Document and Entity Information
Document and Entity Information - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jul. 29, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RRD | |
Entity Registrant Name | RR Donnelley & Sons Co | |
Entity Central Index Key | 0000029669 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 70.8 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 1-4694 | |
Entity Tax Identification Number | 361004130 | |
Entity Address, Address Line One | 35 West Wacker Drive | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | Illinois | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 312 | |
Local Phone Number | 326-8000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 220.5 | $ 370.6 |
Receivables, less allowances for doubtful accounts of $24.3 in 2019 (2018 - $25.9) | 1,156.6 | 1,298.3 |
Inventories (Note 3) | 335.5 | 329.7 |
Prepaid expenses and other current assets | 127.3 | 101.1 |
Total current assets | 1,839.9 | 2,099.7 |
Property, plant and equipment-net (Note 4) | 520.9 | 531.3 |
Goodwill (Note 5) | 553.1 | 553.4 |
Other intangible assets-net (Note 5) | 101 | 113.3 |
Deferred income taxes | 65.1 | 66.9 |
Operating lease assets (Note 13) | 204.9 | |
Other noncurrent assets | 276.5 | 276.2 |
Total assets | 3,561.4 | 3,640.8 |
LIABILITIES | ||
Accounts payable | 779.2 | 987.3 |
Accrued liabilities and other | 302.8 | 347.4 |
Short-term operating lease liabilities (Note 13) | 68 | |
Short-term and current portion of long-term debt (Note 14) | 101.7 | 216.2 |
Total current liabilities | 1,251.7 | 1,550.9 |
Long-term debt (Note 14) | 2,019.7 | 1,875.3 |
Pension liabilities | 92.1 | 97.9 |
Other postretirement benefits plan liabilities | 66.5 | 67.8 |
Long-term income tax liability | 82.5 | 91.1 |
Long-term operating lease liabilities (Note 13) | 141.2 | |
Other noncurrent liabilities | 178.5 | 203.2 |
Total liabilities | 3,832.2 | 3,886.2 |
Commitments and Contingencies (Note 13) | ||
RRD stockholders' equity | ||
Preferred stock, $1.00 par value Authorized: 2.0 shares; Issued: None | ||
Common stock, $0.01 par value Authorized: 165.0 shares; Issued: 89.0 shares in 2019 and 2018 | 0.9 | 0.9 |
Additional paid-in-capital | 3,355.5 | 3,404 |
Accumulated deficit | (2,255.2) | (2,225.7) |
Accumulated other comprehensive loss | (154.8) | (153.8) |
Treasury stock, at cost, 18.2 shares in 2019 (2018 - 18.6 shares) | (1,231.2) | (1,285.5) |
Total RRD stockholders' equity | (284.8) | (260.1) |
Noncontrolling interests | 14 | 14.7 |
Total equity | (270.8) | (245.4) |
Total liabilities and equity | $ 3,561.4 | $ 3,640.8 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 24.3 | $ 25.9 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, Issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Authorized | 165,000,000 | 165,000,000 |
Common stock, Issued | 89,000,000 | 89,000,000 |
Treasury stock, shares | 18,200,000 | 18,600,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total net sales | $ 1,508.7 | $ 1,679.5 | $ 3,030.6 | $ 3,387.3 |
Total cost of sales | 1,230.5 | 1,388.9 | 2,474.1 | 2,802 |
Total gross profit | 278.2 | 290.6 | 556.5 | 585.3 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 199 | 208 | 398.6 | 422.6 |
Restructuring and other-net (Note 6) | 16 | 11 | 33.1 | 11.8 |
Depreciation and amortization | 40 | 46.1 | 82.7 | 93.3 |
Other operating expense (income) | 2.3 | (2.1) | (0.1) | |
Income from operations | 20.9 | 25.5 | 44.2 | 57.7 |
Interest expense-net | 38.1 | 42 | 78.2 | 83.7 |
Investment and other income-net | (2.2) | (3.6) | (6.7) | (9.2) |
Loss on debt extinguishment | 0.1 | |||
Loss before income taxes | (15) | (12.9) | (27.3) | (16.9) |
Income tax (benefit) expense | (7.6) | (0.3) | (11.4) | 5 |
Net loss | (7.4) | (12.6) | (15.9) | (21.9) |
Less: (Loss) income attributable to noncontrolling interests | (0.4) | 0.4 | (0.1) | 0.7 |
Net loss attributable to RRD common stockholders | $ (7) | $ (13) | $ (15.8) | $ (22.6) |
Net loss per share attributable to RRD common stockholders (Note 10): | ||||
Basic net loss per share | $ (0.10) | $ (0.18) | $ (0.22) | $ (0.32) |
Diluted net loss per share | $ (0.10) | $ (0.18) | $ (0.22) | $ (0.32) |
Weighted average number of common shares outstanding: | ||||
Basic | 71.3 | 70.6 | 71 | 70.5 |
Diluted | 71.3 | 70.6 | 71 | 70.5 |
Products | ||||
Total net sales | $ 1,214.7 | $ 1,265.2 | $ 2,445.6 | $ 2,551.8 |
Total cost of sales | 994.1 | 1,039 | 2,002.9 | 2,090.9 |
Total gross profit | 220.6 | 226.2 | 442.7 | 460.9 |
Services | ||||
Total net sales | 294 | 414.3 | 585 | 835.5 |
Total cost of sales | 236.4 | 349.9 | 471.2 | 711.1 |
Total gross profit | $ 57.6 | $ 64.4 | $ 113.8 | $ 124.4 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (7.4) | $ (12.6) | $ (15.9) | $ (21.9) |
Other comprehensive loss, net of tax (Note 11): | ||||
Translation adjustments | (3.2) | (41.6) | (2) | (22.7) |
Adjustments for net periodic pension and postretirement benefits plan cost | (0.2) | 1.7 | (0.4) | 4.3 |
Other | 0.9 | 0 | 1.5 | 0 |
Other comprehensive loss | (2.5) | (39.9) | (0.9) | (18.4) |
Comprehensive loss | (9.9) | (52.5) | (16.8) | (40.3) |
Less: comprehensive (loss) income attributable to noncontrolling interests | (0.5) | (0.2) | 0 | 0.6 |
Comprehensive loss attributable to RRD common stockholders | $ (9.4) | $ (52.3) | $ (16.8) | $ (40.9) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net loss | $ (15.9) | $ (21.9) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 82.7 | 93.3 |
Provision for doubtful accounts receivable | 5.8 | 9 |
Share-based compensation | 6.7 | 4.2 |
Deferred income taxes | 1.4 | 6 |
Net pension and other postretirement benefits plan income | (8.1) | (6.3) |
Other | 1.4 | 3.1 |
Changes in operating assets and liabilities: | ||
Accounts receivable-net | 123.1 | 56.8 |
Inventories | (11.2) | 23.2 |
Prepaid expenses and other current assets | (10.6) | (9.2) |
Accounts payable | (205.7) | (236.7) |
Current income taxes | (55.6) | (12.6) |
Accrued liabilities and other | (27.3) | (26.7) |
Pension and other postretirement benefits plan contributions | (3.8) | (10.2) |
Net cash used in operating activities | (117.1) | (128) |
INVESTING ACTIVITIES | ||
Capital expenditures | (76.4) | (48) |
Proceeds from sales of investments and other assets | 1.4 | 48.1 |
Disposition of businesses | 10.4 | 0.3 |
Payments related to company-owned life insurance | (2.9) | (3.5) |
Net cash used in investing activities | (67.5) | (3.1) |
FINANCING ACTIVITIES | ||
Proceeds from other short-term debt | 51.9 | |
Payments on other short-term debt | (8) | (10.3) |
Payments of current maturities and long-term debt | (175.1) | (0.2) |
Proceeds from credit facility borrowings | 797.8 | 725.1 |
Payments on credit facility borrowings | (586.8) | (619.1) |
Dividends paid | (4.3) | (19.6) |
Payments of withholding taxes on share-based compensation | (0.9) | (0.7) |
Other financing activities | (1) | (0.8) |
Net cash provided by financing activities | 21.7 | 126.3 |
Effect of exchange rate on cash, cash equivalents and restricted cash | 0.2 | (10.2) |
Net decrease in cash, cash equivalents and restricted cash | (162.7) | (15) |
Less: Transfer of cash and cash equivalents to assets held for sale | 5.2 | |
Cash, cash equivalents and restricted cash at beginning of year | 403.6 | 301.5 |
Cash, cash equivalents and restricted cash at end of period | $ 240.9 | $ 281.3 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated interim financial statements include the accounts of R.R. Donnelley & Sons Company and its subsidiaries (“RRD,” the “Company,” “we,” “us,” and “our”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and the related notes thereto included in our latest Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 27, 2019. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019. All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim 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. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash at June 30, 2019 and December 31, 2018 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows. June 30, 2019 December 31, 2018 Cash and cash equivalents $ 220.5 $ 370.6 Restricted cash - current (a) 20.3 32.9 Restricted cash - noncurrent (b) 0.1 0.1 Total cash, cash equivalents and restricted cash $ 240.9 $ 403.6 (a) Included within Prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets (b) Included within Other noncurrent assets within the Condensed Consolidated Balance Sheets Cash payments for income . Cash refunds for income taxes were $6.8 million and $12.2 million . Income taxes receivable of $43.0 million and $11.7 million as of June 30, 2019 and December 31, 2018, respectively, are included within Prepaid expenses and other current assets. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition On January 1, 2018, we adopted ASC Topic 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. All revenue recognized in the Condensed Statements of Operations is considered to be revenue from contracts with clients. We recorded a net increase to opening retained earnings of $12.9 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606, with the impact primarily related to the timing of revenue recognition for certain inventory that had been billed but not yet shipped. Disaggregation of Revenue The following table presents net sales disaggregated by products and services: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Products Commercial print $ 413.5 $ 462.7 $ 835.9 $ 924.9 Packaging 162.6 152.9 302.1 294.3 Direct marketing 137.0 133.3 285.5 281.4 Statements 133.6 143.1 283.1 302.9 Labels 119.6 119.2 240.1 236.7 Digital print and fulfillment 115.1 108.3 224.7 219.1 Supply chain management 74.1 80.9 152.6 160.7 Forms 59.2 64.8 121.6 131.8 Total products net sales $ 1,214.7 $ 1,265.2 $ 2,445.6 $ 2,551.8 Services Logistics $ 208.0 $ 324.0 $ 409.7 $ 651.2 Business process outsourcing 60.6 61.4 122.4 122.6 Digital and creative solutions 25.4 28.9 52.9 61.7 Total services net sales $ 294.0 $ 414.3 $ 585.0 $ 835.5 Total net sales $ 1,508.7 $ 1,679.5 $ 3,030.6 $ 3,387.3 Products Our products revenue is primarily recognized at a point in time. We generally recognize revenue for products upon the transfer of control of the products to the client which typically occurs upon transfer of title and risk of ownership, which is generally upon shipment to the client. For certain products, w e are able to recognize revenue for completed inventory billed but not yet shipped at the client’s direction. The following is a description of our products: Commercial Print We generate revenue by providing various commercial printing products and offer a full range of branded materials including manuals, publications, brochures, business cards, flyers, post cards, posters and promotional items. Packaging We generate revenue by providing packaging solutions, ranging from rigid boxes to in-box print materials, for clients in consumer electronics, life sciences, cosmetics and consumer packaged goods industries. Direct Marketing We generate revenue by providing audience segmentation, creative development, program testing, print production, postal optimization and performance analytics for large-scale personalized direct mail programs Statements We generate revenue by creating critical business communications, including customer billings, financial statements, healthcare communications and insurance documents. Our capabilities include design and composition, variable imaging, email, archival and digital mail interaction, as well as our innovative RRDigital solution set. Labels We generate revenue by producing custom labels for clients across multiple industries including warehouse and distribution, retail, pharmaceutical, manufacturing and consumer packaging. We offer distribution and shipping labels, healthcare and durable goods labels, promotional labels and consumer product goods packaging labels. Digital Print and Fulfillment We generate revenue by providing in-store marketing materials, including signage and point-of-purchase materials, as well as custom marketing kits that require multiple types of marketing collateral. Under the trade name Motif TM Supply Chain Management We generate revenue by providing workflow design to assembly, configuration, kitting and fulfillment for clients in consumer electronics, telecommunications, life sciences, cosmetics, education and industrial industries. Forms We generate revenue by producing a variety of forms including invoices, order forms and business forms that support both the private and public sectors for clients in financial, government, retail, healthcare and business services industries. Services Our services revenue is recognized both at a point in time and over time. Our logistics revenue is primarily recognized over time as the performance obligation is completed Due to the short transit period of logistics performance obligations, the timing of revenue recognition does not require significant judgment. Logistics We generate revenue by providing specialized transportation and distribution services using our third party logistics solutions Dispositions Business Process Outsourcing We generate revenue by providing outsourcing services including creative services, research and analytics, financial management and other services for legal providers, insurance, telecommunications, utilities, retail and financial services companies. Digital and Creative Solutions We generate revenue by creating and managing content for delivery across multiple marketing communications channels including print and digital advertising, direct marketing and mail, packaging, sales collateral, in-store marketing and social media Variable Consideration Certain clients may receive volume-based rebates or early payment discounts, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be earned by our clients and reduce revenue accordingly. We do not expect significant changes to estimates of variable consideration. Given the nature of our products and the history of returns, product returns are not significant. The following table provides information about contract assets and liabilities from contracts with clients: Contract Assets Contract Liabilities Short-Term Short-Term Long-Term Balance at December 31, 2018 $ 2.7 $ 16.5 $ 0.6 Balance at June 30, 2019 3.7 11.1 0.4 Contract liabilities primarily relate to client advances received prior to completion of performance obligations. Reductions in contract liabilities are a result of our completion of performance obligations. Revenue recognized during the six months ended June 30, 2019 from amounts included in contract liabilities at the beginning of the period was approximately $12.1 million. During the six months ended June 30, 2019, we reclassified $2.7 million of contract assets to receivables as a result of the completion of the performance obligation and the right to the consideration becoming unconditional. