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Neither of the ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 179.60 Td (registrant's class B common stock or class C common stock is listed on a national securities exchange or traded in an or) Tj ET Q q 0 0 0 rg BT 432.39 179.60 Td (ganized over) Tj ET Q q 0 0 0 rg BT 473.33 179.60 Td (-the-counter market, but ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 170.00 Td (each share of the registrant's class B common stock and class C common stock is convertible into one share of the registrant's class ) Tj ET Q q 0 0 0 rg BT 470.55 170.00 Td (A) Tj ET Q q 0 0 0 rg BT 475.89 170.00 Td ( common stock. ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 157.40 Td (Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.55 727.25 Td (FORM 10-K INDEX) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.95 712.25 Td (For) Tj ET Q q 0 0 0 rg BT 238.41 712.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 256.46 712.25 Td (Y) Tj ET Q q 0 0 0 rg BT 262.94 712.25 Td (ear) Tj ET Q q 0 0 0 rg BT 276.18 712.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.88 712.25 Td (December) Tj ET Q q 0 0 0 rg BT 352.09 712.25 Td (31, 201) Tj ET Q q 0 0 0 rg BT 384.23 712.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 672.75 m 597.5 672.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 560.35 676.98 Td (PageNo.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 663.32 Td (Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.50 663.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 634.48 Td (Part I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 606.32 Td (Item 1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 591.32 Td (Item 1A.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 576.32 Td (Item 1B.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 561.32 Td (Item 2.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 546.32 Td (Item 3.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 531.32 Td (Item 4.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 502.48 Td (Part II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 474.32 Td (Item 5.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 449.32 Td (Item 6.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.32 Td (Item 7.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 419.32 Td (Item 7A.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 404.32 Td (Item 8.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 389.32 Td (Item 9.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.32 Td (Item 9A.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 359.32 Td (Item 9B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 330.48 Td (Part III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 302.32 Td (Item 10.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 287.32 Td (Item 1) Tj ET Q q 0 0 0 rg BT 78.64 287.32 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 272.32 Td (Item 12.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 257.32 Td (Item 13.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 242.32 Td (Item 14.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 213.48 Td (Part IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 184.32 Td (Item 15.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 169.32 Td (Signatures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 169.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 154.32 Td (Exhibit Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 154.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 606.32 Td (Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.50 606.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 591.32 Td (Risk Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 576.32 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 175.62 576.32 Td (f Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.50 576.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 561.32 Td (Properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 561.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 546.32 Td (Legal Proceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 546.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 531.32 Td (Mine Safety Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.50 531.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 474.32 Td (Market for the Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 286.62 474.32 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 464.32 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 464.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 449.32 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 449.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 434.32 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 234.45 434.32 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 434.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 419.32 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 275.68 419.32 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 419.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 404.32 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 404.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 389.32 Td (Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 257.08 389.32 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 321.52 389.32 Td (Accounting and Financial Disclosure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.50 389.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 374.32 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.50 374.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 359.32 Td (Other Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 359.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 302.32 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 206.15 302.32 Td (ficers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 302.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 287.32 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.50 287.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 272.32 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 272.32 Td (. . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 257.32 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 249.77 257.32 Td (T) Tj ET Q q 0 0 0 rg BT 255.61 257.32 Td (ransactions, and Director Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.50 257.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 242.32 Td (Principal ) Tj ET Q q 0 0 0 rg BT 149.33 242.32 Td (Accountant Fees and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.50 242.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 184.32 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.50 184.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 586.50 662.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 589.00 662.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 589.00 606.32 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 591.32 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 576.32 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 561.32 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 546.32 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 531.32 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 474.32 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 449.32 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 434.32 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 419.32 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 584.00 404.32 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 389.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 389.32 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 374.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 374.32 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 359.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 359.32 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 302.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 302.32 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 287.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 287.32 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 272.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 272.32 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 257.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 257.32 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 242.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 242.32 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 183.42 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 183.42 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.35 169.32 Td (1) Tj ET Q q 0 0 0 rg BT 584.16 169.32 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 579.00 154.32 Td (121) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.75 394.10 Td ([This page has been left blank intentionally) Tj ET Q q 0 0 0 rg BT 389.71 394.10 Td (.]) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 24.35 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.76 718.25 Td (o the extent any statements in this ) Tj ET Q q 0 0 0 rg BT 229.16 718.25 Td (Annual Report on Form 10-K contain information that is not historical, these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 472.94 706.25 Td (Act of 1934, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (amended. ) Tj ET Q q 0 0 0 rg BT 93.50 694.25 Td (These forward-looking statements relate to, among other things, the objectives, goals, strategies, beliefs, intentions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (plans, estimates, prospects, projections and outlook of Quad/Graphics, Inc. \(the "Company" or "Quad/Graphics"\), and can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (generally be identified by the use of words such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "foresee", ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td ("believe" or "continue" or the negatives of these terms, variations on them and other similar expressions. 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Form 10-K, as such may be amended or supplemented in Part II, Item 1A) Tj ET Q q 0 0 0 rg BT 417.98 562.25 Td ( of the Company's subsequently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (filed Quarterly Reports on Form 10-Q, and the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 526.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 526.25 Td (The impact of significant overcapacity in the highly competitive commercial printing industry) Tj ET Q q 0 0 0 rg BT 479.95 526.25 Td (, which creates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 514.25 Td (downward pricing pressure and fluctuating demand for printing services;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 496.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 496.25 Td (The inability of the Company to reduce costs and improve operating ef) Tj ET Q q 0 0 0 rg BT 387.44 496.25 Td (ficiency rapidly enough to meet market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 484.25 Td (conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 466.25 Td (The impact of electronic media and similar technological changes;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 448.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 448.25 Td (The impact of changing future economic conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 430.25 Td (The failure to renew long-term contracts with customers, the renewal of those contracts under dif) Tj ET Q q 0 0 0 rg BT 492.38 430.25 Td (ferent terms, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 418.25 Td (customer nonperformance in accordance with the terms and for the duration of long-term contracts;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 400.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 400.25 Td (Significant capital expenditures may be needed to maintain the 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 112.25 Td (Quad/Graphics cautions that the foregoing list of risks, uncertainties and other factors is not exhaustive and you ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (should carefully consider the other factors detailed from time to time in Quad/Graphics' filings with the United States Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (and Exchange Commission \("SEC"\) and other uncertainties and potential events when reviewing the Company's forward-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (looking statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 52.25 Td (Because forward-looking statements are subject to assumptions and uncertainties, actual results may dif) Tj ET Q q 0 0 0 rg BT 501.07 52.25 Td (fer materially ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 24.35 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (from those expressed or implied by such forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 332.25 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 338.79 742.10 Td (ou are cautioned not to place undue reliance on such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (statements, which speak only as of the date of this ) Tj ET Q q 0 0 0 rg BT 252.73 730.10 Td (Annual Report on Form 10-K. Except to the extent required by the federal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (securities laws, Quad/Graphics undertakes no obligation to publicly update or revise any forward-looking statements, whether ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (as a result of new information, future events or otherwise.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 24.35 Td (3) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 289.8 740.68505859375 m 322.1388671875 740.68505859375 l s q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.54 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.43 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.84 742.25 Td ( I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Item 1. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 717.68505859375 m 140.6845703125 717.68505859375 l s q 0 0 0 rg BT 104.00 719.25 Td (Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 696.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 672.25 Td (Quad/Graphics is a leading global provider of print and related products and services that are designed to provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (integrated multichannel solutions to marketers and publishers in North ) Tj ET Q q 0 0 0 rg BT 334.39 660.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 396.86 660.25 Td (America and Europe. ) Tj ET Q q 0 0 0 rg BT 486.74 660.25 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (products and services primarily include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 624.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 624.25 Td (Print Solutions: including catalogs, consumer magazines, special interest publications, direct mail, packaging and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 612.25 Td (other commercial and specialty printed products, retail inserts, books and directories.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 588.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 588.25 Td (Media Solutions: including creative, digital imaging, video, photography) Tj ET Q q 0 0 0 rg BT 395.29 588.25 Td (, workflow solutions, interactive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 576.25 Td (technology including mobile and social media, and response data analytics services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 552.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 552.25 Td (Logistics Services: including mailing, distribution, logistics and data optimization and hygiene services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 528.25 Td (Founded in Pewaukee, ) Tj ET Q q 0 0 0 rg BT 179.23 528.25 Td (W) Tj ET Q q 0 0 0 rg BT 188.37 528.25 Td (isconsin, as a ) Tj ET Q q 0 0 0 rg BT 243.63 528.25 Td (W) Tj ET Q q 0 0 0 rg BT 252.78 528.25 Td (isconsin corporation in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.73 528.25 Td (1971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.73 528.25 Td ( by the late Harry ) Tj ET Q q 0 0 0 rg BT 439.11 528.25 Td (V) Tj ET Q q 0 0 0 rg BT 445.59 528.25 Td (. Quadracci, Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (has approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.09 516.25 Td (24,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.59 516.25 Td ( employees in North ) Tj ET Q q 0 0 0 rg BT 237.19 516.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 299.66 516.25 Td (America, and Europe, and serves a diverse base of more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (7,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 504.25 Td ( customers from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.99 504.25 Td (130) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.99 504.25 Td ( facilities located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.06 504.25 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.06 504.25 Td ( countries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 480.25 Td (Quad/Graphics has contractual relationships with leading magazine publishers, including Cond Nast, Hearst ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (Magazines, Meredith Corporation, ) Tj ET Q q 0 0 0 rg BT 190.71 468.25 Td (The National Geographic Society) Tj ET Q q 0 0 0 rg BT 324.41 468.25 Td (, Rodale Inc., ) Tj ET Q q 0 0 0 rg BT 380.09 468.25 Td (The Reader's Digest ) Tj ET Q q 0 0 0 rg BT 462.89 468.25 Td (Association Ltd., Source ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (Interlink Media, LLC, ) Tj ET Q q 0 0 0 rg BT 141.28 456.25 Td (T) Tj ET Q q 0 0 0 rg BT 147.12 456.25 Td (ime Inc., and ) Tj ET Q q 0 0 0 rg BT 201.56 456.25 Td (W) Tj ET Q q 0 0 0 rg BT 210.50 456.25 Td (enner Media LLC. Quad/Graphics prints retail newspaper inserts for major retailers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (such as Bass Pro Shops, ) Tj ET Q q 0 0 0 rg BT 148.81 444.25 Td (The Bon-T) Tj ET Q q 0 0 0 rg BT 192.52 444.25 Td (on Stores, Inc., J.C. Penney Company) Tj ET Q q 0 0 0 rg BT 343.50 444.25 Td (, Inc., Shopko Stores Operating Co., LLC, and ) Tj ET Q q 0 0 0 rg BT 531.40 444.25 Td (T) Tj ET Q q 0 0 0 rg BT 537.07 444.25 Td (ar) Tj ET Q q 0 0 0 rg BT 544.40 444.25 Td (get ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (Corporation; catalogs for industry-leading marketers such as Cabela's Incorporated, J.Crew Group, Inc., L.L. Bean, Limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (Brands Inc. \(V) Tj ET Q q 0 0 0 rg BT 108.85 420.25 Td (ictoria's Secret\), ) Tj ET Q q 0 0 0 rg BT 175.51 420.25 Td (The Orvis Company) Tj ET Q q 0 0 0 rg BT 256.75 420.25 Td (, Redcats USA, and ) Tj ET Q q 0 0 0 rg BT 337.43 420.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.58 420.25 Td (illiams-Sonoma Inc.; and direct mail products for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (companies such as Charter Communications, ) Tj ET Q q 0 0 0 rg BT 232.46 408.25 Td (American Family Insurance, ) Tj ET Q q 0 0 0 rg BT 348.54 408.25 Td (American Eagle Outfitters, Publishers Clearing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (House, Inc., and ) Tj ET Q q 0 0 0 rg BT 117.67 396.25 Td (W) Tj ET Q q 0 0 0 rg BT 126.62 396.25 Td (eight ) Tj ET Q q 0 0 0 rg BT 148.62 396.25 Td (W) Tj ET Q q 0 0 0 rg BT 157.57 396.25 Td (atchers International, Inc. Quad/Graphics prints books for publishers such as Harlequin Enterprises ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (Limited, ) Tj ET Q q 0 0 0 rg BT 86.57 384.25 Td (The McGraw-Hill Companies, Inc., Simon & Schuster) Tj ET Q q 0 0 0 rg BT 304.85 384.25 Td (, Inc., and ) Tj ET Q q 0 0 0 rg BT 346.77 384.25 Td (Thomas Nelson, Inc.; and directories for publishers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (such as ) Tj ET Q q 0 0 0 rg BT 81.47 372.25 Td (Y) Tj ET Q q 0 0 0 rg BT 88.01 372.25 Td (ellow Book USA, Inc. and ) Tj ET Q q 0 0 0 rg BT 195.92 372.25 Td (Y) Tj ET Q q 0 0 0 rg BT 202.46 372.25 Td (ellow Pages Group Limited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 348.25 Td (The Company creates customer value in two main ways:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 324.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 324.25 Td (Maximize the revenue customers derive from their print spend. Using a customer) Tj ET Q q 0 0 0 rg BT 431.30 324.25 Td (-centric approach, Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 312.25 Td (Graphics helps marketers and publishers take maximum advantage of Quad/Graphics' full range of integrated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 300.25 Td (solutions to help them better engage end users and drive improved response from print and print-related solutions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 276.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 276.25 Td (Minimize customers' total cost of print production. Quad/Graphics continually strives to increase its own ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 264.25 Td (productivity and to reduce its customers' mailing and distribution costs through the integration of data analytics, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 252.25 Td (finishing technology and logistics solutions, such as its industry leading co-mail solutions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 228.25 Td (Over the last 15 years, Quad/Graphics has created what it believes to be one of the most modern and ef) Tj ET Q q 0 0 0 rg BT 497.99 228.25 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (manufacturing platforms in the industry) Tj ET Q q 0 0 0 rg BT 209.08 216.25 Td (. Quad/Graphics also has made substantial investments in research and development, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (and technological innovation. ) Tj ET Q q 0 0 0 rg BT 173.49 204.25 Td (The Company has developed multiple manufacturing process improvements, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (innovative press and finishing control systems and material-handling equipment for use in Quad/Graphics' own operations, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (well as for sale to other printers worldwide. Quad/Graphics believes that its innovation and its modern manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.25 Td (platform, together with its focus on customer service and distribution capabilities, have resulted in the Company being one of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (the most profitable commercial printing companies in the markets in which it competes, as measured by ) Tj ET Q q 0 0 0 rg BT 468.22 156.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 542.94 156.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (mar) Tj ET Q q 0 0 0 rg BT 65.46 144.25 Td (gin \(defined as EBITDA) Tj ET Q q 0 0 0 rg BT 163.67 144.25 Td ( before restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 409.59 144.25 Td (ges, loss on debt extinguishment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.25 Td (loss from discontinued operations as a percentage of net sales\). EBITDA) Tj ET Q q 0 0 0 rg BT 343.53 132.25 Td ( is defined as net earnings \(loss\) attributable to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (Company's common shareholders plus interest expense, income tax expense and depreciation and amortization. EBITDA) Tj ET Q q 0 0 0 rg BT 537.50 120.25 Td ( is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td (financial measure not prepared in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 511.20 108.25 Td (America ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.25 Td (\("GAAP"\) that is reconciled to net earnings \(loss\) in the Results of Operations for the ) Tj ET Q q 0 0 0 rg BT 394.29 96.25 Td (Y) Tj ET Q q 0 0 0 rg BT 400.83 96.25 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.08 96.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 516.48 96.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.29 96.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (Compared to the ) Tj ET Q q 0 0 0 rg BT 118.96 84.25 Td (Y) Tj ET Q q 0 0 0 rg BT 125.50 84.25 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.75 84.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.34 84.25 Td (, and for the ) Tj ET Q q 0 0 0 rg BT 296.97 84.25 Td (Y) Tj ET Q q 0 0 0 rg BT 303.50 84.25 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.76 84.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.34 84.25 Td ( Compared to the ) Tj ET Q q 0 0 0 rg BT 495.81 84.25 Td (Y) Tj ET Q q 0 0 0 rg BT 502.34 84.25 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 72.25 Td (, included in Item 7, "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 339.15 72.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (Operations," of this ) Tj ET Q q 0 0 0 rg BT 130.46 60.25 Td (Annual Report on Form 10-K. EBITDA) Tj ET Q q 0 0 0 rg BT 292.95 60.25 Td ( is an important measure by which the Company gauges the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (profitability and assesses the performance of its business. It should not be considered an alternative to net earnings \(loss\) as a ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 22.35 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (measure of operating performance or to cash flows provided by operating activities as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 483.42 742.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (The manufacturing platform and innovative technology that Quad/Graphics enjoys are further reinforced by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (quality of its workforce. ) Tj ET Q q 0 0 0 rg BT 151.55 706.10 Td (The Company believes that its distinct corporate culture encourages an or) Tj ET Q q 0 0 0 rg BT 445.72 706.10 Td (ganization-wide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (entrepreneurial spirit and an opportunistic mentality) Tj ET Q q 0 0 0 rg BT 257.67 694.10 Td (, where employees embrace responsibility) Tj ET Q q 0 0 0 rg BT 425.02 694.10 Td (, take ownership of projects and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (are encouraged to drive results. Quad/Graphics further believes the experience and stability of senior management, paired with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (next-generation entrepreneurially minded employees, contributes to its long-term success.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (More information regarding Quad/Graphics is available at the Company's website at www) Tj ET Q q 0 0 0 rg BT 447.10 646.10 Td (.qg.com. Quad/Graphics is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (not including the information contained on or available through its website as part of, or incorporating such information by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (reference into, this ) Tj ET Q q 0 0 0 rg BT 126.91 622.10 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 252.92 622.10 Td (The Company's ) Tj ET Q q 0 0 0 rg BT 317.68 622.10 Td (Annual Report on Form 10-K, Quarterly Reports on Form ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (10-Q, Current Reports on Form 8-K and any amendments to those reports are made available to the public at no char) Tj ET Q q 0 0 0 rg BT 517.28 610.10 Td (ge through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (a link appearing on the Company's website. Quad/Graphics provides access to such materials through its website as soon as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (reasonably practicable after electronically filing such material with, or furnishing it to, the SEC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 539.25 Td (The global printing industry encompasses a wide range of sectors, including general commercial printing, newspapers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (and newspaper inserts, directories, books, direct mail, packaging, financial printing, business forms, greeting cards, and label ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (and wrapper printing. Printing is one of the lar) Tj ET Q q 0 0 0 rg BT 238.20 515.25 Td (gest industries in the United States, with more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.75 515.25 Td (800,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.25 515.25 Td ( employees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 503.25 Td (29,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.76 503.25 Td ( companies generating an estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.98 503.25 Td ($133 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.60 503.25 Td ( in annual sales, according to the Printing Industries of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (America/Graphic ) Tj ET Q q 0 0 0 rg BT 121.63 491.25 Td (Arts ) Tj ET Q q 0 0 0 rg BT 140.99 491.25 Td (T) Tj ET Q q 0 0 0 rg BT 146.66 491.25 Td (echnical Foundation \("PIA/GA) Tj ET Q q 0 0 0 rg BT 270.37 491.25 Td (TF"\) 2010 Print Market ) Tj ET Q q 0 0 0 rg BT 366.95 491.25 Td (Atlas \("Print Market ) Tj ET Q q 0 0 0 rg BT 450.74 491.25 Td (Atlas"\). Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (operates primarily in the commercial print portion of the printing industry) Tj ET Q q 0 0 0 rg BT 345.16 479.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.24 479.25 Td (The PIA/GA) Tj ET Q q 0 0 0 rg BT 402.98 479.25 Td (TF defines this portion to include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (advertising printing such as direct mail, circulars, brochures, displays, inserts and pamphlets; business cards; stationery; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (catalogs; directories; newspapers; magazines and books. ) Tj ET Q q 0 0 0 rg BT 280.21 455.25 Td (According to the Print Market ) Tj ET Q q 0 0 0 rg BT 402.68 455.25 Td (Atlas, the United States commercial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (printing sector) Tj ET Q q 0 0 0 rg BT 107.84 443.25 Td (, excluding newspapers, is estimated to generate approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.12 443.25 Td ($66 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.73 443.25 Td ( in sales annually) Tj ET Q q 0 0 0 rg BT 475.55 443.25 Td (. ) Tj ET Q q 0 0 0 rg BT 482.64 443.25 Td (The printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (industry \(excluding newspaper printing\) is also highly fragmented and competitive, with the lar) Tj ET Q q 0 0 0 rg BT 431.76 431.25 Td (gest 400 printers representing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.22 419.25 Td (41%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.55 419.25 Td ( of the overall United States and Canadian market, based on the 2010 Printing Impressions PI400 and Print ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 81.10 407.25 Td (Atlas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 383.25 Td (Demand for printed products and related services is impacted by real gross domestic product growth, as economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (activity and advertising spending are key drivers of customer demand. In times of global economic uncertainty) Tj ET Q q 0 0 0 rg BT 495.37 371.25 Td (, advertisers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (reduce spending. Magazine publishers, facing diminished advertising pages, reduce total page counts; catalog marketers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (reduce page counts, circulation and the frequency of print campaigns; retailers curb investments in store inventory and cut back ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (advertising; and other advertisers reduce their direct mail campaigns, particularly in the banking, insurance, credit card, real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (estate and nonprofit industries. In addition to the negative impact on print volumes from global economic uncertainty) Tj ET Q q 0 0 0 rg BT 521.22 323.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (increases in postage expenses \(which significantly outpaced inflation over the last 10 years\) and the increase in the use of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (alternative marketing technologies have led many printing businesses to fail and the industry to under) Tj ET Q q 0 0 0 rg BT 456.47 299.25 Td (go ongoing consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 275.25 Td (Competition in the highly fragmented printing industry remains intense. ) Tj ET Q q 0 0 0 rg BT 378.92 275.25 Td (The industry has excess manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (capacity created by declines in industry volumes during the past recession, which in turn has created continued downward ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (pricing pressures. In addition, electronic delivery of documents and data, including the online distribution and hosting of media ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (content, of) Tj ET Q q 0 0 0 rg BT 92.67 239.25 Td (fer alternatives to traditional delivery of printed documents. Increasing consumer acceptance of electronic delivery ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (has resulted in marketers and publishers allocating their marketing and advertising spend across the expanding selection of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (electronic delivery options, which further reduces demand and contributes to industry overcapacity) Tj ET Q q 0 0 0 rg BT 445.65 215.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 191.25 Td (Quad/Graphics believes that traditional business users of print and print-related services are focused on generating and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (tracking the highest returns on their marketing dollars. ) Tj ET Q q 0 0 0 rg BT 272.63 179.25 Td (The Company believes that marketers, publishers and other traditional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (users of print find that they receive the greatest return on their marketing and advertising dollars when they ef) Tj ET Q q 0 0 0 rg BT 488.65 167.25 Td (fectively utilize ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (data to tar) Tj ET Q q 0 0 0 rg BT 89.89 155.25 Td (get the appropriate customers and combine digital alternatives with customized print products in a tar) Tj ET Q q 0 0 0 rg BT 495.14 155.25 Td (geted, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (multichannel marketing campaign driven by an overall marketing strategy) Tj ET Q q 0 0 0 rg BT 346.24 143.25 Td (. In addition, the Company believes the commercial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (print industry has moved toward shorter print runs and increased production ef) Tj ET Q q 0 0 0 rg BT 364.55 131.25 Td (ficiency of products with lower page counts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (increasing complexity) Tj ET Q q 0 0 0 rg BT 138.26 119.25 Td (. Finally) Tj ET Q q 0 0 0 rg BT 173.44 119.25 Td (, the Company believes that successful commercial printing companies will invest in mailing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (logistics capabilities because, for many customers, mailing and distribution represent their lar) Tj ET Q q 0 0 0 rg BT 423.97 107.25 Td (gest cost - typically two to three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (times the cost of their print expense. ) Tj ET Q q 0 0 0 rg BT 200.15 95.25 Td (Therefore, Quad/Graphics believes a printer's ability to impact mailing and distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (expenses through data hygiene and sophisticated, automated printing, finishing and distribution equipment creates value for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (customers by minimizing their total manufacturing and distribution cost.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 22.35 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Seasonality) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The Company is subject to seasonality in its quarterly results as net sales are typically higher in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.79 718.25 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.68 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.12 718.25 Td (fourth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.56 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (quarters of the calendar year as compared to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.07 706.25 Td (first) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.18 706.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.62 706.25 Td (second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.39 706.25 Td ( quarters. Seasonality is driven by increased magazine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (advertising page counts, retail inserts, catalogs and books due primarily to back-to-school and holiday related advertising and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (promotions. Quad/Graphics expects the seasonality impact in future years to continue to track with historical patterns.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (Competitive ) Tj ET Q q 0 0 0 rg BT 104.43 659.25 Td (Advantages) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 635.25 Td (Quad/Graphics believes its success has been fueled by a number of key competitive advantages, including: an ef) Tj ET Q q 0 0 0 rg BT 535.48 635.25 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (and modern manufacturing platform; integrated mailing and distribution capabilities; a commitment to ongoing innovation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (rapid adoption of technology and integration of new media; a customer) Tj ET Q q 0 0 0 rg BT 334.26 611.25 Td (-centric approach; a disciplined financial approach; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (a distinct corporate culture that empowers and engages employees to think and act like owners to drive business results. Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (Graphics believes that these competitive advantages have resulted in it being one of the most profitable commercial printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (companies in the markets in which it competes, as measured by ) Tj ET Q q 0 0 0 rg BT 306.32 575.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 381.04 575.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 398.72 575.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 418.82 575.25 Td (This profitability) Tj ET Q q 0 0 0 rg BT 486.45 575.25 Td (, in turn, has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (fueled Quad/Graphics' investment in equipment, research and development, automation and other technological innovations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (which helps minimize a customer's total cost of print production and increase its customers' revenues. See "Overview" above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (for a discussion of ) Tj ET Q q 0 0 0 rg BT 125.82 539.25 Td (Adjusted EBITDA.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 515.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 95.91 515.25 Td (ficient and Modern Manufacturing Platform) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 491.25 Td (The Company has continuously invested in its manufacturing platform through modern equipment and automation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (that allow for more pages to be printed for each revolution of the press, reducing the amount of time that each individual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (printing job takes to complete. In addition, the Company's long-standing commitment to investing in manufacturing process ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (improvements has led to increases in productivity) Tj ET Q q 0 0 0 rg BT 248.52 455.25 Td (, reductions in waste and smaller crew sizes. ) Tj ET Q q 0 0 0 rg BT 430.54 455.25 Td (The Company's investment in its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (manufacturing platform has consistently been based on evaluating investment opportunities on the useful economic life of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (underlying equipment rather than focusing on the potential mechanical life of the equipment. ) Tj ET Q q 0 0 0 rg BT 426.74 431.25 Td (This discipline is critical in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (industry in which technological change can create obsolescence well before the end of the mechanical life of equipment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 395.25 Td (Another key aspect of the Company's modern manufacturing platform is the combination of its footprint of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (megaplants \(plants having an average size greater than 1.0 million square feet\) and smaller strategically located facilities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (Quad/Graphics believes that the lar) Tj ET Q q 0 0 0 rg BT 190.97 371.25 Td (ge plant size of certain of its key printing facilities allows the Company to drive savings in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (certain product lines \(such as magazines and catalogs\) due to ef) Tj ET Q q 0 0 0 rg BT 304.26 359.25 Td (ficiencies of scale and from investments in automation and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (technology) Tj ET Q q 0 0 0 rg BT 94.11 347.25 Td (. Complementing its megaplants are smaller facilities, strategically located nearer to final distribution points for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (expedited delivery) Tj ET Q q 0 0 0 rg BT 123.81 335.25 Td (. ) Tj ET Q q 0 0 0 rg BT 130.90 335.25 Td (This allows customers greater deadline flexibility for adjusting content or marketing strategy) Tj ET Q q 0 0 0 rg BT 501.77 335.25 Td (, especially for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (direct mail pieces and retail inserts. Redundancy of major equipment across its platform provides the Company with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (flexibility to meet complex customer service requirements, such as quick turns for time-sensitive material or when weather ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (patterns threaten production or delivery in a specific area of the country) Tj ET Q q 0 0 0 rg BT 336.50 299.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 275.25 Td (Quad/Graphics has also focused on investments in automation designed to reduce headcount and labor costs. Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (investments in advanced applications of robotics and automation and manufacturing process improvements have allowed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (Company to lower personnel costs through attrition, reduction of overtime and temporary labor) Tj ET Q q 0 0 0 rg BT 431.09 251.25 Td (, and workforce reductions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 227.25 Td (Quad/Graphics' continued investment in its mail preparation and distribution capabilities focuses on increasing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (customer's return on print spend by lowering overall distribution costs. ) Tj ET Q q 0 0 0 rg BT 337.59 215.25 Td (As discussed below) Tj ET Q q 0 0 0 rg BT 415.87 215.25 Td (, the Company believes that it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (achieves these goals through its integrated data, finishing, distribution and logistics operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 179.25 Td (Finally) Tj ET Q q 0 0 0 rg BT 114.01 179.25 Td (, Quad/Graphics has invested in vertically-integrated, non-print capabilities to assist it in delivering lower costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (for its clients, enhancing customer service levels, increasing flexibility and providing more aggregate services to each customer) Tj ET Q q 0 0 0 rg BT 559.55 167.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (Such capabilities include data management, imaging, logistics and distribution, ink manufacturing, and equipment research and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (design. ) Tj ET Q q 0 0 0 rg BT 83.52 143.25 Td (This vertical integration allows substantial control over critical links in the overall print supply chain, such as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (Company's ink manufacturing capabilities, that help it control the quality) Tj ET Q q 0 0 0 rg BT 341.97 131.25 Td (, cost and availability of a key input in the printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (process.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 95.25 Td (Leading Distribution Capabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 71.25 Td (Quad/Graphics creates tar) Tj ET Q q 0 0 0 rg BT 189.75 71.25 Td (geted and personalized printed materials for its customers, which increase consumer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (response rates, maximize a customer's return on print spending, and reduce overall costs for the customer) Tj ET Q q 0 0 0 rg BT 470.56 59.25 Td (. Quad/Graphics uses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (its in-house list services bureau to analyze mail list data, demographics data, consumer transaction data and other consumer) Tj ET Q q 0 0 0 rg BT 543.91 47.25 Td (-) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 22.35 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (specific data to help its customers tar) Tj ET Q q 0 0 0 rg BT 198.20 742.10 Td (get consumers through personalized printed materials. Personalization and tar) Tj ET Q q 0 0 0 rg BT 511.25 742.10 Td (geting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (create the opportunity to reach the right recipients with the right \(or relevant\) message at the right time. ) Tj ET Q q 0 0 0 rg BT 468.10 730.10 Td (The Company believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (that integrating its analysis of mail list data and newsstand galleys with its logistics services allows it to reduce customer freight ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (costs for shipments to newsstands and postal centers, while providing a high level of dependability and rapid response times ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (that are crucial to the delivery of time-sensitive materials. Utilizing a mix of Company-owned tractor) Tj ET Q q 0 0 0 rg BT 456.99 694.10 Td (-trailers, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (external carriers, in conjunction with a national consolidation network to combine freight, the Company ensures that it will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (able to meet customer distribution capacity requirements with great reliability and cost-ef) Tj ET Q q 0 0 0 rg BT 407.84 670.10 Td (fectiveness.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Postal rates are a significant component of many customers' cost structures and Quad/Graphics believes that postal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (costs influence the number of pieces that its customers print and mail. ) Tj ET Q q 0 0 0 rg BT 334.28 634.10 Td (Through its logistics operations, finishing technology ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (and data analytics, the Company manages the mail preparation and distribution of most of its customers' products to maximize ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.68 610.10 Td (ficiency and reduce these costs. ) Tj ET Q q 0 0 0 rg BT 188.83 610.10 Td (The Company helps its U.S. customers reduce their overall postage costs through what it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (believes, based on information published by or otherwise made available from its competitors, is the industry's lar) Tj ET Q q 0 0 0 rg BT 505.50 598.10 Td (gest co-mail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 91.29 586.10 Td (The Company's co-mail program involves the sorting and bundling of printed products to be mailed to consumers, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (order to facilitate better integration with the United States Postal Service. ) Tj ET Q q 0 0 0 rg BT 347.88 574.10 Td (The United States Postal Service of) Tj ET Q q 0 0 0 rg BT 489.61 574.10 Td (fers significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (work-sharing discounts for this sorting, bundling and drop-shipping to postal processing centers as it reduces handling by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (United States Postal Service. By combining the products of multiple customers in the mail stream, the Company leverages the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (volume from all of its customers, regardless of the production facility) Tj ET Q q 0 0 0 rg BT 327.66 538.10 Td (, to achieve greater savings. ) Tj ET Q q 0 0 0 rg BT 443.31 538.10 Td (The Company has four ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (strategically placed regional co-mail hubs to better service the catalog market. ) Tj ET Q q 0 0 0 rg BT 367.28 526.10 Td (These hubs complement the Company's existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (co-mail capabilities located in a number of its plants and allow the Company to of) Tj ET Q q 0 0 0 rg BT 378.16 514.10 Td (fer an industry leading logistics solution that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (incorporates pre-sort optimization with distributed co-mail throughout the United States. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.20 502.10 Td (201) Tj ET Q q 0 0 0 rg BT 435.01 502.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.83 502.10 Td (, Quad/Graphics co-mailed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.76 490.10 Td (4.8 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.88 490.10 Td ( magazines and catalogs, earning significant discounts from the United States Postal Service on behalf of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (its customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (Quad/Graphics is also able to leverage the volume of products running through its lar) Tj ET Q q 0 0 0 rg BT 427.21 454.10 Td (ge plants for further customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (distribution savings by creating full truckloads that are routed directly to United States Postal Service facilities. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (each major United States metropolitan area is within one day's drive of at least one of the Company's strategically located ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (facilities, providing its customers the flexibility to print closest to their ultimate consumers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (Commitment to Ongoing Innovation, Rapid ) Tj ET Q q 0 0 0 rg BT 268.08 394.10 Td (Adoption of T) Tj ET Q q 0 0 0 rg BT 324.66 394.10 Td (echnology and Integration of New Media) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (Quad/Graphics has had a continued commitment to research and development, manufacturing process improvements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and the rapid adoption of technological innovations and integration of new media.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (The Company's engineers, designers and computer experts, working closely with its press and finishing operators, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (have developed a range of advancements that enhance the Company's manufacturing platform. ) Tj ET Q q 0 0 0 rg BT 433.79 322.10 Td (The value of Quad/Graphics' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (innovations to the industry is supported by the fact that it generates revenue by supplying some of these technology solutions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (and consulting services to other printers. In particular) Tj ET Q q 0 0 0 rg BT 266.12 298.10 Td (, the Company believes it is an internationally known, leading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (manufacturer of electronic process control systems and maintains of) Tj ET Q q 0 0 0 rg BT 322.60 286.10 Td (fices in the Netherlands, India, Singapore, Japan and China ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (to sell and service these products to equipment manufacturers and other printers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (Another example of Quad/Graphics' innovative approach is the integration of its imaging, manufacturing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (distribution networks into a single platform using a networked information technology \("IT"\) infrastructure. ) Tj ET Q q 0 0 0 rg BT 486.58 238.10 Td (This single ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (platformpresent in many Quad/Graphics' lar) Tj ET Q q 0 0 0 rg BT 236.10 226.10 Td (ger facilitiesprovides seamless information flow across sales and estimating, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (production planning, scheduling, manufacturing, warehousing, logistics, invoicing, reporting and customer service.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (The Company intends to leverage these IT) Tj ET Q q 0 0 0 rg BT 255.86 190.10 Td ( tools and capabilities by extending their integration into certain operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (The Company presently intends to integrate the networked IT) Tj ET Q q 0 0 0 rg BT 296.51 178.10 Td ( in each of these facilities with respect to the sales and marketing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (supply chain, finance, human resources and distribution functions that support the magazine, catalog, retail and direct mail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (manufacturing operations. Recognizing the dif) Tj ET Q q 0 0 0 rg BT 238.74 154.10 Td (ferences in operational needs and processes, the Company presently intends to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (predominantly retain the current technology platforms for its book and directory manufacturing operations, which the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (believes is suf) Tj ET Q q 0 0 0 rg BT 106.56 130.10 Td (ficient to support these operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (From a client-facing perspective, Quad/Graphics has focused on integrating new media to redefine print for its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 97.96 94.10 Td (The Company's Media Solutions group is dedicated to delivering innovative solutions across multiple media ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (channels. Media Solutions' core building blocks include creative, digital imaging, video, photography) Tj ET Q q 0 0 0 rg BT 458.61 82.10 Td (, workflow solutions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (interactive technology including mobile and social media, and response data analytics services. ) Tj ET Q q 0 0 0 rg BT 435.62 70.10 Td (These building blocks are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (seamlessly integrated to help clients optimize content and create experiences that connect with customers and subscribers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (across multiple channels including print, web, mobile, e-mail, e-book, tablet and in-store.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 22.35 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Customer-Centric ) Tj ET Q q 0 0 0 rg BT 162.21 730.10 Td (Approach) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Throughout its history) Tj ET Q q 0 0 0 rg BT 175.12 706.10 Td (, Quad/Graphics has focused its attention on customers and their needs. By empowering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (employees to enact customer solutions, the Company provides its clients with a tremendous amount of flexibility) Tj ET Q q 0 0 0 rg BT 501.81 694.10 Td (, allowing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (them to be more nimble and responsive to the needs of the marketplace. Quad/Graphics' "high tech/high touch" approach has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (led to what the Company believes is an excellent customer service reputation. ) Tj ET Q q 0 0 0 rg BT 365.92 670.10 Td (While transacting a high level of detail on a day-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (to-day basis, the Company's rapid adaptation and use of technology allows the customer relationship to evolve into a more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (consultancy-oriented exchange, and the service team is positioned to of) Tj ET Q q 0 0 0 rg BT 335.37 646.10 Td (fer more strategic value rather than just manage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (operational details.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (In an ongoing ef) Tj ET Q q 0 0 0 rg BT 151.73 610.10 Td (fort to better serve the diverse needs of marketers and publishers, Quad/Graphics restructured its U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Sales team into two main groups in late 201) Tj ET Q q 0 0 0 rg BT 225.34 598.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 237.57 598.10 Td (These groupsMarketing Solutions and Publishing Solutionsuse a customer) Tj ET Q q 0 0 0 rg BT 554.86 598.10 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (centric approach to help marketers and publishers take maximum advantage of the Company's full range of integrated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (multichannel solutions to help them better engage end users and drive improved response from print and print-related solutions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (The Marketing Solutions team sells the Company's complete continuum of integrated solutions for those customers who use ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (catalogs, direct mail, retail inserts and in-store marketing to promote products and services. ) Tj ET Q q 0 0 0 rg BT 420.08 550.10 Td (This includes utilizing its digital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (media, integrated data analytics, finishing technology and logistics operations to create and deliver tar) Tj ET Q q 0 0 0 rg BT 457.83 538.10 Td (geted and personalized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (printed materials that increase consumer response rates and maximize a customer's return on print spending. ) Tj ET Q q 0 0 0 rg BT 487.40 526.10 Td (The Publishing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Solutions team sells the Company's complete continuum of integrated solutions for those customers who sell content and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (advertising via consumer magazines, special interest publications, books and directories. ) Tj ET Q q 0 0 0 rg BT 409.25 502.10 Td (The Marketing Solutions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Publishing Solutions teams are augmented by Enterprise Solutions resources focused on providing end-to-end solutions to all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (clients with a focus toward expansion into new markets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (Recognizing that technology is not a substitute for face-to-face relationships, but rather a way to enhance them, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Company uses Smartoolsreal-time information management toolsto better connect customers with employees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (employees with each other) Tj ET Q q 0 0 0 rg BT 156.63 430.10 Td (. Smartools link the Company's people and equipment throughout a singular facility and with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (numerous other facilities in the Company's network of plants, automating the exchange of information and streamlining the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (entire printing process from creation and imaging through to press, finishing and distribution. Smartools extend to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Company's clients as well, providing 24/7 access to the very same up-to-the-minute information used by the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (production, customer service and sales representatives, and allowing them to better manage current projects and plan future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (work.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Disciplined Financial ) Tj ET Q q 0 0 0 rg BT 178.05 346.10 Td (Approach) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (Quad/Graphics believes that its disciplined financial approach of focusing on maximizing free cash flow) Tj ET Q q 0 0 0 rg BT 503.60 322.10 Td (, maintaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (a strong balance sheet and maximizing ) Tj ET Q q 0 0 0 rg BT 207.45 310.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 282.17 310.10 Td ( provides a competitive advantage. Continuous Improvement and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Lean Manufacturing methodologies are among the tools that Quad/Graphics uses to improve manufacturing productivity and to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (ultimately maximize operating mar) Tj ET Q q 0 0 0 rg BT 190.70 286.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 214.50 286.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 264.45 286.10 Td (, Quad/Graphics has a culture of continuous cost reduction, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (includes minimizing waste, increasing ef) Tj ET Q q 0 0 0 rg BT 213.47 274.10 Td (ficiencies and throughput, and simplifying and streamlining processes. ) Tj ET Q q 0 0 0 rg BT 500.73 274.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (has been working diligently to lower its cost structure by consolidating its manufacturing platform into its most ef) Tj ET Q q 0 0 0 rg BT 505.66 262.10 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (facilities, as well as realizing purchasing, mailing and logistics ef) Tj ET Q q 0 0 0 rg BT 310.67 250.10 Td (ficiencies by centralizing and consolidating print ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (manufacturing volumes and eliminating redundancies in its administrative and corporate operations. Quad/Graphics believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (that its focused ef) Tj ET Q q 0 0 0 rg BT 120.72 226.10 Td (forts to be the low cost producer generates increased free cash flow and allows the Company to focus on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (maintaining a strong balance sheet through debt and pension reductions. ) Tj ET Q q 0 0 0 rg BT 343.72 214.10 Td (The Company's disciplined financial approach has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (resulted in strong credit metrics and has allowed the Company to structure its debt agreements to maintain high liquidity as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (well as to avoid refinancing risk, with the nearest significant maturity not until July 2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (Distinct Corporate Culture) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (Quad/Graphics believes that its distinct corporate culture, which evolved from a core set of values conceived by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (late founder Harry ) Tj ET Q q 0 0 0 rg BT 126.26 130.10 Td (V) Tj ET Q q 0 0 0 rg BT 132.75 130.10 Td (. Quadracci, promotes an or) Tj ET Q q 0 0 0 rg BT 243.08 130.10 Td (ganization-wide entrepreneurial spirit and opportunistic mentality that has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (contributed to its success over the past 40-plus years. ) Tj ET Q q 0 0 0 rg BT 267.36 118.10 Td (The Company fosters an entrepreneurial environment by inspiring and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (empowering employees to own projects and enact solutions within what it believes is a flat hierarchical structure. Employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (in the United States who have been employed for at least one full calendar year also have a beneficial ownership in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Company through Company stock held in an employee stock ownership plan, enhancing their sense of ownership. ) Tj ET Q q 0 0 0 rg BT 511.76 82.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Company believes that the empowerment, engagement and development of its employee owners fosters a strong partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (approach within the business that delivers results.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 22.35 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Quad/Graphics invests in its employees in a variety of ways: by providing technical, safety and continuous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (improvement training, personal improvement classes, financial and retirement planning and comprehensive health and wellness ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 89.06 718.10 Td (Through its own network of QuadMed primary care clinics located at select worksite locations, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (provides high-quality primary medical care and specialty services to employees and their families at a low cost. ) Tj ET Q q 0 0 0 rg BT 501.15 706.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (demonstrates its commitment to wellness through on-site fitness centers at a number of printing plant locations, as well as by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.24 682.10 Td (fering smoking cessation, weight-management and nutrition classes among other wellness-related programs; providing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (employee assistance program counseling services; and developing its own programs with financial incentives for managing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (chronic conditions such as diabetes and asthma \(known as ) Tj ET Q q 0 0 0 rg BT 285.13 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 294.08 658.10 Td (ell ) Tj ET Q q 0 0 0 rg BT 305.99 658.10 Td (Y) Tj ET Q q 0 0 0 rg BT 312.52 658.10 Td (ou\) and promoting healthy lifestyles \(known as Lean ) Tj ET Q q 0 0 0 rg BT 525.67 658.10 Td (Y) Tj ET Q q 0 0 0 rg BT 532.21 658.10 Td (ou\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (QuadMed also provides this unique of) Tj ET Q q 0 0 0 rg BT 202.94 646.10 Td (fering of healthcare services to third party businesses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (Quad/Graphics is led by an experienced management team with a proven track record in the printing industry that is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (committed to preserving the Company's values-based culture. ) Tj ET Q q 0 0 0 rg BT 301.37 610.10 Td (The senior management team includes individuals with long ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (tenure with the Company augmented with seasoned industry talent realized through recent acquisitions, further supported by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (managers and employees committed to advancing print solutions in coordination with the ever) Tj ET Q q 0 0 0 rg BT 427.59 586.10 Td (-evolving multichannel media ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (landscape. ) Tj ET Q q 0 0 0 rg BT 96.83 574.10 Td (The Company believes the experience and stability of senior management, paired with next-generation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (entrepreneurially minded employees, will contribute to its long-term success.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (Strategy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 515.25 Td (Quad/Graphics is focused on the following strategic goals:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 491.25 Td (Redefine Print as the Foundation of Integrated Multichannel Solutions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 467.25 Td (The Company believes that print remains the core element of an ef) Tj ET Q q 0 0 0 rg BT 352.76 467.25 Td (fective multichannel marketing campaign for both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (marketers and publishers. ) Tj ET Q q 0 0 0 rg BT 157.38 455.25 Td (The Company seeks to facilitate coordinated multichannel marketing campaigns utilizing print, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (e-mail and personalized websites to engage consumers, drive higher response rates and, thereby) Tj ET Q q 0 0 0 rg BT 432.87 443.25 Td (, returns for advertisers on their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (marketing dollars. ) Tj ET Q q 0 0 0 rg BT 127.48 431.25 Td (According to a 201) Tj ET Q q 0 0 0 rg BT 203.95 431.25 Td (1 study by InfoT) Tj ET Q q 0 0 0 rg BT 270.52 431.25 Td (rends, marketers report an average improvement of 25% for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (multichannel campaigns \(using print, e-mail, and web landing pages\) over single channel print-only campaigns. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (more than 50% of marketers are utilizing three or more forms of media in their direct marketing campaigns, according to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (2010 InfoT) Tj ET Q q 0 0 0 rg BT 95.09 395.25 Td (rends study) Tj ET Q q 0 0 0 rg BT 140.42 395.25 Td (. Equally important, the ) Tj ET Q q 0 0 0 rg BT 239.52 395.25 Td (Art ) Tj ET Q q 0 0 0 rg BT 254.99 395.25 Td (T) Tj ET Q q 0 0 0 rg BT 260.66 395.25 Td (echnology Group found that nearly one-third of consumers say they rely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (on three or more dif) Tj ET Q q 0 0 0 rg BT 129.88 383.25 Td (ferent channels \(such as print catalogs, online, in-store, mobile devices, customer service representatives\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (from the time they start researching products and services to when they complete their purchase. ) Tj ET Q q 0 0 0 rg BT 440.61 371.25 Td (The Company intends to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (continue to redefine print communications as the foundation of integrated multichannel solutions by:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 335.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 335.25 Td (consulting with customers on marketing strategies to integrate personalized, tar) Tj ET Q q 0 0 0 rg BT 421.04 335.25 Td (geted print communications with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 323.25 Td (other media channels including video, mobile, social, e-mail and ) Tj ET Q q 0 0 0 rg BT 364.94 323.25 Td (W) Tj ET Q q 0 0 0 rg BT 373.89 323.25 Td (eb-based media to drive higher response rates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 299.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 299.25 Td (leveraging its integrated data analytics, finishing technology and logistics operations, which allow customers to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 287.25 Td (create and track customized communications across channels on a cost-ef) Tj ET Q q 0 0 0 rg BT 397.96 287.25 Td (fective basis, with the objective of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 275.25 Td (delivering higher responses at a lower cost;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 251.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 251.25 Td (deploying its interactive media capabilities, including planning, executing and monitoring interactive print ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 239.25 Td (campaigns, e-mail, personalized URLs and digital editions, and creating and maintaining microsites, in support of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 227.25 Td (ef) Tj ET Q q 0 0 0 rg BT 111.68 227.25 Td (fective, print-focused marketing campaigns; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 203.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 203.25 Td (investing in new technologies and capabilities to ensure it can provide the most desirable and ef) Tj ET Q q 0 0 0 rg BT 486.85 203.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 191.25 Td (multichannel solutions to marketers and publishers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 167.25 Td (Utilize an Ef) Tj ET Q q 0 0 0 rg BT 138.14 167.25 Td (ficient and Innovative Distribution Network to Provide Enhanced V) Tj ET Q q 0 0 0 rg BT 416.40 167.25 Td (alue to Customers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 143.25 Td (Quad/Graphics has made strategic capital expenditure investments to build what it believes is one of the most ef) Tj ET Q q 0 0 0 rg BT 534.40 143.25 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (and innovative distribution networks in the commercial printing industry) Tj ET Q q 0 0 0 rg BT 340.73 131.25 Td (. ) Tj ET Q q 0 0 0 rg BT 347.82 131.25 Td (The Company's goal is to maintain a fully-integrated, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (national distribution network that includes:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 95.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 95.25 Td (technology and processes to reduce postage expenses for its U.S. customers, typically their lar) Tj ET Q q 0 0 0 rg BT 480.47 95.25 Td (gest expense, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 83.25 Td (including an extensive distributive co-mail program that combines and drop ships numerous clients' mailpieces ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 71.25 Td (together to capture sorting and handling discounts from the United States Postal Service;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 47.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 47.25 Td (unique software to mer) Tj ET Q q 0 0 0 rg BT 196.38 47.25 Td (ge mail streams on a lar) Tj ET Q q 0 0 0 rg BT 291.44 47.25 Td (ge scale and leverage the mailing platform to provide even greater ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 22.35 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (co-mailing cost and ef) Tj ET Q q 0 0 0 rg BT 193.05 742.10 Td (ficiency benefits to its customers;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (in-house transportation and logistics services, including a fleet of Company-owned tractor) Tj ET Q q 0 0 0 rg BT 464.64 718.10 Td (-trailers that enable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 706.10 Td (rapid deployment of products; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (advanced finishing capabilities that enable enhanced co-mailing ef) Tj ET Q q 0 0 0 rg BT 370.19 682.10 Td (ficiencies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Quad/Graphics intends to continue to invest in new distribution equipment, technology and services to deploy value-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (added distribution solutions for its customers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (Maximize Operational and T) Tj ET Q q 0 0 0 rg BT 204.72 622.10 Td (echnological Excellence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Quad/Graphics utilizes a disciplined return on capital framework to make significant investments in its print ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (manufacturing platform and data management capabilities, resulting in what it believes is one of the most integrated, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (automated, ef) Tj ET Q q 0 0 0 rg BT 104.33 574.10 Td (ficient and modern manufacturing platforms in the industry) Tj ET Q q 0 0 0 rg BT 341.35 574.10 Td (. In addition, a commitment to Lean manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (and a culture of continuous process improvement is a high priority throughout the Company and supports its goal of being the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (low cost producer in its industry) Tj ET Q q 0 0 0 rg BT 178.83 550.10 Td (. For example, the Company's in-house research and development division has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (instrumental in developing and deploying what the Company believes are industry-leading manufacturing solutions, which has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (allowed the Company to continually reduce its cost structure.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (Empower) Tj ET Q q 0 0 0 rg BT 125.17 502.10 Td (, Engage and Develop our Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (In keeping with its culture of employee empowerment, Quad/Graphics encourages all of its employees to act as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (entrepreneurs by taking ownership of their work and driving business results. ) Tj ET Q q 0 0 0 rg BT 364.01 466.10 Td (The Company helps employees keep current on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (skills through education and training programs of) Tj ET Q q 0 0 0 rg BT 247.65 454.10 Td (fered on the job and in the classroom. Much of this education is developed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (specifically for its workforce by its in-house education division, QuadEducation, in cooperation with its Continuous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Improvement and Safety business units. ) Tj ET Q q 0 0 0 rg BT 214.42 430.10 Td (As a result, the Company has been successful at developing leaders with a deep ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (understanding of the business and the industry while also being able to attract new employees eager to contribute to its strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (goals. ) Tj ET Q q 0 0 0 rg BT 78.52 406.10 Td (The Company demonstrates its care for employees through innovative benefits such as QuadMed, which focuses on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (prevention and wellness delivered through onsite clinics and advanced telehealth systems. ) Tj ET Q q 0 0 0 rg BT 415.08 394.10 Td (The Company also of) Tj ET Q q 0 0 0 rg BT 501.27 394.10 Td (fers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.68 382.10 Td (fordable, education-based child care services onsite at select locations through QuadCare.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (Segment Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 335.25 Td (Quad/Graphics operates primarily in the commercial print portion of the printing industry) Tj ET Q q 0 0 0 rg BT 444.20 335.25 Td (, with related product and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (service of) Tj ET Q q 0 0 0 rg BT 89.06 323.25 Td (ferings designed to of) Tj ET Q q 0 0 0 rg BT 175.80 323.25 Td (fer customers complete solutions for communicating their message to tar) Tj ET Q q 0 0 0 rg BT 466.93 323.25 Td (get audiences. ) Tj ET Q q 0 0 0 rg BT 528.39 323.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (Company's operating and reportable segments are aligned with how the chief operating decision maker of the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (currently manages the business. ) Tj ET Q q 0 0 0 rg BT 182.10 299.25 Td (The Company has three reportable and operating segments: North ) Tj ET Q q 0 0 0 rg BT 448.04 299.25 Td (America Print and Related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (Services, International and Corporate.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 263.25 Td (North ) Tj ET Q q 0 0 0 rg BT 112.77 263.25 Td (America Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 239.25 Td (The North ) Tj ET Q q 0 0 0 rg BT 129.60 239.25 Td (America Print and Related Services segment includes the Company's United States printing operations, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (well as the Canadian printing operations in ) Tj ET Q q 0 0 0 rg BT 224.04 227.25 Td (V) Tj ET Q q 0 0 0 rg BT 230.61 227.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 266.50 227.25 Td (, British Columbia that will be retained after the sale of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (Canadian operations to ) Tj ET Q q 0 0 0 rg BT 144.61 215.25 Td (T) Tj ET Q q 0 0 0 rg BT 150.45 215.25 Td (ranscontinental Inc. \("T) Tj ET Q q 0 0 0 rg BT 244.98 215.25 Td (ranscontinental"\). ) Tj ET Q q 0 0 0 rg BT 320.71 215.25 Td (This segment is managed as one integrated platform and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (products include catalogs, magazines, retail inserts, books, directories, special interest publications and direct marketing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (materials. ) Tj ET Q q 0 0 0 rg BT 94.06 191.25 Td (The related service of) Tj ET Q q 0 0 0 rg BT 180.77 191.25 Td (ferings include digital photography) Tj ET Q q 0 0 0 rg BT 321.16 191.25 Td (, digital imaging, binding, mailing and distribution, and data ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (optimization and analytics services. ) Tj ET Q q 0 0 0 rg BT 197.64 179.25 Td (This segment also includes the design, development, manufacture and service of printing-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (related auxiliary equipment, as well as the manufacture of ink. ) Tj ET Q q 0 0 0 rg BT 304.54 167.25 Td (This segment accounted for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 167.25 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.33 167.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.33 167.25 Td (89%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.66 167.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.10 167.25 Td (87%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.43 167.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (of Quad/Graphics' consolidated net sales in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.64 155.25 Td (201) Tj ET Q q 0 0 0 rg BT 240.46 155.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.27 155.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.27 155.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.27 155.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.71 155.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.71 155.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 362.70 155.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 131.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 107.25 Td (The International segment consists of Quad/Graphics' printing operations in Europe and Latin ) Tj ET Q q 0 0 0 rg BT 463.54 107.25 Td (America, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (operations in Poland, ) Tj ET Q q 0 0 0 rg BT 136.94 95.