Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

6 Months Ended

Jun. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

For the Six Months Ended June 30, 2016



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	859.0		$	1,172.6		$	224.5		$	(181.3	)	$	2,074.8
Cost of sales	623.9			1,003.3			178.6			(181.3		)	1,624.5
Selling, general and administrative expenses	138.8			69.3			23.9			—			232.0
Depreciation and amortization	89.7			49.8			16.2			—			155.7
Restructuring, impairment and transaction-related charges	18.9			15.3			2.1			—			36.3
Total operating expenses	871.3			1,137.7			220.8			(181.3		)	2,048.5
Operating income (loss)	$	(12.3	)	$	34.9		$	3.7		$	—		$	26.3
Interest expense (income)	39.7			(2.4		)	2.0			—			39.3
Gain on debt extinguishment	(14.1		)	—			—			—			(14.1		)
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(37.9		)	37.3			1.7			—			1.1
Income tax expense (benefit)	5.8			(3.3		)	0.2			—			2.7
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(43.7		)	40.6			1.5			—			(1.6		)
Equity in (earnings) loss of consolidated entities	(39.8		)	(3.3		)	—			43.1			—
Equity in (earnings) loss of unconsolidated entities	—			—			2.3			—			2.3
Net earnings (loss)	$	(3.9	)	$	43.9		$	(0.8	)	$	(43.1	)	$	(3.9	)

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2016



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	420.5		$	584.7		$	119.5		$	(92.4	)	$	1,032.3
Cost of sales	315.0			502.1			96.3			(92.4		)	821.0
Selling, general and administrative expenses	69.5			30.6			12.9			—			113.0
Depreciation and amortization	44.3			24.6			8.7			—			77.6
Restructuring, impairment and transaction-related charges	7.5			(1.6		)	1.5			—			7.4
Total operating expenses	436.3			555.7			119.4			(92.4		)	1,019.0
Operating income (loss)	$	(15.8	)	$	29.0		$	0.1		$	—		$	13.3
Interest expense (income)	18.9			(1.3		)	1.0			—			18.6
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(34.7		)	30.3			(0.9		)	—			(5.3		)
Income tax expense (benefit)	(2.3		)	3.0			0.3			—			1.0
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(32.4		)	27.3			(1.2		)	—			(6.3		)
Equity in (earnings) loss of consolidated entities	(24.7		)	(1.8		)	—			26.5			—
Equity in (earnings) loss of unconsolidated entities	—			—			1.4			—			1.4
Net earnings (loss)	$	(7.7	)	$	29.1		$	(2.6	)	$	(26.5	)	$	(7.7	)

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	398.5		$	656.2		$	104.8		$	(99.5	)	$	1,060.0
Cost of sales	305.4			563.6			88.2			(99.5		)	857.7
Selling, general and administrative expenses	63.6			36.0			10.8			—			110.4
Depreciation and amortization	44.9			30.0			8.5			—			83.4
Restructuring, impairment and transaction-related charges	1.7			7.9			24.7			—			34.3
Total operating expenses	415.6			637.5			132.2			(99.5		)	1,085.8
Operating income (loss)	$	(17.1	)	$	18.7		$	(27.4	)	$	—		$	(25.8	)
Interest expense (income)	20.8			(0.5		)	1.3			—			21.6
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(37.9		)	19.2			(28.7		)	—			(47.4		)
Income tax expense (benefit)	(11.2		)	5.2			2.2			—			(3.8		)
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(26.7		)	14.0			(30.9		)	—			(43.6		)
Equity in (earnings) loss of consolidated entities	18.4			1.2			—			(19.6		)	—
Equity in (earnings) loss of unconsolidated entities	—			—			1.5			—			1.5
Net earnings (loss)	$	(45.1	)	$	12.8		$	(32.4	)	$	19.6		$	(45.1	)

