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Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2015
Guarantees [Abstract]  
Condensed Income Statement
Condensed Consolidating Statement of Operations
For the Three Months Ended March 31, 2015

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net sales
$
460.6

 
$
605.5

 
$
142.1

 
$
(100.2
)
 
$
1,108.0

 
 
 
 
 
 
 
 
 
 
Cost of sales
349.3

 
523.0

 
123.3

 
(100.2
)
 
895.4

Selling, general and administrative expenses
59.4

 
38.3

 
12.0

 
—

 
109.7

Depreciation and amortization
44.7

 
27.0

 
9.6

 
—

 
81.3

Restructuring, impairment and transaction-related charges
(8.0
)
 
13.1

 
5.0

 
—

 
10.1

Goodwill impairment
—

 
—

 
23.3

 
—

 
23.3

Total operating expenses
445.4

 
601.4

 
173.2

 
(100.2
)
 
1,119.8

Operating income (loss)
$
15.2

 
$
4.1

 
$
(31.1
)
 
$
—

 
$
(11.8
)
Interest expense (income)
21.3

 
(0.2
)
 
1.4

 
—

 
22.5

Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities
(6.1
)
 
4.3

 
(32.5
)
 
—

 
(34.3
)
Income tax expense (benefit)
3.7

 
(3.1
)
 
(1.6
)
 
—

 
(1.0
)
Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities
(9.8
)
 
7.4

 
(30.9
)
 
—

 
(33.3
)
Equity in earnings (loss) of consolidated entities
(25.4
)
 
(8.9
)
 
—

 
34.3

 
—

Equity in earnings (loss) of unconsolidated entities
—

 
—

 
(1.9
)
 
—

 
(1.9
)
Net earnings (loss) attributable to Quad/Graphics common shareholders
$
(35.2
)
 
$
(1.5
)
 
$
(32.8
)
 
$
34.3

 
$
(35.2
)
Condensed Consolidating Statement of Operations
For the Three Months Ended March 31, 2014

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net sales
$
432.5

 
$
646.4

 
$
116.6

 
$
(92.7
)
 
$
1,102.8

 
 
 
 
 
 
 
 
 
 
Cost of sales
339.5

 
545.2

 
100.6

 
(92.7
)
 
892.6

Selling, general and administrative expenses
49.5

 
49.1

 
4.9

 
—

 
103.5

Depreciation and amortization
32.7

 
44.1

 
7.0

 
—

 
83.8

Restructuring, impairment and transaction-related charges
3.0

 
8.1

 
0.8

 
—

 
11.9

Total operating expenses
424.7

 
646.5

 
113.3

 
(92.7
)
 
1,091.8

Operating income (loss)
$
7.8

 
$
(0.1
)
 
$
3.3

 
$
—

 
$
11.0

Interest expense (income)
18.8

 
(0.3
)
 
2.4

 
—

 
20.9

Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities
(11.0
)
 
0.2

 
0.9

 
—

 
(9.9
)
Income tax expense (benefit)
(0.6
)
 
(3.1
)
 
2.5

 
—

 
(1.2
)
Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities
(10.4
)
 
3.3

 
(1.6
)
 
—

 
(8.7
)
Equity in earnings (loss) of consolidated entities
1.6

 
3.4

 
—

 
(5.0
)
 
—

Equity in earnings (loss) of unconsolidated entities
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Net earnings (loss)
$
(8.8
)
 
$
6.7

 
$
(2.0
)
 
$
(5.0
)
 
$
(9.1
)
Net (earnings) loss attributable to noncontrolling interests
—

 
—

 
0.3

 
—

 
0.3

Net earnings (loss) attributable to Quad/Graphics common shareholders
$
(8.8
)
 
$
6.7

 
$
(1.7
)
 
$
(5.0
)
 
$
(8.8
)
Comprehensive Income (Loss)
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the Three Months Ended March 31, 2015

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net earnings (loss)
$
(35.2
)
 
$
(1.5
)
 
$
(32.8
)
 
$
34.3

 
$
(35.2
)
Other comprehensive income (loss), net of tax
(24.9
)
 
(0.2
)
 
(25.3
)
 
25.5

 
(24.9
)
Comprehensive income (loss) attributable to Quad/Graphics common shareholders
$
(60.1
)
 
$
(1.7
)
 
$
(58.1
)
 
$
59.8

 
$
(60.1
)
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the Three Months Ended March 31, 2014

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net earnings (loss)
$
(8.8
)
 
$
6.7

 
$
(2.0
)
 
$
(5.0
)
 
$
(9.1
)
Other comprehensive income (loss), net of tax
(1.7
)
 
0.1

 
(2.4
)
 
