Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

For the Three Months Ended March 31, 2017



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	422.3		$	563.4		$	101.4		$	(88.5	)	$	998.6
Cost of sales	303.1			483.6			81.7			(87.3		)	781.1
Selling, general and administrative expenses	60.2			29.1			7.9			(1.2		)	96.0
Depreciation and amortization	27.5			25.9			5.3			—			58.7
Restructuring, impairment and transaction-related charges	11.4			(3.0		)	0.8			—			9.2
Total operating expenses	402.2			535.6			95.7			(88.5		)	945.0
Operating income (loss)	$	20.1		$	27.8		$	5.7		$	—		$	53.6
Interest expense (income)	17.3			—			0.9			—			18.2
Loss (gain) on debt extinguishment	2.6			—			—			—			2.6
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	0.2			27.8			4.8			—			32.8
Income tax expense (benefit)	(2.8		)	13.8			(4.3		)	—			6.7
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	3.0			14.0			9.1			—			26.1
Equity in (earnings) loss of consolidated entities	(22.4		)	(0.5		)	—			22.9			—
Equity in (earnings) loss of unconsolidated entity	—			—			0.7			—			0.7
Net earnings (loss)	$	25.4		$	14.5		$	8.4		$	(22.9	)	$	25.4

Condensed Consolidating Statement of Operations

For the Three Months Ended March 31, 2016



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	438.5		$	587.9		$	105.0		$	(88.9	)	$	1,042.5
Cost of sales	308.9			501.2			82.3			(88.9		)	803.5
Selling, general and administrative expenses	69.3			38.7			11.0			—			119.0
Depreciation and amortization	45.4			25.2			7.5			—			78.1
Restructuring, impairment and transaction-related charges	11.4			16.9			0.6			—			28.9
Total operating expenses	435.0			582.0			101.4			(88.9		)	1,029.5
Operating income (loss)	$	3.5		$	5.9		$	3.6		$	—		$	13.0
Interest expense (income)	20.8			(1.1		)	1.0			—			20.7
Loss (gain) on debt extinguishment	(14.1		)	—			—			—			(14.1		)
Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities	(3.2		)	7.0			2.6			—			6.4
Income tax expense (benefit)	8.1			(6.3		)	(0.1		)	—			1.7
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities	(11.3		)	13.3			2.7			—			4.7
Equity in (earnings) loss of consolidated entities	(15.1		)	(1.5		)	—			16.6			—
Equity in (earnings) loss of unconsolidated entity	—			—			0.9			—			0.9
Net earnings (loss)	$	3.8		$	14.8		$	1.8		$	(16.6	)	$	3.8

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended March 31, 2016



	Quad/Graphics, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Net earnings (loss)	$	3.8	$	14.8		$	1.8	$	(16.6	)	$	3.8
Other comprehensive income (loss), net of tax	8.4		(1.1		)	6.6		(5.5		)	8.4
Total comprehensive income (loss)	$	12.2	$	13.7		$	8.4	$	(22.1	)	$	12.2

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended March 31, 2017



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Net earnings (loss)	$	25.4	$	14.5	$	8.4	$	(22.9	)	$	25.4
Other comprehensive income (loss), net of tax	8.1		0.4		7.4		(7.8		)	8.1
Total comprehensive income (loss)	$	33.5	$	14.9	$	15.8	$	(30.7	)	$	33.5

Condensed Consolidating Balance Sheet

As of March 31, 2017



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	0.2	$	0.8	$	5.5	$	—		$	6.5
Receivables, less allowances for doubtful accounts	382.3		39.1		83.7		—			505.1
Intercompany receivables	—		729.8		—		(729.8		)	—
Inventories	98.1		128.5		42.4		—			269.0
Other current assets	29.3		13.3		12.1		—			54.7
Total current assets	509.9		911.5		143.7		(729.8		)	835.3

Property, plant and equipment—net	757.9		569.3		160.0		—			1,487.2
Investment in consolidated entities	1,320.5		9.7		—		(1,330.2		)	—
Intangible assets—net	10.7		33.1		11.6		—			55.4
Intercompany loan receivable	106.5		—		—		(106.5		)	—
Other long-term assets	48.7		10.0		34.3		—			93.0
Total assets	$	2,754.2	$	1,533.6	$	349.6	$	(2,166.5	)	$	2,470.9

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	172.2	$	74.6	$	57.6	$	—		$	304.4
Intercompany accounts payable	710.4		—		19.4		(729.8		)	—
Short-term debt and current portion of long-term debt and capital lease obligations	67.8		2.5		8.5		—			78.8
Other current liabilities	193.9		71.4		26.3		—			291.6
Total current liabilities	1,144.3		148.5		111.8		(729.8		)	674.8

Long-term debt and capital lease obligations	1,009.3		2.2		12.5		—			1,024.0
Intercompany loan payable	—		40.0		66.5		(106.5		)	—
Other long-term liabilities	139.9		157.3		14.2		—			311.4
Total liabilities	2,293.5		348.0		205.0		(836.3		)	2,010.2

Total shareholders' equity	460.7		1,185.6		144.6		(1,330.2		)	460.7
Total liabilities and shareholders' equity	$	2,754.2	$	1,533.6	$	349.6	$	(2,166.5	)	$	2,470.9