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 147.12 95.25 Td (gentina, Brazil, Colombia, Peru, Chile, and Mexico, which includes the newly acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.93 83.25 Td (ranscontinental Mexican operations. ) Tj ET Q q 0 0 0 rg BT 205.90 83.25 Td (This segment provides printed products and related services consistent with the North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (America Print and Related Services segment, with the exception of printing-related auxiliary equipment, which is included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (the North ) Tj ET Q q 0 0 0 rg BT 90.27 59.25 Td (America Print and Related Services segment. ) Tj ET Q q 0 0 0 rg BT 275.96 59.25 Td (The International segment accounted for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.78 59.25 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.11 59.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.11 59.25 Td (1) Tj ET Q q 0 0 0 rg BT 528.93 59.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.07 59.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.33 47.25 Td ( of the Company's consolidated net sales in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.43 47.25 Td (201) Tj ET Q q 0 0 0 rg BT 258.25 47.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.06 47.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.06 47.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.06 47.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.50 47.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.50 47.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 380.49 47.25 Td (.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (The Corporate segment consists of unallocated general and administrative activities and associated expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (including, in part, executive, legal, finance, information technology and human resources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (For additional financial information by segment and geographic area, see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.18 670.10 Td (Note24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.11 670.10 Td (, "Segment Information," and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Note25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.94 658.10 Td (, "Geographic ) Tj ET Q q 0 0 0 rg BT 139.89 658.10 Td (Area and Product Information," to the consolidated financial statements, respectively) Tj ET Q q 0 0 0 rg BT 479.65 658.10 Td (, in Item 8 of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Annual Report on Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (Competition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 599.25 Td (The printing industry) Tj ET Q q 0 0 0 rg BT 170.67 599.25 Td (, with approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.88 599.25 Td (29,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.38 599.25 Td ( companies in the United States, is highly fragmented and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (competitive. ) Tj ET Q q 0 0 0 rg BT 104.43 587.25 Td (Although there has been industry consolidation, particularly in the past decade, the lar) Tj ET Q q 0 0 0 rg BT 448.41 587.25 Td (gest 400 printers in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (printing industry \(excluding newspaper printing\) still represent less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.33 575.25 Td (41%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.66 575.25 Td ( of the United States and Canadian market, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (according to the 2010 Printing Impressions PI400 and the Print Market ) Tj ET Q q 0 0 0 rg BT 336.07 563.25 Td (Atlas. ) Tj ET Q q 0 0 0 rg BT 364.13 563.25 Td (According to the December 2010 Printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (Impressions PI400, Quad/Graphics was the second lar) Tj ET Q q 0 0 0 rg BT 266.25 551.25 Td (gest commercial printer in the United States as measured by revenue. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (addition to being in a highly fragmented industry) Tj ET Q q 0 0 0 rg BT 246.03 539.25 Td (, the Company also faces competition due to the increased accessibility and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (quality of electronic alternatives to traditional delivery of printed documents through the online distribution and hosting of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (media content and the electronic distribution of documents and data.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 491.25 Td (Across Quad/Graphics' range of products and services, competition is based on a number of factors, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 455.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 455.25 Td (total price of printing, materials and distribution;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 431.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 431.25 Td (quality;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 407.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 407.25 Td (range of services of) Tj ET Q q 0 0 0 rg BT 182.48 407.25 Td (fered, including the ability to provide multichannel marketing campaigns;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 383.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 383.25 Td (distribution capabilities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 359.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 359.25 Td (customer service;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 335.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 335.25 Td (availability to schedule work on appropriate equipment;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 311.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 311.25 Td (on-time production and delivery; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 287.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 287.25 Td (state-of-the-art technology to meet a client's business objectives.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 240.25 Td (Quad/Graphics enjoys long-standing relationships with a diverse base of clients, which includes both national and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (regional corporations in North ) Tj ET Q q 0 0 0 rg BT 173.58 228.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 236.06 228.25 Td (America and Europe. ) Tj ET Q q 0 0 0 rg BT 325.93 228.25 Td (The Company's customers include industry leading blue-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (chip companies that operate in a wide range of industries and serve both businesses and consumers, including retailers, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (publishers and direct marketers. ) Tj ET Q q 0 0 0 rg BT 182.64 204.25 Td (The Company's relationships with its ten lar) Tj ET Q q 0 0 0 rg BT 358.68 204.25 Td (gest customers average more than 25 years in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (duration and Quad/Graphics typically signs multi-year print agreements with these customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 168.25 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.83 168.25 Td (201) Tj ET Q q 0 0 0 rg BT 111.64 168.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.46 168.25 Td (, Quad/Graphics served more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.86 168.25 Td (7,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.36 168.25 Td ( customers, and its ten lar) Tj ET Q q 0 0 0 rg BT 380.47 168.25 Td (gest customers accounted for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (19% of net sales, with none representing more than 5% individually) Tj ET Q q 0 0 0 rg BT 321.56 156.25 Td (. ) Tj ET Q q 0 0 0 rg BT 328.64 156.25 Td (The Company believes that its lar) Tj ET Q q 0 0 0 rg BT 463.15 156.25 Td (ge and diverse customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (base, broad geographic coverage and extensive range of printing and print-related capabilities are competitive strengths.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (Patents, ) Tj ET Q q 0 0 0 rg BT 86.57 121.25 Td (T) Tj ET Q q 0 0 0 rg BT 92.78 121.25 Td (rademarks and ) Tj ET Q q 0 0 0 rg BT 160.10 121.25 Td (T) Tj ET Q q 0 0 0 rg BT 166.31 121.25 Td (rade Names) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 97.25 Td (Quad/Graphics operates research and development facilities that support the development of new equipment, process ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (improvements, raw materials and content management, and distribution technologies to better meet customer needs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (improve operating ef) Tj ET Q q 0 0 0 rg BT 133.77 73.25 Td (ficiencies. ) Tj ET Q q 0 0 0 rg BT 179.40 73.25 Td (The Company continues to innovate within the printing and print-related industry and, as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (result, has developed what it believes to be one of the most powerful patent portfolios in the print industry) Tj ET Q q 0 0 0 rg BT 474.30 61.25 Td (.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.15 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 305.96 22.35 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Quad/Graphics currently holds or has rights to commercialize a wide variety of worldwide patents and applications ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (relating to its business. ) Tj ET Q q 0 0 0 rg BT 146.57 730.10 Td (The Company intends to continue to file patent applications that it believes will help ensure the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (continued strength of the Company and its portfolio. ) Tj ET Q q 0 0 0 rg BT 264.69 718.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 314.64 718.10 Td (, the Company markets products, services and capabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (under a number of trademarks and trade names. Quad/Graphics aggressively defends its intellectual property rights and intends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (to continue to do so in the future.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (Raw Materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 647.25 Td (The primary raw materials Quad/Graphics uses in its print business are paper) Tj ET Q q 0 0 0 rg BT 394.32 647.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 448.45 647.25 Td (gy) Tj ET Q q 0 0 0 rg BT 458.04 647.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 623.25 Td (The majority of paper used by the Company is supplied directly by its customers. For those customers that do not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (directly supply their own paper) Tj ET Q q 0 0 0 rg BT 174.77 611.25 Td (, Quad/Graphics makes use of its purchasing ef) Tj ET Q q 0 0 0 rg BT 363.31 611.25 Td (ficiencies to supply paper by negotiating with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (leading paper suppliers, uses a wide variety of paper grades, weights and sizes, and does not rely on any one supplier) Tj ET Q q 0 0 0 rg BT 517.64 599.25 Td (. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (addition, the Company generally includes price adjustment clauses in sales contracts for paper and other critical raw materials ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (in the printing process. ) Tj ET Q q 0 0 0 rg BT 146.37 575.25 Td (Although these clauses generally mitigate paper price risk, higher paper prices and tight paper supplies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (may have an impact on customers' demand for printed products. Quad/Graphics' working capital requirements, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (impact of seasonality) Tj ET Q q 0 0 0 rg BT 134.65 551.25 Td (, is partially mitigated through the direct purchasing of paper by the majority of Quad/Graphics' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 515.25 Td (Quad/Graphics produces the majority of ink used in its print production, allowing it to control the quality) Tj ET Q q 0 0 0 rg BT 506.43 515.25 Td (, cost and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (supply of key inputs. Raw materials for the ink manufacturing process are purchased externally from a variety of suppliers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 479.25 Td (Quad/Graphics generally cannot pass on to customers the impact of higher electric and natural gas ener) Tj ET Q q 0 0 0 rg BT 498.81 479.25 Td (gy prices on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (manufacturing costs, and increases in ener) Tj ET Q q 0 0 0 rg BT 219.29 467.25 Td (gy prices result in higher manufacturing costs for certain of its operations. ) Tj ET Q q 0 0 0 rg BT 520.13 467.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (Company mitigates its risk through natural gas hedges when appropriate. In its logistic operations, however) Tj ET Q q 0 0 0 rg BT 482.76 455.25 Td (, the Company is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (able to pass a substantial portion of any increase in fuel prices directly to its customers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (Envir) Tj ET Q q 0 0 0 rg BT 74.36 420.25 Td (onmental Stewardship) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 396.25 Td (As the owner) Tj ET Q q 0 0 0 rg BT 139.12 396.25 Td (, lessee or operator of various real properties and facilities, Quad/Graphics is subject to various federal, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (state and local environmental laws and regulations, including those relating to air emissions; waste generation, handling, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (management and disposal; and remediation of contaminated sites. Historically) Tj ET Q q 0 0 0 rg BT 365.14 372.25 Td (, compliance with these laws and regulations has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (not had a material adverse ef) Tj ET Q q 0 0 0 rg BT 165.13 360.25 Td (fect on the Company's results of operations, financial position or cash flows. Compliance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (existing or new environmental laws and regulations may require the Company to make future expenditures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 324.25 Td (Quad/Graphics strives to be the leader in the printing industry in adopting new technologies and processes to protect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (the environment. ) Tj ET Q q 0 0 0 rg BT 122.67 312.25 Td (The Company believes it has long been known for its environmental stewardship. In the past decade alone, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (the Company has been awarded more than 25 major environmental achievement honors, both on a state and national level, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (including becoming the first major manufacturer of any kind to achieve a Leadership in Ener) Tj ET Q q 0 0 0 rg BT 421.44 288.25 Td (gy and Environmental Design-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (Existing Building \(LEED-EB\) certification for an existing manufacturing site \(its Sussex, ) Tj ET Q q 0 0 0 rg BT 410.39 276.25 Td (W) Tj ET Q q 0 0 0 rg BT 419.54 276.25 Td (isconsin facility in 2009, followed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (by its Hartford, ) Tj ET Q q 0 0 0 rg BT 113.79 264.25 Td (W) Tj ET Q q 0 0 0 rg BT 122.93 264.25 Td (isconsin facility in 2010\). Quad/Graphics' proactive approach to incorporate environmentally-friendly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (practices has also positively impacted operating costs through the reduction of waste, ener) Tj ET Q q 0 0 0 rg BT 410.63 252.25 Td (gy use, emissions and labor) Tj ET Q q 0 0 0 rg BT 520.61 252.25 Td (, as well ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.25 Td (as through the implementation of water conservation solutions. ) Tj ET Q q 0 0 0 rg BT 307.08 240.25 Td (The Company has also undertaken steps to reduce greenhouse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (gas emissions from its manufacturing processes and to improve fuel ef) Tj ET Q q 0 0 0 rg BT 332.06 228.25 Td (ficiency and reduce emissions in its fleet of Company-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (owned tractor trailers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 169.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 169.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 169.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 169.25 Td (, Quad/Graphics had approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.89 169.25 Td (24,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.39 169.25 Td ( employees in North ) Tj ET Q q 0 0 0 rg BT 444.99 169.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 507.46 169.25 Td (America and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 86.29 157.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.43 157.25 Td (ithin the United States, there were approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.06 157.25 Td (17,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.56 157.25 Td ( employees of which approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.35 157.25 Td (1,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.85 157.25 Td ( were covered by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (a collective bar) Tj ET Q q 0 0 0 rg BT 110.98 145.25 Td (gaining agreement. Outside of the United States, there were approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.96 145.25 Td (6,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.46 145.25 Td ( employees of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 133.25 Td (1,950) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.76 133.25 Td ( were either governed by agreements that apply industry-wide, by a collective bar) Tj ET Q q 0 0 0 rg BT 458.93 133.25 Td (gaining agreement or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (through works councils or similar agreements. Quad/Graphics believes that its employee relations are good and that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (Company maintains an employee-centric culture.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Business ) Tj ET Q q 0 0 0 rg BT 88.91 742.25 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.72 718.25 Td (July12, 201) Tj ET Q q 0 0 0 rg BT 149.71 718.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.52 718.25 Td (, Quad/Graphics entered into a definitive agreement with ) Tj ET Q q 0 0 0 rg BT 384.63 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 390.47 718.25 Td (ranscontinental whereby Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (agreed to acquire ) Tj ET Q q 0 0 0 rg BT 121.26 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 127.10 706.25 Td (ranscontinental's Mexican operations in exchange for the Quad/Graphics' Canadian operations \(with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (exception of the Company's ) Tj ET Q q 0 0 0 rg BT 163.91 694.25 Td (V) Tj ET Q q 0 0 0 rg BT 170.49 694.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 206.38 694.25 Td (, British Columbia facility\). Quad/Graphics employs approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.68 694.25 Td (1,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.18 694.25 Td ( people ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (among its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.67 682.25 Td (seven) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.43 682.25 Td ( facilities being sold to ) Tj ET Q q 0 0 0 rg BT 207.94 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 213.78 682.25 Td (ranscontinental, which are located in ) Tj ET Q q 0 0 0 rg BT 362.71 682.25 Td (Aurora, Concord and Markham, Ontario; LaSalle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (and Montreal, Quebec; Edmonton, ) Tj ET Q q 0 0 0 rg BT 190.80 670.25 Td (Alberta and Dartmouth, Nova Scotia. ) Tj ET Q q 0 0 0 rg BT 344.84 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 350.68 670.25 Td (ranscontinental's Mexican operations printed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (magazines, catalogs, retail inserts, books and other printed materials, and employed approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 658.25 Td (900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.10 658.25 Td ( people among its three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (facilities in ) Tj ET Q q 0 0 0 rg BT 96.93 646.25 Td (Azcapotzalco, ) Tj ET Q q 0 0 0 rg BT 155.97 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.64 646.25 Td (oluca and Xochimilco, Mexico. ) Tj ET Q q 0 0 0 rg BT 292.56 646.25 Td (The Company completed the acquisition of ) Tj ET Q q 0 0 0 rg BT 467.89 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 473.73 646.25 Td (ranscontinental's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Mexican operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.14 634.25 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 214.22 634.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.03 634.25 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.25 634.25 Td (February7, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.85 634.25 Td (, the Company announced that it has been authorized by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Canada's Competition Bureau to complete the sale of its Canadian operations to ) Tj ET Q q 0 0 0 rg BT 371.63 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 377.48 622.25 Td (ranscontinental. ) Tj ET Q q 0 0 0 rg BT 445.80 622.25 Td (The Company expects the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (sale to be completed before March 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.72 586.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.89 586.25 Td (, the Company acquired ) Tj ET Q q 0 0 0 rg BT 247.83 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 256.78 586.25 Td (orld Color Press, a provider of comprehensive print, digital and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (services to retailers, catalogers, publishers, branded-goods companies and other businesses in North ) Tj ET Q q 0 0 0 rg BT 451.56 574.25 Td (America and Latin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (American countries. ) Tj ET Q q 0 0 0 rg BT 135.99 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 144.94 562.25 Td (orld Color Press' products include advertising inserts, circulars, catalogs, direct mail products, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (magazines, books, directories, digital pre-media, logistics, and mail list technologies. ) Tj ET Q q 0 0 0 rg BT 395.10 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 404.05 550.25 Td (orld Color Press' results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (and account balances have been included in the Company's consolidated financial statements prospectively from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.48 538.25 Td (July2, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 526.25 Td ( transaction date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (Executive Officers of Quad/Graphics) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 486.25 Td (The following table sets forth the names, ages \(as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.33 486.25 Td (February29, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.93 486.25 Td (\) and positions of Quad/Graphics' executive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.24 474.25 Td (ficers.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 432.75 m 152.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 432.75 m 195.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 432.75 m 562.5 432.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.50 437.43 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 422.42 Td (J. Joel Quadracci) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 407.42 Td (David A. Blais) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 392.42 Td (Gregg A. Bolt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 377.42 Td (John C. Fowler) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 362.42 Td (Thomas J. Frankowski) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 347.42 Td (Steven D. Jaeger) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 332.42 Td (David K. Riebe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 317.42 Td (Tony Scaringi) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 302.42 Td (David J. Honan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 287.42 Td (Maura D. Packham) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 272.42 Td (Andrew R. Schiesl) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 257.42 Td (Kelly A. Vanderboom) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.65 437.43 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 422.42 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 407.42 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 392.42 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 377.42 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 362.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 347.42 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 332.42 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 317.42 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 302.42 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 287.42 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 272.42 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 257.42 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.75 437.43 Td (Position) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 422.42 Td (Chairman, President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 407.42 Td (Executive Vice President of Sales and Client Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 392.42 Td (Executive Vice President of Human Resources and Administration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 377.42 Td (Executive Vice President and Chief Financial Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 362.42 Td (Executive Vice President of Manufacturing & Operations and President of Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 347.42 Td (President of Quad/Direct and Vice-President of Information Systems & Infrastructure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 332.42 Td (President of Logistics & Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 317.42 Td (President and General Manager of Latin America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 302.42 Td (Vice President, Corporate Controller & Chief Accounting Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 287.42 Td (Vice President of Marketing & Communications) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 272.42 Td (Vice President & General Counsel) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 257.42 Td (Vice President & Treasurer) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 229.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 229.25 Td (. Quadracci has been a director of Quad/Graphics since 2003, its President since January 2005, its President and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.66 217.25 Td (ficer since July 2006, and its Chairman, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 423.23 217.25 Td (ficer since January 2010. Mr) Tj ET Q q 0 0 0 rg BT 540.05 217.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (Quadracci joined Quad/Graphics in 1991 and, prior to becoming President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 444.80 205.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 462.82 205.25 Td (, served in various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (capacities, including Sales Manager) Tj ET Q q 0 0 0 rg BT 193.64 193.25 Td (, Regional Sales Strategy Director) Tj ET Q q 0 0 0 rg BT 329.59 193.25 Td (, ) Tj ET Q q 0 0 0 rg BT 334.30 193.25 Td (V) Tj ET Q q 0 0 0 rg BT 341.13 193.25 Td (ice President of Print Sales, Senior ) Tj ET Q q 0 0 0 rg BT 482.11 193.25 Td (V) Tj ET Q q 0 0 0 rg BT 488.94 193.25 Td (ice President of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (Sales & ) Tj ET Q q 0 0 0 rg BT 83.61 181.25 Td (Administration, and President and Chief Operating Of) Tj ET Q q 0 0 0 rg BT 300.14 181.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 318.09 181.25 Td (. Mr) Tj ET Q q 0 0 0 rg BT 337.26 181.25 Td (. Quadracci is the son of Betty Ewens Quadracci, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (director and employee of Quad/Graphics, and the brother) Tj ET Q q 0 0 0 rg BT 278.70 169.25 Td (-in-law of Christopher B. Harned, a director of Quad/Graphics.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 145.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 145.25 Td (. Blais is Executive ) Tj ET Q q 0 0 0 rg BT 177.29 145.25 Td (V) Tj ET Q q 0 0 0 rg BT 184.12 145.25 Td (ice President of Sales and Client Services. Prior thereto, Mr) Tj ET Q q 0 0 0 rg BT 424.60 145.25 Td (. Blais was Executive ) Tj ET Q q 0 0 0 rg BT 512.82 145.25 Td (V) Tj ET Q q 0 0 0 rg BT 519.65 145.25 Td (ice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (President and President of Magazines and Catalogs from July 2010 to December 201) Tj ET Q q 0 0 0 rg BT 389.74 133.25 Td (1, Senior ) Tj ET Q q 0 0 0 rg BT 428.07 133.25 Td (V) Tj ET Q q 0 0 0 rg BT 434.90 133.25 Td (ice President of Sales & ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (Administration from May 2005 to July 2010, Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 297.52 121.25 Td (V) Tj ET Q q 0 0 0 rg BT 304.35 121.25 Td (ice President of Operations from 1999 to May 2005 and in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (various other capacities since he joined the Company in 1984.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 85.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 85.25 Td (. Bolt joined Quad/Graphics in March 2009 as its ) Tj ET Q q 0 0 0 rg BT 296.99 85.25 Td (V) Tj ET Q q 0 0 0 rg BT 303.82 85.25 Td (ice President of Employee Services, became ) Tj ET Q q 0 0 0 rg BT 483.09 85.25 Td (V) Tj ET Q q 0 0 0 rg BT 489.92 85.25 Td (ice President of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (Human Resources in July 2010, and became Executive ) Tj ET Q q 0 0 0 rg BT 272.35 73.25 Td (V) Tj ET Q q 0 0 0 rg BT 279.18 73.25 Td (ice President of Human Resources and ) Tj ET Q q 0 0 0 rg BT 435.78 73.25 Td (Administration in December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 61.25 Td (1. Prior to joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 218.23 61.25 Td (. Bolt had worked for 10 years in various capacities for Johnson Controls, Inc., a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (provider of automotive interiors, products and services for buildings, and batteries for automobiles and hybrid electric vehicles, ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (along with systems engineering and service expertise. Most recently) Tj ET Q q 0 0 0 rg BT 325.15 742.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 341.77 742.10 Td (. Bolt was ) Tj ET Q q 0 0 0 rg BT 384.19 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 391.02 742.10 Td (ice President of Human Resources for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Johnson Controls, Inc.'s Building Ef) Tj ET Q q 0 0 0 rg BT 195.05 730.10 Td (ficiency division from January 2007 until March 2009, ) Tj ET Q q 0 0 0 rg BT 416.77 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 423.60 730.10 Td (ice President of Human Resources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (for the Power Solutions division from 2005 until 2007 and Director of Human Resources for the ) Tj ET Q q 0 0 0 rg BT 437.44 718.10 Td (Automotive Interiors division ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (from 1999 until 2005.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 682.10 Td (. Fowler joined Quad/Graphics in 1980 as its ) Tj ET Q q 0 0 0 rg BT 279.50 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 286.33 682.10 Td (ice President and Controller) Tj ET Q q 0 0 0 rg BT 397.74 682.10 Td (, became Senior ) Tj ET Q q 0 0 0 rg BT 464.09 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 470.92 682.10 Td (ice President and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 124.89 670.10 Td (ficer in May 2005, and became Executive ) Tj ET Q q 0 0 0 rg BT 294.08 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 300.92 670.10 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 446.32 670.10 Td (ficer in July 2010. Prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 158.32 658.10 Td (. Fowler worked for ) Tj ET Q q 0 0 0 rg BT 240.25 658.10 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 268.85 658.10 Td (Andersen LLP) Tj ET Q q 0 0 0 rg BT 326.99 658.10 Td ( for six years. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 634.10 Td (. Frankowski has been Executive ) Tj ET Q q 0 0 0 rg BT 231.99 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 238.82 634.10 Td (ice President of Manufacturing & Operations and President of Europe since July ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (2010. Prior thereto, Mr) Tj ET Q q 0 0 0 rg BT 144.71 622.10 Td (. Frankowski was Senior ) Tj ET Q q 0 0 0 rg BT 245.73 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 252.56 622.10 Td (ice President of Manufacturing from 2004 to July 2010, President of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (QuadW) Tj ET Q q 0 0 0 rg BT 80.90 610.10 Td (inkowski, Quad/Graphics' Polish subsidiary) Tj ET Q q 0 0 0 rg BT 255.50 610.10 Td (, from 2008 to July 2010 and he served in various other capacities since he ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (joined Quad/Graphics in 1979.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 574.10 Td (. Jaeger has served as President of QuadDirect since ) Tj ET Q q 0 0 0 rg BT 308.43 574.10 Td (August 2007 and as ) Tj ET Q q 0 0 0 rg BT 389.72 574.10 Td (V) Tj ET Q q 0 0 0 rg BT 396.55 574.10 Td (ice President of Information Systems & ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Infrastructure for Quad/Graphics since 2006. Prior thereto, Mr) Tj ET Q q 0 0 0 rg BT 301.87 562.10 Td (. Jaeger had been Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 437.69 562.10 Td (V) Tj ET Q q 0 0 0 rg BT 444.52 562.10 Td (ice President of Information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Systems from 1998 to 2006 and had worked in various other capacities since he joined the Company in 1994. Prior to joining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 127.48 538.10 Td (. Jaeger worked for ) Tj ET Q q 0 0 0 rg BT 206.62 538.10 Td (Andersen Consulting for eight years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 514.10 Td (. Riebe has served as Quad/Graphics' President of Logistics & Distribution since July 2010. Prior thereto, Mr) Tj ET Q q 0 0 0 rg BT 536.34 514.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Riebe was ) Tj ET Q q 0 0 0 rg BT 93.79 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.62 502.10 Td (ice President of Distribution from 1999 to July 2010 and served as Corporate Director of Distribution from 1987 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (1999. He joined Quad/Graphics in 1984. Mr) Tj ET Q q 0 0 0 rg BT 231.92 490.10 Td (. Riebe serves on the board of directors of IDEAlliance, an industry or) Tj ET Q q 0 0 0 rg BT 512.58 490.10 Td (ganization.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 466.10 Td (. Scaringi joined Quad/Graphics in July 2010 as its Chief Financial Of) Tj ET Q q 0 0 0 rg BT 378.64 466.10 Td (ficer of Latin ) Tj ET Q q 0 0 0 rg BT 433.53 466.10 Td (America, and became President ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (and General Manager of Latin ) Tj ET Q q 0 0 0 rg BT 173.28 454.10 Td (America in ) Tj ET Q q 0 0 0 rg BT 219.93 454.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 265.86 454.10 Td (1. Prior to joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 419.27 454.10 Td (. Scaringi served as ) Tj ET Q q 0 0 0 rg BT 499.16 454.10 Td (V) Tj ET Q q 0 0 0 rg BT 505.99 454.10 Td (ice President ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (of Finance and ) Tj ET Q q 0 0 0 rg BT 111.65 442.10 Td (Administration of ) Tj ET Q q 0 0 0 rg BT 185.16 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.11 442.10 Td (orld Color Press Latin ) Tj ET Q q 0 0 0 rg BT 284.54 442.10 Td (America from 2002 to July 2010. He joined Quebecor Printing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (predecessor to ) Tj ET Q q 0 0 0 rg BT 109.89 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.83 430.10 Td (orld Color Press, in 1993 as an Internal ) Tj ET Q q 0 0 0 rg BT 277.30 430.10 Td (Auditor) Tj ET Q q 0 0 0 rg BT 307.85 430.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 406.10 Td (. Honan has served as Quad/Graphics' Corporate Controller since he joined the Company in May 2009. He became ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.92 394.10 Td (ice President and Corporate Controller in December 2009 and was named Chief ) Tj ET Q q 0 0 0 rg BT 378.47 394.10 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 437.81 394.10 Td (ficer in July 2010. Prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 158.32 382.10 Td (. Honan served as ) Tj ET Q q 0 0 0 rg BT 231.54 382.10 Td (V) Tj ET Q q 0 0 0 rg BT 238.37 382.10 Td (ice President, General Manager and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 458.45 382.10 Td (ficer of Journal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Community Publishing Group, a subsidiary of media conglomerate Journal Communications Inc., for five years. Before ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (joining Journal Community Publishing Group, Mr) Tj ET Q q 0 0 0 rg BT 250.84 358.10 Td (. Honan worked in executive-level roles in investor relations and corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (development at Newell Rubbermaid, a global marketer of consumer and commercial products. Mr) Tj ET Q q 0 0 0 rg BT 444.87 346.10 Td (. Honan also worked at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (accounting firm ) Tj ET Q q 0 0 0 rg BT 115.81 334.10 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 144.42 334.10 Td (Andersen LLP) Tj ET Q q 0 0 0 rg BT 202.56 334.10 Td ( for 1) Tj ET Q q 0 0 0 rg BT 223.85 334.10 Td (1 years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (Ms. Packham joined Quad/Graphics in July 2010 as its ) Tj ET Q q 0 0 0 rg BT 308.11 310.10 Td (V) Tj ET Q q 0 0 0 rg BT 314.94 310.10 Td (ice President of Marketing & Communications. Prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (joining Quad/Graphics, Ms. Packham served as ) Tj ET Q q 0 0 0 rg BT 242.65 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.60 298.10 Td (orld Color Press' ) Tj ET Q q 0 0 0 rg BT 320.41 298.10 Td (V) Tj ET Q q 0 0 0 rg BT 327.24 298.10 Td (ice President of Marketing for the Marketing Solutions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Group from 2003 to 2009. In 2010, Ms. Packham was named ) Tj ET Q q 0 0 0 rg BT 300.15 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 309.10 286.10 Td (orld Color Press' ) Tj ET Q q 0 0 0 rg BT 377.91 286.10 Td (V) Tj ET Q q 0 0 0 rg BT 384.74 286.10 Td (ice President of Marketing for North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (America. She joined ) Tj ET Q q 0 0 0 rg BT 136.83 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.78 274.10 Td (orld Color Press in 1995 as a senior financial analyst.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 250.10 Td (. Schiesl has served as Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 254.06 250.10 Td (V) Tj ET Q q 0 0 0 rg BT 260.90 250.10 Td (ice President & General Counsel since December 2006 and as its General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Counsel since he joined the Company in ) Tj ET Q q 0 0 0 rg BT 213.86 238.10 Td (August 2003. Prior to joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 413.58 238.10 Td (. Schiesl was Senior Counsel at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Harley-Davidson, Inc., the parent company for the group of companies doing business as Harley-Davidson Motor Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (and Harley-Davidson Financial Services, among others. Prior to joining Harley-Davidson, Inc., Mr) Tj ET Q q 0 0 0 rg BT 448.24 214.10 Td (. Schiesl practiced law at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Foley & Lardner LLP) Tj ET Q q 0 0 0 rg BT 136.93 202.10 Td (, a Milwaukee-based law firm.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.95 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.58 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 109.16 178.10 Td (anderboom has served as Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 276.10 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 281.94 178.10 Td (reasurer since 2007 and as its ) Tj ET Q q 0 0 0 rg BT 401.63 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 408.46 178.10 Td (ice President & ) Tj ET Q q 0 0 0 rg BT 472.22 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 478.07 178.10 Td (reasurer since 2008. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Prior to becoming Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 189.46 166.10 Td (V) Tj ET Q q 0 0 0 rg BT 196.29 166.10 Td (ice President & ) Tj ET Q q 0 0 0 rg BT 260.05 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 265.89 166.10 Td (reasurer) Tj ET Q q 0 0 0 rg BT 297.71 166.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 314.46 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 319.09 166.10 Td (V) Tj ET Q q 0 0 0 rg BT 325.67 166.10 Td (anderboom served as Director of ) Tj ET Q q 0 0 0 rg BT 458.59 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 464.43 166.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 493.36 166.10 Td (, Risk & ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Planning from 2006 until 2007, as Controller of Quad/Graphics' Distribution and Facilities departments from 2004 until 2006, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (and as Controller of Quad/Graphics' Parcel Direct subsidiary) Tj ET Q q 0 0 0 rg BT 292.80 142.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (Executive of) Tj ET Q q 0 0 0 rg BT 136.72 118.10 Td (ficers of the Company are elected by and serve at the discretion of the Company's board of directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Other than described above, there are no family relationships between any directors or executive of) Tj ET Q q 0 0 0 rg BT 446.70 106.10 Td (ficers of Quad/Graphics.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 1A. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 158.16015625 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Risk Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 92.72 718.25 Td (ou should carefully consider each of the risks described below) Tj ET Q q 0 0 0 rg BT 340.98 718.25 Td (, together with all of the other information contained in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.67 706.25 Td (Annual Report on Form 10-K, before making an investment decision with respect to Quad/Graphics' securities. If any of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (the following risks develop into actual events, the Company's business, financial condition or results of operations could be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (materially and adversely af) Tj ET Q q 0 0 0 rg BT 158.47 682.25 Td (fected and you may lose all or part of your investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Quad/Graphics operates in a highly competitive industry) Tj ET Q q 0 0 0 rg BT 282.60 658.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (The industry in which the Company operates is highly competitive. ) Tj ET Q q 0 0 0 rg BT 360.30 634.25 Td (The printing industry) Tj ET Q q 0 0 0 rg BT 444.88 634.25 Td (, with approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.09 634.25 Td (29,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.59 634.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (companies in the United States, is highly fragmented. ) Tj ET Q q 0 0 0 rg BT 268.85 622.25 Td (Although there has been industry consolidation, particularly in the past ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (decade, the lar) Tj ET Q q 0 0 0 rg BT 107.93 610.25 Td (gest 400 printers in the printing industry \(excluding newspaper printing\) still represent less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.32 610.25 Td (41%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.65 610.25 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (United States and Canadian markets, according to the 2010 Printing Impressions PI400 and the PIA/GA) Tj ET Q q 0 0 0 rg BT 465.76 598.25 Td (TF 2010 Print Market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Atlas. ) Tj ET Q q 0 0 0 rg BT 78.52 586.25 Td (The Company competes for commercial business not only with lar) Tj ET Q q 0 0 0 rg BT 344.67 586.25 Td (ge and mid-sized printers, but also with smaller ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (regional printers. In certain circumstances, due primarily to factors such as freight rates and customer preference for local ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (services, printers with better access to certain regions of a given country may be preferred by customers in such regions. Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Graphics also faces competition from alternative sources of communication, including e-mail, the Internet, electronic readers, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (interactive television and electronic retailing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (In recent years, the printing industry has experienced a reduction in demand for printed materials and overcapacity) Tj ET Q q 0 0 0 rg BT 544.11 514.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (The impacts of overcapacity and intense competition have led to continued downward pricing pressures. Printing industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (revenues may continue to decrease in the future. Some of the industries that the Company services have been subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (consolidation ef) Tj ET Q q 0 0 0 rg BT 114.06 478.25 Td (forts, leading to a smaller number of potential customers. Furthermore, if the smaller customers of Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Graphics are consolidated with lar) Tj ET Q q 0 0 0 rg BT 187.08 466.25 Td (ger companies using other printing companies, the Company could lose its customers to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (competing printing companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (The printing industry is highly competitive and expected to remain so. ) Tj ET Q q 0 0 0 rg BT 372.05 430.25 Td (Any failure on the part of the Company to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (compete ef) Tj ET Q q 0 0 0 rg BT 94.05 418.25 Td (fectively in the markets it serves could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 355.14 418.25 Td (fect on its results of operations, financial condition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (or cash flows and could require changes to the way it conducts its business or require it to reassess strategic alternatives ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (involving its operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Significant downward pricing pressure and fluctuating demand for printing services caused by factors outside of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Company's control may adversely af) Tj ET Q q 0 0 0 rg BT 199.34 358.25 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 271.27 358.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (The Company has experienced significant downward pricing pressures for printing services in the past, and pricing for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (printing services has declined significantly in recent years. Such pricing may continue to decline from current levels. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (addition, demand for printing services has fluctuated in recent years and may continue to fluctuate. ) Tj ET Q q 0 0 0 rg BT 450.14 310.25 Td (Any increases in the supply ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (of printing services or decreases in demand could cause prices to continue to decline, and prolonged periods of low prices, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (weak demand and/or excess supply could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 322.58 286.25 Td (fect on the Company's business growth, results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (operations and liquidity) Tj ET Q q 0 0 0 rg BT 144.66 274.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Quad/Graphics may not be able to reduce costs and improve its operating ef) Tj ET Q q 0 0 0 rg BT 361.56 250.25 Td (ficiency rapidly enough to meet market ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (Because the markets in which the Company competes are highly competitive, Quad/Graphics will need to continue to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (improve its operating ef) Tj ET Q q 0 0 0 rg BT 145.72 202.25 Td (ficiency in order to maintain or improve its profitability) Tj ET Q q 0 0 0 rg BT 368.02 202.25 Td (. ) Tj ET Q q 0 0 0 rg BT 375.10 202.25 Td (There is no assurance that the Company will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (be able to do so in the future. In addition, the need to reduce ongoing operating costs have and, in the future, may continue to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (result in significant up-front costs to reduce workforce, close or consolidate facilities, or upgrade equipment and technology) Tj ET Q q 0 0 0 rg BT 545.63 178.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.65 154.25 Td (echnological changes continue to increase the accessibility and quality of electronic alternatives to traditional delivery of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (printed documents and may decrease the demand for the Company's printed products.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.76 118.25 Td (echnological changes continue to increase the accessibility and quality of electronic alternatives to traditional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (delivery of printed documents through the online distribution and hosting of media content and the electronic distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (documents and data. ) Tj ET Q q 0 0 0 rg BT 136.83 94.25 Td (The acceleration of consumer acceptance of such electronic media, as an alternative to print materials, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (may decrease the demand for the Company's printed products or result in reduced pricing for its printing services.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Future declines in economic conditions may adversely af) Tj ET Q q 0 0 0 rg BT 284.06 742.25 Td (fect the Company's results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (In general, demand for the Company's products and services is highly related with general economic conditions in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (markets our customers serve. Declines in economic conditions in the U.S. or in other countries in which the Company operates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (may adversely impact the Company's financial results and these impacts may be material. Because such declines in demand ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (are dif) Tj ET Q q 0 0 0 rg BT 75.73 682.25 Td (ficult to predict, the Company or the industry may have increased excess capacity as a result. ) Tj ET Q q 0 0 0 rg BT 452.18 682.25 Td (An increase in excess ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (capacity has resulted and may continue to result in declines in prices for the Company's products and services. In addition, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (prolonged decline in the global economy and an uncertain economic outlook has and could further reduce the demand in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (printing industry) Tj ET Q q 0 0 0 rg BT 116.62 646.25 Td (. Economic weakness and constrained advertising spending have resulted, and may in the future result, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (decreased revenue, operating mar) Tj ET Q q 0 0 0 rg BT 184.28 634.25 Td (gin, earnings and growth rates and dif) Tj ET Q q 0 0 0 rg BT 335.45 634.25 Td (ficulty in managing inventory levels and collecting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (accounts receivable. ) Tj ET Q q 0 0 0 rg BT 135.97 622.25 Td (The Company has experienced, and expects to experience in the future, excess capacity and lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (demand due to economic factors af) Tj ET Q q 0 0 0 rg BT 190.13 610.25 Td (fecting consumers' and businesses' spending behavior) Tj ET Q q 0 0 0 rg BT 404.15 610.25 Td (. Uncertainty about future economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (conditions makes it dif) Tj ET Q q 0 0 0 rg BT 141.29 598.25 Td (ficult for the Company to predict results of operations, financial position and cash flows and to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (strategic decisions regarding deployment of capital.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.39 562.25 Td ( significant portion of Quad/Graphics' revenues are derived from long-term contracts with customers, which may not be ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (renewed on similar terms and conditions, may not be renewed at all or customers may not perform under those contracts for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (their duration. The failure to renew) Tj ET Q q 0 0 0 rg BT 199.00 538.25 Td (, be awarded or for customers to perform in accordance with such contracts could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (materially adversely af) Tj ET Q q 0 0 0 rg BT 143.22 526.25 Td (fect Quad/Graphics' results of operations, financial condition and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (The Company has historically derived a significant portion of its revenue from long-term contracts with significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (customers. If the Company loses significant customers, is unable to renew such contracts on similar terms and conditions, or at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (all, or is not awarded new long-term contracts with important customers in the future, its results of operations, financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (condition and cash flows may be adversely af) Tj ET Q q 0 0 0 rg BT 232.35 466.25 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td (The Company is exposed to risks of loss in the event of nonperformance by its customers. Some of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (customers are highly leveraged or otherwise subject to their own operating and regulatory risks. Even if the Company's credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (review and analysis mechanisms work properly) Tj ET Q q 0 0 0 rg BT 239.90 418.25 Td (, the Company may experience financial losses and loss of future business if its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (customers become bankrupt, insolvent or otherwise are unable to pay the Company for its work performed. ) Tj ET Q q 0 0 0 rg BT 483.77 406.25 Td (Any increase in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (nonpayment or nonperformance by customers could adversely af) Tj ET Q q 0 0 0 rg BT 309.54 394.25 Td (fect the Company's results of operations and financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Changes in postal rates, postal regulations and postal services may adversely impact demand for Quad/Graphics' products ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (and services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (Postal costs are a significant component of the cost structures of many of the Company's customers, and potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (customers, and postal rate changes can influence the number of pieces that these customers will be willing to mail. ) Tj ET Q q 0 0 0 rg BT 512.92 310.25 Td (Any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (resulting decline in print volumes mailed could have an adverse ef) Tj ET Q q 0 0 0 rg BT 315.38 298.25 Td (fect on the Company's business. In addition, integrated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (distribution with the postal service is an important component of the Company's business. ) Tj ET Q q 0 0 0 rg BT 413.98 286.25 Td (Any change in the current service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (levels provided by the postal service could impact the demand that customers have for print services. ) Tj ET Q q 0 0 0 rg BT 458.67 274.25 Td (The United States Postal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Service has reported net losses in the last five fiscal years and has estimated a net loss for its current fiscal year and, as a result, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (may come under increased pressure to adjust its postal rates and service levels.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Quad/Graphics may be required to make capital expenditures to maintain its platform and processes and to remain ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (technologically and economically competitive, which may increase its costs or disrupt its operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (The Company may need to make significant capital expenditures as it develops and continues to maintain its platform ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (and processes. Quad/Graphics also may be required to make capital expenditures to develop and integrate new technologies to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (remain technologically and economically competitive. In order to accomplish this ef) Tj ET Q q 0 0 0 rg BT 389.80 166.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 424.36 166.25 Td (, the Company will need to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (deploy its resources ef) Tj ET Q q 0 0 0 rg BT 139.60 154.25 Td (ficiently) Tj ET Q q 0 0 0 rg BT 172.51 154.25 Td (, maintain ef) Tj ET Q q 0 0 0 rg BT 222.35 154.25 Td (fective cost controls and bear potentially significant market and raw material risks. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (If the Company's revenues decline, it may impact the Company's ability to expend the capital necessary to develop and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (implement new technology and be economically competitive. Debt or equity financing, or cash generated from operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (may not be available or suf) Tj ET Q q 0 0 0 rg BT 158.48 118.25 Td (ficient for these requirements or for other corporate purposes or) Tj ET Q q 0 0 0 rg BT 412.82 118.25 Td (, if debt or equity financing is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (available, it may not be on terms favorable to the Company) Tj ET Q q 0 0 0 rg BT 287.11 106.25 Td (. ) Tj ET Q q 0 0 0 rg BT 294.19 106.25 Td (T) Tj ET Q q 0 0 0 rg BT 299.86 106.25 Td (o the extent that the Company does not respond adequately to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (need to develop and integrate changing technologies in a timely manner) Tj ET Q q 0 0 0 rg BT 337.48 94.25 Td (, its results of operations, financial condition or cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (flows may be adversely af) Tj ET Q q 0 0 0 rg BT 154.87 82.25 Td (fected.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Quad/Graphics may be adversely af) Tj ET Q q 0 0 0 rg BT 196.56 742.25 Td (fected by increases in its operating costs, including the cost and availability of raw ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (materials, labor-related costs, fuel and other energy costs and freight rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.25 Td (Paper) Tj ET Q q 0 0 0 rg BT 108.57 706.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 162.70 706.25 Td (gy are the primary raw materials used by the Company in the operation of its business. ) Tj ET Q q 0 0 0 rg BT 514.10 706.25 Td (The price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (of such raw materials has fluctuated over time and has caused fluctuations in the Company's net sales and cost of sales. ) Tj ET Q q 0 0 0 rg BT 531.30 694.25 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (volatility may continue and Quad/Graphics may experience increases in the costs of its raw materials in the future as prices in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (the overall paper) Tj ET Q q 0 0 0 rg BT 116.99 670.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 171.12 670.25 Td (gy markets are expected to remain beyond its control.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (In general, the Company has been able to pass along increases in the cost of paper to many of its customers. If the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Company is unable to continue to pass along increases in the cost of paper to its customers, future increases in paper costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (would adversely af) Tj ET Q q 0 0 0 rg BT 125.99 622.25 Td (fect its mar) Tj ET Q q 0 0 0 rg BT 170.79 622.25 Td (gins and profits. If Quad/Graphics passes along increases in the cost of paper and the price of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Company's products and services increases as a result, customer demand could be adversely af) Tj ET Q q 0 0 0 rg BT 428.25 610.25 Td (fected and thereby negatively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (impact Quad/Graphics' financial performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (Due to the significance of paper in the Company's business, it is dependent on the availability of paper) Tj ET Q q 0 0 0 rg BT 495.75 574.25 Td (. In periods of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (high demand, certain paper grades have been in short supply) Tj ET Q q 0 0 0 rg BT 291.82 562.25 Td (, including grades used in the Company's business. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (during periods of tight supply) Tj ET Q q 0 0 0 rg BT 168.56 550.25 Td (, many paper producers allocate shipments of paper based upon historical purchase levels of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (customers. ) Tj ET Q q 0 0 0 rg BT 97.77 538.25 Td (Although Quad/Graphics generally has not experienced significant dif) Tj ET Q q 0 0 0 rg BT 378.15 538.25 Td (ficulty in obtaining adequate quantities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (paper) Tj ET Q q 0 0 0 rg BT 72.01 526.25 Td (, unforeseen developments in the overall paper markets could result in a decrease in the supply of paper and could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.49 514.25 Td (fect the Company's revenues or profits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td (In addition, the Company may not be able to resell waste paper and other by-products or the prices received for their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (sale may decline substantially) Tj ET Q q 0 0 0 rg BT 169.36 478.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (The Company has less frequently been able to pass along increases in the cost of ink and ener) Tj ET Q q 0 0 0 rg BT 460.52 454.25 Td (gy to its customers. If ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (the Company is unable to pass along increases in the cost of ink and ener) Tj ET Q q 0 0 0 rg BT 342.06 442.25 Td (gy) Tj ET Q q 0 0 0 rg BT 351.64 442.25 Td (, future increases in these items would adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.68 430.25 Td (fect its mar) Tj ET Q q 0 0 0 rg BT 102.48 430.25 Td (gins and profits. If Quad/Graphics is able to pass along increases in the costs of ink and ener) Tj ET Q q 0 0 0 rg BT 474.15 430.25 Td (gy and the price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (the Company's products and services increases as a result, customer demand could be adversely af) Tj ET Q q 0 0 0 rg BT 442.97 418.25 Td (fected and thereby negatively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (impact Quad/Graphics' financial performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td (Labor represents a significant component of the cost structure of Quad/Graphics. Increases in wages, salaries and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (benefits, such as medical, dental, pension and other post-retirement benefits, may impact the Company's financial performance. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Changes in interest rates, investment returns or the regulatory environment may impact the amounts the Company will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (required to contribute to the pension plans that it sponsors and may af) Tj ET Q q 0 0 0 rg BT 328.74 346.25 Td (fect the solvency of these pension plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (Freight rates and fuel costs also represent a significant component of the Company's cost structure. In general, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Company has been able to pass along increases in the cost of freight and fuel to many of its customers. If the Company is not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (able to pass along a substantial portion of increases in freight rates or in the price of fuel, future increases in these items would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (adversely impact the Company's mar) Tj ET Q q 0 0 0 rg BT 197.78 286.25 Td (gin and profits. If Quad/Graphics passes along increases in the cost of freight and fuel and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (the price of the Company's products and services increases as a result, customer demand could be adversely af) Tj ET Q q 0 0 0 rg BT 491.00 274.25 Td (fected and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (thereby negatively impact Quad/Graphics' financial performance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Currently) Tj ET Q q 0 0 0 rg BT 89.82 238.25 Td (, there is a limited active market for Quad/Graphics' class ) Tj ET Q q 0 0 0 rg BT 329.17 238.25 Td (A) Tj ET Q q 0 0 0 rg BT 335.37 238.25 Td ( common stock and, as a result, shareholders may be ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (unable to sell their class ) Tj ET Q q 0 0 0 rg BT 151.77 226.25 Td (A) Tj ET Q q 0 0 0 rg BT 157.98 226.25 Td ( common stock without losing a significant portion of their investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 202.25 Td (The Company's class ) Tj ET Q q 0 0 0 rg BT 172.79 202.25 Td (A) Tj ET Q q 0 0 0 rg BT 179.46 202.25 Td ( common stock has been traded on ) Tj ET Q q 0 0 0 rg BT 319.89 202.25 Td (The New ) Tj ET Q q 0 0 0 rg BT 359.04 202.25 Td (Y) Tj ET Q q 0 0 0 rg BT 365.58 202.25 Td (ork Stock Exchange, LLC \("NYSE"\) under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (symbol "QUAD" since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.55 190.25 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.72 190.25 Td (. However) Tj ET Q q 0 0 0 rg BT 237.67 190.25 Td (, the Company has not sold its class ) Tj ET Q q 0 0 0 rg BT 382.46 190.25 Td (A) Tj ET Q q 0 0 0 rg BT 389.13 190.25 Td ( common stock to the public in any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (traditional type of of) Tj ET Q q 0 0 0 rg BT 132.39 178.25 Td (fering \(the only Quad/Graphics stock issued publicly was the class ) Tj ET Q q 0 0 0 rg BT 400.85 178.25 Td (A) Tj ET Q q 0 0 0 rg BT 407.52 178.25 Td ( common stock issued to the former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (shareholders of ) Tj ET Q q 0 0 0 rg BT 113.78 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 122.72 166.25 Td (orld Color Press in the acquisition of ) Tj ET Q q 0 0 0 rg BT 271.94 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 280.89 166.25 Td (orld Color Press\) and, therefore, there is currently a limited active ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (market for the class ) Tj ET Q q 0 0 0 rg BT 130.80 154.25 Td (A) Tj ET Q q 0 0 0 rg BT 137.47 154.25 Td ( common shares. ) Tj ET Q q 0 0 0 rg BT 209.59 154.25 Td (The Company cannot predict the extent to which investor interest in the Company will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (lead to the development of an active trading market for its class ) Tj ET Q q 0 0 0 rg BT 306.30 142.25 Td (A) Tj ET Q q 0 0 0 rg BT 312.97 142.25 Td ( common stock on the NYSE or how liquid that market will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (become. If a more active trading market does not develop, shareholders may have dif) Tj ET Q q 0 0 0 rg BT 393.11 130.25 Td (ficulty selling any class ) Tj ET Q q 0 0 0 rg BT 489.39 130.25 Td (A) Tj ET Q q 0 0 0 rg BT 496.06 130.25 Td ( common stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (without negatively af) Tj ET Q q 0 0 0 rg BT 134.89 118.25 Td (fecting the stock price and thereby losing a significant portion of their investment.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (An other than temporary decline in operating results and enterprise value could lead to non-cash impairment charges due ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (to the impairment of goodwill, other intangible assets and property) Tj ET Q q 0 0 0 rg BT 323.73 730.25 Td (, plant and equipment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.25 Td (The Company has a material amount of goodwill, other intangible assets and property) Tj ET Q q 0 0 0 rg BT 429.20 706.25 Td (, plant and equipment on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (balance sheet, due in part to acquisitions. ) Tj ET Q q 0 0 0 rg BT 219.12 694.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.29 694.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 316.68 694.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 694.25 Td (, the Company had the following long-lived assets on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 682.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 682.25 Td ( balance sheet:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 658.25 Td (Goodwill, representing the excess of the total purchase price for its acquisitions over the fair value of the net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 646.25 Td (assets acquired, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.08 646.25 Td ($787.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.98 646.25 Td (; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 622.25 Td (Other intangible assets, primarily representing the fair value of customer relationships acquired, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 610.25 Td ($295.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.89 610.25 Td (; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 586.25 Td (Property) Tj ET Q q 0 0 0 rg BT 138.11 586.25 Td (, plant and equipment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.76 586.25 Td ($2,123.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.16 586.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 562.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 562.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 562.25 Td (, these assets represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.38 562.25 Td (68%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.71 562.25 Td ( of the Company's total assets. ) Tj ET Q q 0 0 0 rg BT 495.85 562.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (evaluates goodwill for impairment on an annual basis or more frequently if impairment indicators are present based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (estimated fair value of each reporting unit. ) Tj ET Q q 0 0 0 rg BT 225.12 538.25 Td (The Company assesses impairment of other intangible assets and property) Tj ET Q q 0 0 0 rg BT 521.02 538.25 Td (, plant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (and equipment based upon the expected future cash flows of the respective assets. ) Tj ET Q q 0 0 0 rg BT 382.85 526.25 Td (These valuations include management's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (estimates of sales, profitability) Tj ET Q q 0 0 0 rg BT 172.42 514.25 Td (, cash flow generation, capital structure, cost of debt, interest rates, capital expenditures and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (other assumptions. ) Tj ET Q q 0 0 0 rg BT 129.72 502.25 Td (A) Tj ET Q q 0 0 0 rg BT 136.39 502.25 Td ( decline in expected profitability) Tj ET Q q 0 0 0 rg BT 265.74 502.25 Td (, significant negative industry or economic trends, inability to ef) Tj ET Q q 0 0 0 rg BT 522.20 502.25 Td (fectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (integrate acquired businesses, unexpected significant changes or planned changes in use of the assets or in entity structure, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (divestitures may adversely impact the assumptions used in the valuations. ) Tj ET Q q 0 0 0 rg BT 349.67 478.25 Td (As a result, the recoverability of these assets could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (be called into question and the Company could be required to write down or write of) Tj ET Q q 0 0 0 rg BT 388.43 466.25 Td (f these assets. Such an occurrence could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (have a material adverse ef) Tj ET Q q 0 0 0 rg BT 154.29 454.25 Td (fect on the Company's results of operations and financial position and could result in the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (being in non-compliance with certain of its debt facility covenants \(see ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 336.29 442.25 Td ("Quad/Graphics' debt facilities include various ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (covenants imposing r) Tj ET Q q 0 0 0 rg BT 135.36 430.25 Td (estrictions that may affect the Company's ability to operate its business") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.26 430.25 Td ( below\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Through the acquisition of ) Tj ET Q q 0 0 0 rg BT 163.27 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 171.70 406.25 Td (orld Color Press, the Company has significant liabilities with respect to defined benefit ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (pension plans and other postretirement benefits that could grow in the future and cause the Company to incur additional ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 358.25 Td (As a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 213.94 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 222.88 358.25 Td (orld Color Press, the Company sponsors defined benefit pension plans for certain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (its employees in the United States. ) Tj ET Q q 0 0 0 rg BT 193.22 346.25 Td (The majority of the plans' assets are held in North ) Tj ET Q q 0 0 0 rg BT 394.60 346.25 Td (American and global equities and fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (income or debt securities. ) Tj ET Q q 0 0 0 rg BT 157.65 334.25 Td (The asset allocation as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.14 334.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 334.54 334.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.35 334.25 Td ( was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.16 334.25 Td (64%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.49 334.25 Td ( equities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.09 334.25 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.42 334.25 Td ( debt securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 322.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.27 322.25 Td ( other) Tj ET Q q 0 0 0 rg BT 103.04 322.25 Td (. ) Tj ET Q q 0 0 0 rg BT 109.99 322.25 Td (As a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 237.65 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 246.60 322.25 Td (orld Color Press, the Company also maintains postretirement medical benefits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (plans for certain of its employees. ) Tj ET Q q 0 0 0 rg BT 190.42 310.25 Td (These postretirement medical benefit plans are not funded.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 286.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 286.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 286.25 Td (, the Company had underfunded pension and other postretirement benefit liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 274.25 Td ($308 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 274.25 Td ( for defined benefit plans and other postretirement benefits plans in the United States. Under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (current United States pension law) Tj ET Q q 0 0 0 rg BT 184.64 262.25 Td (, pension funding deficits are generally required to be funded over a seven-year period. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 250.25 Td (, under current pension law) Tj ET Q q 0 0 0 rg BT 178.81 250.25 Td (, the contributions required to such plans are expected to total approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.55 250.25 Td ($52 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.95 250.25 Td ( \(not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (including benefit payments\). ) Tj ET Q q 0 0 0 rg BT 169.60 238.25 Td (These pension deficits may increase or decrease depending on changes in the levels of interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (rates, pension plan investment performance, pension legislation and other factors. Declines in global, and in particular North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (American, equity markets would increase the Company's potential pension funding obligations. ) Tj ET Q q 0 0 0 rg BT 437.00 214.25 Td (Any significant increase in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (Company's required contributions could have a material adverse impact on its business, financial condition, results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (operations and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td (In addition to the single employer defined benefit plans described above, the Company) Tj ET Q q 0 0 0 rg BT 433.08 166.25 Td (, as a result of the ) Tj ET Q q 0 0 0 rg BT 505.69 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 514.64 166.25 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (Press acquisition, began participating in multiemployer pension plans in the United States. Prior to the acquisition by Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Graphics, ) Tj ET Q q 0 0 0 rg BT 91.01 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 99.96 142.25 Td (orld Color Press received notice that certain plans in which it participated were in critical status, as defined in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (Section 432 of the Internal Revenue Code of 1986, as amended \(the "Internal Revenue Code"\). ) Tj ET Q q 0 0 0 rg BT 434.44 130.25 Td (As a result, the Company could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (have been subject to increased contribution rates associated with these plans or other multiemployer pension plans suf) Tj ET Q q 0 0 0 rg BT 522.00 118.25 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (from declines in their funding levels.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (Due to the significantly underfunded status of the United States multiemployer plans and the potential increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (contribution rates, the Company began the process to withdraw from participation in these multiemployer plans and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (replaced these pension benefits with a Company-sponsored "pay as you go" defined contribution plan, which is historically the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (form of retirement benefit provided to the Company's employees.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (The Company estimates and has recorded in its financial statements a pre-tax withdrawal liability for all United States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (multiemployer plans of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.07 718.10 Td ($84 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.47 718.10 Td ( in the aggregate. Until discussions with the multiemployer plans' trustees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (are concluded, the exact amount of the withdrawal liability will not be known, and, as such, a dif) Tj ET Q q 0 0 0 rg BT 437.30 706.10 Td (ference from the recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (estimate could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 214.83 694.10 Td (fect on the Company's results of operations, financial position and cash flows. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Further) Tj ET Q q 0 0 0 rg BT 79.24 682.10 Td (, if there was a mass withdrawal from any of the multiemployer plans over the next three years, the Company may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (subject to additional withdrawal liabilities with respect to that plan under applicable law) Tj ET Q q 0 0 0 rg BT 402.35 670.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Quad/Graphics' debt facilities include various covenants imposing restrictions that may af) Tj ET Q q 0 0 0 rg BT 421.04 646.10 Td (fect the Company's ability to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (operate its business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (On September 1, 1995, and as last amended on January 26, 2006, Quad/Graphics entered into a Senior Secured Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Agreement \(the "Master Note and Security ) Tj ET Q q 0 0 0 rg BT 223.75 598.10 Td (Agreement"\) pursuant to which the Company has issued over time senior notes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (an aggregate principal amount of $1.13 billion in various tranches. ) Tj ET Q q 0 0 0 rg BT 321.04 586.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.21 586.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 418.60 586.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.42 586.10 Td (, the borrowings outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (under the Master Note and Security ) Tj ET Q q 0 0 0 rg BT 194.68 574.10 Td (Agreement were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.26 574.10 Td ($616.