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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company adopted the interim provisions of Accounting Standards Update 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) during the three and nine months ended September 30, 2025. Intercompany transactions, including sales between the Company’s operating and reportable segments, have been eliminated in consolidation. The Company’s operating and reportable segments, including their product and service offerings, and a “Corporate” category are as follows:

•United States Print and Related Services
•International
•Corporate

United States Print and Related Services

The United States Print and Related Services segment is predominantly comprised of the Company’s United States printing operations, managed as one integrated platform, and marketing and other complementary services. The printing operations include print execution and logistics for retail inserts, catalogs, long-run publications, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, custom print products, as well as other commercial and specialty printed products, along with global paper procurement and the manufacture of ink. Marketing and other complementary services include data intelligence and analytics, technology solutions, media planning, placement and optimization, creative strategy and content creation, as well as execution in non-print channels (e.g., digital and broadcast). This segment also includes medical services.

International

The International segment consists of the Company’s printing operations in Latin America, including operations in Colombia, Mexico and Peru, as well operations in Europe, including operations in England, France, Germany and Poland, until the European operations were sold on February 28, 2025. This segment provides printed products and marketing and other complementary services consistent with the United States Print and Related Services segment.

Corporate

Corporate consists of unallocated general and administrative activities and associated expenses including, in part, executive, legal and finance, as well as certain expenses and income from frozen employee retirement plans, such as pension benefit plans.
The following tables provide segment information for the three and nine months ended September 30, 2025 and 2024, except for as noted otherwise:

United States Print and Related ServicesInternationalCorporateTotal
Three Months Ended September 30, 2025
Net sales
Products$415.9 $43.2 $— $459.1 
Services128.9 — — 128.9 
Total net sales544.8 43.2 — 588.0 
Less (1):
Cost of sales$418.4 $35.7 $— $454.1 
Selling, general and administrative expenses65.6 3.2 12.1 80.9 
Depreciation and amortization17.7 1.5 0.1 19.3 
Restructuring, impairment and transaction-related charges, net6.6 0.3 0.4 7.3 
Operating income (loss)$36.5 $2.5 $(12.6)$26.4 
Capital expenditures by segment$11.1 $1.1 $— $12.2 
United States Print and Related ServicesInternationalCorporateTotal
Three Months Ended September 30, 2024
Net sales
Products$438.8 $91.0 $— $529.8 
Services140.3 4.7 — 145.0 
Total net sales579.1 95.7 — 674.8 
Less (1):
Cost of sales$451.5 $76.1 $— $527.6 
Selling, general and administrative expenses67.9 11.1 9.4 88.4 
Depreciation and amortization21.2 3.1 0.1 24.4 
Restructuring, impairment and transaction-related charges, net(12.7)51.9 0.1 39.3 
Operating income (loss)$51.2 $(46.5)$(9.6)$(4.9)
Capital expenditures by segment$11.1 $1.1 $— $12.2 
______________________________
(1)The significant expense categories and amounts align with the segment-level information regularly provided to the chief operating decision maker (the “CODM”).
United States Print and Related ServicesInternationalCorporateTotal
Nine Months Ended September 30, 2025
Net sales
Products$1,238.6 $163.3 $— $1,401.9 
Services384.5 2.9 — 387.4 
Total net sales1,623.1 166.2 — 1,789.3 
Less (1):
Cost of sales$1,262.2 $140.0 $— $1,402.2 
Selling, general and administrative expenses196.1 11.5 37.0 244.6 
Depreciation and amortization55.1 4.4 0.2 59.7 
Restructuring, impairment and transaction-related charges, net18.7 3.3 1.1 23.1 
Operating income (loss)$91.0 $7.0 $(38.3)$59.7 
Capital expenditures by segment$33.3 $3.2 $— $36.5 
Total assets by segment as of September 30, 2025$1,097.6 $160.8 $9.4 $1,267.8 

United States Print and Related ServicesInternationalCorporateTotal
Nine Months Ended September 30, 2024
Net sales
Products$1,286.6 $248.0 $— $1,534.6 
Services415.7 13.5 — 429.2 
Total net sales1,702.3 261.5 — 1,963.8 
Less (1):
Cost of sales$1,335.5 $207.3 $— $1,542.8 
Selling, general and administrative expenses194.0 31.6 34.6 260.2 
Depreciation and amortization69.3 9.9 0.2 79.4 
Restructuring, impairment and transaction-related charges, net28.2 53.5 0.2 81.9 
Operating income (loss)$75.3 $(40.8)$(35.0)$(0.5)
Capital expenditures by segment$41.7 $4.0 $— $45.7 
Total assets by segment
September 30, 2024$1,125.7 $248.8 $14.3 $1,388.8 
December 31, 2024$1,052.8 $214.9 $31.3 $1,299.0 
______________________________
(1)The significant expense categories and amounts align with the segment-level information regularly provided to the CODM.

Restructuring, impairment and transaction-related charges, net for the three and nine months ended September 30, 2025 and 2024, are further described in Note 3, “Restructuring, Impairment and Transaction-Related Charges, Net.”
A reconciliation of operating income (loss) to earnings (loss) before income taxes as reported in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024, was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating income (loss)$26.4 $(4.9)$59.7 $(0.5)
Less: interest expense12.8 17.0 38.4 49.4 
Less: net pension expense (income)0.4 (0.2)1.1 (0.6)
Earnings (loss) before income taxes$13.2 $(21.7)$20.2 $(49.3)