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The components of inventories, net of excess and obsolescence reserves for raw materials and finished goods, at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Raw materials and manufacturing supplies $ 150.2 $ 153.1 Work in process 75.8 75.1 Finished goods 128.6 120.1 LIFO reserve (19.1 ) (18.6 ) Total inventories $ 335.5 $ 329.7 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment The components of property, plant and equipment at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Land $ 48.2 $ 51.0 Buildings 378.0 389.5 Machinery and equipment 1,788.2 1,797.1 2,214.4 2,237.6 Less: Accumulated depreciation (1,693.5 ) (1,706.3 ) Total property, plant and equipment-net $ 520.9 $ 531.3 During the three and six months ended June 30, 2019 depreciation expense was $26.9 million and $55.2 million, respectively. During the three and six months ended June 30, 2018 depreciation expense was $32.3 million and $65.6 million, respectively. During the fourth quarter of 2017, we entered into an agreement to sell a printing facility in Shenzhen, China and transfer the related land use rights. During the six months ended June 30, 2018, we received non-refundable deposits in accordance with the terms of the agreement of approximately $32.1 million which are recorded in Other noncurrent liabilities on the Consolidated Balance Sheets. As of June 30, 2019, the carrying cost of the building and land use rights is recorded in Other noncurrent assets and is not material. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets The carrying amount of goodwill at June 30, 2019 and December 31, 2018 were as follows: Business Services Marketing Solutions Total Net book value as of December 31, 2018 Goodwill $ 2,604.3 $ 519.5 $ 3,123.8 Accumulated impairment losses (2,316.3 ) (254.1 ) (2,570.4 ) Total 288.0 265.4 553.4 Foreign exchange (0.3 ) — (0.3 ) Net book value as of June 30, 2019 Goodwill 2,614.9 519.5 3,134.4 Accumulated impairment losses (2,327.2 ) (254.1 ) (2,581.3 ) Total $ 287.7 $ 265.4 $ 553.1 The components of other intangible assets at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Gross Gross Carrying Accumulated Net Book Carrying Accumulated Net Amount Amortization Value Amount Amortization Value Client relationships $ 512.5 $ (428.5 ) $ 84.0 $ 520.3 $ (425.5 ) $ 94.8 Patents 2.0 (2.0 ) — 2.0 (2.0 ) — Trademarks, licenses and agreements 25.2 (24.9 ) 0.3 25.7 (25.2 ) 0.5 Trade names 34.3 (17.6 ) 16.7 34.6 (16.6 ) 18.0 Total other intangible assets $ 574.0 $ (473.0 ) $ 101.0 $ 582.6 $ (469.3 ) $ 113.3 Amortization expense for other intangible assets was $5.8 million and $12.2 million for the three and six months ended June 30, 2019, respectively, and was $6.9 million and $13.9 million for the three and six months ended June 30, 2018, respectively. |
Restructuring and Other
Restructuring and Other | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Other | 6. Restructuring and Other For the three months ended June 30, 2019 and 2018, we recorded the following net restructuring and other expenses: Three Months Ended June 30, 2019 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 10.2 $ 3.0 $ 0.6 $ — $ 13.8 Marketing Solutions 0.3 0.1 0.1 — 0.5 Corporate 0.3 1.4 — — 1.7 Total $ 10.8 $ 4.5 $ 0.7 $ — $ 16.0 Three Months Ended June 30, 2018 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 4.3 $ 1.0 $ 0.6 $ 0.2 $ 6.1 Marketing Solutions 0.7 — 0.1 1.2 2.0 Corporate 0.2 2.7 — — 2.9 Total $ 5.2 $ 3.7 $ 0.7 $ 1.4 $ 11.0 For the six months ended June 30, 2019 and 2018, we recorded the following net restructuring and other expenses: Six Months Ended June 30, 2019 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 18.0 $ 7.7 $ 1.2 $ 0.1 $ 27.0 Marketing Solutions 0.4 0.1 0.2 — 0.7 Corporate 0.5 4.9 — — 5.4 Total $ 18.9 $ 12.7 $ 1.4 $ 0.1 $ 33.1 Six Months Ended June 30, 2018 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 6.1 $ 1.8 $ 1.3 $ (4.7 ) $ 4.5 Marketing Solutions 1.8 — 0.2 1.5 3.5 Corporate 0.5 3.3 — — 3.8 Total $ 8.4 $ 5.1 $ 1.5 $ (3.2 ) $ 11.8 Restructuring and Other For the three and six months ended June 30, 2019, we recorded net restructuring charges of $10.8 million and $18.9 million, respectively, for employee termination costs. These charges primarily relate to the relocation of a printing facility in Shenzhen, China, other announced facility closures in the Business Services segment and the reorganization of selling, general and administrative functions across each segment. Other restructuring charges of $4.5 million and $12.7 million for the three and six months ended June 30, 2019 are primarily comprised of increased reserves for employee termination litigation, environmental matters and lease terminations. For the three and six months ended June 30, 2018, we recorded net restructuring charges of $5.2 million and $8.4 million, respectively, for employee termination costs. These charges primarily related to the reorganization of selling, general and administrative functions across each segment and two announced facility closures in the Business Services segment. We also incurred charges for lease termination and other restructuring of $3.7 million and $5.1 million and MEPP withdrawal obligations of $0.7 million and $1.5 million for the three and six months ended June 30, 2018, respectively. Additionally, we recorded a $4.9 million net gain on the sale of previously impaired assets in the Business Services segment for the six months ended June 30, 2018. These assets were impaired in 2015. We also recorded impairment charges related to facility closures of $1.7 million for the six months ended June 30, 2018. Restructuring and MEPP Reserves Restructuring and MEPP reserves as of December 31, 2018 and June 30, 2019, and changes during the six months ended June 30, 2019, were as follows: Restructuring Foreign December 31, and Other Exchange and Cash June 30, 2018 Charges Other Paid 2019 Employee terminations $ 4.8 $ 18.9 $ (1.3 ) $ (15.1 ) $ 7.3 MEPP withdrawal obligations 44.2 1.4 — (3.2 ) 42.4 Other 6.2 12.7 1.5 (7.7 ) 12.7 Total $ 55.2 $ 33.0 $ 0.2 $ (26.0 ) $ 62.4 The current portion of restructuring reserves of $22.7 million at June 30, 2019 was included in Accrued liabilities and other, while the long-term portion of $39.7 million, primarily related to MEPP withdrawal obligations, employee terminations in litigation, environmental matters and lease liabilities related to restructured facilities, was included in Other noncurrent liabilities at June 30, 2019. The liabilities for the withdrawal obligations associated with our decision to withdraw from all MEPPs included in Accrued liabilities and other and Other noncurrent liabilities are $6.5 million and $35.9 million, respectively, as of June 30, 2019 . We anticipate that payments associated with the employee terminations reflected in the above table will be substantially completed by June 2020, excluding employee terminations in litigation within the Business Services segment. Payments on all of our MEPP withdrawal obligations are scheduled to be substantially completed by 2034. Changes based on uncertainties in these estimated withdrawal obligations could affect the ultimate charges related to MEPP withdrawals. The restructuring liabilities classified as “other” primarily consisted of reserves for employee termination litigation, environmental matters and lease liabilities related to restructured facilities. Any potential recoveries or additional charges could affect amounts reported in our consolidated financial statements. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 7. Retirement Plans Components of net pension and other postretirement benefits plan (“OPEB”) income for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Pension expense (income): Service cost $ 0.3 $ 0.2 $ 0.5 $ 0.4 Interest cost 8.3 7.9 16.7 15.7 Expected return on plan assets (11.6 ) (12.6 ) (23.2 ) (25.2 ) Amortization, net 1.5 1.9 3.0 3.9 Settlements — 1.0 — 1.3 Net pension income $ (1.5 ) $ (1.6 ) $ (3.0 ) $ (3.9 ) OPEB expense (income): Service cost $ — $ 0.4 $ — $ 0.8 Interest cost 2.4 2.6 5.0 5.2 Expected return on plan assets (3.3 ) (3.5 ) (6.6 ) (7.0 ) Amortization, net (1.7 ) (0.7 ) (3.5 ) (1.4 ) Net OPEB income $ (2.6 ) $ (1.2 ) $ (5.1 ) $ (2.4 ) During the six months ended June 30, 2019, we contributed $3.8 million to our retirement plans. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation Share-based compensation expense was $3.3 million and $6.7 million for the three and six months ended June 30, 2019, respectively, and was $3.0 million and $4.2 million for the three and six months ended June 30, 2018, respectively. In March 2019, we awarded our annual share-based compensation grants, which consisted of 0.6 million restricted stock units with a grant date fair value of $4.77 per unit and 0.6 million performance share units also with a grant date fair value of $4.77 per unit. The restricted stock units are subject to a three year graded vesting period and the performance share units are subject to a 34 month cliff vesting period. Dividends are not paid on restricted stock units. In addition, in March 2019 we granted 1.3 million cash-settled restricted stock units (“phantom restricted stock units”) and 0.4 million cash-settled performance stock units (“phantom performance stock units”). Our share price on the date of grant was $5.03. The phantom restricted stock units vest and are payable in three equal installments over a period of three years after the grant date. The phantom performance stock units are subject to a 34 month cliff vesting period. Phantom stock units are not shares of our common stock and therefore the recipients of these awards do not receive ownership interest in the Company or stockholder voting rights subject in some cases to early vesting upon specified events, including death or permanent disability of the grantee, termination of the grantee’s employment under certain circumstances or a change in control of the Company. All phantom stock unit awards are classified as liability awards due to their expected settlement in cash, and are included in Accrued liabilities and other in the Condensed Consolidated Balance Sheets. Compensation expense for these awards is measured based upon the fair value of the awards at the end of each reporting period. Dividends are not paid on phantom stock units. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Equity | 9. Equity Our equity as of December 31, 2018 and June 30, 2019, and changes during the three and six months ended June 30, 2019, were as follows: Common Additional Paid-in- Treasury Accumulated Accumulated Other Comprehensive Total RRD's Stockholders' Noncontrolling Total Stock Capital Stock Deficit Loss Equity Interests Equity Balance at December 31, 2018 $ 0.9 $ 3,404.0 $ (1,285.5 ) $ (2,225.7 ) $ (153.8 ) $ (260.1 ) $ 14.7 $ (245.4 ) Net (loss) income (8.8 ) (8.8 ) 0.3 (8.5 ) Other comprehensive income 1.4 1.4 0.2 1.6 Share-based compensation 3.4 3.4 3.4 Issuance of share-based awards, net of withholdings and other (54.7 ) 53.8 (0.9 ) (0.9 ) Cash dividends paid (2.1 ) (2.1 ) (2.1 ) Cumulative impact of adopting ASU 2016-02, net of tax 2.6 2.6 2.6 Distributions to noncontrolling interests (0.7 ) (0.7 ) Balance at March 31, 2019 $ 0.9 $ 3,352.7 $ (1,231.7 ) $ (2,234.0 ) $ (152.4 ) $ (264.5 ) $ 14.5 $ (250.0 ) Net loss (7.0 ) (7.0 ) (0.4 ) (7.4 ) Other comprehensive loss (2.4 ) (2.4 ) (0.1 ) (2.5 ) Share-based compensation 3.3 3.3 3.3 Issuance of share-based awards, net of withholdings and other (0.5 ) 0.5 — — Cash dividends paid (2.2 ) (2.2 ) (2.2 ) Spinoff adjustments (12.0 ) (12.0 ) (12.0 ) Balance at June 30, 2019 $ 0.9 $ 3,355.5 $ (1,231.2 ) $ (2,255.2 ) $ (154.8 ) $ (284.8 ) $ 14.0 $ (270.8 ) On October 1, 2016, we completed the separation of LSC Communications, Inc. and Donnelley Financial Solutions, Inc. (“Spin Companies”) into two separate publicly-traded companies. The distribution of the Spin Companies was recorded as a reduction in Stockholder's Equity during the fourth quarter of 2016. During the second quarter of 2019, we identified an error in the accounting for the distribution of the Spin Companies. As a result, the error, which was determined by management to be immaterial to the previously issued Consolidated Financial Statements and to the three and six months ended June 30, 2019, has been corrected herein by increasing Accumulated Deficit by $12.0 million. Our equity as of December 31, 2017 and June 30, 2018, and changes during three and six months ended June 30, 2018, were as follows: Common Additional Paid-in- Treasury Accumulated Accumulated Other Comprehensive Total RRD's Stockholders' Noncontrolling Total Stock Capital Stock Deficit Loss Equity Interests Equity Balance at December 31, 2017 $ 0.9 $ 3,444.0 $ (1,333.1 ) $ (2,225.7 ) $ (103.7 ) $ (217.6 ) $ 14.7 $ (202.9 ) Net (loss) income (9.6 ) (9.6 ) 0.3 (9.3 ) Other comprehensive income 21.0 21.0 0.5 21.5 Share-based compensation 1.2 1.2 1.2 Issuance of share-based awards, net of withholdings and other (32.7 ) 31.9 (0.1 ) (0.9 ) (0.9 ) Cash dividends paid (9.8 ) (9.8 ) (9.8 ) Cumulative impact of adopting ASU 2014-09, net of tax 12.9 12.9 12.9 Distributions to noncontrolling interests (1.0 ) (1.0 ) Balance at March 31, 2018 $ 0.9 $ 3,412.5 $ (1,301.2 ) $ (2,232.3 ) $ (82.7 ) $ (202.8 ) $ 14.5 $ (188.3 ) Net (loss) income (13.0 ) (13.0 ) 0.4 (12.6 ) Other comprehensive loss (39.3 ) (39.3 ) (0.6 ) (39.9 ) Share-based compensation 3.0 3.0 3.0 Issuance of share-based awards, net of withholdings and other (4.5 ) 4.5 0.1 0.1 0.1 Cash dividends paid (9.8 ) (9.8 ) (9.8 ) Balance at June 30, 2018 $ 0.9 $ 3,411.0 $ (1,296.7 ) $ (2,255.0 ) $ (122.0 ) $ (261.8 ) $ 14.3 $ (247.5 ) |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 10. Earnings per Share Basic earnings per share is calculated by dividing net earnings attributable to RRD common stockholders by the weighted average number of common shares outstanding for the period. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units and performance share units. Performance share units are excluded if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Additionally, stock options are considered anti-dilutive when the exercise price exceeds the average market value of our stock price during the applicable period. In periods when we are in a net loss, share-based awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. During the six months ended June 30, 2019 and 2018, no shares of common stock were purchased by us; however, shares were withheld for tax liabilities upon the vesting of equity awards. The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net loss per share attributable to RRD common stockholders: Basic $ (0.10 ) $ (0.18 ) $ (0.22 ) $ (0.32 ) Diluted $ (0.10 ) $ (0.18 ) $ (0.22 ) $ (0.32 ) Numerator: Net loss attributable to RRD common stockholders $ (7.0 ) $ (13.0 ) $ (15.8 ) $ (22.6 ) Denominator: Weighted average number of common shares outstanding - Basic and Diluted 71.3 70.6 71.0 70.5 Weighted average number of anti-dilutive share-based awards: Stock options 0.4 0.8 0.5 0.9 Restricted stock units 1.4 0.8 1.0 0.9 Total 1.8 1.6 1.5 1.8 Dividends declared per common share $ 0.03 $ 0.14 $ 0.06 $ 0.28 |
