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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-4694

 

R.R. DONNELLEY & SONS COMPANY

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-1004130

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

35 West Wacker Drive,

Chicago, Illinois

 

60601

(Address of principal executive offices)

 

(Zip code)

(312) 326-8000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

RRD

 

New York Stock Exchange

Preferred Stock Purchase Rights

 

 

 

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated filer

  

Accelerated filer

 

 

  

 

 

Non-Accelerated filer

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

As of October 26, 2020, 71.4 million shares of common stock were outstanding.  

 

 


R.R. DONNELLEY & SONS COMPANY

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS

 

 

 

 

Page

 

 

PART I

 

 

 

 

 

Item 1.

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

3

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019

4

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019

5

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

6

 

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

 

Controls and Procedures

42

 

 

 

 

 

 

PART II

 

 

 

 

 

Item 1.

 

Legal Proceedings

43

Item 1A.

 

Risk Factors

43

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 4.

 

Mine Safety Disclosures

44

Item 6.

 

Exhibits

45

 

 

 

 

Signatures

46

 

 

 

 

2


PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

 

R.R. DONNELLEY & SONS COMPANY AND SUBSIDIARIES (“RRD”)

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

(UNAUDITED)

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

414.8

 

 

$

191.9

 

Receivables, less allowances for credit losses of $17.3 in 2020 (2019 - $14.3)

 

 

971.1

 

 

 

1,041.0

 

Inventories (Note 4)

 

 

323.7

 

 

 

301.8

 

Assets held-for-sale

 

 

149.2

 

 

 

200.6

 

Prepaid expenses and other current assets

 

 

144.4

 

 

 

95.6

 

Total current assets

 

 

2,003.2

 

 

 

1,830.9

 

Property, plant and equipment-net (Note 5)

 

 

438.0

 

 

 

499.4

 

Goodwill (Note 6)

 

 

407.5

 

 

 

404.5

 

Other intangible assets-net (Note 6)

 

 

73.8

 

 

 

88.8

 

Deferred income taxes

 

 

67.0

 

 

 

57.8

 

Operating lease assets

 

 

218.1

 

 

 

196.7

 

Other noncurrent assets

 

 

220.3

 

 

 

252.0

 

Total assets

 

$

3,427.9

 

 

$

3,330.1

 

LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$

707.0

 

 

$

798.9

 

Accrued liabilities and other

 

 

333.2

 

 

 

311.3

 

Short-term operating lease liabilities

 

 

71.3

 

 

 

64.6

 

Short-term and current portion of long-term debt (Note 15)

 

 

144.4

 

 

 

71.2

 

Liabilities held-for-sale

 

 

81.1

 

 

 

92.1

 

Total current liabilities

 

 

1,337.0

 

 

 

1,338.1

 

Long-term debt (Note 15)

 

 

1,876.9

 

 

 

1,747.2

 

Pension liabilities

 

 

100.7

 

 

 

113.6

 

Other postretirement benefits plan liabilities

 

 

57.7

 

 

 

61.7

 

Long-term income tax liability

 

 

68.2

 

 

 

75.8

 

Long-term operating lease liabilities

 

 

153.0

 

 

 

136.4

 

Other noncurrent liabilities

 

 

289.2

 

 

 

227.6

 

Total liabilities

 

 

3,882.7

 

 

 

3,700.4

 

Commitments and Contingencies (Note 14)

 

 

 

 

 

 

 

 

EQUITY (Note 10)

 

 

 

 

 

 

 

 

RRD stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par value

 

 

 

 

 

 

 

 

Authorized: 2.0 shares; Issued: None

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized: 165.0 shares;

 

 

 

 

 

 

 

 

Issued: 89.0 shares in 2020 and 2019

 

 

0.9

 

 

 

0.9

 

Additional paid-in-capital

 

 

3,262.5

 

 

 

3,348.0

 

Accumulated deficit

 

 

(2,418.3

)

 

 

(2,336.8

)

Accumulated other comprehensive loss

 

 

(182.9

)

 

 

(176.2

)

Treasury stock, at cost, 17.6 shares in 2020 (2019 - 18.1 shares)

 

 

(1,130.2

)

 

