ||
Selling, general and administrative expenses | 79.1 | 80.5 |
Depreciation and amortization | 36.5 | 41.9 |
Restructuring, impairment and transaction-related charges | 3.6 | 2.6 |
Total operating expenses | 738.8 | 684.8 |
Operating income | 5.4 | 21 |
Interest expense | 9.3 | 14.5 |
Net pension income | (3.2) | (4.1) |
Earnings (loss) before income taxes and equity in earnings of unconsolidated entity | (0.7) | 10.6 |
Income tax expense | 0.3 | 0.5 |
Earnings (loss) before equity in earnings of unconsolidated entity | (1) | 10.1 |
Equity in earnings of unconsolidated entity | 0 | (0.1) |
Net earnings (loss) | $ (1) | $ 10.2 |
Earnings (loss) per share | ||
Basic (USD per share) | $ (0.02) | $ 0.20 |
Diluted (USD per share) | $ (0.02) | $ 0.19 |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 51.5 | 51.4 |
Diluted (in shares) | 51.5 | 52.8 |
Products | ||
Total net sales | $ 580.9 | $ 526 |
Total cost of sales | 503.1 | 428.3 |
Services | ||
Total net sales | 163.3 | 179.8 |
Total cost of sales | $ 116.5 | $ 131.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ (1) | $ 10.2 |
Other comprehensive income (loss) | ||
Translation adjustments | 0.8 | (6) |
Interest rate swap adjustments | 1.4 | 1.8 |
Other comprehensive income (loss), before tax | 2.2 | (4.2) |
Income tax impact related to items of other comprehensive income (loss) | (0.3) | 0 |
Other comprehensive income (loss), net of tax | 1.9 | (4.2) |
Comprehensive income | $ 0.9 | $ 6 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 138.3 | $ 179.9 |
Receivables, less allowance for credit losses of $28.4 million at March 31, 2022, and $28.2 million at December 31, 2021 | 341.7 | 362 |
Inventories | 249.1 | 226.2 |
Prepaid expenses and other current assets | 45.1 | 41 |
Total current assets | 774.2 | 809.1 |
Property, plant and equipment—net | 716.3 | 727 |
Operating lease right-of-use assets—net | 119.2 | 125.7 |
Goodwill | 86.4 | 86.4 |
Other intangible assets—net | 68.2 | 75.3 |
Other long-term assets | 73.9 | 66.5 |
Total assets | 1,838.2 | 1,890 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 396.3 | 367.3 |
Other current liabilities | 248.2 | 314.3 |
Short-term debt and current portion of long-term debt | 251.5 | 245.6 |
Current portion of finance lease obligations | 1.4 | 1.8 |
Current portion of operating lease obligations | 28.6 | 28.1 |
Total current liabilities | 926 | 957.1 |
Long-term debt | 547.9 | 554.9 |
Finance lease obligations | 1.4 | 1.4 |
Operating lease obligations | 93.3 | 99.8 |
Deferred income taxes | 12.8 | 11.9 |
Other long-term liabilities | 119.5 | 128.1 |
Total liabilities | 1,700.9 | 1,753.2 |
Commitments and contingencies (Note 8) | ||
Shareholders’ equity | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 838.6 | 839.3 |
Treasury stock, at cost | (14.6) | (14.9) |
Accumulated deficit | (528.8) | (527.8) |
Accumulated other comprehensive loss | (159.3) | (161.2) |
Total shareholders’ equity | 137.3 | 136.8 |
Total liabilities and shareholders’ equity | 1,838.2 | 1,890 |
Common Class A | ||
Shareholders’ equity | ||
Common stock | 1 | 1 |
Common Class B | ||
Shareholders’ equity | ||
Common stock | 0.4 | 0.4 |
Common Class C | ||
Shareholders’ equity | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 28.4 | $ 28.2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net earnings (loss) | $ (1) | $ 10.2 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 36.5 | 41.9 |
Impairment charges | 0.1 | 0.8 |
Amortization of debt issuance costs and original issue discount | 0.7 | 0.6 |
Stock-based compensation | 1.9 | 3 |
Gain on the sale or disposal of property, plant and equipment | (0.4) | (7) |
Deferred income taxes | 0.3 | 0.1 |
Equity in earnings of unconsolidated entity | 0 | (0.1) |
Changes in operating assets and liabilities—net of acquisitions and divestitures | (55) | 23.4 |
Net cash provided by (used in) operating activities | (16.9) | 72.9 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (19.1) | (16.9) |
Cost investment in unconsolidated entities | (1.9) | (0.3) |
Proceeds from the sale of property, plant and equipment | 0.5 | 11.4 |
Other investing activities | 1.8 | (0.2) |
Net cash used in investing activities | (18.7) | (6) |
FINANCING ACTIVITIES | ||
Payments of long-term debt | (3.7) | (33.9) |
Payments of finance lease obligations | (0.8) | (0.8) |
Borrowings on revolving credit facilities | 25.5 | 4.4 |
Payments on revolving credit facilities | (23.1) | (5.7) |
Equity awards redeemed to pay employees’ tax obligations | (2.5) | (1.1) |
Payment of cash dividends | (1.4) | (1.4) |
Other financing activities | (0.1) | (2.9) |
Net cash used in financing activities | (6.1) | (41.4) |
Effect of exchange rates on cash and cash equivalents | 0.1 | (0.1) |
Net increase (decrease) in cash and cash equivalents | (41.6) | 25.4 |
Cash and cash equivalents at beginning of period | 179.9 | 55.2 |
Cash and cash equivalents at end of period | $ 138.3 | $ 80.6 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity and Noncontrolling Interests - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Quad’s Shareholders’ Equity | Noncontrolling Interests |
Beginning balance, shares at Dec. 31, 2020 | 54.4 | (0.8) | ||||||
Beginning balance, Quad's shareholders equity at Dec. 31, 2020 | $ 1.4 | $ 833.1 | $ (13.1) | $ (566) | $ (171.3) | $ 84.1 | $ 0.7 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) | $ 10.2 | 10.2 | 10.2 | |||||
Foreign currency translation adjustments | (6) | (6) | ||||||
Interest rate swap adjustments | 1.8 | 1.8 | 1.8 | |||||
Stock-based compensation | 3 | 3 | ||||||
Issuance of share-based awards, net of other activity, shares | 1.3 | 0 | ||||||
Issuance of share-based awards, net of other activity | (0.6) | $ 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, 2021 | 55.7 | (1) | ||||||
Ending balance, Quad's shareholders' equity at Mar. 31, 2021 | $ 1.4 | 835.5 | $ (13.2) | (555.8) | (175.5) | 92.4 | 0.7 | |
Beginning balance, shares at Dec. 31, 2021 | 55.7 | (1.4) | ||||||
Beginning balance, Quad's shareholders equity at Dec. 31, 2021 | $ 1.4 | 839.3 | $ (14.9) | (527.8) | (161.2) | 136.8 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) | (1) | (1) | (1) | |||||
Foreign currency translation adjustments | 0.8 | 0.8 | ||||||
Interest rate swap adjustments | $ 1.4 | 1.1 | 1.1 | |||||
Stock-based compensation | 1.7 | 1.7 | ||||||
Issuance of share-based awards, net of other activity, shares | 0.9 | 0.8 | ||||||
Issuance of share-based awards, net of other activity | (2.4) | $ 2.8 | 0.4 | |||||
Awards redeemed to pay employees' tax obligations, shares | (0.4) | |||||||
Awards redeemed to pay employees’ tax obligations | $ (2.5) | (2.5) | ||||||
Ending balance, shares at Mar. 31, 2022 | 56.6 | (1) | ||||||
Ending balance, Quad's shareholders' equity at Mar. 31, 2022 | $ 1.4 | $ 838.6 | $ (14.6) | $ (528.8) | $ (159.3) | $ 137.3 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis 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, 2021, and notes thereto included in the Company’s latest Annual Report on Form 10-K filed with the SEC on February 23, 2022. The Company is subject to seasonality in its quarterly results as net sales and operating income are typically 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 provided by operating activities and Free Cash Flow due to the reduction of working capital requirements that reach peak levels during the third quarter. Seasonality is driven by increased retail inserts and catalogs primarily due to back-to-school and holiday-related advertising and promotions. Due to the impacts from supply chain disruptions in 2022, the Company expects to reach higher than typical levels of working capital requirements during the first and second quarters. The Company expects seasonality impacts 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, 2022 and 2021. 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. 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, supply chain and raw materials availability, although the full extent is still uncertain. Throughout the pandemic, the Company implemented cost reduction and cash conservation initiatives in response to the pandemic’s impact on its business. With ongoing advancements against the COVID-19 pandemic, the effects on the Company have lessened from previous periods. The Company continues to evaluate the impact and may implement additional cost reduction measures as necessary. The pandemic has also disrupted the Company’s supply chain and contributed to rising inflationary cost pressures within the Company’s raw materials, distribution and labor. The ultimate impact of COVID-19 on the Company’s business, financial condition, cash flows, results of operations, supply chain and raw materials availability, will depend on future developments, including the continuing duration of the pandemic and the related length of its impact on the global economy, all of which are still uncertain. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue Disaggregation The following table provides information about disaggregated revenue by the Company’s operating segments and major products and services offerings for the three months ended March 31, 2022 and 2021: United States Print International Total Three months ended March 31, 2022 Catalog, publications, retail inserts, and directories $ 341.7 $ 60.5 $ 402.2 Direct mail and other printed products 149.2 26.9 176.1 Other 2.4 0.2 2.6 Total products 493.3 87.6 580.9 Logistics services 71.0 5.3 76.3 Marketing services and medical services 86.8 0.2 87.0 Total services 157.8 5.5 163.3 Total net sales $ 651.1 $ 93.1 $ 744.2 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 Marketing services and medical services 82.0 — 82.0 Total services 174.7 5.1 179.8 Total net sales $ 634.6 $ 71.2 $ 705.8 Nature of Products and Services The Company recognizes its products and services revenue based on when the transfer of control passes to the client or when the service is completed and accepted by the client. The products offering is predominantly comprised of the Company’s print operations which includes retail inserts, publications, catalogs, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products and global paper procurement. The Company considers its logistic operations as services, which include the delivery of printed material. The services offering also includes revenues related to the Company’s marketing services operations, which include digital content management, photography, color services, page production, marketing strategy, creative solutions, media planning and placement and facilities management, as well as medical services. Costs to Obtain Contracts In accordance with Accounting Standards Codification 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, 2022, was as follows: Costs to Obtain Contracts Balance at December 31, 2021 $ 5.1 Costs to obtain contracts — Amortization of costs to obtain contracts (0.5) Balance at March 31, 2022 $ 4.6 |
