Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

Note 19. Segment Information

The Company’s segments and their product and service offerings are summarized below:

Publishing and Retail Services

The Publishing and Retail Services segment’s primary product offerings include magazines, catalogs, retail inserts, books, directories and packaging. The Publishing and Retail Services segment accounted for 22.7% of the Company’s consolidated net sales in 2014.

Variable Print

The Variable Print segment includes the Company’s U.S. short-run and transactional printing operations. This segment’s primary product offerings include commercial and digital print, direct mail, office products, labels, statement printing, forms and packaging. The Variable Print segment accounted for 32.5% of the Company’s consolidated net sales in 2014.

Strategic Services

The Strategic Services segment includes the Company’s logistics services, financial print products and related services, print management offerings and digital and creative solutions. The Strategic Services segment accounted for 22.5% of the Company’s consolidated net sales in 2014.

International

The International segment includes the Company’s non-U.S. printing operations in Asia, Europe, Latin America and Canada. This segment’s primary product and service offerings include magazines, catalogs, retail inserts, books, directories, direct mail, packaging, forms, labels, manuals, statement printing, commercial and digital print, logistics services and digital and creative solutions. Additionally, this segment includes the Company’s business process outsourcing and Global Turnkey Solutions operations. Business process outsourcing provides transactional print and outsourcing services, statement printing, direct mail and print management offerings through its operations in Europe, Asia and North America. Global Turnkey Solutions provides outsourcing capabilities, including product configuration, customized kitting and order fulfillment for technology, medical device and other companies around the world through its operations in Europe, North America and Asia. The International segment accounted for 22.3% of the Company’s consolidated net sales in 2014.

Corporate

Corporate consists of unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, communications, certain facility costs and LIFO inventory provisions. In addition, certain costs and earnings of employee benefit plans, such as pension and other postretirement benefits plan expense (income) and share-based compensation, are included in Corporate and not allocated to the operating segments. Corporate also manages the Company’s cash pooling structures, which enables participating international locations to draw on the Company’s overseas cash resources to meet local liquidity needs.

Information by Segment

The Company has disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision-maker and is most consistent with the presentation of profitability reported within the Consolidated Financial Statements.

	Total Sales		Intersegment Sales			Net Sales		Income (Loss) from Operations			Assets of Operations		Depreciation and Amortization		Capital Expenditures
Year ended December 31, 2014
Publishing and Retail Services	$	2,646.1	$	(13.8	)	$	2,632.3	$	86.1		$	1,215.7	$	145.1	$	43.5
Variable Print		3,829.7		(61.8	)		3,767.9		240.8			2,649.5		157.2		53.0
Strategic Services		2,744.8		(137.3	)		2,607.5		257.4			1,366.6		65.5		41.0
International		2,691.2		(95.5	)		2,595.7		106.7			1,865.4		98.8		68.3
Total operating segments		11,911.8		(308.4	)		11,603.4		691.0			7,097.2		466.6		205.8
Corporate		—		—			—		(175.1	)		542.1		7.4		17.8
Total operations	$	11,911.8	$	(308.4	)	$	11,603.4	$	515.9		$	7,639.3	$	474.0	$	223.6
Year ended December 31, 2013
Publishing and Retail Services	$	2,777.7	$	(2.9	)	$	2,774.8	$	109.6		$	1,369.6	$	166.0	$	57.7
Variable Print		2,650.7		(57.9	)		2,592.8		197.9			1,567.1		103.4		63.4
Strategic Services		2,587.7		(134.7	)		2,453.0		232.8			1,355.6		58.4		34.9
International		2,746.9		(87.2	)		2,659.7		147.3			2,060.0		102.5		50.8
Total operating segments		10,763.0		(282.7	)		10,480.3		687.6			6,352.3		430.3		206.8
Corporate		—		—			—		(107.9	)		885.9		5.5		9.8
Total operations	$	10,763.0	$	(282.7	)	$	10,480.3	$	579.7		$	7,238.2	$	435.8	$	216.6
Year ended December 31, 2012
Publishing and Retail Services	$	2,938.3	$	(18.8	)	$	2,919.5	$	(659.4	)	$	1,517.8	$	213.5	$	57.8
Variable Print		2,697.5		(60.3	)		2,637.2		202.1			1,616.0		103.8		42.7
Strategic Services		2,210.2		(144.8	)		2,065.4		59.0			1,404.3		52.3		39.9
International		2,678.6		(78.8	)		2,599.8		91.6			2,192.1		105.8		43.9
Total operating segments		10,524.6		(302.7	)		10,221.9		(306.7	)		6,730.2		475.4		184.3
Corporate		—		—			—		(63.1	)		532.5		6.2		21.6
Total operations	$	10,524.6	$	(302.7	)	$	10,221.9	$	(369.8	)	$	7,262.7	$	481.6	$	205.9

Corporate assets primarily consisted of the following items at December 31, 2014, 2013 and 2012:

	2014			2013			2012
Cash and cash equivalents	$	94.6		$	494.9		$	(137.2	)
Current and deferred income tax assets, net of valuation    allowances		152.0			39.2			324.5
Deferred compensation plan assets and Company owned    life insurance assets		86.0			79.5			70.1
Software, net		82.1			71.1			71.8
Property, plant and equipment, net		61.2			61.7			60.7
Debt issuance costs		46.9			46.0			37.8
LIFO reserves		(93.6	)		(92.0	)		(92.1	)

Restructuring, impairment and other charges by segment for 2014, 2013 and 2012 are described in Note 3.