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Employee Retirement Plans | 9 Months Ended
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Sep. 30, 2020
Retirement Benefits [Abstract] |
Employee Retirement Plans | Employee Retirement Plans Defined Contribution Plans The Quad/Graphics, Inc. Employee Stock Ownership Plan (“ESOP”) holds profit sharing contributions of Company stock, which are made at the discretion of the Company’s Board of Directors. There were no profit sharing contributions during the three and nine months ended September 30, 2020 and 2019. Pension Plans The Company assumed various funded and unfunded frozen pension plans for a portion of its full-time employees in the United States as part of the acquisition of World Color Press Inc. (“World Color Press”) in 2010. Benefits are generally based upon years of service and compensation. These plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all qualified plans using actuarial cost methods and assumptions acceptable under government regulations. The components of net pension income for the three and nine months ended September 30, 2020 and 2019, were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Interest cost | $ | (3.4) |  |  | $ | (4.4) |  |  | $ | (10.2) |  |  | $ | (13.2) |
Expected return on plan assets | 6.1 |  |  | 5.9 |  |  | 18.2 |  |  | 17.7 |
Net pension income | $ | 2.7 |  |  | $ | 1.5 |  |  | $ | 8.0 |  |  | $ | 4.5 |
The Company made $1.2 million in benefit payments to its non-qualified defined benefit pension plans and made $1.3 million in contributions to its qualified defined benefit pension plans during the nine months ended September 30, 2020. Multiemployer Pension Plans (“MEPPs”) The Company has withdrawn from all significant MEPPs and replaced these union sponsored “promise to pay in the future” defined benefit plans with a Company sponsored “pay as you go” defined contribution plan. The two MEPPs, the Graphic Communications International Union – Employer Retirement Fund (“GCIU”) and the Graphic Communications Conference of the International Brotherhood of Teamsters National Pension Fund (“GCC”), are significantly underfunded, and require the Company to pay a withdrawal liability to fund its pro rata share of the underfunding as of the plan year the full withdrawal was completed. As a result of the decision to withdraw, the Company accrued a withdrawal liability based on information provided by each plan’s trustee. The Company has reserved $37.0 million for the total MEPPs withdrawal liability as of September 30, 2020, of which $33.1 million was recorded in other long-term liabilities and $3.9 million was recorded in other current liabilities in the condensed consolidated balance sheets. The Company is scheduled to make payments to the GCIU and GCC until April 2032 and February 2024, respectively. The Company made payments totaling $9.4 million and $7.8 million for the nine months ended September 30, 2020 and 2019, respectively.

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