Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	445.2		$	709.6		$	112.5		$	(111.3	)	$	1,156.0

Cost of sales	348.5			603.9			89.3			(111.3		)	930.4
Selling, general and administrative expenses	63.1			33.0			10.0			—			106.1
Depreciation and amortization	44.6			27.7			8.7			—			81.0
Restructuring, impairment and transaction-related charges	30.9			(9.3		)	14.0			—			35.6
Goodwill impairment	—			751.3			23.7			—			775.0
Total operating expenses	487.1			1,406.6			145.7			(111.3		)	1,928.1
Operating income (loss)	$	(41.9	)	$	(697.0	)	$	(33.2	)	$	—		$	(772.1	)
Interest expense (income)	21.5			(0.5		)	1.3			—			22.3
Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities	(63.4		)	(696.5		)	(34.5		)	—			(794.4		)
Income tax expense (benefit)	(26.9		)	(219.2		)	1.2			—			(244.9		)
Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities	(36.5		)	(477.3		)	(35.7		)	—			(549.5		)
Equity in earnings (loss) of consolidated entities	(515.7		)	(23.4		)	—			539.1			—
Equity in earnings (loss) of unconsolidated entities	—			—			(2.7		)	—			(2.7		)
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	(552.2	)	$	(500.7	)	$	(38.4	)	$	539.1		$	(552.2	)

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2014



	Quad/Graphics, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	479.0	$	765.3		$	106.3		$	(114.2	)	$	1,236.4

Cost of sales	360.9		639.0			91.7			(114.2		)	977.4
Selling, general and administrative expenses	47.2		50.2			9.6			—			107.0
Depreciation and amortization	32.9		44.2			7.2			—			84.3
Restructuring, impairment and transaction-related charges	1.5		10.6			2.0			—			14.1
Total operating expenses	442.5		744.0			110.5			(114.2		)	1,182.8
Operating income (loss)	$	36.5	$	21.3		$	(4.2	)	$	—		$	53.6
Interest expense (income)	23.3		(0.3		)	2.1			—			25.1
Loss on debt extinguishment	—		—			—			—			—
Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities	13.2		21.6			(6.3		)	—			28.5
Income tax expense (benefit)	10.2		(7.5		)	0.4			—			3.1
Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities	3.0		29.1			(6.7		)	—			25.4
Equity in earnings (loss) of consolidated entities	21.4		(0.6		)	—			(20.8		)	—
Equity in earnings (loss) of unconsolidated entities	—		—			(1.0		)	—			(1.0		)
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	24.4	$	28.5		$	(7.7	)	$	(20.8	)	$	24.4

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2014



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	1,343.6		$	2,063.8		$	333.6		$	(302.8	)	$	3,438.2

Cost of sales	1,035.0			1,742.1			288.6			(302.8		)	2,762.9
Selling, general and administrative expenses	142.3			147.5			21.1			—			310.9
Depreciation and amortization	98.0			133.8			21.6			—			253.4
Restructuring, impairment and transaction-related charges	7.5			35.1			3.3			—			45.9
Total operating expenses	1,282.8			2,058.5			334.6			(302.8		)	3,373.1
Operating income (loss)	$	60.8		$	5.3		$	(1.0	)	$	—		$	65.1
Interest expense (income)	64.1			(0.8		)	6.2			—			69.5
Loss on debt extinguishment	6.0			—			—			—			6.0
Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities	(9.3		)	6.1			(7.2		)	—			(10.4		)
Income tax expense (benefit)	8.8			(19.0		)	2.5			—			(7.7		)
Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities	(18.1		)	25.1			(9.7		)	—			(2.7		)
Equity in earnings (loss) of consolidated entities	10.9			2.7			—			(13.6		)	—
Equity in earnings (loss) of unconsolidated entities	—			—			(4.8		)	—			(4.8		)
Net earnings (loss)	$	(7.2	)	$	27.8		$	(14.5	)	$	(13.6	)	$	(7.5	)
Net (earnings) loss attributable to noncontrolling interests	—			—			0.3			—			0.3
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	(7.2	)	$	27.8		$	(14.2	)	$	(13.6	)	$	(7.2	)

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	1,312.9		$	2,024.5		$	316.5		$	(310.9	)	$	3,343.0