Other Comprehensive Loss
Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Other Comprehensive Loss | 11. Other Comprehensive Loss The components of other comprehensive (loss) income and income tax (benefit) expense allocated to each component for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Before Net of Before Net of Tax Income Tax Tax Income Tax Amount Tax Amount Amount Tax Amount Translation adjustments $ (3.2 ) $ — $ (3.2 ) $ (2.0 ) $ — $ (2.0 ) Adjustments for net periodic pension and OPEB cost (0.2 ) — (0.2 ) (0.5 ) (0.1 ) (0.4 ) Other — (0.9 ) 0.9 — (1.5 ) 1.5 Other comprehensive loss $ (3.4 ) $ (0.9 ) $ (2.5 ) $ (2.5 ) $ (1.6 ) $ (0.9 ) Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Before Net of Before Net of Tax Income Tax Tax Income Tax Amount Tax Amount Amount Tax Amount Translation adjustments $ (41.6 ) $ — $ (41.6 ) $ (22.7 ) $ — $ (22.7 ) Adjustments for net periodic pension and OPEB cost 2.2 0.5 1.7 5.8 1.5 4.3 Other comprehensive loss $ (39.4 ) $ 0.5 $ (39.9 ) $ (16.9 ) $ 1.5 $ (18.4 ) Accumulated other comprehensive (loss) income by component as of December 31, 2018 and June 30, 2019, and changes during the six months ended June 30, 2019, were as follows: Pension and OPEB Cost Translation Adjustments Other Total Balance at December 31, 2018 $ (155.2 ) $ 1.4 $ — $ (153.8 ) Other comprehensive income before reclassifications — 2.4 1.5 3.9 Amounts reclassified from accumulated other comprehensive loss (0.4 ) (4.5 ) — (4.9 ) Net change in accumulated other comprehensive (loss) income (0.4 ) (2.1 ) 1.5 (1.0 ) Balance at June 30, 2019 $ (155.6 ) $ (0.7 ) $ 1.5 $ (154.8 ) Accumulated other comprehensive (loss) income by component as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018, were as follows: Pension and OPEB Cost Translation Adjustments Total Balance at December 31, 2017 $ (144.6 ) $ 40.9 $ (103.7 ) Other comprehensive income (loss) before reclassifications 1.2 (22.6 ) (21.4 ) Amounts reclassified from accumulated other comprehensive loss 3.1 — 3.1 Net change in accumulated other comprehensive (loss) income 4.3 (22.6 ) (18.3 ) Balance at June 30, 2018 $ (140.3 ) $ 18.3 $ (122.0 ) Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, Classification in the Condensed 2019 2018 2019 2018 Consolidated Statements of Operations Translation Adjustments: Net realized gain, before tax $ — $ — $ (4.5 ) $ — Other operating expense (income) Reclassification, net of tax $ — $ — $ (4.5 ) $ — Amortization of pension and OPEB cost: Net actuarial loss $ 0.7 $ 1.9 $ 2.2 $ 3.9 Investment and other income-net Net prior service credit (0.9 ) (0.7 ) (2.7 ) (1.4 ) Investment and other income-net Settlements — 1.0 — 1.3 Investment and other income-net Reclassifications before tax (0.2 ) 2.2 (0.5 ) 3.8 Income tax (benefit) expense — 0.3 (0.1 ) 0.7 Reclassification, net of tax (0.2 ) 1.9 $ (0.4 ) $ 3.1 Total reclassifications, net of tax $ (0.2 ) $ 1.9 $ (4.9 ) $ 3.1 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 12. Segment Information Our segments and their product and service offerings are summarized below: Business Services Business Services provides customized solutions at scale to help clients inform, service and transact with their customers. The segment’s primary product and service offerings include commercial print, logistics, statement printing, labels, packaging, supply chain management, forms and business process outsourcing. This segment also includes all of our operations in Asia, Europe, Canada and Latin America. Marketing Solutions Marketing Solutions leverages an integrated portfolio of data analytics, creative services and multichannel execution to deliver comprehensive, end-to-end solutions. The segment’s primary product and service offerings include direct marketing, in-store marketing, digital print, kitting, fulfillment, digital and creative solutions and list services. Corporate Corporate consists of unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, communications, certain facility costs and last-in-first-out inventory provisions. In addition, certain costs and earnings of employee benefit plans, such as pension and OPEB expense (income) and share-based compensation, are included in Corporate and not allocated to the operating segments. Corporate also manages our cash pooling structures, which enables participating international locations to draw on our international cash resources to meet local liquidity needs. Information by Segment We have disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by our chief operating decision-maker and is most consistent with the presentation of profitability reported within the Condensed Consolidated Financial Statements. Three Months Ended June 30, 2019 Assets of Income (Loss) Depreciation Operations Total Intersegment Net from and Capital As of Sales Sales Sales Operations Amortization Expenditures June 30, 2019 Business Services $ 1,253.8 $ (22.6 ) $ 1,231.2 $ 41.6 $ 26.6 $ 19.3 $ 2,577.2 Marketing Solutions 287.0 (9.5 ) 277.5 6.0 11.4 14.4 720.1 Total operating segments 1,540.8 (32.1 ) 1,508.7 47.6 38.0 33.7 3,297.3 Corporate — — — (26.7 ) 2.0 5.3 264.1 Total operations $ 1,540.8 $ (32.1 ) $ 1,508.7 $ 20.9 $ 40.0 $ 39.0 $ 3,561.4 Three Months Ended June 30, 2018 Assets of Income (Loss) Depreciation Operations Total Intersegment Net from and Capital As of Sales Sales Sales Operations Amortization Expenditures December 31, 2018 Business Services $ 1,434.2 $ (25.2 ) $ 1,409.0 $ 38.3 $ 33.2 $ 20.3 $ 2,764.5 Marketing Solutions 282.6 (12.1 ) 270.5 8.6 11.7 2.4 674.6 Total operating segments 1,716.8 (37.3 ) 1,679.5 46.9 44.9 22.7 3,439.1 Corporate — — — (21.4 ) 1.2 3.8 201.7 Total operations $ 1,716.8 $ (37.3 ) $ 1,679.5 $ 25.5 $ 46.1 $ 26.5 $ 3,640.8 Six Months Ended June 30, 2019 Income (Loss) Depreciation Total Intersegment Net from and Capital Sales Sales Sales Operations Amortization Expenditures Business Services $ 2,509.7 $ (42.2 ) $ 2,467.5 $ 70.2 $ 55.9 $ 42.8 Marketing Solutions 578.9 (15.8 ) 563.1 14.5 23.5 23.6 Total operating segments 3,088.6 (58.0 ) 3,030.6 84.7 79.4 66.4 Corporate — — — (40.5 ) 3.3 10.0 Total operations $ 3,088.6 $ (58.0 ) $ 3,030.6 $ 44.2 $ 82.7 $ 76.4 Six Months Ended June 30, 2018 Income (Loss) Depreciation Total Intersegment Net from and Capital Sales Sales Sales Operations Amortization Expenditures Business Services $ 2,879.7 $ (54.6 ) $ 2,825.1 $ 78.1 $ 67.2 $ 37.0 Marketing Solutions 580.6 (18.4 ) 562.2 20.9 23.6 5.4 Total operating segments 3,460.3 (73.0 ) 3,387.3 99.0 90.8 42.4 Corporate — — — (41.3 ) 2.5 5.6 Total operations $ 3,460.3 $ (73.0 ) $ 3,387.3 $ 57.7 $ 93.3 $ 48.0 Restructuring and other expenses by segment are described in Note 6, Restructuring and Other |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies We are subject to laws and regulations relating to the protection of the environment. We provide for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such accruals are adjusted as new information develops or circumstances change and are generally not discounted. We have been designated as a potentially responsible party or have received claims in two active federal and state Superfund and other multiparty remediation sites. In addition to these sites, we may also have the obligation to remediate six other previously and currently owned facilities. At the Superfund sites, the Comprehensive Environmental Response, Compensation and Liability Act provides that our liability could be joint and several, meaning that we could be required to pay an amount in excess of our proportionate share of the remediation costs. Our understanding of the financial strength of other potentially responsible parties at the multiparty sites and of other liable parties at the previously owned facilities has been considered, where appropriate, in the determination of our estimated liability. We believe that our recorded reserves, recorded in Accrued liabilities and other and Other noncurrent liabilities, are adequate to cover our share of the potential costs of remediation at each of the multiparty sites and the previously and currently owned facilities. It is not possible to quantify with certainty the potential impact of actions regarding environmental matters, particularly remediation and other compliance efforts that we may undertake in the future. However, in our opinion, compliance with the present environmental protection laws, before taking into account estimated recoveries from third parties, will not have a material effect on our consolidated results of operations, financial position or cash flows. From time to time, our clients and others file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by us from these parties could be considered preference items and subject to return. In addition, we may be party to certain litigation arising in the ordinary course of business. We believe that the final resolution of these preference items and litigation will not have a material effect on our consolidated results of operations, financial position or cash flows. In April 2019, we received a subpoena from the SEC related to previous business dealings with the Brazilian Ministry of Education. The SEC, Department of Justice (“DOJ”) and Brazil authorities are investigating the matter, and we are cooperating as they conduct their investigations. Leases We determine if an arrangement is a lease at inception. Operating leases are recorded in Operating lease assets, Short-term operating lease liabilities and Long-term operating lease liabilities on the Condensed Consolidated Balance Sheets. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, we use our incremental borrowing rate based on the information available at the lease commencement date. Operating lease assets also include any lease payments made and are reduced by any lease incentives received. Our lease terms may include options to extend or not terminate the lease when we are reasonably certain that we will exercise any such options. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the expected lease term. Our most significant leases are real estate leases for plants, warehouses, storage facilities, offices and other facilities. For real estate leases, we elected the practical expedient permitted under Topic 842 to combine lease and non-lease components. As a result, non-lease components, such as common area maintenance charges, are accounted for as a single lease element. Our remaining operating leases are primarily comprised of leases of machinery and technology equipment. Finance leases are not material. Certain of our operating lease agreements include variable payments that are passed-through by the landlord, such as insurance, taxes and common area maintenance, payments based on the usage of the asset and rental payments adjusted periodically for inflation. Pass-through charges, payments due to change in usage of the asset and payments due to changes in inflation are included within variable rent expense. Our lease agreements do not contain material residual value guarantees, restrictions or covenants. The components of lease expense for the three and six months ended June 30, 2019 were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 22.6 $ 47.2 Variable lease cost 9.4 18.7 Short-term lease cost 1.9 2.3 Sublease income (0.3 ) (0.6 ) Total lease cost $ 33.6 $ 67.6 Supplemental cash flow information related to leases for the six months ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 43.9 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 18.1 As of June 30, 2019, the future lease payments under operating leases were as follows: Year Ended December 31 Operating Leases 2019 (excluding the six months ended June 30, 2019) $ 41.6 2020 64.9 2021 48.9 2022 32.2 2023 22.8 2024 and thereafter 32.3 Total lease payments 242.7 Less: Amount representing interest 33.5 Present value of lease obligation $ 209.2 Weighted average remaining lease term 4.4 years Weighted average discount rate 6.6 % Comparative Period Disclosures under Topic 840 Rent expense for facilities in use and equipment was $28.0 million and $57.4 million for the three and six months ended June 30, 2018, respectively. Sublease rental income for the six months ended June 30, 2018 was not significant. As of December 31, 2018, future minimum rental commitments under operating leases were as follows: Year Ended December 31 Operating Leases 2019 $ 77.8 2020 56.9 2021 41.3 2022 27.7 2023 21.4 2024 and thereafter 33.4 $ 258.5 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 14. Debt Debt at June 30, 2019 and December 31, 2018 consisted of the following: June 30, 2019 December 31, 2018 Borrowings under the ABL Credit Agreement $ 270.0 $ 59.0 11.25% senior notes due February 1, 2019 (a) — 172.2 7.625% senior notes due June 15, 2020 65.8 65.8 7.875% senior notes due March 15, 2021 190.4 190.4 8.875% debentures due April 15, 2021 81.0 81.0 7.00% senior notes due February 15, 2022 140.0 140.0 6.50% senior notes due November 15, 2023 290.6 290.6 Term Loan Credit Agreement due January 15, 2024 (b) 542.5 544.7 6.00% senior notes due April 1, 2024 298.3 298.3 6.625% debentures due April 15, 2029 157.9 157.9 8.820% debentures due April 15, 2031 69.0 69.0 Other (c) 30.5 38.9 Unamortized debt issuance costs (14.6 ) (16.3 ) Total debt 2,121.4 2,091.5 Less: current portion 101.7 216.2 Long-term debt $ 2,019.7 $ 1,875.3 (a) As of December 31, 2018 the interest rate on the 11.25% senior notes due February 1, 2019 had contractually increased to 13.25%. (b) As of June 30, 2019 and December 31, 2018, the interest rate on the Term Loan Credit Agreement due January 15, 2024 was 7.40% and 7.51%, respectively. (c) Includes miscellaneous debt obligations. The fair values of the senior notes and debentures, which were determined using the market approach based upon interest rates available to us for borrowings with similar terms and maturities, were determined to be Level 2 under the fair value hierarchy. The fair value of our total debt was less than its book value by approximately $16.4 million and $14.4 million at June 30, 2019 and December 31, 2018, respectively. On February 1, 2019, we retired the $172.2 million 11.25% senior notes using availability under our asset-based revolving credit facility (the “ABL Credit Agreement”). On October 15, 2018, we entered into a $550.0 million senior secured Term Loan B credit facility pursuant to a credit agreement (the “Term Loan Credit Agreement”). Proceeds from the Term Loan Credit Agreement, net of a $5.5 million discount, were used to repurchase certain senior notes, pay transaction fees and repay a portion of borrowings under the ABL Credit Agreement. Our obligations under the Term Loan Credit Agreement are guaranteed by our material domestic subsidiaries (the “Guarantors”) and are secured by a security interest in substantially all assets of ours and the Guarantors, including