 

(1,219.6

)

Total RRD stockholders' equity

 

 

(468.0

)

 

 

(383.7

)

Noncontrolling interests

 

 

13.2

 

 

 

13.4

 

Total equity

 

 

(454.8

)

 

 

(370.3

)

Total liabilities and equity

 

$

3,427.9

 

 

$

3,330.1

 

See Notes to Condensed Consolidated Financial Statements

 

3


R.R. DONNELLEY & SONS COMPANY AND SUBSIDIARIES (“RRD”)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

 

1,191.3

 

 

 

1,417.2

 

 

 

3,417.7

 

 

 

4,044.0

 

Cost of sales

 

 

943.6

 

 

 

1,132.9

 

 

 

2,729.4

 

 

 

3,259.4

 

Gross profit

 

 

247.7

 

 

 

284.3

 

 

 

688.3

 

 

 

784.6

 

Selling, general and administrative expenses (exclusive of depreciation and amortization)

 

 

138.0

 

 

 

168.2

 

 

 

436.7

 

 

 

522.7

 

Restructuring, impairment and other expense (income) -net (Note 7)

 

 

54.2

 

 

 

(2.3

)

 

 

93.8

 

 

 

30.7

 

Depreciation and amortization

 

 

36.2

 

 

 

42.0

 

 

 

112.3

 

 

 

121.5

 

Other operating expense

 

 

3.4

 

 

 

5.4

 

 

 

15.5

 

 

 

3.3

 

Income from operations

 

 

15.9

 

 

 

71.0

 

 

 

30.0

 

 

 

106.4

 

Interest expense-net

 

 

34.3

 

 

 

37.4

 

 

 

102.7

 

 

 

115.6

 

Investment and other income-net

 

 

(3.6

)

 

 

(4.6

)

 

 

(10.8

)

 

 

(11.3

)

Loss on debt extinguishment

 

 

0.2

 

 

 

0.8

 

 

 

0.4

 

 

 

0.8

 

(Loss) income from continuing operations before income taxes

 

 

(15.0

)

 

 

37.4

 

 

 

(62.3

)

 

 

1.3

 

Income tax (benefit) expense

 

 

(5.9

)

 

 

44.3

 

 

 

(3.0

)

 

 

9.2

 

Net loss from continuing operations

 

 

(9.1

)

 

 

(6.9

)

 

 

(59.3

)

 

 

(7.9

)

Loss on sale of discontinued operations, net of tax

 

 

 

 

 

 

 

 

(6.9

)

 

 

 

Income (loss) from discontinued operations, net of tax (Note 2)

 

 

0.4

 

 

 

19.8

 

 

 

(12.6

)

 

 

4.9

 

Net income (loss) from discontinued operations

 

 

0.4

 

 

 

19.8

 

 

 

(19.5

)

 

 

4.9

 

Net (loss) income

 

 

(8.7

)

 

 

12.9

 

 

 

(78.8

)

 

 

(3.0

)

Less: income attributable to noncontrolling interests

 

 

0.2

 

 

 

0.3

 

 

 

0.3

 

 

 

0.2

 

Net (loss) income attributable to RRD common stockholders

 

$

(8.9

)

 

$

12.6

 

 

$

(79.1

)

 

$

(3.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net (loss) earnings per share attributable to RRD common stockholders (Note 11):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations

 

$

(0.13

)

 

$

(0.10

)

 

$

(0.83

)

 

$

(0.11

)

Discontinued Operations

 

$

0.01

 

 

$

0.28

 

 

$

(0.27

)

 

$

0.07

 

Net (loss) earnings attributable to RR Donnelley stockholders

 

$

(0.12

)

 

$

0.18

 

 

$

(1.10

)

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net (loss) earnings per share attributable to RRD common stockholders (Note 11):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations

 

$

(0.13

)

 

$

(0.10

)

 

$

(0.83

)

 

$

(0.11

)

Discontinued Operations

 

$

0.01

 

 

$

0.28

 

 

$

(0.27

)

 

$

0.07

 

Net (loss) earnings attributable to RR Donnelley stockholders

 

$

(0.12

)

 

$

0.18

 

 

$

(1.10

)

