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Financial Instruments and Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of acquisitions or impairment charges. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also classifies the inputs used to measure fair value into the following hierarchy:

Level 1:    Quoted prices in active markets for identical assets or liabilities.

Level 2:    Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3:    Unobservable inputs for the asset or liability. There were no Level 3 recurring measurements of assets or liabilities as of September 30, 2025.

Interest Rate Swaps

The Company currently holds four active interest rate swap contracts. The purpose of entering into the contracts was to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable rate debt.
Active Interest Rate Swaps

The active interest rate swaps are each designated as a cash flow hedge as they effectively convert the notional value of the Company’s variable rate debt based on one-month term Secured Overnight Financing Rate (“SOFR”) to a fixed rate, including a spread on underlying debt, and a monthly reset in the variable interest rate. The key terms of the active interest rate swaps are as follows:
April 23, 2024
Interest Rate Swap		August 8, 2025 Interest Rate SwapAugust 28, 2025 Interest Rate SwapSeptember 18, 2025 Interest Rate Swap
Effective dateApril 30, 2024August 12, 2025August 29, 2025September 18, 2025
Termination dateMarch 31, 2027September 30, 2028September 30, 2028September 30, 2028
Term35 Months38 Months37 Months36 Months
Notional amount$50.0$40.0$20.0$20.0
Fixed swap rate4.67%3.46%3.34%3.31%

The Company classifies interest rate swaps as Level 2 because the inputs into the valuation model are observable or can be derived or corroborated utilizing observable market data at commonly quoted intervals. The fair value of the active interest rate swaps classified as Level 2 as of September 30, 2025, and December 31, 2024, were as follows:
Balance Sheet LocationSeptember 30, 2025December 31, 2024
Interest rate swap liabilitiesOther long-term liabilities$(1.1)$(0.7)

The active interest rate swaps were highly effective as of September 30, 2025. No amount of ineffectiveness has been recorded into earnings related to the active interest rate swaps. The cash flows associated with the active interest rate swaps have been recognized as an adjustment to interest expense in the condensed consolidated statements of operations, and the changes in the fair value of the active interest rate swaps has been included in other comprehensive income (loss) in the condensed consolidated statements of comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash Flow Impacts
Net interest paid$— $— $0.1 $— 
Loss recognized in other comprehensive income (loss)0.1 1.1 0.4 1.6 
Terminated Interest Rate Swap

The Company held a $130.0 million interest rate swap, effective on March 29, 2019, that terminated on March 28, 2024. The terminated interest rate swap was previously designated as a cash flow hedge as it effectively converted the notional value of the Company’s variable rate debt based on one-month London Interbank Offered Rate (“LIBOR”) to a fixed rate, including a spread on underlying debt, and a monthly reset in the variable interest rate. However, the Company amended its Senior Secured Credit Facility during the second quarter of 2020, which added a 0.75% LIBOR floor to the Company’s variable rate debt, changing the critical terms of the hedged instrument. Due to this change in critical terms, the Company had elected to de-designate the swap as a cash flow hedge, resulting in future changes in fair value being recognized in interest expense. The balance of the accumulated other comprehensive loss attributable to the interest rate swap as of June 30, 2020 was then amortized to interest expense on a straight-line basis over the remaining life of the swap contract. Due to the Company’s transition from LIBOR to SOFR during the first quarter of 2023, the interest rate swap’s fixed swap rate was amended to be based on one-month term SOFR.
Prior to the Company’s de-designation of the terminated interest rate swap as a cash flow hedge, the interest rate swap was considered highly effective, with no amount of ineffectiveness recorded into earnings. The change in the fair value of the interest rate swap was recorded as an adjustment to interest expense in the condensed consolidated statements of operations.