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 574.10 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.37 574.10 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 393.35 574.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.17 574.10 Td (, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.11 562.10 Td ( debt financing agreement with certain lenders. ) Tj ET Q q 0 0 0 rg BT 289.00 562.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.96 562.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.07 562.10 Td ( debt financing agreement includes three dif) Tj ET Q q 0 0 0 rg BT 529.02 562.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (loan facilities. ) Tj ET Q q 0 0 0 rg BT 111.56 550.10 Td (This first is a revolving facility in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.43 550.10 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.32 550.10 Td ( with a term of five years maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.44 550.10 Td (July25, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 77.41 538.10 Td (The second facility is a ) Tj ET Q q 0 0 0 rg BT 172.47 538.10 Td (T) Tj ET Q q 0 0 0 rg BT 178.14 538.10 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 218.61 538.10 Td (A) Tj ET Q q 0 0 0 rg BT 225.28 538.10 Td ( in the aggregate amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.19 538.10 Td ($450.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.08 538.10 Td ( with a term of five years maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (July25, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.17 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 111.58 526.10 Td (The third facility is a ) Tj ET Q q 0 0 0 rg BT 197.76 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.43 526.10 Td (erm Loan B in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.67 526.10 Td ($200.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.56 526.10 Td ( with a term of seven years maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (July25, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.17 514.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 490.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 490.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 490.10 Td (, the Company's various lending arrangements included certain financial covenants. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (addition to the financial covenants, the debt facilities also include certain limitations on acquisitions, indebtedness, liens, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (dividends and repurchases of capital stock. If the Company's total leverage ratio is greater than 3.00 to 1.00 \(total leverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (ratio as defined in the debt financing agreement\), the Company is prohibited from making greater than $120.0 million of annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (dividend payments, capital stock repurchases and certain other payments. If the total leverage ratio is less than 3.00 to 1.00, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (there are no such restrictions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (As of and for the twelve-month period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.72 406.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 342.12 406.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.94 406.10 Td (, the Company was in compliance with all financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (covenants in its debt agreements. ) Tj ET Q q 0 0 0 rg BT 187.37 394.10 Td (While the Company currently expects to be in compliance in future periods with all of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (financial covenants, there can be no assurance that these covenants will continue to be met. ) Tj ET Q q 0 0 0 rg BT 419.77 382.10 Td (The Company's failure to maintain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (compliance with the covenants could prevent the Company from borrowing additional amounts and could result in a default ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (under any of the debt agreements. Such default could cause the outstanding indebtedness to become immediately due and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (payable, by virtue of cross-acceleration or cross-default provisions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Quad/Graphics and its facilities are subject to various laws and regulations, including environmental and privacy laws and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (regulations, and will become subject to additional laws and regulations in the future, which may subject the Company to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (material liability) Tj ET Q q 0 0 0 rg BT 117.87 298.10 Td (, require it to incur material costs or otherwise adversely af) Tj ET Q q 0 0 0 rg BT 360.09 298.10 Td (fect its results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (The Company uses various materials in its operations that contain constituents considered hazardous or toxic under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (environmental laws and regulations. In addition, the Company's operations are subject to a variety of environmental laws and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (regulations relating to, among other things, air emissions, wastewater dischar) Tj ET Q q 0 0 0 rg BT 358.72 250.10 Td (ges and the generation, handling, storage, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (transportation and disposal of solid waste. Further) Tj ET Q q 0 0 0 rg BT 252.54 238.10 Td (, the Company is subject to laws and regulations designed to reduce the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (probability of spills and leaks and, in the event of a release, requiring an appropriate response to such an event. Permits are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (required for the operation of certain parts of the Company's business, and these permits are subject to renewal, modification ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (and, in some circumstances, revocation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (The Company's operations generate wastes that are disposed of of) Tj ET Q q 0 0 0 rg BT 349.58 178.10 Td (f-site. Under certain environmental laws, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Company may be liable for cleanup costs and damages relating to any contamination at these of) Tj ET Q q 0 0 0 rg BT 433.40 166.10 Td (f-site disposal locations, or at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (the Company's existing or former facilities, whether or not the Company knows of, or was responsible for) Tj ET Q q 0 0 0 rg BT 473.18 154.10 Td (, the presence of such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (contamination. ) Tj ET Q q 0 0 0 rg BT 114.62 142.10 Td (The remediation costs and other costs required to clean up or treat contaminated sites can be substantial. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Contamination on and from such current or former locations may subject the Company to liability to third parties or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (governmental authorities for injuries to persons, property or natural resources and may adversely af) Tj ET Q q 0 0 0 rg BT 447.56 118.10 Td (fect its ability to sell or rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (its properties or to borrow money using such properties as collateral.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (The Company incurs ongoing capital and operating costs to maintain compliance with environmental laws, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (monitoring its facilities for environmental conditions. ) Tj ET Q q 0 0 0 rg BT 269.31 70.10 Td (The Company has taken, and, in the future, is expected to take, reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (on its financial statements to cover potential environmental remediation and compliance costs as it considers appropriate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (There can be no assurance, however) Tj ET Q q 0 0 0 rg BT 194.73 46.10 Td (, that the liabilities for which reserves have been taken are the only environmental liabilities ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (relating to the Company's current or former locations, that material environmental conditions not known to the Company do not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (exist, that future laws or regulations will not impose material environmental liability on the Company) Tj ET Q q 0 0 0 rg BT 455.98 730.10 Td (, or cause the Company to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (incur significant capital and operating expenditures, or that the actual environmental liabilities will not exceed reserves taken. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (In addition, failure to comply with any environmental regulations or an increase in regulations could adversely af) Tj ET Q q 0 0 0 rg BT 502.82 706.10 Td (fect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Company's results of operations and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (The production of paper) Tj ET Q q 0 0 0 rg BT 182.71 670.10 Td (, which is a significant raw material for the Company) Tj ET Q q 0 0 0 rg BT 395.46 670.10 Td (, results in greenhouse gas emissions, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (do certain of the Company's processes. ) Tj ET Q q 0 0 0 rg BT 210.56 658.10 Td (V) Tj ET Q q 0 0 0 rg BT 217.14 658.10 Td (arious laws and regulations addressing climate change are being considered at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (federal and state levels. Proposals under consideration include limitations on the amount of greenhouse gas that can be emitted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (\(so-called "caps"\) together with systems of trading allowed emissions capacities. ) Tj ET Q q 0 0 0 rg BT 377.99 634.10 Td (The impacts of such proposals could have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (material adverse impact on the Company's financial condition and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Quad/Graphics and its customers may be subject to various United States and foreign consumer protection, data ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (privacy and "do not mail" requirements at the federal, state, provincial and local levels. ) Tj ET Q q 0 0 0 rg BT 403.50 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 409.17 586.10 Td (o the extent that the Company or its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (customers become subject to additional or more stringent consumer protection and data privacy and similar requirements, their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (demand for the Company's services may decrease, which could adversely af) Tj ET Q q 0 0 0 rg BT 354.10 562.10 Td (fect the Company's results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (In addition, Quad/Graphics is subject to requirements of United States and foreign occupational health and safety laws ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (and regulations at the federal, state, provincial and local levels. ) Tj ET Q q 0 0 0 rg BT 307.03 526.10 Td (These requirements are complex, constantly changing and have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (tended to become more stringent over time. It is possible that these requirements may change or liabilities may arise in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (future in a manner that could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 272.58 502.10 Td (fect on the financial condition or results of operations of the Company) Tj ET Q q 0 0 0 rg BT 553.48 502.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (There can be no assurance that the Company has been, or that the Company will be, at all times in complete compliance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (all such requirements or that the Company will not incur material costs or liabilities in connection with those requirements in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (the future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Quad/Graphics' revenue is subject to cyclical and seasonal variations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (The Company's business is seasonal, with Quad/Graphics recognizing the majority of its operating income in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 418.10 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.54 418.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 406.10 Td (fourth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.38 406.10 Td ( quarters of the financial year) Tj ET Q q 0 0 0 rg BT 208.62 406.10 Td (, primarily as a result of the increased magazine advertising page counts and retail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (inserts, catalogs and books from back-to-school and holiday promotions. ) Tj ET Q q 0 0 0 rg BT 345.96 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 355.11 394.10 Td (ithin any year) Tj ET Q q 0 0 0 rg BT 409.69 394.10 Td (, this seasonality could adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.68 382.10 Td (fect the Company's cash flows and results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (There are risks associated with the Company's operations outside of the United States. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (Net sales from the Company's operations outside of the United States accounted for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.26 334.10 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.59 334.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.59 334.10 Td (1) Tj ET Q q 0 0 0 rg BT 511.40 334.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.54 334.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.33 322.10 Td ( of its revenues from continuing operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.87 322.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 395.26 322.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.08 322.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.08 322.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.08 322.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.52 322.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.52 322.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 517.50 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.40 322.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (result, the Company is subject to the risks inherent in conducting business outside of the United States, including the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (economic and political instability and being subject to dif) Tj ET Q q 0 0 0 rg BT 279.86 298.10 Td (ferent legal and regulatory regimes that may preclude or make more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (costly certain initiatives or the implementation of certain elements of its business strategy) Tj ET Q q 0 0 0 rg BT 407.91 286.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Holders of class ) Tj ET Q q 0 0 0 rg BT 118.42 262.10 Td (A) Tj ET Q q 0 0 0 rg BT 124.63 262.10 Td ( common stock are not able to independently elect directors of Quad/Graphics or control any of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Company's management policies or business decisions or its decisions to issue additional shares, declare and pay dividends ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (or enter into corporate transactions because the holders of class ) Tj ET Q q 0 0 0 rg BT 315.38 238.10 Td (A) Tj ET Q q 0 0 0 rg BT 321.59 238.10 Td ( common stock have substantially less voting power than ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (the holders of the Company's class B common stock, all of which is owned by certain members of the Quadracci family) Tj ET Q q 0 0 0 rg BT 539.54 226.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (trusts for their benefit or other af) Tj ET Q q 0 0 0 rg BT 186.59 214.10 Td (filiates of Quad/Graphics, whose interests may be dif) Tj ET Q q 0 0 0 rg BT 403.63 214.10 Td (ferent from the holders of class ) Tj ET Q q 0 0 0 rg BT 534.46 214.10 Td (A) Tj ET Q q 0 0 0 rg BT 540.67 214.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (The Company's stock is divided into three classes of common stock: class ) Tj ET Q q 0 0 0 rg BT 383.59 178.10 Td (A) Tj ET Q q 0 0 0 rg BT 390.26 178.10 Td ( common stock \("class ) Tj ET Q q 0 0 0 rg BT 482.66 178.10 Td (A) Tj ET Q q 0 0 0 rg BT 489.33 178.10 Td ( stock"\), class B ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (common stock \("class B stock"\) and class C common stock \("class C stock"\). ) Tj ET Q q 0 0 0 rg BT 364.25 166.10 Td (The class B stock and the class C stock each has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (ten votes per share on all matters and the class ) Tj ET Q q 0 0 0 rg BT 237.44 154.10 Td (A) Tj ET Q q 0 0 0 rg BT 244.11 154.10 Td ( stock is entitled to one vote per share. ) Tj ET Q q 0 0 0 rg BT 402.13 154.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.29 154.10 Td (February24, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.89 154.10 Td (, the class B ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (stock constitutes approximately 80% of Quad/Graphics' total voting power) Tj ET Q q 0 0 0 rg BT 348.68 142.10 Td (. ) Tj ET Q q 0 0 0 rg BT 355.63 142.10 Td (As a result, holders of class B stock are able to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (exercise a controlling influence over the Company's business, have the power to elect its directors and indirectly control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (decisions such as whether to issue additional shares, declare and pay dividends or enter into corporate transactions. ) Tj ET Q q 0 0 0 rg BT 514.58 118.10 Td (All of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (class B stock is owned by certain members of the Quadracci family) Tj ET Q q 0 0 0 rg BT 319.31 106.10 Td (, trusts for their benefit or other af) Tj ET Q q 0 0 0 rg BT 454.96 106.10 Td (filiates of Quad/Graphics, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (whose interests may dif) Tj ET Q q 0 0 0 rg BT 144.61 94.10 Td (fer from the interests of the holders of class ) Tj ET Q q 0 0 0 rg BT 320.58 94.10 Td (A) Tj ET Q q 0 0 0 rg BT 327.25 94.10 Td ( stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (Approximately 78% of the outstanding class B stock is held of record by the Quad/Graphics voting trust, and that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (constitutes about 63% of the Company's total voting power) Tj ET Q q 0 0 0 rg BT 286.49 58.10 Td (. ) Tj ET Q q 0 0 0 rg BT 293.63 58.10 Td (The trustees of the Quad/Graphics voting trust have the authority ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (to vote the stock held by the Quad/Graphics voting trust. ) Tj ET Q q 0 0 0 rg BT 281.35 46.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 330.73 46.10 Td (, the trustees of the Quad/Graphics voting trust are able to ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (exercise a controlling influence over the Company's business, have the power to elect its directors and indirectly control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (decisions such as whether to issue additional shares, declare and pay dividends or enter into corporate transactions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Quad/Graphics is a controlled company within the meaning of the rules of the NYSE and, as a result, it relies on ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Since the Quad/Graphics voting trust owns more than 50% of the total voting power of the Company's stock, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Company is considered a controlled company under the corporate governance listing standards of the NYSE. ) Tj ET Q q 0 0 0 rg BT 490.99 658.10 Td (As a controlled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (company) Tj ET Q q 0 0 0 rg BT 86.33 646.10 Td (, an exception under the NYSE listing standards exempts the Company from the obligation to comply with certain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the NYSE's corporate governance requirements, including the requirements: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 610.10 Td (that a majority of the Company's board of directors consist of independent directors, as defined under the rules of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 598.10 Td (the NYSE;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 574.10 Td (that the Company have a corporate governance and nominating committee that is composed entirely of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 562.10 Td (independent directors with a written charter addressing the committee's purpose and responsibilities; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 538.10 Td (that the Company have a compensation committee that is composed entirely of independent directors with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 526.10 Td (written charter addressing the committee's purpose and responsibilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 135.66 502.10 Td (, for so long as Quad/Graphics is a controlled company) Tj ET Q q 0 0 0 rg BT 355.51 502.10 Td (, holders of class ) Tj ET Q q 0 0 0 rg BT 424.62 502.10 Td (A) Tj ET Q q 0 0 0 rg BT 431.29 502.10 Td ( stock will not have the same ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (protections af) Tj ET Q q 0 0 0 rg BT 104.61 490.10 Td (forded to shareholders of companies that are subject to all of the corporate governance requirements of the NYSE.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (The synergies expected to be produced from integrating ) Tj ET Q q 0 0 0 rg BT 280.99 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 289.42 466.10 Td (orld Color Press' business with Quad/Graphics' business ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (following the acquisition of ) Tj ET Q q 0 0 0 rg BT 165.48 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 173.91 454.10 Td (orld Color Press may not be realized or may require the Company to incur additional costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (The success of the 2010 acquisition of ) Tj ET Q q 0 0 0 rg BT 241.71 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 250.65 430.10 Td (orld Color Press will depend, in part, on Quad/Graphics' ability to realize the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (syner) Tj ET Q q 0 0 0 rg BT 71.57 418.10 Td (gies expected to be produced from integrating ) Tj ET Q q 0 0 0 rg BT 257.71 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 266.66 418.10 Td (orld Color Press' business with Quad/Graphics' pre-acquisition business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (due to capacity consolidation \(primarily in the United States\), purchasing and supply chain ef) Tj ET Q q 0 0 0 rg BT 423.70 406.10 Td (ficiencies, logistics and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (distribution savings, and consolidation of corporate headquarters, among other areas. Quad/Graphics has identified somewhat ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.76 382.10 Td ($250million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.16 382.10 Td ( of pre-tax annualized syner) Tj ET Q q 0 0 0 rg BT 255.68 382.10 Td (gies that could be realized within 24 months after the consummation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (acquisition of ) Tj ET Q q 0 0 0 rg BT 107.12 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.07 370.10 Td (orld Color Press.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Management estimates that the total cost of achieving the syner) Tj ET Q q 0 0 0 rg BT 340.00 346.10 Td (gies will be approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.77 346.10 Td ($195) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.77 346.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.55 346.10 Td ($240 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.94 346.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (integration costs, most of which the Company believes will be incurred in the first 24 months after the consummation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 101.29 322.10 Td (The ultimate amount of costs incurred may exceed this range. ) Tj ET Q q 0 0 0 rg BT 352.69 322.10 Td (The Company's estimates are based on a number of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (assumptions, including, but not limited to, assumptions relating to plant rationalization, plant and equipment utilization, selling, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (general and administrative expense savings, logistics and distribution savings, and purchasing and supply chain ef) Tj ET Q q 0 0 0 rg BT 505.92 298.10 Td (ficiencies, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (which may prove incorrect.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (The Company also may incur additional and/or unexpected costs in order to realize the anticipated syner) Tj ET Q q 0 0 0 rg BT 503.82 262.10 Td (gies. ) Tj ET Q q 0 0 0 rg BT 527.25 262.10 Td (While ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (management believes that the syner) Tj ET Q q 0 0 0 rg BT 192.63 250.10 Td (gies are achievable, the Company may be unable to realize all of the syner) Tj ET Q q 0 0 0 rg BT 489.55 250.10 Td (gies within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (time frame expected or at all. ) Tj ET Q q 0 0 0 rg BT 172.07 238.10 Td (The integration process is, and will continue to be, complex, costly and time-consuming.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (Quad/Graphics may not accomplish the integration of ) Tj ET Q q 0 0 0 rg BT 303.35 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 312.30 214.10 Td (orld Color Press' business smoothly) Tj ET Q q 0 0 0 rg BT 454.49 214.10 Td (, successfully or within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (anticipated cost range or time frame. ) Tj ET Q q 0 0 0 rg BT 201.51 202.10 Td (The diversion of management's attention from the Company's operations due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (integration ef) Tj ET Q q 0 0 0 rg BT 103.50 190.10 Td (fort and any dif) Tj ET Q q 0 0 0 rg BT 165.24 190.10 Td (ficulties encountered in combining operations could prevent the Company from realizing the full ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (benefits anticipated to result from the acquisition of ) Tj ET Q q 0 0 0 rg BT 259.29 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.24 178.10 Td (orld Color Press and could adversely af) Tj ET Q q 0 0 0 rg BT 425.49 178.10 Td (fect its business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (The Company is heavily dependent on its Chief Executive Of) Tj ET Q q 0 0 0 rg BT 300.17 154.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 318.68 154.10 Td (, its management team and key personnel.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (The Company's continued success depends, in part, on the retention, recruitment and continued contributions of key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (management, finance, sales and marketing personnel, some of whom could be dif) Tj ET Q q 0 0 0 rg BT 375.92 118.10 Td (ficult to replace. ) Tj ET Q q 0 0 0 rg BT 445.98 118.10 Td (The Company's success is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.46 106.10 Td (gely dependent upon its senior management team, led by its Chief Executive Of) Tj ET Q q 0 0 0 rg BT 379.91 106.10 Td (ficer and other key managers. ) Tj ET Q q 0 0 0 rg BT 503.28 106.10 Td (The loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (any one or more of such persons could have an adverse ef) Tj ET Q q 0 0 0 rg BT 281.21 94.10 Td (fect on the Company's business and financial condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (The Company may not be able to utilize deferred tax assets to of) Tj ET Q q 0 0 0 rg BT 312.67 70.10 Td (fset future taxable income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 46.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 46.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 46.10 Td (, the Company had deferred tax assets, net of valuation allowances, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.06 46.10 Td ($396.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.96 46.10 Td ( on the ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 164.03 742.10 Td (The Company expects to utilize the deferred tax assets to reduce consolidated income tax liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (over a period of time not to exceed 20 years. However) Tj ET Q q 0 0 0 rg BT 269.72 730.10 Td (, the Company may not be able to fully utilize the deferred tax assets if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (its future taxable income and related income tax liability is insuf) Tj ET Q q 0 0 0 rg BT 307.61 718.10 Td (ficient to permit their use. In addition, in the future, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Company may be required to record a valuation allowance against the deferred tax assets if the Company believes it is unable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (to utilize them, which would have an adverse ef) Tj ET Q q 0 0 0 rg BT 241.23 694.10 Td (fect on the Company's results of operations and financial position.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Quad/Graphics may be adversely af) Tj ET Q q 0 0 0 rg BT 196.56 670.10 Td (fected by interest rates and foreign exchange rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 646.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 646.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 646.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.66 646.10 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.99 646.10 Td ( of the Company's borrowings were subject to variable interest rates. ) Tj ET Q q 0 0 0 rg BT 490.93 646.10 Td (As a result, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Company is exposed to market risks associated with fluctuations in interest rates, and increases in interest rates could adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.68 622.10 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 128.35 622.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 600.10 Td (Because a portion of the Company's operations are outside of the United States, significant revenues and expenses are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (denominated in local currencies. ) Tj ET Q q 0 0 0 rg BT 184.67 588.10 Td (Although operating in local currencies may limit the impact of currency rate fluctuations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (the results of operations of the Company's non-U.S. subsidiaries and business units, fluctuations in such rates may af) Tj ET Q q 0 0 0 rg BT 516.64 576.10 Td (fect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (translation of these results into the Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 377.19 564.10 Td (T) Tj ET Q q 0 0 0 rg BT 382.86 564.10 Td (o the extent revenues and expenses are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (in the applicable local currency) Tj ET Q q 0 0 0 rg BT 175.17 552.10 Td (, the Company may enter into foreign exchange forward contracts to hedge the currency risk. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (There can be no assurance, however) Tj ET Q q 0 0 0 rg BT 194.73 540.10 Td (, that the Company's ef) Tj ET Q q 0 0 0 rg BT 286.50 540.10 Td (forts at hedging will be successful. ) Tj ET Q q 0 0 0 rg BT 430.17 540.10 Td (There is always a possibility that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (attempts to hedge currency risks will lead to greater losses than predicted.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (Quad/Graphics may be adversely af) Tj ET Q q 0 0 0 rg BT 196.56 504.10 Td (fected by strikes and other labor protests.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 480.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 480.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 480.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 480.10 Td (, Quad/Graphics had a total of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.93 480.10 Td (24,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.43 480.10 Td ( employees, of which approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (3,650) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 468.10 Td ( were covered by a collective bar) Tj ET Q q 0 0 0 rg BT 204.56 468.10 Td (gaining agreement. ) Tj ET Q q 0 0 0 rg BT 285.83 468.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 468.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 383.39 468.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.21 468.10 Td (, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.25 468.10 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.25 468.10 Td ( collective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (bar) Tj ET Q q 0 0 0 rg BT 62.68 456.10 Td (gaining agreements in the United States, almost all of which cover a portion of the former ) Tj ET Q q 0 0 0 rg BT 424.34 456.10 Td (W) Tj ET Q q 0 0 0 rg BT 433.29 456.10 Td (orld Color Press employees. ) Tj ET Q q 0 0 0 rg BT 550.37 456.10 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 444.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 134.23 444.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.04 444.10 Td (, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.08 444.10 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.08 444.10 Td ( agreements outside of the United States that are either industry-wide individual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (collective bar) Tj ET Q q 0 0 0 rg BT 104.05 432.10 Td (gaining agreements or works councils or similar arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 408.10 Td (While the Company believes its employee relations are good and that the Company maintains an employee-centric ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (culture, and there has not been any material disruption in operations resulting from labor disputes, the Company cannot be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (certain that it will be able to maintain a productive and ef) Tj ET Q q 0 0 0 rg BT 278.99 384.10 Td (ficient labor environment. ) Tj ET Q q 0 0 0 rg BT 387.94 384.10 Td (The Company cannot predict the outcome ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (of any future negotiations relating to the renewal of the collective bar) Tj ET Q q 0 0 0 rg BT 327.30 372.10 Td (gaining agreements, nor can there be any assurance that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (work stoppages, strikes or other forms of labor protests pending the outcome of any future negotiations will not occur) Tj ET Q q 0 0 0 rg BT 520.45 360.10 Td (. ) Tj ET Q q 0 0 0 rg BT 527.40 360.10 Td (A) Tj ET Q q 0 0 0 rg BT 534.07 360.10 Td ( strike ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (or other forms of labor protest af) Tj ET Q q 0 0 0 rg BT 180.98 348.10 Td (fecting a series of major plants in the future could materially disrupt the Company's operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (and result in a material adverse impact on its financial condition, results of operations and cash flows, which could force the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (Company to reassess its strategic alternatives involving certain of its operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.52 300.10 Td (orld Color Press' bankruptcy may have lingering negative ef) Tj ET Q q 0 0 0 rg BT 306.38 300.10 Td (fects.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 276.10 Td (The ongoing claims being processed from ) Tj ET Q q 0 0 0 rg BT 256.42 276.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.37 276.10 Td (orld Color Press' bankruptcy and related legal issues may adversely af) Tj ET Q q 0 0 0 rg BT 544.93 276.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (the Company's financial condition. In January 2008, ) Tj ET Q q 0 0 0 rg BT 263.89 264.10 Td (W) Tj ET Q q 0 0 0 rg BT 272.84 264.10 Td (orld Color Press filed for bankruptcy protection in Canada and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (United States. In connection with the insolvency proceedings in Canada and the U.S., ) Tj ET Q q 0 0 0 rg BT 397.05 252.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.00 252.10 Td (orld Color Press formulated plans of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (reor) Tj ET Q q 0 0 0 rg BT 66.01 240.10 Td (ganization that were sanctioned by the Quebec Superior Court and confirmed by the U.S. Bankruptcy Court, respectively) Tj ET Q q 0 0 0 rg BT 550.18 240.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (and became ef) Tj ET Q q 0 0 0 rg BT 107.65 228.10 Td (fective on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.76 228.10 Td (July21, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.93 228.10 Td (. Proceedings relating to the resolution of claims under the insolvency proceedings are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (ongoing. ) Tj ET Q q 0 0 0 rg BT 90.19 216.10 Td (The holders of such claims are entitled to recovery based upon the type and classification of such claims. Most types ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (of claims are subject to liability limitations pursuant to the plans of reor) Tj ET Q q 0 0 0 rg BT 336.51 204.10 Td (ganization. However) Tj ET Q q 0 0 0 rg BT 422.02 204.10 Td (, some claims are entitled to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (priority cash recovery and the Company has estimated that approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.69 192.10 Td ($19.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.58 192.10 Td ( of such priority claims have yet to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (paid as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.38 180.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 164.78 180.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.59 180.10 Td (. ) Tj ET Q q 0 0 0 rg BT 177.00 180.10 Td (These types of priority claims are not limited by the reor) Tj ET Q q 0 0 0 rg BT 402.86 180.10 Td (ganization plans and may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (significantly higher than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.25 168.10 Td ($19.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.15 168.10 Td (. In addition, certain other unsecured claims were to be paid under the reor) Tj ET Q q 0 0 0 rg BT 504.49 168.10 Td (ganization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (plans by unsecured notes. In connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 307.07 156.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.02 156.10 Td (orld Color Press, such unsecured notes were defeased and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (then redeemed resulting in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.85 144.10 Td ($89.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.74 144.10 Td ( deposited in 2010 with the indenture trustee. Upon the allowance of each claim, such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (creditors will receive cash in lieu of receiving a note. ) Tj ET Q q 0 0 0 rg BT 267.04 132.10 Td (Through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.89 132.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 377.29 132.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.10 132.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.10 132.10 Td ($13.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 132.10 Td ( was paid to Class 3 claim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (creditors, therefore ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.57 120.10 Td ($75.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.46 120.10 Td ( remains deposited as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.60 120.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 355.00 120.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.81 120.10 Td (. ) Tj ET Q q 0 0 0 rg BT 367.22 120.10 Td (The Company has estimated its liability under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (such claims to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.65 108.10 Td ($38.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.54 108.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.70 108.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 273.10 108.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.92 108.10 Td (, but this liability could be as high as the full remaining deposit. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 84.10 Td (The Company retains responsibility for the Canadian bankruptcy proceedings after the sale of the Canadian operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.19 72.10 Td (T) Tj ET Q q 0 0 0 rg BT 66.03 72.10 Td (ranscontinental.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (22) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Failure to maintain ef) Tj ET Q q 0 0 0 rg BT 141.31 742.25 Td (fective internal controls in accordance with Section 404 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 466.86 742.25 Td (Act could have a ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 128.22 730.25 Td (fect on the Company's business and stock price.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.25 Td (For the fiscal year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.35 706.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 260.75 706.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.56 706.25 Td (, the Company is subject to the requirements of Section 404 of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 116.09 694.25 Td (Act of 2002, and in order to ensure compliance with the various provisions of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 509.61 694.25 Td (Act, Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Graphics has evaluated its internal controls over financial reporting to allow management to report on the internal controls ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (systems. ) Tj ET Q q 0 0 0 rg BT 88.89 670.25 Td (Among other things, Quad/Graphics may not be able to conclude on an ongoing basis that it has ef) Tj ET Q q 0 0 0 rg BT 482.89 670.25 Td (fective internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (controls over financial reporting in accordance with Section 404. ) Tj ET Q q 0 0 0 rg BT 314.36 658.25 Td (Any failure to comply with the various requirements of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 116.09 646.25 Td (Act may require significant management time and expenses, and divert attention or resources away from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Company's core business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (Item 1B. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 609.68505859375 m 223.8046875 609.68505859375 l s q 0 0 0 rg BT 104.00 611.25 Td (Unr) Tj ET Q q 0 0 0 rg BT 121.13 611.25 Td (esolved Staff Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 587.25 Td (The Company has no unresolved staf) Tj ET Q q 0 0 0 rg BT 234.49 587.25 Td (f comments to report pursuant to this item. ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 2. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 148.2431640625 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 114.46 742.25 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (Quad/Graphics' corporate of) Tj ET Q q 0 0 0 rg BT 199.33 718.25 Td (fice is located in owned of) Tj ET Q q 0 0 0 rg BT 304.95 718.25 Td (fice space in Sussex, ) Tj ET Q q 0 0 0 rg BT 390.02 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 399.17 718.25 Td (isconsin. In addition, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 706.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 706.25 Td (, the Company leased or owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.79 706.25 Td (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.79 706.25 Td ( facilities in the United States, some of which have multiple buildings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (and warehouses, and these United States facilities encompassed approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.68 694.25 Td (22,607,000 square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.76 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 465.99 694.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.16 694.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 682.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 682.25 Td (, the Company leased or owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.21 682.25 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.21 682.25 Td ( international facilities encompassing approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.09 682.25 Td (3,949,000 square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.17 682.25 Td ( in Canada, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Latin ) Tj ET Q q 0 0 0 rg BT 73.33 670.25 Td (America and Europe. Of the facilities, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.75 670.25 Td (20,629,000 square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.83 670.25 Td ( of space is owned, while the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (5,927,000 square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.08 658.25 Td ( is leased.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (The following table lists, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.15 634.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 283.54 634.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.36 634.25 Td (, the Company's principal manufacturing facilities, all of which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (owned except where noted:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 599.75 m 458.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 599.75 m 562.5 599.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 603.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 591.70 Td (Lomira, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 591.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 580.70 Td (Sussex, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 580.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 569.70 Td (Martinsburg, Virginia, United States++) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 569.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 558.70 Td (Hartford, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 558.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 547.70 Td (Versailles, Kentucky, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 547.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 536.70 Td (Saratoga Springs, New York, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.00 536.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 525.70 Td (Oklahoma City, Oklahoma, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 525.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 514.70 Td (West Allis, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 514.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 503.70 Td (The Rock, Georgia, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 503.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 492.70 Td (Evans, Georgia, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.00 492.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 481.70 Td (Wyszkow, Poland) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 113.00 481.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 470.70 Td (Effingham, Illinois, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 470.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 459.70 Td (Franklin, Kentucky, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 459.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 448.70 Td (Merced, California, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 448.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 437.70 Td (Taunton, Massachusetts, United States++) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 437.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 426.70 Td (Atlanta, Georgia, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 426.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 415.70 Td (Atglen, Pennsylvania, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 415.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 404.70 Td (Jonesboro, Arkansas, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 404.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 393.70 Td (Fernley, Nevada, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.00 393.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 382.70 Td (Fairfield, Pennsylvania, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 382.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 371.70 Td (Dickson, Tennessee, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 371.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 360.70 Td (Aurora, Ontario, Canada*+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.00 360.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 349.70 Td (Pewaukee, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 349.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 338.70 Td (Dubuque, Iowa, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.00 338.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 327.70 Td (Buenos Aires, Argentina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 133.00 327.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 316.70 Td (Hazleton, Pennsylvania, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 316.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 305.70 Td (St. Cloud, Minnesota, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 305.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 294.70 Td (Lima, Peru) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 294.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 283.70 Td (Montreal, Quebec, Canada*+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.00 283.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 272.70 Td (Midland, Michigan, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 272.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 261.70 Td (Riverside, California, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 261.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 250.70 Td (Ipojuca \(Recife\), Brazil) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 129.00 250.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 239.70 Td (Mexico City, Mexico) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 125.00 239.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 228.70 Td (Santiago, Chile) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 105.00 228.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 217.70 Td (Pittsburg, California, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 217.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 206.70 Td (Edmonton, Alberta, Canada*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.00 206.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 195.70 Td (Xochimilco, Mexico) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 121.00 195.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 184.70 Td (LaSalle, Quebec, Canada*+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.00 184.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 173.70 Td (Loveland, Colorado, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 173.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 162.70 Td (Burlington, Wisconsin, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 162.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 151.70 Td (Waukee, Iowa, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.00 151.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 140.70 Td (Pilar, Argentina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 105.00 140.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 129.70 Td (Bogota, Colombia+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 117.00 129.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 118.70 Td (Nashville, Tennessee, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 118.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 107.70 Td (Azcapotzalco, Mexico) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 125.00 107.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.95 603.83 Td (Size \(Square Feet\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 591.70 Td (2,173,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 580.70 Td (1,970,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 569.70 Td (1,953,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 558.70 Td (1,571,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 547.70 Td (1,066,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 536.70 Td (1,025,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 525.70 Td (1,010,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 514.70 Td (911,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 503.70 Td (788,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 492.70 Td (652,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 481.70 Td (616,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 470.70 Td (579,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 459.70 Td (515,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 448.70 Td (508,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 437.70 Td (504,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 426.70 Td (433,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 415.70 Td (427,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 404.70 Td (423,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 393.70 Td (410,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 382.70 Td (337,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 371.70 Td (318,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 360.70 Td (317,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 349.70 Td (303,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 338.70 Td (278,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 327.70 Td (270,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 316.70 Td (250,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 305.70 Td (237,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 294.70 Td (207,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 283.70 Td (206,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 272.70 Td (205,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 261.70 Td (196,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 250.70 Td (173,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 239.70 Td (171,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 228.70 Td (162,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 217.70 Td (162,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 206.70 Td (160,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 195.70 Td (156,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 184.70 Td (154,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 173.70 Td (150,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 162.70 Td (145,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 151.70 Td (118,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 140.70 Td (116,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 129.70 Td (114,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 118.70 Td (107,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 107.70 Td (106,000) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.25 Td (* ) Tj ET Q q 0 0 0 rg BT 68.00 81.25 Td (Facility will be sold to ) Tj ET Q q 0 0 0 rg BT 160.40 81.25 Td (T) Tj ET Q q 0 0 0 rg BT 166.25 81.25 Td (ranscontinental as part of the Canadian transaction \(see Note 3, "Acquisitions," to the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 69.25 Td (financial statements in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 216.30 69.25 Td (Annual Report on Form 10-K\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 57.25 Td (+ ) Tj ET Q q 0 0 0 rg BT 68.00 57.25 Td (Leased facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 45.25 Td (++ ) Tj ET Q q 0 0 0 rg BT 68.00 45.25 Td (Includes both owned and leased facilities) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 3. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 181.861328125 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Legal Pr) Tj ET Q q 0 0 0 rg BT 140.84 742.25 Td (oceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (Quad/Graphics is subject to various legal actions, administrative proceedings and claims arising out of the ordinary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (course of business. Quad/Graphics believes that such unresolved legal actions, proceedings and claims will not materially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.49 694.25 Td (fect its results of operations, financial condition or cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (Item 4. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 669.68505859375 m 206.0263671875 669.68505859375 l s q 0 0 0 rg BT 104.00 671.25 Td (Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 197.79 671.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 647.25 Td (Not applicable.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (25) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 287.85 740.68505859375 m 324.08046875 740.68505859375 l s q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.59 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.48 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.89 742.25 Td ( II) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Item 5. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 99.5 717.68505859375 m 555.1396484375 717.68505859375 l s q 0 0 0 rg BT 99.50 719.25 Td (Market for) Tj ET Q q 0 0 0 rg BT 146.89 719.25 Td ( the Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 289.85 719.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 381.43 719.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 464.85 719.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 483.28 719.25 Td (chases of Equity ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 99.5 705.68505859375 m 141.1552734375 705.68505859375 l s q 0 0 0 rg BT 99.50 707.25 Td (Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (Capital Stock and Dividends) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 660.25 Td (Quad/Graphics' authorized capital stock consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.30 660.25 Td (80.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.19 660.25 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 404.67 660.25 Td (A) Tj ET Q q 0 0 0 rg BT 411.34 660.25 Td ( stock; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.96 660.25 Td (80.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.85 660.25 Td ( shares of class B ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (stock; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.39 648.25 Td (20.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.28 648.25 Td ( shares of class C stock; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.53 648.25 Td (500,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.03 648.25 Td ( shares of preferred stock. ) Tj ET Q q 0 0 0 rg BT 381.51 648.25 Td (The Company's outstanding capital stock as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 636.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 134.23 636.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.04 636.25 Td ( consisted of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.09 636.25 Td (32.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.98 636.25 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 303.46 636.25 Td (A) Tj ET Q q 0 0 0 rg BT 310.13 636.25 Td ( stock; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.75 636.25 Td (14.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.64 636.25 Td ( shares of class B stock; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.95 636.25 Td (0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.84 636.25 Td ( shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (of class C stock \(classified as redeemable equity\) and no shares of preferred stock. ) Tj ET Q q 0 0 0 rg BT 384.60 624.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.77 624.25 Td (February24, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.37 624.25 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.78 624.25 Td (336) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.78 624.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (record holders of the class ) Tj ET Q q 0 0 0 rg BT 157.19 612.25 Td (A) Tj ET Q q 0 0 0 rg BT 163.85 612.25 Td ( stock, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.19 612.25 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.19 612.25 Td ( record holders of the class B stock, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.37 612.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.80 612.25 Td ( record holder of the class C stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 588.25 Td (The Company's class C stock is held by the Quad/Graphics Employee Stock Ownership Plan \("ESOP"\) \(and can only ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (be owned by) Tj ET Q q 0 0 0 rg BT 100.77 576.25 Td (, or transferred to, a Company employee benefit plan which is intended to satisfy the qualification requirements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (Section 401 of the Internal Revenue Code\). ) Tj ET Q q 0 0 0 rg BT 228.47 564.25 Td (The class C stock is entitled to ten votes per share. Each share of class C stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (may) Tj ET Q q 0 0 0 rg BT 66.89 552.25 Td (, at the option of the holder) Tj ET Q q 0 0 0 rg BT 174.95 552.25 Td (, be converted at any time into one share of class ) Tj ET Q q 0 0 0 rg BT 371.63 552.25 Td (A) Tj ET Q q 0 0 0 rg BT 378.30 552.25 Td ( stock. ) Tj ET Q q 0 0 0 rg BT 409.04 552.25 Td (There is no public trading market for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (the class C stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 516.25 Td (The Company's class B stock is held by certain members of the Quadracci family) Tj ET Q q 0 0 0 rg BT 411.00 516.25 Td (, trusts for their benefit or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.68 504.25 Td (filiates of the Company \(and can only be voluntarily transferred to the Company or to a member of the Quadracci "family ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (group," as defined in the Company's amended and restated articles of incorporation; and any transfer in violation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (Company's amended and restated articles of incorporation results in the automatic conversion of such class B stock into class ) Tj ET Q q 0 0 0 rg BT 552.79 480.25 Td (A) Tj ET Q q 0 0 0 rg BT 559.46 480.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (stock\). ) Tj ET Q q 0 0 0 rg BT 81.85 468.25 Td (The class B stock is entitled to ten votes per share. Each share of class B stock may) Tj ET Q q 0 0 0 rg BT 417.18 468.25 Td (, at the option of the holder) Tj ET Q q 0 0 0 rg BT 525.23 468.25 Td (, be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (converted at any time into one share of class ) Tj ET Q q 0 0 0 rg BT 229.94 456.25 Td (A) Tj ET Q q 0 0 0 rg BT 236.61 456.25 Td ( stock. ) Tj ET Q q 0 0 0 rg BT 267.35 456.25 Td (There is no public trading market for the class B stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 432.25 Td (The Company's class ) Tj ET Q q 0 0 0 rg BT 172.79 432.25 Td (A) Tj ET Q q 0 0 0 rg BT 179.46 432.25 Td ( stock is listed on the NYSE under the symbol "QUAD". ) Tj ET Q q 0 0 0 rg BT 410.85 432.25 Td (The class ) Tj ET Q q 0 0 0 rg BT 450.47 432.25 Td (A) Tj ET Q q 0 0 0 rg BT 457.14 432.25 Td ( stock is entitled to one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (vote per share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 396.25 Td (Pursuant to the Company's amended and restated articles of incorporation, each class of common stock has equal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (rights with respect to cash dividends. Pursuant to the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.88 384.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.99 384.25 Td ( debt financing agreement, the Company is subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (to limitations on dividends and repurchases of capital stock. If the Company's total leverage ratio \(as defined in the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.11 360.25 Td ( debt financing agreement\) is greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.21 360.25 Td (3.00 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.98 360.25 Td (, the Company is prohibited from making greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td ($120.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 348.25 Td ( of annual dividend payments, capital stock repurchases and certain other payments. If the total leverage ratio is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.22 336.25 Td (3.00 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 336.25 Td (, there are no such restrictions. For the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.04 336.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 454.44 336.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.25 336.25 Td (, there were no such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (restrictions as the Company's leverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.80 324.25 Td (2.27 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.58 324.25 Td ( under its most restrictive covenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 300.25 Td (The high and low closing sales prices of the Company's class ) Tj ET Q q 0 0 0 rg BT 332.76 300.25 Td (A) Tj ET Q q 0 0 0 rg BT 339.43 300.25 Td ( stock during each quarter and the quarterly dividends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (paid per share of class ) Tj ET Q q 0 0 0 rg BT 141.08 288.25 Td (A) Tj ET Q q 0 0 0 rg BT 147.75 288.25 Td ( stock, class B stock and class C stock outstanding during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.92 288.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 518.32 288.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.13 288.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 276.25 Td (, are contained in the chart below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 227.75 m 291.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 227.75 m 291.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 214.75 m 291.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 214.75 m 291.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 227.75 m 295.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 227.75 m 345.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 227.75 m 345.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 214.75 m 345.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 214.75 m 345.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 240.75 m 399.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 240.75 m 399.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 227.75 m 399.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 214.75 m 399.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 214.75 m 399.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 240.75 m 403.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 227.75 m 403.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 240.75 m 453.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 227.75 m 453.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 214.75 m 453.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 214.75 m 453.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 240.75 m 457.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 240.75 m 507.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 240.75 m 507.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 227.75 m 507.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 214.75 m 507.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 214.75 m 507.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 240.75 m 511.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 227.75 m 511.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 240.75 m 561.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 227.75 m 561.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 214.75 m 561.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 214.75 m 561.5 214.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 204.42 Td (First Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.50 204.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 189.42 Td (Second Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.50 189.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 174.42 Td (Third Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.50 174.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 159.42 Td (Fourth Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.50 159.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 264.05 231.98 Td (Dividends Paid) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 315.84 235.61 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 258.20 218.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.30 204.42 Td ($ N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 189.42 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 174.42 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 159.42 Td (0.20) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 312.00 218.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 204.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 204.42 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.30 189.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.20 174.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 334.42 178.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.30 159.42 Td (N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.55 244.98 Td (Class A Closing Stock Prices) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.20 231.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.55 218.98 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 204.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 204.42 Td (45.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 189.42 Td (42.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 174.42 Td (39.10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 159.42 Td (20.70) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.40 218.98 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 204.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 204.42 Td (41.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 189.42 Td (38.01) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 174.42 Td (18.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 159.42 Td (12.63) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.00 231.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.55 218.98 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.70 204.42 Td ($ N/A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 496.42 208.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.20 189.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 496.42 193.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 174.42 Td (48.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 159.42 Td (46.33) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.40 218.98 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.70 204.42 Td ($ N/A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 550.42 208.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.20 189.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 550.42 193.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 174.42 Td (40.27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 159.42 Td (41.25) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 128.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.72 128.25 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.89 128.25 Td (, the Company's class ) Tj ET Q q 0 0 0 rg BT 220.35 128.25 Td (A) Tj ET Q q 0 0 0 rg BT 227.02 128.25 Td ( stock commenced trading on the NYSE. Prior to that date, there was no trading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 116.25 Td (value for the Company's class ) Tj ET Q q 0 0 0 rg BT 189.77 116.25 Td (A) Tj ET Q q 0 0 0 rg BT 196.44 116.25 Td ( stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 92.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.72 92.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.89 92.25 Td (, concurrent with the acquisition of ) Tj ET Q q 0 0 0 rg BT 274.26 92.25 Td (W) Tj ET Q q 0 0 0 rg BT 283.21 92.25 Td (orld Color Press, Quad/Graphics' board of directors declared and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 80.25 Td (a cash distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.65 80.25 Td ($4.98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.15 80.25 Td ( per share of class ) Tj ET Q q 0 0 0 rg BT 251.01 80.25 Td (A) Tj ET Q q 0 0 0 rg BT 257.68 80.25 Td ( stock, class B stock and class C stock to the pre-acquisition Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 68.25 Td (Graphics' shareholders.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The dividends paid above do not include aggregate tax distributions declared to Quad/Graphics' S corporation shareholders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.83 730.10 Td ($2.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.72 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.16 730.10 Td ($5.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.05 730.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.83 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 223.64 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.46 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.90 730.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.90 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 320.88 730.10 Td (. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.00 730.10 Td (Note 15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.94 730.10 Td (, "Income ) Tj ET Q q 0 0 0 rg BT 418.41 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 424.08 730.10 Td (axes," to the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (financial statements in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 216.30 718.10 Td (Annual Report on Form 10-K for a discussion of the Company's former S corporation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (status.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 93.88 683.25 Td (Authorized For) Tj ET Q q 0 0 0 rg BT 159.89 683.25 Td ( Issuance Under) Tj ET Q q 0 0 0 rg BT 228.61 683.25 Td ( Equity Compensation Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 659.25 Td (See Item 12, "Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters," ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (of this ) Tj ET Q q 0 0 0 rg BT 77.50 647.25 Td (Annual Report on Form 10-K for certain information regarding the Company's equity compensation plans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 76.02 624.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 94.45 624.25 Td (chases of Equity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 600.25 Td (The following table provides information about the Company's repurchases of its class ) Tj ET Q q 0 0 0 rg BT 434.67 600.25 Td (A) Tj ET Q q 0 0 0 rg BT 441.34 600.25 Td ( stock during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 588.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 588.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 507.75 m 201.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 507.75 m 201.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 552.75 m 291.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 507.75 m 291.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 507.75 m 291.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 442.75 m 291.5 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 430.75 m 291.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 428.75 m 291.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 552.75 m 295.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 552.75 m 381.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 507.75 m 381.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 507.75 m 381.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 552.75 m 385.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 552.75 m 471.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 507.75 m 471.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 507.75 m 471.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 442.75 m 471.5 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 430.75 m 471.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 428.75 m 471.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 552.75 m 475.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 552.75 m 561.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 507.75 m 561.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 507.75 m 561.5 507.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 113.65 511.98 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 499.00 Td (January 1, 2011 to August 31, 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 168.00 498.70 Td (. . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 486.00 Td (September 1, 2011 to September 30, 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 485.70 Td (. . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 473.00 Td (October 1, 2011 to October 31, 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.00 472.70 Td (. . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 460.00 Td (November 1, 2011 to November 30, 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 459.70 Td (. . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 447.00 Td (December 1, 2011 to December 31, 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.00 446.70 Td (. . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 434.00 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 433.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.80 556.98 Td (Issuer Purchases of Equity Securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.75 519.98 Td (T) Tj ET Q q 0 0 0 rg BT 224.72 519.98 Td (otal Number) Tj ET Q q 0 0 0 rg BT 267.61 519.98 Td ( of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 213.55 511.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 229.93 511.98 Td (es Pur) Tj ET Q q 0 0 0 rg BT 251.33 511.98 Td (chased ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 276.37 515.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.30 499.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.30 486.00 Td (391,225) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.30 473.00 Td (51,256) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.30 460.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.30 447.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.30 434.00 Td (442,481) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.50 519.98 Td (Average Price Paid Per) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.05 511.98 Td (Share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 499.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.30 499.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.30 486.00 Td (18.90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.30 473.00 Td (16.33) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.30 460.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.30 447.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.75 543.98 Td (T) Tj ET Q q 0 0 0 rg BT 404.72 543.98 Td (otal Number) Tj ET Q q 0 0 0 rg BT 447.61 543.98 Td ( of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.00 535.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 409.38 535.98 Td (es Pur) Tj ET Q q 0 0 0 rg BT 430.78 535.98 Td (chased as ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.10 527.98 Td (Part of Publicly ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.35 519.98 Td (Announced Plans or) Tj ET Q q 0 0 0 rg BT 462.63 519.98 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.15 511.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 415.52 511.98 Td (ograms ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 442.77 515.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 499.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.30 486.00 Td (391,225) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.30 473.00 Td (51,256) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 460.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 447.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.30 434.00 Td (442,481) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.80 535.98 Td (Dollar) Tj ET Q q 0 0 0 rg BT 501.50 535.98 Td ( ) Tj ET Q q 0 0 0 rg BT 503.36 535.98 Td (V) Tj ET Q q 0 0 0 rg BT 508.69 535.98 Td (alue of Shar) Tj ET Q q 0 0 0 rg BT 549.59 535.98 Td (es ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.45 527.98 Td (that May ) Tj ET Q q 0 0 0 rg BT 523.63 527.98 Td (Y) Tj ET Q q 0 0 0 rg BT 528.82 527.98 Td (et Be ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.90 519.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 494.71 519.98 Td (chased Under) Tj ET Q q 0 0 0 rg BT 541.46 519.98 Td ( the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.10 511.98 Td (Plans or) Tj ET Q q 0 0 0 rg BT 510.25 511.98 Td ( Pr) Tj ET Q q 0 0 0 rg BT 520.54 511.98 Td (ograms ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 547.80 515.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.00 499.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 499.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.30 486.00 Td (92,604,900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.30 473.00 Td (91,768,100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 460.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 447.00 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 400.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.72 400.25 Td (September6, 201) Tj ET Q q 0 0 0 rg BT 152.80 400.