6. Restructuring, Impairment and Other Charges

Restructuring, Impairment and Other Charges Recognized in Results of Operations

For the three months ended March 31, 2015 and 2014, the Company recorded the following net restructuring, impairment and other charges:

Three Months Ended	Employee		Other Restructuring		Total Restructuring					Other
March 31, 2015	Terminations		Charges		Charges		Impairment			Charges		Total
Publishing and Retail Services	$	2.8	$	1.1	$	3.9	$	(0.4	)	$	0.8	$	4.3
Variable Print		2.0		1.3		3.3		1.3			0.4		5.0
Strategic Services		1.6		0.5		2.1		—			0.1		2.2
International		7.7		0.2		7.9		(0.2	)		—		7.7
Corporate		0.1		0.5		0.6		—			—		0.6
Total	$	14.2	$	3.6	$	17.8	$	0.7		$	1.3	$	19.8

Three Months Ended	Employee		Other Restructuring		Total Restructuring				Other
March 31, 2014	Terminations		Charges		Charges		Impairment		Charges		Total
Publishing and Retail Services	$	0.2	$	2.1	$	2.3	$	2.2		16.3	$	20.8
Variable Print		11.1		0.9		12.0		4.5		4.1		20.6
Strategic Services		1.0		0.5		1.5		—		0.1		1.6
International		1.1		0.5		1.6		—		—		1.6
Corporate		0.5		0.1		0.6		—		—		0.6
Total	$	13.9	$	4.1	$	18.0	$	6.7	$	20.5	$	45.2

Restructuring and Impairment Charges

For the three months ended March 31, 2015, the Company recorded net restructuring charges of $14.2 million for employee termination costs for 894 employees, of whom 735 were terminated as of March 31, 2015. These charges primarily related to one facility closure in the International segment, one facility closure in the Variable Print segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $3.6 million for the three months ended March 31, 2015. For the three months ended March 31, 2015, the Company also recorded $0.7 million of net impairment charges primarily related to buildings and machinery and equipment associated with facility closures.

For the three months ended March 31, 2014, the Company recorded net restructuring charges of $13.9 million for employee termination costs for 278 employees, substantially all of whom were terminated as of March 31, 2015. These charges primarily related to the integration of Consolidated Graphics, including the closure of three Consolidated Graphics facilities as well as one additional facility closure within the Variable Print segment, one facility closure in the Publishing and Retail Services segment and the reorganization of certain operations. Additionally, the Company incurred lease termination and other restructuring charges of $4.1 million for the three months ended March 31, 2014. For the three months ended March 31, 2014, the Company also recorded $6.7 million of impairment charges primarily related to buildings and machinery and equipment associated with facility closings. The fair values of the buildings and machinery and equipment were determined to be Level 3 under the fair value hierarchy and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions.

Other Charges

For the three months ended March 31, 2015 and 2014, the Company recorded other charges of $1.3 million and $20.5 million, respectively, for multi-employer pension plan withdrawal obligations unrelated to facility closures. The total liabilities for the withdrawal obligations associated with the Company’s decision to withdraw from all multi-employer pension plans included in accrued liabilities and other noncurrent liabilities are $10.9 million and $86.6 million, respectively, as of March 31, 2015.

The Company’s withdrawal liabilities could be affected by the financial stability of other employers participating in the plans and any decisions by those employers to withdraw from the plans in the future. While it is not possible to quantify the potential impact of future events or circumstances, reductions in other employers’ participation in multi-employer pension plans, including certain plans from which the Company has previously withdrawn, could have a material impact on the Company’s previously estimated withdrawal liabilities, consolidated results of operations, financial position or cash flows.

Restructuring Reserve

The restructuring reserve as of December 31, 2014 and March 31, 2015, and changes during the three months ended March 31, 2015, were as follows:

					Foreign
	December 31,		Restructuring		Exchange and			Cash			March 31,
	2014		Charges		Other			Paid			2015
Employee terminations	$	13.0	$	14.2	$	(0.8	)	$	(11.1	)	$	15.3
Multi-employer pension withdrawal obligations		34.6		0.5		(0.1	)		(1.5	)		33.5
Lease terminations and other		15.1		3.1		—			(5.4	)		12.8
Total	$	62.7	$	17.8	$	(0.9	)	$	(18.0	)	$	61.6

The current portion of restructuring reserves of $23.7 million at March 31, 2015 was included in accrued liabilities, while the long-term portion of $37.9 million, primarily related to multi-employer pension plan withdrawal obligations related to facility closures and lease termination costs, was included in other noncurrent liabilities at March 31, 2015.

The Company anticipates that payments associated with the employee terminations reflected in the above table will be substantially completed by March 2016.

Payments on all of the Company’s multi-employer pension plan 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 multi-employer pension plan withdrawals.

The restructuring liabilities classified as “lease terminations and other” consisted of lease terminations, other facility closing costs and contract termination costs. Payments on certain of the lease obligations are scheduled to continue until 2026. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charges related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Company’s financial statements.