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Employee Retirement Plans
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Employee Retirement Plans Employee Retirement Plans
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 (expense) income for the three and nine months ended September 30, 2025 and 2024, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest cost$(3.9)$(4.1)$(11.5)$(12.3)
Expected return on plan assets3.8 4.6 11.2 13.6 
  Net periodic pension (expense) income(0.1)0.5 (0.3)1.3 
Amortization of actuarial loss(0.3)(0.3)(0.8)(0.7)
Net pension (expense) income$(0.4)$0.2 $(1.1)$0.6 

The Company made $0.3 million in benefit payments to its non-qualified defined benefit pension plans and made no contributions to its qualified defined benefit plans during the nine months ended September 30, 2025.

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The Company has withdrawn from all significant MEPPs and replaced these union sponsored “promise to pay in the future” defined benefit plans with a Company sponsored “pay as you go”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. As a result of the decision to withdraw and the significant underfunding of each MEPP, the Company is required to pay a withdrawal liability based on information provided by each plan’s trustee to fund its pro rata share of the underfunding as of the plan year the full withdrawal was completed. The withdrawal liabilities have been fully paid for all MEPPs except for one, the Graphic Communications International Union - Employer Retirement Fund (“GCIU”).

The Company has reserved $19.8 million for the GCIU withdrawal liability as of September 30, 2025, of which $17.4 million was recorded in other long-term liabilities and $2.4 million was recorded in other current liabilities in the condensed consolidated balance sheets. The Company is scheduled to make payments to the GCIU until April 2032. The Company made payments totaling $2.9 million and $3.3 million for the nine months ended September 30, 2025 and 2024, respectively.