Restructuring, Impairment and T
Restructuring, Impairment and Transaction-Related Charges | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment and Transaction-Related Charges | Restructuring, Impairment and Transaction-Related Charges The Company recorded restructuring, impairment and transaction-related charges for the three months ended March 31, 2022 and 2021, as follows: Three Months Ended March 31, 2022 2021 Employee termination charges $ 1.1 $ 4.7 Impairment charges 0.1 0.8 Transaction-related charges 0.2 0.2 Other restructuring charges (income) 2.2 (3.1) Total $ 3.6 $ 2.6 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 18, “Segment Information,” for restructuring, impairment and transaction-related charges by segment. Restructuring Charges The Company has a restructuring program related to eliminating excess manufacturing capacity and properly aligning its cost structure. The Company classifies the following charges as restructuring: • Employee termination charges are incurred when the Company reduces its workforce through facility consolidations and separation programs. • Other restructuring charges (income) are presented net of the gains on the sale of facilities, including a gain on the sale of the Riverside, California facility during the three months ended March 31, 2021. The components of other restructuring charges (income) consisted of the following during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Vacant facility carrying costs and lease exit charges $ 1.0 $ 3.9 Equipment and infrastructure removal costs — 0.8 Gains on the sale of facilities — (7.8) Other restructuring activities 1.2 — Other restructuring charges (income) $ 2.2 $ (3.1) 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 $0.1 million and $0.8 million during the three months ended March 31, 2022 and 2021, respectively. The impairment charges were primarily for machinery and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction and strategic divestiture activities. The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 11, “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 were recorded during the three months ended March 31, 2022 and 2021. Restructuring Reserves Activity impacting the Company’s restructuring reserves for the three months ended March 31, 2022, was as follows: Employee Impairment Transaction-Related Other Total Balance at December 31, 2021 $ 4.7 $ — $ 0.4 $ 50.2 $ 55.3 Expense, net 1.1 0.1 0.2 2.2 3.6 Cash payments, net (1.7) — (0.1) (3.4) (5.2) Non-cash adjustments/reclassifications and translation (0.2) (0.1) — 0.5 0.2 Balance at March 31, 2022 $ 3.9 $ — $ 0.5 $ 49.5 $ 53.9 The Company’s restructuring reserves at March 31, 2022, included a short-term and a long-term component. The short-term portion included $46.7 million in other current liabilities (see Note 12, “Other Current and Long-Term Liabilities”) and $0.7 million in accounts payable in the condensed consolidated balance sheets as the Company expects these reserves to be settled within the next twelve months. The long-term portion of $6.5 million is included in other long-term liabilities (see Note 12, “Other Current and Long-Term Liabilities”) in the condensed consolidated balance sheets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units and is tested annually for impairment as of October 31, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. No indicators of impairment were identified in any of the Company’s reporting units during the three months ended March 31, 2022. The accumulated goodwill impairment losses and the carrying value of goodwill at March 31, 2022, and December 31, 2021, were as follows: United States Print and Related Services International Total Goodwill $ 864.7 $ 30.0 $ 894.7 Accumulated goodwill impairment loss (778.3) (30.0) (808.3) Goodwill, net of accumulated goodwill impairment loss $ 86.4 $ — $ 86.4 Other Intangible Assets The components of finite-lived intangible assets at March 31, 2022, and December 31, 2021, were as follows: March 31, 2022 December 31, 2021 Weighted Gross Accumulated Net Book Weighted Gross Accumulated Net Book Trademarks, patents, licenses and agreements 6 $ 67.7 $ (52.1) $ 15.6 6 $ 68.1 $ (50.7) 17.4 Capitalized software 5 19.6 (14.9) 4.7 5 19.2 (14.3) 4.9 Acquired Technology 5 3.6 (1.4) 2.2 5 3.6 (1.2) 2.4 Customer relationships 6 560.7 (515.0) 45.7 6 560.1 (509.5) 50.6 Total $ 651.6 $ (583.4) $ 68.2 $ 651.0 $ (575.7) $ 75.3 The gross carrying amount and accumulated amortization within other intangible assets—net in the condensed consolidated balance sheets at March 31, 2022, and December 31, 2021, 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, 2022 and 2021. Amortization expense for other intangible assets was $7.6 million and $9.1 million for the three months ended March 31, 2022 and 2021, respectively. The estimated future amortization expense related to other intangible assets as of March 31, 2022, was as follows: Amortization Expense Remainder of 2022 $ 23.1 2023 26.6 2024 15.4 2025 2.7 2026 0.4 2027 — Total $ 68.2 |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables Prior to granting credit, the Company evaluates each client in an underwriting process, taking into consideration the prospective client’s financial condition, past payment experience, credit bureau information and other financial and qualitative factors that may affect the client’s ability to pay. Specific credit reviews and standard industry credit scoring models are used in performing this evaluation. Clients’ financial condition is continuously monitored as part of the normal course of business. Some of the Company’s clients are highly leveraged or otherwise subject to their own operating and regulatory risks. Specific client provisions are made when a review of significant outstanding amounts, utilizing information about client creditworthiness, as well as current and future economic trends based on reasonable forecasts, indicates that collection is doubtful. The Company also records a general provision based on the overall risk profile of the receivables and through the assessment of reasonable economic forecasts. The risk profile is assessed on a quarterly basis using various methods, including external resources and credit scoring models. Accounts that are deemed uncollectible are written off when all reasonable collection efforts have been exhausted. The Company has recorded credit loss expense of $0.7 million and $0.6 million during the three months ended March 31, 2022 and 2021, 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, 2022, was as follows: Allowance for Credit Losses Balance at December 31, 2021 $ 28.2 Provisions 0.7 Write-offs (0.4) Translation and other (0.1) Balance at March 31, 2022 $ 28.4 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at March 31, 2022, and December 31, 2021, were as follows: March 31, December 31, Raw materials and manufacturing supplies $ 166.1 $ 148.6 Work in process 38.5 31.6 Finished goods 44.5 46.0 Total $ 249.1 $ 226.2 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment at March 31, 2022, and December 31, 2021, were as follows: March 31, December 31, Land $ 74.1 $ 73.6 Buildings 658.0 658.4 Machinery and equipment 2,881.2 2,883.7 Other (1) 177.5 181.9 Construction in progress 32.1 25.1 Property, plant and equipment—gross $ 3,822.9 $ 3,822.7 Less: accumulated depreciation (3,106.6) (3,095.7) Property, plant and equipment—net $ 716.3 $ 727.0 ______________________________ (1) Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication-related equipment. The Company recorded impairment charges of $0.1 million and $0.8 million during the three months ended March 31, 2022 and 2021, respectively, to reduce the carrying amounts of certain property, plant and equipment no longer utilized in production to fair value (see Note 3, “Restructuring, Impairment and Transaction-Related Charges,” for further discussion on impairment charges). The Company recognized depreciation expense of $28.9 million and $32.8 million for the three months ended March 31, 2022 and 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments 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
