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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income taxes have been based on the following components of earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated entities for the years ended December 31, 2014, 2013 and 2012:

	2014				2013				2012
U.S.	$	57.4			$	83.0			$	69.1
Foreign	(16.2		)		(26.3		)		(46.6		)
Total	$	41.2			$	56.7			$	22.5

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) consists of the following for the years ended December 31, 2014, 2013 and 2012:

	2014				2013				2012
Federal:
Current	$	(11.6	)		$	24.9			$	(23.2	)
Deferred	21.1				(7.8		)		(4.2		)
State:
Current	(0.9		)		5.6				3.0
Deferred	1.3				(1.4		)		(6.6		)
Foreign:
Current	5.9				3.9				2.3
Deferred	4.4				(1.9		)		(2.8		)
Total income tax expense (benefit)	$	20.2			$	23.3			$	(31.5	)

Schedule of Effective Income Tax Rate Reconciliation

The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company's effective tax rate for the years ended December 31, 2014, 2013 and 2012:

	2014			2013			2012
Federal statutory rate	35.0	%		35.0	%		35.0	%
Foreign rate differential	(4.5	)		6.0			19.2
State taxes, net of federal benefit	(0.2	)		4.3			3.6
Nondeductible transaction costs	0.6			0.3			3.0
Adjustment to valuation allowances	26.1			13.7			(3.7	)
Adjustment of deferred tax liabilities	10.1			(1.8	)		(14.0	)
Loss from foreign branches	0.6			(5.8	)		(30.8	)
Domestic production activity deduction	(1.6	)		(6.0	)		(3.4	)
Adjustment of uncertain tax positions(1)	(22.9	)		1.9			(145.4	)
Other	5.8			(6.5	)		(3.6	)
Effective income tax rate	49.0	%		41.1	%		(140.1	)%

______________________________

(1) During 2012, the Company settled pre-acquisition World Color Press income tax examinations with the Internal Revenue Service ("IRS") resulting in a $30.0 million income tax benefit.

Schedule of Deferred Tax Assets and Liabilities

The significant deferred tax assets and liabilities as of December 31, 2014 and 2013, were as follows:

	2014				2013
Deferred tax assets:
Accrued liabilities	$	24.4			$	28.9
Accrued compensation	43.0				36.6
Allowance for doubtful accounts	18.7				19.8
Interest limitation	115.3				153.6
Pension, postretirement and workers compensation benefits	98.2				80.0
Net operating loss and other tax carryforwards	151.6				152.3
Other	24.8				24.7
Total deferred tax assets	476.0				495.9
Valuation allowance	(156.1		)		(151.5		)
Net deferred tax assets	$	319.9			$	344.4
Deferred tax liabilities:
Property, plant and equipment	$	(359.0	)		$	(362.5	)
Goodwill and intangible assets	(41.2		)		(67.4		)
Investment in U.S. subsidiaries	(240.9		)		(245.1		)
Other	(14.8		)		(16.5		)
Total deferred tax liabilities	(655.9		)		(691.5		)
Net deferred tax liabilities	$	(336.0	)		$	(347.1	)

The net deferred tax assets (liabilities) above are classified on the consolidated balance sheets at December 31, 2014 and 2013 as follows:

	2014				2013
Current net deferred tax asset	$	48.4			$	48.1
Non-current net deferred tax liability	(384.4		)		(395.2		)
Total	$	(336.0	)		$	(347.1	)

Summary of Income Tax Contingencies

The following table summarizes the activity of the Company's liability for unrecognized tax benefits at December 31, 2014, 2013 and 2012:

	2014				2013				2012
Balance at beginning of period	$	44.5			$	46.5			$	106.0
Additions due to acquisitions	—				—				22.9
Additions for tax positions of the current year	0.5				0.1				—
Additions for tax positions of prior years	2.4				0.7				15.2
Reductions for tax positions of prior years	(5.1		)		(0.5		)		(76.3		)
Settlements during the period	(0.3		)		(2.1		)		(7.8		)
Lapses of applicable statutes of limitations	(10.8		)		(0.2		)		(13.5		)
Foreign exchange and other	(0.1		)		—				—
Balance at end of period	$	31.1			$	44.5			$	46.5

The following table summarizes the Company's liabilities for accrued interest and penalties related to income tax uncertainties at December 31, 2014 and 2013:

	2014				2013
Accrued interest
Other current liabilities	$	0.1			$	0.1
Other long-term liabilities	4.8				4.0
Total accrued interest	$	4.9			$	4.1
Accrued penalties
Other current liabilities	$	—			$	—
Other long-term liabilities	0.5				0.5
Total accrued penalties	$	0.5			$	0.5

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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