Condensed Consolidating Statement of Operations

For the Six Months Ended June 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	850.6		$	1,297.3		$	199.7		$	(199.6	)	$	2,148.0
Cost of sales	646.2			1,118.0			168.5			(199.6		)	1,733.1
Selling, general and administrative expenses	123.0			79.1			18.0			—			220.1
Depreciation and amortization	89.7			59.5			15.5			—			164.7
Restructuring, impairment and transaction-related charges	(6.3		)	23.6			27.1			—			44.4
Goodwill impairment	—			—			23.3			—			23.3
Total operating expenses	852.6			1,280.2			252.4			(199.6		)	2,185.6
Operating income (loss)	$	(2.0	)	$	17.1		$	(52.7	)	$	—		$	(37.6	)
Interest expense (income)	42.1			(0.7		)	2.7			—			44.1
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(44.1		)	17.8			(55.4		)	—			(81.7		)
Income tax expense (benefit)	(7.6		)	0.4			2.4			—			(4.8		)
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(36.5		)	17.4			(57.8		)	—			(76.9		)
Equity in (earnings) loss of consolidated entities	43.8			2.2			—			(46.0		)	—
Equity in (earnings) loss of unconsolidated entities	—			—			3.4			—			3.4
Net earnings (loss)	$	(80.3	)	$	15.2		$	(61.2	)	$	46.0		$	(80.3	)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Six Months Ended June 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations		Total
Net earnings (loss)	$	(80.3	)	$	15.2	$	(61.2	)	$	46.0	$	(80.3	)
Other comprehensive income (loss), net of tax	(23.1		)	—		(24.0		)	24.0		(23.1		)
Total comprehensive income (loss)	$	(103.4	)	$	15.2	$	(85.2	)	$	70.0	$	(103.4	)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Six Months Ended June 30, 2016



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net earnings (loss)	$	(3.9	)	$	43.9		$	(0.8	)	$	(43.1	)	$	(3.9	)
Other comprehensive income (loss), net of tax	7.1			(1.3		)	5.6			(4.3		)	7.1
Total comprehensive income (loss)	$	3.2		$	42.6		$	4.8		$	(47.4	)	$	3.2

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended June 30, 2016



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net earnings (loss)	$	(7.7	)	$	29.1		$	(2.6	)	$	(26.5	)	$	(7.7	)
Other comprehensive income (loss), net of tax	(1.3		)	(0.2		)	(1.0		)	1.2			(1.3		)
Total comprehensive income (loss)	$	(9.0	)	$	28.9		$	(3.6	)	$	(25.3	)	$	(9.0	)

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended June 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Net earnings (loss)	$	(45.1	)	$	12.8	$	(32.4	)	$	19.6		$	(45.1	)
Other comprehensive income (loss), net of tax	1.8			0.1		1.3			(1.4		)	1.8
Total comprehensive income (loss)	$	(43.3	)	$	12.9	$	(31.1	)	$	18.2		$	(43.3	)

Condensed Consolidating Balance Sheet

As of June 30, 2016



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	2.6	$	1.8	$	4.3	$	—		$	8.7
Receivables, less allowances for doubtful accounts	388.2		44.2		91.9		—			524.3
Intercompany receivables	—		1,085.3		—		(1,085.3		)	—
Inventories	98.5		127.2		44.2		—			269.9
Other current assets	28.9		23.0		7.7		—			59.6
Total current assets	518.2		1,281.5		148.1		(1,085.3		)	862.5

Property, plant and equipment—net	813.4		591.4		170.2		—			1,575.0
Investment in consolidated entities	1,732.8		59.6		—		(1,792.4		)	—
Intangible assets—net	14.6		23.6		31.5		—			69.7
Intercompany loan receivable	95.9		—		—		(95.9		)	—
Other long-term assets	37.3		6.4		32.4		—			76.1
Total assets	$	3,212.2	$	1,962.5	$	382.2	$	(2,973.6	)	$	2,583.3

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	174.8	$	75.4	$	69.9	$	—		$	320.1
Intercompany accounts payable	1,084.0		—		1.3		(1,085.3		)	—
Short-term debt and current portion of long-term debt and capital lease obligations	82.8		3.4		5.0		—			91.2
Other current liabilities	220.2		74.4		28.0		—			322.6
Total current liabilities	1,561.8		153.2		104.2		(1,085.3		)	733.9

Long-term debt and capital lease obligations	1,084.1		3.7		16.9		—			1,104.7
Intercompany loan payable	—		39.3		56.6		(95.9		)	—
Other long-term liabilities	170.9		158.5		19.9		—			349.3
Total liabilities	2,816.8		354.7		197.6		(1,181.2		)	2,187.9

Total shareholders' equity	395.4		1,607.8		184.6		(1,792.4		)	395.4
Total liabilities and shareholders' equity	$	3,212.2	$	1,962.5	$	382.2	$	(2,973.6	)	$	2,583.3

Condensed Consolidating Balance Sheet

As of December 31, 2015



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	2.3	$	2.8	$	5.7	$	—		$	10.8
Receivables, less allowances for doubtful accounts	507.5		53.3		87.9		—			648.7
Intercompany receivables	—		1,007.7		—		(1,007.7		)	—
Inventories	95.8		138.5		45.8		—			280.1
Other current assets	24.7		20.0		7.0		—			51.7
Total current assets	630.3		1,222.3		146.4		(1,007.7		)	991.3