The cash flows associated with the terminated interest rate swap have been recognized as an adjustment to interest expense in the condensed consolidated statements of operations:
Nine Months Ended September 30, 2024
Cash Flow Impacts
Net interest received$(1.0)
Impacts with Terminated Swap as Nonhedging Instrument
Loss recognized in interest expense excluded from hedge effectiveness assessments0.9 
Amounts reclassified out of accumulated other comprehensive loss to interest expense0.6 
Net interest expense(1.0)
Total impact of terminated swap to interest expense$0.5 
Interest Rate Collars

The Company has entered into two interest rate collar contracts, both effective February 1, 2023. The purpose of entering into the contracts was to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable rate debt. The interest rate collars are designated as cash flow hedges as they effectively convert the notional value of the Company’s variable rate debt based on one-month term SOFR to a fixed rate if that month’s interest rate is outside of the collars’ floor and ceiling rates, including a spread on underlying debt, and a monthly reset in the variable interest rate. The key terms of the interest rate collars are as follows:
December 12, 2022
Interest Rate Collar		December 14, 2022
Interest Rate Collar
Effective dateFebruary 1, 2023February 1, 2023
Termination dateOctober 30, 2026October 31, 2025
Term45 Months33 Months
Notional amount$75.0$75.0
Floor Rate2.09%2.25%
Ceiling Rate5.00%5.00%
The Company classifies interest rate collars as Level 2 because the inputs into the valuation model are observable or can be derived or corroborated utilizing observable market data at commonly quoted intervals. The fair value of the interest rate collars classified as Level 2 as of September 30, 2025, and December 31, 2024, were as follows:
Balance Sheet LocationSeptember 30, 2025December 31, 2024
Interest rate collar assetsPrepaid expenses and other current assets$— $0.1 
The interest rate collars were highly effective as of September 30, 2025. No amount of ineffectiveness has been recorded into earnings related to these cash flow hedges. The cash flows associated with the interest rate collars have been recognized as an adjustment to interest expense in the condensed consolidated statements of operations, and the changes in the fair value of the interest rate collars have been included in other comprehensive income (loss) in the condensed consolidated statements of comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash Flow Impacts
Net interest received$— $(0.1)$— $(0.3)
Loss recognized in other comprehensive income (loss)$— $0.6 $0.1 $— 

Foreign Exchange Contracts

The Company has operations in countries that have transactions outside their functional currencies and periodically enters into foreign exchange contracts. These contracts are used to hedge the net exposures of changes in foreign currency exchange rates and are designated as either cash flow hedges or fair value hedges. Gains or losses on net foreign currency hedges are intended to offset losses or gains on the underlying net exposures in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. As of September 30, 2025, there were three open foreign currency exchange contracts for the future collections of the note receivable from the sale of the European operations, designated as cash flow hedges, with a total notional value of $26.2 million. The change in the fair value of the cash flow hedges resulted in a loss of $0.4 million and $1.1 million included in other comprehensive income (loss) during the three and nine months ended September 30, 2025, respectively.

Natural Gas Forward Contracts

The Company periodically enters into natural gas forward purchase contracts to hedge against increases in commodity costs. The Company’s commodity contracts qualified for the exception related to normal purchases and sales during the nine months ended September 30, 2025 and 2024, as the Company takes delivery in the normal course of business.

Debt

The Company measures fair value on its debt instruments using interest rates available to the Company for borrowings with similar terms and maturities and is categorized as Level 2. Based upon the interest rates available to the Company for borrowings with similar terms and maturities, the fair value of the Company’s total debt was approximately $0.5 billion and $0.4 billion at September 30, 2025 and December 31, 2024, respectively.

Other Estimated Fair Value Measurements

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets that may result in impairment charges, which are categorized as Level 3. See Note 4, “Strategic Acquisition and Divestiture” for further discussion on acquisitions. See Note 3, “Restructuring, Impairment and Transaction-Related Charges, Net,” and Note 4, “Strategic Acquisition and Divestiture” for further discussion on fair value remeasurements and for impairment charges recorded as a result of the remeasurement of certain long-lived assets.

The Company records the fair value of its forward contracts and pension plan assets on a recurring basis. The fair value of cash and cash equivalents, receivables, inventories, accounts payable and other current liabilities approximate their carrying values as of September 30, 2025, and December 31, 2024.