Cost of sales	1,011.8			1,739.4			262.2			(310.9		)	2,702.5
Selling, general and administrative expenses	186.0			112.2			28.0			—			326.2
Depreciation and amortization	134.3			87.2			24.2			—			245.7
Restructuring, impairment and transaction-related charges	24.6			14.3			41.1			—			80.0
Goodwill impairment	—			751.3			47.0			—			798.3
Total operating expenses	1,356.7			2,704.4			402.5			(310.9		)	4,152.7
Operating income (loss)	$	(43.8	)	$	(679.9	)	$	(86.0	)	$	—		$	(809.7	)
Interest expense (income)	63.7			(1.2		)	3.9			—			66.4
Earnings (loss) before income taxes and equity in earnings (loss) of consolidated and unconsolidated entities	(107.5		)	(678.7		)	(89.9		)	—			(876.1		)
Income tax expense (benefit)	(34.5		)	(218.8		)	3.6			—			(249.7		)
Earnings (loss) before equity in earnings (loss) of consolidated and unconsolidated entities	(73.0		)	(459.9		)	(93.5		)	—			(626.4		)
Equity in earnings (loss) of consolidated entities	(559.5		)	(25.6		)	—			585.1			—
Equity in earnings (loss) of unconsolidated entities	—			—			(6.1		)	—			(6.1		)
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	(632.5	)	$	(485.5	)	$	(99.6	)	$	585.1		$	(632.5	)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Nine Months Ended September 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Total
Net earnings (loss)	$	(632.5	)	$	(485.5	)	$	(99.6	)	$	585.1	$	(632.5	)
Other comprehensive income (loss), net of tax	(29.8		)	(0.3		)	(31.1		)	31.4		(29.8		)
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	(662.3	)	$	(485.8	)	$	(130.7	)	$	616.5	$	(662.3	)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Nine Months Ended September 30, 2014



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net earnings (loss)	$	(7.2	)	$	27.8		$	(14.5	)	$	(13.6	)	$	(7.5	)
Other comprehensive income (loss), net of tax	(25.6		)	(25.3		)	(23.5		)	48.8			(25.6		)
Total comprehensive income (loss)	(32.8		)	2.5			(38.0		)	35.2			(33.1		)
Less: comprehensive (income) loss attributable to noncontrolling interest	—			—			0.3			—			0.3
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	(32.8	)	$	2.5		$	(37.7	)	$	35.2		$	(32.8	)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended September 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Total
Net earnings (loss)	$	(552.2	)	$	(500.7	)	$	(38.4	)	$	539.1	$	(552.2	)
Other comprehensive income (loss), net of tax	(6.7		)	(0.2		)	(7.1		)	7.3		(6.7		)
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	(558.9	)	$	(500.9	)	$	(45.5	)	$	546.4	$	(558.9	)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended September 30, 2014



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net earnings (loss)	$	24.4		$	28.5		$	(7.7	)	$	(20.8	)	$	24.4
Other comprehensive income (loss), net of tax	(23.9		)	(23.6		)	(22.1		)	45.7			(23.9		)
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	0.5		$	4.9		$	(29.8	)	$	24.9		$	0.5

Condensed Consolidating Balance Sheet

As of September 30, 2015



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	2.3	$	3.7	$	8.2	$	—		$	14.2
Receivables, less allowances for doubtful accounts	486.2		60.9		89.8		—			636.9
Intercompany receivables	—		1,013.3		—		(1,013.3		)	—
Inventories	129.9		165.9		52.0		—			347.8
Other current assets	53.5		60.6		10.8		—			124.9
Total current assets	671.9		1,304.4		160.8		(1,013.3		)	1,123.8

Property, plant and equipment—net	880.0		721.9		173.0		—			1,774.9
Investment in consolidated entities	1,815.6		60.7		—		(1,876.3		)	—
Goodwill and intangible assets—net	59.3		47.9		48.1		—			155.3
Intercompany loan receivable	131.4		0.1		—		(131.5		)	—
Other long-term assets	30.0		5.3		34.6		—			69.9
Total assets	$	3,588.2	$	2,140.3	$	416.5	$	(3,021.1	)	$	3,123.9

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	210.6	$	60.6	$	74.4	$	—		$	345.6
Intercompany accounts payable	1,005.6		—		7.7		(1,013.3		)	—
Current portion of long-term debt and capital lease obligations	94.8		3.4		0.8		—			99.0
Other current liabilities	221.5		96.3		36.9		—			354.7
Total current liabilities	1,532.5		160.3		119.8		(1,013.3		)	799.3

Long-term debt and capital lease obligations	1,411.2		6.1		2.4		—			1,419.7
Intercompany loan payable	—		38.6		92.9		(131.5		)	—
Other long-term liabilities	193.7		233.9		26.5		—			454.1
Total liabilities	3,137.4		438.9		241.6		(1,144.8		)	2,673.1

Total shareholders' equity	450.8		1,701.4		174.9		(1,876.3		)	450.8

Total liabilities and shareholders' equity	$	3,588.2	$	2,140.3	$	416.5	$	(3,021.1	)	$	3,123.9

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		65.6		123.1		—			766.2
Intercompany receivables	—		847.9		—		(847.9		)	—
Inventories	111.9		133.4		42.5		—			287.8
Other current assets	56.8		51.2		10.7		—			118.7
Total current assets	748.1		1,103.7		178.4		(847.9		)	1,182.3