Condensed Consolidating Balance Sheet

As of December 31, 2016



	Quad/Graphics, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Cash and cash equivalents	$	0.3	$	1.9	$	6.8	$	—		$	9.0
Receivables, less allowances for doubtful accounts	439.7		37.7		86.2		—			563.6
Intercompany receivables	—		720.5		—		(720.5		)	—
Inventories	102.2		115.9		47.3		—			265.4
Other current assets	40.6		15.7		8.3		—			64.6
Total current assets	582.8		891.7		148.6		(720.5		)	902.6

Property, plant and equipment—net	777.3		577.9		164.7		—			1,519.9
Investment in consolidated entities	1,288.9		61.8		—		(1,350.7		)	—
Intangible assets—net	12.0		20.3		27.4		—			59.7
Intercompany loan receivable	104.2		—		—		(104.2		)	—
Other long-term assets	43.5		10.1		34.3		—			87.9
Total assets	$	2,808.7	$	1,561.8	$	375.0	$	(2,175.4	)	$	2,570.1

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	159.3	$	98.5	$	65.7	$	—		$	323.5
Intercompany accounts payable	711.2		—		9.3		(720.5		)	—
Short-term debt and current portion of long-term debt and capital lease obligations	79.5		2.9		9.7		—			92.1
Other current liabilities	253.9		76.2		28.9		—			359.0
Total current liabilities	1,203.9		177.6		113.6		(720.5		)	774.6

Long-term debt and capital lease obligations	1,022.0		2.4		14.3		—			1,038.7
Intercompany loan payable	—		39.9		64.3		(104.2		)	—
Other long-term liabilities	141.3		150.0		24.0		—			315.3
Total liabilities	2,367.2		369.9		216.2		(824.7		)	2,128.6

Total shareholders' equity	441.5		1,191.9		158.8		(1,350.7		)	441.5
Total liabilities and shareholders' equity	$	2,808.7	$	1,561.8	$	375.0	$	(2,175.4	)	$	2,570.1

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2017



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from operating activities	$	63.9		$	(1.6	)	$	1.0		$	—		$	63.3

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(4.3		)	(16.6		)	(2.5		)	—			(23.4		)
Intercompany investing activities	(5.3		)	3.2			0.4			1.7			—
Other investing activities	(3.9		)	18.9			0.1			—			15.1
Net cash from (used in) investing activities	(13.5		)	5.5			(2.0		)	1.7			(8.3		)

FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	375.0			—			—			—			375.0
Payments of long-term debt and capital lease obligations	(383.3		)	(0.8		)	(2.0		)	—			(386.1		)
Borrowings on revolving credit facilities	65.1			—			1.9			—			67.0
Payments on revolving credit facilities	(80.5		)	—			(3.3		)	—			(83.8		)
Payment of cash dividends	(16.8		)	—			—			—			(16.8		)
Intercompany financing activities	(0.8		)	—			2.5			(1.7		)	—
Other financing activities	(9.2		)	(4.1		)	—			—			(13.3		)
Net cash from (used in) financing activities	(50.5		)	(4.9		)	(0.9		)	(1.7		)	(58.0		)

Effect of exchange rates on cash and cash equivalents	—			(0.1		)	0.6			—			0.5
Net increase (decrease) in cash and cash equivalents	(0.1		)	(1.1		)	(1.3		)	—			(2.5		)
Cash and cash equivalents at beginning of period	0.3			1.9			6.8			—			9.0
Cash and cash equivalents at end of period	$	0.2		$	0.8		$	5.5		$	—		$	6.5

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2016



	Quad/Graphics, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
OPERATING ACTIVITIES
Net cash from operating activities	$	78.6		$	25.2		$	8.8		$	—		$	112.6

INVESTING ACTIVITIES
Purchases of property, plant and equipment	(12.4		)	(6.9		)	(6.9		)	—			(26.2		)
Intercompany investing activities	14.5			(17.4		)	(0.1		)	3.0			—
Other investing activities	0.6			0.4			1.5			—			2.5
Net cash from (used in) investing activities	2.7			(23.9		)	(5.5		)	3.0			(23.7		)

FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	—			—			18.4			—			18.4
Payments of long-term debt and capital lease obligations	(115.8		)	(0.9		)	—			—			(116.7		)
Borrowings on revolving credit facilities	273.8			—			19.8			—			293.6
Payments on revolving credit facilities	(238.5		)	—			(20.0		)	—			(258.5		)
Purchases of treasury stock	(8.8		)	—			—			—			(8.8		)
Payment of cash dividends	(15.4		)	—			—			—			(15.4		)
Intercompany financing activities	25.5			0.1			(22.6		)	(3.0		)	—
Other financing activities	(2.1		)	—			—			—			(2.1		)
Net cash from (used in) financing activities	(81.3		)	(0.8		)	(4.4		)	(3.0		)	(89.5		)

Effect of exchange rates on cash and cash equivalents	—			—			0.1			—			0.1
Net increase (decrease) in cash and cash equivalents	—			0.5			(1.0		)	—			(0.5		)
Cash and cash equivalents at beginning of period	2.3			2.8			5.7			—			10.8
Cash and cash equivalents at end of period	$	2.3		$	3.3		$	4.7		$	—		$	10.3