Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

The following condensed consolidating financial information reflects the summarized financial information of Quad/Graphics, the Company's Guarantor Subsidiaries on a combined basis and the Company's non-guarantor subsidiaries on a combined basis.

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2018



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	426.0		$	626.8		$	110.3		$	(134.0	)	$	1,029.1
Cost of sales	326.1			552.6			84.5			(131.5		)	831.7
Selling, general and administrative expenses	57.8			25.3			11.8			(2.5		)	92.4
Depreciation and amortization	24.7			26.5			7.9			—			59.1
Restructuring, impairment and transaction-related charges	(2.5		)	5.7			2.1			—			5.3
Total operating expenses	406.1			610.1			106.3			(134.0		)	988.5
Operating income (loss)	$	19.9		$	16.7		$	4.0		$	—		$	40.6
Interest expense (income)	16.3			0.7			1.3			—			18.3
Net pension income	—			(3.1		)	—			—			(3.1		)
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	3.6			19.1			2.7			—			25.4
Income tax expense (benefit)	1.2			1.4			0.5			—			3.1
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	2.4			17.7			2.2			—			22.3
Equity in (earnings) loss of consolidated entities	(21.0		)	(1.5		)	—			22.5			—
Equity in (earnings) loss of unconsolidated entity	—			—			(0.2		)	—			(0.2		)
Net earnings (loss)	$	23.4		$	19.2		$	2.4		$	(22.5	)	$	22.5
Less: net earnings (loss) attributable to noncontrolling interests	—			—			(0.9		)	—			(0.9		)
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	23.4		$	19.2		$	3.3		$	(22.5	)	$	23.4

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2017



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	413.6		$	585.5		$	107.8		$	(101.5	)	$	1,005.4
Cost of sales	297.1			502.3			84.8			(99.4		)	784.8
Selling, general and administrative expenses	66.6			32.6			10.4			(2.1		)	107.5
Depreciation and amortization	26.4			26.2			5.7			—			58.3
Restructuring, impairment and transaction-related charges	7.9			1.1			(1.0		)	—			8.0
Total operating expenses	398.0			562.2			99.9			(101.5		)	958.6
Operating income (loss)	$	15.6		$	23.3		$	7.9		$	—		$	46.8
Interest expense (income)	17.7			(0.7		)	0.8			—			17.8
Net pension income	—			(2.6		)	—			—			(2.6		)
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(2.1		)	26.6			7.1			—			31.6
Income tax expense (benefit)	4.5			6.1			1.2			—			11.8
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(6.6		)	20.5			5.9			—			19.8
Equity in (earnings) loss of consolidated entities	(26.4		)	(1.0		)	—			27.4			—
Equity in (earnings) loss of unconsolidated entity	—			—			—			—			—
Net earnings (loss)	$	19.8		$	21.5		$	5.9		$	(27.4	)	$	19.8
Less: net earnings (loss) attributable to noncontrolling interests	—			—			—			—			—
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	19.8		$	21.5		$	5.9		$	(27.4	)	$	19.8

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2018



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	1,236.8		$	1,775.5		$	337.2		$	(337.4	)	$	3,012.1
Cost of sales	966.5			1,552.7			261.5			(329.9		)	2,450.8
Selling, general and administrative expenses	176.6			75.1			34.3			(7.5		)	278.5
Depreciation and amortization	74.9			79.0			19.7			—			173.6
Restructuring, impairment and transaction-related charges	6.8			29.0			4.8			—			40.6
Total operating expenses	1,224.8			1,735.8			320.3			(337.4		)	2,943.5
Operating income (loss)	$	12.0		$	39.7		$	16.9		$	—		$	68.6
Interest expense (income)	47.7			2.4			3.9			—			54.0
Net pension income	—			(9.3		)	—			—			(9.3		)
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(35.7		)	46.6			13.0			—			23.9
Income tax expense (benefit)	(8.7		)	3.6			1.2			—			(3.9		)
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(27.0		)	43.0			11.8			—			27.8
Equity in (earnings) loss of consolidated entities	(56.3		)	(4.4		)	—			60.7			—
Equity in (earnings) loss of unconsolidated entity	—			—			(0.7		)	—			(0.7		)
Net earnings (loss)	29.3			47.4			12.5			(60.7		)	28.5
Less: net earnings (loss) attributable to noncontrolling interests	—			—			(0.8		)	—			(0.8		)
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	29.3		$	47.4		$	13.3		$	(60.7	)	$	29.3

