Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash at June 30, 2020 and December 31, 2019 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows.

	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	341.9	$	190.8
Restricted cash - current (a)		30.2		32.9
Restricted cash - noncurrent (b)		0.1		0.1
Total cash, cash equivalents and restricted cash	$	372.2	$	223.8

(a) Included within Prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets

(b) Included within Other noncurrent assets within the Condensed Consolidated Balance Sheets

Allowance for Credit Losses

Allowance for Credit Losses

We recognize an allowance for credit losses for financial assets carried at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on credit losses expected to arise over the life of the asset’s contractual term, which includes consideration of prepayments. Assets are written off when we determine that such financial assets are deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are included in determining the necessary reserve at the balance sheet date. We pool financial assets based on similar risk characteristics to estimate expected credit losses. We estimate expected credit losses on financial assets individually when those assets do not share similar risk characteristics. We closely monitor our accounts receivable including timely account reconciliations, detailed reviews of past due accounts, updated credit limits, and monthly analysis of the adequacy of our reserve for credit losses.

We utilize a loss rate approach to determine lifetime expected credit losses for our financial assets. This method is used for calculating an estimate of losses based primarily on our historical loss experience. In determining loss rates, we evaluate information related to historical losses, adjusted for current conditions and further adjusted for the period of time that we can reasonably forecast. We have concluded that we can reasonably support a forecast period for the contractual life of our financial assets. Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider the following: the customer or vendor’s creditworthiness, changes in our policy and procedures to establish customer credit limits, changes in the payment terms of receivables, existence and effect of any concentration of credit and changes in the level of such concentrations, and the effects of other external forces such as the current and forecasted direction of the economic and business environment. We have considered the current and expected economic and market conditions as a result of COVID-19 in determining credit loss expense for the period ended June 30, 2020.

The allowance for credit losses as of December 31, 2019 and June 30, 2020, was as follows:

	Beginning Balance December 31, 2019		Additional Allowance Recognized Due to Adoption of Topic ASC326		Credit Loss Expense for the Period		Write offs During the Period			Ending Balance June 30, 2020
Trade receivables	$	20.5		0.2		5.9		(1.1	)	$	25.5

Recoveries, notes receivables and rebates from vendors in the six months ended June 30, 2020 were immaterial.

Revenue Recognition

Disaggregation of Revenue

The following table presents net sales disaggregated by products and services:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Products
Commercial print	$	275.5	$	413.5	$	638.9	$	835.9
Packaging		150.4		162.6		265.5		302.1
Labels		113.7		119.6		235.3		240.1
Direct marketing		108.0		137.0		290.8		285.5
Statements		101.9		133.6		228.8		283.1
Digital print and fulfillment		84.6		115.1		198.2		224.7
Supply chain management		64.9		74.1		134.6		152.6
Forms		48.6		59.2		101.0		121.6
Total products net sales	$	947.6	$	1,214.7	$	2,093.1	$	2,445.6
Services
Logistics	$	155.2	$	208.0	$	350.4	$	409.7
Business process outsourcing		38.0		60.6		79.4		122.4
Digital and creative solutions		21.4		25.4		48.8		52.9
Total services net sales	$	214.6	$	294.0	$	478.6	$	585.0
Total net sales	$	1,162.2	$	1,508.7	$	2,571.7	$	3,030.6

Variable Consideration

Certain clients may receive volume-based rebates or early payment discounts, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be earned by our clients and reduce revenue accordingly. We do not expect significant changes to estimates of variable consideration. Given the nature of our products and the history of returns, product returns are not significant.

Contract Balances

The following table provides information about contract assets and liabilities from contracts with clients:

	Contract Assets		Contract Liabilities
	Short-Term		Short-Term		Long-Term
Balance at December 31, 2019	$	2.0	$	18.9	$	0.2
Balance at June 30, 2020		3.5		11.3		0.2

Contract liabilities primarily relate to client advances received prior to completion of performance obligations. Reductions in contract liabilities are a result of our completion of performance obligations.

Revenue recognized during the six months ended June 30, 2020 from amounts included in contract liabilities at the beginning of the period was approximately $14.4 million. During the six months ended June 30, 2020, we reclassified $2.0 million of contract assets to receivables as a result of the completion of the performance obligation and the right to the consideration becoming unconditional.