Property, plant and equipment—net	959.5		701.9		194.1		—			1,855.5
Investment in consolidated entities	1,939.9		40.3		—		(1,980.2		)	—
Goodwill and intangible assets—net	0.6		892.2		31.8		—			924.6
Intercompany loan receivable	418.5		—		—		(418.5		)	—
Other long-term assets	28.1		6.1		60.6		—			94.8
Total assets	$	4,094.7	$	2,744.2	$	464.9	$	(3,246.6	)	$	4,057.2

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	251.1	$	82.8	$	73.0	$	—		$	406.9
Intercompany accounts payable	830.2		—		17.7		(847.9		)	—
Current portion of long-term debt and capital lease obligations	90.7		3.7		1.8		—			96.2
Other current liabilities	205.1		116.5		37.9		—			359.5
Total current liabilities	1,377.1		203.0		130.4		(847.9		)	862.6

Long-term debt and capital lease obligations	1,298.4		9.4		1.6		—			1,309.4
Intercompany loan payable	—		335.9		82.6		(418.5		)	—
Other long-term liabilities	266.7		458.1		7.9		—			732.7
Total liabilities	2,942.2		1,006.4		222.5		(1,266.4		)	2,904.7

Total shareholders' equity	1,152.5		1,737.8		242.4		(1,980.2		)	1,152.5

Total liabilities and shareholders' equity	$	4,094.7	$	2,744.2	$	464.9	$	(3,246.6	)	$	4,057.2

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from operating activities	$	46.4		$	111.9		$	20.9		$	—		$	179.2

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(45.3		)	(56.3		)	(9.6		)	—			(111.2		)
Acquisition related investing activities—net of cash acquired	—			(63.3		)	(77.5		)	—			(140.8		)
Intercompany investing activities	(133.0		)	(163.8		)	(0.4		)	297.2			—
Other investing activities	1.2			6.3			10.7			—			18.2
Net cash from investing activities	(177.1		)	(277.1		)	(76.8		)	297.2			(233.8		)

FINANCING ACTIVITIES
Payments of long-term debt and capital lease obligations	(70.7		)	(2.5		)	—			—			(73.2		)
Borrowings on revolving credit facilities	1,141.6			—			40.8			—			1,182.4
Payments on revolving credit facilities	(965.3		)	—			(40.8		)	—			(1,006.1		)
Payment of cash dividends	(44.6		)	—			—			—			(44.6		)
Intercompany financing activities	67.7			165.9			63.6			(297.2		)	—
Other financing activities	2.4			(0.1		)	—			—			2.3
Net cash from financing activities	131.1			163.3			63.6			(297.2		)	60.8

Effect of exchange rates on cash and cash equivalents	—			—			(1.6		)	—			(1.6		)
Net increase (decrease) in cash and cash equivalents	0.4			(1.9		)	6.1			—			4.6
Cash and cash equivalents at beginning of period	1.9			5.6			2.1			—			9.6
Cash and cash equivalents at end of period	$	2.3		$	3.7		$	8.2		$	—		$	14.2

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2014



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from operating activities	$	12.5		$	71.0		$	(8.7	)	$	—		$	74.8

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(39.5		)	(54.9		)	(18.7		)	—			(113.1		)
Acquisition related investing activities—net of cash acquired	(7.2		)	(105.3		)	—			—			(112.5		)
Intercompany investing activities	(189.5		)	(32.8		)	—			222.3			—
Other investing activities	0.2			13.3			(2.2		)	—			11.3
Net cash from investing activities	(236.0		)	(179.7		)	(20.9		)	222.3			(214.3		)

FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	1,047.0			—			—			—			1,047.0
Payments of long-term debt and capital lease obligations	(674.8		)	(5.2		)	(58.1		)	—			(738.1		)
Borrowings on revolving credit facilities	912.7			—			97.5			—			1,010.2
Payments on revolving credit facilities	(1,016.3		)	—			(92.6		)	—			(1,108.9		)
Payment of cash dividends	(43.6		)	—			—			—			(43.6		)
Intercompany financing activities	20.2			123.9			78.2			(222.3		)	—
Other financing activities	(14.4		)	(7.9		)	—			—			(22.3		)
Net cash from financing activities	230.8			110.8			25.0			(222.3		)	144.3

Effect of exchange rates on cash and cash equivalents	—			0.1			0.8			—			0.9
Net increase (decrease) in cash and cash equivalents	7.3			2.2			(3.8		)	—			5.7
Cash and cash equivalents at beginning of period	4.8			3.5			4.8			—			13.1
Cash and cash equivalents at end of period	$	12.1		$	5.7		$	1.0		$	—		$	18.8