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The components of long-term debt as of March 31, 2022, and December 31, 2021, were as follows: March 31, December 31, Master note and security agreement $ 6.2 $ 7.2 Term Loan A 575.4 575.4 Revolving credit facility — — Senior unsecured notes 209.1 211.5 International term loans 5.2 5.3 International revolving credit facilities 10.8 8.8 Other 1.1 1.4 Debt issuance costs (8.4) (9.1) Total debt $ 799.4 $ 800.5 Less: short-term debt and current portion of long-term debt (251.5) (245.6) Long-term debt $ 547.9 $ 554.9 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 $0.8 billion at March 31, 2022 and at December 31, 2021. The fair value determination of the Company’s total debt was categorized as Level 2 in the fair value hierarchy (see Note 11, “Financial Instruments and Fair Value Measurements,” for the definition of Level 2 inputs). Senior Unsecured Notes During the three months ended March 31, 2022, the Company repurchased $2.4 million of its outstanding unsecured 7.0% senior notes due May 1, 2022 (the “Senior Unsecured Notes”) in the open market. All repurchased Senior Unsecured Notes were canceled. The Company used cash flows from operating activities to fund the repurchases. These repurchases were completed primarily to reduce interest expense. On May 2, 2022, the Company used liquidity available under its revolving credit facility and available cash on hand to fund the repayment on maturity of all $209.1 million aggregate principal amount of its Senior Unsecured Notes. Debt Issuance Costs Activity impacting the Company’s debt issuance costs for the three months ended March 31, 2022, was as follows: Capitalized Debt Balance at December 31, 2021 $ 9.1 Amortization of debt issuance costs (0.7) Balance at March 31, 2022 $ 8.4 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). The Company was in compliance with all covenants in its debt agreements as of March 31, 2022. Among these covenants, the Company was required to maintain the following as of March 31, 2022: • Total Leverage Ratio. On a rolling twelve-month basis, the Total Leverage Ratio, defined as consolidated total indebtedness to consolidated EBITDA, shall not exceed 3.75 to 1.00 (for the twelve months ended March 31, 2022, the Company’s Total Leverage Ratio was 3.30 to 1.00). • Liquidity, defined as unrestricted cash and permitted investments of the Company and its subsidiaries (subject to certain conditions) plus the aggregate amount of the unused revolving credit facility commitments, shall not be less than $181.6 million at any time during the period commencing December 15, 2023 and ending when all obligations owed under the Senior Secured Credit Facility to lenders that are not extending lenders are paid in full. • 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 four-quarter basis, the Senior Secured Leverage Ratio, defined as the ratio of consolidated senior secured net indebtedness to consolidated EBITDA, shall not exceed (a) 3.50 to 1.00 for any fiscal quarter ending prior to December 31, 2023, and (b) 3.25 to 1.00 for any fiscal quarter ending on or after December 31, 2023 (other than, in the case of this clause (b), any fiscal quarter ending September 30 of any year, each of which shall be subject to a maximum Senior Secured Leverage Ratio not to exceed 3.50 to 1.00) (for the twelve months ended March 31, 2022, the Company’s Senior Secured Leverage Ratio was 1.89 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, 2022, the Company’s Interest Coverage Ratio was 5.18 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. • If the Company’s Total Leverage Ratio is greater than 2.75 to 1.00, the Company is prohibited from making greater than $60.0 million of dividend payments, capital stock repurchases and certain other payments, over the course of the agreement. If the Company’s Total Leverage Ratio is above 2.50 to 1.00 but below 2.75 to 1.00, the Company is prohibited from making greater than $100.0 million of dividend payments, capital stock repurchases and certain other payments, over the course of the agreement. If the Total Leverage Ratio is less than 2.50 to 1.00, there are no such restrictions. As the Company’s Total Leverage Ratio as of March 31, 2022, was 3.30 to 1.00, 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 which, on a rolling twelve-month basis, is defined as consolidated net indebtedness to consolidated EBITDA, 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 1.89 to 1.00 and the Total Net Leverage Ratio was 2.75 to 1.00, as of March 31, 2022. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company records income tax expense 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 for that interim period. 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 expenses 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, 2022, 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 was $11.7 million as of March 31, 2022 and December 31, 2021. The Company anticipates a $0.5 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 Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of acquisitions or impairment charges. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3: Unobservable inputs for the asset or liability. There were no recurring Level 3 fair value measurements of assets or liabilities as of March 31, 2022. Interest Rate Swaps The Company currently holds one active interest rate swap contract. Another previously held interest rate swap, effective on February 28, 2017, terminated on February 28, 2022. 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 swap was 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 life of the swap contract. The Company expects to reclassify $2.7 million of this balance to interest expense over the next twelve months. The key terms of the active interest rate swap is as follows: March 19, 2019 Effective date March 29, 2019 Termination date March 28, 2024 Term 5 years Notional amount $130.0 Fixed swap rate 2.43% 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, 2022, and December 31, 2021, were as follows: Balance Sheet Location March 31, 2022 December 31, 2021 Interest rate swap liabilities Other current liabilities $ — $ (0.7) Interest rate swap liabilities Other long-term liabilities $ (0.2) $ (4.4) Prior to the Company’s de-designation of the interest rate swap as a cash flow hedge, the interest rate swap was considered highly effective, with no amount of ineffectiveness recorded into earnings. The change in the fair value of the interest rate swap is recorded as an adjustment to interest expense in the condensed consolidated statements of operations. The cash flows associated with the interest rate swap have been recognized as an adjustment to interest expense in the condensed consolidated statements of operations: Three Months Ended March 31, 2022 2021 Cash Flow Impacts Net interest paid $ 1.5 $ 1.8 Impacts with Swaps as Nonhedging Instruments Income recognized in interest expense excluded from hedge effectiveness assessments (5.0) (2.7) Amounts reclassified out of accumulated other comprehensive loss to interest expense 1.4 1.8 Net interest expense 1.5 1.8 Total impact of swaps to interest expense $ (2.1) $ 0.9 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, 2022. 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, 2022 and 2021, 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 9, “Debt,” for the fair value of the Company’s debt as of March 31, 2022. 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, which are categorized as Level 3. See Note 3, “Restructuring, Impairment and Transaction-Related Charges” and Note 7, “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, 2022, and December 31, 2021. |
Other Current and Long-Term Lia
Other Current and Long-Term Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Other Current and Long-Term Liabilities | Other Current and Long-Term Liabilities The components of other current and long-term liabilities as of March 31, 2022, and December 31, 2021, were as follows: March 31, 2022 December 31, 2021 Other Current Liabilities Other Total Other Current Liabilities Other Total Employee-related liabilities (1) $ 82.4 $ 46.6 $ 129.0 $ 128.8 $ 52.8 $ 181.6 Single employer pension plan obligations 1.6 14.3 15.9 1.6 17.6 19.2 Multiemployer pension plans – withdrawal liability 3.9 27.4 31.3 3.8 28.4 32.2 Deferred revenue 51.5 1.8 53.3 66.4 2.1 68.5 Tax-related liabilities 19.1 5.3 24.4 20.0 5.3 25.3 Restructuring liabilities 46.7 6.5 53.2 47.5 6.1 53.6 Interest and rent liabilities 6.6 — 6.6 2.8 — 2.8 Interest rate swap liabilities — 0.2 0.2 0.7 4.4 5.1 Other 36.4 17.4 53.8 42.7 11.4 54.1 Total $ 248.2 $ 119.5 $ 367.7 $ 314.3 $ 128.1 $ 442.4 ______________________________ (1) Employee-related liabilities consist primarily of payroll, bonus, vacation, health and workers’ compensation. |
Employee Retirement Plans
Employee Retirement Plans | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Retirement Plans | Employee 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, 2022 and 2021. 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, 2022 and 2021, were as follows: Three Months Ended March 31, 2022 2021 Interest cost $ (2.4) $ (2.1) Expected return on plan assets 5.6 6.2 Net pension income $ 3.2 $ 4.1 The Company made $0.2 million in benefit payments to its non-qualified defined benefit pension plans during the three months ended March 31, 2022. There were no contributions to its qualified defined benefit pension plans during the three months ended March 31, 2022. Multiemployer Pension Plans (“MEPPs”) The Company has withdrawn from all significant MEPPs and replaced these union sponsored “promise to pay in the future” defined benefit plans with a Company sponsored “pay as you go” defined contribution plan. The two MEPPs, the Graphic Communications International Union – Employer Retirement Fund (“GCIU”) and the Graphic Communications Conference of the International Brotherhood of Teamsters National Pension Fund (“GCC”), are significantly underfunded, and require the Company to pay a withdrawal liability to fund its pro rata share of the underfunding as of the plan year the full withdrawal was completed. As a result of the decision to withdraw, the Company accrued a withdrawal liability based on information provided by each plan’s trustee. The Company has reserved $31.3 million for the total MEPPs withdrawal liability as of March 31, 2022, of which $27.4 million was recorded in other long-term liabilities and $3.9 million was recorded in other current liabilities in the condensed consolidated balance sheets. The Company is scheduled to make payments to the GCIU and GCC until April 2032 and February 2024, respectively. The Company made payments totaling $1.5 million for the three months ended March 31, 2022 and 2021. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is computed as net earnings (loss) divided by the basic weighted average common shares outstanding. The calculation of diluted earnings (loss) per share 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, and accordingly, the Company excludes them from the calculation. Due to the net loss incurred during the three months ended March 31, 2022, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share 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. Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock for the three months ended March 31, 2022 and 2021, are summarized as follows: Three Months Ended March 31, 2022 2021 Numerator Net earnings (loss) $ (1.0) $ 10.2 Denominator Basic weighted average number of common shares outstanding for all classes of common shares 51.5 51.4 Plus: effect of dilutive equity incentive instruments — 1.4 Diluted weighted average number of common shares outstanding for all classes of common shares 51.5 52.8 Earnings (loss) per share Basic $ (0.02) $ 0.20 Diluted $ (0.02) $ 0.19 |