2.3

 
(1.7
)
Total comprehensive income (loss)
(10.5
)
 
6.8

 
(4.4
)
 
(2.7
)
 
(10.8
)
Less: comprehensive (income) loss attributable to noncontrolling interest
—

 
—

 
0.3

 
—

 
0.3

Comprehensive income (loss) attributable to Quad/Graphics common shareholders
$
(10.5
)
 
$
6.8

 
$
(4.1
)
 
$
(2.7
)
 
$
(10.5
)
Condensed Balance Sheet
Condensed Consolidating Balance Sheet
As of March 31, 2015

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
6.2

 
$
8.9

 
$
9.4

 
$
—

 
$
24.5

Receivables, less allowances for doubtful accounts
479.0

 
48.5

 
101.3

 
—

 
628.8

Intercompany receivables
—

 
796.8

 
—

 
(796.8
)
 
—

Inventories
97.9

 
131.8

 
61.3

 
—

 
291.0

Other current assets
52.7

 
58.6

 
20.4

 
—

 
131.7

Total current assets
635.8

 
1,044.6

 
192.4

 
(796.8
)
 
1,076.0

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment—net
904.9

 
674.4

 
239.3

 
—

 
1,818.6

Investment in consolidated entities
1,787.1

 
37.4

 
—

 
(1,824.5
)
 
—

Goodwill and intangible assets—net
91.1

 
779.9

 
26.9

 
—

 
897.9

Intercompany loan receivable
482.0

 
0.1

 
—

 
(482.1
)
 
—

Other long-term assets
48.0

 
5.9

 
67.0

 
—

 
120.9

Total assets
$
3,948.9

 
$
2,542.3

 
$
525.6

 
$
(3,103.4
)
 
$
3,913.4

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Accounts payable
$
202.2

 
$
66.1

 
$
64.5

 
$
—

 
$
332.8

Intercompany accounts payable
787.4

 
—

 
9.4

 
(796.8
)
 
—

Current portion of long-term debt and capital lease obligations
95.3

 
3.2

 
1.7

 
—

 
100.2

Other current liabilities
182.8

 
97.1

 
44.1

 
—

 
324.0

Total current liabilities
1,267.7

 
166.4

 
119.7

 
(796.8
)
 
757.0

 
 
 
 
 
 
 
 
 
 
Long-term debt and capital lease obligations
1,345.6

 
8.9

 
1.7

 
—

 
1,356.2

Intercompany loan payable
—

 
374.3

 
107.8

 
(482.1
)
 
—

Other long-term liabilities
255.0

 
451.8

 
12.8

 
—

 
719.6

Total liabilities
2,868.3

 
1,001.4

 
242.0

 
(1,278.9
)
 
2,832.8

 
 
 
 
 
 
 
 
 
 
Total shareholders' equity
1,080.6

 
1,540.9

 
283.6

 
(1,824.5
)
 
1,080.6

 
 
 
 
 
 
 
 
 
 
Total liabilities and shareholders' equity
$
3,948.9

 
$
2,542.3

 
$
525.6

 
$
(3,103.4
)
 
$
3,913.4



Condensed Consolidating Balance Sheet
As of December 31, 2014

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1.9

 
$
5.6

 
$
2.1

 
$
—

 
$
9.6

Receivables, less allowances for doubtful accounts
577.5

 
57.7

 
131.0

 
—

 
766.2

Intercompany receivables
—

 
826.3

 
3.9

 
(830.2
)
 
—

Inventories
111.9

 
119.7

 
56.2

 
—

 
287.8

Other current assets
56.8

 
49.9

 
12.0

 
—

 
118.7

Total current assets
748.1

 
1,059.2

 
205.2

 
(830.2
)
 
1,182.3

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment—net
959.5

 
635.7

 
260.3

 
—

 
1,855.5

Investment in consolidated entities
1,940.0

 
137.8

 
—

 
(2,077.8
)
 
—

Goodwill and intangible assets—net
0.6

 
888.0

 
36.0

 
—

 
924.6

Intercompany loan receivable
418.5

 
0.1

 
—

 
(418.6
)
 
—

Other long-term assets
48.1

 
6.1

 
60.6

 
—

 
114.8

Total assets
$
4,114.8

 
$
2,726.9

 
$
562.1

 
$
(3,326.6
)
 
$
4,077.2

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Accounts payable
$
251.1

 
$
79.5

 
$
76.3

 
$
—

 
$
406.9

Intercompany accounts payable
830.2

 
—

 
—

 
(830.2
)
 
—

Current portion of long-term debt and capital lease obligations
90.7

 
3.6

 
1.9

 
—

 
96.2

Other current liabilities
205.1

 
102.9

 
51.5

 
—

 
359.5

Total current liabilities
1,377.1

 
186.0

 
129.7

 
(830.2
)
 