certain material real property, subject to certain exceptions and exclusions. The ABL Priority Collateral secures our obligations and the obligations of the Guarantors under the Term Loan Credit Agreement and related guarantees on a second-priority basis, and all other collateral other than the ABL Priority Collateral secures our obligations and the obligations of the Guarantors under the Term Loan Credit Agreement and related guarantees on a first-priority basis, in each case, subject to permitted liens. The Term Loan Credit Agreement contains customary affirmative and negative covenants including negative covenants restricting, among other things, our ability to incur debt, make investments, make certain restricted payments (including payments on certain other debt and external dividends), incur liens securing other debt, consummate certain fundamental transactions, enter into transactions with affiliates and consummate asset sales. The Term Loan Credit Agreement requires that the net cash proceeds of significant asset sales be used to prepay borrowings under the Term Loan Credit Agreement, except in certain circumstances, including the reinvestment of net cash proceeds in assets useful to our business, repayment of borrowings under our ABL Credit Agreement or the funding of debt tenders, in each case, subject to certain restrictions and limitations set forth in the Term Loan Credit Agreement. The Term Loan Credit Agreement is scheduled to mature on January 15, 2024, at which time all amounts outstanding under the Term Loan Credit Agreement will be due and payable. Principal payments of $1.4 million are due quarterly. Borrowings will bear interest at a Eurocurrency rate plus a margin of 5% or a base rate plus a margin of 4%. On October 15, 2018, we repurchased $172.6 million and $257.4 million in aggregate principal amount of the . We recorded a loss on debt extinguishment of $32.3 million in the fourth quarter of 2018 on the repurchase of the bonds, representing tender premiums paid of $29.0 million, write-off of unamortized debt issuance costs of $1.5 million and fees and expenses of $1.8 million. On September 29, 2017, we entered into the ABL Credit Agreement which amended and restated our prior $800.0 million senior secured revolving credit facility dated September 30, 2016. The ABL Credit Agreement provides for a senior secured asset-based revolving credit facility of up to $800.0 million. The amount available to be borrowed under the ABL Credit Agreement is equal to the lesser of (a) $800.0 million and (b) a borrowing base formula based on the amount of accounts receivable, inventory, machinery, equipment and, if we were to so elect in the future subject to the satisfaction of certain conditions, fee-owned real estate of ours and the Guarantors, subject to certain eligibility criteria and advance rates (collectively, the “Borrowing Base”). The aggregate amount of real estate, machinery and equipment that can be included in the Borrowing Base cannot exceed $200.0 million. On October 15, 2018, we entered into Amendment No. 1 to the ABL Credit Agreement, which amended the ABL Credit Agreement to, among other things, permit (i) the incurrence of the debt pursuant to the Term Loan Credit Agreement and (ii) the incurrence of a lien on the ABL Priority Collateral to secure our obligations under the Term Loan Credit Agreement and related guarantees on a second-priority basis. Our obligations under the ABL Credit Agreement are guaranteed by the Guarantors and are secured by a security interest in substantially all assets of ours and the Guarantors, including, only to the extent included in the Borrowing Base, real property, in each case subject to certain exceptions and exclusions. The assets of ours and the Guarantors consisting of accounts receivable, inventory, deposit accounts, securities accounts, machinery and equipment and, to the extent related to the foregoing, general intangibles, documents and instruments, as well as 65% of the equity interests of our first-tier foreign subsidiaries (collectively, the “ABL Priority Collateral”), secure our obligations and the obligations of the Guarantors under the ABL Credit Agreement and the related guarantees on a first-priority basis, and all other collateral other than the ABL Priority Collateral secures our obligations and the obligations of the Guarantors under the ABL Credit Agreement on a second-priority basis, in each case, subject to permitted liens. The ABL Credit Agreement contains customary restrictive covenants, including a covenant which requires us to maintain a minimum fixed charge coverage ratio under certain circumstances. In addition, our ability to undertake certain actions, including, among other things, prepay certain junior debt, incur additional indebtedness and make certain restricted payments (including external dividends) depends on satisfaction of certain conditions, including, among other things, meeting minimum borrowing availability thresholds under the ABL Credit Agreement. Borrowings under the ABL Credit Agreement bear interest at a rate dependent on the average quarterly availability under the ABL Credit Agreement and is calculated according to a base rate (except in certain circumstances, based on the prime rate) or a Eurocurrency rate (except in certain circumstances, based on London Inter-bank Offered Rate or “LIBOR”) plus an applicable margin. The applicable margin for base rate loans ranges from 0.25% to 0.50% and the applicable margin for Eurocurrency loans ranges from 1.25% to 1.50%. In addition, a fee is payable quarterly on the unused portion of the amount available to be borrowed under the ABL Credit Agreement. The fee accrues at a rate of either 0.25% or 0.375% depending upon the average usage of the facility. The ABL Credit Agreement is scheduled to mature on September 29, 2022, at which time all outstanding amounts under the ABL Credit Agreement will be due and payable. Borrowings under the ABL Credit Agreement may be used for working capital and general corporate purposes. Based on our borrowing base as of June 30, 2019 and existing borrowings, we had approximately $397.2 million borrowing capacity available under the ABL Credit Agreement. The weighted average interest rate on borrowings under our current facility was 3.7% and 3.4% during the six months ended June 30, 2019 and 2018, respectively. Interest paid, net of interest capitalized, was $47.4 million and $85.5 million for the three and six months ended June 30, 2019, respectively, and $43.7 million and $81.8 million for the three and six months ended June 30, 2018, respectively. Interest income was $0.9 million and $1.7 million for the three and six months ended June 30, 2019, respectively, and $0.7 million and $1.2 million for the three and six months ended June 30, 2018, respectively. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 15. Derivatives All derivatives are recorded as other current or noncurrent assets or other current or noncurrent liabilities in the Condensed Consolidated Balance Sheets at their respective fair values. Unrealized gains and losses related to derivatives are recorded in the Condensed Consolidated Statements of Operations, or in other comprehensive income (loss), net of applicable income taxes, depending on the purpose for which the derivative is held. At the inception of a hedge transaction, we formally document the hedge relationship and the risk management objective for undertaking the hedge. In addition, we assess both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of any ineffectiveness is also recognized in the Condensed Consolidated Statements of Operations. We are exposed to the impact of foreign currency fluctuations based on our global operations. The exposure to foreign currency movements within many countries is limited because the operating revenues and expenses of our various subsidiaries and business units are substantially in the local currency of the country in which they operate. To the extent borrowings, sales, purchases, revenues, expenses or other transactions are not in the local currency of the subsidiary or operating unit, we are exposed to currency risk. Periodically, we use foreign exchange spot and forward contracts to hedge exposures resulting from foreign exchange fluctuations. To the extent the gains and losses associated with the fair values of foreign currency exchange contracts are recognized in the Condensed Consolidated Statements of Operations, they are generally offset by gains and losses on underlying payables, receivables and net investments in foreign subsidiaries. We do not use derivative financial instruments for trading or speculative purposes. The aggregate notional value of the forward contracts at June 30, 2019 and December 31, 2018 was $156.9 million and $170.8 million, respectively. The fair values of foreign currency contracts were determined to be Level 2 under the fair value hierarchy and are valued using market exchange rates. The total fair value of our foreign currency contracts, which were the only derivatives not designated as hedges, included in Prepaid expenses and other current assets at June 30, 2019 |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Dispositions | 16. Dispositions On May 8 , 2019, we sold our R&D business within the Business Services segment for net proceeds of $ 11.7 million, which was received during the six months ended June 30, 2019. The disposition of this business resulted in a net gain of $6.2 million during the period ended June 30, 2019, which was recorded in Other operating expense (income) in the Condensed Consolidated Statements of Operations. On March 31, 2019, our subsidiary, RR Donnelley Editora e Grafica Ltda. (“RRD Brazil”), filed for bankruptcy liquidation in bankruptcy court in Brazil . The bankruptcy petition was approved by the court shortly thereafter and a bankruptcy trustee was appointed. As a result of the bankruptcy liquidation, we recorded a gain of $4.0 million in Other operating expense (income) for the six months ended June 30, 2019 , primarily reflecting the reclassification of cumulative currency translation adjustments into earnings and ongoing expenses associated with the bankruptcy proceedings. Subsequent to March 31, 2019, the operating results of RRD Brazil are no longer included in our consolidated results of operations. RRD Brazil had net sales of $8.8 million for the three months ended March 31, 2019 and $14.3 million and $30.8 million for the three and six months ended June 30, 2018, respectively. RRD Brazil had a loss before income taxes of $4.1 million for the three months ended March 31, 2019 and $6.5 million and $11.5 million for the three and six months ended June 30, 2018 , respectively . The operations of RRD Brazil were included in the Business Services segment. On July 2, 2018, we completed the sale of our Print Logistics business for $60.0 million cash, of which we received $43.9 million after transaction costs, working capital adjustments and $4.9 million of cash which was included in the disposition. Net proceeds from the sale were used to reduce borrowings outstanding on our ABL Credit Agreement. The disposition resulted in a pre-tax gain of $3.6 million in the third quarter of 2018, which was recorded in Other operating expense (income) in the Condensed |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 17. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which permits the reclassification of tax effects stranded in accumulated other comprehensive income to retained earnings as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The standard also requires entities to disclose whether or not they elected to reclassify the tax effects related to the Tax Act from accumulated other comprehensive income. The standard allows the option of applying either a retrospective adoption, meaning the standard is applied to all periods in which the effect of the Tax Act is recognized, or applying the amendments in the period of adoption, meaning an adjustment is made to stockholders’ equity as of the beginning of the reporting period. ASU 2018-02 was effective in the first quarter of 2019; however, early adoption was permitted for interim and annual periods, including the reporting period in which the Tax Act was enacted. As of July 1, 2018, we adopted the provisions of ASU 2018-02, which resulted in a decrease to Accumulated deficit and increase to Accumulated other comprehensive loss of $22.0 million. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income ("GILTI") provisions in the Tax Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or treating any taxes on GILTI inclusions as period costs are both acceptable methods subject to an accounting policy election. During the fourth quarter of 2018, we elected to treat the tax effect of GILTI as a current period expense when incurred. In February 2016, the FASB issued ASU No. “Codification Improvements to Topic and We adopted the guidance as of January 1, 2019 We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification of those leases in place as of December 31, 2018. See Note 13, Commitments and Contingencies Accounting Pronouncements Issued and Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 will be effective for us in 2020, however early adoption is permitted. We are currently evaluating the impact of ASU 2018-15 on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14 “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which removes certain disclosures that are no longer cost beneficial and also includes additional disclosures to improve the overall usefulness of the disclosure requirements to financial statement users. ASU 2018-14 will be effective for us in 2020, however early adoption is permitted. We are currently evaluating the impact of ASU 2018-14 on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments. Under the new guidance, entities will be required to measure expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable forecasts. ASU 2016-13 will be effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We are currently evaluating the impact ASU 2016-13 will have on the consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash at June 30, 2019 and December 31, 2018 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows. June 30, 2019 December 31, 2018 Cash and cash equivalents $ 220.5 $ 370.6 Restricted cash - current (a) 20.3 32.9 Restricted cash - noncurrent (b) 0.1 0.1 Total cash, cash equivalents and restricted cash $ 240.9 $ 403.6 (a) Included within Prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets (b) Included within Other noncurrent assets within the Condensed Consolidated Balance Sheets |