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2017



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Net sales	$	1,221.1		$	1,711.1		$	310.4	$	(275.4	)	$	2,967.2
Cost of sales	884.2			1,470.2			246.8		(270.3		)	2,330.9
Selling, general and administrative expenses	191.4			96.6			27.5		(5.1		)	310.4
Depreciation and amortization	81.3			77.8			16.4		—			175.5
Restructuring, impairment and transaction-related charges	25.8			(5.0		)	1.7		—			22.5
Total operating expenses	1,182.7			1,639.6			292.4		(275.4		)	2,839.3
Operating income (loss)	$	38.4		$	71.5		$	18.0	$	—		$	127.9
Interest expense (income)	52.2			(1.3		)	2.7		—			53.6
Net pension income	—			(7.8		)	—		—			(7.8		)
Loss (gain) on debt extinguishment	2.6			—			—		—			2.6
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(16.4		)	80.6			15.3		—			79.5
Income tax expense (benefit)	(2.2		)	26.3			2.7		—			26.8
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(14.2		)	54.3			12.6		—			52.7
Equity in (earnings) loss of consolidated entities	(66.1		)	(2.2		)	—		68.3			—
Equity in (earnings) loss of unconsolidated entity	—			—			0.8		—			0.8
Net earnings (loss)	51.9			56.5			11.8		(68.3		)	51.9
Less: net earnings (loss) attributable to noncontrolling interests	—			—			—		—			—
Net earnings (loss) attributable to Quad/Graphics common shareholders	$	51.9		$	56.5		$	11.8	$	(68.3	)	$	51.9

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended September 30, 2018



	Quad/Graphics, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net earnings (loss)	$	23.4	$	19.2		$	2.4		$	(22.5	)	$	22.5
Other comprehensive income (loss), net of tax	1.4		(1.9		)	(0.4		)	2.3			1.4
Total comprehensive income (loss)	$	24.8	$	17.3		$	2.0		$	(20.2	)	$	23.9
Less: comprehensive earnings (loss) attributable to noncontrolling interests	—		—			(0.9		)	—			(0.9		)
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	24.8	$	17.3		$	2.9		$	(20.2	)	$	24.8

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Nine Months Ended September 30, 2017



	Quad/Graphics, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Net earnings (loss)	$	51.9	$	56.5		$	11.8	$	(68.3	)	$	51.9
Other comprehensive income (loss), net of tax	14.6		(0.5		)	14.3		(13.8		)	14.6
Total comprehensive income (loss)	66.5		56.0			26.1		(82.1		)	66.5
Less: comprehensive earnings (loss) attributable to noncontrolling interests	—		—			—		—			—
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	66.5	$	56.0		$	26.1	$	(82.1	)	$	66.5

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Nine Months Ended September 30, 2018



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net earnings (loss)	$	29.3		$	47.4		$	12.5		$	(60.7	)	$	28.5
Other comprehensive income (loss), net of tax	(4.7		)	(4.8		)	(9.8		)	14.6			(4.7		)
Total comprehensive income (loss)	24.6			42.6			2.7			(46.1		)	23.8
Less: comprehensive earnings (loss) attributable to noncontrolling interests	—			—			(0.8		)	—			(0.8		)
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	24.6		$	42.6		$	3.5		$	(46.1	)	$	24.6