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

72.4

 

 

 

71.4

 

 

 

72.1

 

 

 

71.2

 

Diluted

 

 

72.4

 

 

 

71.4

 

 

 

72.1

 

 

 

71.2

 

 

See Notes to Condensed Consolidated Financial Statements

 

4


R.R. DONNELLEY & SONS COMPANY AND SUBSIDIARIES (“RRD”)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net (loss) income

 

$

(8.7

)

 

$

12.9

 

 

$

(78.8

)

 

$

(3.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax (Note 12):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

17.4

 

 

 

(19.9

)

 

 

4.2

 

 

 

(21.9

)

Adjustments for net periodic pension and postretirement benefits plan cost

 

 

0.8

 

 

 

(0.2

)

 

 

2.3

 

 

 

(0.6

)

Changes in fair value of derivatives

 

 

0.3

 

 

 

 

 

 

(13.0

)

 

 

 

Other

 

 

 

 

 

0.6

 

 

 

 

 

 

2.1

 

Other comprehensive income (loss)

 

 

18.5

 

 

 

(19.5

)

 

 

(6.5

)

 

 

(20.4

)

Comprehensive income (loss)

 

 

9.8

 

 

 

(6.6

)

 

 

(85.3

)

 

 

(23.4

)

Less: comprehensive income (loss) attributable to non-controlling interests

 

 

0.6

 

 

 

(0.1

)

 

 

0.5

 

 

 

(0.1

)

Comprehensive income (loss) attributable to RRD common stockholders

 

$

9.2

 

 

$

(6.5

)

 

$

(85.8

)

 

$

(23.3

)

 

See Notes to Condensed Consolidated Financial Statements

 

 

 

5


 

R.R. DONNELLEY & SONS COMPANY AND SUBSIDIARIES (“RRD”)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(UNAUDITED)

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net loss

 

$

(78.8

)

 

$

(3.0

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Impairment charges and other-net

 

 

22.3

 

 

 

0.5

 

Depreciation and amortization

 

 

116.6

 

 

 

126.2

 

Provision for credit losses

 

 

7.4

 

 

 

6.9

 

Share-based compensation

 

 

4.5

 

 

 

9.3

 

Deferred income taxes

 

 

(3.9

)

 

 

9.8

 

Net pension and other postretirement benefits plan income

 

 

(10.1

)

 

 

(12.1

)

Loss (gain) on disposition of businesses and other assets

 

 

9.3

 

 

 

(15.3

)

Other

 

 

6.5

 

 

 

11.7

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable-net

 

 

57.7

 

 

 

17.7

 

Inventories

 

 

(21.7

)

 

 

(21.1

)

Prepaid expenses and other current assets

 

 

(6.5

)

 

 

(11.4

)

Accounts payable

 

 

(91.3

)

 

 

(172.3

)

Current income taxes

 

 

(18.8

)

 

 

(41.1

)

Accrued liabilities and other

 

 

38.3

 

 

 

11.5

 

Pension and other postretirement benefits plan contributions

 

 

(6.3

)

 

 

(5.1

)

Net cash provided by (used in) operating activities

 

 

25.2

 

 

 

(87.8

)

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(54.4

)

 

 

(107.4

)

Acquisition of business

 

 

 

 

 

(3.0

)

Disposition of businesses

 

 

16.8

 

 

 

10.4

 

Proceeds from sales of investments and other assets

 

 

29.7

 

 

 

32.8

 

Proceeds (payments) related to company-owned life insurance

 

 

4.4

 

 

 

(1.3

)

Net cash used in investing activities

 

 

(3.5

)

 

 

(68.5

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Payments on other short-term debt

 

 

 

 

 

(8.0

)

Payments of current maturities and long-term debt

 

 

(168.8

)

 

 

(221.6

)

Proceeds from credit facility borrowings

 

 

578.0

 

 

 

1,061.8

 

Payments on credit facility borrowings

 

 

(210.0

)

 

 

(897.8

)

Dividends paid

 

 

(2.1

)

 

 

(6.4

)

Payments of withholding taxes on share-based compensation

 

 

(0.6

)

 

 

(0.9

)

Other financing activities

 

 

(1.7

)