Revenue Recognition | On January 1, 2018, we adopted ASC Topic 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. All revenue recognized in the Condensed Statements of Operations is considered to be revenue from contracts with clients. We recorded a net increase to opening retained earnings of $12.9 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606, with the impact primarily related to the timing of revenue recognition for certain inventory that had been billed but not yet shipped. Disaggregation of Revenue The following table presents net sales disaggregated by products and services: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Products Commercial print $ 413.5 $ 462.7 $ 835.9 $ 924.9 Packaging 162.6 152.9 302.1 294.3 Direct marketing 137.0 133.3 285.5 281.4 Statements 133.6 143.1 283.1 302.9 Labels 119.6 119.2 240.1 236.7 Digital print and fulfillment 115.1 108.3 224.7 219.1 Supply chain management 74.1 80.9 152.6 160.7 Forms 59.2 64.8 121.6 131.8 Total products net sales $ 1,214.7 $ 1,265.2 $ 2,445.6 $ 2,551.8 Services Logistics $ 208.0 $ 324.0 $ 409.7 $ 651.2 Business process outsourcing 60.6 61.4 122.4 122.6 Digital and creative solutions 25.4 28.9 52.9 61.7 Total services net sales $ 294.0 $ 414.3 $ 585.0 $ 835.5 Total net sales $ 1,508.7 $ 1,679.5 $ 3,030.6 $ 3,387.3 Products Our products revenue is primarily recognized at a point in time. We generally recognize revenue for products upon the transfer of control of the products to the client which typically occurs upon transfer of title and risk of ownership, which is generally upon shipment to the client. For certain products, w e are able to recognize revenue for completed inventory billed but not yet shipped at the client’s direction. The following is a description of our products: Commercial Print We generate revenue by providing various commercial printing products and offer a full range of branded materials including manuals, publications, brochures, business cards, flyers, post cards, posters and promotional items. Packaging We generate revenue by providing packaging solutions, ranging from rigid boxes to in-box print materials, for clients in consumer electronics, life sciences, cosmetics and consumer packaged goods industries. Direct Marketing We generate revenue by providing audience segmentation, creative development, program testing, print production, postal optimization and performance analytics for large-scale personalized direct mail programs Statements We generate revenue by creating critical business communications, including customer billings, financial statements, healthcare communications and insurance documents. Our capabilities include design and composition, variable imaging, email, archival and digital mail interaction, as well as our innovative RRDigital solution set. Labels We generate revenue by producing custom labels for clients across multiple industries including warehouse and distribution, retail, pharmaceutical, manufacturing and consumer packaging. We offer distribution and shipping labels, healthcare and durable goods labels, promotional labels and consumer product goods packaging labels. Digital Print and Fulfillment We generate revenue by providing in-store marketing materials, including signage and point-of-purchase materials, as well as custom marketing kits that require multiple types of marketing collateral. Under the trade name Motif TM Supply Chain Management We generate revenue by providing workflow design to assembly, configuration, kitting and fulfillment for clients in consumer electronics, telecommunications, life sciences, cosmetics, education and industrial industries. Forms We generate revenue by producing a variety of forms including invoices, order forms and business forms that support both the private and public sectors for clients in financial, government, retail, healthcare and business services industries. Services Our services revenue is recognized both at a point in time and over time. Our logistics revenue is primarily recognized over time as the performance obligation is completed Due to the short transit period of logistics performance obligations, the timing of revenue recognition does not require significant judgment. Logistics We generate revenue by providing specialized transportation and distribution services using our third party logistics solutions Dispositions Business Process Outsourcing We generate revenue by providing outsourcing services including creative services, research and analytics, financial management and other services for legal providers, insurance, telecommunications, utilities, retail and financial services companies. Digital and Creative Solutions We generate revenue by creating and managing content for delivery across multiple marketing communications channels including print and digital advertising, direct marketing and mail, packaging, sales collateral, in-store marketing and social media Variable Consideration Certain clients may receive volume-based rebates or early payment discounts, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be earned by our clients and reduce revenue accordingly. We do not expect significant changes to estimates of variable consideration. Given the nature of our products and the history of returns, product returns are not significant. The following table provides information about contract assets and liabilities from contracts with clients: Contract Assets Contract Liabilities Short-Term Short-Term Long-Term Balance at December 31, 2018 $ 2.7 $ 16.5 $ 0.6 Balance at June 30, 2019 3.7 11.1 0.4 Contract liabilities primarily relate to client advances received prior to completion of performance obligations. Reductions in contract liabilities are a result of our completion of performance obligations. Revenue recognized during the six months ended June 30, 2019 from amounts included in contract liabilities at the beginning of the period was approximately $12.1 million. During the six months ended June 30, 2019, we reclassified $2.7 million of contract assets to receivables as a result of the completion of the performance obligation and the right to the consideration becoming unconditional. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash at June 30, 2019 and December 31, 2018 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows. June 30, 2019 December 31, 2018 Cash and cash equivalents $ 220.5 $ 370.6 Restricted cash - current (a) 20.3 32.9 Restricted cash - noncurrent (b) 0.1 0.1 Total cash, cash equivalents and restricted cash $ 240.9 $ 403.6 (a) Included within Prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets (b) Included within Other noncurrent assets within the Condensed Consolidated Balance Sheets |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales Disaggregated by Products and Services | The following table presents net sales disaggregated by products and services: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Products Commercial print $ 413.5 $ 462.7 $ 835.9 $ 924.9 Packaging 162.6 152.9 302.1 294.3 Direct marketing 137.0 133.3 285.5 281.4 Statements 133.6 143.1 283.1 302.9 Labels 119.6 119.2 240.1 236.7 Digital print and fulfillment 115.1 108.3 224.7 219.1 Supply chain management 74.1 80.9 152.6 160.7 Forms 59.2 64.8 121.6 131.8 Total products net sales $ 1,214.7 $ 1,265.2 $ 2,445.6 $ 2,551.8 Services Logistics $ 208.0 $ 324.0 $ 409.7 $ 651.2 Business process outsourcing 60.6 61.4 122.4 122.6 Digital and creative solutions 25.4 28.9 52.9 61.7 Total services net sales $ 294.0 $ 414.3 $ 585.0 $ 835.5 Total net sales $ 1,508.7 $ 1,679.5 $ 3,030.6 $ 3,387.3 |
Contract Assets and Liabilities from Contracts with Clients | The following table provides information about contract assets and liabilities from contracts with clients: Contract Assets Contract Liabilities Short-Term Short-Term Long-Term Balance at December 31, 2018 $ 2.7 $ 16.5 $ 0.6 Balance at June 30, 2019 3.7 11.1 0.4 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories, net of excess and obsolescence reserves for raw materials and finished goods, at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Raw materials and manufacturing supplies $ 150.2 $ 153.1 Work in process 75.8 75.1 Finished goods 128.6 120.1 LIFO reserve (19.1 ) (18.6 ) Total inventories $ 335.5 $ 329.7 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Land $ 48.2 $ 51.0 Buildings 378.0 389.5 Machinery and equipment 1,788.2 1,797.1 2,214.4 2,237.6 Less: Accumulated depreciation (1,693.5 ) (1,706.3 ) Total property, plant and equipment-net $ 520.9 $ 531.3 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Goodwill by Segment | The carrying amount of goodwill at June 30, 2019 and December 31, 2018 were as follows: Business Services Marketing Solutions Total Net book value as of December 31, 2018 Goodwill $ 2,604.3 $ 519.5 $ 3,123.8 Accumulated impairment losses (2,316.3 ) (254.1 ) (2,570.4 ) Total 288.0 265.4 553.4 Foreign exchange (0.3 ) — (0.3 ) Net book value as of June 30, 2019 Goodwill 2,614.9 519.5 3,134.4 Accumulated impairment losses (2,327.2 ) (254.1 ) (2,581.3 ) Total $ 287.7 $ 265.4 $ 553.1 |
Components of Other Intangible Assets | The components of other intangible assets at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Gross Gross Carrying Accumulated Net Book Carrying Accumulated Net Amount Amortization Value Amount Amortization Value Client relationships $ 512.5 $ (428.5 ) $ 84.0 $ 520.3 $ (425.5 ) $ 94.8 Patents 2.0 (2.0 ) — 2.0 (2.0 ) — Trademarks, licenses and agreements 25.2 (24.9 ) 0.3 25.7 (25.2 ) 0.5 Trade names 34.3 (17.6 ) 16.7 34.6 (16.6 ) 18.0 Total other intangible assets $ 574.0 $ (473.0 ) $ 101.0 $ 582.6 $ (469.3 ) $ 113.3 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Net Restructuring and Other Expenses | For the three months ended June 30, 2019 and 2018, we recorded the following net restructuring and other expenses: Three Months Ended June 30, 2019 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 10.2 $ 3.0 $ 0.6 $ — $ 13.8 Marketing Solutions 0.3 0.1 0.1 — 0.5 Corporate 0.3 1.4 — — 1.7 Total $ 10.8 $ 4.5 $ 0.7 $ — $ 16.0 Three Months Ended June 30, 2018 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 4.3 $ 1.0 $ 0.6 $ 0.2 $ 6.1 Marketing Solutions 0.7 — 0.1 1.2 2.0 Corporate 0.2 2.7 — — 2.9 Total $ 5.2 $ 3.7 $ 0.7 $ 1.4 $ 11.0 For the six months ended June 30, 2019 and 2018, we recorded the following net restructuring and other expenses: Six Months Ended June 30, 2019 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 18.0 $ 7.7 $ 1.2 $ 0.1 $ 27.0 Marketing Solutions 0.4 0.1 0.2 — 0.7 Corporate 0.5 4.9 — — 5.4 Total $ 18.9 $ 12.7 $ 1.4 $ 0.1 $ 33.1 Six Months Ended June 30, 2018 Employee Other Restructuring Multi-Employer Pension Plan Terminations Charges Charges Other Total Business Services $ 6.1 $ 1.8 $ 1.3 $ (4.7 ) $ 4.5 Marketing Solutions 1.8 — 0.2 1.5 3.5 Corporate 0.5 3.3 — — 3.8 Total $ 8.4 $ 5.1 $ 1.5 $ (3.2 ) $ 11.8 |
Schedule of Changes in the Restructuring and MEPP Reserves | Restructuring and MEPP reserves as of December 31, 2018 and June 30, 2019, and changes during the six months ended June 30, 2019, were as follows: Restructuring Foreign December 31, and Other Exchange and Cash June 30, 2018 Charges Other Paid 2019 Employee terminations $ 4.8 $ 18.9 $ (1.3 ) $ (15.1 ) $ 7.3 MEPP withdrawal obligations 44.2 1.4 — (3.2 ) 42.4 Other 6.2 12.7 1.5 (7.7 ) 12.7 Total $ 55.2 $ 33.0 $ 0.2 $ (26.0 ) $ 62.4 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Pension and Other Postretirement Benefit Plan (OPEB) Income | Components of net pension and other postretirement benefits plan (“OPEB”) income for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Pension expense (income): Service cost $ 0.3 $ 0.2 $ 0.5 $ 0.4 Interest cost 8.3 7.9 16.7 15.7 Expected return on plan assets (11.6 ) (12.6 ) (23.2 ) (25.2 ) Amortization, net 1.5 1.9 3.0 3.9 Settlements — 1.0 — 1.3 Net pension income $ (1.5 ) $ (1.6 ) $ (3.0 ) $ (3.9 ) OPEB expense (income): Service cost $ — $ 0.4 $ — $ 0.8 Interest cost 2.4 2.6 5.0 5.2 Expected return on plan assets (3.3 ) (3.5 ) (6.6 ) (7.0 ) Amortization, net (1.7 ) (0.7 ) (3.5 ) (1.4 ) Net OPEB income $ (2.6 ) $ (1.2 ) $ (5.1 ) $ (2.4 ) |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Equity Activity | Our equity as of December 31, 2018 and June 30, 2019, and changes during the three and six months ended June 30, 2019, were as follows: Common Additional Paid-in- Treasury Accumulated Accumulated Other Comprehensive Total RRD's Stockholders' Noncontrolling Total Stock Capital Stock Deficit Loss Equity Interests Equity Balance at December 31, 2018 $ 0.9 $ 3,404.0 $ (1,285.5 ) $ (2,225.7 ) $ (153.8 ) $ (260.1 ) $ 14.7 $ (245.4 ) Net (loss) income (8.8 ) (8.8 ) 0.3 (8.5 ) Other comprehensive income 1.4 1.4 0.2 1.6 Share-based compensation 3.4 3.4 3.4 Issuance of share-based awards, net of withholdings and other (54.7 ) 53.8 (0.9 ) (0.9 ) Cash dividends paid (2.1 ) (2.1 ) (2.1 ) Cumulative impact of adopting ASU 2016-02, net of tax 2.6 2.6 2.6 Distributions to noncontrolling interests (0.7 ) (0.7 ) Balance at March 31, 2019 $ 0.9 $ 3,352.7 $ (1,231.7 ) $ (2,234.0 ) $ (152.4 ) $ (264.5 ) $ 14.5 $ (250.0 ) Net loss (7.0 ) (7.0 ) (0.4 ) (7.4 ) Other comprehensive loss (2.4 ) (2.4 ) (0.1 ) (2.5 ) Share-based compensation 3.3 3.3 3.3 Issuance of share-based awards, net of withholdings and other (0.5 ) 0.5 — — Cash dividends paid (2.2 ) (2.2 ) (2.2 ) Spinoff adjustments (12.0 ) (12.0 ) (12.0 ) Balance at June 30, 2019 $ 0.9 $ 3,355.5 $ (1,231.2 ) $ (2,255.2 ) $ (154.8 ) $ (284.8 ) $ 14.0 $ (270.8 ) On October 1, 2016, we completed the separation of LSC Communications, Inc. and Donnelley Financial Solutions, Inc. (“Spin Companies”) into two separate publicly-traded companies. The distribution of the Spin Companies was recorded as a reduction in Stockholder's Equity during the fourth quarter of 2016. During the second quarter of 2019, we identified an error in the accounting for the distribution of the Spin Companies. As a result, the error, which was determined by management to be immaterial to the previously issued Consolidated Financial Statements and to the three and six months ended June 30, 2019, has been corrected herein by increasing Accumulated Deficit by $12.0 million. Our equity as of December 31, 2017 and June 30, 2018, and changes during three and six months ended June 30, 2018, were as follows: Common Additional Paid-in- Treasury Accumulated Accumulated Other Comprehensive Total RRD's Stockholders' Noncontrolling Total Stock Capital Stock Deficit Loss Equity Interests Equity Balance at December 31, 2017 $ 0.9 $ 3,444.0 $ (1,333.1 ) $ (2,225.7 ) $ (103.7 ) $ (217.6 ) $ 14.7 $ (202.9 ) Net (loss) income (9.6 ) (9.6 ) 0.3 (9.3 ) Other comprehensive income 21.0 21.0 0.5 21.5 Share-based compensation 1.2 1.2 1.2 Issuance of share-based awards, net of withholdings and other (32.7 ) 31.9 (0.1 ) (0.9 ) (0.9 ) Cash dividends paid (9.8 ) (9.8 ) (9.8 ) Cumulative impact of adopting ASU 2014-09, net of tax 12.9 12.9 12.9 Distributions to noncontrolling interests (1.0 ) (1.0 ) Balance at March 31, 2018 $ 0.9 $ 3,412.5 $ (1,301.2 ) $ (2,232.3 ) $ (82.7 ) $ (202.8 ) $ 14.5 $ (188.3 ) Net (loss) income (13.0 ) (13.0 ) 0.4 (12.6 ) Other comprehensive loss (39.3 ) (39.3 ) (0.6 ) (39.9 ) Share-based compensation 3.0 3.0 3.0 Issuance of share-based awards, net of withholdings and other (4.5 ) 4.5 0.1 0.1 0.1 Cash dividends paid (9.8 ) (9.8 ) (9.8 ) Balance at June 30, 2018 $ 0.9 $ 3,411.0 $ (1,296.7 ) $ (2,255.0 ) $ (122.0 ) $ (261.8 ) $ 14.3 $ (247.5 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Share | The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net loss per share attributable to RRD common stockholders: Basic $ (0.10 ) $ (0.18 ) $ (0.22 ) $ (0.32 ) Diluted $ (0.10 ) $ (0.18 ) $ (0.22 ) $ (0.32 ) Numerator: Net loss attributable to RRD common stockholders $ (7.0 ) $ (13.0 ) $ (15.8 ) $ (22.6 ) Denominator: Weighted average number of common shares outstanding - Basic and Diluted 71.3 70.6 71.0 70.5 Weighted average number of anti-dilutive share-based awards: Stock options 0.4 0.8 0.5 0.9 Restricted stock units 1.4 0.8 1.0 0.9 Total 1.8 1.6 1.5 1.8 Dividends declared per common share $ 0.03 $ 0.14 $ 0.06 $ 0.28 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive (Loss) Income and Income Tax (Benefit) Expense Allocated to Each Component | The components of other comprehensive (loss) income and income tax (benefit) expense allocated to each component for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Before Net of Before Net of Tax Income Tax Tax Income Tax Amount Tax Amount Amount Tax Amount Translation adjustments $ (3.2 ) $ — $ (3.2 ) $ (2.0 ) $ — $ (2.0 ) Adjustments for net periodic pension and OPEB cost (0.2 ) — (0.2 ) (0.5 ) (0.1 ) (0.4 ) Other — (0.9 ) 0.9 — (1.5 ) 1.5 Other comprehensive loss $ (3.4 ) $ (0.9 ) $ (2.5 ) $ (2.5 ) $ (1.6 ) $ (0.9 ) Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Before Net of Before Net of Tax Income Tax Tax Income Tax Amount Tax Amount Amount Tax Amount Translation adjustments $ (41.6 ) $ — $ (41.6 ) $ (22.7 ) $ — $ (22.7 ) Adjustments for net periodic pension and OPEB cost 2.2 0.5 1.7 5.8 1.5 4.3 Other comprehensive loss $ (39.4 ) $ 0.5 $ (39.9 ) $ (16.9 ) $ 1.5 $ (18.4 ) |