Equity Incentive Programs
Equity Incentive Programs | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Programs | Equity Incentive Programs The shareholders of the Company approved the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan (the “2020 Plan”) at the Company’s annual meeting of shareholders held on May 18, 2020 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 May 18, 2020, 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 1,331,509 shares of class A common stock reserved for issuance under the 2020 Plan as of March 31, 2022. 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 year service period of the awards, except deferred stock units, which are fully vested and expensed on the grant date. The Company estimated the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Equity Incentive Compensation Expense Equity incentive compensation expense was recorded primarily in selling, general and administrative expenses in the condensed consolidated statements of operations and includes expense 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, 2022 and 2021, was as follows: Three Months Ended March 31, 2022 2021 RS and RSU equity awards expense $ 1.7 $ 2.2 RSU liability awards expense 0.2 — DSU awards expense — 0.8 Total equity incentive compensation expense $ 1.9 $ 3.0 Total future compensation expense related to all equity incentive programs granted as of March 31, 2022, was estimated to be $9.4 million, which consists entirely of expense for RS and RSU awards. Estimated future compensation expense is $3.5 million for the remainder of 2022, $3.4 million for 2023, $2.2 million for 2024 and $0.3 million for 2025. Stock Options There were no stock options granted, and no compensation expense was recognized related to stock options for the three months ended March 31, 2022 and 2021. There is no future compensation expense for stock options as of March 31, 2022. The following table is a summary of the stock option activity for the three months ended March 31, 2022: Shares Under Weighted Average Weighted Average Aggregate Outstanding at December 31, 2021 56,034 $ 14.14 0.0 $ — Granted — — Exercised — — Canceled/forfeited/expired (56,034) 14.14 Outstanding and exercisable at March 31, 2022 — $ — 0.0 $ — The intrinsic value of options outstanding and exercisable at December 31, 2021 was based on the fair value of the stock price. There were no stock options exercised during the three months ended March 31, 2022 and 2021. 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, 2022: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2021 3,053,019 $ 6.99 1.2 222,093 $ 10.41 0.5 Granted 1,654,473 4.00 54,014 4.00 Vested (1,039,567) 12.31 (169,489) 12.33 Forfeited (37,656) 4.37 (6) 12.33 Nonvested at March 31, 2022 3,630,269 $ 4.13 2.1 106,612 $ 4.11 2.2 In the first quarter of 2019, the Company issued RSU awards in connection with the acquisition of Periscope, Inc. that were accounted for as liability awards and vested on March 1, 2022. The awards were recorded at fair value on the initial issuance date and were 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. 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, 2022: Deferred Stock Units Units Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2021 687,391 $ 8.26 Granted — — Dividend equivalents granted — — Settled (79,908) 4.62 Outstanding at March 31, 2022 607,483 $ 8.74 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' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The Company has three classes of common stock as follows (share data in millions): Issued Common Stock Authorized Shares Outstanding Treasury Total Issued Shares Class A stock ($0.025 par value) March 31, 2022 105.0 42.1 0.5 42.6 December 31, 2021 105.0 40.8 0.9 41.7 Class B stock ($0.025 par value) March 31, 2022 80.0 13.5 — 13.5 December 31, 2021 80.0 13.5 — 13.5 Class C stock ($0.025 par value) March 31, 2022 20.0 — 0.5 0.5 December 31, 2021 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, 2022, and December 31, 2021. 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, 2022, or during the three months ended March 31, 2021. As of March 31, 2022, there were $100.0 million of authorized repurchases remaining under the program. In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common shares. 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2022, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2021 $ (143.1) $ (6.7) $ (11.4) $ (161.2) Other comprehensive income before reclassifications 0.8 — — 0.8 Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) — 1.1 — 1.1 Net other comprehensive income 0.8 1.1 — 1.9 Balance at March 31, 2022 $ (142.3) $ (5.6) $ (11.4) $ (159.3) 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 details of the reclassifications from accumulated other comprehensive loss to net earnings (loss) for the three months ended March 31, 2022 and 2021, were as follows: Details of Accumulated Other Three Months Ended March 31, Condensed Consolidated Statements of Operations Presentation 2022 2021 Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges $ 1.4 $ 1.8 Interest expense Impact of income taxes (0.3) — Income tax expense Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges, net of tax $ 1.1 $ 1.8 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As a global marketing experience company, Quad leverages its more than 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 opera tions in I ndia. 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, 2022, 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, 2022 and 2021: Net Sales Operating Income (Loss) Restructuring, Impairment and Transaction- Products Services Three months ended March 31, 2022 United States Print and Related Services $ 493.3 $ 157.8 $ 11.8 $ 1.7 International 87.6 5.5 3.7 1.6 Total operating segments 580.9 163.3 15.5 3.3 Corporate — — (10.1) 0.3 Total $ 580.9 $ 163.3 $ 5.4 $ 3.6 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 Restructuring, impairment and transaction-related charges for the three months ended March 31, 2022 and 2021, are further described in Note 3, “Restructuring, Impairment and Transaction-Related Charges,” and are included in the operating income (loss) results by segment above. A reconciliation of operating income to earnings (loss) before income taxes and equity in earnings of unconsolidated entity as reported in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021, was as follows: Three Months Ended March 31, 2022 2021 Operating income $ 5.4 $ 21.0 Less: interest expense 9.3 14.5 Less: net pension income (3.2) (4.1) Earnings (loss) before income taxes and equity in earnings of unconsolidated entity $ (0.7) $ 10.6 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform. ASU 2020-04 permits entities to apply certain expedients and exceptions for contracts, hedging relationships, and other transactions impacted by the anticipated transition away from the use of LIBOR or other interbank offered rates to alternative reference rates. This optional guidance is effective as of March 12, 2020, through December 31, 2022. The Company is evaluating the impact of the adoption of ASU 2020-04 on the condensed consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value Measurement | 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, 2022. |
Earnings Per Share | The calculation of diluted earnings (loss) per share 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, and accordingly, the Company excludes them from the calculation. |
Share-based Compensation, Option and Incentive Plans | 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 year service period of the awards, except deferred stock units, which are fully vested and expensed on the grant date. The Company estimated the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. |
New Accounting Pronouncements | In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform. ASU 2020-04 permits entities to apply certain expedients and exceptions for contracts, hedging relationships, and other transactions impacted by the anticipated transition away from the use of LIBOR or other interbank offered rates to alternative reference rates. This optional guidance is effective as of March 12, 2020, through December 31, 2022. The Company is evaluating the impact of the adoption of ASU 2020-04 on the condensed consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | 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, 2022 and 2021: United States Print International Total Three months ended March 31, 2022 Catalog, publications, retail inserts, and directories $ 341.7 $ 60.5 $ 402.2 Direct mail and other printed products 149.2 26.9 176.1 Other 2.4 0.2 2.6 Total products 493.3 87.6 580.9 Logistics services 71.0 5.3 76.3 Marketing services and medical services 86.8 0.2 87.0 Total services 157.8 5.5 163.3 Total net sales $ 651.1 $ 93.1 $ 744.2 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 Marketing services and medical services 82.0 — 82.0 Total services 174.7 5.1 179.8 Total net sales $ 634.6 $ 71.2 $ 705.8 |
Costs to Obtain Contracts with Customers | Activity impacting costs to obtain contracts for the three months ended March 31, 2022, was as follows: Costs to Obtain Contracts Balance at December 31, 2021 $ 5.1 Costs to obtain contracts — Amortization of costs to obtain contracts (0.5) Balance at March 31, 2022 $ 4.6 |
Restructuring, Impairment and_2