Property, plant and equipment—net	849.6		652.8		173.4		—			1,675.8
Investment in consolidated entities	1,676.6		57.8		—		(1,734.4		)	—
Intangible assets—net	46.9		27.1		36.5		—			110.5
Intercompany loan receivable	125.8		—		—		(125.8		)	—
Other long-term assets	27.8		8.5		33.6		—			69.9
Total assets	$	3,357.0	$	1,968.5	$	389.9	$	(2,867.9	)	$	2,847.5

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	203.7	$	85.4	$	69.7	$	—		$	358.8
Intercompany accounts payable	997.4		—		10.3		(1,007.7		)	—
Short-term debt and current portion of long-term debt and capital lease obligations	95.6		3.5		0.6		—			99.7
Other current liabilities	223.4		94.3		31.2		—			348.9
Total current liabilities	1,520.1		183.2		111.8		(1,007.7		)	807.4

Long-term debt and capital lease obligations	1,242.5		5.3		1.8		—			1,249.6
Intercompany loan payable	—		38.8		87.0		(125.8		)	—
Other long-term liabilities	170.5		175.9		20.2		—			366.6
Total liabilities	2,933.1		403.2		220.8		(1,133.5		)	2,423.6

Total shareholders' equity	423.9		1,565.3		169.1		(1,734.4		)	423.9
Total liabilities and shareholders' equity	$	3,357.0	$	1,968.5	$	389.9	$	(2,867.9	)	$	2,847.5

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended June 30, 2016



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from operating activities	$	138.6		$	79.7		$	1.3		$	—		$	219.6

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(18.8		)	(12.3		)	(9.5		)	—			(40.6		)
Acquisition related investing activities—net of cash acquired	(0.9		)	—			—			—			(0.9		)
Intercompany investing activities	(0.8		)	(71.7		)	25.3			47.2			—
Other investing activities	(6.2		)	5.1			2.0			—			0.9
Net cash from investing activities	(26.7		)	(78.9		)	17.8			47.2			(40.6		)

FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	—			—			19.7			—			19.7
Payments of long-term debt and capital lease obligations	(149.5		)	(1.7		)	—			—			(151.2		)
Borrowings on revolving credit facilities	449.3			—			39.0			—			488.3
Payments on revolving credit facilities	(460.1		)	—			(39.0		)	—			(499.1		)
Purchases of treasury stock	(8.8		)	—			—			—			(8.8		)
Payment of cash dividends	(29.5		)	—			—			—			(29.5		)
Intercompany financing activities	86.8			0.1			(39.7		)	(47.2		)	—
Other financing activities	0.2			(0.2		)	—			—			—
Net cash from financing activities	(111.6		)	(1.8		)	(20.0		)	(47.2		)	(180.6		)

Effect of exchange rates on cash and cash equivalents	—			—			(0.5		)	—			(0.5		)
Net increase (decrease) in cash and cash equivalents	0.3			(1.0		)	(1.4		)	—			(2.1		)
Cash and cash equivalents at beginning of period	2.3			2.8			5.7			—			10.8
Cash and cash equivalents at end of period	$	2.6		$	1.8		$	4.3		$	—		$	8.7

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended June 30, 2015



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from operating activities	$	78.4		$	31.7		$	13.3		$	—		$	123.4

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(29.8		)	(46.6		)	(6.9		)	—			(83.3		)
Acquisition related investing activities—net of cash acquired	—			(1.7		)	(78.2		)	—			(79.9		)
Intercompany investing activities	(85.0		)	(92.3		)	(0.2		)	177.5			—
Other investing activities	(1.1		)	6.3			0.1			—			5.3
Net cash from investing activities	(115.9		)	(134.3		)	(85.2		)	177.5			(157.9		)

FINANCING ACTIVITIES
Payments of long-term debt and capital lease obligations	(45.4		)	(1.6		)	—			—			(47.0		)
Borrowings on revolving credit facilities	764.8			—			28.4			—			793.2
Payments on revolving credit facilities	(651.4		)	—			(27.1		)	—			(678.5		)
Payment of cash dividends	(30.1		)	—			—			—			(30.1		)
Intercompany financing activities	(1.0		)	103.0			75.5			(177.5		)	—
Other financing activities	2.2			(0.1		)	—			—			2.1
Net cash from financing activities	39.1			101.3			76.8			(177.5		)	39.7

Effect of exchange rates on cash and cash equivalents	—			—			(1.2		)	—			(1.2		)
Net increase (decrease) in cash and cash equivalents	1.6			(1.3		)	3.7			—			4.0
Cash and cash equivalents at beginning of period	1.9			5.6			2.1			—			9.6
Cash and cash equivalents at end of period	$	3.5		$	4.3		$	5.8		$	—		$	13.6