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.61 400.25 Td (, the Company's board of directors authorized a share repurchase program of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.03 400.25 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.92 400.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 388.25 Td (the Company's outstanding class ) Tj ET Q q 0 0 0 rg BT 200.62 388.25 Td (A) Tj ET Q q 0 0 0 rg BT 207.29 388.25 Td ( stock. Such purchases may be made from time to time and can be discontinued at any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 376.25 Td (time.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 6. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 204.5419921875 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The selected consolidated statement of operations data for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.60 718.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 459.00 718.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.82 718.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.82 718.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.82 718.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.76 718.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.76 718.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (the selected consolidated balance sheet data at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.41 706.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 310.81 706.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.63 706.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.06 706.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.06 706.25 Td (, are derived from, and are qualified by reference ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (to, the audited consolidated financial statements of the Company included in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 414.64 694.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 540.65 694.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (selected consolidated statement of operations data for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.56 682.25 Td (December31, 2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.14 682.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.58 682.25 Td (2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.58 682.25 Td (, and the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (balance sheet data at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.95 670.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.54 670.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.54 670.25 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.54 670.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.47 670.25 Td (2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.47 670.25 Td (, are derived from audited consolidated financial statements not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (included herein.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 599.75 m 309.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 513.75 m 309.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 453.75 m 309.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 599.75 m 372.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 513.75 m 372.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 453.75 m 372.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 599.75 m 435.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 599.75 m 435.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 513.75 m 435.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 453.75 m 435.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 599.75 m 498.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 599.75 m 498.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 513.75 m 498.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 453.75 m 498.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 599.75 m 561.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 599.75 m 561.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 513.75 m 561.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 453.75 m 561.5 453.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 234.60 632.43 Td (SELECTED FINANCIAL DATA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.70 617.43 Td (\(In millions, except per share data\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 591.15 Td (Consolidated Statement of Operations Data:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 578.01 Td (Net sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.75 578.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 565.01 Td (Operating income) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 116.73 569.09 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 123.75 565.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 552.01 Td (Net earnings \(loss\) attributable to Quad/Graphics) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 543.01 Td (common shareholders:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 531.01 Td (From continuing operations) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 163.99 535.09 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.25 531.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 518.01 Td (From discontinued operations) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 171.49 522.09 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.25 518.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 505.01 Td (Net earnings \(loss\)) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 131.98 509.09 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.75 505.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 492.01 Td (Earnings \(loss\) per diluted share attributable to Quad/) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 483.01 Td (Graphics common shareholders:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 471.01 Td (From continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.25 471.01 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 458.01 Td (From discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.25 458.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 445.01 Td (Earnings \(loss\) per diluted share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.25 445.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 419.15 Td (Consolidated Balance Sheet Data:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 406.01 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 96.75 406.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 393.01 Td (Long-term debt and capital lease obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 384.01 Td (\(excluding current portion\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 150.75 384.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 359.15 Td (Other Financial Data:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 346.01 Td (Dividends per share of common stock) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 188.72 350.09 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.75 346.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 333.01 Td (Cash distributions per share of common stock in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 324.01 Td (connection with the acquisition of World Color Press) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.25 324.01 Td (. .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 276.20 603.98 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 578.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 578.01 Td (4,324.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 565.01 Td (156.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.75 531.01 Td (\(8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.00 531.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 518.01 Td (\(38.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.00 518.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 505.01 Td (\(46.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.00 505.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 471.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 471.01 Td (\(0.18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.00 471.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 458.01 Td (\(0.82) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.00 458.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 445.01 Td (\(1.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.00 445.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 406.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 406.01 Td (4,735.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 385.21 Td (1,367.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 346.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.25 346.01 Td (0.60) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.00 325.21 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.00 603.98 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.00 578.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 578.01 Td (3,185.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.25 565.01 Td (61.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.75 531.01 Td (\(245.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 531.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.75 518.01 Td (\(4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 518.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.75 505.01 Td (\(250.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 505.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.00 471.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.25 471.01 Td (\(6.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 471.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.25 458.01 Td (\(0.12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 458.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.25 445.01 Td (\(6.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 445.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.00 406.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 406.01 Td (4,947.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 385.21 Td (1,461.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.00 346.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.25 346.01 Td (0.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.25 325.21 Td (4.98) Tj ET Q BT /F2 5.85 Tf ET q 0 0 0 rg BT 375.00 535.85 Td (\(2\)) Tj ET Q BT /F2 5.85 Tf ET q 0 0 0 rg BT 375.00 509.85 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.00 603.98 Td (2009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 578.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 578.01 Td (1,788.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 565.01 Td (112.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 531.01 Td (52.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 518.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 505.01 Td (52.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 471.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 471.01 Td (1.81) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 458.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 445.01 Td (1.81) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 406.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 406.01 Td (2,109.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 385.21 Td (765.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 346.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 346.01 Td (0.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 325.21 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.00 603.98 Td (2008) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 578.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 578.01 Td (2,266.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 565.01 Td (174.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 531.01 Td (109.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 518.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 505.01 Td (109.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 471.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.25 471.01 Td (3.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 458.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.25 445.01 Td (3.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 406.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 406.01 Td (2,326.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 385.21 Td (967.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 346.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.25 346.01 Td (0.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 325.21 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.00 603.98 Td (2007) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.00 578.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.00 578.01 Td (2,048.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.75 565.01 Td (246.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.75 531.01 Td (178.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 549.00 518.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.75 505.01 Td (178.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.00 471.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.25 471.01 Td (5.83) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 549.00 458.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.25 445.01 Td (5.83) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.00 406.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.00 406.01 Td (2,396.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.75 385.21 Td (800.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.00 346.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.25 346.01 Td (1.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 549.00 325.21 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 309.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 291.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 291.25 Td (Includes restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 320.03 291.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.60 291.25 Td ($1) Tj ET Q q 0 0 0 rg BT 356.41 291.25 Td (14.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.12 291.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.12 291.25 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.01 291.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.01 291.25 Td ($1) Tj ET Q q 0 0 0 rg BT 483.83 291.25 Td (1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.53 291.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 279.25 Td ($10.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 279.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.33 279.25 Td ($4.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.22 279.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.57 279.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 344.97 279.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.79 279.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.79 279.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.79 279.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.79 279.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.79 279.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.79 279.25 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.79 279.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.23 279.25 Td (2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.23 279.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 517.21 279.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 261.25 Td (In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.20 261.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.37 261.25 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 268.99 261.25 Td (W) Tj ET Q q 0 0 0 rg BT 277.94 261.25 Td (orld Color Press and the public registration of the Quad/Graphics class ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 249.25 Td (A) Tj ET Q q 0 0 0 rg BT 74.95 249.25 Td ( stock, the Company changed the tax status of certain entities within the Quad/Graphics legal structure to C corporation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 237.25 Td (status under the provisions of the Internal Revenue Code. From that point forward, these entities are subject to federal and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 225.25 Td (state income taxes. ) Tj ET Q q 0 0 0 rg BT 148.72 225.25 Td (The impact from the conversion to C corporation status resulted in the recognition of net short-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 213.25 Td (deferred tax assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.18 213.25 Td ($23.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.07 213.25 Td (, net long-term deferred tax liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.79 213.25 Td ($223.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.69 213.25 Td (, an increase in accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 201.25 Td (other comprehensive loss due to the impact of foreign currency translation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.01 201.25 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.90 201.25 Td (, and recognition of income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 189.25 Td (expense for the year ended December 31, 2010 of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.58 189.25 Td ($200.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.47 189.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 171.25 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 171.25 Td (Excludes aggregate tax distributions declared to S corporation shareholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.90 171.25 Td ($2.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.79 171.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.79 171.25 Td ($5.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.69 171.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.69 171.25 Td ($18.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.58 171.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 159.25 Td ($37.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 159.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.33 159.25 Td ($77.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.22 159.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.57 159.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 349.97 159.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.79 159.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.79 159.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.79 159.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.79 159.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.79 159.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.79 159.25 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.79 159.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.23 159.25 Td (2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.23 159.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 522.21 159.25 Td (. ) Tj ET Q q 0 0 0 rg BT 529.11 159.25 Td (Also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 147.25 Td (excludes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.20 147.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.37 147.25 Td ( cash distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.58 147.25 Td ($4.98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.08 147.25 Td ( per share of Class ) Tj ET Q q 0 0 0 rg BT 350.18 147.25 Td (A) Tj ET Q q 0 0 0 rg BT 356.85 147.25 Td ( stock, class B stock and class C stock to the pre-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 135.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 135.25 Td (orld Color Press acquisition shareholders of Quad/Graphics. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.25 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 117.25 Td (The results of operations of the Company's Canadian operations have been reported as discontinued operations for all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 105.25 Td (periods presented. Loss from discontinued operations, net of tax, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.11 105.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.86 105.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.36 105.25 Td ($34.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.25 105.25 Td ( during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 93.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 141.40 93.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.21 93.25 Td ( to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.93 93.25 Td ($38.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.82 93.25 Td ( loss primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.25 93.25 Td ($30.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.14 93.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.64 93.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.40 93.25 Td ( in restructuring, impairment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 81.25 Td (transaction-related char) Tj ET Q q 0 0 0 rg BT 162.02 81.25 Td (ges recognized during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.73 81.25 Td (201) Tj ET Q q 0 0 0 rg BT 267.55 81.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.36 81.25 Td (. ) Tj ET Q q 0 0 0 rg BT 279.77 81.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.73 81.25 Td (201) Tj ET Q q 0 0 0 rg BT 312.54 81.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.36 81.25 Td ( restructuring, impairment and transaction-related expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 69.25 Td (included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.87 69.25 Td ($17.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.76 69.25 Td ( char) Tj ET Q q 0 0 0 rg BT 185.38 69.25 Td (ge to recognize a pension curtailment loss and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.39 69.25 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.28 69.25 Td ( goodwill impairment char) Tj ET Q q 0 0 0 rg BT 539.56 69.25 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 57.25 Td (for the pending sale of the Canadian discontinued operations due to the carrying value of the Canadian net assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 45.25 Td (exceeding the estimated fair value of the Mexican net assets acquired from ) Tj ET Q q 0 0 0 rg BT 369.45 45.25 Td (T) Tj ET Q q 0 0 0 rg BT 375.29 45.25 Td (ranscontinental.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 7. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 482.9501953125 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 235.13 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following discussion of the financial condition and results of operations of Quad/Graphics should be read together ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (with the Quad/Graphics audited consolidated financial statements for each of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.23 706.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 694.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 694.25 Td (, including the notes thereto, included in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 289.03 694.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 415.04 694.25 Td (This discussion contains forward-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (looking statements that reflect the Company's plans, estimates and beliefs. ) Tj ET Q q 0 0 0 rg BT 351.92 682.25 Td (The Company's actual results could dif) Tj ET Q q 0 0 0 rg BT 507.67 682.25 Td (fer materially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (from those discussed in these forward-looking statements. Factors that could cause or contribute to these dif) Tj ET Q q 0 0 0 rg BT 484.52 670.25 Td (ferences include, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (but are not limited to, those discussed in "Forward-Looking Statements" and Item 1A, "Risk Factors") Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 455.16 658.25 Td (,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.66 658.25 Td ( earlier within this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (Management's discussion and analysis of financial condition and results of operations is provided as a supplement to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (the Company's consolidated financial statements and accompanying notes to help provide an understanding of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (financial condition, the changes in the Company's financial condition and the Company's results of operations. ) Tj ET Q q 0 0 0 rg BT 496.75 598.25 Td (This discussion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (and analysis is or) Tj ET Q q 0 0 0 rg BT 119.06 586.25 Td (ganized as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 104.00 562.25 Td (Overview) Tj ET Q q 0 0 0 rg BT 141.94 562.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.07 562.25 Td (This section includes a general description of the Company's business and segments, an overview of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 550.25 Td (key performance metrics the Company's management measures and utilizes to evaluate business performance, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 538.25 Td (an overview of trends af) Tj ET Q q 0 0 0 rg BT 201.09 538.25 Td (fecting the Company) Tj ET Q q 0 0 0 rg BT 284.54 538.25 Td (, including management's actions related to the trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 104.00 514.25 Td (Results of Operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.17 514.25 Td (This section contains an analysis of the Company's results of operations by comparing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 502.25 Td (results for \(1\) the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.73 502.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 295.13 502.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.94 502.25 Td ( to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.52 502.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.11 502.25 Td ( and \(2\) the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 490.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.58 490.25 Td ( to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.16 490.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.75 490.25 Td (. ) Tj ET Q q 0 0 0 rg BT 342.16 490.25 Td (The comparability of the Company's results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (operations between periods was significantly impacted by the acquisition of ) Tj ET Q q 0 0 0 rg BT 409.94 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 418.89 478.25 Td (orld Color Press on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.49 478.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.66 478.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 466.25 Td (The results of operations for ) Tj ET Q q 0 0 0 rg BT 219.71 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 228.66 466.25 Td (orld Color Press are included in the Company's consolidated results prospectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 454.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.94 454.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.11 454.25 Td (. In addition, in connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.86 454.25 Td (July12, 201) Tj ET Q q 0 0 0 rg BT 371.84 454.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.66 454.25 Td ( execution of a definitive agreement with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 442.25 Td (T) Tj ET Q q 0 0 0 rg BT 109.93 442.25 Td (ranscontinental to, among other things, acquire ) Tj ET Q q 0 0 0 rg BT 300.17 442.25 Td (T) Tj ET Q q 0 0 0 rg BT 306.01 442.25 Td (ranscontinental's Mexican operations in exchange for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 430.25 Td (Company's Canadian operations \(with the exception of the Company's ) Tj ET Q q 0 0 0 rg BT 387.73 430.25 Td (V) Tj ET Q q 0 0 0 rg BT 394.31 430.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 430.20 430.25 Td (, British Columbia facility\), the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 418.25 Td (results of operations of the Company's Canadian operations have been reported as discontinued operations for all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 406.25 Td (periods presented. ) Tj ET Q q 0 0 0 rg BT 181.66 406.25 Td (The Company's Canadian operations were originally acquired as part of the ) Tj ET Q q 0 0 0 rg BT 485.69 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 494.63 406.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 394.25 Td (acquisition on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.88 394.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.05 394.25 Td (, and, therefore, the discontinued operations presentation impacts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.03 394.25 Td (201) Tj ET Q q 0 0 0 rg BT 489.84 394.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 394.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.09 394.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.09 394.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 382.25 Td (results of operations. Forward-looking statements providing a general description of recent and projected industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (and company developments that are important to understanding the Company's results of operations are included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 358.25 Td (in this section. ) Tj ET Q q 0 0 0 rg BT 166.96 358.25 Td (This section also provides a discussion of EBITDA) Tj ET Q q 0 0 0 rg BT 371.84 358.25 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 427.39 358.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 445.07 358.25 Td (gin, non-GAAP) Tj ET Q q 0 0 0 rg BT 508.13 358.25 Td ( financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 346.25 Td (measures that the Company uses to assess the performance of its business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 104.00 322.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 220.76 322.25 Td (ces. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.85 322.25 Td (This section provides an analysis of the Company's capitalization, cash flows, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 310.25 Td (statement about of) Tj ET Q q 0 0 0 rg BT 177.78 310.25 Td (f-balance sheet arrangements, and a discussion and table of outstanding debt and commitments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 298.25 Td (The cash flows of the Company's Canadian operations have not been reported as discontinued operations and thus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 286.25 Td (are included in all cash flow analysis. Forward-looking statements important to understanding the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 274.25 Td (financial condition are also included in this section. ) Tj ET Q q 0 0 0 rg BT 314.96 274.25 Td (This section also provides a discussion of Free Cash Flow) Tj ET Q q 0 0 0 rg BT 546.47 274.25 Td (, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 262.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 149.37 262.25 Td ( financial measure the Company uses to assess liquidity and capital deployment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 104.00 238.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 137.52 238.25 Td (Accounting Policies and Estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.07 238.25 Td ( ) Tj ET Q q 0 0 0 rg BT 283.98 238.25 Td (This section contains a discussion of the accounting policies that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 226.25 Td (Company's management believes are important to the Company's financial condition and results of operations, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 214.25 Td (well as allowances and reserves that require significant judgment and estimates on the part of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 202.25 Td (management. In addition, all of the Company's significant accounting policies, including critical accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 190.25 Td (policies, are summarized in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.46 190.25 Td (Note 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.40 190.25 Td (, "Basis of Presentation and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 454.68 190.25 Td (Accounting Policies," to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 178.25 Td (the consolidated financial statements in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 320.06 178.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 104.00 154.25 Td (New ) Tj ET Q q 0 0 0 rg BT 124.19 154.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 181.95 154.25 Td (onouncements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.48 154.25 Td (This section provides a discussion of new accounting pronouncements and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 142.25 Td (anticipated impact of those accounting pronouncements to the Company's consolidated financial statements.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (29) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Overview) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 719.25 Td (Business Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 695.25 Td (Quad/Graphics is a leading global provider of print and related products and services that are designed to provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (integrated multichannel solutions to marketers and publishers in North ) Tj ET Q q 0 0 0 rg BT 334.39 683.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 396.86 683.25 Td (America and Europe. ) Tj ET Q q 0 0 0 rg BT 486.74 683.25 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (products and services include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 647.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 647.25 Td (Print Solutions: including catalogs, consumer magazines, special interest publications, direct mail, packaging and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 635.25 Td (other commercial and specialty printed products, retail inserts, books and directories.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 611.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 611.25 Td (Media Solutions: including creative, digital imaging, video, photography) Tj ET Q q 0 0 0 rg BT 395.29 611.25 Td (, workflow solutions, interactive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 599.25 Td (technology including mobile and social media, and response data analytics services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 575.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 575.25 Td (Logistics Services: including mailing, distribution, logistics and data optimization and hygiene services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 551.25 Td (In addition, substantial investments are made in research and development and other technological innovations. ) Tj ET Q q 0 0 0 rg BT 536.61 551.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (Company has developed multiple manufacturing process improvements, including innovative press and finishing control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (systems and material-handling equipment for use in its own print operations, as well as for sale to other printers worldwide. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (The Company believes that its in-house research and development and its continuous improvement mentality toward printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (technology is important to its success. ) Tj ET Q q 0 0 0 rg BT 207.11 503.25 Td (The Company also manufactures ink, which is used in its own printing process. ) Tj ET Q q 0 0 0 rg BT 529.66 503.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (Company separately reports its net sales and related costs of sales for its product and service of) Tj ET Q q 0 0 0 rg BT 430.35 491.25 Td (ferings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 467.25 Td (From a client-facing perspective, Quad/Graphics has focused on integrating new media to redefine print for its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (customers. ) Tj ET Q q 0 0 0 rg BT 97.96 455.25 Td (The Company's Media Solutions group is dedicated to delivering innovative solutions across multiple media ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (channels. Media Solutions' core building blocks include creative, digital imaging, video, photography) Tj ET Q q 0 0 0 rg BT 458.61 443.25 Td (, workflow solutions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (interactive technology including mobile and social media, and response data analytics services. ) Tj ET Q q 0 0 0 rg BT 435.62 431.25 Td (These building blocks are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (seamlessly integrated to help clients optimize content and create experiences that connect with customers and subscribers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (across multiple channels including print, web, mobile, e-mail, e-book, tablet and in-store.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 383.25 Td (The Company's operating and reporting segments are aligned with how the Company's chief operating decision maker ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (currently manages the business. ) Tj ET Q q 0 0 0 rg BT 182.10 371.25 Td (The Company has three reportable segments: North ) Tj ET Q q 0 0 0 rg BT 390.84 371.25 Td (America Print and Related Services, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (International and Corporate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 335.25 Td (The North ) Tj ET Q q 0 0 0 rg BT 129.60 335.25 Td (America Print and Related Services segment includes the Company's United States printing operations, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (well as the Canadian printing operations in ) Tj ET Q q 0 0 0 rg BT 224.04 323.25 Td (V) Tj ET Q q 0 0 0 rg BT 230.61 323.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 266.50 323.25 Td (, British Columbia that will be retained after the sale of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (Canadian operations to ) Tj ET Q q 0 0 0 rg BT 144.61 311.25 Td (T) Tj ET Q q 0 0 0 rg BT 150.45 311.25 Td (ranscontinental. ) Tj ET Q q 0 0 0 rg BT 218.77 311.25 Td (This segment is managed as one integrated platform and includes all of the product ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (and related service of) Tj ET Q q 0 0 0 rg BT 135.70 299.25 Td (ferings described above. ) Tj ET Q q 0 0 0 rg BT 237.98 299.25 Td (The North ) Tj ET Q q 0 0 0 rg BT 281.49 299.25 Td (America Print and Related Services segment accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 287.25 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.59 287.25 Td ( of the Company's consolidated net sales during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.82 287.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 456.22 287.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.04 287.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 263.25 Td (The International segment consists of the Company's printing operations in Europe and Latin ) Tj ET Q q 0 0 0 rg BT 460.50 263.25 Td (America, which include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (operations in Poland, ) Tj ET Q q 0 0 0 rg BT 136.94 251.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 147.12 251.25 Td (gentina, Brazil, Columbia, Peru, Chile and Mexico, including the newly acquired ) Tj ET Q q 0 0 0 rg BT 474.08 251.25 Td (T) Tj ET Q q 0 0 0 rg BT 479.93 251.25 Td (ranscontinental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (Mexican operations. ) Tj ET Q q 0 0 0 rg BT 136.55 239.25 Td (This segment produces and delivers all of Quad/Graphics' product and service of) Tj ET Q q 0 0 0 rg BT 459.46 239.25 Td (ferings in Europe and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (Latin ) Tj ET Q q 0 0 0 rg BT 73.33 227.25 Td (America, with the exception of printing-related auxiliary equipment, which is included in the North ) Tj ET Q q 0 0 0 rg BT 473.22 227.25 Td (America Print and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (Related Services segment. ) Tj ET Q q 0 0 0 rg BT 160.15 215.25 Td (The International segment accounted for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.98 215.25 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.31 215.25 Td ( of the Company's consolidated net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (sales during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.35 203.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 234.75 203.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.56 203.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 179.25 Td (The Corporate segment consists of unallocated general and administrative activities and associated expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (including, in part, executive, legal, finance, information technology and human resources.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 144.25 Td (Key Performance Metrics Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 120.25 Td (The Company's management believes the ability to generate net sales growth, profit increases and positive cash flow ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td (are key indicators of the successful execution of the Company's business strategy and will increase shareholder value. ) Tj ET Q q 0 0 0 rg BT 525.73 108.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.25 Td (Company uses period over period net sales growth, EBITDA, EBITDA) Tj ET Q q 0 0 0 rg BT 335.50 96.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 353.18 96.25 Td (gin, cash flows provided by operating activities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (Free Cash Flow as metrics to measure operating performance, financial condition and liquidity) Tj ET Q q 0 0 0 rg BT 428.73 84.25 Td (. EBITDA, EBITDA) Tj ET Q q 0 0 0 rg BT 513.95 84.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 531.63 84.25 Td (gin and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (Free Cash Flow are non-GAAP) Tj ET Q q 0 0 0 rg BT 175.91 72.25 Td ( financial measures \(see the definitions of EBITDA, EBITDA) Tj ET Q q 0 0 0 rg BT 422.87 72.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 440.55 72.25 Td (gin and the reconciliation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (net earnings \(loss\) attributable to Quad/Graphics common shareholders to EBITDA) Tj ET Q q 0 0 0 rg BT 384.36 60.25 Td ( in the "Results of Operations" sections ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (below) Tj ET Q q 0 0 0 rg BT 74.11 48.25 Td (, and see the definition of Free Cash Flow and the reconciliation of cash flows provided by operating activities to Free ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Cash Flow in the "Liquidity and Capital Resources" section below\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Net sales gr) Tj ET Q q 0 0 0 rg BT 133.59 718.10 Td (owth. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.36 718.10 Td (The Company uses period over period net sales growth as a key performance metric. ) Tj ET Q q 0 0 0 rg BT 504.04 718.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Company's management assesses net sales growth based on the ability to generate increased net sales through increased sales to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (existing customers, sales to new customers, sales of new or expanded solutions to existing and new customers and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (opportunities to expand sales through strategic investments, including acquisitions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 120.35 658.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 174.61 658.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 192.94 658.10 Td (gin. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.04 658.10 Td (The Company uses EBITDA) Tj ET Q q 0 0 0 rg BT 328.58 658.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 384.12 658.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 401.80 658.10 Td (gin as metrics to assess operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 107.93 646.10 Td (The Company's management assesses EBITDA) Tj ET Q q 0 0 0 rg BT 298.22 646.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 353.76 646.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 371.44 646.10 Td (gin based on the ability to increase revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (while controlling variable expense growth.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (Cash flows pr) Tj ET Q q 0 0 0 rg BT 141.39 610.10 Td (ovided by operating activities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.28 610.10 Td (The Company uses cash flows provided by operating activities as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (metric to assess liquidity) Tj ET Q q 0 0 0 rg BT 148.83 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 155.92 598.10 Td (The Company's management assesses cash flows provided by operating activities based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (ability to meet recurring cash obligations while increasing available cash to fund integration and restructuring requirements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (related to the acquired ) Tj ET Q q 0 0 0 rg BT 141.53 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 150.48 574.10 Td (orld Color Press and ) Tj ET Q q 0 0 0 rg BT 234.43 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 240.27 574.10 Td (ranscontinental Mexican operations, as well as to fund capital expenditures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (debt service requirements, ) Tj ET Q q 0 0 0 rg BT 157.64 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.59 562.10 Td (orld Color Press single employer pension plan contributions, ) Tj ET Q q 0 0 0 rg BT 411.35 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 420.30 562.10 Td (orld Color Press multiemployer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (pension plan withdrawal liabilities, acquisitions and other investments in future growth, shareholder dividends and share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (repurchases. Cash flows provided by operating activities can be significantly impacted by the timing of non-recurring or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (infrequent receipts or expenditures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 95.81 502.10 Td (ee Cash Flow) Tj ET Q q 0 0 0 rg BT 150.25 502.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.38 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.29 502.10 Td (The Company uses Free Cash Flow as a metric to assess liquidity and capital deployment. Free ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Cash Flow is defined as cash flows provided by operating activities less capital expenditures. ) Tj ET Q q 0 0 0 rg BT 427.60 490.10 Td (The Company's management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (assesses Free Cash Flow as a measure to quantify cash available for strategic capital deployment through investments in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (business, including acquisitions, strengthening the balance sheet, including debt and pension repayment, and returning cash to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the shareholders, including dividends and share repurchases. ) Tj ET Q q 0 0 0 rg BT 297.06 454.10 Td (The priorities for capital deployment will change as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (circumstances dictate for the business, and Free Cash Flow can be significantly impacted by the Company's restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (activities and other unusual items, such as payments related to completing the ) Tj ET Q q 0 0 0 rg BT 363.44 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 372.39 430.10 Td (orld Color Press bankruptcy process.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 407.25 Td (Overview of T) Tj ET Q q 0 0 0 rg BT 143.57 407.25 Td (rends ) Tj ET Q q 0 0 0 rg BT 168.48 407.25 Td (Af) Tj ET Q q 0 0 0 rg BT 178.20 407.25 Td (fecting Quad/Graphics) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 383.25 Td (Competition in the highly fragmented printing industry remains intense. ) Tj ET Q q 0 0 0 rg BT 378.92 383.25 Td (The industry has excess manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (capacity created by declines in industry volumes, which is causing the printing industry to face continued downward pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (pressures. In addition, the growth and adaptation of alternative marketing technologies \(such as online distribution and hosting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (of content and mobile technologies\), as well as alternative delivery of content has resulted in marketers and publishers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (allocating their marketing and advertising spend across a wide and expanding selection of non-print media options, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (further exacerbates industry overcapacity) Tj ET Q q 0 0 0 rg BT 214.87 323.25 Td (. Management anticipates that volume and pricing pressures will continue into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.52 323.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.52 323.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (and in response management will continue its focus on financial flexibility) Tj ET Q q 0 0 0 rg BT 348.49 311.25 Td (, a strong balance sheet and an ef) Tj ET Q q 0 0 0 rg BT 480.24 311.25 Td (ficient cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (structure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 275.25 Td (The Company believes that a disciplined approach for capital management and a strong balance sheet are critical to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (able to invest in profitable growth opportunities and technological advances, thereby providing the highest return for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (shareholders. Management currently is balancing the use of cash between compelling investment opportunities, deleveraging ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (the Company's balance sheet through reductions in debt and contributions to pension and postretirement obligations, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (returns to shareholders including a quarterly shareholder dividend of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.86 227.25 Td ($0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.36 227.25 Td ( per share, which was initiated during the second ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (quarter of 201) Tj ET Q q 0 0 0 rg BT 106.46 215.25 Td (1 \(increasing to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.98 215.25 Td ($0.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.48 215.25 Td ( per share in 2012\), and also a share repurchase program initiated in the third quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 203.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 203.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 179.25 Td (The Company reduced consolidated debt and capital leases by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.30 179.25 Td ($325 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.70 179.25 Td ( since the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.96 179.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.13 179.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.54 179.25 Td (W) Tj ET Q q 0 0 0 rg BT 489.49 179.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (acquisition date, despite incurring significant costs related to acquisition integration and restructuring programs. Furthermore, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 155.25 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 111.48 155.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.30 155.25 Td (, the Company refinanced a significant portion of its debt with a new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 155.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.12 155.25 Td ( debt financing agreement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (The new debt agreement increases the revolving credit available to the Company from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.92 143.25 Td ($530.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.82 143.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.59 143.25 Td ($850.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.49 143.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (providing greater capacity to support the Company's growth plans. In addition to increasing financial flexibility) Tj ET Q q 0 0 0 rg BT 498.03 131.25 Td (, the new debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (agreement reduces cash interest payments by an estimated $16 - $20 million annually at current borrowing levels.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 95.25 Td (The Company has been working diligently to lower its cost structure by consolidating its manufacturing platform into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (its most ef) Tj ET Q q 0 0 0 rg BT 91.57 83.25 Td (ficient facilities, as well as realizing purchasing, mailing and logistics ef) Tj ET Q q 0 0 0 rg BT 380.19 83.25 Td (ficiencies by centralizing and consolidating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (print manufacturing volumes and eliminating redundancies in its administrative and corporate operations. ) Tj ET Q q 0 0 0 rg BT 477.01 71.25 Td (These ef) Tj ET Q q 0 0 0 rg BT 510.98 71.25 Td (forts include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (the deployment of the Company's own brand of ERP) Tj ET Q q 0 0 0 rg BT 261.03 59.25 Td ( software tools to streamline workflows and improve data visibility across ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (the consolidated platform. ) Tj ET Q q 0 0 0 rg BT 159.60 47.25 Td (The Company's restructuring actions since the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.82 47.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.99 47.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.40 47.25 Td (W) Tj ET Q q 0 0 0 rg BT 407.35 47.25 Td (orld Color Press acquisition through ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 742.10 Td ( have resulted in approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.78 742.10 Td (6,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.28 742.10 Td ( gross full-time equivalent positions eliminated \(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.95 742.10 Td (4,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.45 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (net positions eliminated, after considering job additions related to work transferred to other facilities\) related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.36 730.10 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.36 730.10 Td ( plant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (closures \(comprised of 10 United States plants, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.06 718.10 Td (October17, 201) Tj ET Q q 0 0 0 rg BT 360.59 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.40 718.10 Td ( announcements of Stillwater) Tj ET Q q 0 0 0 rg BT 482.11 718.10 Td (, Oklahoma and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Richmond, ) Tj ET Q q 0 0 0 rg BT 96.57 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 103.41 706.10 Td (ir) Tj ET Q q 0 0 0 rg BT 109.12 706.10 Td (ginia plant closures, as well as two Canadian plant closures completed prior to the execution of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.93 694.10 Td (ranscontinental exchange agreement\), the closure of the former ) Tj ET Q q 0 0 0 rg BT 310.83 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 319.78 694.10 Td (orld Color Press headquarters and other workforce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (reductions announced through the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.30 682.10 Td (fourth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.73 682.10 Td ( quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.88 682.10 Td (201) Tj ET Q q 0 0 0 rg BT 271.69 682.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.51 682.10 Td (. Upon completion of the 24 month integration period in June 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (management estimates the annual syner) Tj ET Q q 0 0 0 rg BT 208.74 670.10 Td (gy savings will be somewhat more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.46 670.10 Td ($250million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.85 670.10 Td (. Since the acquisition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.61 658.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 157.01 658.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.82 658.10 Td (, the Company has achieved approximately $196 million in total syner) Tj ET Q q 0 0 0 rg BT 443.06 658.10 Td (gy savings. Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (expects that these syner) Tj ET Q q 0 0 0 rg BT 144.60 646.10 Td (gy savings will be achieved within the estimated integration-related costs range of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.52 646.10 Td ($195million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.91 646.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ($240million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.39 634.10 Td (, and the costs to achieve the syner) Tj ET Q q 0 0 0 rg BT 240.14 634.10 Td (gy savings may exceed that range to the extent syner) Tj ET Q q 0 0 0 rg BT 450.73 634.10 Td (gy savings exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ($250million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.39 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 108.80 622.10 Td (There can be no assurance that the syner) Tj ET Q q 0 0 0 rg BT 270.49 622.10 Td (gy savings tar) Tj ET Q q 0 0 0 rg BT 325.86 622.10 Td (get will be fully realized or that the integration-related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (costs will not exceed the estimate. In addition to cost savings through acquisition-related syner) Tj ET Q q 0 0 0 rg BT 431.21 610.10 Td (gies, the Company continues its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (focus on cost reductions through Lean Manufacturing and Continuous Improvement initiatives in order to achieve improved ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.68 586.10 Td (ficiencies, reduce waste, lower overall operating costs, enhance quality and timeliness and create a safer work environment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (for the Company's employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (In this increasingly multichannel marketplace, the Company believes that the printing industry will be driven to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (capital investments in new technologies, such as those to deliver tar) Tj ET Q q 0 0 0 rg BT 320.67 538.10 Td (geted and customized print solutions and to deploy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (multichannel marketing campaigns through the integration of new media. ) Tj ET Q q 0 0 0 rg BT 348.99 526.10 Td (The Company believes its ongoing commitment to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (technology has been paramount in delivering high-quality and relevant of) Tj ET Q q 0 0 0 rg BT 343.99 514.10 Td (ferings to its customers. ) Tj ET Q q 0 0 0 rg BT 444.35 514.10 Td (The Company invested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ($168million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.39 502.10 Td ( in capital projects in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.75 502.10 Td (201) Tj ET Q q 0 0 0 rg BT 202.57 502.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.38 502.10 Td ( and intends to invest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.87 502.10 Td ($125million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.26 502.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.04 502.10 Td ($150million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.43 502.10 Td ( in new capital projects in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.96 502.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.96 502.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (When making capital allocation decisions, management undertakes a thorough process aimed at driving the strongest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (contribution to long-term profitability) Tj ET Q q 0 0 0 rg BT 201.04 466.10 Td (, whether those are fixed asset additions as discussed above, or) Tj ET Q q 0 0 0 rg BT 451.66 466.10 Td (ganic growth opportunities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (acquisitions or divestitures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.72 430.10 Td (July12, 201) Tj ET Q q 0 0 0 rg BT 149.71 430.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.52 430.10 Td (, the Company and ) Tj ET Q q 0 0 0 rg BT 232.47 430.10 Td (T) Tj ET Q q 0 0 0 rg BT 238.31 430.10 Td (ranscontinental entered into a definitive agreement whereby Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 86.83 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 92.68 418.10 Td (ranscontinental's Mexican operations in exchange for the Company's Canadian operations \(with the exception of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.99 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 103.57 406.10 Td (ancouver) Tj ET Q q 0 0 0 rg BT 139.46 406.10 Td (, British Columbia facility\). ) Tj ET Q q 0 0 0 rg BT 254.80 406.10 Td (As part of the Canadian transaction, ) Tj ET Q q 0 0 0 rg BT 400.78 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 406.62 406.10 Td (ranscontinental will assume pension ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (and post-retirement obligations pertaining to the Canadian employees. ) Tj ET Q q 0 0 0 rg BT 335.94 394.10 Td (The Company believes with the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.93 382.10 Td (rancontinental's Mexican operations it will be able to create an industry-leading print platform in an economy with a higher ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (growth rate than that of Canada, and also achieve beneficial syner) Tj ET Q q 0 0 0 rg BT 313.41 370.10 Td (gy savings through operational consolidation. ) Tj ET Q q 0 0 0 rg BT 500.70 370.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (completed the acquisition of ) Tj ET Q q 0 0 0 rg BT 165.99 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 171.83 358.10 Td (ranscontinental's Mexican operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.08 358.10 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 405.16 358.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.97 358.10 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.19 358.10 Td (February7, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.79 358.10 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (announced that it has been authorized by Canada's Competition Bureau to complete the sale of its Canadian operations to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.93 334.10 Td (ranscontinental, and the Company expects the sale to be completed before March 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (The Company is subject to seasonality in its quarterly results as net sales and operating income are typically higher in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (the third and fourth quarters of the calendar year as compared to the first and second quarters. Seasonality is driven by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (increased magazine advertising pagecounts, retail inserts, catalogs and books primarily due to back-to-school and holiday ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (related advertising and promotions. ) Tj ET Q q 0 0 0 rg BT 196.54 274.10 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.58 274.10 Td (201) Tj ET Q q 0 0 0 rg BT 276.39 274.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.21 274.10 Td ( net sales followed the typical industry seasonality) Tj ET Q q 0 0 0 rg BT 482.22 274.10 Td (, and management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (anticipates this same impact of seasonality in 2012. ) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations for) Tj ET Q q 0 0 0 rg BT 157.40 742.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 175.45 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 181.94 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 195.17 742.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.87 742.25 Td (December) Tj ET Q q 0 0 0 rg BT 271.09 742.25 Td (31, 201) Tj ET Q q 0 0 0 rg BT 303.22 742.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.94 742.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 345.91 742.25 Td (ed to the ) Tj ET Q q 0 0 0 rg BT 384.79 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 391.27 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 404.50 742.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.21 742.25 Td (December) Tj ET Q q 0 0 0 rg BT 480.42 742.25 Td (31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.83 742.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 719.25 Td (Summary Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 695.25 Td (The Company's operating income from continuing operations, operating mar) Tj ET Q q 0 0 0 rg BT 392.91 695.25 Td (gin, net earnings \(loss\) attributable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (Quad/Graphics common shareholders and diluted earnings \(loss\) per share attributable to Quad/Graphics common shareholders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.96 671.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 198.36 671.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.17 671.25 Td ( changed from the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.23 671.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.81 671.25 Td ( as follows \(dollars in millions, except ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (per share data\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 575.75 m 340.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 575.75 m 340.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 425.75 m 340.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 411.75 m 340.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 409.75 m 340.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 575.75 m 414.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 425.75 m 414.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 411.75 m 414.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 409.75 m 414.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 575.75 m 486.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 575.75 m 486.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 425.75 m 486.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 411.75 m 486.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 409.75 m 486.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 575.75 m 562.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 575.75 m 562.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 425.75 m 562.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 411.75 m 562.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 409.75 m 562.5 409.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 565.42 Td (For theYear EndedDecember 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.50 565.32 Td (. . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 550.42 Td (201) Tj ET Q q 0 0 0 rg BT 67.81 550.42 Td (1 Restructuring,Impairment and ) Tj ET Q q 0 0 0 rg BT 200.56 550.42 Td (T) Tj ET Q q 0 0 0 rg BT 206.40 550.42 Td (ransaction-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 540.42 Td (Related Char) Tj ET Q q 0 0 0 rg BT 105.39 540.42 Td (ges) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 118.63 544.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.50 540.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 525.42 Td (2010 Restructuring,Impairment and ) Tj ET Q q 0 0 0 rg BT 200.93 525.42 Td (T) Tj ET Q q 0 0 0 rg BT 206.77 525.42 Td (ransaction-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 515.42 Td (Related Char) Tj ET Q q 0 0 0 rg BT 105.39 515.42 Td (ges) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 118.63 519.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.50 515.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 500.42 Td (Increase in Interest Expense) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 165.45 504.95 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.50 500.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 485.42 Td (Decrease in Income ) Tj ET Q q 0 0 0 rg BT 134.81 485.42 Td (T) Tj ET Q q 0 0 0 rg BT 140.48 485.42 Td (ax Expense) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 185.94 489.95 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.50 485.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 470.42 Td (Loss on Debt Extinguishment) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 172.16 474.95 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.50 470.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 455.42 Td (Increase in Loss from Discontinued Operations, net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 445.42 Td (of tax) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 76.05 449.95 Td (\(6\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.50 445.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 430.42 Td (Increase in Operating Income) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 171.55 434.95 Td (\(7\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.50 430.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 415.42 Td (For theYear EndedDecember 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.50 415.32 Td (. . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.75 595.98 Td (OperatingIncome) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 276.25 587.98 Td (from Continuing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.85 579.98 Td (Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 565.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 565.42 Td (61.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.80 540.47 Td (\(114.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 540.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 515.42 Td (147.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.30 500.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.30 485.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.30 470.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.30 445.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 430.42 Td (61.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 415.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 415.42 Td (156.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.55 579.98 Td (OperatingMargin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 565.42 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 565.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.45 540.42 Td (\(2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 540.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 515.42 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 515.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 500.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 485.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 470.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 445.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.45 430.42 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 430.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 415.42 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 415.42 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.40 619.98 Td (Net Earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.55 611.98 Td (\(Loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.30 603.98 Td (Attributable to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.50 595.98 Td (Quad/Graphics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.20 587.98 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.40 579.98 Td (Shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 565.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 565.47 Td (\(250.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 565.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 540.47 Td (\(68.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 540.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 515.42 Td (90.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.80 500.47 Td (\(8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 500.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 485.42 Td (200.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 470.47 Td (\(20.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 470.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 445.47 Td (\(34.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 445.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 430.42 Td (43.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 415.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 415.47 Td (\(46.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 415.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.40 627.98 Td (Earnings ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.70 619.98 Td (\(Loss\)Per) Tj ET Q q 0 0 0 rg BT 532.51 619.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 550.81 619.98 Td (e) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.30 611.98 Td (Attributableto) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.30 603.98 Td (Quad/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.40 595.98 Td (GraphicsCommon) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.40 587.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 515.78 587.98 Td (eholders) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.30 579.98 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 565.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 565.47 Td (\(6.67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 565.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 540.47 Td (\(1.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 540.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 515.42 Td (2.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 500.47 Td (\(0.17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 500.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 485.42 Td (5.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 470.47 Td (\(0.43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 470.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 445.47 Td (\(0.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 445.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 430.42 Td (0.69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 415.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 415.47 Td (\(1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 415.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 399.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 381.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 286.99 381.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.56 381.25 Td ($1) Tj ET Q q 0 0 0 rg BT 323.38 381.25 Td (14.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.08 381.25 Td ( incurred during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.81 381.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 369.25 Td (201) Tj ET Q q 0 0 0 rg BT 82.81 369.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.63 369.25 Td ( included:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 345.25 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 345.25 Td ($29.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 345.25 Td ( of employee termination costs for plant closures and other workforce reductions initiatives;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 321.25 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 321.25 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 321.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 236.94 321.25 Td (ges related to the closure of the Stillwater) Tj ET Q q 0 0 0 rg BT 402.98 321.25 Td (, Oklahoma plant as well as for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 309.25 Td (machinery and equipment at other facilities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 285.25 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 285.25 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.89 285.25 Td ( of transaction costs incurred primarily in connection with the ) Tj ET Q q 0 0 0 rg BT 402.18 285.25 Td (T) Tj ET Q q 0 0 0 rg BT 408.02 285.25 Td (ranscontinental transaction;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 261.25 Td (d. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 261.25 Td ($45.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 261.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 171.13 261.25 Td (W) Tj ET Q q 0 0 0 rg BT 180.08 261.25 Td (orld Color Press integration costs net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.98 261.25 Td ($15.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.88 261.25 Td ( gain on the collection of a note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 249.25 Td (receivable for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 248.57 249.25 Td (W) Tj ET Q q 0 0 0 rg BT 257.52 249.25 Td (orld Color Press' European operations; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 225.25 Td (e. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 225.25 Td ($22.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 225.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 296.92 225.25 Td (ges including costs to maintain and exit closed facilities, as well ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 213.25 Td (as lease exit char) Tj ET Q q 0 0 0 rg BT 171.93 213.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 189.25 Td (In connection with the integration of ) Tj ET Q q 0 0 0 rg BT 216.76 189.25 Td (W) Tj ET Q q 0 0 0 rg BT 225.71 189.25 Td (orld Color Press' operations and ) Tj ET Q q 0 0 0 rg BT 355.61 189.25 Td (T) Tj ET Q q 0 0 0 rg BT 361.45 189.25 Td (ranscontinental's Mexican operations into Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 177.25 Td (Graphics, the Company expects to incur additional restructuring and integration costs in future reporting periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 153.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 286.99 153.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.56 153.25 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.45 153.25 Td ( incurred during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.18 153.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 141.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 141.25 Td ( included:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 117.25 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 117.25 Td ($26.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 117.25 Td ( of employee termination costs related to plant closures and other various workforce reduction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 105.25 Td (initiatives;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 81.25 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 81.25 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 81.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 236.94 81.25 Td (ges on assets primarily related to the Pila, Poland, Fredericksbur) Tj ET Q q 0 0 0 rg BT 494.20 81.25 Td (g, ) Tj ET Q q 0 0 0 rg BT 504.02 81.25 Td (V) Tj ET Q q 0 0 0 rg BT 510.85 81.25 Td (ir) Tj ET Q q 0 0 0 rg BT 516.57 81.25 Td (ginia and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 69.25 Td (Reno, Nevada plant closures;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 45.25 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 45.25 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 45.25 Td ( of transaction costs related primarily to the acquisition of ) Tj ET Q q 0 0 0 rg BT 391.62 45.25 Td (W) Tj ET Q q 0 0 0 rg BT 400.57 45.25 Td (orld Color Press \(and to a much lesser ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (extent the 2010 acquisition of HGI Company) Tj ET Q q 0 0 0 rg BT 284.20 742.10 Td (, LLC \("HGI"\)\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (d. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td ($27.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 718.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 171.13 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 180.08 718.10 Td (orld Color Press acquisition integration costs; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (e. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 694.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 694.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 296.92 694.10 Td (ges including costs to maintain and exit closed facilities, as well ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (as lease exit char) Tj ET Q q 0 0 0 rg BT 171.93 682.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (Interest expense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.19 658.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.95 658.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.45 658.10 Td ($15.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.34 658.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.17 658.10 Td ($8.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.06 658.10 Td ( net of tax\) during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.56 658.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 492.96 658.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.78 658.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ($108.