Restructuring, Impairment and Transaction-Related Charges (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring, Impairment and Transaction-Related Charges | The Company recorded restructuring, impairment and transaction-related charges for the three months ended March 31, 2022 and 2021, as follows: Three Months Ended March 31, 2022 2021 Employee termination charges $ 1.1 $ 4.7 Impairment charges 0.1 0.8 Transaction-related charges 0.2 0.2 Other restructuring charges (income) 2.2 (3.1) Total $ 3.6 $ 2.6 three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Vacant facility carrying costs and lease exit charges $ 1.0 $ 3.9 Equipment and infrastructure removal costs — 0.8 Gains on the sale of facilities — (7.8) Other restructuring activities 1.2 — Other restructuring charges (income) $ 2.2 $ (3.1) |
Activity Impacting Reserves for Restructuring, Impairment and Transaction-Related Charges | Activity impacting the Company’s restructuring reserves for the three months ended March 31, 2022, was as follows: Employee Impairment Transaction-Related Other Total Balance at December 31, 2021 $ 4.7 $ — $ 0.4 $ 50.2 $ 55.3 Expense, net 1.1 0.1 0.2 2.2 3.6 Cash payments, net (1.7) — (0.1) (3.4) (5.2) Non-cash adjustments/reclassifications and translation (0.2) (0.1) — 0.5 0.2 Balance at March 31, 2022 $ 3.9 $ — $ 0.5 $ 49.5 $ 53.9 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Accumulated Goodwill Impairment | The accumulated goodwill impairment losses and the carrying value of goodwill at March 31, 2022, and December 31, 2021, were as follows: United States Print and Related Services International Total Goodwill $ 864.7 $ 30.0 $ 894.7 Accumulated goodwill impairment loss (778.3) (30.0) (808.3) Goodwill, net of accumulated goodwill impairment loss $ 86.4 $ — $ 86.4 |
Schedule of Intangible Assets | The components of finite-lived intangible assets at March 31, 2022, and December 31, 2021, were as follows: March 31, 2022 December 31, 2021 Weighted Gross Accumulated Net Book Weighted Gross Accumulated Net Book Trademarks, patents, licenses and agreements 6 $ 67.7 $ (52.1) $ 15.6 6 $ 68.1 $ (50.7) 17.4 Capitalized software 5 19.6 (14.9) 4.7 5 19.2 (14.3) 4.9 Acquired Technology 5 3.6 (1.4) 2.2 5 3.6 (1.2) 2.4 Customer relationships 6 560.7 (515.0) 45.7 6 560.1 (509.5) 50.6 Total $ 651.6 $ (583.4) $ 68.2 $ 651.0 $ (575.7) $ 75.3 |
Schedule of Estimated Future Amortization Expense Related to Intangible Assets | The estimated future amortization expense related to other intangible assets as of March 31, 2022, was as follows: Amortization Expense Remainder of 2022 $ 23.1 2023 26.6 2024 15.4 2025 2.7 2026 0.4 2027 — Total $ 68.2 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Activity Impacting Allowance for Credit Losses | Activity impacting the allowance for credit losses for the three months ended March 31, 2022, was as follows: Allowance for Credit Losses Balance at December 31, 2021 $ 28.2 Provisions 0.7 Write-offs (0.4) Translation and other (0.1) Balance at March 31, 2022 $ 28.4 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | The components of inventories at March 31, 2022, and December 31, 2021, were as follows: March 31, December 31, Raw materials and manufacturing supplies $ 166.1 $ 148.6 Work in process 38.5 31.6 Finished goods 44.5 46.0 Total $ 249.1 $ 226.2 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment at March 31, 2022, and December 31, 2021, were as follows: March 31, December 31, Land $ 74.1 $ 73.6 Buildings 658.0 658.4 Machinery and equipment 2,881.2 2,883.7 Other (1) 177.5 181.9 Construction in progress 32.1 25.1 Property, plant and equipment—gross $ 3,822.9 $ 3,822.7 Less: accumulated depreciation (3,106.6) (3,095.7) Property, plant and equipment—net $ 716.3 $ 727.0 ______________________________ (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, 2022 | |
Debt Disclosure [Abstract] | |
Schedule Components of Long-Term Debt | The components of long-term debt as of March 31, 2022, and December 31, 2021, were as follows: March 31, December 31, Master note and security agreement $ 6.2 $ 7.2 Term Loan A 575.4 575.4 Revolving credit facility — — Senior unsecured notes 209.1 211.5 International term loans 5.2 5.3 International revolving credit facilities 10.8 8.8 Other 1.1 1.4 Debt issuance costs (8.4) (9.1) Total debt $ 799.4 $ 800.5 Less: short-term debt and current portion of long-term debt (251.5) (245.6) Long-term debt $ 547.9 $ 554.9 |
Schedule of Debt Issuance Costs | Activity impacting the Company’s debt issuance costs for the three months ended March 31, 2022, was as follows: Capitalized Debt Balance at December 31, 2021 $ 9.1 Amortization of debt issuance costs (0.7) Balance at March 31, 2022 $ 8.4 |
Other Current and Long-Term L_2
Other Current and Long-Term Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Components of Other Long-Term Liabilities | The components of other current and long-term liabilities as of March 31, 2022, and December 31, 2021, were as follows: March 31, 2022 December 31, 2021 Other Current Liabilities Other Total Other Current Liabilities Other Total Employee-related liabilities (1) $ 82.4 $ 46.6 $ 129.0 $ 128.8 $ 52.8 $ 181.6 Single employer pension plan obligations 1.6 14.3 15.9 1.6 17.6 19.2 Multiemployer pension plans – withdrawal liability 3.9 27.4 31.3 3.8 28.4 32.2 Deferred revenue 51.5 1.8 53.3 66.4 2.1 68.5 Tax-related liabilities 19.1 5.3 24.4 20.0 5.3 25.3 Restructuring liabilities 46.7 6.5 53.2 47.5 6.1 53.6 Interest and rent liabilities 6.6 — 6.6 2.8 — 2.8 Interest rate swap liabilities — 0.2 0.2 0.7 4.4 5.1 Other 36.4 17.4 53.8 42.7 11.4 54.1 Total $ 248.2 $ 119.5 $ 367.7 $ 314.3 $ 128.1 $ 442.4 ______________________________ (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, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Pension Income | The components of net pension income for the three months ended March 31, 2022 and 2021, were as follows: Three Months Ended March 31, 2022 2021 Interest cost $ (2.4) $ (2.1) Expected return on plan assets 5.6 6.2 Net pension income $ 3.2 $ 4.1 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock for the three months ended March 31, 2022 and 2021, are summarized as follows: Three Months Ended March 31, 2022 2021 Numerator Net earnings (loss) $ (1.0) $ 10.2 Denominator Basic weighted average number of common shares outstanding for all classes of common shares 51.5 51.4 Plus: effect of dilutive equity incentive instruments — 1.4 Diluted weighted average number of common shares outstanding for all classes of common shares 51.5 52.8 Earnings (loss) per share Basic $ (0.02) $ 0.20 Diluted $ (0.02) $ 0.19 |
Equity Incentive Programs (Tabl
Equity Incentive Programs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table is a summary of the stock option activity for the three months ended March 31, 2022: Shares Under Weighted Average Weighted Average Aggregate Outstanding at December 31, 2021 56,034 $ 14.14 0.0 $ — Granted — — Exercised — — Canceled/forfeited/expired (56,034) 14.14 Outstanding and exercisable at March 31, 2022 — $ — 0.0 $ — |
Summary of RS and RSU Award Activity | The following table is a summary of RS and RSU award activity for the three months ended March 31, 2022: Restricted Stock Restricted Stock Units Shares Weighted- Weighted- Units Weighted- Weighted- Nonvested at December 31, 2021 3,053,019 $ 6.99 1.2 222,093 $ 10.41 0.5 Granted 1,654,473 4.00 54,014 4.00 Vested (1,039,567) 12.31 (169,489) 12.33 Forfeited (37,656) 4.37 (6) 12.33 Nonvested at March 31, 2022 3,630,269 $ 4.13 2.1 106,612 $ 4.11 2.2 |
Summary of DSU Award Activity | The following table is a summary of DSU award activity for the three months ended March 31, 2022: Deferred Stock Units Units Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2021 687,391 $ 8.26 Granted — — Dividend equivalents granted — — Settled (79,908) 4.62 Outstanding at March 31, 2022 607,483 $ 8.74 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | The Company has three classes of common stock as follows (share data in millions): Issued Common Stock Authorized Shares Outstanding Treasury Total Issued Shares Class A stock ($0.025 par value) March 31, 2022 105.0 42.1 0.5 42.6 December 31, 2021 105.0 40.8 0.9 41.7 Class B stock ($0.025 par value) March 31, 2022 80.0 13.5 — 13.5 December 31, 2021 80.0 13.5 — 13.5 Class C stock ($0.025 par value) March 31, 2022 20.0 — 0.5 0.5 December 31, 2021 20.0 — 0.5 0.5 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss By Component, Net of Tax | The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2022, were as follows: Translation Adjustments Interest Rate Swap Adjustments Pension Benefit Plan Adjustments Total Balance at December 31, 2021 $ (143.1) $ (6.7) $ (11.4) $ (161.2) Other comprehensive income before reclassifications 0.8 — — 0.8 Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) — 1.1 — 1.1 Net other comprehensive income 0.8 1.1 — 1.9 Balance at March 31, 2022 $ (142.3) $ (5.6) $ (11.4) $ (159.3) 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 details of the reclassifications from accumulated other comprehensive loss to net earnings (loss) for the three months ended March 31, 2022 and 2021, were as follows: Details of Accumulated Other Three Months Ended March 31, Condensed Consolidated Statements of Operations Presentation 2022 2021 Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges $ 1.4 $ 1.8 Interest expense Impact of income taxes (0.3) — Income tax expense Amortization of amounts accumulated for interest rate swaps de-designated as cash flow hedges, net of tax $ 1.1 $ 1.8 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following is a summary of segment information for the three months ended March 31, 2022 and 2021: Net Sales Operating Income (Loss) Restructuring, Impairment and Transaction- Products Services Three months ended March 31, 2022 United States Print and Related Services $ 493.3 $ 157.8 $ 11.8 $ 1.7 International 87.6 5.5 3.7 1.6 Total operating segments 580.9 163.3 15.5 3.3 Corporate — — (10.1) 0.3 Total $ 580.9 $ 163.3 $ 5.4 $ 3.6 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 |