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended September 30, 2017



	Quad/Graphics, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Net earnings (loss)	$	19.8	$	21.5		$	5.9	$	(27.4	)	$	19.8
Other comprehensive income (loss), net of tax	3.6		(0.3		)	3.4		(3.1		)	3.6
Total comprehensive income (loss)	$	23.4	$	21.2		$	9.3	$	(30.5	)	$	23.4
Less: comprehensive earnings (loss) attributable to noncontrolling interests	—		—			—		—			—
Comprehensive income (loss) attributable to Quad/Graphics common shareholders	$	23.4	$	21.2		$	9.3	$	(30.5	)	$	23.4

Condensed Consolidating Balance Sheet

As of September 30, 2018



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	1.8	$	—	$	4.5	$	—		$	6.3
Receivables, less allowances for doubtful accounts	397.7		76.2		85.5		(6.4		)	553.0
Intercompany receivables	—		71.7		—		(71.7		)	—
Inventories	151.6		144.1		58.8		—			354.5
Other current assets	40.5		8.7		8.4		—			57.6
Total current assets	591.6		300.7		157.2		(78.1		)	971.4

Property, plant and equipment—net	656.2		460.7		167.6		—			1,284.5
Investment in consolidated entities	778.3		15.4		—		(793.7		)	—
Goodwill and intangible assets—net	3.0		117.3		56.9		—			177.2
Intercompany loan receivable	109.9		—		—		(109.9		)	—
Other long-term assets	41.4		10.2		49.1		—			100.7
Total assets	$	2,180.4	$	904.3	$	430.8	$	(981.7	)	$	2,533.8

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	248.1	$	109.3	$	81.0	$	(6.4	)	$	432.0
Intercompany accounts payable	68.1		—		3.6		(71.7		)	—
Short-term debt and current portion of long-term debt and capital lease obligations	29.9		0.8		16.7		—			47.4
Other current liabilities	173.0		76.5		33.2		—			282.7
Total current liabilities	519.1		186.6		134.5		(78.1		)	762.1

Long-term debt and capital lease obligations	1,018.6		1.9		6.5		—			1,027.0
Intercompany loan payable	—		41.7		68.2		(109.9		)	—
Other long-term liabilities	129.4		91.4		10.6		—			231.4
Total liabilities	1,667.1		321.6		219.8		(188.0		)	2,020.5

Total shareholders' equity and noncontrolling interests	513.3		582.7		211.0		(793.7		)	513.3
Total liabilities and shareholders' equity	$	2,180.4	$	904.3	$	430.8	$	(981.7	)	$	2,533.8

Condensed Consolidating Balance Sheet

As of December 31, 2017



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	51.7	$	2.0	$	10.7	$	—		$	64.4
Receivables, less allowances for doubtful accounts	427.9		40.6		84.0		—			552.5
Intercompany receivables	—		85.3		—		(85.3		)	—
Inventories	97.0		108.6		40.9		—			246.5
Other current assets	35.2		2.6		7.3		—			45.1
Total current assets	611.8		239.1		142.9		(85.3		)	908.5

Property, plant and equipment—net	706.5		508.6		162.5		—			1,377.6
Investment in consolidated entities	578.3		12.1		—		(590.4		)	—
Goodwill and intangible assets—net	6.9		25.5		11.0		—			43.4
Intercompany loan receivable	106.3		—		1.7		(108.0		)	—
Other long-term assets	60.5		13.5		48.9		—			122.9
Total assets	$	2,070.3	$	798.8	$	367.0	$	(783.7	)	$	2,452.4

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	201.6	$	115.9	$	64.1	$	—		$	381.6
Intercompany accounts payable	75.1		—		10.2		(85.3		)	—
Short-term debt and current portion of long-term debt and capital lease obligations	31.9		1.0		14.7		—			47.6
Other current liabilities	213.9		74.9		27.9		—			316.7
Total current liabilities	522.5		191.8		116.9		(85.3		)	745.9