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.89 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.30 646.10 Td (This change was due to the increased average debt levels following the ) Tj ET Q q 0 0 0 rg BT 420.68 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.63 646.10 Td (orld Color Press acquisition on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.17 634.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 166.23 634.10 Td (fset by lower interest rates as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.19 634.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 634.10 Td ( debt financing agreement entered into on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 116.98 622.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.80 622.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Income tax expense decreased due to the Company's change to C corporation status in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.25 598.10 Td (July 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.42 598.10 Td (, pursuant to which the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Company recognized income tax expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.94 586.10 Td ($200.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.83 586.10 Td (. In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.53 586.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.70 586.10 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 515.32 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 524.26 586.10 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Color Press and the public registration of the Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 334.33 574.10 Td (A) Tj ET Q q 0 0 0 rg BT 341.00 574.10 Td ( stock, the Company changed the tax status of certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (entities within the Quad/Graphics legal structure to C corporation status under the provisions of the Internal Revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Code. From that point forward, these entities will be subject to federal and state income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (The Company recognized a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.73 526.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.63 526.10 Td ( loss on debt extinguishment in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.84 526.10 Td (July 201) Tj ET Q q 0 0 0 rg BT 395.83 526.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.64 526.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.47 526.10 Td ($20.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.36 526.10 Td ( net of tax\), as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.11 514.10 Td ( debt financing agreement. ) Tj ET Q q 0 0 0 rg BT 225.64 514.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.60 514.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.49 514.10 Td ( loss represents certain debt issuance costs associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (new and refinanced debt that were expensed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Loss on discontinued operations, net of tax, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.91 478.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.67 478.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.17 478.10 Td ($34.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.06 478.10 Td ( during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.97 478.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 504.37 478.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.18 478.10 Td ( to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td ($38.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 466.10 Td ( loss primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.32 466.10 Td ($30.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.21 466.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.71 466.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.47 466.10 Td ( in restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 533.90 466.10 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (recognized during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.97 454.10 Td (201) Tj ET Q q 0 0 0 rg BT 157.79 454.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.60 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 170.01 454.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.97 454.10 Td (201) Tj ET Q q 0 0 0 rg BT 202.78 454.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.59 454.10 Td ( restructuring, impairment and transaction-related expenses included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.10 454.10 Td ($17.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.99 454.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (char) Tj ET Q q 0 0 0 rg BT 85.12 442.10 Td (ge to recognize a pension curtailment loss and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.13 442.10 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.02 442.10 Td ( goodwill impairment char) Tj ET Q q 0 0 0 rg BT 439.29 442.10 Td (ge in the third quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.17 442.10 Td (201) Tj ET Q q 0 0 0 rg BT 553.98 442.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.80 442.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (for the pending sale of the Canadian discontinued operations due to the carrying value of the Canadian net assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (exceeding the estimated fair value of the Mexican net assets acquired from ) Tj ET Q q 0 0 0 rg BT 369.45 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 375.29 418.10 Td (ranscontinental.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (Operating income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.42 394.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.17 394.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.67 394.10 Td ($61.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.56 394.10 Td ( primarily due to the acquisition of ) Tj ET Q q 0 0 0 rg BT 377.83 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 386.78 394.10 Td (orld Color Press and the syner) Tj ET Q q 0 0 0 rg BT 507.10 394.10 Td (gy savings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (from the integration of ) Tj ET Q q 0 0 0 rg BT 161.22 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.16 382.10 Td (orld Color Press. ) Tj ET Q q 0 0 0 rg BT 242.17 382.10 Td (While operating income increased, operating mar) Tj ET Q q 0 0 0 rg BT 439.69 382.10 Td (gin decreased due to lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (operating mar) Tj ET Q q 0 0 0 rg BT 123.72 370.10 Td (gins in the acquired ) Tj ET Q q 0 0 0 rg BT 204.63 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 213.58 370.10 Td (orld Color Press business than that of the Company's pre-acquisition business. ) Tj ET Q q 0 0 0 rg BT 530.50 370.10 Td (As part ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (of the integration of ) Tj ET Q q 0 0 0 rg BT 150.11 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 159.05 358.10 Td (orld Color Press, the Company implemented a significant two-year restructuring program to reduce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (the operating and administrative cost structure of the combined company) Tj ET Q q 0 0 0 rg BT 359.53 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 366.62 346.10 Td (The following discussion provides additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (details.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Operating Results from Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following table sets forth certain information from the Company's consolidated statements of operations on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (absolute dollar basis and as a relative percentage of total net sales for each noted period, together with the relative percentage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (change in such information between the periods set forth below \(excluding the Canadian discontinued operations\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 658.75 m 317.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 658.75 m 317.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 645.75 m 317.5 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 632.75 m 317.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 611.75 m 317.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 566.75 m 317.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 506.75 m 317.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 436.75 m 317.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 421.75 m 317.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 421.75 m 317.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 407.75 m 317.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 405.75 m 317.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 658.75 m 321.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 645.75 m 321.5 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 632.75 m 321.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 658.75 m 366.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 645.75 m 366.5 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 632.75 m 366.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 632.75 m 366.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 611.75 m 366.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 566.75 m 366.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 506.75 m 366.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 436.75 m 366.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 421.75 m 366.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 407.75 m 366.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 405.75 m 366.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 658.75 m 370.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 632.75 m 370.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 658.75 m 415.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 658.75 m 415.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 645.75 m 415.5 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 632.75 m 415.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 632.75 m 415.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 611.75 m 415.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 566.75 m 415.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 506.75 m 415.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 436.75 m 415.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 421.75 m 415.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 421.75 m 415.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 407.75 m 415.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 405.75 m 415.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 658.75 m 419.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 645.75 m 419.5 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 632.75 m 419.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 658.75 m 464.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 645.75 m 464.5 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 632.75 m 464.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 632.75 m 464.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 611.75 m 464.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 566.75 m 464.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 506.75 m 464.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 436.75 m 464.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 421.75 m 464.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 407.75 m 464.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 405.75 m 464.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 632.75 m 468.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 632.75 m 513.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 632.75 m 513.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 611.75 m 513.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 566.75 m 513.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 506.75 m 513.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 436.75 m 513.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 421.75 m 513.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 421.75 m 513.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 407.75 m 513.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 405.75 m 513.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 611.75 m 573.5 611.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.42 Td (Net Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 586.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 586.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 571.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 571.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 556.42 Td (Total Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.50 556.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 541.42 Td (Cost of Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 526.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.50 526.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 511.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.50 511.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 496.42 Td (Total Cost of Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.50 496.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 481.42 Td (Selling, General& Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 481.32 Td (. . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 466.42 Td (Restructuring,Impairment and Transaction-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 456.42 Td (Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 456.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 441.42 Td (Depreciation and Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.50 441.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 426.42 Td (Total Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.50 426.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 411.42 Td (Operating Income From Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 411.32 Td (. . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.70 662.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.20 649.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.15 636.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 280.45 615.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.60 586.42 Td (3,825.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 571.42 Td (499.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.60 556.42 Td (4,324.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.60 526.42 Td (2,921.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 511.42 Td (380.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.60 496.42 Td (3,302.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 481.42 Td (407.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 456.42 Td (114.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 441.42 Td (344.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.60 426.42 Td (4,167.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 411.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 411.42 Td (156.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.15 623.98 Td (%of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 334.80 615.98 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 586.42 Td (88.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 586.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 571.42 Td (11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 571.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.10 556.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 556.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 526.42 Td (67.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 526.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 511.42 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 511.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 496.42 Td (76.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 496.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 481.42 Td (9.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 481.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 456.42 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 456.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 441.42 Td (8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 441.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 426.42 Td (96.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 426.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 411.42 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 411.42 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.00 649.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.45 615.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.60 586.42 Td (2,813.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 571.42 Td (372.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.60 556.42 Td (3,185.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.60 526.42 Td (2,131.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 511.42 Td (275.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.60 496.42 Td (2,406.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 481.42 Td (303.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 456.42 Td (147.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 441.42 Td (267.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.60 426.42 Td (3,124.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 411.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 411.42 Td (61.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.15 623.98 Td (%of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.80 615.98 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 586.42 Td (88.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 586.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 571.42 Td (11.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 571.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.10 556.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 556.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 526.42 Td (66.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 526.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 511.42 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 511.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 496.42 Td (75.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 496.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 481.42 Td (9.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 481.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 456.42 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 456.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 441.42 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 441.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 426.42 Td (98.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 426.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 411.42 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 411.42 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.35 615.98 Td ($Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.60 586.42 Td (1,011.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 571.42 Td (126.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.60 556.42 Td (1,138.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 526.42 Td (790.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 511.42 Td (105.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 496.42 Td (895.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 481.42 Td (104.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.80 456.47 Td (\(33.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 456.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 441.42 Td (77.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.60 426.42 Td (1,043.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 411.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 411.42 Td (95.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.00 623.98 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.85 615.98 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 586.42 Td (36.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 586.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 571.42 Td (34.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 571.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 556.42 Td (35.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 556.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 526.42 Td (37.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 526.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 511.42 Td (38.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 511.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 496.42 Td (37.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 496.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 481.42 Td (34.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 481.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 456.42 Td (\(22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.30 456.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 441.42 Td (28.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 441.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.75 426.42 Td (33.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 426.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.75 411.42 Td (154.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.65 411.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 383.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 359.25 Td (Product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.55 359.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.30 359.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.80 359.25 Td ($1,01) Tj ET Q q 0 0 0 rg BT 204.12 359.25 Td (1.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.82 359.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.65 359.25 Td (36.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.48 359.25 Td (, for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.44 359.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 442.84 359.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.66 359.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 347.25 Td ( primarily due to $1,061 million in additional net sales related to the ) Tj ET Q q 0 0 0 rg BT 403.44 347.25 Td (W) Tj ET Q q 0 0 0 rg BT 412.38 347.25 Td (orld Color Press acquisition, and higher ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (paper and byproduct sales. Partially of) Tj ET Q q 0 0 0 rg BT 206.25 335.25 Td (fsetting these increases were $49 million in net decreases primarily related to: \(1\) lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (pricing due to continued pricing pressure from excess manufacturing capacity in the printing industry and \(2\) lower volumes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 299.25 Td (Service sales, which primarily consist of imaging, logistics and distribution services, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 299.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.80 299.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 299.25 Td ($126.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.20 299.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.03 299.25 Td (34.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.86 299.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.96 287.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 198.36 287.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.17 287.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.68 287.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.26 287.25 Td ( primarily due to $1) Tj ET Q q 0 0 0 rg BT 476.50 287.25 Td (18 million in additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (net sales related to the ) Tj ET Q q 0 0 0 rg BT 141.26 275.25 Td (W) Tj ET Q q 0 0 0 rg BT 150.21 275.25 Td (orld Color Press acquisition and $9 million in higher sales on imaging and logistics and distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (services.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 239.25 Td (Cost of Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 215.25 Td (Cost of product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.66 215.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.41 215.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.91 215.25 Td ($790.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.80 215.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.26 215.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 422.66 215.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.47 215.25 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 203.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 212.64 203.25 Td (W) Tj ET Q q 0 0 0 rg BT 221.59 203.25 Td (orld Color Press acquisition and increased material and freight costs. ) Tj ET Q q 0 0 0 rg BT 501.02 203.25 Td (These costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (increases were partially of) Tj ET Q q 0 0 0 rg BT 155.13 191.25 Td (fset by acquisition syner) Tj ET Q q 0 0 0 rg BT 252.43 191.25 Td (gy savings related to purchasing ef) Tj ET Q q 0 0 0 rg BT 391.38 191.25 Td (ficiencies realized, as well as labor cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (reductions as a result of plant closures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 155.25 Td (Cost of product sales as a percentage of net sales increased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.90 155.25 Td (66.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.73 155.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.19 155.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.78 155.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.56 155.25 Td (67.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.39 155.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.96 143.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 198.36 143.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.17 143.25 Td ( primarily due to increased paper sales, which are generally billed to customers at pass-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (through rates, and thus represent minimal mar) Tj ET Q q 0 0 0 rg BT 234.03 131.25 Td (gin, and increased labor costs. Partially of) Tj ET Q q 0 0 0 rg BT 404.07 131.25 Td (fsetting these increases was higher pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (on byproduct recoveries and syner) Tj ET Q q 0 0 0 rg BT 187.64 119.25 Td (gy cost savings related to the ) Tj ET Q q 0 0 0 rg BT 305.76 119.25 Td (W) Tj ET Q q 0 0 0 rg BT 314.71 119.25 Td (orld Color Press acquisition integration.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 95.25 Td (Cost of service sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.42 95.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.18 95.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.68 95.25 Td ($105.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.57 95.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.03 95.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 420.43 95.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.24 95.25 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 83.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 212.64 83.25 Td (W) Tj ET Q q 0 0 0 rg BT 221.59 83.25 Td (orld Color Press acquisition and higher freight and fuel costs on logistics services.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (35) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 171.45 742.10 Td (Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Selling, general and administrative expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.50 718.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.26 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.76 718.10 Td ($104.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 718.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.11 718.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 516.51 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.32 718.10 Td ( compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.08 706.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.66 706.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 293.72 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.67 706.10 Td (orld Color Press acquisition, including the compliance and support ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (costs associated with the Company's status as a publicly traded entity starting on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.24 694.10 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.41 694.10 Td (. In addition, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.46 694.10 Td ($6.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.35 694.10 Td ( increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (in provisions for doubtful accounts was recorded related to increased accounts receivable write-of) Tj ET Q q 0 0 0 rg BT 441.42 682.10 Td (fs, and a $7.1 million insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (gain recognized in 2010 that did not recur in 201) Tj ET Q q 0 0 0 rg BT 245.04 670.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 257.26 670.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 388.68 670.10 Td (fset by syner) Tj ET Q q 0 0 0 rg BT 439.60 670.10 Td (gy savings from the integration of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 658.10 Td (orld Color Press. Selling, general and administrative expenses as a percentage of net sales decreased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.55 658.10 Td (9.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.38 658.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.16 658.10 Td (9.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.99 658.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (between years due to syner) Tj ET Q q 0 0 0 rg BT 158.20 646.10 Td (gy savings from the integration of ) Tj ET Q q 0 0 0 rg BT 296.33 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.27 646.10 Td (orld Color Press.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 217.94 622.10 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 317.19 622.10 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 598.10 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.73 598.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 598.10 Td ($33.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.54 598.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 598.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 567.40 598.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.21 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 586.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.59 586.10 Td ( primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.95 586.10 Td ($38.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.85 586.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.35 586.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.76 586.10 Td ( in transaction costs related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (acquisition of ) Tj ET Q q 0 0 0 rg BT 107.12 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.07 574.10 Td (orld Color Press, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.55 574.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.44 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.94 574.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.35 574.10 Td ( in impairment char) Tj ET Q q 0 0 0 rg BT 378.85 574.10 Td (ges related to plant closures, partially of) Tj ET Q q 0 0 0 rg BT 538.89 574.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td ($17.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.39 562.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.15 562.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 151.83 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.78 562.10 Td (orld Color Press integration costs, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.64 562.10 Td ($3.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.53 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.03 562.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.79 562.10 Td ( in other restructuring costs and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.58 562.10 Td ($2.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 574.47 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.75 550.10 Td ( in employee termination costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 526.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.56 526.10 Td ($1) Tj ET Q q 0 0 0 rg BT 341.38 526.10 Td (14.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.08 526.10 Td ( incurred in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.48 526.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 514.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 514.10 Td ( included: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 514.10 Td ($29.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.89 514.10 Td ( of employee termination costs for plant closures and other workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 502.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 182.94 502.10 Td (ges related to the closure of the Stillwater) Tj ET Q q 0 0 0 rg BT 348.98 502.10 Td (, Oklahoma plant as well as for machinery and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (equipment at other facilities, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.06 490.10 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.96 490.10 Td ( of transaction costs incurred primarily in connection with the ) Tj ET Q q 0 0 0 rg BT 479.24 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 485.08 490.10 Td (ranscontinental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (transaction, \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.03 478.10 Td ($45.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.92 478.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 180.16 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 189.11 478.10 Td (orld Color Press integration costs \(net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.35 478.10 Td ($15.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.24 478.10 Td ( gain on the collection of a note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (receivable for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 194.57 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.52 466.10 Td (orld Color Press' European operations\), and \(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.32 466.10 Td ($22.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.21 466.10 Td ( of various other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.12 454.10 Td (ges including costs to maintain and exit closed facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 393.78 454.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 430.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.56 430.10 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.45 430.10 Td ( incurred in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.85 430.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 418.10 Td ( included: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.37 418.10 Td ($26.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.26 418.10 Td ( of employee termination costs for plant closures and other workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 406.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 182.94 406.10 Td (ges on assets related to the Pila, Poland, Fredericksbur) Tj ET Q q 0 0 0 rg BT 400.49 406.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 410.31 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 417.14 406.10 Td (ir) Tj ET Q q 0 0 0 rg BT 422.85 406.10 Td (ginia and Reno, Nevada plant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (closures, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.93 394.10 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.82 394.10 Td ( of transaction costs incurred primarily in connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 462.32 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 471.26 394.10 Td (orld Color Press, \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td ($27.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 382.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 117.13 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 126.08 382.10 Td (orld Color Press integration costs and \(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.60 382.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.49 382.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 485.52 382.10 Td (ges including costs to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (maintain and exit closed facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 287.87 370.10 Td (ges.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 106.37 346.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 158.30 346.10 Td (Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (Depreciation and amortization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.12 322.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.87 322.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.37 322.10 Td ($77.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.26 322.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.72 322.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 455.12 322.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.94 322.10 Td ( compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 310.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 310.10 Td ( due to the ) Tj ET Q q 0 0 0 rg BT 199.30 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 208.25 310.10 Td (orld Color Press acquisition and increased capital expenditures related primarily to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (integration of ) Tj ET Q q 0 0 0 rg BT 106.56 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.51 298.10 Td (orld Color Press.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (36) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 120.35 742.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 174.61 742.10 Td ( Mar) Tj ET Q q 0 0 0 rg BT 194.05 742.10 Td (ginConsolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 122.38 718.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 177.93 718.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 195.61 718.10 Td (gin for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.76 718.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 359.16 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.97 718.10 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.48 718.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.06 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 670.6 m 355.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 670.6 m 355.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 657.6 m 355.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 644.6 m 355.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 670.6 m 359.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 657.6 m 359.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 670.6 m 424.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 657.6 m 424.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 644.6 m 424.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 670.6 m 428.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.6 m 493.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.6 m 493.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 657.6 m 493.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 644.6 m 493.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 670.6 m 497.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 657.6 m 497.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.6 m 562.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 657.6 m 562.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 644.6 m 562.5 644.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 621.27 Td (EBITDA and EBITDA margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.50 621.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.70 674.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.20 661.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.45 648.83 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.65 635.83 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.15 621.27 Td (431.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.50 648.83 Td (%ofNetSales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 621.27 Td (10.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 621.27 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.00 661.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.45 648.83 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 621.27 Td (333.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.50 648.83 Td (%ofNetSales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 621.27 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 621.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 593.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 122.38 593.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.61 593.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.36 593.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.86 593.10 Td ($98.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.75 593.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.21 593.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 369.61 593.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.43 593.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 458.48 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 467.43 593.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (acquisition and the related syner) Tj ET Q q 0 0 0 rg BT 179.31 581.10 Td (gy savings from integrating ) Tj ET Q q 0 0 0 rg BT 291.89 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 300.83 581.10 Td (orld Color Press' operations. ) Tj ET Q q 0 0 0 rg BT 418.80 581.10 Td (These increases were partially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.24 569.10 Td (fset by continued pricing pressure. EBITDA) Tj ET Q q 0 0 0 rg BT 237.55 569.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 255.23 569.10 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.42 569.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.83 569.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.29 569.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 460.69 569.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.51 569.10 Td ( compared with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.08 557.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.67 557.10 Td ( primarily due to lower relative operating mar) Tj ET Q q 0 0 0 rg BT 357.57 557.10 Td (gins at the acquired ) Tj ET Q q 0 0 0 rg BT 437.91 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 446.86 557.10 Td (orld Color Press business as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (compared to the pre-acquisition Quad/Graphics business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 521.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 122.38 521.10 Td ( represents net loss attributable to Quad/Graphics common shareholders, plus \(i\) interest expense, \(ii\) income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (tax expense and \(iii\) depreciation and amortization. EBITDA) Tj ET Q q 0 0 0 rg BT 297.14 509.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 314.82 509.10 Td (gin represents EBITDA) Tj ET Q q 0 0 0 rg BT 409.43 509.10 Td ( as a percentage of net sales. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.38 497.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 141.93 497.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 159.61 497.10 Td (gin are presented to provide additional information regarding Quad/Graphics' performance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (because both are important measures by which Quad/Graphics gauges the profitability and assesses the performance of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (business. EBITDA) Tj ET Q q 0 0 0 rg BT 127.78 473.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 183.32 473.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 201.00 473.10 Td (gin are not measures of financial performance in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 491.91 473.10 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 535.24 473.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.38 461.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 104.06 461.10 Td (gin should not be considered alternatives to net loss as a measure of operating performance or to cash flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (provided by operating activities as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 277.39 449.10 Td (. Quad/Graphics' calculation of EBITDA) Tj ET Q q 0 0 0 rg BT 442.99 449.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 498.53 449.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 516.21 449.10 Td (gin may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (dif) Tj ET Q q 0 0 0 rg BT 61.02 437.10 Td (ferent from the calculations used by other companies and therefore comparability may be limited. ) Tj ET Q q 0 0 0 rg BT 456.07 437.10 Td (A) Tj ET Q q 0 0 0 rg BT 462.74 437.10 Td ( reconciliation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.38 425.10 Td ( to net loss attributable to Quad/Graphics common shareholders follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 389.6 m 488.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 389.6 m 488.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 376.6 m 488.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 303.6 m 488.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 303.6 m 488.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 289.6 m 488.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 287.6 m 488.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 389.6 m 492.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 389.6 m 562.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 389.6 m 562.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 376.6 m 562.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 303.6 m 562.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 303.6 m 562.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 289.6 m 562.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 287.6 m 562.5 287.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 353.27 Td (Net Loss ) Tj ET Q q 0 0 0 rg BT 91.05 353.27 Td (Attributable to Quad/Graphics Common Shareholders) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 306.85 357.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.50 353.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 338.27 Td (Interest Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.50 338.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 323.27 Td (Income Tax Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 323.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 308.27 Td (Depreciation and Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.50 308.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 293.27 Td (EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 293.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 393.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.20 380.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.65 367.83 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 353.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 353.32 Td (\(46.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 353.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 338.27 Td (108.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 323.27 Td (26.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 308.27 Td (344.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 293.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 293.27 Td (431.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.00 380.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 353.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 353.32 Td (\(250.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 353.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 338.27 Td (92.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 323.27 Td (223.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 308.27 Td (267.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 293.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 293.27 Td (333.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 259.10 Td (Net loss attributable to Quad/Graphics common shareholders includes the ef) Tj ET Q q 0 0 0 rg BT 373.10 259.10 Td (fects of:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 241.10 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 241.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 322.99 241.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.56 241.10 Td ($1) Tj ET Q q 0 0 0 rg BT 359.38 241.10 Td (14.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.08 241.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.52 241.10 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.41 241.10 Td ( for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 229.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.38 229.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 203.78 229.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.59 229.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.03 229.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.03 229.10 Td (, respectively;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 211.10 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 211.10 Td (Loss on debt extinguishment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.60 211.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.49 211.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.95 211.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 437.35 211.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.16 211.10 Td (; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 193.10 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 193.10 Td (Loss from discontinued operations, net of tax, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.40 193.10 Td ($38.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.30 193.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.73 193.10 Td ($4.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.63 193.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 181.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 177.40 181.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.21 181.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.65 181.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.65 181.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 274.64 181.10 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 318.20 181.10 Td ( from discontinued operations was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.17 181.10 Td ($\(25.6\)million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.72 181.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 169.10 Td ($2.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.89 169.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.24 169.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 307.64 169.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.46 169.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.90 169.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.90 169.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 404.88 169.10 Td (, and include restructuring, impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 157.10 Td (and transaction-related char) Tj ET Q q 0 0 0 rg BT 214.96 157.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.53 157.10 Td ($45.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.42 157.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.86 157.10 Td ($15.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.75 157.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.10 157.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 523.50 157.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.32 157.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 145.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 145.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 176.99 145.10 Td (.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (37) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (North ) Tj ET Q q 0 0 0 rg BT 112.77 742.25 Td (America Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following table summarizes net sales, operating income, operating mar) Tj ET Q q 0 0 0 rg BT 387.20 718.25 Td (gin and certain items impacting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (comparability within the North ) Tj ET Q q 0 0 0 rg BT 176.36 706.25 Td (America Print and Related Services segment \(excluding the Canadian discontinued operations\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 670.75 m 364.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 670.75 m 364.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 657.75 m 364.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 644.75 m 364.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 631.75 m 364.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 670.75 m 368.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 644.75 m 368.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 670.75 m 434.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 670.75 m 434.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 657.75 m 434.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 644.75 m 434.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 644.75 m 434.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 631.75 m 434.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 644.75 m 438.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 644.75 m 498.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 644.75 m 498.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 631.75 m 498.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 631.75 m 562.5 631.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 621.42 Td (Net Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 606.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 606.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 591.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 576.42 Td (Operating Income \(including Restructuring, Impairment and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 566.42 Td (Transaction-Related Charges\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.50 566.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 551.42 Td (Operating Margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.50 551.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 536.42 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.70 674.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.20 661.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.65 648.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 316.95 635.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 606.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 606.42 Td (3,338.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 591.42 Td (488.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 566.42 Td (271.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 551.42 Td (7.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 551.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 536.42 Td (55.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.00 661.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.95 635.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 606.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.65 606.42 Td (2,470.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 591.42 Td (361.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 566.42 Td (205.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 551.42 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 551.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 536.42 Td (55.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.85 635.98 Td ($Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 606.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 606.42 Td (867.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 591.42 Td (127.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 566.42 Td (66.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 551.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.80 536.47 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 536.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.85 635.98 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 606.42 Td (35.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 606.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 591.42 Td (35.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 591.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 566.42 Td (32.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 566.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 551.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 536.42 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 536.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.25 Td (Product sales for the North ) Tj ET Q q 0 0 0 rg BT 195.98 478.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.76 478.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.51 478.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.01 478.25 Td ($867.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.90 478.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 466.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 466.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.22 466.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.80 466.25 Td (, primarily due to $927 million in net sales related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 454.25 Td (orld Color Press acquisition and increased paper and byproduct sales. Partially of) Tj ET Q q 0 0 0 rg BT 385.96 454.25 Td (fsetting these increases were $59 million in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (net decreases primarily related to: \(1\) continued pricing pressure from excess manufacturing capacity in the printing industry) Tj ET Q q 0 0 0 rg BT 549.50 442.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (and \(2\) lower volumes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.25 Td (Service sales for the North ) Tj ET Q q 0 0 0 rg BT 194.85 406.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.63 406.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.39 406.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.89 406.25 Td ($127.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.78 406.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 394.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 394.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.72 394.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.30 394.25 Td ( primarily due to $1) Tj ET Q q 0 0 0 rg BT 401.54 394.25 Td (18 million in net sales related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 382.25 Td (orld Color Press acquisition, and $9 million in higher sales on imaging and logistics and distribution services.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 358.25 Td (Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (Operating income for the North ) Tj ET Q q 0 0 0 rg BT 214.85 334.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.63 334.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.38 334.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.88 334.25 Td ($66.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.77 334.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 322.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.78 322.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.59 322.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.09 322.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.68 322.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 432.73 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 441.68 322.25 Td (orld Color Press acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (and syner) Tj ET Q q 0 0 0 rg BT 88.51 310.25 Td (gy savings from the integration of ) Tj ET Q q 0 0 0 rg BT 226.63 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 235.58 310.25 Td (orld Color Press \(from restructuring activities described below\). ) Tj ET Q q 0 0 0 rg BT 496.14 310.25 Td (This increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (was partially of) Tj ET Q q 0 0 0 rg BT 112.11 298.25 Td (fset by increased material and freight costs, and increased selling, general and administrative costs related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (lar) Tj ET Q q 0 0 0 rg BT 60.46 286.25 Td (ger post-W) Tj ET Q q 0 0 0 rg BT 104.67 286.25 Td (orld Color Press acquisition company) Tj ET Q q 0 0 0 rg BT 254.48 286.25 Td (, compliance and support costs associated with the Company's public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (company status \(the Company became a publicly-traded company on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.08 274.25 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.25 274.25 Td (\). In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.69 274.25 Td ($6.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.58 274.25 Td ( increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (provisions for doubtful accounts was recorded related to an increase in accounts receivable write-of) Tj ET Q q 0 0 0 rg BT 448.36 262.25 Td (fs, and a $7.1 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (insurance gain recognized in 2010 that did not recur in 201) Tj ET Q q 0 0 0 rg BT 285.85 250.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 143.94 226.25 Td (gin for the North ) Tj ET Q q 0 0 0 rg BT 213.56 226.25 Td (America Print and Related Services segment decreased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.19 226.25 Td (7.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.02 226.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 214.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.36 214.25 Td (7.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.19 214.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.65 214.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 313.05 214.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.87 214.25 Td (, primarily due to the reasons discussed in the preceding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (paragraph.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 178.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 217.94 178.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 317.19 178.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 154.25 Td (ges for the North ) Tj ET Q q 0 0 0 rg BT 375.16 154.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.96 142.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 198.36 142.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.17 142.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.60 142.25 Td ($55.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.49 142.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.32 142.25 Td ($23.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.21 142.25 Td ( of employee termination costs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (plant closures and other workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.20 130.25 Td ($12.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.09 130.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 423.14 130.25 Td (ges related to the closure of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Stillwater) Tj ET Q q 0 0 0 rg BT 88.68 118.25 Td (, Oklahoma plant as well as for machinery and equipment at other facilities, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.37 118.25 Td ($0.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.27 118.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 470.51 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 479.45 118.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (integration costs and \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.42 106.25 Td ($18.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.31 106.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 342.34 106.25 Td (ges including costs to maintain and exit closed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 187.90 94.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 70.25 Td (ges for the North ) Tj ET Q q 0 0 0 rg BT 375.16 70.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.96 58.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.54 58.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.97 58.25 Td ($55.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.87 58.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.69 58.25 Td ($20.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.58 58.25 Td ( of employee termination costs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (plant closures and various workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.09 46.25 Td ($8.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.98 46.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 427.03 46.25 Td (ges primarily related to the ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (closures of the Reno, Nevada and Fredericksbur) Tj ET Q q 0 0 0 rg BT 242.35 742.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 252.17 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 259.00 742.10 Td (ir) Tj ET Q q 0 0 0 rg BT 264.71 742.10 Td (ginia plants, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.17 742.10 Td ($10.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.06 742.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 397.30 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.25 742.10 Td (orld Color Press integration costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.16 730.10 Td ($16.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.05 730.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 257.08 730.10 Td (ges including costs to maintain and exit closed facilities, as well as lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (exit char) Tj ET Q q 0 0 0 rg BT 84.61 718.10 Td (ges.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 695.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 671.25 Td (The following table summarizes net sales, operating loss, operating mar) Tj ET Q q 0 0 0 rg BT 373.33 671.25 Td (gin, certain items impacting comparability and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (equity in earnings of unconsolidated entities within the International segment:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 623.75 m 364.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 623.75 m 364.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 610.75 m 364.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 597.75 m 364.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 584.75 m 364.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 623.75 m 368.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 597.75 m 368.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 623.75 m 434.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 623.75 m 434.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 610.75 m 434.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 597.75 m 434.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 597.75 m 434.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 584.75 m 434.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 597.75 m 438.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 597.75 m 498.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 597.75 m 498.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 584.75 m 498.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 584.75 m 562.5 584.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 574.42 Td (Net Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 559.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.50 559.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 544.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.50 544.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.42 Td (Operating Loss \(including Restructuring,Impairment and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 519.42 Td (Transaction-Related Charges\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.50 519.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 504.42 Td (Operating Margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.50 504.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 489.42 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 474.42 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.50 474.32 Td (. . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.70 627.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.20 614.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.65 601.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 316.95 588.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.80 559.42 Td (487.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.80 544.42 Td (11.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.45 519.42 Td (\(19.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.30 519.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.45 504.42 Td (\(3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.30 504.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 489.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.80 489.42 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.80 474.42 Td (3.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.00 614.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.95 588.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.80 559.42 Td (343.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 544.42 Td (11.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.45 519.42 Td (\(53.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 519.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.45 504.42 Td (\(15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 504.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 489.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 489.42 Td (33.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.80 474.42 Td (8.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.85 588.98 Td ($Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 559.42 Td (144.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.80 544.47 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 544.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 519.42 Td (33.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 504.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 489.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.80 489.47 Td (\(26.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 489.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.80 474.47 Td (\(5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 474.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.85 588.98 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 559.42 Td (42.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 559.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 544.42 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 544.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 519.42 Td (63.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 519.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 504.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.45 489.42 Td (\(78.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 489.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.45 474.42 Td (\(64.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 474.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 446.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 422.25 Td (Product sales for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.84 422.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.59 422.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.09 422.25 Td ($144.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.98 422.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.44 422.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 509.84 422.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.66 422.25 Td ( compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.08 410.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.66 410.25 Td ( primarily due to $134 million in net sales related to the ) Tj ET Q q 0 0 0 rg BT 424.52 410.25 Td (W) Tj ET Q q 0 0 0 rg BT 433.47 410.25 Td (orld Color Press acquisition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td ($14 million in net sales related to the ) Tj ET Q q 0 0 0 rg BT 200.43 398.25 Td (T) Tj ET Q q 0 0 0 rg BT 206.27 398.25 Td (ranscontinental Mexican acquisition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 374.25 Td (Operating Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 350.25 Td (Operating loss for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.84 350.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.25 350.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.75 350.25 Td ($33.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.64 350.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.10 350.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 511.50 350.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.32 350.25 Td ( compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.08 338.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.66 338.25 Td ( primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.03 338.25 Td ($26.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.92 338.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.42 338.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.84 338.25 Td ( in restructuring, impairment and integration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (expenses and cost reductions in Poland as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.89 326.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.89 326.25 Td ( restructuring actions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 302.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 217.94 302.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 317.19 302.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 278.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 278.25 Td (ges for the International segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 266.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 266.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.64 266.25 Td ($7.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.53 266.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.36 266.25 Td ($3.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.25 266.25 Td ( of employee termination costs related to various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.45 254.25 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.34 254.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 320.39 254.25 Td (ges for machinery and equipment and \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.74 254.25 Td ($3.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.63 254.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (other restructuring char) Tj ET Q q 0 0 0 rg BT 143.76 242.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 218.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 218.25 Td (ges for the International segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 206.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.01 206.25 Td ($33.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.90 206.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.73 206.25 Td ($3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.62 206.25 Td ( of employee termination costs related to the Pila, Poland ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (plant closure, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.53 194.25 Td ($24.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.42 194.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 253.47 194.25 Td (ges related to the closure of the Pila, Poland plant, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.82 194.25 Td ($3.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.71 194.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (integration char) Tj ET Q q 0 0 0 rg BT 112.94 182.25 Td (ges and \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.78 182.25 Td ($1.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.67 182.25 Td ( of other restructuring char) Tj ET Q q 0 0 0 rg BT 315.75 182.25 Td (ges.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 158.25 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 134.25 Td (Investments in entities where Quad/Graphics has both the ability to exert significant influence but not control and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (an ownership interest of 50% or less but more than 20% are accounted for using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 509.78 122.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (Company holds a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.50 110.25 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.83 110.25 Td ( ownership interest in Plural Editora e Grafica \("Plural"\), a commercial printer based in So Paulo, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (Brazil, as well as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.75 98.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.08 98.25 Td ( interest in a joint venture in Chile that was acquired as part of the ) Tj ET Q q 0 0 0 rg BT 412.30 98.25 Td (W) Tj ET Q q 0 0 0 rg BT 421.25 98.25 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 539.64 98.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (equity in earnings of unconsolidated entities in the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.81 86.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.23 86.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.73 86.25 Td ($5.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.62 86.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 74.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 74.25 Td ( primarily due to lower earnings at Plural lar) Tj ET Q q 0 0 0 rg BT 305.85 74.25 Td (gely attributed to start up activities associated with recently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (added press capacity to meet growing demand.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following table summarizes unallocated operating expenses presented as Corporate:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 682.75 m 488.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 682.75 m 488.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 669.75 m 488.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 682.75 m 492.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 669.75 m 562.5 669.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.42 Td (Operating Expenses \(including Restructuring,Impairment and Transaction-Related) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 636.42 Td (Charges\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 636.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 621.42 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.50 621.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 686.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.20 673.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.65 660.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 636.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 636.42 Td (95.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 621.42 Td (51.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.00 673.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 636.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 636.42 Td (90.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 621.42 Td (58.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 593.25 Td (Corporate operating expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.35 593.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.10 593.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.60 593.25 Td ($5.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.49 593.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.95 593.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 447.35 593.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.17 593.25 Td ( compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 581.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 581.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 239.02 581.25 Td (W) Tj ET Q q 0 0 0 rg BT 247.96 581.25 Td (orld Color Press acquisition, partially of) Tj ET Q q 0 0 0 rg BT 408.01 581.25 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.29 581.25 Td ($7.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.18 581.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.68 581.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.10 581.25 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 265.65 569.25 Td (ges. ) Tj ET Q q 0 0 0 rg BT 286.12 569.25 Td (Additional corporate expenses were incurred in 201) Tj ET Q q 0 0 0 rg BT 492.80 569.25 Td (1 due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (compliance and support costs associated with the Company's new status as a publicly traded entity) Tj ET Q q 0 0 0 rg BT 443.61 557.25 Td (, which includes increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (levels of administrative staf) Tj ET Q q 0 0 0 rg BT 160.71 545.25 Td (f \(information technology) Tj ET Q q 0 0 0 rg BT 263.60 545.25 Td (, finance, legal, human resources, treasury) Tj ET Q q 0 0 0 rg BT 431.49 545.25 Td (, internal audit and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 533.25 Td (administrative labor\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 509.25 Td (Corporate restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 344.14 509.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.84 509.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 508.24 509.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 509.