Reconciliation of Operating Income (Loss) to Earnings (Loss) Before Income Taxes and Equity in Loss of Unconsolidated Entities | A reconciliation of operating income to earnings (loss) before income taxes and equity in earnings of unconsolidated entity as reported in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021, was as follows: Three Months Ended March 31, 2022 2021 Operating income $ 5.4 $ 21.0 Less: interest expense 9.3 14.5 Less: net pension income (3.2) (4.1) Earnings (loss) before income taxes and equity in earnings of unconsolidated entity $ (0.7) $ 10.6 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 744.2 | $ 705.8 |
Catalog, publications, retail inserts, books and directories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 402.2 | 378.7 |
Direct mail and other printed products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 176.1 | 145.8 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2.6 | 1.5 |
Total Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 580.9 | 526 |
Logistics services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 76.3 | 97.8 |
Imaging, marketing services and other services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 87 | 82 |
Total Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 163.3 | 179.8 |
United States Print and Related Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 651.1 | 634.6 |
United States Print and Related Services | Catalog, publications, retail inserts, books and directories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 341.7 | 329.7 |
United States Print and Related Services | Direct mail and other printed products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 149.2 | 129 |
United States Print and Related Services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2.4 | 1.2 |
United States Print and Related Services | Total Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 493.3 | 459.9 |
United States Print and Related Services | Logistics services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 71 | 92.7 |
United States Print and Related Services | Imaging, marketing services and other services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 86.8 | 82 |
United States Print and Related Services | Total Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 157.8 | 174.7 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 93.1 | 71.2 |
International | Catalog, publications, retail inserts, books and directories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 60.5 | 49 |
International | Direct mail and other printed products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 26.9 | 16.8 |
International | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0.2 | 0.3 |
International | Total Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 87.6 | 66.1 |
International | Logistics services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 5.3 | 5.1 |
International | Imaging, marketing services and other services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0.2 | 0 |
International | Total Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 5.5 | $ 5.1 |
Revenue Recognition - Costs to
Revenue Recognition - Costs to Obtain Contracts (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Change in Capitalized Contract Costs [Roll Forward] | |
Balance at December 31, 2021 | $ 5.1 |
Costs to obtain contracts | 0 |
Amortization of costs to obtain contracts | (0.5) |
Balance at March 31, 2022 | $ 4.6 |
Restructuring, Impairment and_3
Restructuring, Impairment and Transaction-Related Charges - Schedule of Restructuring, Impairment and Transaction-Related Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Employee termination charges | $ 1.1 | $ 4.7 |
Impairment charges | 0.1 | 0.8 |
Transaction-related charges | 0.2 | 0.2 |
Other restructuring charges (income) | 2.2 | (3.1) |
Total | $ 3.6 | $ 2.6 |
Restructuring, Impairment and_4
Restructuring, Impairment and Transaction-Related Charges - Schedule of Other Restructuring (Income) Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Other restructuring charges (income) | $ 2.2 | $ (3.1) |
Facilities Idled | ||
Restructuring Cost and Reserve [Line Items] | ||
Vacant facility carrying costs and lease exit charges | 1 | 3.9 |
Equipment and Infrastructure Removal Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Equipment and infrastructure removal costs | 0 | 0.8 |
Sale of facilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Gains on the sale of facilities | 0 | (7.8) |
Other restructuring charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Other restructuring activities | $ 1.2 | $ 0 |
Restructuring, Impairment and_5
Restructuring, Impairment and Transaction-Related Charges - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Impairment charges | $ 0.1 | $ 0.8 |
Transaction-related charges | 0.2 | $ 0.2 |
Other Current Liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Short-term restructuring reserve | (46.7) | |
Accounts Payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Short-term restructuring reserve | (0.7) | |
Other long-term liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Long-term restructuring reserve | $ (6.5) |
Restructuring, Impairment and_6
Restructuring, Impairment and Transaction-Related Charges - Schedule of Restructuring Reserves (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of period | $ 55.3 |
Expense, net | 3.6 |
Cash payments, net | (5.2) |
Non-cash adjustments/reclassifications and translation | 0.2 |
Balance, end of period | 53.9 |
Employee Termination Charges | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of period | 4.7 |
Expense, net | 1.1 |
Cash payments, net | (1.7) |
Non-cash adjustments/reclassifications and translation | (0.2) |
Balance, end of period | 3.9 |
Impairment Charges | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of period | 0 |
Expense, net | 0.1 |
Cash payments, net | 0 |
Non-cash adjustments/reclassifications and translation | (0.1) |
Balance, end of period | 0 |
Transaction-Related Charges | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of period | 0.4 |
Expense, net | 0.2 |
Cash payments, net | (0.1) |
Non-cash adjustments/reclassifications and translation | 0 |
Balance, end of period | 0.5 |
Other Restructuring Charges | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of period | 50.2 |
Expense, net | 2.2 |
Cash payments, net | (3.4) |
Non-cash adjustments/reclassifications and translation | 0.5 |
Balance, end of period | $ 49.5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 894.7 | |
Accumulated goodwill impairment loss | (808.3) | |
Goodwill | 86.4 | $ 86.4 |
United States Print and Related Services | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 864.7 | |
Accumulated goodwill impairment loss | (778.3) | |
Goodwill | 86.4 | |
International | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 30 | |
Accumulated goodwill impairment loss | (30) | |
Goodwill | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets, Excluding Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 651.6 | $ 651 | |
Accumulated Amortization | (583.4) | (575.7) | |
Net Book Value | $ 68.2 | 75.3 | |
Trademarks, patents, licenses and agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 6 years | 6 years | |
Gross Carrying Amount | $ 67.7 | 68.1 | |
Accumulated Amortization | (52.1) | (50.7) | |
Net Book Value | $ 15.6 | 17.4 | |
Capitalized software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 5 years | 5 years | |
Gross Carrying Amount | $ 19.6 | 19.2 | |
Accumulated Amortization | (14.9) | (14.3) | |
Net Book Value | $ 4.7 | 4.9 | |
Acquired Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 5 years | 5 years | |
Gross Carrying Amount | $ 3.6 | 3.6 | |
Accumulated Amortization | (1.4) | (1.2) | |
Net Book Value | $ 2.2 | 2.4 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (Years) | 6 years | 6 years | |
Gross Carrying Amount | $ 560.7 | 560.1 | |
Accumulated Amortization | (515) | (509.5) | |
Net Book Value | $ 45.7 | $ 50.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment of intangible assets | $ 0 | $ 0 |
Amortization expense of intangible assets | $ 7,600,000 | $ 9,100,000 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 23.1 | |
2023 | 26.6 | |
2024 | 15.4 | |
2025 | 2.7 | |
2026 | 0.4 | |
2027 | 0 | |
Net Book Value | $ 68.2 | $ 75.3 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Accounts receivable, credit loss expense | $ 0.7 | $ 0.6 |
Receivables - Rollforward (Deta
Receivables - Rollforward (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at beginning of period | $ 28.2 |
Provisions | 0.7 |
Write-offs | (0.4) |
Translation and other | (0.1) |
Balance at end of period | $ 28.4 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and manufacturing supplies | $ 166.1 | $ 148.6 |
Work in process | 38.5 | 31.6 |
Finished goods | 44.5 | 46 |
Total | $ 249.1 | $ 226.2 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 3,822.9 | $ 3,822.7 | |
Less: accumulated depreciation | (3,106.6) | (3,095.7) | |
Property, plant and equipment—net | 716.3 | 727 | |
Machinery and equipment impairments | 0.1 | $ 0.8 | |
Depreciation expense | 28.9 | $ 32.8 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 74.1 | 73.6 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 658 | 658.4 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,881.2 | 2,883.7 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 177.5 | 181.9 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 32.1 | $ 25.1 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 799.4 | $ 800.5 |
Debt issuance costs | (8.4) | (9.1) |
Less: short-term debt and current portion of long-term debt | (251.5) | (245.6) |
Long-term debt | 547.9 | 554.9 |
Master note and security agreement | ||
Debt Instrument [Line Items] | ||
Total debt | 6.2 | 7.2 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Total debt | 575.4 | 575.4 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0 |
Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Total debt | 209.1 | 211.5 |
International term loans | ||
Debt Instrument [Line Items] | ||
Total debt | 5.2 | 5.3 |
International revolving credit facilities | ||
Debt Instrument [Line Items] | ||
Total debt | 10.8 | 8.8 |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1.1 | $ 1.4 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Apr. 28, 2014 | |
Debt Instrument [Line Items] | |||
Fair value of company debt | $ 800 | $ 800 | |