Long-term debt and capital lease obligations	904.3		1.4		11.5		—			917.2
Intercompany loan payable	—		40.9		67.1		(108.0		)	—
Other long-term liabilities	121.1		133.4		12.4		—			266.9
Total liabilities	1,547.9		367.5		207.9		(193.3		)	1,930.0

Total shareholders' equity and noncontrolling interests	522.4		431.3		159.1		(590.4		)	522.4
Total liabilities and shareholders' equity	$	2,070.3	$	798.8	$	367.0	$	(783.7	)	$	2,452.4

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2018



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from (used in) operating activities	$	34.7		$	(0.7	)	$	12.6		$	—		$	46.6

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(18.4		)	(41.5		)	(25.1		)	—			(85.0		)
Acquisition related investing activities	—			(76.4		)	5.0			—			(71.4		)
Intercompany investing activities	(138.7		)	1.8			(0.5		)	137.4			—
Other investing activities	22.3			10.0			4.5			—			36.8
Net cash from (used in) investing activities	(134.8		)	(106.1		)	(16.1		)	137.4			(119.6		)

FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	—			—			0.3			—			0.3
Payments of long-term debt and capital lease obligations	(26.6		)	(1.0		)	(5.1		)	—			(32.7		)
Borrowings on revolving credit facilities	1,813.9			—			16.1			—			1,830.0
Payments on revolving credit facilities	(1,677.8		)	—			(14.1		)	—			(1,691.9		)
Purchases of treasury stock	(36.7		)	—			—			—			(36.7		)
Payment of cash dividends	(47.5		)	—			—			—			(47.5		)
Intercompany financing activities	29.8			105.8			1.8			(137.4		)	—
Other financing activities	(4.9		)	—			—			—			(4.9		)
Net cash from (used in) financing activities	50.2			104.8			(1.0		)	(137.4		)	16.6

Effect of exchange rates on cash and cash equivalents	—			—			(1.7		)	—			(1.7		)
Net increase (decrease) in cash and cash equivalents	(49.9		)	(2.0		)	(6.2		)	—			(58.1		)
Cash and cash equivalents at beginning of period	51.7			2.0			10.7			—			64.4
Cash and cash equivalents at end of period	$	1.8		$	—		$	4.5		$	—		$	6.3

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2017



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from (used in) operating activities	$	100.4		$	54.7		$	24.6		$	—		$	179.7

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(17.8		)	(36.1		)	(7.7		)	—			(61.6		)
Intercompany investing activities	(4.3		)	(45.3		)	0.8			48.8			—
Other investing activities	(5.0		)	25.9			2.0			—			22.9
Net cash from (used in) investing activities	(27.1		)	(55.5		)	(4.9		)	48.8			(38.7		)

FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	375.0			—			—			—			375.0
Payments of long-term debt and capital lease obligations	(423.5		)	(2.5		)	(4.2		)	—			(430.2		)
Borrowings on revolving credit facilities	521.9			—			3.8			—			525.7
Payments on revolving credit facilities	(540.9		)	—			(9.5		)	—			(550.4		)
Purchases of treasury stock	(3.8		)	—			—			—			(3.8		)
Payment of cash dividends	(46.5		)	—			—			—			(46.5		)
Intercompany financing activities	57.7			0.1			(9.0		)	(48.8		)	—
Other financing activities	(8.2		)	(4.1		)	—			—			(12.3		)
Net cash from (used in) financing activities	(68.3		)	(6.5		)	(18.9		)	(48.8		)	(142.5		)

Effect of exchange rates on cash and cash equivalents	—			—			(0.3		)	—			(0.3		)
Net increase (decrease) in cash and cash equivalents	5.0			(7.3		)	0.5			—			(1.8		)
Cash and cash equivalents at beginning of period	0.3			12.1			6.8			—			19.2
Cash and cash equivalents at end of period	$	5.3		$	4.8		$	7.3		$	—		$	17.4