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td ($51.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 497.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.72 497.25 Td ($3.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.61 497.25 Td ( of employee termination costs for workforce reductions initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 485.25 Td ( of transaction costs incurred primarily in connection with the ) Tj ET Q q 0 0 0 rg BT 348.18 485.25 Td (T) Tj ET Q q 0 0 0 rg BT 354.02 485.25 Td (ranscontinental transaction, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.46 485.25 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.36 485.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 473.25 Td (orld Color Press integration costs \(net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.27 473.25 Td ($15.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.17 473.25 Td ( gain on the collection of a note receivable for the June 2008 sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 461.25 Td (orld Color Press' European operations\) and \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.34 461.25 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.23 461.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 437.76 461.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 437.25 Td (Corporate restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 344.14 437.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.84 437.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.42 437.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td ($58.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 425.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.72 425.25 Td ($2.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.61 425.25 Td ( of employee termination costs for workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 413.25 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 413.25 Td ( of transaction costs related primarily to the acquisition of ) Tj ET Q q 0 0 0 rg BT 337.62 413.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.57 413.25 Td (orld Color Press, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.33 413.25 Td ($13.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.22 413.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 497.46 413.25 Td (W) Tj ET Q q 0 0 0 rg BT 506.41 413.25 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.25 Td (Press integration costs and \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.03 401.25 Td ($1.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.92 401.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 360.95 401.25 Td (ges.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations for) Tj ET Q q 0 0 0 rg BT 157.40 742.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 175.45 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 181.94 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 195.17 742.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.87 742.25 Td (December) Tj ET Q q 0 0 0 rg BT 271.09 742.25 Td (31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.50 742.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 346.46 742.25 Td (ed to the ) Tj ET Q q 0 0 0 rg BT 385.34 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 391.82 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 405.06 742.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.76 742.25 Td (December) Tj ET Q q 0 0 0 rg BT 480.97 742.25 Td (31, 2009) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.38 742.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 719.25 Td (Summary Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 695.25 Td (The Company's operating income, operating mar) Tj ET Q q 0 0 0 rg BT 281.54 695.25 Td (gin, net earnings \(loss\) attributable to Quad/Graphics common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (shareholders and diluted earnings \(loss\) per share attributable to Quad/Graphics common shareholders for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 671.25 Td ( changed from the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.64 671.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.22 671.25 Td ( as follows \(dollars in millions, except per share data\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 587.75 m 339.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 587.75 m 339.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 447.75 m 339.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 447.75 m 339.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 433.75 m 339.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 431.75 m 339.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 587.75 m 414.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 447.75 m 414.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 433.75 m 414.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 431.75 m 414.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 587.75 m 486.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 587.75 m 486.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 447.75 m 486.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 447.75 m 486.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 433.75 m 486.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 431.75 m 486.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 587.75 m 562.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 587.75 m 562.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 447.75 m 562.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 447.75 m 562.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 433.75 m 562.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 431.75 m 562.5 431.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.42 Td (For theYear EndedDecember 31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.50 577.32 Td (. . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 562.42 Td (2010 Restructuring,Impairment and ) Tj ET Q q 0 0 0 rg BT 200.93 562.42 Td (T) Tj ET Q q 0 0 0 rg BT 206.77 562.42 Td (ransaction-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 552.42 Td (Related Char) Tj ET Q q 0 0 0 rg BT 105.39 552.42 Td (ges) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 118.63 556.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.50 552.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 537.42 Td (2009 Restructuring and Impairment Char) Tj ET Q q 0 0 0 rg BT 217.87 537.42 Td (ges) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 231.11 541.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.50 537.32 Td (. . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 522.42 Td (2009 ) Tj ET Q q 0 0 0 rg BT 75.41 522.42 Td (T) Tj ET Q q 0 0 0 rg BT 81.25 522.42 Td (ransaction Expenses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 162.44 526.95 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.50 522.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 507.42 Td (Increase in Interest Expense) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 165.45 511.95 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.50 507.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 492.42 Td (Increase in Income ) Tj ET Q q 0 0 0 rg BT 131.48 492.42 Td (T) Tj ET Q q 0 0 0 rg BT 137.15 492.42 Td (ax Expense) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 182.61 496.95 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.50 492.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 477.42 Td (Increase in Loss from Discontinued Operations, net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 467.42 Td (of tax) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 76.05 471.95 Td (\(6\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 467.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 452.42 Td (Increase in Operating Income) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 171.55 456.95 Td (\(7\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.50 452.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 437.42 Td (For theYear EndedDecember 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.50 437.32 Td (. . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 272.75 607.98 Td (OperatingIncome) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 275.25 599.98 Td (from Continuing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 284.85 591.98 Td (Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.00 577.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 577.42 Td (112.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.80 552.47 Td (\(147.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 552.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 537.42 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 522.42 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.30 507.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.30 492.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.30 467.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 452.42 Td (82.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.00 437.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 437.42 Td (61.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.05 591.98 Td (OperatingMargin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 577.42 Td (6.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 577.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.45 552.42 Td (\(4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 552.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 537.42 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 537.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 522.42 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 522.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 507.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 492.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 467.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.45 452.42 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 452.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 437.42 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 437.42 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.40 631.98 Td (Net Earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.55 623.98 Td (\(Loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.30 615.98 Td (Attributable to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.50 607.98 Td (Quad/Graphics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.20 599.98 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.40 591.98 Td (Shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 577.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 577.42 Td (52.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 552.47 Td (\(90.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 552.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 537.42 Td (10.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 522.42 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 507.42 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 492.47 Td (\(257.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 492.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.80 467.47 Td (\(4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 467.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 452.42 Td (30.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 437.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 437.47 Td (\(250.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 437.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.40 639.98 Td (Earnings ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.70 631.98 Td (\(Loss\)Per) Tj ET Q q 0 0 0 rg BT 532.51 631.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 550.81 631.98 Td (e) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.30 623.98 Td (Attributableto) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.30 615.98 Td (Quad/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.40 607.98 Td (GraphicsCommon) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.40 599.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 515.78 599.98 Td (eholders) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.30 591.98 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 577.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 577.42 Td (1.81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 552.47 Td (\(2.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 552.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 537.42 Td (0.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 522.42 Td (0.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 507.42 Td (0.15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 492.47 Td (\(6.87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 492.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 467.47 Td (\(0.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 467.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 452.42 Td (0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 437.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 437.47 Td (\(6.67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 437.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 403.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 286.99 403.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.56 403.25 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.45 403.25 Td ( incurred during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.18 403.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 391.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 391.25 Td ( included:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 367.25 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 367.25 Td ($26.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 367.25 Td ( of employee termination costs related to plant closures and other various workforce reduction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 355.25 Td (initiatives;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 331.25 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 331.25 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 331.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 236.94 331.25 Td (ges on assets primarily related to the Pila, Poland, Fredericksbur) Tj ET Q q 0 0 0 rg BT 494.20 331.25 Td (g, ) Tj ET Q q 0 0 0 rg BT 504.02 331.25 Td (V) Tj ET Q q 0 0 0 rg BT 510.85 331.25 Td (ir) Tj ET Q q 0 0 0 rg BT 516.57 331.25 Td (ginia and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 319.25 Td (Reno, Nevada plant closures;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 295.25 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 295.25 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 295.25 Td ( of transaction costs related primarily to the acquisition of ) Tj ET Q q 0 0 0 rg BT 391.62 295.25 Td (W) Tj ET Q q 0 0 0 rg BT 400.57 295.25 Td (orld Color Press \(and to a much lesser ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 283.25 Td (extent the 2010 acquisition of HGI\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 259.25 Td (d. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 259.25 Td ($27.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 259.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 171.13 259.25 Td (W) Tj ET Q q 0 0 0 rg BT 180.08 259.25 Td (orld Color Press acquisition integration costs; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 235.25 Td (e. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 235.25 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.89 235.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 296.92 235.25 Td (ges including costs to maintain and exit closed facilities, as well ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 223.25 Td (as lease exit char) Tj ET Q q 0 0 0 rg BT 171.93 223.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 199.25 Td (Restructuring and impairment char) Tj ET Q q 0 0 0 rg BT 207.59 199.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.16 199.25 Td ($1) Tj ET Q q 0 0 0 rg BT 243.97 199.25 Td (1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.68 199.25 Td ( incurred during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.40 199.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.99 199.25 Td ( included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 187.25 Td ($10.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 187.25 Td ( for headcount reductions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.24 187.25 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.13 187.25 Td ( for lease termination costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 163.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.93 163.25 Td (ransaction expenses included outside professional services fees incurred during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.18 163.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.76 163.25 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 151.25 Td (connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 206.49 151.25 Td (W) Tj ET Q q 0 0 0 rg BT 215.44 151.25 Td (orld Color Press and were included within selling, general and administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 139.25 Td (expenses in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.59 139.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.59 139.25 Td ( consolidated statements of operations. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.66 139.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.66 139.25 Td (, transaction expenses were classified within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 127.25 Td (restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 283.65 127.25 Td (ges in the consolidated statements of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 103.25 Td (Interest expense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.19 103.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.95 103.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.45 103.25 Td ($28.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.34 103.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.17 103.25 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.06 103.25 Td ( net of tax\) during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.56 103.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 103.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 91.25 Td ($92.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 91.25 Td (. ) Tj ET Q q 0 0 0 rg BT 129.30 91.25 Td (This change was due to the increased overall debt levels as a result of the ) Tj ET Q q 0 0 0 rg BT 424.29 91.25 Td (W) Tj ET Q q 0 0 0 rg BT 433.24 91.25 Td (orld Color Press acquisition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 79.25 Td (the Company entering into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.36 79.25 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.48 79.25 Td ( debt financing arrangement on ) Tj ET Q q 0 0 0 rg BT 362.65 79.25 Td (April 23, 2010.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Due to the Company's change to C corporation status in July of 2010, the Company recognized a one-time income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.54 730.10 Td ($200.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.43 730.10 Td (. In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.13 730.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.30 730.10 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 380.92 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.87 730.10 Td (orld Color Press and the public registration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (of the Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 178.25 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 184.92 718.10 Td ( stock, the Company changed the tax status of certain entities within the Quad/Graphics legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (structure to C corporation status under the provisions of the Internal Revenue Code. From that point forward, these entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (will be subject to federal and state income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (The loss from discontinued operations, net of tax, related to the Canadian operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.19 670.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.94 670.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.44 670.10 Td ($4.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.33 670.10 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.38 658.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.96 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.37 658.10 Td (The Company acquired the Canadian operations as part of the ) Tj ET Q q 0 0 0 rg BT 430.11 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 439.05 658.10 Td (orld Color Press acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.50 646.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.67 646.10 Td (, thus there are no financial results from the Canadian operations for 2009.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Operating income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.42 622.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.17 622.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.67 622.10 Td ($82.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.56 622.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 320.62 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 329.57 622.10 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 447.96 622.10 Td (While operating income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (increased due to the lar) Tj ET Q q 0 0 0 rg BT 160.64 610.10 Td (ger scale of the business, operating mar) Tj ET Q q 0 0 0 rg BT 318.47 610.10 Td (gin decreased in the period as the ) Tj ET Q q 0 0 0 rg BT 454.07 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 463.01 610.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (business operates at a lower operating mar) Tj ET Q q 0 0 0 rg BT 237.85 598.10 Td (gin than the legacy Quad/Graphics business. ) Tj ET Q q 0 0 0 rg BT 420.22 598.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 470.17 598.10 Td (, higher paper sales, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (which generally represent a pass through cost to customers, continued pricing pressures and higher retirement and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (incentive compensation costs led to overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.95 574.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.37 574.10 Td ( operating mar) Tj ET Q q 0 0 0 rg BT 340.59 574.10 Td (gins, partially of) Tj ET Q q 0 0 0 rg BT 406.23 574.10 Td (fset by an increase in byproduct ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (profits. ) Tj ET Q q 0 0 0 rg BT 101.52 562.10 Td (The following discussion provides additional details.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (42) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Operating Results from Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following table sets forth certain information from the Company's consolidated statements of operations on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (absolute dollar basis and as a relative percentage of total net sales for each noted period, together with the relative percentage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (change in such information between the periods set forth below \(excluding the Canadian discontinued operations\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 656.75 m 314.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 656.75 m 314.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 641.75 m 314.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 626.75 m 314.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 605.75 m 314.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 560.75 m 314.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 500.75 m 314.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 430.75 m 314.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 415.75 m 314.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 415.75 m 314.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 401.75 m 314.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 399.75 m 314.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 656.75 m 318.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 641.75 m 318.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 626.75 m 318.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 656.75 m 363.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 641.75 m 363.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 626.75 m 363.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 626.75 m 363.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 605.75 m 363.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 560.75 m 363.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 500.75 m 363.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 430.75 m 363.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 415.75 m 363.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 401.75 m 363.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 399.75 m 363.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 656.75 m 367.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 626.75 m 367.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 656.75 m 412.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 656.75 m 412.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 641.75 m 412.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 626.75 m 412.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 626.75 m 412.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 605.75 m 412.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 560.75 m 412.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 500.75 m 412.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 430.75 m 412.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 415.75 m 412.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 415.75 m 412.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 401.75 m 412.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 399.75 m 412.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 656.75 m 416.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 641.75 m 416.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 626.75 m 416.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 656.75 m 461.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 641.75 m 461.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 626.75 m 461.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 626.75 m 461.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 605.75 m 461.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 560.75 m 461.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 500.75 m 461.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 430.75 m 461.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 415.75 m 461.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 401.75 m 461.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 399.75 m 461.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 626.75 m 465.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 626.75 m 510.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 626.75 m 510.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 605.75 m 510.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 560.75 m 510.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 500.75 m 510.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 430.75 m 510.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 415.75 m 510.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 415.75 m 510.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 401.75 m 510.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 399.75 m 510.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 605.75 m 562.5 605.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.42 Td (Net Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 580.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 580.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 565.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 565.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.42 Td (Total Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.50 550.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 535.42 Td (Cost of Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 520.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 520.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 505.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 505.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 490.42 Td (Total Cost of Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.50 490.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 475.42 Td (Selling, General& Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.50 475.32 Td (. . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 460.42 Td (Restructuring,Impairment and Transaction-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 450.42 Td (Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.50 450.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 435.42 Td (Depreciation and Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.50 435.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 420.42 Td (Total Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.50 420.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 405.42 Td (Operating Income From Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 405.32 Td (. . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.70 660.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.00 645.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.15 630.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.45 609.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.00 580.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.60 580.42 Td (2,813.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.15 565.42 Td (372.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.60 550.42 Td (3,185.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.60 520.42 Td (2,131.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.15 505.42 Td (275.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.60 490.42 Td (2,406.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.15 475.42 Td (303.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.15 450.42 Td (147.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.15 435.42 Td (267.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.60 420.42 Td (3,124.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.00 405.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.15 405.42 Td (61.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.15 617.98 Td (%of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.80 609.98 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 580.42 Td (88.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 580.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 565.42 Td (11.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 565.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.10 550.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 550.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 520.42 Td (66.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 520.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 505.42 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 505.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 490.42 Td (75.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 490.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 475.42 Td (9.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 475.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 450.42 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 450.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 435.42 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 435.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 420.42 Td (98.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 420.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 405.42 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 405.42 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.00 645.98 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 375.45 609.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 580.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.60 580.42 Td (1,574.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 565.42 Td (214.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.60 550.42 Td (1,788.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.60 520.42 Td (1,129.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 505.42 Td (144.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.60 490.42 Td (1,274.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 475.42 Td (194.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 450.42 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 435.42 Td (196.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.60 420.42 Td (1,676.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 405.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 405.42 Td (112.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 617.98 Td (%of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.80 609.98 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 580.42 Td (88.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 580.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 565.42 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 565.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.10 550.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 550.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 520.42 Td (63.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 520.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 505.42 Td (8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 505.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 490.42 Td (71.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 490.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 475.42 Td (10.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 475.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 450.42 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 450.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 435.42 Td (11.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 435.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 420.42 Td (93.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 420.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 405.42 Td (6.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 405.42 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.35 609.98 Td ($Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.00 580.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 580.42 Td (1,239.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 565.42 Td (157.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 550.42 Td (1,397.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 520.42 Td (1,001.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 505.42 Td (130.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 490.42 Td (1,132.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 475.42 Td (109.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 450.42 Td (136.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 435.42 Td (70.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 420.42 Td (1,448.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.00 405.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.80 405.47 Td (\(50.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 405.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.00 617.98 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 609.98 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 580.42 Td (78.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 580.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 565.42 Td (73.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 565.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 550.42 Td (78.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 550.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 520.42 Td (88.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 520.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 505.42 Td (89.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 505.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 490.42 Td (88.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 490.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 475.42 Td (56.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 475.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.30 450.42 Td (1,217.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 450.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 435.42 Td (35.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 435.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 420.42 Td (86.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 420.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.45 405.42 Td (\(45.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 405.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 377.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 353.25 Td (Product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.55 353.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.30 353.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.80 353.25 Td ($1,239.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.19 353.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 353.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.24 353.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 341.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 341.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 212.64 341.25 Td (W) Tj ET Q q 0 0 0 rg BT 221.59 341.25 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 339.79 341.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 389.74 341.25 Td (, product sales for the legacy Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 329.25 Td (Graphics business increased primarily as a result of increased paper sales, increased byproduct sales and increased volume at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (legacy Quad/Graphics plants. ) Tj ET Q q 0 0 0 rg BT 172.93 317.25 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 304.35 317.25 Td (fset by continued pricing pressures related to industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 305.25 Td (overcapacity and, to a lesser extent, negative ef) Tj ET Q q 0 0 0 rg BT 238.99 305.25 Td (fects of foreign currency translation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 281.25 Td (Service sales, which primarily consist of imaging, logistics and distribution services, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 281.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.80 281.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 281.25 Td ($157.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.20 281.25 Td ( in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.25 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.08 269.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.67 269.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.17 269.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.75 269.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 452.81 269.25 Td (W) Tj ET Q q 0 0 0 rg BT 461.76 269.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (acquisition, higher fuel prices and increased data and imaging services.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 233.25 Td (Cost of Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 209.25 Td (Cost of product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.66 209.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.41 209.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.91 209.25 Td ($1,001.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.30 209.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.76 209.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.35 209.25 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 197.25 Td ( primarily as a result of the ) Tj ET Q q 0 0 0 rg BT 238.74 197.25 Td (W) Tj ET Q q 0 0 0 rg BT 247.69 197.25 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 365.89 197.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 415.84 197.25 Td (, cost of product sales increased due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (to increased paper sales volume, increased retirement and incentive compensation costs, increased labor costs with higher print ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (volumes and frictional costs incurred in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.07 173.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.07 173.25 Td ( in hiring and training additional employees to prepare certain print plants to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (receive transferred volumes from closing plants. ) Tj ET Q q 0 0 0 rg BT 248.18 161.25 Td (These cost increases were partially of) Tj ET Q q 0 0 0 rg BT 398.21 161.25 Td (fset by acquisition syner) Tj ET Q q 0 0 0 rg BT 495.51 161.25 Td (gy savings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (related to purchasing and distribution ef) Tj ET Q q 0 0 0 rg BT 209.59 149.25 Td (ficiencies realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 125.25 Td (Cost of product sales as a percentage of product sales increased for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.25 125.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.84 125.25 Td ( compared with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.80 113.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.38 113.25 Td ( due primarily to lower operating profits for the acquired ) Tj ET Q q 0 0 0 rg BT 418.66 113.25 Td (W) Tj ET Q q 0 0 0 rg BT 427.61 113.25 Td (orld Color Press business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (increased paper sales and the mar) Tj ET Q q 0 0 0 rg BT 184.01 101.25 Td (gin impact of the items described in the preceding paragraph. Paper is generally billed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 89.25 Td (customers as pass-through rates, and thus when paper sales increase during a period, the cost of product sales, as well as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (cost of product sales as a percentage of net sales, increases.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Cost of service sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.42 742.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.18 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.68 742.10 Td ($130.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.57 742.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.03 742.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.61 742.10 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 730.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 212.64 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 221.59 730.10 Td (orld Color Press acquisition and higher fuel prices.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 171.45 706.10 Td (Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Selling, general and administrative expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.50 682.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.26 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.76 682.10 Td ($109.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 682.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.11 682.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.69 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 670.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.59 670.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 335.64 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 344.59 670.10 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 462.80 670.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 512.75 670.10 Td (, selling, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (general and administrative expenses in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.45 658.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.45 658.10 Td ( increased after the acquisition due to the increased size of the Company and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (compliance and support costs associated with the Company's new status as a publicly traded entity) Tj ET Q q 0 0 0 rg BT 443.61 646.10 Td (, which includes: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (increased non-labor costs primarily related to outside service provider fees and insurance premiums, \(2\) increased levels of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (administrative staf) Tj ET Q q 0 0 0 rg BT 124.06 622.10 Td (f in the United States \(information technology) Tj ET Q q 0 0 0 rg BT 308.04 622.10 Td (, finance, legal, human resources, treasury and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (administrative labor\), and \(3\) increased retirement and incentive compensation. Retirement and incentive compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (expense increased in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.24 598.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.24 598.10 Td ( to reestablish benefits that had been reduced in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.67 598.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.67 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 375.08 598.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 506.50 598.10 Td (fset by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (decreased bad debt expense in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.55 586.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.55 586.10 Td ( on the Quad/Graphics pre-acquisition business primarily due to provisions for two ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (significant customer bankruptcies in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.74 574.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.74 574.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 217.94 550.10 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 317.19 550.10 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 526.10 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.73 526.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.49 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.99 526.10 Td ($136.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.88 526.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.34 526.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 514.10 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.50 514.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.09 514.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 358.14 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 367.09 514.10 Td (orld Color Press acquisition including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ($101.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 502.10 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 216.24 502.10 Td (ges, integration costs and impairment char) Tj ET Q q 0 0 0 rg BT 385.46 502.10 Td (ges related to plant closures, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ($16.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.39 490.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.15 490.10 Td ( in employee termination costs related to plant closures announced in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.23 490.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.23 490.10 Td (, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.11 490.10 Td ($18.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.00 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.50 490.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.25 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (in other restructuring costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 454.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.56 454.10 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.45 454.10 Td ( incurred in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.85 454.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 442.10 Td ( included: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.37 442.10 Td ($26.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.26 442.10 Td ( of employee termination costs related to plant closures and various other workforce reduction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.60 430.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.49 430.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 241.54 430.10 Td (ges related to the closure of the Pila, Poland, Reno, Nevada and Fredericksbur) Tj ET Q q 0 0 0 rg BT 553.76 430.10 Td (g, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.92 418.10 Td (ir) Tj ET Q q 0 0 0 rg BT 62.64 418.10 Td (ginia plants, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.09 418.10 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.98 418.10 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 289.33 418.10 Td (ges primarily incurred in connection with the ) Tj ET Q q 0 0 0 rg BT 472.16 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 481.10 418.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (acquisition, \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.04 406.10 Td ($27.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.93 406.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 180.17 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 189.12 406.10 Td (orld Color Press integration costs, and \(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.14 406.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.03 406.10 Td ( of various other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.12 394.10 Td (ges including utility contract termination costs, lease exit char) Tj ET Q q 0 0 0 rg BT 314.92 394.10 Td (ges and costs to maintain and exit closed facilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (Restructuring and impairment char) Tj ET Q q 0 0 0 rg BT 225.59 370.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.16 370.10 Td ($1) Tj ET Q q 0 0 0 rg BT 261.97 370.10 Td (1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.68 370.10 Td ( incurred during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.40 370.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.99 370.10 Td ( included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td ($10.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 358.10 Td ( of employee termination costs related to various workforce reduction initiatives and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.34 358.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.23 358.10 Td ( for lease exit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.12 346.10 Td (ges. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 106.37 322.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 158.30 322.10 Td (Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (Depreciation and amortization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.12 298.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.87 298.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.37 298.10 Td ($70.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.26 298.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.72 298.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.31 298.10 Td ( compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 286.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 286.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 239.02 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 247.96 286.10 Td (orld Color Press acquisition.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (44) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 120.35 742.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 174.61 742.10 Td ( Mar) Tj ET Q q 0 0 0 rg BT 194.05 742.10 Td (ginConsolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 122.38 718.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 177.93 718.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 195.61 718.10 Td (gin for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.76 718.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.34 718.10 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.85 718.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.43 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 670.6 m 355.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 670.6 m 355.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 657.6 m 355.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 644.6 m 355.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 670.6 m 359.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 670.6 m 359.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 657.6 m 359.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 670.6 m 424.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 670.6 m 424.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 657.6 m 424.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 644.6 m 424.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 670.6 m 428.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 670.6 m 428.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.6 m 493.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.6 m 493.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 657.6 m 493.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 644.6 m 493.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 670.6 m 497.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 670.6 m 497.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 657.6 m 497.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.6 m 562.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.6 m 562.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 657.6 m 562.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 644.6 m 562.5 644.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 621.27 Td (EBITDA and EBITDA margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.50 621.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.70 674.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.00 661.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.45 648.83 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.65 635.83 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.15 621.27 Td (333.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.50 648.83 Td (%ofNetSales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 621.27 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 621.27 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.00 661.83 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.45 648.83 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 621.27 Td (315.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.50 648.83 Td (%ofNetSales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 621.27 Td (17.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 621.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 593.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 122.38 593.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.61 593.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.36 593.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.86 593.10 Td ($18.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.75 593.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.21 593.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.80 593.10 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 458.85 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 467.80 593.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (acquisition, the related syner) Tj ET Q q 0 0 0 rg BT 164.87 581.10 Td (gy savings from integrating ) Tj ET Q q 0 0 0 rg BT 277.45 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.40 581.10 Td (orld Color Press and lower incentive compensation, partially of) Tj ET Q q 0 0 0 rg BT 539.46 581.10 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (by continued pricing pressure. EBITDA) Tj ET Q q 0 0 0 rg BT 212.46 569.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 230.14 569.10 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.33 569.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.75 569.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.21 569.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.79 569.10 Td ( compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 557.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 557.10 Td ( primarily due to the incremental restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 504.46 557.10 Td (ges recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (during 2010 related to the integration of ) Tj ET Q q 0 0 0 rg BT 212.37 545.10 Td (W) Tj ET Q q 0 0 0 rg BT 221.31 545.10 Td (orld Color Press, lower relative operating mar) Tj ET Q q 0 0 0 rg BT 404.38 545.10 Td (gins at the acquired ) Tj ET Q q 0 0 0 rg BT 484.73 545.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.68 545.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (business as compared to the pre-acquisition Quad/Graphics business, increased retirement and incentive compensation costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (and syner) Tj ET Q q 0 0 0 rg BT 88.51 521.10 Td (gy savings from integrating ) Tj ET Q q 0 0 0 rg BT 201.09 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.03 521.10 Td (orld Color Press.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 497.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 122.38 497.10 Td ( represents net earnings \(loss\) attributable to Quad/Graphics common shareholders, plus \(i\) interest expense, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (\(ii\) income tax expense and \(iii\) depreciation and amortization. EBITDA) Tj ET Q q 0 0 0 rg BT 343.79 485.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 361.47 485.10 Td (gin represents EBITDA) Tj ET Q q 0 0 0 rg BT 456.08 485.10 Td ( as a percentage of net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (sales. EBITDA) Tj ET Q q 0 0 0 rg BT 113.32 473.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 168.87 473.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 186.55 473.10 Td (gin are presented to provide additional information regarding Quad/Graphics' performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (and because both are important measures by which Quad/Graphics gauges the profitability and assesses the performance of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (business. EBITDA) Tj ET Q q 0 0 0 rg BT 127.78 449.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 183.32 449.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 201.00 449.10 Td (gin are not measures of financial performance in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 491.91 449.10 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 535.24 449.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.38 437.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 104.06 437.10 Td (gin should not be considered alternatives to net earnings \(loss\) as a measure of operating performance or to cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (flows provided by operating activities as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 302.11 425.10 Td (. Quad/Graphics' calculation of EBITDA) Tj ET Q q 0 0 0 rg BT 467.71 425.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 523.25 425.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 540.94 425.10 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (may be dif) Tj ET Q q 0 0 0 rg BT 92.67 413.10 Td (ferent from the calculations used by other companies and therefore comparability may be limited. ) Tj ET Q q 0 0 0 rg BT 487.72 413.10 Td (A) Tj ET Q q 0 0 0 rg BT 494.39 413.10 Td ( reconciliation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (of EBITDA) Tj ET Q q 0 0 0 rg BT 97.21 401.10 Td ( to net earnings \(loss\) attributable to Quad/Graphics common shareholders follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 365.6 m 488.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 365.6 m 488.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 352.6 m 488.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 279.6 m 488.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 279.6 m 488.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 265.6 m 488.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 263.6 m 488.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 365.6 m 492.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 365.6 m 562.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 365.6 m 562.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 352.6 m 562.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 279.6 m 562.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 279.6 m 562.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 265.6 m 562.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 263.6 m 562.5 263.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 329.27 Td (Net Earnings \(Loss\) ) Tj ET Q q 0 0 0 rg BT 135.76 329.27 Td (Attributable to Quad/Graphics Common Shareholders) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 351.55 333.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.50 329.17 Td (. . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 314.27 Td (Interest Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.50 314.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 299.27 Td (Income Tax Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 299.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 284.27 Td (Depreciation and Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.50 284.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 269.27 Td (EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 269.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 369.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.00 356.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.65 343.83 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 329.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 329.32 Td (\(250.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 329.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 314.27 Td (92.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 299.27 Td (223.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 284.27 Td (267.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 269.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 269.27 Td (333.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.00 356.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 329.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 329.27 Td (52.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 314.27 Td (64.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 299.27 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 284.27 Td (196.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 269.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 269.27 Td (315.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 235.10 Td (Net earnings \(loss\) attributable to Quad/Graphics common shareholders includes the ef) Tj ET Q q 0 0 0 rg BT 416.14 235.10 Td (fects of:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 217.10 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 217.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 322.99 217.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.56 217.10 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.45 217.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.89 217.10 Td ($1) Tj ET Q q 0 0 0 rg BT 437.71 217.10 Td (1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.41 217.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 205.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.58 205.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.02 205.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.02 205.10 Td (, respectively; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 187.10 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 187.10 Td (Loss from discontinued operations, net of tax, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.18 187.10 Td ($4.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.07 187.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.54 187.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.12 187.10 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 550.00 187.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 175.10 Td (from discontinued operations was $2.4 million for the year ended December 31, 2010, and includes restructuring, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 163.10 Td (impairment and transaction related char) Tj ET Q q 0 0 0 rg BT 262.73 163.10 Td (ges of $15.0 million for the year ended December 31, 2010. ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (45) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (North ) Tj ET Q q 0 0 0 rg BT 112.77 742.25 Td (America Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following table summarizes net sales, operating income, operating mar) Tj ET Q q 0 0 0 rg BT 387.20 718.25 Td (gin and certain items impacting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (comparability) Tj ET Q q 0 0 0 rg BT 105.21 706.25 Td (, within the North ) Tj ET Q q 0 0 0 rg BT 178.22 706.25 Td (America Print and Related Services segment \(excluding the Canadian discontinued operations\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 670.75 m 367.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 670.75 m 367.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 657.75 m 367.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 644.75 m 367.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 631.75 m 367.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 670.75 m 371.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 644.75 m 371.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 670.75 m 432.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 670.75 m 432.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 657.75 m 432.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 644.75 m 432.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 644.75 m 432.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 631.75 m 432.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 644.75 m 436.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 644.75 m 497.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 644.75 m 497.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 631.75 m 497.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 631.75 m 562.5 631.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 621.42 Td (Net Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 606.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 606.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 591.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 576.42 Td (Operating Income \(including Restructuring, Impairment and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 566.42 Td (Transaction-Related Charges\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 566.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 551.42 Td (Operating Margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.50 551.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 536.42 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.50 536.32 Td (. .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.70 674.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.50 661.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.15 648.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.45 635.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.00 606.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 606.42 Td (2,470.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 591.42 Td (361.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 566.42 Td (205.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.15 551.42 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 551.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.00 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 536.42 Td (55.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.50 661.98 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.45 635.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 606.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 606.42 Td (1,351.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.15 591.42 Td (203.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.15 566.42 Td (134.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 551.42 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 551.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 536.42 Td (10.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.35 635.98 Td ($Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 606.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 606.42 Td (1,119.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 591.42 Td (158.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 566.42 Td (70.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 551.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 536.42 Td (44.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.35 635.98 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 606.42 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 606.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 591.42 Td (77.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 591.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 566.42 Td (52.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 566.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 551.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 536.42 Td (411.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 536.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 508.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 484.25 Td (Product sales for the North ) Tj ET Q q 0 0 0 rg BT 195.98 484.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.76 484.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.51 484.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.01 484.25 Td ($1,1) Tj ET Q q 0 0 0 rg BT 434.33 484.25 Td (19.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.03 484.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 472.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.09 472.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.67 472.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 406.73 472.25 Td (W) Tj ET Q q 0 0 0 rg BT 415.67 472.25 Td (orld Color Press acquisition. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 100.23 460.25 Td (, product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.89 460.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.64 460.25 Td ( due to increased paper and byproduct sales and volume increases at pre-acquisition Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (Graphics plants, partially of) Tj ET Q q 0 0 0 rg BT 161.55 448.25 Td (fset by lower pricing due to continued pricing pressures related to industry overcapacity) Tj ET Q q 0 0 0 rg BT 512.69 448.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 424.25 Td (Service sales for the North ) Tj ET Q q 0 0 0 rg BT 194.85 424.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.63 424.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.39 424.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.89 424.25 Td ($158.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.78 424.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 412.25 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.09 412.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.67 412.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 406.73 412.25 Td (W) Tj ET Q q 0 0 0 rg BT 415.67 412.25 Td (orld Color Press acquisition. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 100.23 400.25 Td (, service sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.66 400.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.41 400.25 Td ( as a result of higher fuel surchar) Tj ET Q q 0 0 0 rg BT 326.66 400.25 Td (ges to customers, and increased data and imaging services.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 376.25 Td (Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 352.25 Td (Operating income for the North ) Tj ET Q q 0 0 0 rg BT 214.85 352.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.63 352.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.38 352.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.88 352.25 Td ($70.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.77 352.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 340.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 340.25 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.46 340.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.05 340.25 Td ( primarily as a result of the ) Tj ET Q q 0 0 0 rg BT 469.20 340.25 Td (W) Tj ET Q q 0 0 0 rg BT 478.15 340.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (acquisition, partially of) Tj ET Q q 0 0 0 rg BT 142.94 328.25 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.23 328.25 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.12 328.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.62 328.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.37 328.25 Td ( in restructuring, impairment and integration expenses. Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (mar) Tj ET Q q 0 0 0 rg BT 65.46 316.25 Td (gin decreased for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.52 316.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.10 316.25 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.61 316.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.19 316.25 Td ( due to: \(i\) the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 304.25 Td ( increase in restructuring, impairment and transaction-related costs due to the integration of ) Tj ET Q q 0 0 0 rg BT 471.45 304.25 Td (W) Tj ET Q q 0 0 0 rg BT 480.40 304.25 Td (orld Color Press, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (\(ii\) lower relative operating mar) Tj ET Q q 0 0 0 rg BT 178.19 292.25 Td (gins at the acquired ) Tj ET Q q 0 0 0 rg BT 258.53 292.25 Td (W) Tj ET Q q 0 0 0 rg BT 267.48 292.25 Td (orld Color Press business as compared to the pre-acquisition Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (Graphics business, \(iii\) increased retirement and incentive compensation costs, \(iv\) increased paper sales, which are billed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (customers generally at pass-through rates, and \(v\) frictional costs incurred in hiring and training additional employees to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (prepare certain print plants to receive transferred volumes from closing plants. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 232.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 217.94 232.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 317.19 232.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 208.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 208.25 Td (ges for the North ) Tj ET Q q 0 0 0 rg BT 375.16 208.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.25 196.25 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 196.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.61 196.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.19 196.25 Td ( compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.69 196.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.28 196.25 Td ( primarily due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.22 184.25 Td ($14.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.11 184.25 Td ( increase in various restructuring char) Tj ET Q q 0 0 0 rg BT 271.79 184.25 Td (ges, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.97 184.25 Td ($1) Tj ET Q q 0 0 0 rg BT 306.78 184.25 Td (1.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.49 184.25 Td ( increase from employee termination costs related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (plant closures announced in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.86 172.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.86 172.25 Td (, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.80 172.25 Td ($10.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.69 172.25 Td ( increase from ) Tj ET Q q 0 0 0 rg BT 309.29 172.25 Td (W) Tj ET Q q 0 0 0 rg BT 318.24 172.25 Td (orld Color Press integration costs and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.53 172.25 Td ($8.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.43 172.25 Td ( increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (from impairment char) Tj ET Q q 0 0 0 rg BT 137.65 160.25 Td (ges related to plant closures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 136.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 136.25 Td (ges for the North ) Tj ET Q q 0 0 0 rg BT 375.16 136.25 Td (America Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.96 124.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.54 124.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.97 124.25 Td ($55.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.87 124.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.69 124.25 Td ($20.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.58 124.25 Td ( of employee termination costs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (plant closures and various workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.09 112.25 Td ($8.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.98 112.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 427.03 112.25 Td (ges primarily related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (closures of the Reno, Nevada and Fredericksbur) Tj ET Q q 0 0 0 rg BT 242.35 100.25 Td (g, ) Tj ET Q q 0 0 0 rg BT 252.17 100.25 Td (V) Tj ET Q q 0 0 0 rg BT 259.00 100.25 Td (ir) Tj ET Q q 0 0 0 rg BT 264.71 100.25 Td (ginia plants, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.17 100.25 Td ($10.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.06 100.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 397.30 100.25 Td (W) Tj ET Q q 0 0 0 rg BT 406.25 100.25 Td (orld Color Press integration costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.16 88.25 Td ($16.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.05 88.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 257.08 88.25 Td (ges including costs to maintain and exit closed facilities, as well as lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (exit char) Tj ET Q q 0 0 0 rg BT 84.61 76.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 52.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 52.25 Td (ges for the North ) Tj ET Q q 0 0 0 rg BT 375.16 52.25 Td (America Print and Related Services segment ) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.96 742.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.54 742.10 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.97 742.10 Td ($10.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.87 742.10 Td (, which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.74 742.10 Td ($9.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.63 742.10 Td ( of employee termination costs related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to various workforce reduction initiatives and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.95 730.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.84 730.10 Td ( related to lease exit char) Tj ET Q q 0 0 0 rg BT 383.42 730.10 Td (ges.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 707.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 683.25 Td (The following table summarizes net sales, operating loss, operating mar) Tj ET Q q 0 0 0 rg BT 373.33 683.25 Td (gin, certain items impacting comparability and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (equity in earnings of unconsolidated entities, within the International segment:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 635.75 m 367.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 635.75 m 367.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 622.75 m 367.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 609.75 m 367.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 596.75 m 367.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 635.75 m 371.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 609.75 m 371.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 635.75 m 432.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 635.75 m 432.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 622.75 m 432.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 609.75 m 432.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 609.75 m 432.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 596.75 m 432.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 609.75 m 436.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 609.75 m 497.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 609.75 m 497.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 596.75 m 497.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 596.75 m 562.5 596.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 586.42 Td (Net Sales:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 571.42 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 571.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 556.42 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 556.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 541.42 Td (Operating Loss \(including Restructuring,Impairment and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 531.42 Td (Transaction-Related Charges\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 531.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 516.42 Td (Operating Margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.50 516.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 501.42 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.50 501.32 Td (. .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 486.42 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 486.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.70 639.