Term loan facility | 799.4 | 800.5 | |
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Repayments of senior debt | 2.4 | ||
Interest rate, percentage | 7.00% | ||
Term loan facility | $ 209.1 | $ 211.5 |
Debt - Schedule of Debt Issuanc
Debt - Schedule of Debt Issuance Costs (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Issuance Costs [Roll Forward] | |
Balance at December 31, 2021 | $ 9.1 |
Amortization of debt issuance costs | (0.7) |
Balance at March 31, 2022 | $ 8.4 |
Debt - Debt Covenants and Compl
Debt - Debt Covenants and Compliance (Details) | Nov. 02, 2021USD ($) | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
Ratio of interest coverage | 5.18 | |
Actual total leverage ratio | 2.75 | |
Scenario Four | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio to consolidated EBITDA | 1.89 | |
Fifth Amendment To Senior Secured Credit Facility | Scenario One | ||
Debt Instrument [Line Items] | ||
Maximum annual dividend payment | $ 60,000,000 | |
Fifth Amendment To Senior Secured Credit Facility | Scenario Two | ||
Debt Instrument [Line Items] | ||
Maximum annual dividend payment | 100,000,000 | |
Fifth Amendment To Senior Secured Credit Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Aggregate commitments and liquidity balance, minimum | $ 181,600,000 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, covenant compliance | 3.30 | |
Maximum | Scenario One | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio to consolidated EBITDA | 3.50 | |
Maximum | Scenario Two | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio to consolidated EBITDA | 3.25 | |
Maximum | Scenario Four | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio to consolidated EBITDA | 3.50 | |
Maximum | Financing Agreement Senior Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio | 3 | |
Total leverage ratio on unsecured debt | 3.50 | |
Maximum | Senior Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, covenant compliance | 3.75 | |
Maximum | Fifth Amendment To Senior Secured Credit Facility | Scenario One | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, covenant compliance | 2.75 | |
Maximum | Fifth Amendment To Senior Secured Credit Facility | Scenario Two | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, covenant compliance | 2.75 | |
Maximum | Fifth Amendment To Senior Secured Credit Facility | Scenario Three | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, covenant compliance | 2.50 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Ratio of interest coverage, covenant compliance | 3 | |
Minimum | Fifth Amendment To Senior Secured Credit Facility | Scenario Two | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, covenant compliance | 2.50 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Liability for unrecognized tax benefits | $ 11.7 | $ 11.7 |
Anticipated decrease in unrecognized tax benefits within the next twelve months | $ 0.5 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | $ 1,838,200,000 | $ 1,890,000,000 |
Liabilities | 1,700,900,000 | $ 1,753,200,000 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | 0 | |
Liabilities | $ 0 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Interest Rate Swaps (Details) - USD ($) | 3 Months Ended | 60 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 28, 2024 | Dec. 31, 2021 | Jun. 29, 2020 | Mar. 19, 2019 | |
Derivative [Line Items] | ||||||
Balance of accumulated other comprehensive loss related to interest rate swaps expected to be reclassified during next twelve months | $ 2,700,000 | |||||
Change in fair value of interest rate swap | 1,400,000 | $ 1,800,000 | ||||
Revolving credit facility | Fourth Amendment To Senior Secured Credit Facility | ||||||
Derivative [Line Items] | ||||||
LIBOR interest rate floor | 0.75% | |||||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 130,000,000 | |||||
Fixed swap rate | 2.43% | |||||
Cash flow hedge ineffectiveness recorded in earnings | 0 | |||||
Interest income (expense) on interest rate swap | (2,100,000) | 900,000 | ||||
Interest Rate Swap | Subsequent Event | ||||||
Derivative [Line Items] | ||||||
Term | 5 years | |||||
Other current liabilities | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Interest rate swap liabilities | 0 | $ (700,000) | ||||
Other long-term liabilities | ||||||
Derivative [Line Items] | ||||||
Interest rate swap liabilities | (200,000) | (4,400,000) | ||||
Other long-term liabilities | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Interest rate swap liabilities | (200,000) | $ (4,400,000) | ||||
Interest Expense | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Interest income (expense) on interest rate swap | 1,500,000 | 1,800,000 | ||||
Loss recognized in interest expense excluded from hedge effectiveness assessments | (5,000,000) | (2,700,000) | ||||
Amounts reclassified out of accumulated other comprehensive loss to interest expense | $ 1,400,000 | $ 1,800,000 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Foreign Exchange Contracts (Details) | Mar. 31, 2022contract |
Foreign Exchange Contract | |
Derivatives, Fair Value [Line Items] | |
Foreign currency exchange contracts | 0 |
Other Current and Long-Term L_3
Other Current and Long-Term Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | ||
Multiemployer pension plans – withdrawal liability | $ 31.3 | |
Restructuring liabilities | 53.9 | $ 55.3 |
Other Current Liabilities | ||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | ||
Employee-related liabilities | 82.4 | 128.8 |
Single employer pension plan obligations | 1.6 | 1.6 |
Multiemployer pension plans – withdrawal liability | 3.9 | 3.8 |
Deferred revenue | 51.5 | 66.4 |
Tax-related liabilities | 19.1 | 20 |
Restructuring liabilities | 46.7 | 47.5 |
Interest and rent liabilities | 6.6 | 2.8 |
Interest rate swap liabilities | 0 | 0.7 |
Other | 36.4 | 42.7 |
Total | 248.2 | 314.3 |
Other Long-Term Liabilities | ||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | ||
Employee-related liabilities | 46.6 | 52.8 |
Single employer pension plan obligations | 14.3 | 17.6 |
Multiemployer pension plans – withdrawal liability | 27.4 | 28.4 |
Deferred revenue | 1.8 | 2.1 |
Tax-related liabilities | 5.3 | 5.3 |
Restructuring liabilities | 6.5 | 6.1 |
Interest and rent liabilities | 0 | 0 |
Interest rate swap liabilities | 0.2 | 4.4 |
Other | 17.4 | 11.4 |
Total | 119.5 | 128.1 |
Total | ||
Schedule of Accrued Liabilities and Other Long-Term Liabilities [Line Items] | ||
Employee-related liabilities | 129 | 181.6 |
Single employer pension plan obligations | 15.9 | 19.2 |
Multiemployer pension plans – withdrawal liability | 31.3 | 32.2 |
Deferred revenue | 53.3 | 68.5 |
Tax-related liabilities | 24.4 | 25.3 |
Restructuring liabilities | 53.2 | 53.6 |
Interest and rent liabilities | 6.6 | 2.8 |
Interest rate swap liabilities | 0.2 | 5.1 |
Other | 53.8 | 54.1 |
Total | $ 367.7 | $ 442.4 |
Employee Retirement Plans - Def
Employee Retirement Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Employee stock ownership plan contribution expense | $ 0 | $ 0 |
Employee Retirement Plans - Pen
Employee Retirement Plans - Pension Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Net pension income | $ 3.2 | $ 4.1 |
Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost | (2.4) | (2.1) |
Expected return on plan assets | 5.6 | 6.2 |
Net pension income | 3.2 | $ 4.1 |
Pension Plans | Non-qualified | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Benefit payments on non-qualified pension plans | 0.2 | |
Pension Plans | Qualified | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Contributions on qualified pension plans | $ 0 |
Employee Retirement Plans - Mul
Employee Retirement Plans - Multiemployer Pension Plans (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)plan | Dec. 31, 2021USD ($) | |
Multiemployer Plans [Line Items] | ||
Number of underfunded plans | plan | 2 | |
Withdrawal obligation | $ 31.3 | |
Payments to multiemployer pension plans | 1.5 | |
Other Long-Term Liabilities | ||
Multiemployer Plans [Line Items] | ||
Withdrawal obligation | 27.4 | $ 28.4 |
Other Current Liabilities | ||
Multiemployer Plans [Line Items] | ||
Withdrawal obligation | $ 3.9 | $ 3.8 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator | ||
Net earnings (loss) | $ (1) | $ 10.2 |
Denominator | ||
Basic weighted average number of common shares outstanding for all classes of common shares (in shares) | 51.5 | 51.4 |
Plus: effect of dilutive equity incentive instruments (in shares) | 0 | 1.4 |
Diluted weighted average number of common shares outstanding for all classes of common shares (in shares) | 51.5 | 52.8 |
Earnings (loss) per share | ||
Basic (USD per share) | $ (0.02) | $ 0.20 |
Diluted (USD per share) | $ (0.02) | $ 0.19 |
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 - Equ
Equity Incentive Programs - Equity Incentive Programs and Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Stock-based compensation | $ 1.9 | $ 3 |
Income from remeasurement of liabilities | (0.2) | $ 0 |
Estimated future compensation expense | 9.4 | |
Estimated Future Expense in 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated future compensation expense | 3.5 | |
Estimated Future Expense in 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated future compensation expense | 3.4 | |
Estimated Future Expense in 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated future compensation expense | 2.2 | |
Estimated Future Expense in 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated future compensation expense | $ 0.3 | |
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) | 1,331,509 |
Equity Incentive Programs - Sto
Equity Incentive Programs - Stock Options Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Estimated future compensation expense | $ 9,400,000 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted (in shares) | 0 | 0 |
Compensation expense | $ 0 | $ 0 |
Estimated future compensation expense | 0 | |
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 event | 10 years | |
Vested in the second year | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of options vested | 33.33% | |