Summary of Changes in Accumulated Other Comprehensive (Loss) Income | Accumulated other comprehensive (loss) income by component as of December 31, 2018 and June 30, 2019, and changes during the six months ended June 30, 2019, were as follows: Pension and OPEB Cost Translation Adjustments Other Total Balance at December 31, 2018 $ (155.2 ) $ 1.4 $ — $ (153.8 ) Other comprehensive income before reclassifications — 2.4 1.5 3.9 Amounts reclassified from accumulated other comprehensive loss (0.4 ) (4.5 ) — (4.9 ) Net change in accumulated other comprehensive (loss) income (0.4 ) (2.1 ) 1.5 (1.0 ) Balance at June 30, 2019 $ (155.6 ) $ (0.7 ) $ 1.5 $ (154.8 ) Accumulated other comprehensive (loss) income by component as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018, were as follows: Pension and OPEB Cost Translation Adjustments Total Balance at December 31, 2017 $ (144.6 ) $ 40.9 $ (103.7 ) Other comprehensive income (loss) before reclassifications 1.2 (22.6 ) (21.4 ) Amounts reclassified from accumulated other comprehensive loss 3.1 — 3.1 Net change in accumulated other comprehensive (loss) income 4.3 (22.6 ) (18.3 ) Balance at June 30, 2018 $ (140.3 ) $ 18.3 $ (122.0 ) |
Reclassifications from Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, Classification in the Condensed 2019 2018 2019 2018 Consolidated Statements of Operations Translation Adjustments: Net realized gain, before tax $ — $ — $ (4.5 ) $ — Other operating expense (income) Reclassification, net of tax $ — $ — $ (4.5 ) $ — Amortization of pension and OPEB cost: Net actuarial loss $ 0.7 $ 1.9 $ 2.2 $ 3.9 Investment and other income-net Net prior service credit (0.9 ) (0.7 ) (2.7 ) (1.4 ) Investment and other income-net Settlements — 1.0 — 1.3 Investment and other income-net Reclassifications before tax (0.2 ) 2.2 (0.5 ) 3.8 Income tax (benefit) expense — 0.3 (0.1 ) 0.7 Reclassification, net of tax (0.2 ) 1.9 $ (0.4 ) $ 3.1 Total reclassifications, net of tax $ (0.2 ) $ 1.9 $ (4.9 ) $ 3.1 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | We have disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by our chief operating decision-maker and is most consistent with the presentation of profitability reported within the Condensed Consolidated Financial Statements. Three Months Ended June 30, 2019 Assets of Income (Loss) Depreciation Operations Total Intersegment Net from and Capital As of Sales Sales Sales Operations Amortization Expenditures June 30, 2019 Business Services $ 1,253.8 $ (22.6 ) $ 1,231.2 $ 41.6 $ 26.6 $ 19.3 $ 2,577.2 Marketing Solutions 287.0 (9.5 ) 277.5 6.0 11.4 14.4 720.1 Total operating segments 1,540.8 (32.1 ) 1,508.7 47.6 38.0 33.7 3,297.3 Corporate — — — (26.7 ) 2.0 5.3 264.1 Total operations $ 1,540.8 $ (32.1 ) $ 1,508.7 $ 20.9 $ 40.0 $ 39.0 $ 3,561.4 Three Months Ended June 30, 2018 Assets of Income (Loss) Depreciation Operations Total Intersegment Net from and Capital As of Sales Sales Sales Operations Amortization Expenditures December 31, 2018 Business Services $ 1,434.2 $ (25.2 ) $ 1,409.0 $ 38.3 $ 33.2 $ 20.3 $ 2,764.5 Marketing Solutions 282.6 (12.1 ) 270.5 8.6 11.7 2.4 674.6 Total operating segments 1,716.8 (37.3 ) 1,679.5 46.9 44.9 22.7 3,439.1 Corporate — — — (21.4 ) 1.2 3.8 201.7 Total operations $ 1,716.8 $ (37.3 ) $ 1,679.5 $ 25.5 $ 46.1 $ 26.5 $ 3,640.8 Six Months Ended June 30, 2019 Income (Loss) Depreciation Total Intersegment Net from and Capital Sales Sales Sales Operations Amortization Expenditures Business Services $ 2,509.7 $ (42.2 ) $ 2,467.5 $ 70.2 $ 55.9 $ 42.8 Marketing Solutions 578.9 (15.8 ) 563.1 14.5 23.5 23.6 Total operating segments 3,088.6 (58.0 ) 3,030.6 84.7 79.4 66.4 Corporate — — — (40.5 ) 3.3 10.0 Total operations $ 3,088.6 $ (58.0 ) $ 3,030.6 $ 44.2 $ 82.7 $ 76.4 Six Months Ended June 30, 2018 Income (Loss) Depreciation Total Intersegment Net from and Capital Sales Sales Sales Operations Amortization Expenditures Business Services $ 2,879.7 $ (54.6 ) $ 2,825.1 $ 78.1 $ 67.2 $ 37.0 Marketing Solutions 580.6 (18.4 ) 562.2 20.9 23.6 5.4 Total operating segments 3,460.3 (73.0 ) 3,387.3 99.0 90.8 42.4 Corporate — — — (41.3 ) 2.5 5.6 Total operations $ 3,460.3 $ (73.0 ) $ 3,387.3 $ 57.7 $ 93.3 $ 48.0 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Components of Lease Expense | The components of lease expense for the three and six months ended June 30, 2019 were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 22.6 $ 47.2 Variable lease cost 9.4 18.7 Short-term lease cost 1.9 2.3 Sublease income (0.3 ) (0.6 ) Total lease cost $ 33.6 $ 67.6 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the six months ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 43.9 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 18.1 |
Schedule of Future Lease Payments Under Operating Leases | As of June 30, 2019, the future lease payments under operating leases were as follows: Year Ended December 31 Operating Leases 2019 (excluding the six months ended June 30, 2019) $ 41.6 2020 64.9 2021 48.9 2022 32.2 2023 22.8 2024 and thereafter 32.3 Total lease payments 242.7 Less: Amount representing interest 33.5 Present value of lease obligation $ 209.2 Weighted average remaining lease term 4.4 years Weighted average discount rate 6.6 % |
Future Minimum Rental Commitments Under Operating Lease | As of December 31, 2018, future minimum rental commitments under operating leases were as follows: Year Ended December 31 Operating Leases 2019 $ 77.8 2020 56.9 2021 41.3 2022 27.7 2023 21.4 2024 and thereafter 33.4 $ 258.5 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt at June 30, 2019 and December 31, 2018 consisted of the following: June 30, 2019 December 31, 2018 Borrowings under the ABL Credit Agreement $ 270.0 $ 59.0 11.25% senior notes due February 1, 2019 (a) — 172.2 7.625% senior notes due June 15, 2020 65.8 65.8 7.875% senior notes due March 15, 2021 190.4 190.4 8.875% debentures due April 15, 2021 81.0 81.0 7.00% senior notes due February 15, 2022 140.0 140.0 6.50% senior notes due November 15, 2023 290.6 290.6 Term Loan Credit Agreement due January 15, 2024 (b) 542.5 544.7 6.00% senior notes due April 1, 2024 298.3 298.3 6.625% debentures due April 15, 2029 157.9 157.9 8.820% debentures due April 15, 2031 69.0 69.0 Other (c) 30.5 38.9 Unamortized debt issuance costs (14.6 ) (16.3 ) Total debt 2,121.4 2,091.5 Less: current portion 101.7 216.2 Long-term debt $ 2,019.7 $ 1,875.3 (a) As of December 31, 2018 the interest rate on the 11.25% senior notes due February 1, 2019 had contractually increased to 13.25%. (b) As of June 30, 2019 and December 31, 2018, the interest rate on the Term Loan Credit Agreement due January 15, 2024 was 7.40% and 7.51%, respectively. (c) Includes miscellaneous debt obligations. |
Basis of Presentation - Reconci
Basis of Presentation - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 220.5 | $ 370.6 | ||
Restricted cash - current | $ 20.3 | $ 32.9 | ||
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List] | us-gaap:PrepaidExpenseAndOtherAssetsCurrent | us-gaap:PrepaidExpenseAndOtherAssetsCurrent | ||
Restricted cash - noncurrent | $ 0.1 | $ 0.1 | ||
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | ||
Total cash, cash equivalents and restricted cash | $ 240.9 | $ 403.6 | $ 281.3 | $ 301.5 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Cash payments for income taxes | $ 49.4 | $ 23.5 | |
Cash refunds for income taxes | 6.8 | $ 12.2 | |
Prepaid Expenses and Other Current Assets | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Income taxes receivable | $ 43 | $ 11.7 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | $ (2,255.2) | $ (2,225.7) | |
Accounting Standards Update 2014-09 | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue recognized from deferred revenue | 12.1 | ||
Contract asset reclassified to receivables | $ 2.7 | ||
Cumulative Impact of Adopting Topic 606 | Accounting Standards Update 2014-09 | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | $ 12.9 |
Revenue Recognition - Net Sales
Revenue Recognition - Net Sales Disaggregated by Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | $ 1,508.7 | $ 1,679.5 | $ 3,030.6 | $ 3,387.3 |
Commercial Print | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 413.5 | 462.7 | 835.9 | 924.9 |
Packaging | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 162.6 | 152.9 | 302.1 | 294.3 |
Direct Marketing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 137 | 133.3 | 285.5 | 281.4 |
Statements | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 133.6 | 143.1 | 283.1 | 302.9 |
Labels | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 119.6 | 119.2 | 240.1 | 236.7 |
Digital Print and Fulfillment | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 115.1 | 108.3 | 224.7 | 219.1 |
Supply Chain Management | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 74.1 | 80.9 | 152.6 | 160.7 |
Forms | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 59.2 | 64.8 | 121.6 | 131.8 |
Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 1,214.7 | 1,265.2 | 2,445.6 | 2,551.8 |
Logistics | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 208 | 324 | 409.7 | 651.2 |
Business Process Outsourcing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 60.6 | 61.4 | 122.4 | 122.6 |
Digital and Creative Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | 25.4 | 28.9 | 52.9 | 61.7 |
Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total net sales | $ 294 | $ 414.3 | $ 585 | $ 835.5 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities from Contracts with Clients (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue From Contract With Customer [Abstract] | ||
Contract Assets, Short-Term | $ 3.7 | $ 2.7 |
Contract Liabilities, Short-Term | 11.1 | 16.5 |
Contract Liabilities, Long-Term | $ 0.4 | $ 0.6 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Net [Abstract] | ||
Raw materials and manufacturing supplies | $ 150.2 | $ 153.1 |
Work in process | 75.8 | 75.1 |
Finished goods | 128.6 | 120.1 |
LIFO reserve | (19.1) | (18.6) |
Total inventories | $ 335.5 | $ 329.7 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Abstract] | ||
Land | $ 48.2 | $ 51 |
Buildings | 378 | 389.5 |
Machinery and equipment | 1,788.2 | 1,797.1 |
Property, plant and equipment, gross | 2,214.4 | 2,237.6 |
Less: Accumulated depreciation | (1,693.5) | (1,706.3) |
Total property, plant and equipment-net | $ 520.9 | $ 531.3 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 26.9 | $ 32.3 | $ 55.2 | $ 65.6 |
Building and related land sales, non-refundable deposit received | $ 32.1 | $ 32.1 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Carrying Value of Goodwill by Segment (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill gross | $ 3,134.4 | $ 3,123.8 |
Accumulated impairment losses | (2,581.3) | (2,570.4) |
Goodwill | 553.1 | 553.4 |
Foreign exchange | (0.3) | |
Business Services | ||
Goodwill [Line Items] | ||
Goodwill gross | 2,614.9 | 2,604.3 |
Accumulated impairment losses | (2,327.2) | (2,316.3) |
Goodwill | 287.7 | 288 |
Foreign exchange | (0.3) | |
Marketing Solutions | ||
Goodwill [Line Items] | ||
Goodwill gross | 519.5 | 519.5 |
Accumulated impairment losses | (254.1) | (254.1) |
Goodwill | $ 265.4 | $ 265.4 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | $ 574 | $ 582.6 |
Accumulated Amortization, total other intangible assets | (473) | (469.3) |
Net Book Value, total other intangible assets | 101 | 113.3 |
Client Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 512.5 | 520.3 |
Accumulated Amortization, total other intangible assets | (428.5) | (425.5) |
Net Book Value, total other intangible assets | 84 | 94.8 |
Patents | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 2 | 2 |
Accumulated Amortization, total other intangible assets | (2) | (2) |
Trademarks, Licenses and Agreements | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 25.2 | 25.7 |
Accumulated Amortization, total other intangible assets | (24.9) | (25.2) |
Net Book Value, total other intangible assets | 0.3 | 0.5 |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, total other intangible assets | 34.3 | 34.6 |
Accumulated Amortization, total other intangible assets | (17.6) | (16.6) |
Net Book Value, total other intangible assets | $ 16.7 | $ 18 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense for other intangible assets | $ 5.8 | $ 6.9 | $ 12.2 | $ 13.9 |
Restructuring and Other - Sched
Restructuring and Other - Schedule of Net Restructuring and Other Expenses (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | $ 10.8 | $ 5.2 | $ 18.9 | $ 8.4 |
Other Restructuring Charges | 4.5 | 3.7 | 12.7 | 5.1 |
Multi-Employer Pension Plan Charges | 0.7 | 0.7 | 1.4 | 1.5 |
Other | 0 | 1.4 | 0.1 | (3.2) |
Total | 16 | 11 | 33.1 | 11.8 |
Total Operating Segments | Business Services | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 10.2 | 4.3 | 18 | 6.1 |
Other Restructuring Charges | 3 | 1 | 7.7 | 1.8 |
Multi-Employer Pension Plan Charges | 0.6 | 0.6 | 1.2 | 1.3 |
Other | 0 | 0.2 | 0.1 | (4.7) |
Total | 13.8 | 6.1 | 27 | 4.5 |