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.50 626.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.15 613.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.45 600.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.00 571.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.75 571.42 Td (343.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.80 556.42 Td (11.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.45 531.42 Td (\(53.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.30 531.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.45 516.42 Td (\(15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.30 516.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.80 501.42 Td (33.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.80 486.42 Td (8.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.50 626.98 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.45 600.98 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 571.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.75 571.42 Td (223.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.80 556.42 Td (11.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.45 531.42 Td (\(10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.30 531.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.45 516.42 Td (\(4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.30 516.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.80 501.42 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.80 486.42 Td (6.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.35 600.98 Td ($Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 571.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 571.42 Td (120.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 556.47 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 556.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 531.47 Td (\(42.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 531.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 516.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 501.42 Td (33.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 486.42 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.35 600.98 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 571.42 Td (53.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 571.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 556.42 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 556.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.45 531.42 Td (\(397.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 531.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 516.42 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.25 501.42 Td (11,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 501.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 486.42 Td (36.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 486.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 458.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 434.25 Td (Product sales for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.84 434.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.59 434.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.09 434.25 Td ($120.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.98 434.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.44 434.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.03 434.25 Td ( compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.08 422.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.66 422.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 283.72 422.25 Td (W) Tj ET Q q 0 0 0 rg BT 292.67 422.25 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 410.87 422.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 460.82 422.25 Td (, product sales increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (due to increased byproduct and paper sales as well as increased sales in ) Tj ET Q q 0 0 0 rg BT 337.67 410.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 347.86 410.25 Td (gentina, partially of) Tj ET Q q 0 0 0 rg BT 426.26 410.25 Td (fset by a negative impact from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (foreign currency translation.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 374.25 Td (Operating Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 350.25 Td (Operating loss for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.84 350.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.59 350.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.09 350.25 Td ($42.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.98 350.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.44 350.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.03 350.25 Td ( compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.08 338.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.66 338.25 Td ( primarily due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.81 338.25 Td ($33.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.70 338.25 Td ( of incremental restructuring and impairment char) Tj ET Q q 0 0 0 rg BT 546.98 338.25 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (incurred between years due to the Pila, Poland plant closure, as well as increased operating losses at the Company's European ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (business primarily as a result of frictional costs related to the consolidation of the Company's European plants. ) Tj ET Q q 0 0 0 rg BT 496.89 314.25 Td (The European ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (operating losses were partially of) Tj ET Q q 0 0 0 rg BT 182.64 302.25 Td (fset by operating income from the acquired Latin ) Tj ET Q q 0 0 0 rg BT 381.10 302.25 Td (American operations of ) Tj ET Q q 0 0 0 rg BT 477.64 302.25 Td (W) Tj ET Q q 0 0 0 rg BT 486.59 302.25 Td (orld Color Press.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 278.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 217.94 278.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 317.19 278.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 254.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.99 254.25 Td (ges for the International segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 242.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.01 242.25 Td ($33.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.90 242.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.73 242.25 Td ($3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.62 242.25 Td ( of employee termination costs related to the Pila, Poland ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (plant closure, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.53 230.25 Td ($24.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.42 230.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 253.47 230.25 Td (ges related to the closure of the Pila, Poland plant, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.82 230.25 Td ($3.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.71 230.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (integration costs and \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.42 218.25 Td ($1.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.31 218.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 337.34 218.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 194.25 Td (Restructuring and impairment char) Tj ET Q q 0 0 0 rg BT 225.59 194.25 Td (ges for the International segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.58 194.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.16 194.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td ($0.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 182.25 Td (, all of which related to employee termination costs for workforce reduction initiatives.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 158.25 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 134.25 Td (Investments in entities where Quad/Graphics has both the ability to exert significant influence but not control and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (an ownership interest of 50% or less but more than 20% are accounted for using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 509.78 122.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (Company holds a 49% ownership interest in Plural, a commercial printer based in So Paulo, Brazil, as well as a 50% interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (in a joint venture in Chile that was acquired as part of the ) Tj ET Q q 0 0 0 rg BT 281.78 98.25 Td (W) Tj ET Q q 0 0 0 rg BT 290.73 98.25 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 409.12 98.25 Td (The equity in earnings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (unconsolidated entities in the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.83 86.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.59 86.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.09 86.25 Td ($2.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.98 86.25 Td ( during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.89 86.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.47 86.25 Td ( primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (due to increased volumes with existing customers at Plural and due to the Company's share of Chile's income since the ) Tj ET Q q 0 0 0 rg BT 527.30 74.25 Td (W) Tj ET Q q 0 0 0 rg BT 536.25 74.25 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (Color Press acquisition date.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (47) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following table summarizes unallocated operating expenses presented as Corporate:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 682.75 m 488.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 682.75 m 488.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 669.75 m 488.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 682.75 m 492.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 669.75 m 562.5 669.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.42 Td (Operating Expenses \(including Restructuring,Impairment and Transaction-Related) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 636.42 Td (Charges\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 636.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 621.42 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.50 621.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 686.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.00 673.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.65 660.98 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 636.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 636.42 Td (90.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 621.42 Td (58.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.00 673.98 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 636.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 636.42 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 621.42 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 593.25 Td (Corporate operating expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.35 593.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.10 593.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.60 593.25 Td ($79.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.49 593.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.95 593.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.54 593.25 Td ( compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 581.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 581.25 Td ( primarily due to the ) Tj ET Q q 0 0 0 rg BT 239.02 581.25 Td (W) Tj ET Q q 0 0 0 rg BT 247.96 581.25 Td (orld Color Press acquisition, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.22 581.25 Td ($58.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.11 581.25 Td ( of restructuring, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (integration and transaction-related char) Tj ET Q q 0 0 0 rg BT 206.78 569.25 Td (ges incurred during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.94 569.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.94 569.25 Td ( to acquire and integrate ) Tj ET Q q 0 0 0 rg BT 405.97 569.25 Td (W) Tj ET Q q 0 0 0 rg BT 414.92 569.25 Td (orld Color Press. Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (expenses in 2010 also increased as a result of additional corporate expenses due to the increased size of the Company and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (compliance and support costs associated with the Company's new status as a publicly traded entity) Tj ET Q q 0 0 0 rg BT 443.61 545.25 Td (, which includes: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 533.25 Td (increased levels of administrative staf) Tj ET Q q 0 0 0 rg BT 200.96 533.25 Td (f in the United States \(information technology) Tj ET Q q 0 0 0 rg BT 384.95 533.25 Td (, finance, legal, human resources, treasury ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 Td (and other administrative labor\), \(2\) increased retirement and incentive compensation and \(3\) increased insurance premiums and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (outside service provider fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 485.25 Td (Corporate restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 344.14 485.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.84 485.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.42 485.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td ($58.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 473.25 Td (, consisting of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.72 473.25 Td ($2.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.61 473.25 Td ( of employee termination costs for workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 461.25 Td ( of transaction costs related primarily to the acquisition of ) Tj ET Q q 0 0 0 rg BT 337.62 461.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.57 461.25 Td (orld Color Press, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.33 461.25 Td ($13.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.22 461.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 497.46 461.25 Td (W) Tj ET Q q 0 0 0 rg BT 506.41 461.25 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (Press integration costs and \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.03 449.25 Td ($1.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.92 449.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 360.95 449.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 425.25 Td (There were no restructuring or impairment char) Tj ET Q q 0 0 0 rg BT 276.38 425.25 Td (ges incurred in the Corporate segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 413.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 413.25 Td (. ) Tj ET Q q 0 0 0 rg BT 135.99 413.25 Td (There were $2.8 million of transaction expenses in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.12 413.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.12 413.25 Td ( related to the acquisition of ) Tj ET Q q 0 0 0 rg BT 475.44 413.25 Td (W) Tj ET Q q 0 0 0 rg BT 484.38 413.25 Td (orld Color Press; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.25 Td (however) Tj ET Q q 0 0 0 rg BT 84.23 401.25 Td (, those expenses were classified as selling, general and administrative expenses during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.70 401.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.70 401.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.77 378.25 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 354.25 Td (The Company utilizes cash flows from operations and borrowings under its credit facilities to satisfy its liquidity and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (capital requirements. ) Tj ET Q q 0 0 0 rg BT 138.76 342.25 Td (The Company believes its expected future cash flows from operations and unused available capacity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (under its revolving credit facilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.06 330.25 Td ($730.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.96 330.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.12 330.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 357.51 330.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.33 330.25 Td ( provide suf) Tj ET Q q 0 0 0 rg BT 410.01 330.25 Td (ficient resources to fund ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (operating requirements and the integration and restructuring requirements related to the acquired ) Tj ET Q q 0 0 0 rg BT 439.21 318.25 Td (W) Tj ET Q q 0 0 0 rg BT 448.15 318.25 Td (orld Color Press and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.93 306.25 Td (ranscontinental Mexican operations, as well as future capital expenditures, debt service requirements, ) Tj ET Q q 0 0 0 rg BT 464.13 306.25 Td (W) Tj ET Q q 0 0 0 rg BT 473.08 306.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (single employer pension plan contributions, ) Tj ET Q q 0 0 0 rg BT 227.66 294.25 Td (W) Tj ET Q q 0 0 0 rg BT 236.61 294.25 Td (orld Color Press multiemployer pension plans withdrawal liabilities, investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (in future growth to create value for its shareholders, shareholder dividends and share repurchases. Borrowings under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.25 Td (revolving credit facility were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.84 270.25 Td ($85.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.73 270.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.89 270.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 320.29 270.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.10 270.25 Td (, and peak borrowings were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.40 270.25 Td ($251.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.29 270.25 Td ( during the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 258.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.78 258.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.59 258.25 Td (. ) Tj ET Q q 0 0 0 rg BT 162.00 258.25 Td (The Company's borrowing capacity increased, and its ongoing cost of borrowings reduced with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (execution of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.14 246.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.25 246.25 Td ( debt financing agreement on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.38 246.25 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 323.36 246.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.17 246.25 Td ( \(see ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 349.27 246.25 Td ("Description of Significant Outstanding Debt ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 234.25 Td (Obligations as of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 121.40 234.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 194.61 234.25 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 199.24 234.25 Td (") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.44 234.25 Td ( below\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 211.25 Td (Cash Flows Provided by Operating ) Tj ET Q q 0 0 0 rg BT 232.21 211.25 Td (Activities) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 187.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.10 187.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 134.52 187.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 207.74 187.25 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 212.37 187.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 247.46 187.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 274.60 187.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.02 187.25 Td (December31, 2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 396.61 187.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 163.25 Td (Net cash provided by operating activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.67 163.25 Td ($371.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.56 163.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.02 163.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 480.42 163.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.23 163.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td ($152.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 151.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.35 151.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.94 151.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 151.25 Td ($218.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.54 151.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.04 151.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.79 151.25 Td (. ) Tj ET Q q 0 0 0 rg BT 426.20 151.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.16 151.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.91 151.25 Td ( in net cash provided ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (by operating activities was primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.28 139.25 Td ($203.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.17 139.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.67 139.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.09 139.25 Td ( in net loss and lower working capital uses of cash.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 115.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.10 115.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 134.52 115.25 Td (December31, 2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.11 115.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 248.21 115.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 275.34 115.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.76 115.25 Td (December31, 2009) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 397.35 115.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 91.25 Td (Net cash provided by operating activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.67 91.25 Td ($152.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.56 91.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.02 91.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.60 91.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td ($242.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 79.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.35 79.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.94 79.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 79.25 Td ($89.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.54 79.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.04 79.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.45 79.25 Td (. ) Tj ET Q q 0 0 0 rg BT 422.86 79.25 Td (The decrease was primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 67.25 Td (related to increased restructuring and integration payments, as well as increased transaction costs, related primarily to the ) Tj ET Q q 0 0 0 rg BT 537.23 67.25 Td (W) Tj ET Q q 0 0 0 rg BT 546.18 67.25 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 55.25 Td (Color Press acquisition of $108.4 million, $34.9 million of cash paid in 2010 related to the acquired ) Tj ET Q q 0 0 0 rg BT 451.51 55.25 Td (W) Tj ET Q q 0 0 0 rg BT 460.46 55.25 Td (orld Color Press pension ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and postretirement benefit plans and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.01 742.10 Td ($19.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.90 742.10 Td ( of cash payments for ) Tj ET Q q 0 0 0 rg BT 340.39 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.34 742.10 Td (orld Color Press bankruptcy claims. From a working ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (capital perspective, receivables and inventory were higher due to increased volume \(the addition of ) Tj ET Q q 0 0 0 rg BT 448.92 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.87 730.10 Td (orld Color Press in 2010 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (contributed to higher working capital\). Partially of) Tj ET Q q 0 0 0 rg BT 254.30 718.10 Td (fsetting the decline in operating cash flows was an increase in operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (income, after excluding the restructuring, integration, transaction and pension cash payments discussed above. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 683.25 Td (Cash Flows Used in Investing ) Tj ET Q q 0 0 0 rg BT 211.68 683.25 Td (Activities) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 659.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.10 659.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 134.52 659.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 207.74 659.25 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 212.37 659.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 247.46 659.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 274.60 659.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.02 659.25 Td (December31, 2010) Tj ET Q BT /F5 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 635.25 Td (Net cash used in investing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.13 635.25 Td ($184.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.02 635.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.48 635.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 459.88 635.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.70 635.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td ($1) Tj ET Q q 0 0 0 rg BT 59.81 623.25 Td (18.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.52 623.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.98 623.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.57 623.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.28 623.25 Td ($66.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.17 623.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.67 623.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.42 623.25 Td (. ) Tj ET Q q 0 0 0 rg BT 420.83 623.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.79 623.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.54 623.25 Td ( in net cash used in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (investing activities was primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.68 611.25 Td ($50.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.57 611.25 Td ( deposit made in 201) Tj ET Q q 0 0 0 rg BT 356.71 611.25 Td (1 on the ) Tj ET Q q 0 0 0 rg BT 391.15 611.25 Td (T) Tj ET Q q 0 0 0 rg BT 396.99 611.25 Td (ranscontinental Mexico acquisition \(as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (further discussed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.82 599.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.75 599.25 Td ( to the consolidated financial statements\), a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.25 599.25 Td ($55.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.14 599.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.64 599.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.40 599.25 Td ( in capital expenditures related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (primarily to the integration of ) Tj ET Q q 0 0 0 rg BT 171.27 587.25 Td (W) Tj ET Q q 0 0 0 rg BT 180.21 587.25 Td (orld Color Press operations and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.35 587.25 Td ($15.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.24 587.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.74 587.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.49 587.25 Td ( in cash used for acquisitions. ) Tj ET Q q 0 0 0 rg BT 527.71 587.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (impacts were partially of) Tj ET Q q 0 0 0 rg BT 149.59 575.25 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.88 575.25 Td ($63.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.77 575.25 Td ( benefit generated from reducing restricted cash balances.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 551.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.10 551.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 134.52 551.25 Td (December31, 2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.11 551.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 248.21 551.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 275.34 551.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.76 551.25 Td (December31, 2009) Tj ET Q BT /F5 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 527.25 Td (Net cash used in investing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.13 527.25 Td ($1) Tj ET Q q 0 0 0 rg BT 259.95 527.25 Td (18.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 527.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.11 527.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.70 527.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td ($68.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 515.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.35 515.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.94 515.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 515.25 Td ($49.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.54 515.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.04 515.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.79 515.25 Td (. ) Tj ET Q q 0 0 0 rg BT 416.20 515.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.16 515.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.91 515.25 Td ( was primarily related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.22 503.25 Td ($38.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.11 503.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.61 503.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.36 503.25 Td ( in ) Tj ET Q q 0 0 0 rg BT 169.05 503.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.00 503.25 Td (orld Color Press bankruptcy-related restricted cash. Property) Tj ET Q q 0 0 0 rg BT 422.20 503.25 Td (, plant and equipment additions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.61 491.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.36 491.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.86 491.25 Td ($24.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.75 491.25 Td ( in 2010 due to the increased requirements of the post-acquisition company and expenditures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (related to the integration of the ) Tj ET Q q 0 0 0 rg BT 175.97 479.25 Td (W) Tj ET Q q 0 0 0 rg BT 184.92 479.25 Td (orld Color Press operations. ) Tj ET Q q 0 0 0 rg BT 301.09 479.25 Td (These increases in cash used between years were partially of) Tj ET Q q 0 0 0 rg BT 543.30 479.25 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 467.25 Td ($10.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.39 467.25 Td ( of cash acquired in 2010, generated from the ) Tj ET Q q 0 0 0 rg BT 300.12 467.25 Td (W) Tj ET Q q 0 0 0 rg BT 309.07 467.25 Td (orld Color acquisition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 444.25 Td (Cash Flows Used in Financing ) Tj ET Q q 0 0 0 rg BT 216.69 444.25 Td (Activities) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 420.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.10 420.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 134.52 420.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 207.74 420.25 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 212.37 420.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 247.46 420.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 274.60 420.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.02 420.25 Td (December31, 2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 396.61 420.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 396.25 Td (Net cash used in financing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.23 396.25 Td ($173.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.12 396.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.58 396.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 460.98 396.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.79 396.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td ($30.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 384.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.35 384.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.94 384.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 384.25 Td ($143.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.54 384.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.04 384.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.79 384.25 Td (. ) Tj ET Q q 0 0 0 rg BT 421.20 384.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.16 384.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.91 384.25 Td ( in net cash used in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (financing activities was due primarily to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.84 372.25 Td ($109.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.73 372.25 Td ( in net debt repayments in 201) Tj ET Q q 0 0 0 rg BT 393.63 372.25 Td (1, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.48 372.25 Td ($178.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.37 372.25 Td ( in net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (borrowings in 2010, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.04 360.25 Td ($288.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.93 360.25 Td ( increase in net cash used in financing activities between years. ) Tj ET Q q 0 0 0 rg BT 504.06 360.25 Td (Also, net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (used in financing activities increased due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.38 348.25 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.27 348.25 Td ( reduction in the liability for unsecured notes to be issued in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (connection with the ) Tj ET Q q 0 0 0 rg BT 131.28 336.25 Td (W) Tj ET Q q 0 0 0 rg BT 140.22 336.25 Td (orld Color Press bankruptcy) Tj ET Q q 0 0 0 rg BT 251.98 336.25 Td (. ) Tj ET Q q 0 0 0 rg BT 259.07 336.25 Td (These increases in net cash used in financing activities were partially of) Tj ET Q q 0 0 0 rg BT 545.73 336.25 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (by reduced shareholder cash distributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.39 324.25 Td ($131.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.29 324.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.72 324.25 Td ($34.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.62 324.25 Td ( in lower debt issuance cost payments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (Shareholder cash distributions decreased in 201) Tj ET Q q 0 0 0 rg BT 240.60 312.25 Td (1 due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.07 312.25 Td ($140.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.96 312.25 Td ( cash distribution made in 2010 to the Company's pre-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (acquisition common shareholders as part of the ) Tj ET Q q 0 0 0 rg BT 241.25 300.25 Td (W) Tj ET Q q 0 0 0 rg BT 250.20 300.25 Td (orld Color Press acquisition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 276.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.10 276.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 134.52 276.25 Td (December31, 2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.11 276.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 248.21 276.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 275.34 276.25 Td (ear Ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.76 276.25 Td (December31, 2009) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 397.35 276.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 252.25 Td (Net cash used in financing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.23 252.25 Td ($30.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.12 252.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.58 252.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.17 252.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.25 Td ($184.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 240.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.35 240.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.94 240.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 240.25 Td ($154.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.54 240.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.04 240.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.45 240.25 Td ( in net cash used in financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 93.51 228.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.46 228.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.88 228.25 Td ( was primarily related to borrowings on the Company's former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.18 228.25 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.29 228.25 Td ( debt financing agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (entered into during 2010. Net cash provided by borrowings was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.95 216.25 Td ($178.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.84 216.25 Td ( in 2010 compared to net debt reductions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td ($147.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 204.25 Td ( in 2009, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.38 204.25 Td ($326.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.27 204.25 Td ( decrease in net cash used in financing activities between years. ) Tj ET Q q 0 0 0 rg BT 519.06 204.25 Td (Also, net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (cash used in financing activities decreased in 2010 because the Company made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.34 192.25 Td ($13.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.23 192.25 Td ( of treasury stock purchases in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (2009, with none in 2010. ) Tj ET Q q 0 0 0 rg BT 154.90 180.25 Td (Those decreases in financing cash uses were partially of) Tj ET Q q 0 0 0 rg BT 379.08 180.25 Td (fset by 2010 acquisition related payments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.25 Td (including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.99 168.25 Td ($140.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.88 168.25 Td ( shareholder cash distribution discussed above and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.49 168.25 Td ($45.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.38 168.25 Td ( payment of debt issuance costs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 145.25 Td (Free Cash Flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 121.25 Td (Free Cash Flow is defined as cash flows provided by operating activities less capital expenditures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 97.25 Td (The Company's management assesses Free Cash Flow as a measure to quantify cash available for \(1\) strategic capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (deployment through investments in the business, including acquisitions, \(2\) strengthening the balance sheet, including debt and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (pension repayment, and \(3\) returning value to the shareholders, including dividends and share repurchases. ) Tj ET Q q 0 0 0 rg BT 482.56 73.25 Td (The priorities for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (capital deployment will change as circumstances dictate for the business, and Free Cash Flow can be significantly impacted by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (the Company's restructuring activities and other unusual items, such as payments related to completing the ) Tj ET Q q 0 0 0 rg BT 478.83 49.25 Td (W) Tj ET Q q 0 0 0 rg BT 487.78 49.25 Td (orld Color Press ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (bankruptcy process. Free Cash Flow is a non-GAAP) Tj ET Q q 0 0 0 rg BT 262.29 742.10 Td ( measure. Free Cash Flow should not be considered an alternative to cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (flows provided by operating activities as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 302.11 730.10 Td (. Quad/Graphics' calculation of Free Cash Flow may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (dif) Tj ET Q q 0 0 0 rg BT 61.02 718.10 Td (ferent from similar calculations used by other companies and, therefore, comparability may be limited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (Free Cash Flow for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.79 694.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 300.19 694.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 694.10 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.51 694.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.09 694.10 Td ( was as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 646.6 m 488.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 646.6 m 488.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 633.6 m 488.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 590.6 m 488.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 590.6 m 488.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 576.6 m 488.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 574.6 m 488.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 646.6 m 492.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 646.6 m 562.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 646.6 m 562.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 633.6 m 562.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 590.6 m 562.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 590.6 m 562.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 576.6 m 562.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 574.6 m 562.5 574.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 610.27 Td (Cash Flows Provided by Operating ) Tj ET Q q 0 0 0 rg BT 195.77 610.27 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 234.38 614.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.50 610.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.27 Td (Less: Capital Expenditures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.50 595.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 580.27 Td (Free Cash Flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.50 580.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 650.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.20 637.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.65 624.83 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 610.27 Td (371.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 595.32 Td (\(168.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 595.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 580.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 580.27 Td (202.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.00 637.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 610.27 Td (152.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 595.32 Td (\(112.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 595.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 580.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 580.27 Td (40.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 546.10 Td (Cash flows provided by operating activities includes the ef) Tj ET Q q 0 0 0 rg BT 302.85 546.10 Td (fects of:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 522.10 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 522.10 Td (Restructuring and transaction-related cash payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.70 522.10 Td ($125.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.59 522.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.03 522.10 Td ($1) Tj ET Q q 0 0 0 rg BT 414.84 522.10 Td (18.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.55 522.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 510.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 177.40 510.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.21 510.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.65 510.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.65 510.10 Td (, respectively; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 486.10 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 486.10 Td (Bankruptcy payments of $12.4 million and $24.8 million for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.38 486.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 486.78 486.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.60 486.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.04 486.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.04 486.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 474.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.99 474.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 450.10 Td (Free Cash Flow increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.08 450.10 Td ($162.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.98 450.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.44 450.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 401.83 450.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 450.10 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 438.10 Td (, primarily due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.51 438.10 Td ($218.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.40 438.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.90 438.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.66 438.10 Td ( in cash flows provided by operating activities, partially of) Tj ET Q q 0 0 0 rg BT 528.40 438.10 Td (fset by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td ($55.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 426.10 Td ( in increased capital expenditures primarily related to the integration of ) Tj ET Q q 0 0 0 rg BT 390.64 426.10 Td (W) Tj ET Q q 0 0 0 rg BT 399.58 426.10 Td (orld Color Press. Please refer to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (Cash Flows Provided by Operating ) Tj ET Q q 0 0 0 rg BT 192.77 414.10 Td (Activities section above for further explanations of the increase in operating cash flows.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 391.25 Td (Description of Significant Outstanding Debt Obligations as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 343.26 391.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 417.13 391.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 421.85 391.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 367.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 367.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 367.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 367.25 Td (, the Company utilized a combination of debt instruments to fund cash requirements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 331.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 331.25 Td ($1.5 Billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.78 331.25 Td ( Debt Financing ) Tj ET Q q 0 0 0 rg BT 218.44 331.25 Td (Agreement discussed further below which includes:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 122.00 305.09 cm /I18 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 307.25 Td ($850.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.89 307.25 Td ( revolving credit facility \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.63 307.25 Td ($85.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.52 307.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.85 307.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 502.25 307.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.06 307.25 Td (\); ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 122.00 281.09 cm /I19 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 283.25 Td ($450.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.89 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.30 283.25 Td (T) Tj ET Q q 0 0 0 rg BT 206.97 283.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 247.44 283.25 Td (A) Tj ET Q q 0 0 0 rg BT 254.11 283.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.66 283.25 Td ($450.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.55 283.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.88 283.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 465.28 283.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.09 283.25 Td (\); and) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 122.00 257.09 cm /I20 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 259.25 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.89 259.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.30 259.25 Td (T) Tj ET Q q 0 0 0 rg BT 206.97 259.25 Td (erm Loan B \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.21 259.25 Td ($198.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.11 259.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.43 259.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 465.83 259.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.64 259.25 Td (\); ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 235.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 235.25 Td (Master Note and Security ) Tj ET Q q 0 0 0 rg BT 208.69 235.25 Td (Agreement \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.67 235.25 Td ($616.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.56 235.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.89 235.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 464.29 235.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.10 235.25 Td (\); and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 211.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 211.25 Td (Facilities ) Tj ET Q q 0 0 0 rg BT 142.88 211.25 Td (Agreement - a $88.3 million foreign currency denominated facilities agreement including both term loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 199.25 Td (and revolving credit facility components \(total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.11 199.25 Td ($72.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.00 199.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.32 199.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 503.72 199.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.54 199.25 Td (\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.00 175.25 Td ($1.5 Billion) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 133.22 175.25 Td ( Debt Financing ) Tj ET Q q 0 0 0 rg BT 201.17 175.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 215.90 175.25 Td (eement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 151.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.72 151.25 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 149.71 151.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.52 151.25 Td (, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.54 151.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.66 151.25 Td ( debt financing agreement with certain lenders. ) Tj ET Q q 0 0 0 rg BT 511.54 151.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.11 139.25 Td ( debt financing agreement includes three dif) Tj ET Q q 0 0 0 rg BT 272.06 139.25 Td (ferent loan facilities. ) Tj ET Q q 0 0 0 rg BT 359.34 139.25 Td (The first is a revolving facility in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td ($850.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 127.25 Td ( with a term of five years maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.01 127.25 Td (July25, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.18 127.25 Td (. ) Tj ET Q q 0 0 0 rg BT 324.59 127.25 Td (The second facility is a ) Tj ET Q q 0 0 0 rg BT 419.66 127.25 Td (T) Tj ET Q q 0 0 0 rg BT 425.32 127.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 465.79 127.25 Td (A) Tj ET Q q 0 0 0 rg BT 472.46 127.25 Td ( in the aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.33 115.25 Td ($450.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.22 115.25 Td ( with a term of five years maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.34 115.25 Td (July25, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.51 115.25 Td (. ) Tj ET Q q 0 0 0 rg BT 367.92 115.25 Td (The third facility is a ) Tj ET Q q 0 0 0 rg BT 454.10 115.25 Td (T) Tj ET Q q 0 0 0 rg BT 459.77 115.25 Td (erm Loan B in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.33 103.25 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.22 103.25 Td ( with a term of seven years maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.56 103.25 Td (July25, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.73 103.25 Td (, subject to certain required amortization. ) Tj ET Q q 0 0 0 rg BT 537.11 103.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (any time when the Company's total leverage is 3.00 to 1.00 or greater) Tj ET Q q 0 0 0 rg BT 327.64 91.25 Td (, the Company is obligated to prepay the two term loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (facilities from the net proceeds of asset sales, casualty losses, and certain indebtedness for borrowed money) Tj ET Q q 0 0 0 rg BT 480.37 79.25 Td (, or from a portion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 67.25 Td (of its excess cash flow) Tj ET Q q 0 0 0 rg BT 139.65 67.25 Td (, subject to certain exceptions.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Borrowings under the revolving facility and ) Tj ET Q q 0 0 0 rg BT 264.20 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 269.87 742.10 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 310.34 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 317.01 742.10 Td ( loans made under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.98 742.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.09 742.10 Td ( debt financing agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (bear interest at London Interbank Of) Tj ET Q q 0 0 0 rg BT 196.24 730.10 Td (fered Rate \("LIBOR"\) plus 2.25%, or 1.25% in excess of an alternate base rate, and ) Tj ET Q q 0 0 0 rg BT 532.17 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 537.83 730.10 Td (erm ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Loan B loans bear interest at 3.00% in excess of LIBOR, with a LIBOR floor of 1.00%, or 2.00% in excess of an alternative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (base rate at the Company's option.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (This debt financing agreement was entered into to reduce the Company's borrowing costs with lower interest rates and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (to create more flexibility with a higher revolving credit capacity and improvement in financial terms. ) Tj ET Q q 0 0 0 rg BT 458.93 670.10 Td (The proceeds from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 658.10 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 96.23 658.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 108.08 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.75 658.10 Td (erm Loan B and revolving credit facility were used to repay all outstanding balances and terminate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.08 646.10 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.19 646.10 Td ( debt financing agreement \(which included the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.73 646.10 Td ($700.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.63 646.10 Td ( term loan and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.32 646.10 Td ($530.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.21 646.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (revolving credit facility\), as well as to pay the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.05 634.10 Td ($1) Tj ET Q q 0 0 0 rg BT 245.86 634.10 Td (1.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.57 634.10 Td ( of new debt issuance costs incurred for the refinancing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.05 610.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.16 610.10 Td ( debt financing agreement is secured by substantially all of the unencumbered assets of the Company) Tj ET Q q 0 0 0 rg BT 553.88 610.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.05 598.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.16 598.10 Td ( debt financing agreement also requires the Company to provide additional collateral to the lenders in certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (limited circumstances.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 564.10 Td (Master Note and Security ) Tj ET Q q 0 0 0 rg BT 190.89 564.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 205.61 564.10 Td (eement \(sometimes r) Tj ET Q q 0 0 0 rg BT 287.44 564.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 306.51 564.10 Td (ed to as senior notes\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 540.10 Td (On September 1, 1995, and as last amended on January 26, 2006, the Company entered into the Master Note and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (Security ) Tj ET Q q 0 0 0 rg BT 85.55 528.10 Td (Agreement pursuant to which the Company has issued over time senior notes in an aggregate principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td ($1.13 billion in various tranches. ) Tj ET Q q 0 0 0 rg BT 186.56 516.10 Td (These senior notes have a weighted-average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.52 516.10 Td (7.51%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.35 516.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.57 516.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 536.97 516.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.78 516.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (which is fixed to maturity) Tj ET Q q 0 0 0 rg BT 152.99 504.10 Td (, and interest is payable semiannually) Tj ET Q q 0 0 0 rg BT 302.30 504.10 Td (. Principal payments commenced September 1997 and extend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.33 492.10 Td (April 2036. ) Tj ET Q q 0 0 0 rg BT 134.07 492.10 Td (The notes are collateralized by certain United States land, buildings and press and finishing equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (under the terms of the Master Note and Security ) Tj ET Q q 0 0 0 rg BT 244.94 480.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 296.32 480.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.54 480.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 381.94 480.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.75 480.10 Td (, the borrowings outstanding were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td ($616.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 468.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 444.10 Td (Facilities ) Tj ET Q q 0 0 0 rg BT 126.18 444.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 140.90 444.10 Td (eement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 420.10 Td (On December 16, 2008, Quad/W) Tj ET Q q 0 0 0 rg BT 217.98 420.10 Td (inkowski Sp. Z.o.o. \("Quad/W) Tj ET Q q 0 0 0 rg BT 339.71 420.10 Td (inkowski"\) entered into a secured facilities agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (\(the "Facilities ) Tj ET Q q 0 0 0 rg BT 111.01 408.10 Td (Agreement"\). ) Tj ET Q q 0 0 0 rg BT 169.98 408.10 Td (The Facilities ) Tj ET Q q 0 0 0 rg BT 226.82 408.10 Td (Agreement includes a Euro denominated term loan of $73.8 million that expires on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (December 16, 2015 \(which was used to refinance Quad/W) Tj ET Q q 0 0 0 rg BT 283.88 396.10 Td (inkowski's then existing indebtedness\) and a multicurrency revolving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (credit facility for $14.5 million that was renewed and currently expires on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.96 384.10 Td (December16, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.54 384.10 Td ( \(which is used for Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.24 372.10 Td (inkowski's working capital and general business needs\). ) Tj ET Q q 0 0 0 rg BT 287.46 372.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.68 372.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 373.08 372.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.90 372.10 Td (, the borrowings outstanding on the Euro ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (denominated term loan were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.62 360.10 Td ($65.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.51 360.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.74 360.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.96 360.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 313.36 360.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.17 360.10 Td (, the borrowings outstanding on the multicurrency revolving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (credit facility were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.01 348.10 Td ($6.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.90 348.10 Td (, leaving $7.8 million available for future borrowings. ) Tj ET Q q 0 0 0 rg BT 397.32 348.10 Td (The terms of the Facilities ) Tj ET Q q 0 0 0 rg BT 504.42 348.10 Td (Agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (include a guarantee by Quad/Graphics and a security agreement that includes collateralizing substantially all of the Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.24 324.10 Td (inkowski assets. ) Tj ET Q q 0 0 0 rg BT 128.95 324.10 Td (The facilities bear interest at the aggregate of the Euro Interbank Of) Tj ET Q q 0 0 0 rg BT 400.03 324.10 Td (fered Rate \("EURIBOR"\) or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 312.10 Td (arsaw Interbank Of) Tj ET Q q 0 0 0 rg BT 135.73 312.10 Td (fered Rate \("WIBOR"\) and mar) Tj ET Q q 0 0 0 rg BT 262.56 312.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 282.65 312.10 Td (The weighted-average interest rate of the Euro denominated term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (loan was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.77 300.10 Td (3.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 300.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.82 300.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 199.21 300.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.03 300.10 Td (. ) Tj ET Q q 0 0 0 rg BT 211.44 300.10 Td (The weighted-average interest rate of the multicurrency revolving credit facility was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (3.30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 288.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.05 288.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 161.45 288.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.26 288.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 265.25 Td (Covenants and Compliance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 241.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.44 241.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.84 241.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.66 241.25 Td (, the Company's various lending arrangements included certain financial covenants \(all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (financial terms, numbers and ratios in this ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 220.52 229.25 Td (Covenants and Compliance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.06 229.25 Td ( section are as defined in the Company's debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (agreements\). ) Tj ET Q q 0 0 0 rg BT 106.09 217.25 Td (Among these covenants, the Company was required to maintain the following as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.85 217.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 515.24 217.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.06 217.25 Td ( \(for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (covenant, the most restrictive measurement has been included below\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 181.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 181.25 Td (On a rolling twelve-month basis, the total leverage ratio, defined as total consolidated debt to consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 169.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 140.38 169.25 Td ( \(as defined in the debt financing agreement\), shall not exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.12 169.25 Td (3.50 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.90 169.25 Td ( \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 157.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 177.40 157.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.21 157.25 Td (, the Company's leverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.25 157.25 Td (2.27 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.03 157.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 133.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 133.25 Td (On a rolling twelve-month basis, the minimum interest coverage ratio, defined as consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 520.56 133.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 121.25 Td (consolidated cash interest expense, shall not be less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.27 121.25 Td (3.25 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.05 121.25 Td ( \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.24 121.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 109.25 Td (201) Tj ET Q q 0 0 0 rg BT 118.81 109.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.63 109.25 Td (, the Company's interest coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.82 109.25 Td (6.63 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.60 109.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 85.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 85.25 Td (On a rolling twelve-month basis, the fixed char) Tj ET Q q 0 0 0 rg BT 292.75 85.25 Td (ge coverage ratio, defined as consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 499.25 85.25 Td ( and rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 73.25 Td (expense to interest and rent expense, shall not be less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.93 73.25 Td (1.50 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.71 73.25 Td ( \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 61.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 177.40 61.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.21 61.25 Td (, the Company's fixed char) Tj ET Q q 0 0 0 rg BT 289.17 61.25 Td (ge coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.48 61.25 Td (3.23 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.26 61.25 Td (\).) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (Consolidated net worth of at least ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.19 742.10 Td ($745.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.08 742.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.75 742.10 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.08 742.10 Td ( of positive consolidated net income cumulatively for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (each year \(as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.51 730.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 242.91 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.73 730.10 Td (, the Company's consolidated net worth under the most restrictive covenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (per the various debt agreements was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.72 718.10 Td ($1.24billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.84 718.10 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (In addition to those covenants, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.69 694.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.81 694.10 Td ( debt financing agreement also includes certain limitations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (acquisitions, indebtedness, liens, dividends and repurchases of capital stock. If the Company's total leverage ratio is greater ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (than 3.00 to 1.00 \(total leverage ratio as defined in the debt financing agreement\), the Company is prohibited from making ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (greater than $120.0 million of annual dividend payments, capital stock repurchases and certain other payments. If the total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (leverage ratio is less than 3.00 to 1.00, there are no such restrictions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (As of and for the twelve-month period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.72 622.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 342.12 622.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.94 622.10 Td (, the Company was in compliance with all financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (covenants in its debt agreements. ) Tj ET Q q 0 0 0 rg BT 187.37 610.10 Td (While the Company currently expects to be in compliance in future periods with all of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (financial covenants, there can be no assurance that these covenants will continue to be met. ) Tj ET Q q 0 0 0 rg BT 419.77 598.10 Td (The Company's failure to maintain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (compliance with the covenants could prevent the Company from borrowing additional amounts and could result in a default ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (under any of the debt agreements. Such default could cause the outstanding indebtedness to become immediately due and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (payable, by virtue of cross-acceleration or cross-default provisions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 539.25 Td (Pension and Postretirement Benefit Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 515.25 Td (Upon acquiring ) Tj ET Q q 0 0 0 rg BT 150.90 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 159.84 515.25 Td (orld Color Press, the Company had pension and postretirement defined benefit obligations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.81 515.25 Td ($546.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 503.25 Td (, including single employer and multiemployer pension plans \("MEPPs"\) in the United States and Canada. ) Tj ET Q q 0 0 0 rg BT 509.12 503.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (Company is focused on reducing its pension and postretirement benefit obligations through the following methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 467.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 467.25 Td (Contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.01 467.25 Td ( - ) Tj ET Q q 0 0 0 rg BT 172.25 467.25 Td (The Company has made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.58 467.25 Td ($93.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.47 467.25 Td ( in pension and postretirement contributions and benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 455.25 Td (payments since the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.59 455.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.76 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 234.17 455.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.12 455.25 Td (orld Color Press acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 431.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 431.25 Td (Divestitur) Tj ET Q q 0 0 0 rg BT 146.68 431.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.92 431.25 Td ( - ) Tj ET Q q 0 0 0 rg BT 162.97 431.25 Td (As part of the divestiture of the Canadian operations in the ) Tj ET Q q 0 0 0 rg BT 399.49 431.25 Td (T) Tj ET Q q 0 0 0 rg BT 405.33 431.25 Td (ranscontinental exchange transaction, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 419.25 Td (T) Tj ET Q q 0 0 0 rg BT 109.93 419.25 Td (ranscontinental will assume pension, postretirement and MEPPs obligations pertaining to the Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 407.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 154.17 407.25 Td (These obligations total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.68 407.25 Td ($86.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.57 407.25 Td (, and are currently included in the Company's balance sheet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 395.25 Td (within discontinued operations as the Canadian portion of the transaction had not closed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.70 395.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 545.09 395.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.91 395.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 371.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 371.25 Td (MEPP) Tj ET Q q 0 0 0 rg BT 132.05 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 134.18 371.25 Td (W) Tj ET Q q 0 0 0 rg BT 144.00 371.25 Td (ithdrawals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.47 371.25 Td ( - Due to the significantly underfunded status of the MEPPs, the Company began the process ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 359.25 Td (to withdraw from all MEPPs and to replace these benefits with a Company sponsored "pay as you go" defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 347.25 Td (contribution plan, which is historically the form of retirement benefit provided to Quad/Graphics employees. ) Tj ET Q q 0 0 0 rg BT 544.07 347.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 335.25 Td (Company has reached agreements with the unions of participating plants to withdraw from the MEPPs, relieving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 323.25 Td (the Company's obligation to make future annual benefit contributions. ) Tj ET Q q 0 0 0 rg BT 389.26 323.25 Td (The Company then notified the MEPP) Tj ET Q q 0 0 0 rg BT 542.58 323.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 311.25 Td (trustees of the Company's withdrawal, and is conducting discussions with the trustees that the Company expects ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 299.25 Td (will ultimately conclude with a future cash payment to settle the obligation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 275.25 Td (Excluding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.60 275.25 Td ($86.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.50 275.25 Td ( in pension, postretirement and MEPPs liabilities from the Canadian discontinued operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.04 263.25 Td ($391.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.93 263.25 Td ( recorded at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.63 263.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 305.02 263.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.84 263.25 Td (, for pension, postretirement and MEPPs benefit obligations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (The Company has reduced its pension and postretirement liability by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.27 251.25 Td ($155.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.16 251.25 Td ( since the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.43 251.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 251.25 Td ( ) Tj ET Q q 0 0 0 rg BT 479.01 251.25 Td (W) Tj ET Q q 0 0 0 rg BT 487.95 251.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (acquisition date primarily due to cash contributions and the divestiture of the Canadian operations, despite a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.60 239.25 Td ($75.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.50 239.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (increase in the liability as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.23 227.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 253.63 227.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.45 227.25 Td ( valuation as a result of a decrease in the liability discount rate and below ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (expected asset returns.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 192.25 Td (Share Repurchase Program) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 168.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.72 168.25 Td (September6, 201) Tj ET Q q 0 0 0 rg BT 170.80 168.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.61 168.25 Td (, the Company's board of directors authorized a share repurchase program of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td ($100.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 156.25 Td ( of the Company's outstanding class ) Tj ET Q q 0 0 0 rg BT 254.85 156.25 Td (A) Tj ET Q q 0 0 0 rg BT 261.52 156.25 Td ( stock. Under the authorization, share repurchases may be made at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (Company's discretion, from time to time, in the open market and/or in privately negotiated transactions as permitted by federal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.25 Td (securities laws and other legal requirements. ) Tj ET Q q 0 0 0 rg BT 232.62 132.25 Td (The timing, manner) Tj ET Q q 0 0 0 rg BT 311.48 132.25 Td (, price and amount of any repurchase will depend on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (economic and market conditions, share price, trading volume, applicable legal requirements and other factors. ) Tj ET Q q 0 0 0 rg BT 494.47 120.25 Td (The program ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td (may be suspended or discontinued at any time. ) Tj ET Q q 0 0 0 rg BT 242.09 108.25 Td (Through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.94 108.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 352.33 108.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 108.25 Td (, the Company repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.06 108.25 Td (0.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.95 108.25 Td ( shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.25 Td (class ) Tj ET Q q 0 0 0 rg BT 71.66 96.25 Td (A) Tj ET Q q 0 0 0 rg BT 78.33 96.25 Td ( stock in the open market for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.52 96.25 Td ($8.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.41 96.25 Td (.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (52) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Risk Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (For a discussion of the Company's exposure to market risks and management of those market risks, see Item 7A, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td ("Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 218.76 706.25 Td (About Market Risk," of this ) Tj ET Q q 0 0 0 rg BT 332.29 706.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 683.25 Td (Of) Tj ET Q q 0 0 0 rg BT 96.46 683.25 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 164.51 683.25 Td (Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 659.25 Td (Except as set forth below in the Contractual Obligations and Other Commitments table and in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.42 659.25 Td (Note 17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.36 659.25 Td (, "Lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (Obligations," to the consolidated financial statements in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 332.08 647.25 Td (Annual Report on Form 10-K \(including operating leases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (and future interest on debt and capital leases to be incurred\), the Company has no of) Tj ET Q q 0 0 0 rg BT 386.47 635.25 Td (f-balance sheet arrangements, financings or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (special purpose entities that the Company expects to have a material current or future ef) Tj ET Q q 0 0 0 rg BT 401.44 623.25 Td (fect on financial condition, changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (financial condition, results of operations, liquidity) Tj ET Q q 0 0 0 rg BT 249.91 611.25 Td (, capital expenditures, capital resources or significant components of sales or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 576.25 Td (Contractual Obligations and Other Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (The Company's contractual cash obligations on continuing operations at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.90 552.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 414.30 552.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.12 552.25 Td ( were as follows \(in millions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 515.75 m 264.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 515.75 m 264.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 501.75 m 264.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 411.75 m 264.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 397.75 m 264.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 395.75 m 264.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 515.75 m 268.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 515.75 m 313.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 515.75 m 313.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 501.75 m 313.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 411.75 m 313.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 397.75 m 313.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 395.75 m 313.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 515.75 m 317.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 515.75 m 362.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 515.75 m 362.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 501.75 m 362.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 411.75 m 362.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 397.75 m 362.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 395.75 m 362.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 515.75 m 366.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 515.75 m 411.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 515.75 m 411.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 501.75 m 411.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 411.75 m 411.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 397.75 m 411.