862.6

 
 
 
 
 
 
 
 
 
 
Long-term debt and capital lease obligations
1,318.4

 
9.4

 
1.6

 
—

 
1,329.4

Intercompany loan payable
—

 
336.2

 
82.4

 
(418.6
)
 
—

Other long-term liabilities
266.7

 
455.4

 
10.6

 
—

 
732.7

Total liabilities
2,962.2

 
987.0

 
224.3

 
(1,248.8
)
 
2,924.7

 
 
 
 
 
 
 
 
 

Total shareholders' equity
1,152.6

 
1,739.9

 
337.8

 
(2,077.8
)
 
1,152.5

 
 
 
 
 
 
 
 
 
 
Total liabilities and shareholders' equity
$
4,114.8

 
$
2,726.9

 
$
562.1

 
$
(3,326.6
)
 
$
4,077.2
Condensed Cash Flow Statement

Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2015

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
Net cash from operating activities
$
72.8

 
$
2.6

 
$
(11.2
)
 
$
—

 
$
64.2

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(13.2
)
 
(25.2
)
 
(3.9
)
 
—

 
(42.3
)
Acquisition related investing activities—net of cash acquired
—

 
(0.5
)
 
(19.0
)
 
—

 
(19.5
)
Intercompany investing activities
(26.4
)
 
(14.5
)
 
(0.1
)
 
41.0

 
—

Other investing activities
(1.1
)
 
—

 
—

 
—

 
(1.1
)
Net cash from investing activities
(40.7
)
 
(40.2
)
 
(23.0
)
 
41.0

 
(62.9
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Payments of long-term debt and capital lease obligations
(10.0
)
 
(0.9
)
 
—

 
—

 
(10.9
)
Borrowings on revolving credit facilities
375.0

 
—

 
13.3

 
—

 
388.3

Payments on revolving credit facilities
(335.0
)
 
—

 
(13.6
)
 
—

 
(348.6
)
Payment of cash dividends
(15.8
)
 
—

 
—

 
—

 
(15.8
)
Intercompany financing activities
(42.9
)
 
41.7

 
42.2

 
(41.0
)
 
—

Other financing activities
0.9

 
—

 
—

 
—

 
0.9

Net cash from financing activities
(27.8
)
 
40.8

 
41.9

 
(41.0
)
 
13.9

 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and cash equivalents
—

 
0.1

 
(0.4
)
 
—

 
(0.3
)
Net increase (decrease) in cash and cash equivalents
4.3

 
3.3

 
7.3

 
—

 
14.9

Cash and cash equivalents at beginning of period
1.9

 
5.6

 
2.1

 
—

 
9.6

Cash and cash equivalents at end of period
$
6.2

 
$
8.9

 
$
9.4

 
$
—

 
$
24.5


Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2014

 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
Net cash from operating activities
$
41.9

 
$
10.3

 
$
(19.2
)
 
$
—

 
$
33.0

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(12.9
)
 
(19.9
)
 
(13.0
)
 
—

 
(45.8
)
Acquisition related investing activities—net of cash acquired
—

 
(8.9
)
 
—

 
—

 
(8.9
)
Intercompany investing activities
(25.0
)
 
1.7

 
—

 
23.3

 
—

Other investing activities
(0.4
)
 
(3.4
)
 
—

 
—

 
(3.8
)
Net cash from investing activities
(38.3
)
 
(30.5
)
 
(13.0
)
 
23.3

 
(58.5
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Payments of long-term debt and capital lease obligations
(15.5
)
 
(1.3
)
 
(1.3
)
 
—

 
(18.1
)
Borrowings on revolving credit facilities
385.0

 
—

 
34.6

 
—

 
419.6

Payments on revolving credit facilities
(333.8
)
 
—

 
(29.0
)
 
—

 
(362.8
)
Payment of cash dividends
(14.7
)
 
—

 
—

 
—

 
(14.7
)
Intercompany financing activities
(29.0
)
 
23.9

 
28.4

 
(23.3
)
 
—

Other financing activities
(0.2
)
 
(0.1
)
 
—

 
—

 
(0.3
)
Net cash from financing activities
(8.2
)
 
22.5

 
32.7

 
(23.3
)
 
23.7

 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and cash equivalents
—

 
0.1

 
1.7

 
—

 
1.8

Net increase (decrease) in cash and cash equivalents
(4.6
)
 
2.4

 
2.2

 
—

 
—

Cash and cash equivalents at beginning of period
4.8

 
3.5

 
4.8

 
—

 
13.1

Cash and cash equivalents at end of period
$
0.2

 
$
5.9

 
$
7.0

 
$
—

 
$
13.1