Total Operating Segments | Marketing Solutions | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 0.3 | 0.7 | 0.4 | 1.8 |
Other Restructuring Charges | 0.1 | 0.1 | ||
Multi-Employer Pension Plan Charges | 0.1 | 0.1 | 0.2 | 0.2 |
Other | 0 | 1.2 | 0 | 1.5 |
Total | 0.5 | 2 | 0.7 | 3.5 |
Corporate | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Employee Terminations | 0.3 | 0.2 | 0.5 | 0.5 |
Other Restructuring Charges | 1.4 | 2.7 | 4.9 | 3.3 |
Multi-Employer Pension Plan Charges | 0 | 0 | ||
Other | 0 | 0 | ||
Total | $ 1.7 | $ 2.9 | $ 5.4 | $ 3.8 |
Restructuring and Other - Narra
Restructuring and Other - Narrative (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)Facility | |
Restructuring Cost And Reserve [Line Items] | ||||
Employee termination costs | $ 10.8 | $ 5.2 | $ 18.9 | $ 8.4 |
Other restructuring charges | 4.5 | 3.7 | 12.7 | 5.1 |
Multi-employer pension plan charges | $ 0.7 | $ 0.7 | $ 1.4 | 1.5 |
Facility Closing | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Impairment of other long lived assets | $ 1.7 | |||
Marketing Solutions | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Number of manufacturing facility closures announced | Facility | 2 | |||
Gain on sale of previously impaired assets | $ 4.9 |
Restructuring and Other - Sch_2
Restructuring and Other - Schedule of Changes in the Restructuring and MEPP Reserves (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Balance at the beginning | $ 55.2 |
Restructuring and Other Charges | 33 |
Foreign Exchange and Other | 0.2 |
Cash Paid | (26) |
Balance at the end | 62.4 |
Employee terminations | |
Restructuring Cost And Reserve [Line Items] | |
Balance at the beginning | 4.8 |
Restructuring and Other Charges | 18.9 |
Foreign Exchange and Other | (1.3) |
Cash Paid | (15.1) |
Balance at the end | 7.3 |
Other | |
Restructuring Cost And Reserve [Line Items] | |
Balance at the beginning | 6.2 |
Restructuring and Other Charges | 12.7 |
Foreign Exchange and Other | 1.5 |
Cash Paid | (7.7) |
Balance at the end | 12.7 |
MEPP withdrawal obligations | |
Restructuring Cost And Reserve [Line Items] | |
Balance at the beginning | 44.2 |
Restructuring and Other Charges | 1.4 |
Foreign Exchange and Other | 0 |
Cash Paid | (3.2) |
Balance at the end | $ 42.4 |
Restructuring and Other - Restr
Restructuring and Other - Restructuring and MEPP Reserves - Narrative (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Restructuring Cost And Reserve [Line Items] | ||
Current restructuring reserve (included in accrued liabilities and other) | $ 22.7 | |
Noncurrent restructuring reserve (included in noncurrent liabilities) | 39.7 | |
Accrued liabilities and other | 302.8 | $ 347.4 |
Other noncurrent liabilities | 178.5 | $ 203.2 |
MEPP withdrawal obligations related to facility closures | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrued liabilities and other | 6.5 | |
Other noncurrent liabilities | $ 35.9 |
Retirement Plans - Components o
Retirement Plans - Components of Net Pension and Other Postretirement Benefit Plan (OPEB) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension expense (income) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.3 | $ 0.2 | $ 0.5 | $ 0.4 |
Interest cost | 8.3 | 7.9 | 16.7 | 15.7 |
Expected return on plan assets | (11.6) | (12.6) | (23.2) | (25.2) |
Amortization, net | 1.5 | 1.9 | 3 | 3.9 |
Settlements | 0 | 1 | 0 | 1.3 |
Net pension income | (1.5) | (1.6) | (3) | (3.9) |
OPEB expense (income) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0.4 | 0 | 0.8 |
Interest cost | 2.4 | 2.6 | 5 | 5.2 |
Expected return on plan assets | (3.3) | (3.5) | (6.6) | (7) |
Amortization, net | (1.7) | (0.7) | (3.5) | (1.4) |
Net pension income | $ (2.6) | $ (1.2) | $ (5.1) | $ (2.4) |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Contribution to retirement plans | $ 3.8 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation | $ 3.3 | $ 3 | $ 6.7 | $ 4.2 | |
Restricted stock units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Annual share-based compensation grants | 0.6 | ||||
Grant date fair value | $ 4.77 | ||||
Graded vesting period | 3 years | ||||
Dividend payable | $ 0 | ||||
Performance share units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Annual share-based compensation grants | 0.6 | ||||
Grant date fair value | $ 4.77 | ||||
Cliff vesting period | 34 months | ||||
Phantom restricted stock units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Annual share-based compensation grants | 1.3 | ||||
Grant date share price | $ 5.03 | ||||
Payment description | payable in three equal installments over a period of three years after the grant date | ||||
Payment term | 3 years | ||||
Phantom performance stock units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Annual share-based compensation grants | 0.4 | ||||
Cliff vesting period | 34 months | ||||
Grant date share price | $ 5.03 | ||||
Phantom stock units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Dividend payable | $ 0 |
Equity - Schedule of Equity Act
Equity - Schedule of Equity Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Line Items] | ||||||
Beginning Balance | $ (250) | $ (245.4) | $ (188.3) | $ (202.9) | $ (245.4) | $ (202.9) |
Net (loss) income | (7.4) | (8.5) | (12.6) | (9.3) | (15.9) | (21.9) |
Other comprehensive income (loss) | (2.5) | 1.6 | (39.9) | 21.5 | (0.9) | (18.4) |
Share-based compensation | 3.3 | 3.4 | 3 | 1.2 | ||
Issuance of share-based awards, net of withholdings and other | 0 | (0.9) | 0.1 | (0.9) | ||
Cash dividends paid | (2.2) | (2.1) | (9.8) | (9.8) | ||
Distributions to noncontrolling interests | (0.7) | (1) | ||||
Spinoff adjustments | (12) | |||||
Ending Balance | (270.8) | (250) | (247.5) | (188.3) | (270.8) | (247.5) |
ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 2.6 | |||||
ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 12.9 | |||||
Common Stock | ||||||
Equity [Line Items] | ||||||
Beginning Balance | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
Net (loss) income | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Share-based compensation | 0 | 0 | 0 | 0 | ||
Issuance of share-based awards, net of withholdings and other | 0 | 0 | 0 | 0 | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | ||||
Spinoff adjustments | 0 | |||||
Ending Balance | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
Common Stock | ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
Common Stock | ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
Additional Paid-in Capital | ||||||
Equity [Line Items] | ||||||
Beginning Balance | 3,352.7 | 3,404 | 3,412.5 | 3,444 | 3,404 | 3,444 |
Net (loss) income | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Share-based compensation | 3.3 | 3.4 | 3 | 1.2 | ||
Issuance of share-based awards, net of withholdings and other | (0.5) | (54.7) | (4.5) | (32.7) | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | ||||
Spinoff adjustments | 0 | |||||
Ending Balance | 3,355.5 | 3,352.7 | 3,411 | 3,412.5 | 3,355.5 | 3,411 |
Additional Paid-in Capital | ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
Additional Paid-in Capital | ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
Treasury Stock | ||||||
Equity [Line Items] | ||||||
Beginning Balance | (1,231.7) | (1,285.5) | (1,301.2) | (1,333.1) | (1,285.5) | (1,333.1) |
Net (loss) income | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Share-based compensation | 0 | 0 | 0 | 0 | ||
Issuance of share-based awards, net of withholdings and other | 0.5 | 53.8 | 4.5 | 31.9 | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | ||||
Spinoff adjustments | 0 | |||||
Ending Balance | (1,231.2) | (1,231.7) | (1,296.7) | (1,301.2) | (1,231.2) | (1,296.7) |
Treasury Stock | ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
Treasury Stock | ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
Accumulated Deficit | ||||||
Equity [Line Items] | ||||||
Beginning Balance | (2,234) | (2,225.7) | (2,232.3) | (2,225.7) | (2,225.7) | (2,225.7) |
Net (loss) income | (7) | (8.8) | (13) | (9.6) | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Share-based compensation | 0 | 0 | 0 | 0 | ||
Issuance of share-based awards, net of withholdings and other | 0 | 0 | 0.1 | (0.1) | ||
Cash dividends paid | (2.2) | (2.1) | (9.8) | (9.8) | ||
Distributions to noncontrolling interests | 0 | 0 | ||||
Spinoff adjustments | (12) | |||||
Ending Balance | (2,255.2) | (2,234) | (2,255) | (2,232.3) | (2,255.2) | (2,255) |
Accumulated Deficit | ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 2.6 | |||||
Accumulated Deficit | ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 12.9 | |||||
Accumulated Other Comprehensive Loss | ||||||
Equity [Line Items] | ||||||
Beginning Balance | (152.4) | (153.8) | (82.7) | (103.7) | (153.8) | (103.7) |
Net (loss) income | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (2.4) | 1.4 | (39.3) | 21 | ||
Share-based compensation | 0 | 0 | 0 | 0 | ||
Issuance of share-based awards, net of withholdings and other | 0 | 0 | 0 | 0 | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | ||||
Spinoff adjustments | 0 | |||||
Ending Balance | (154.8) | (152.4) | (122) | (82.7) | (154.8) | (122) |
Accumulated Other Comprehensive Loss | ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
Accumulated Other Comprehensive Loss | ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 0 | |||||
RRD Stockholders' Equity | ||||||
Equity [Line Items] | ||||||
Beginning Balance | (264.5) | (260.1) | (202.8) | (217.6) | (260.1) | (217.6) |
Net (loss) income | (7) | (8.8) | (13) | (9.6) | ||
Other comprehensive income (loss) | (2.4) | 1.4 | (39.3) | 21 | ||
Share-based compensation | 3.3 | 3.4 | 3 | 1.2 | ||
Issuance of share-based awards, net of withholdings and other | 0 | (0.9) | 0.1 | (0.9) | ||
Cash dividends paid | (2.2) | (2.1) | (9.8) | (9.8) | ||
Distributions to noncontrolling interests | 0 | 0 | ||||
Spinoff adjustments | (12) | |||||
Ending Balance | (284.8) | (264.5) | (261.8) | (202.8) | (284.8) | (261.8) |
RRD Stockholders' Equity | ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 2.6 | |||||
RRD Stockholders' Equity | ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | 12.9 | |||||
Noncontrolling Interests | ||||||
Equity [Line Items] | ||||||
Beginning Balance | 14.5 | 14.7 | 14.5 | 14.7 | 14.7 | 14.7 |
Net (loss) income | (0.4) | 0.3 | 0.4 | 0.3 | ||
Other comprehensive income (loss) | (0.1) | 0.2 | (0.6) | 0.5 | ||
Share-based compensation | 0 | 0 | 0 | 0 | ||
Issuance of share-based awards, net of withholdings and other | 0 | 0 | 0 | 0 | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | (0.7) | (1) | ||||
Spinoff adjustments | 0 | |||||
Ending Balance | $ 14 | 14.5 | $ 14.3 | 14.5 | $ 14 | $ 14.3 |
Noncontrolling Interests | ASU 2016-02 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | $ 0 | |||||
Noncontrolling Interests | ASU 2014-09 | ||||||
Equity [Line Items] | ||||||
Cumulative impact of adopting ASU, net of tax | $ 0 |
Equity - Narrative (Detail)
Equity - Narrative (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Oct. 01, 2016Entity | |
Equity [Line Items] | |||
Number of entities resulted from spinoff of an entity | Entity | 2 | ||
Error In Accounting For Distribution of Spin Companies | |||
Equity [Line Items] | |||
Immaterial error correction | During the second quarter of 2019, we identified an error in the accounting for the distribution of the Spin Companies. As a result, the error, which was determined by management to be immaterial to the previously issued Consolidated Financial Statements and to the three and six months ended June 30, 2019, has been corrected herein by increasing Accumulated Deficit by $12.0 million. | ||
Error In Accounting For Distribution of Spin Companies | Accumulated Deficit | |||
Equity [Line Items] | |||
Increasing accumulated deficit | $ | $ 12 | $ 12 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Detail) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Treasury stock, shares acquired | 0 | 0 |
Earnings per Share - Earnings p
Earnings per Share - Earnings per Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net loss per share attributable to RRD common stockholders: | ||||
Basic | $ (0.10) | $ (0.18) | $ (0.22) | $ (0.32) |
Diluted | $ (0.10) | $ (0.18) | $ (0.22) | $ (0.32) |
Net loss attributable to RRD common stockholders | $ (7) | $ (13) | $ (15.8) | $ (22.6) |
Weighted average number of common shares outstanding - Basic and Diluted | 71.3 | 70.6 | 71 | 70.5 |
Weighted average number of anti-dilutive share-based awards: | ||||
Weighted average antidilutive securities excluded from computation of earnings per share | 1.8 | 1.6 | 1.5 | 1.8 |
Dividends declared per common share | $ 0.03 | $ 0.14 | $ 0.06 | $ 0.28 |
Stock options | ||||
Weighted average number of anti-dilutive share-based awards: | ||||
Weighted average antidilutive securities excluded from computation of earnings per share | 0.4 | 0.8 | 0.5 | 0.9 |
Restricted stock units | ||||
Weighted average number of anti-dilutive share-based awards: | ||||
Weighted average antidilutive securities excluded from computation of earnings per share | 1.4 | 0.8 | 1 | 0.9 |
Other Comprehensive Loss - Sche
Other Comprehensive Loss - Schedule of Components of Other Comprehensive (Loss) Income and Income Tax (Benefit) Expense Allocated to Each Component (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Other comprehensive loss, Before Tax Amount | $ (3.4) | $ (39.4) | $ (2.5) | $ (16.9) | ||
Other comprehensive loss, Income Tax | (0.9) | 0.5 | (1.6) | 1.5 | ||
Other comprehensive loss | (2.5) | $ 1.6 | (39.9) | $ 21.5 | (0.9) | (18.4) |
Translation adjustments | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Other comprehensive loss, Before Tax Amount | (3.2) | (41.6) | (2) | (22.7) | ||
Other comprehensive loss | (3.2) | (41.6) | (2) | (22.7) | ||
Adjustments for net periodic pension and OPEB cost | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Other comprehensive loss, Before Tax Amount | (0.2) | 2.2 | (0.5) | 5.8 | ||
Other comprehensive loss, Income Tax | 0.5 | (0.1) | 1.5 | |||
Other comprehensive loss | (0.2) | $ 1.7 | (0.4) | $ 4.3 | ||
Other | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Other comprehensive loss, Income Tax | (0.9) | (1.5) | ||||
Other comprehensive loss | $ 0.9 | $ 1.5 |
Other Comprehensive Loss - Sc_2
Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning Balance | $ (250) | $ (245.4) | $ (188.3) | $ (202.9) | $ (245.4) | $ (202.9) |
Amounts reclassified from accumulated other comprehensive loss | (0.2) | 1.9 | (4.9) | 3.1 | ||
Other comprehensive loss | (2.5) | 1.6 | (39.9) | 21.5 | (0.9) | (18.4) |
Ending Balance | (270.8) | (250) | (247.5) | (188.3) | (270.8) | (247.5) |
Pension and OPEB Cost | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning Balance | (155.2) | (144.6) | (155.2) | (144.6) | ||
Other comprehensive income (loss) before reclassifications | 1.2 | |||||
Amounts reclassified from accumulated other comprehensive loss | (0.4) | 3.1 | ||||