Vested in third year | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of options vested | 33.33% | |
Vested in fourth year | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of options vested | 33.33% |
Equity Incentive Programs - Sch
Equity Incentive Programs - Schedule of Stock Option Activity Roll Forward (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Shares Under Option | |||
Outstanding at beginning of period (in shares) | 56,034 | ||
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | 0 | ||
Canceled/forfeited/expired (in shares) | (56,034) | ||
Outstanding at end of period (in shares) | 0 | 56,034 | |
Weighted Average Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 14.14 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 0 | ||
Canceled/forfeited/expired (in dollars per share) | 14.14 | ||
Outstanding at end of period (in dollars per share) | $ 0 | $ 14.14 | |
Weighted Average Remaining Contractual Term (years) | |||
Outstanding at beginning of period (in years) | 0 years | 0 years | |
Outstanding at end of period (in years) | 0 years | 0 years | |
Aggregate Intrinsic Value (millions) | |||
Outstanding at beginning of period | $ 0 | ||
Outstanding at end of period | $ 0 | $ 0 |
Equity Incentive Programs - Res
Equity Incentive Programs - Restricted Stock and Restricted Stock Unit Activity Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Income from remeasurement of liabilities | $ (0.2) | $ 0 |
Award vesting period | 3 years | |
Restricted Stock and Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of days dividends will be paid after vesting, maximum | 45 days | |
Award vesting period | 3 years | |
Compensation expense | $ 1.7 | $ 2.2 |
Equity Incentive Programs - S_2
Equity Incentive Programs - Schedule of Restricted Stock and Restricted Stock Unit Award Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
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) | 3,053,019 | ||
Granted (in shares) | 1,654,473 | ||
Vested (in shares) | (1,039,567) | ||
Forfeited (in shares) | (37,656) | ||
Nonvested at end of period (in shares) | 3,630,269 | 3,053,019 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Nonvested at beginning of period (in dollars per share) | $ 6.99 | ||
Granted (in dollars per share) | 4 | ||
Vested (in dollars per share) | 12.31 | ||
Forfeited (in dollars per share) | 4.37 | ||
Nonvested at end of period (in dollars per share) | $ 4.13 | $ 6.99 | |
Weighted- Average Remaining Contractual Term (years) | |||
Nonvested at beginning of period | 2 years 1 month 6 days | 1 year 2 months 12 days | |
Nonvested at end of period | 2 years 1 month 6 days | 1 year 2 months 12 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) | 222,093 | ||
Granted (in shares) | 54,014 | ||
Vested (in shares) | (169,489) | ||
Forfeited (in shares) | (6) | ||
Nonvested at end of period (in shares) | 106,612 | 222,093 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Nonvested at beginning of period (in dollars per share) | $ 10.41 | ||
Granted (in dollars per share) | 4 | ||
Vested (in dollars per share) | 12.33 | ||
Forfeited (in dollars per share) | 12.33 | ||
Nonvested at end of period (in dollars per share) | $ 4.11 | $ 10.41 | |
Weighted- Average Remaining Contractual Term (years) | |||
Nonvested at beginning of period | 2 years 2 months 12 days | 6 months | |
Nonvested at end of period | 2 years 2 months 12 days | 6 months | |
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) | 0 | ||
Weighted- Average Grant Date Fair Value Per Share | |||
Granted (in dollars per share) | $ 0 | ||
Weighted- Average Remaining Contractual Term (years) | |||
Compensation expense | $ 0 | $ 0.8 |
Equity Incentive Programs - Def
Equity Incentive Programs - Deferred Stock Unit Activity (Details) - Deferred Stock Units (DSUs) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Units | |
Outstanding at beginning of period (in shares) | 687,391 |
Granted (in shares) | 0 |
Dividend equivalents granted (in shares) | 0 |
Settled (in shares) | (79,908) |
Outstanding at end of period (in shares) | 607,483 |
Weighted-Average Grant Date Fair Value Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 8.26 |
Granted (in dollars per share) | $ / shares | 0 |
Dividend equivalents granted (in dollars per share) | $ / shares | 0 |
Settled (in dollars per share) | $ / shares | 4.62 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 8.74 |
Number of DSU to class A common share conversion (in shares) | 1 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Stock by Class (Details) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.025 | |
Authorized Shares | 105,000,000 | 105,000,000 |
Outstanding | 42,100,000 | 40,800,000 |
Treasury | 500,000 | 900,000 |
Total Issued Shares | 42,600,000 | 41,700,000 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.025 | |
Authorized Shares | 80,000,000 | 80,000,000 |
Outstanding | 13,500,000 | 13,500,000 |
Treasury | 0 | 0 |
Total Issued Shares | 13,500,000 | 13,500,000 |
Common Class C | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.025 | |
Authorized Shares | 20,000,000 | 20,000,000 |
Outstanding | 0 | 0 |
Treasury | 500,000 | 500,000 |
Total Issued Shares | 500,000 | 500,000 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2022USD ($)stock_classvote$ / sharesshares | Mar. 31, 2021shares | Dec. 31, 2021$ / sharesshares | Jul. 30, 2018USD ($) | |
Shareholders' Equity [Line Items] | ||||
Number of classes of common stock | stock_class | 3 | |||
Preferred stock, authorized shares | shares | 500,000 | 500,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock, issued shares | shares | 0 | 0 | ||
Common Class A | ||||
Shareholders' Equity [Line Items] | ||||
Number of votes | vote | 1 | |||
Share repurchase program, authorized amount | $ | $ 100,000,000 | |||
Shares repurchased (in shares) | shares | 0 | 0 | ||
Remaining authorized repurchases | $ | $ 100,000,000 | |||
Common Class B | ||||
Shareholders' Equity [Line Items] | ||||
Number of votes | vote | 10 | |||
Common Class C | ||||
Shareholders' Equity [Line Items] | ||||
Number of votes | vote | 10 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - By Component (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, beginning of period | $ (161.2) | $ (171.3) |
Other comprehensive income (loss) before reclassifications | 0.8 | (6) |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 1.1 | 1.8 |
Other comprehensive income (loss), net of tax | 1.9 | (4.2) |
Accumulated other comprehensive income (loss), net of tax, end of period | (159.3) | (175.5) |
Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, beginning of period | (143.1) | (130.8) |
Other comprehensive income (loss) before reclassifications | 0.8 | (6) |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0 | 0 |
Other comprehensive income (loss), net of tax | 0.8 | (6) |
Accumulated other comprehensive income (loss), net of tax, end of period | (142.3) | (136.8) |
Interest Rate Swap Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, beginning of period | (6.7) | (12.3) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 1.1 | 1.8 |
Other comprehensive income (loss), net of tax | 1.1 | 1.8 |
Accumulated other comprehensive income (loss), net of tax, end of period | (5.6) | (10.5) |
Pension Benefit Plan Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, beginning of period | (11.4) | (28.2) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 0 |
Accumulated other comprehensive income (loss), net of tax, end of period | $ (11.4) | $ (28.2) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense | $ 9.3 | $ 14.5 |
Income tax expense | 0.3 | 0.5 |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 1.1 | 1.8 |
Interest Rate Swap Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | 1.1 | 1.8 |
Interest Rate Swap Adjustments | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense | 1.4 | 1.8 |
Income tax expense | (0.3) | 0 |
Amounts reclassified from accumulated other comprehensive loss to net earnings (loss) | $ 1.1 | $ 1.8 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total net sales | $ 744.2 | $ 705.8 |
Operating Income (Loss) | 5.4 | 21 |
Restructuring, Impairment and Transaction- Related Charges | 3.6 | 2.6 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | 15.5 | 34 |
Restructuring, Impairment and Transaction- Related Charges | 3.3 | 1.9 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (10.1) | (13) |
Restructuring, Impairment and Transaction- Related Charges | 0.3 | 0.7 |
United States Print and Related Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 651.1 | 634.6 |
Operating Income (Loss) | 11.8 | 32.5 |
Restructuring, Impairment and Transaction- Related Charges | 1.7 | 1.1 |
International | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 93.1 | 71.2 |
Operating Income (Loss) | 3.7 | 1.5 |
Restructuring, Impairment and Transaction- Related Charges | 1.6 | 0.8 |
Products | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 580.9 | 526 |
Products | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 580.9 | 526 |
Products | Corporate | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 0 | 0 |
Products | United States Print and Related Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 493.3 | 459.9 |
Products | International | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 87.6 | 66.1 |
Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 163.3 | 179.8 |
Services | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 163.3 | 179.8 |
Services | Corporate | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 0 | 0 |
Services | United States Print and Related Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 157.8 | 174.7 |
Services | International | ||
Segment Reporting Information [Line Items] | ||
Total net sales | $ 5.5 | $ 5.1 |
Segment Information - Reconcili
Segment Information - Reconciliation of Operating Profit from Segment to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting [Abstract] | ||
Operating income | $ 5.4 | $ 21 |
Less: interest expense | 9.3 | 14.5 |
Less: net pension income | (3.2) | (4.1) |
Earnings (loss) before income taxes and equity in earnings of unconsolidated entity | $ (0.7) | $ 10.6 |