Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2016

Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense

The components of the net periodic benefit (income) expense and total (income) expense were as follows:

	Pension Benefits									Other Postretirement Benefits
	2016			2015			2014			2016			2015			2014
Service cost	$	1.0		$	1.7		$	1.9		$	3.8		$	4.7		$	4.6
Interest cost		105.7			170.4			187.8			11.7			15.9			16.5
Expected return on plan assets		(177.5	)		(234.6	)		(250.5	)		(13.8	)		(13.1	)		(12.2	)
Amortization of prior service credit		—			—			—			(12.7	)		(26.9	)		(25.8	)
Amortization of actuarial loss		26.1			40.5			31.9			0.1			—			—
Settlements and curtailments		98.4			—			95.7			(19.5	)		—			—
Attributable to DFS and LSC		(43.3	)		16.8			(72.3	)		—			—			—
Net periodic benefit (income) expense related to continuing operations	$	10.4		$	(5.2	)	$	(5.5	)	$	(30.4	)	$	(19.4	)	$	(16.9	)
Weighted average assumption used to calculate net periodic benefit expense:
Discount rate		4.3	%		3.9	%		5.0	%		4.2	%		3.9	%		4.5	%
Rate of compensation increase		0.2	%		0.2	%		0.2	%	n/a			n/a			n/a
Expected return on plan assets		6.8	%		7.0	%		7.6	%		7.3	%		7.3	%		7.3	%

Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans

	Pension Benefits						Other Postretirement Benefits
	2016			2015			2016			2015
Benefit obligation at beginning of year	$	3,932.3		$	4,258.8		$	373.8		$	423.1
Service cost		1.0			1.7			3.8			4.7
Interest cost		105.7			170.4			11.7			15.9
Plan participants' contributions		—			—			9.4			10.7
Medicare reimbursements		—			—			5.4			5.7
Actuarial (gain) loss		349.5			(270.2	)		5.9			(46.3	)
Plan amendments and other		—			6.2			(33.8	)		(0.1	)
Curtailments and settlements		(304.4	)		—			—			—
Foreign currency translation		(40.5	)		(48.1	)		1.3			(7.8	)
Benefits paid		(129.7	)		(186.1	)		(32.5	)		(32.5	)
Separation of Donnelley Financial and LSC		(2,915.6	)		—			—			—
Divestitures		(23.6	)		(0.4	)		—			—
Acquisitions		—			—			—			0.4
Benefit obligation at end of year	$	974.7		$	3,932.3		$	345.0		$	373.8
Fair value of plan assets at beginning of year	$	3,424.1		$	3,656.5		$	205.5		$	212.6
Actual return on assets		424.1			(24.5	)		14.8			(1.1	)
Settlements		(304.4	)		—			—			—
Employer contributions		12.8			14.9			7.7			10.1
Medicare reimbursements		—			—			5.4			5.7
Plan participants' contributions		—			—			9.4			10.7
Separation of Donnelley Financial and LSC		(2,489.1	)		—			—			—
Divestitures		(16.8	)		—			—			—
Foreign currency translation		(45.6	)		(36.7	)		—			—
Benefits paid		(129.7	)		(186.1	)		(32.5	)		(32.5	)
Fair value of plan assets at end of year	$	875.4		$	3,424.1		$	210.3		$	205.5
Total net pension liability recognized as of December 31		(99.3	)		(508.2	)		(134.7	)		(168.3	)
Attributable to DFS and LSC		—			388.4			—			—
Total net pension liability recognized as of December 31	$	(99.3	)	$	(119.8	)	$	(134.7	)	$	(168.3	)

Amounts Recognized on Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets as of December 31, 2016 and 2015 were as follows:

	Pension Benefits						Other Postretirement Benefits
	2016			2015			2016			2015
Prepaid pension cost (included in other noncurrent assets)	$	22.8		$	13.0		$	—		$	—
Accrued benefit cost (included in accrued liabilities)		(2.7	)		(2.6	)		(0.6	)		(0.7	)
Pension liabilities		(119.4	)		(130.2	)		—			—
Other postretirement benefits plan liabilities		—			—			(134.1	)		(167.6	)
Net liabilities recognized in the Consolidated Balance Sheets - Continuing Operations	$	(99.3	)	$	(119.8	)	$	(134.7	)	$	(168.3	)

Amounts in Accumulated Other Comprehensive Loss

The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects and in 2015 includes plans sponsored directly by the spinoff entities not presented in the above tables, that have not yet been recognized as components of net periodic benefit cost at December 31, 2016 and 2015 were as follows:

	Pension Benefits						Other Postretirement Benefits
	2016			2015			2016		2015
Accumulated other comprehensive (loss) income
Net actuarial (loss) gain	$	(297.4	)	$	(1,229.9	)	$	19.2	$	24.1
Net transition obligation		—			(0.1	)		—		—
Net prior service credit		—			—			32.9		31.5
Total	$	(297.4	)	$	(1,230.0	)	$	52.1	$	55.6

Amounts Recognized in Other Comprehensive Income (Loss)

The pre-tax amounts recognized in other comprehensive income (loss) in 2016 as components of net periodic benefit costs were as follows:

	Pension Benefits			Other Postretirement Benefits
Amortization of:
Net actuarial loss	$	26.1		$	0.1
Net prior service credit		—			(12.7	)
Amounts arising during the period:
Net actuarial loss		(102.5	)		(4.8	)
Net prior service credit		—			33.8
Divestiture		1.6			—
Curtailment		—			(19.5	)
Settlements		98.4			—
Foreign currency loss		(0.8	)		(0.4	)
Total	$	22.8		$	(3.5	)

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year

Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2017 are shown below:

	Pension Benefits		Other Postretirement Benefits
Amortization of:
Net actuarial loss	$	7.1	$	(0.1	)
Net prior service credit		—		(2.8	)
Total	$	7.1	$	(2.9	)

Weighted Average Assumptions Used to Determine Benefit Obligation

The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows:

	Pension Benefits						Other Postretirement Benefits
	2016			2015			2016			2015
Discount rate		3.8	%		4.3	%		4.0	%		4.2	%
Health care cost trend:
Current
Pre-Age 65		—			—			6.1	%		6.1	%
Post-Age 65		—			—			6.1	%		6.1	%
Ultimate		—			—			5.0	%		4.9	%

Summary of Projected Benefit Obligations in Excess of Plan Assets

The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2016 and 2015:

	Pension Benefits
	2016		2015
Projected benefit obligation	$	744.3	$	3,695.0
Fair value of plan assets		622.2		3,173.8

Accumulated Benefit Obligations in Excess of Plan Assets

The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2016 and 2015:

	Pension Benefits
	2016		2015
Accumulated benefit obligation	$	730.7	$	3,679.6
Fair value of plan assets		622.2		3,173.8

Effects of One-percentage Point Change in Assumed Health Care Cost Trend Rates

The current health care cost trend rate gradually declines through 2024 (2034 for Canada) to the ultimate trend rate and remains level thereafter. A one-percentage point change in assumed health care cost trend rates would have the following effects:

	1.0% Increase		1.0% Decrease
Other postretirement benefits obligation	$	5.8	$	(5.4	)
Total other postretirement benefits service and interest cost components		0.8		(0.7	)

Expected Benefit Payments

Benefit payments are expected to be paid as follows:

	Pension Benefits		Other Postretirement Benefits-Gross		Estimated Subsidy Reimbursements
2017		44.9		26.8		1.3
2018		45.8		26.9		1.4
2019		46.4		26.5		1.5
2020		48.1		26.2		1.5
2021	49.6		25.7		1.5
2022-2026	258.1			122.0	6.5

Pension Plans, Defined Benefit

Allocation of Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2016 and 2015, by asset category were as follows:

	December 31, 2016								December 31, 2015
Asset Category	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	17.5	$	12.9	$	4.6	$	—	$	124.0	$	93.3	$	30.7	$	—
Equity		144.6		144.5		0.1		—		816.7		816.6		0.1		—
Fixed income		222.7		0.7		222.0		—		1,371.9		0.6		1,371.3		—
Derivatives and other		2.3		—		2.3		—		1.5		—		1.5		—
Subtotal	$	387.1	$	158.1	$	229.0	$	—	$	2,314.1	$	910.5	$	1,403.6	$	—
Plan assets measured at NAV
Equity funds	$	245.5							$	717.5
Fixed income		193.4								184.4
Derivatives and other		16.6								16.5
Real estate		32.8								146.5
Private Equity		—								45.1
Total plan assets measured at NAV	$	488.3							$	1,110.0
Total	$	875.4							$	3,424.1

Other Postretirement Benefit Plans, Defined Benefit

Allocation of Plan Assets

The fair values of the Company’s other postretirement benefits plan assets at December 31, 2016 and 2015, by asset category were as follows:

	December 31, 2016						December 31, 2015
Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	21.3	$	—	$	21.3	$	5.4	$	—	$	5.4
Other		1.4		1.4		—	$	1.2		1.2		—
Subtotal	$	22.7	$	1.4	$	21.3	$	6.6	$	1.2	$	5.4
Investments measured at NAV
Equity funds	$	149.8					$	143.5
Fixed income funds		37.8						55.4
Total investments measured at NAV	$	187.6					$	198.9
Total	$	210.3					$	205.5