Other comprehensive loss | (0.2) | 1.7 | (0.4) | 4.3 | ||
Ending Balance | (155.6) | (140.3) | (155.6) | (140.3) | ||
Translation Adjustments | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning Balance | 1.4 | 40.9 | 1.4 | 40.9 | ||
Other comprehensive income (loss) before reclassifications | 2.4 | (22.6) | ||||
Amounts reclassified from accumulated other comprehensive loss | (4.5) | |||||
Other comprehensive loss | (2.1) | (22.6) | ||||
Ending Balance | (0.7) | 18.3 | (0.7) | 18.3 | ||
Other | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Other comprehensive income (loss) before reclassifications | 1.5 | |||||
Other comprehensive loss | 0.9 | 1.5 | ||||
Ending Balance | 1.5 | 1.5 | ||||
AOCI Attributable to Parent | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning Balance | $ (153.8) | $ (103.7) | (153.8) | (103.7) | ||
Other comprehensive income (loss) before reclassifications | 3.9 | (21.4) | ||||
Amounts reclassified from accumulated other comprehensive loss | (4.9) | 3.1 | ||||
Other comprehensive loss | (1) | (18.3) | ||||
Ending Balance | $ (154.8) | $ (122) | $ (154.8) | $ (122) |
Other Comprehensive Loss - Sc_3
Other Comprehensive Loss - Schedule of Reclassification From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification, net of tax | $ (0.2) | $ 1.9 | $ (4.9) | $ 3.1 |
Other operating expense (income) | 2.3 | (2.1) | (0.1) | |
Investment and other income-net | 2.2 | 3.6 | 6.7 | 9.2 |
Translation Adjustments | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification, net of tax | (4.5) | |||
Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other operating expense (income) | (4.5) | |||
Net Actuarial Loss | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment and other income-net | 0.7 | 1.9 | 2.2 | 3.9 |
Net Prior Service Credit | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment and other income-net | (0.9) | (0.7) | (2.7) | (1.4) |
Settlements | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment and other income-net | 1 | 1.3 | ||
Amortization of Pension and OPEB Cost | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications before tax | (0.2) | 2.2 | (0.5) | 3.8 |
Income tax (benefit) expense | 0.3 | (0.1) | 0.7 | |
Reclassification, net of tax | $ (0.2) | $ 1.9 | $ (0.4) | $ 3.1 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 1,508.7 | $ 1,679.5 | $ 3,030.6 | $ 3,387.3 | |
Income (Loss) from Operations | 20.9 | 25.5 | 44.2 | 57.7 | |
Depreciation and amortization | 40 | 46.1 | 82.7 | 93.3 | |
Capital Expenditures | 76.4 | 48 | |||
Assets of Operations | 3,561.4 | 3,561.4 | $ 3,640.8 | ||
Continuing Operations | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 40 | 46.1 | 82.7 | 93.3 | |
Capital Expenditures | 39 | 26.5 | 76.4 | 48 | |
Assets of Operations | 3,561.4 | 3,561.4 | 3,640.8 | ||
Total Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 1,540.8 | 1,716.8 | 3,088.6 | 3,460.3 | |
Income (Loss) from Operations | 47.6 | 46.9 | 84.7 | 99 | |
Total Operating Segments | Continuing Operations | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 38 | 44.9 | 79.4 | 90.8 | |
Capital Expenditures | 33.7 | 22.7 | 66.4 | 42.4 | |
Assets of Operations | 3,297.3 | 3,297.3 | 3,439.1 | ||
Intersegment Sales | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | (32.1) | (37.3) | (58) | (73) | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Income (Loss) from Operations | (26.7) | (21.4) | (40.5) | (41.3) | |
Corporate | Continuing Operations | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 2 | 1.2 | 3.3 | 2.5 | |
Capital Expenditures | 5.3 | 3.8 | 10 | 5.6 | |
Assets of Operations | 264.1 | 264.1 | 201.7 | ||
Business Services | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 1,231.2 | 1,409 | 2,467.5 | 2,825.1 | |
Business Services | Total Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 1,253.8 | 1,434.2 | 2,509.7 | 2,879.7 | |
Income (Loss) from Operations | 41.6 | 38.3 | 70.2 | 78.1 | |
Business Services | Total Operating Segments | Continuing Operations | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 26.6 | 33.2 | 55.9 | 67.2 | |
Capital Expenditures | 19.3 | 20.3 | 42.8 | 37 | |
Assets of Operations | 2,577.2 | 2,577.2 | 2,764.5 | ||
Business Services | Intersegment Sales | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | (22.6) | (25.2) | (42.2) | (54.6) | |
Marketing Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 277.5 | 270.5 | 563.1 | 562.2 | |
Marketing Solutions | Total Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 287 | 282.6 | 578.9 | 580.6 | |
Income (Loss) from Operations | 6 | 8.6 | 14.5 | 20.9 | |
Marketing Solutions | Total Operating Segments | Continuing Operations | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 11.4 | 11.7 | 23.5 | 23.6 | |
Capital Expenditures | 14.4 | 2.4 | 23.6 | 5.4 | |
Assets of Operations | 720.1 | 720.1 | $ 674.6 | ||
Marketing Solutions | Intersegment Sales | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | $ (9.5) | $ (12.1) | $ (15.8) | $ (18.4) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019Facility | |
Commitments And Contingencies Disclosure [Abstract] | |||
Number of sites cited as potentially responsible party | 2 | ||
Number of previously and currently owned sites with potential remediation obligations | 6 | ||
Rend expense for facilities in use and equipment | $ | $ 28 | $ 57.4 |
Commitments and Contingencies_2
Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 22.6 | $ 47.2 |
Variable lease cost | 9.4 | 18.7 |
Short-term lease cost | 1.9 | 2.3 |
Sublease income | (0.3) | (0.6) |
Total lease cost | $ 33.6 | $ 67.6 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows from operating leases | $ 43.9 |
Right-of-use assets obtained in exchange for lease obligations | |
Operating leases | $ 18.1 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Future Lease Payments Under Operating Leases (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 (excluding the six months ended June 30, 2019) | $ 41.6 |
2020 | 64.9 |
2021 | 48.9 |
2022 | 32.2 |
2023 | 22.8 |
2024 and thereafter | 32.3 |
Total lease payments | 242.7 |
Less: Amount representing interest | 33.5 |
Present value of lease obligation | $ 209.2 |
Weighted average remaining lease term | 4 years 4 months 24 days |
Weighted average discount rate | 6.60% |
Commitments and Contingencies_5
Commitments and Contingencies - Future Minimum Rental Commitments Under Operating Lease (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 77.8 |
2020 | 56.9 |
2021 | 41.3 |
2022 | 27.7 |
2023 | 21.4 |
2024 and thereafter | 33.4 |
Future minimum rental commitments under operating leases | $ 258.5 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Other | [1] | $ 30.5 | $ 38.9 |
Unamortized debt issuance costs | (14.6) | (16.3) | |
Total debt | 2,121.4 | 2,091.5 | |
Less: current portion | 101.7 | 216.2 | |
Long-term debt | 2,019.7 | 1,875.3 | |
11.25% Senior Notes Due February 1, 2019 | |||
Debt Instrument [Line Items] | |||
Senior notes | [2] | 172.2 | |
7.625% Senior Notes Due June 15, 2020 | |||
Debt Instrument [Line Items] | |||
Senior notes | 65.8 | 65.8 | |
7.875% Senior Notes Due March 15, 2021 | |||
Debt Instrument [Line Items] | |||
Senior notes | 190.4 | 190.4 | |
8.875% Debentures Due April 15, 2021 | |||
Debt Instrument [Line Items] | |||
Debentures | 81 | 81 | |
7.00% Senior Notes Due February 15, 2022 | |||
Debt Instrument [Line Items] | |||
Senior notes | 140 | 140 | |
6.50% Senior Notes Due November 15, 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes | 290.6 | 290.6 | |
6.00% Senior Notes Due April 1, 2024 | |||
Debt Instrument [Line Items] | |||
Senior notes | 298.3 | 298.3 | |
6.625% Debentures Due April 15, 2029 | |||
Debt Instrument [Line Items] | |||
Debentures | 157.9 | 157.9 | |
8.820% Debentures Due April 15, 2031 | |||
Debt Instrument [Line Items] | |||
Debentures | 69 | 69 | |
ABL Credit Agreement | |||
Debt Instrument [Line Items] | |||
Credit Agreement | 270 | 59 | |
Term Loan Credit Agreement Due January 15, 2024 | |||
Debt Instrument [Line Items] | |||
Credit Agreement | [3] | $ 542.5 | $ 544.7 |
[1] | Includes miscellaneous debt obligations. | ||
[2] | As of December 31, 2018 the interest rate on the 11.25% senior notes due February 1, 2019 had contractually increased to 13.25%. | ||
[3] | As of June 30, 2019 and December 31, 2018, the interest rate on the Term Loan Credit Agreement due January 15, 2024 was 7.40% and 7.51%, respectively. |
Debt - Schedule of Debt (Parent
Debt - Schedule of Debt (Parenthetical) (Detail) | Oct. 15, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
11.25% Senior Notes Due February 1, 2019 | |||
Debt Instrument [Line Items] | |||
Maturity date | Feb. 1, 2019 | ||
Interest rate | 11.25% | ||
Effective interest rate | 13.25% | ||
Term Loan Credit Agreement | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 15, 2024 | Jan. 15, 2024 | Jan. 15, 2024 |
Interest rate | 7.40% | 7.51% |
Debt - Narrative (Detail)
Debt - Narrative (Detail) - USD ($) | Feb. 01, 2019 | Oct. 15, 2018 | Sep. 29, 2017 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||||||||
Amount of difference between fair value and book value | $ 16,400,000 | $ 14,400,000 | $ 16,400,000 | $ 14,400,000 | |||||
Loss on debt extinguishment | $ (100,000) | ||||||||
Weighted average interest rate on borrowings | 3.70% | 3.40% | |||||||
Interest paid, net of interest capitalized | 47,400,000 | $ 43,700,000 | $ 85,500,000 | $ 81,800,000 | |||||
Interest income from investments/other | 900,000 | $ 700,000 | $ 1,700,000 | $ 1,200,000 | |||||
ABL Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Sep. 29, 2022 | ||||||||
Credit facility maximum borrowing capacity | $ 800,000,000 | ||||||||
Line of credit maximum borrowing base capacity | $ 200,000,000 | ||||||||
Line of credit borrowing capacity description | The amount available to be borrowed under the ABL Credit Agreement is equal to the lesser of (a) $800.0 million and (b) a borrowing base formula based on the amount of accounts receivable, inventory, machinery, equipment and, if we were to so elect in the future subject to the satisfaction of certain conditions, fee-owned real estate of ours and the Guarantors, subject to certain eligibility criteria and advance rates (collectively, the “Borrowing Base”). The aggregate amount of real estate, machinery and equipment that can be included in the Borrowing Base cannot exceed $200.0 million | ||||||||
Percentage of collateralize equity interest on first-tier foreign subsidiaries | 65.00% | ||||||||
Borrowing capacity available under credit agreement | $ 397,200,000 | $ 397,200,000 | |||||||
ABL Credit Agreement | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused line fee | 0.25% | ||||||||
ABL Credit Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused line fee | 0.375% | ||||||||
ABL Credit Agreement | Eurocurrency | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility maximum borrowing capacity | $ 800,000,000 | ||||||||
ABL Credit Agreement | Eurocurrency | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin on borrowings | 1.25% | ||||||||
ABL Credit Agreement | Eurocurrency | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin on borrowings | 1.50% | ||||||||
ABL Credit Agreement | Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin on borrowings | 0.25% | ||||||||
ABL Credit Agreement | Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin on borrowings | 0.50% | ||||||||
Term Loan Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 7.40% | 7.51% | 7.40% | 7.51% | |||||
Maturity date | Jan. 15, 2024 | Jan. 15, 2024 | Jan. 15, 2024 | ||||||
Principal payments | $ 1,400,000 | ||||||||
Principal payments term | quarterly | ||||||||
Term Loan Credit Agreement | Eurocurrency | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin on borrowings | 5.00% | ||||||||
Term Loan Credit Agreement | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin on borrowings | 4.00% | ||||||||
11.25% Senior Notes Due February 1, 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 11.25% | 11.25% | |||||||
Maturity date | Feb. 1, 2019 | ||||||||
11.25% Senior Notes Due February 1, 2019 | ABL Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes retired amount | $ 172,200,000 | ||||||||
Debt instrument, interest rate | 11.25% | ||||||||
Senior Secured Term Loan B | ABL Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Payment made for senior notes, transaction fees and borrowings | $ 5,500,000 | ||||||||
Senior Secured Term Loan B | Term Loan Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, aggregate principal amount | $ 550,000,000 | ||||||||
7.625% Senior Notes Due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 7.625% | ||||||||
Maturity date | Jun. 15, 2020 | ||||||||
Debt instrument, aggregate principal amount repurchased | $ 172,600,000 | ||||||||
7.875% Senior Notes Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 7.875% | ||||||||
Maturity date | Mar. 15, 2021 | ||||||||
Debt instrument, aggregate principal amount repurchased | $ 257,400,000 | ||||||||
7.625% Senior Notes Due 2020 and 7.875% Senior Notes Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on debt extinguishment | $ 32,300,000 | ||||||||
Tender premiums paid on repurchase of bonds | 29,000,000 | ||||||||
Write-off of unamortized debt issuance costs on repurchase of bonds | 1,500,000 | ||||||||
Fees and expenses on repurchase of bonds | $ 1,800,000 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Detail) - Not Designated as Hedging Instrument - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities and Other | ||
Derivative [Line Items] | ||
Derivatives liabilities | $ 1.5 | $ 0.3 |
Prepaid Expenses and Other Current Assets | ||
Derivative [Line Items] | ||
Derivatives assets | 0.2 | 0.9 |
Foreign Currency Contracts | ||
Derivative [Line Items] | ||
Aggregate notional value | $ 156.9 | $ 170.8 |
Dispositions - Narrative (Detai
Dispositions - Narrative (Detail) - USD ($) $ in Millions | Jul. 02, 2018 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
RRD Brazil | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on disposition of business | $ 4 | |||||
Net sales | $ 8.8 | $ 14.3 | $ 30.8 | |||
Loss before income taxes | $ 4.1 | $ 6.5 | $ 11.5 | |||
Disposition by Sale | Business Services | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Cash on disposition of business | 11.7 | |||||
Gain (loss) on disposition of business | $ 6.2 | |||||
Disposition by Sale | Business Services | Print Logistics | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Cash on disposition of business | $ 60 | |||||
Proceeds from sale of business | 43.9 | |||||
Cash included in disposition | $ 4.9 | |||||
Pre-tax gain resulted from disposition of business | $ 3.6 |
New Accounting Pronouncements -
New Accounting Pronouncements - Narrative (Detail) $ in Millions | Jul. 01, 2018USD ($) |
Accounting Standards Update 2018 02 | |
Item Effected [Line Items] | |
Decrease to accumulated deficit and increase to accumulated other comprehensive loss | $ 22 |