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 395.75 m 411.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 515.75 m 415.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 515.75 m 460.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 515.75 m 460.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 501.75 m 460.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 501.75 m 460.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 411.75 m 460.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 397.75 m 460.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 395.75 m 460.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 515.75 m 464.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 515.75 m 509.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 515.75 m 509.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 501.75 m 509.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 501.75 m 509.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 411.75 m 509.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 397.75 m 509.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 395.75 m 509.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 515.75 m 513.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 515.75 m 561.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 515.75 m 561.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 501.75 m 561.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 501.75 m 561.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 411.75 m 561.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 397.75 m 561.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 395.75 m 561.5 395.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 491.42 Td (Debt Obligations) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 120.60 495.95 Td ( \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.50 491.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 476.42 Td (Pension and Postretirement Benefits ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 199.75 480.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 476.32 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 461.42 Td (Operating Lease Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.50 461.32 Td (. . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 446.42 Td (Other Liabilities ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 120.32 450.95 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.50 446.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 431.42 Td (Capital Lease Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.50 431.32 Td (. . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 416.42 Td (Purchase Obligations ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 139.76 420.95 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.50 416.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 401.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 401.42 Td (otal) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 72.41 405.95 Td ( \(5\)\(6\)\(7\)\(8\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 401.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.10 520.20 Td (Payments Due by Period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.15 506.20 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.60 491.42 Td (1,844.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.15 476.42 Td (239.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.15 461.42 Td (168.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.15 446.42 Td (72.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.15 431.42 Td (50.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.15 416.42 Td (24.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.60 401.42 Td (2,399.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.50 506.20 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.15 491.42 Td (150.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 476.42 Td (56.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 461.42 Td (37.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 446.42 Td (41.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 431.42 Td (23.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 416.42 Td (24.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.15 401.42 Td (331.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.50 506.20 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 491.42 Td (166.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 476.42 Td (66.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 461.42 Td (31.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 446.42 Td (13.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 431.42 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 416.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 401.42 Td (288.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.50 506.20 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 491.42 Td (176.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.15 476.42 Td (58.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.15 461.42 Td (23.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.15 446.42 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.15 431.42 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 416.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 401.42 Td (278.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.50 506.20 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 491.42 Td (207.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 476.42 Td (39.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 461.42 Td (19.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 446.42 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 431.42 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.65 416.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 401.42 Td (272.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.50 506.20 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 491.42 Td (514.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 476.42 Td (18.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 461.42 Td (16.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.15 446.42 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.15 431.42 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 416.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 401.42 Td (553.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.40 506.20 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 491.42 Td (629.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 476.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 461.42 Td (40.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 446.42 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 431.42 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 416.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 401.42 Td (675.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 367.25 Td (Debt obligations include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.82 367.25 Td ($419.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.71 367.25 Td ( for anticipated future interest payments. ) Tj ET Q q 0 0 0 rg BT 394.78 367.25 Td (W) Tj ET Q q 0 0 0 rg BT 403.93 367.25 Td (ith respect to the variable interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 355.25 Td (portions of the debt, the interest amounts were calculated by applying the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.75 355.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 437.15 355.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.96 355.25 Td ( weighted-average interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 343.25 Td (rate to determine the value of future interest payments. For the Master Note and Security ) Tj ET Q q 0 0 0 rg BT 427.89 343.25 Td (Agreement, the weighted-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 331.25 Td (average interest rate of the notes was applied to the average principal balance outstanding for each time period. ) Tj ET Q q 0 0 0 rg BT 516.98 331.25 Td (Amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 319.25 Td (included in "Thereafter" include principal payments and estimated interest expense through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.32 319.25 Td (2036) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.32 319.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 295.25 Td (For the pension and postretirement benefits, contributions and benefit payments to be funded from Company assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 283.25 Td (included in the table have been actuarially estimated over a 5 year period. ) Tj ET Q q 0 0 0 rg BT 367.50 283.25 Td (While benefit payments under these benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 271.25 Td (plans are expected to continue beyond 2016, the Company believes that an estimate beyond this period is unreasonable. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 259.25 Td (The contractual obligations table above does not include a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.20 259.25 Td ($83.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.09 259.25 Td ( estimated withdrawal liability for the U.S. ) Tj ET Q q 0 0 0 rg BT 530.58 259.25 Td (W) Tj ET Q q 0 0 0 rg BT 539.52 259.25 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 247.25 Td (Color Press MEPPs due to the uncertainty with the amount and timing of any potential withdrawal liability payment. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 235.25 Td (the "Pension and Postretirement Benefit Obligations" section above for further discussion of the withdrawal from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 223.25 Td (MEPPs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 199.25 Td (Other liabilities consist primarily of the $20.0 million stock option termination payment, utility contracts of $13.6 million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 187.25 Td (restructuring-related severance payments of $10.7 million and deferred compensation arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 163.25 Td (Purchase obligations consist primarily of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.36 163.25 Td ($20.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.25 163.25 Td ( in firm commitments to purchase press and finishing equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 151.25 Td (and other operational purchase requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 127.25 Td (The contractual obligations table above does not include reserves for uncertain tax positions recorded in accordance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 115.25 Td (the accounting guidance on uncertainties in income taxes. ) Tj ET Q q 0 0 0 rg BT 303.94 115.25 Td (The Company has taken tax positions for which the ultimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 103.25 Td (amount and the year\(s\) any necessary payments will be made that pertain to those tax positions is uncertain. ) Tj ET Q q 0 0 0 rg BT 504.45 103.25 Td (The reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 91.25 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.66 91.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 163.06 91.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.87 91.25 Td ( for uncertain tax positions prior to interest and penalties is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.87 91.25 Td ($106.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.76 91.25 Td (. ) Tj ET Q q 0 0 0 rg BT 472.17 91.25 Td (The Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 79.25 Td (also recorded accruals for interest and penalties related to uncertain tax positions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.26 79.25 Td ($5.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 79.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.59 79.25 Td ($0.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.48 79.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 67.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 115.99 67.25 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.32 67.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 215.72 67.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.53 67.25 Td (.) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The contractual obligations table above does not include the value of shares of the Company's class C stock classified as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (redeemable equity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.90 730.10 Td ($3.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.80 730.10 Td ( on the consolidated balance sheet as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.29 730.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 437.69 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.51 730.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The contractual obligations table above does not include the purchase price payable from the ) Tj ET Q q 0 0 0 rg BT 441.66 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 447.50 706.10 Td (ranscontinental business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (exchange transaction as the payable will be settled by the Company with non-cash net assets of the Company's Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 109.30 682.10 Td (The Company believes that any cash payments to complete the sale will ultimately be immaterial. ) Tj ET Q q 0 0 0 rg BT 505.40 682.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (Company announced on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.70 670.10 Td (February7, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.30 670.10 Td (, that it had received authorization by Canada's Competition Bureau to complete ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (the sale of its Canadian operations to ) Tj ET Q q 0 0 0 rg BT 218.15 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 223.99 658.10 Td (ranscontinental, which is expected to occur before March 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (\(8\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (The contractual obligations table above does not include the share repurchase program as no repurchases are required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (under the program. See the "Share Repurchase Program" section above for further discussion, including the maximum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (potential cash payments under the program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.99 587.25 Td (Accounting Policies and Estimates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 563.25 Td (The Company's consolidated financial statements are prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 443.23 563.25 Td (. ) Tj ET Q q 0 0 0 rg BT 450.09 563.25 Td (The Company's most ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (critical accounting policies are those that are most important to the portrayal of its financial condition and results of operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (and which require the Company to make its most dif) Tj ET Q q 0 0 0 rg BT 260.14 539.25 Td (ficult and subjective estimates. Management is required to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (judgments and estimates that af) Tj ET Q q 0 0 0 rg BT 175.99 527.25 Td (fect the reported amounts of assets and liabilities, the disclosure of contingent assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (liabilities at the date of the statements, and the reported amounts of revenues and expenses during the reporting period. ) Tj ET Q q 0 0 0 rg BT 529.76 515.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (the circumstances. ) Tj ET Q q 0 0 0 rg BT 128.77 491.25 Td (The Company's management believes that such judgments and estimates are made with consistent and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (appropriate methods based on information available at the time, and that any reasonable deviation from those judgments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (estimates would not have a material impact on the Company's consolidated financial position or results of operations. ) Tj ET Q q 0 0 0 rg BT 524.47 467.25 Td (Actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (results may dif) Tj ET Q q 0 0 0 rg BT 109.34 455.25 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 243.84 455.25 Td (ferent assumptions or conditions. ) Tj ET Q q 0 0 0 rg BT 381.41 455.25 Td (T) Tj ET Q q 0 0 0 rg BT 387.08 455.25 Td (o the extent that the estimates used dif) Tj ET Q q 0 0 0 rg BT 539.66 455.25 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (from actual results, adjustments to the consolidated statements of operations and corresponding consolidated balance sheets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (would be necessary) Tj ET Q q 0 0 0 rg BT 127.98 431.25 Td (. ) Tj ET Q q 0 0 0 rg BT 135.07 431.25 Td (These adjustments would be made in future statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 407.25 Td (The Company has identified the following as its critical accounting policies and estimates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 383.25 Td (Revenue Recognition: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.38 383.25 Td (The Company recognizes its printing revenues upon transfer of title and the passage of risk of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (loss, which is generally upon shipment to the customer) Tj ET Q q 0 0 0 rg BT 269.41 371.25 Td (. Under agreements with certain customers, products may be stored by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (the Company for future delivery) Tj ET Q q 0 0 0 rg BT 179.08 359.25 Td (. In these situations, the Company may receive warehouse management fees for the services it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (provides. In certain of these cases, delivery and billing schedules are outlined in the customer agreement and product revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (is recognized when manufacturing is complete, title and risk of loss transfer to the customer) Tj ET Q q 0 0 0 rg BT 417.19 335.25 Td (, and there is a reasonable assurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (as to collectability) Tj ET Q q 0 0 0 rg BT 122.99 323.25 Td (. Product returns are not significant because the majority of products are customized; however) Tj ET Q q 0 0 0 rg BT 501.50 323.25 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (accrues for the estimated amount of customer allowances at the time of sale based on historical experience and known trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 287.25 Td (Revenue from services is recognized as services are performed. Revenues related to the Company's imaging ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (operations, which include digital content management, photography) Tj ET Q q 0 0 0 rg BT 321.82 275.25 Td (, color services and page production, are recognized in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer) Tj ET Q q 0 0 0 rg BT 554.79 263.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.24 251.25 Td (ith respect to the Company's logistics operations, which include the delivery of printed material, the Company recognizes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (revenue upon completion of the delivery of services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 215.25 Td (The Company also manufactures printing-related auxiliary equipment to ensure industry leading technology for its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (own printing operations as well as to sell to other businesses. Revenue is generally recognized for the equipment sales at time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (of shipment. Revenue from services related to the installation of equipment at customer sites are recognized upon completion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (of the installation. Payments can be received from customers during the manufacture of equipment and prior to shipment, or in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (the case of the installation services prior to completion of the installation. In all cases when payments are received in advance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (of meeting the applicable revenue recognition criteria, deferred revenue is recorded until the revenue recognition criteria are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (subsequently met.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 119.25 Td (Services account for greater than 10% of the Company's consolidated net sales; therefore, net sales and related costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (sales of products and services have been included as separate line items in the consolidated statements of operations in Item8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (of this ) Tj ET Q q 0 0 0 rg BT 77.50 95.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 71.25 Td (Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (principal or net of related costs as an agent. Billings for third-party shipping and handling costs, primarily in the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the consolidated statements ) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (of operations in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 171.09 742.10 Td (Annual Report on Form 10-K. Many of the Company's operations process materials, primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (paper) Tj ET Q q 0 0 0 rg BT 72.01 730.10 Td (, that may be supplied directly by customers or may be purchased by the Company and sold to customers. No revenue is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (recognized for customer) Tj ET Q q 0 0 0 rg BT 147.08 718.10 Td (-supplied paper) Tj ET Q q 0 0 0 rg BT 208.63 718.10 Td (. Revenues for Company-supplied paper are recognized on a gross basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (Impairment of Property) Tj ET Q q 0 0 0 rg BT 183.59 694.10 Td (, Plant and Equipment and Finite-lived Intangible ) Tj ET Q q 0 0 0 rg BT 392.69 694.10 Td (Assets: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.40 694.10 Td (The Company performs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (impairment evaluations of its long-lived assets, of which the most significant are property) Tj ET Q q 0 0 0 rg BT 408.76 682.10 Td (, plant and equipment and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (customer relationship intangible assets recorded with the ) Tj ET Q q 0 0 0 rg BT 279.57 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 288.52 670.10 Td (orld Color Press acquisition, whenever business conditions, events ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (or circumstances indicate that those assets may be impaired, including whether the estimated useful life of such long-lived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (assets may warrant revision or whether the remaining balance of an asset may not be recoverable. ) Tj ET Q q 0 0 0 rg BT 445.12 646.10 Td (Assessing the impairment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (long-lived assets requires the Company to make important estimates and assumptions, including, but not limited to, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (expected future cash flows that the assets will generate, how the assets will be used based on the strategic direction, their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (remaining useful life and their residual value, if any) Tj ET Q q 0 0 0 rg BT 257.10 610.10 Td (. Considerable judgment is also applied in incorporating the potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (impact of the current economic climate on customer demand and selling prices, the cost of production and the limited activity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (on secondary markets for the assets and on the cost of capital. ) Tj ET Q q 0 0 0 rg BT 302.05 586.10 Td (When the estimated future undiscounted cash flows to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (generated by the assets are less than the carrying value of the long-lived assets, the assets are written down to fair value and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.12 562.10 Td (ge is recorded to current operations. ) Tj ET Q q 0 0 0 rg BT 215.77 562.10 Td (The Company uses internal undiscounted cash flow estimates, quoted market prices ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (when available and independent appraisals, as appropriate, to determine fair value. Based on the assessments completed in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.08 538.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 169.48 538.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.30 538.10 Td (, the Company recognized total fixed asset impairment char) Tj ET Q q 0 0 0 rg BT 412.74 538.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.31 538.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.20 538.10 Td (, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td ($3.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 526.10 Td ( was related to the closure of the Stillwater) Tj ET Q q 0 0 0 rg BT 269.75 526.10 Td (, Oklahoma plant and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.13 526.10 Td ($10.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.03 526.10 Td ( related to machinery and equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (at other facilities. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.52 514.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.52 514.10 Td (, the Company recognized total impairment char) Tj ET Q q 0 0 0 rg BT 348.98 514.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.55 514.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.44 514.10 Td (, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.71 514.10 Td ($24.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.60 514.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ($6.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 502.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.33 502.10 Td ($2.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.22 502.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.21 502.10 Td (, related to the plant closures in Pila, Poland, Reno, Nevada and Fredericksbur) Tj ET Q q 0 0 0 rg BT 532.49 502.10 Td (g, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.92 490.10 Td (ir) Tj ET Q q 0 0 0 rg BT 62.64 490.10 Td (ginia. ) Tj ET Q q 0 0 0 rg BT 89.95 490.10 Td (There were no impairment char) Tj ET Q q 0 0 0 rg BT 215.82 490.10 Td (ges recorded during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 490.10 Td (201) Tj ET Q q 0 0 0 rg BT 312.46 490.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.28 490.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.61 490.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.61 490.10 Td ( for the customer relationship intangibles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (The Company continues to monitor groups of assets to identify any new events or changes in circumstances that could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (indicate that their carrying values are not recoverable, particularly in light of potential declines in profitability that may result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (from the highly competitive industry landscape and continued uncertainty in the global economy) Tj ET Q q 0 0 0 rg BT 436.79 442.10 Td (. In the event that there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (significant and unanticipated changes in circumstances, such as significant adverse changes in business climate, adverse actions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (by regulators, unanticipated competition, loss of key customers and/or changes in technology or markets, or that actual results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (dif) Tj ET Q q 0 0 0 rg BT 61.02 406.10 Td (fer from management's estimates, a provision for impairment could be required in a future period. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (Impairment of Goodwill: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.78 382.10 Td (The allocation of purchase price for business combinations requires management estimates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (and judgment as to expectations for future cash flows of the acquired business and the allocation of those cash flows to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (identifiable assets and liabilities assumed, including valuations performed by third-party appraisers when appropriate, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (determining the estimated fair value for purchase price allocation purposes. Goodwill is measured as the excess of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (purchase price over the fair value assigned to the identifiable assets acquired and liabilities assumed. Changes in management's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (estimates or judgments, including changes based on actual results dif) Tj ET Q q 0 0 0 rg BT 325.95 322.10 Td (fering from the estimates and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 443.05 322.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.55 322.10 Td (judgments used in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (purchase price allocation process, could result in an impairment char) Tj ET Q q 0 0 0 rg BT 324.81 310.10 Td (ge, and such a char) Tj ET Q q 0 0 0 rg BT 400.98 310.10 Td (ge could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 541.83 310.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (on the Company's results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (Accounting guidance requires that goodwill impairment is to be tested at the reporting unit level on at least an annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 77.41 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.56 262.10 Td (ithin its three reportable segments, the Company has identified four reporting units: \(1\) United States, \(2\) Canada, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 73.33 250.10 Td (America and \(4\) Europe. ) Tj ET Q q 0 0 0 rg BT 177.18 250.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.34 250.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 274.74 250.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.56 250.10 Td (, the amount of goodwill included in continuing operations totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td ($787.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 238.10 Td (, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.66 238.10 Td ($757.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.55 238.10 Td ( was allocated to the United States reporting unit and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.94 238.10 Td ($29.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.83 238.10 Td ( was allocated to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 73.33 226.10 Td (America reporting unit. Goodwill allocated to the Canada reporting unit totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.46 226.10 Td ($20.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.35 226.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.57 226.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 534.97 226.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.78 226.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (was included within discontinued operations. ) Tj ET Q q 0 0 0 rg BT 235.71 214.10 Td (The European reporting unit has no goodwill allocated to it.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (The Company performs its annual goodwill impairment test as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.84 190.10 Td (October31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.54 190.10 Td (, or more frequently if an event occurs or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. ) Tj ET Q q 0 0 0 rg BT 531.22 178.10 Td (A) Tj ET Q q 0 0 0 rg BT 537.89 178.10 Td ( two-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (step method is used for determining goodwill impairment. In the first step, the Company compares the estimated fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (each reporting unit with goodwill allocated to it to its carrying amount, including the goodwill. Fair value was determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (using an equal weighting of both the income and market approaches. Under the income approach, the Company determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (overall level of inherent risk and the rate of return an outside investor would expect to earn. Under the market approach, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Company derived the fair value of the reporting units based on market multiples of comparable publicly-traded companies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (This fair value determination was categorized as Level 3 in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 382.03 94.10 Td (. If the carrying amount of such reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (unit exceeds the estimated fair value, step two is completed to determine the amount of the impairment char) Tj ET Q q 0 0 0 rg BT 481.43 82.10 Td (ge. Step two ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (requires the allocation of the estimated fair value of the reporting unit to the assets, including any unrecognized intangible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (assets, and liabilities in a hypothetical purchase price allocation. ) Tj ET Q q 0 0 0 rg BT 311.31 58.10 Td (Any remaining unallocated fair value represents the implied ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (fair value of the goodwill, which is then compared to the corresponding carrying value of the goodwill to compute the goodwill ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.72 742.10 Td (ge. ) Tj ET Q q 0 0 0 rg BT 132.47 742.10 Td (The Company's methodologies for valuing goodwill are applied consistently on a year) Tj ET Q q 0 0 0 rg BT 477.06 742.10 Td (-over) Tj ET Q q 0 0 0 rg BT 497.96 742.10 Td (-year basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (The assumptions used in performing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.31 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 228.12 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.93 730.10 Td ( impairment calculations were evaluated in light of market and business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 99.07 718.10 Td (The Company continues to believe that the discounted cash flow model and market multiples model provide a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (reasonable and meaningful fair value estimate based upon the reporting units' projections of future operating results and cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (flows and replicates how market participants would value the Company's reporting units.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (As discussed above, goodwill is tested annually for impairment or more frequently if events or changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. One of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (these indicators is a change in business climate, which may be evidenced by) Tj ET Q q 0 0 0 rg BT 354.30 646.10 Td (, among other things, a decline in a company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (market capitalization below book value. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.77 634.10 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.65 634.10 Td ( quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 634.10 Td (201) Tj ET Q q 0 0 0 rg BT 338.61 634.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.43 634.10 Td (, the Company's stock price decreased such that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Company's market capitalization was less than the carrying value of its equity) Tj ET Q q 0 0 0 rg BT 361.11 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 368.01 622.10 Td (As a result, the Company conducted an interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (goodwill impairment assessment of the United States and Latin ) Tj ET Q q 0 0 0 rg BT 305.51 610.10 Td (American reporting units which included comparing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (carrying amount of net assets, including goodwill, of each reporting unit to its respective fair value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.05 598.10 Td (August31, 201) Tj ET Q q 0 0 0 rg BT 529.98 598.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.79 598.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (date of the interim assessment. ) Tj ET Q q 0 0 0 rg BT 177.93 586.10 Td (The European reporting unit does not have any goodwill and the Canadian reporting unit was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (assessed separately for goodwill impairment as part of the pending sale of the Canadian operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (In performing the interim impairment assessment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.34 550.10 Td (August31, 201) Tj ET Q q 0 0 0 rg BT 368.27 550.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.08 550.10 Td (, fair value was determined using an equal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (weighting of both the income and market approaches. Significant assumptions used under the income approach included: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (estimated future cash flows including expected future revenue growth, profit mar) Tj ET Q q 0 0 0 rg BT 374.52 526.10 Td (gins, capital expenditures, and working capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (levels, a weighted-average cost of capital of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.25 514.10 Td (10.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.08 514.10 Td ( for the United States reporting unit and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.71 514.10 Td (13.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.54 514.10 Td ( for the Latin ) Tj ET Q q 0 0 0 rg BT 496.25 514.10 Td (America ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (reporting unit and terminal value multiples. Estimated future cash flows were based on the Company's internal projection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (models, industry projections and other assumptions deemed reasonable by management. Significant assumptions used under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the market approach included: a control premium based on similar transactions, selection of the guideline public companies and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (selected market multiples. Because the estimated fair value of each of the Company's United States and Latin ) Tj ET Q q 0 0 0 rg BT 492.21 466.10 Td (American ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (reporting units exceeded its carrying amount, management concluded that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.54 454.10 Td (August31, 201) Tj ET Q q 0 0 0 rg BT 522.47 454.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.29 454.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (In performing the Company's annual impairment assessment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.46 430.10 Td (October31, 201) Tj ET Q q 0 0 0 rg BT 416.99 430.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 430.10 Td (, fair value was determined using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (an equal weighting of both the income and market approaches. Significant assumptions used under the income approach ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (included: estimated future cash flows including expected future revenue growth, profit mar) Tj ET Q q 0 0 0 rg BT 414.23 406.10 Td (gins, capital expenditures, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (working capital levels, a weighted average cost of capital of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.40 394.10 Td (10.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.23 394.10 Td ( for the United States reporting unit and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.86 394.10 Td (15.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.69 394.10 Td ( for the Latin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (America reporting unit and terminal value multiples. Significant assumptions used under the market approach included: a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (control premium based on similar transactions, selection of the guideline public companies and selected market multiples. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Because the estimated fair value of each of the Company's United States and Latin ) Tj ET Q q 0 0 0 rg BT 382.53 358.10 Td (American reporting units exceeded its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (carrying amount, management concluded that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.07 346.10 Td (October31, 201) Tj ET Q q 0 0 0 rg BT 413.59 346.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.41 346.10 Td (. No additional indications of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (impairment have been identified between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.99 334.10 Td (October31, 201) Tj ET Q q 0 0 0 rg BT 282.51 334.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.32 334.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.76 334.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 380.16 334.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.98 334.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (In addition, the Company performed a sensitivity analysis as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.78 310.10 Td (October31, 201) Tj ET Q q 0 0 0 rg BT 406.30 310.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.12 310.10 Td ( on the material assumptions used in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (the discounted cash flow valuation models for the three reporting units to which goodwill has been allocated. Further) Tj ET Q q 0 0 0 rg BT 520.51 298.10 Td (, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (performing the annual goodwill impairment assessment, the percentage by which estimated fair value exceeded carrying value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (was more than 10% in both the United States and Latin ) Tj ET Q q 0 0 0 rg BT 273.29 274.10 Td (America reporting units. Based on the goodwill impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (assessments through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.44 262.10 Td (201) Tj ET Q q 0 0 0 rg BT 149.25 262.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.07 262.10 Td (, no goodwill impairment char) Tj ET Q q 0 0 0 rg BT 275.34 262.10 Td (ge pertaining to goodwill from continuing operations has been required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (to be recorded. However) Tj ET Q q 0 0 0 rg BT 151.14 250.10 Td (, the Company recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.46 250.10 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.35 250.10 Td ( goodwill impairment char) Tj ET Q q 0 0 0 rg BT 416.62 250.10 Td (ge during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.80 250.10 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.68 250.10 Td ( quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.83 250.10 Td (201) Tj ET Q q 0 0 0 rg BT 549.64 250.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.46 250.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (for the pending sale of the Canadian discontinued operations due to the carrying value of the Canadian net assets exceeding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (estimated fair value of the Mexican acquired from ) Tj ET Q q 0 0 0 rg BT 253.16 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.00 226.10 Td (ranscontinental. ) Tj ET Q q 0 0 0 rg BT 327.32 226.10 Td (The goodwill impairment loss is included in the loss from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (discontinued operations in the consolidated statements of operations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.45 214.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 473.85 214.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.67 214.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (During certain periods in 201) Tj ET Q q 0 0 0 rg BT 203.56 190.10 Td (1, the Company's market capitalization was below its book value. ) Tj ET Q q 0 0 0 rg BT 470.12 190.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 519.50 190.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Company monitors changes in the share price between annual impairment tests to ensure that the estimated fair value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (reporting units continues to exceed the carrying value of the net assets of the reporting units. ) Tj ET Q q 0 0 0 rg BT 424.62 166.10 Td (A) Tj ET Q q 0 0 0 rg BT 431.29 166.10 Td ( decline in market capitalization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (that corresponds to an overall deterioration in stock market conditions is considered to be less of an indicator of goodwill ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (impairment than a unilateral decline in the Company market capitalization, which would reflect adverse changes in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Company's underlying operating performance, cash flows, financial condition and/or liquidity) Tj ET Q q 0 0 0 rg BT 425.55 130.10 Td (. In the event that the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (market capitalization declines below its book value, the reason for the decline is considered when assessing whether a potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (goodwill impairment exists. ) Tj ET Q q 0 0 0 rg BT 166.84 106.10 Td (The Company believes that fluctuations in share price may not necessarily reflect underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (values.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (56) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Accounting for Income T) Tj ET Q q 0 0 0 rg BT 190.27 742.25 Td (axes: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.47 742.25 Td (In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.67 742.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.84 742.25 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 417.46 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 426.41 742.25 Td (orld Color Press and the public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (registration of the Company's class ) Tj ET Q q 0 0 0 rg BT 192.33 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 199.00 730.25 Td ( stock, the Company changed the tax status of any S corporation entities within the Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Graphics legal structure to C corporation status under the provisions of the Internal Revenue Code. From that point forward, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (all of the Company's legal entities are subject to federal and state income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. Under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (this method, deferred tax assets and liabilities are measured based on the dif) Tj ET Q q 0 0 0 rg BT 353.98 658.25 Td (ferences between the financial statement and tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (basis of assets and liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 277.07 646.25 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 406.00 646.25 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 541.01 646.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.68 634.25 Td (fect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.68 622.25 Td (fective date of enactment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (be realized. ) Tj ET Q q 0 0 0 rg BT 100.99 586.25 Td (This determination is based upon all available positive and negative evidence, including future reversals of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (existing taxable temporary dif) Tj ET Q q 0 0 0 rg BT 170.15 574.25 Td (ferences, projected future taxable income, tax planning strategies, and recent financial operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (The realization of deferred tax assets depends upon the Company's ability to generate future taxable income. ) Tj ET Q q 0 0 0 rg BT 488.78 562.25 Td (The Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (recorded deferred tax assets related to domestic and foreign tax loss and credit carryforwards. ) Tj ET Q q 0 0 0 rg BT 429.20 550.25 Td (The Company evaluates these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (deferred tax assets by tax jurisdiction. ) Tj ET Q q 0 0 0 rg BT 206.53 538.25 Td (The utilization of these tax assets is limited by the amount of taxable income expected to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (be generated within the allowable carryforward period, and other factors. ) Tj ET Q q 0 0 0 rg BT 347.10 526.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 396.48 526.25 Td (, management has provided a valuation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (allowance to reduce certain of these deferred tax assets when management has concluded that, based on the weight of available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (evidence, it is more likely than not that the deferred tax assets will not be fully realized. If actual results dif) Tj ET Q q 0 0 0 rg BT 480.60 502.25 Td (fer from these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (estimates, or the estimates are adjusted in future periods, adjustments to the valuation allowance might need to be recorded.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (position would be sustained upon examination by tax authorities. ) Tj ET Q q 0 0 0 rg BT 315.15 454.25 Td (This recognized tax position is then measured at the lar) Tj ET Q q 0 0 0 rg BT 535.73 454.25 Td (gest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (amount of benefit that is greater than fifty-percent likely of being recognized upon ultimate settlement. ) Tj ET Q q 0 0 0 rg BT 466.15 442.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (recognizes interest and penalties related to unrecognized tax benefits in income tax expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.25 Td (The determination of the Company's worldwide tax provision and related tax assets and liabilities requires the use of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (significant judgment, estimates, and the interpretation of complex tax laws. In the ordinary course of business, there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (transactions and calculations where the final tax outcome is uncertain. ) Tj ET Q q 0 0 0 rg BT 335.36 382.25 Td (While the Company believes it has the appropriate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (support for the positions taken, certain positions may be successfully challenged by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 463.43 370.25 Td (The Company applies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the appropriate amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (tax benefits to be recognized with respect to uncertain tax positions. ) Tj ET Q q 0 0 0 rg BT 326.77 346.25 Td (The consolidated financial statements as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.62 346.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 334.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 334.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.07 334.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 334.25 Td ( reflect these tax positions. ) Tj ET Q q 0 0 0 rg BT 220.89 334.25 Td (The determination of the Company's worldwide tax provision includes the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (any changes to the amount of tax benefits recognized with respect to uncertain tax positions. ) Tj ET Q q 0 0 0 rg BT 424.33 322.25 Td (Although management believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (that its estimates are reasonable, the final outcome of uncertain tax positions may be materially dif) Tj ET Q q 0 0 0 rg BT 443.67 310.25 Td (ferent from that which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (reflected in the Company's historical financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (Pension and Postretirement Benefit Plans: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.12 274.25 Td (As a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 395.06 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 404.00 274.25 Td (orld Color Press, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (acquired multiple pension and postretirement defined benefit plans. Prior to the acquisition, the Company did not have defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (benefit plans and the resulting pension and postretirement obligations. ) Tj ET Q q 0 0 0 rg BT 335.68 250.25 Td (The Company established the initial liabilities for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (pension and postretirement obligations based on a third-party valuation as part of the purchase price allocation process. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Pension plan costs are determined using actuarial methods and are funded through contributions determined in accordance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (the projected benefit method pro-rated on service. ) Tj ET Q q 0 0 0 rg BT 254.55 214.25 Td (The Company records amounts relating to its pension and postretirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (benefit plans based on calculations which include various actuarial assumptions including discount rates, mortality) Tj ET Q q 0 0 0 rg BT 508.45 202.25 Td (, assumed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (rates of return, compensation increases, turnover rates and health care cost trend rates. ) Tj ET Q q 0 0 0 rg BT 399.48 190.25 Td (The Company reviews its actuarial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (assumptions on an annual basis and modifies the assumptions based on current rates and trends when it is appropriate to do so. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.73 166.25 Td (fects of modifications are recognized immediately on the consolidated balance sheet, but are generally amortized into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (operating earnings over future periods, with the deferred amount recorded in accumulated other comprehensive income \(loss\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (on the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 191.25 142.25 Td (The Company believes that the assumptions utilized in recording its obligations under its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors. ) Tj ET Q q 0 0 0 rg BT 521.99 130.25 Td (When an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (event gives rise to both a curtailment and a settlement, the curtailment is accounted for prior to the settlement. ) Tj ET Q q 0 0 0 rg BT 494.77 118.25 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (measurement date to measure the defined benefit plan assets and the projected benefit obligation is December 31. For the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (purposes of calculating the expected return on plan assets, those assets are valued at fair value.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (The Company determines its assumption for the discount rate to be used for purposes of computing annual service and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (interest costs for each pension plan based on an index of high-quality corporate bond yields and matched-funding yield curve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (analysis as of that date. ) Tj ET Q q 0 0 0 rg BT 147.94 718.10 Td (The weighted-average discount rate for the pension plans at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 718.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 462.54 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.36 718.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.91 718.10 Td (4.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.74 718.10 Td (, and for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (postretirement benefit plans was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.18 706.10 Td (3.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.01 706.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (The Company employs a total return on investment approach for its pension plans whereby a diversified mix of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (equities and fixed income investments are used to maximize the long-term pension plan assets. ) Tj ET Q q 0 0 0 rg BT 434.26 670.10 Td (The intent of this strategy is to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (outperform the growth in plan liabilities over the long run, such that plan contributions can be decreased, balanced with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (maintaining a lower degree of investment risk. Risk tolerance is established through careful consideration of plan liabilities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (plan funded status, and corporate financial condition. Equity investments are diversified across geography and market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (capitalization through investments in U.S. lar) Tj ET Q q 0 0 0 rg BT 231.26 622.10 Td (ge-capitalization stocks, U.S. small-capitalization stocks and international ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (securities. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (asset/liability studies and quarterly investment portfolio reviews. ) Tj ET Q q 0 0 0 rg BT 314.02 598.10 Td (The expected long-term rate of return for plan assets is based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (upon many factors including expected asset allocations, historical asset returns, current and expected future market conditions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (and risk. ) Tj ET Q q 0 0 0 rg BT 89.35 574.10 Td (The tar) Tj ET Q q 0 0 0 rg BT 117.76 574.10 Td (get asset allocation is 65% equity) Tj ET Q q 0 0 0 rg BT 250.93 574.10 Td (, 35% fixed income. ) Tj ET Q q 0 0 0 rg BT 336.32 574.10 Td (The actual asset allocation as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.18 574.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 539.58 574.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.39 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.31 562.10 Td (64%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.64 562.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 173.81 562.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.49 562.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.82 562.10 Td ( debt securities and 1% other) Tj ET Q q 0 0 0 rg BT 312.34 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 319.47 562.10 Td (The expected return on plan assets assumption at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 550.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 550.10 Td ( and 2010 was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.20 550.10 Td (6.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.03 550.10 Td ( for the Company's funded U.S. pension plans. Certain pension plans and all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (postretirement benefit plans are unfunded \(those plans do not hold plan assets\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (The health care cost trend rates used in valuing the Company's postretirement medical benefit obligations are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (established based upon actual health care cost trends and consultation with actuaries and benefit providers. ) Tj ET Q q 0 0 0 rg BT 481.53 502.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.75 502.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 490.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 490.10 Td (, the current weighted average health care cost trend rate assumption for the U.S. postretirement plans was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.26 490.10 Td (8.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.09 490.10 Td ( for both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (pre-age and post-age 65 participants. ) Tj ET Q q 0 0 0 rg BT 202.35 478.10 Td (The current trend rate gradually decreases to an ultimate trend rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.57 478.10 Td (5.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.40 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.63 478.10 Td (A) Tj ET Q q 0 0 0 rg BT 516.30 478.10 Td ( one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (percentage point increase in the assumed health care cost trend rate would increase the postretirement benefit obligation by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 454.10 Td ( and increase the postretirement benefit service and interest cost components, net by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.66 454.10 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.55 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 493.78 454.10 Td (A) Tj ET Q q 0 0 0 rg BT 500.45 454.10 Td ( one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (percentage point decrease in the assumed health care cost trend rate would decrease the postretirement benefit obligation by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td ($1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 430.10 Td ( and decrease the postretirement benefit service and interest cost components, net by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.32 430.10 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.21 430.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (In addition, as a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 259.76 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.71 406.10 Td (orld Color Press, the Company participates in MEPPs. ) Tj ET Q q 0 0 0 rg BT 490.70 406.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (records the required cash contributions to the MEPPs as expenses in the period incurred and a liability is recognized for any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (contributions due and unpaid, consistent with the accounting for defined contribution plans. Due to the significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (underfunded status of the MEPPs, at the time of the ) Tj ET Q q 0 0 0 rg BT 259.04 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.99 370.10 Td (orld Color Press acquisition the Company began the process to withdraw ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (from all significant MEPPs and replace these benefits with a Company sponsored "pay as you go" defined contribution plan, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (which is historically the form of retirement benefit provided to Quad/Graphics employees. ) Tj ET Q q 0 0 0 rg BT 416.29 346.10 Td (As a result of the decision to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (withdraw) Tj ET Q q 0 0 0 rg BT 87.44 334.10 Td (, the Company recorded an estimated withdrawal liability for the MEPPs as part of the purchase price allocation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (process based on information received from the MEPP's trustees. ) Tj ET Q q 0 0 0 rg BT 315.26 322.10 Td (The estimated withdrawal liability will be updated as new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (withdrawal liability projections are provided from each plan's trustees until the final withdrawal liability is determined and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (paid. ) Tj ET Q q 0 0 0 rg BT 74.63 298.10 Td (The exact amount of its withdrawal liability could be higher or lower than the estimate depending on, among other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (things, the nature and timing of any triggering events and the funded status of the plans at that time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (New ) Tj ET Q q 0 0 0 rg BT 71.11 263.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 132.68 263.25 Td (onouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 239.25 Td (In September 201) Tj ET Q q 0 0 0 rg BT 156.91 239.25 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 220.88 239.25 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 351.23 239.25 Td (ASB"\) issued new guidance on the disclosures about ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (an employer's participation in MEPPs. ) Tj ET Q q 0 0 0 rg BT 206.14 227.25 Td (This new guidance requires additional disclosures regarding the significant MEPPs in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (which an employer participates. ) Tj ET Q q 0 0 0 rg BT 182.64 215.25 Td (This includes the level of an employer's contributions in MEPPs, and whether those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (contributions represent more than five percent of the total contributions made to the plan by all contributing employers. ) Tj ET Q q 0 0 0 rg BT 532.56 203.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (expanded disclosures also address the financial health of significant MEPPs including the funded status and existence of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (funding improvement plans, the existence of imposed surchar) Tj ET Q q 0 0 0 rg BT 296.51 179.25 Td (ges on contributions to the plan, as well as the nature of employer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (commitments to the plan. ) Tj ET Q q 0 0 0 rg BT 156.56 167.25 Td (The Company adopted this guidance ef) Tj ET Q q 0 0 0 rg BT 313.28 167.25 Td (fective December 31, 201) Tj ET Q q 0 0 0 rg BT 416.29 167.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 428.51 167.25 Td (The adoption of this guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (impacted the Company's disclosures and did not have a material impact on the Company's consolidated financial position, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (results of operations or cash flows. ) Tj ET Q q 0 0 0 rg BT 194.32 143.25 Td (The Company began the process of withdrawing from all significant MEPPs in 2010, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (recorded an estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.23 131.25 Td ($83.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.13 131.25 Td ( withdrawal liability based on information provided by each plan's trustees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 107.25 Td (In September 201) Tj ET Q q 0 0 0 rg BT 156.91 107.25 Td (1, the F) Tj ET Q q 0 0 0 rg BT 186.63 107.25 Td (ASB issued new guidance on testing goodwill for impairment. ) Tj ET Q q 0 0 0 rg BT 440.86 107.25 Td (This new guidance gives ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (entities, subject to certain conditions, the option of first performing a qualitative assessment to determine whether the existence ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (than its carrying amount. ) Tj ET Q q 0 0 0 rg BT 154.89 71.25 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 228.28 71.25 Td (fective prospectively for annual and interim goodwill impairment tests performed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (for fiscal years beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 248.62 59.25 Td (1, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 384.43 59.25 Td (The adoption of this guidance will not have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (a material impact on the Company's consolidated financial position, results of operations or cash flows.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (In June 201) Tj ET Q q 0 0 0 rg BT 132.47 730.10 Td (1, the F) Tj ET Q q 0 0 0 rg BT 162.20 730.10 Td (ASB issued new guidance on the presentation of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 458.33 730.10 Td (This new guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (requires the components of net income and other comprehensive income to be either presented in one continuous statement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (referred to as the statement of comprehensive income, or in two separate, but consecutive statements. ) Tj ET Q q 0 0 0 rg BT 460.04 706.10 Td (This new guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (eliminates the current option to report other comprehensive income and its components in the statement of shareholders' equity) Tj ET Q q 0 0 0 rg BT 557.72 694.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (recognized in net income or other comprehensive income under current accounting guidance. Subsequently in December 201) Tj ET Q q 0 0 0 rg BT 553.25 670.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the F) Tj ET Q q 0 0 0 rg BT 69.91 658.10 Td (ASB issued an update to the recently issued guidance on the presentation of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 475.17 658.10 Td (This update defers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.40 646.10 Td (fective date of the requirement to present on the face of the financial statements reclassification adjustments for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (component of accumulated other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 283.71 634.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 359.34 634.10 Td (fective retrospectively for fiscal years beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (after December 15, 201) Tj ET Q q 0 0 0 rg BT 144.21 622.10 Td (1, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 280.02 622.10 Td (The Company elected to early adopt the requirements of this guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (with retrospective application. Upon adoption of this guidance, the Company reported a separate consolidated statement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (comprehensive income \(loss\) for all periods presented. ) Tj ET Q q 0 0 0 rg BT 274.01 598.10 Td (The adoption of this guidance amended the presentation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (components of comprehensive income and did not have an impact on the Company's consolidated financial position, results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (operations or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (In May 201) Tj ET Q q 0 0 0 rg BT 132.47 550.10 Td (1, the F) Tj ET Q q 0 0 0 rg BT 162.20 550.10 Td (ASB issued new guidance on fair value measurements. ) Tj ET Q q 0 0 0 rg BT 386.68 550.10 Td (This new guidance amends the definition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of fair value measurement principles and disclosure requirements to eliminate dif) Tj ET Q q 0 0 0 rg BT 374.80 538.10 Td (ferences between GAAP) Tj ET Q q 0 0 0 rg BT 473.37 538.10 Td ( and International ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Financial Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 179.06 526.10 Td (This new guidance requires new quantitative and qualitative disclosures about the sensitivity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (recurring Level 3 measurement disclosures, as well as transfers between Level 1 and Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 527.25 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 534.34 514.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (guidance is ef) Tj ET Q q 0 0 0 rg BT 105.44 502.10 Td (fective prospectively for fiscal years beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 390.05 502.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 402.27 502.10 Td (The adoption of this guidance will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (have a material impact on the Company's consolidated financial position, results of operations or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (In December 2010, the F) Tj ET Q q 0 0 0 rg BT 185.32 466.10 Td (ASB issued new guidance on disclosures of supplementary pro forma information for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (business combinations. ) Tj ET Q q 0 0 0 rg BT 147.68 454.10 Td (This new guidance specifies that pro forma disclosures should be reported as if the business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (combination that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (period and the pro forma disclosures must include a description of material, nonrecurring pro forma adjustments. ) Tj ET Q q 0 0 0 rg BT 506.73 430.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Company adopted this guidance ef) Tj ET Q q 0 0 0 rg BT 188.76 418.10 Td (fective January 1, 201) Tj ET Q q 0 0 0 rg BT 276.79 418.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 289.01 418.10 Td (The adoption of this guidance impacted the Company's disclosures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (and did not have a material impact on the Company's consolidated financial position, results of operations or cash flows.) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (59) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 7A.) Tj ET Q BT /F3 3.00 Tf ET q 0 0 0 rg BT 87.21 742.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 362.7158203125 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 269.19 742.25 Td (es ) Tj ET Q q 0 0 0 rg BT 279.66 742.25 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The Company is exposed to a variety of market risks which may adversely impact the Company's results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (and financial condition, including changes in interest and foreign currency exchange rates, changes in the economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (environment that would impact credit positions and changes in the prices of certain commodities. ) Tj ET Q q 0 0 0 rg BT 444.25 694.25 Td (The Company's management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (takes an active role in the risk management process and has developed policies and procedures that require specific ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (administrative and business functions to assist in the identification, assessment and control of various risks. ) Tj ET Q q 0 0 0 rg BT 484.28 670.25 Td (These risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (management strategies may not fully insulate the Company from adverse impacts due to market risks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.57 635.25 Td (est Rate Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 611.25 Td (The Company is exposed to interest rate risk on variable rate debt obligations and price risk on fixed rate debt and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (capital leases. ) Tj ET Q q 0 0 0 rg BT 110.25 599.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.42 599.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 207.82 599.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.63 599.25 Td (, the Company had fixed rate debt and capital leases outstanding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.38 599.25 Td ($661.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.28 599.25 Td ( at a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (current weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.80 587.25 Td (7.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.63 587.25 Td ( and variable rate debt outstanding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.97 587.25 Td ($808.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.86 587.25 Td ( at a current weighted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (average interest rate of 3.0%. ) Tj ET Q q 0 0 0 rg BT 172.07 575.25 Td (The variable rate debt outstanding at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.82 575.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 394.21 575.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.03 575.25 Td ( is primarily comprised of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.11 563.25 Td ( variable rate debt financing agreement entered into in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.18 563.25 Td (July 201) Tj ET Q q 0 0 0 rg BT 349.17 563.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.98 563.25 Td (, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 563.25 Td ($450.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.14 563.25 Td ( outstanding on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td ($450.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 551.25 Td ( term loan ) Tj ET Q q 0 0 0 rg BT 151.66 551.25 Td (A, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 551.25 Td ($198.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.50 551.25 Td ( outstanding on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 551.25 Td ($200.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.27 551.25 Td ( term loan B and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.42 551.25 Td ($85.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.31 551.25 Td ( outstanding on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 539.25 Td ( revolving credit facility) Tj ET Q q 0 0 0 rg BT 205.48 539.25 Td (, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.53 539.25 Td ($72.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.42 539.25 Td ( of international variable rate debt. ) Tj ET Q q 0 0 0 rg BT 448.60 539.25 Td (The term loan B bears ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (interest primarily based on LIBOR; however) Tj ET Q q 0 0 0 rg BT 228.92 527.25 Td (, it is subject to a 1.0% LIBOR minimum rate and thus the interest rate on the term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (loan B will not begin to fluctuate until LIBOR exceeds that percentage. ) Tj ET Q q 0 0 0 rg BT 340.20 515.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.42 515.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 425.82 515.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.63 515.25 Td (, LIBOR was significantly lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (than that 1.0% LIBOR minimum rate, and as a result the interest on the term loan B would not fluctuate with a 10% increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (the market interest rate. Excluding the term loan B, a hypothetical change in the interest rate of 10% from the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (current weighted average interest rate on variable rate debt obligations of 2.96% would not have a material impact on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (Company's interest expense. ) Tj ET Q q 0 0 0 rg BT 168.44 467.25 Td (A) Tj ET Q q 0 0 0 rg BT 175.11 467.25 Td ( hypothetical 10% change in market interest rates would change the fair value of fixed rate debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.72 455.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 133.12 455.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.93 455.25 Td ( by approximately $20.0million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (For) Tj ET Q q 0 0 0 rg BT 65.46 432.25 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 107.21 432.25 Td (ency Risk and ) Tj ET Q q 0 0 0 rg BT 169.55 432.25 Td (T) Tj ET Q q 0 0 0 rg BT 175.76 432.25 Td (ranslation Exposur) Tj ET Q q 0 0 0 rg BT 257.26 432.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 408.25 Td (The Company is exposed to the impact of foreign currency fluctuations in certain countries in which it operates. ) Tj ET Q q 0 0 0 rg BT 539.11 408.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (exposure to foreign currency movements is limited in most countries because the operating revenues and expenses of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (various subsidiaries and business units are substantially in the local currency of the country in which they operate. ) Tj ET Q q 0 0 0 rg BT 511.27 384.25 Td (Although ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (operating in local currencies may limit the impact of currency rate fluctuations on the results of operations of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (non-U.S. subsidiaries and business units, fluctuations in such rates may af) Tj ET Q q 0 0 0 rg BT 345.70 360.25 Td (fect the translation of these results into the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 237.22 348.25 Td (T) Tj ET Q q 0 0 0 rg BT 242.89 348.25 Td (o the extent revenues and expenses are not in the applicable local currency) Tj ET Q q 0 0 0 rg BT 540.42 348.25 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (Company may enter into foreign exchange forward contracts to hedge the currency risk.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 312.25 Td (As further discussed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.43 312.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.37 312.25 Td ( to the consolidated financial statements, the Company entered into short-term foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (currency forward exchange contracts to hedge exchange rate exposure related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.16 300.25 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.06 300.25 Td ( Canadian dollar deposit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (related to the ) Tj ET Q q 0 0 0 rg BT 104.61 288.25 Td (T) Tj ET Q q 0 0 0 rg BT 110.45 288.25 Td (ranscontinental Mexico acquisition. Excluding this fair value hedge entered into specifically due to the unique ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.93 276.25 Td (ranscontinental Mexico acquisition, the Company's hedging operations have historically not been material, and gains or losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (from these operations have not been material to the Company's results of operations, financial position or cash flows. ) Tj ET Q q 0 0 0 rg BT 523.54 264.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (Company does not use derivative financial instruments for trading or speculative purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 228.25 Td (These international operations are subject to risks typical of international operations, including, but not limited to, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (dif) Tj ET Q q 0 0 0 rg BT 61.02 216.25 Td (fering economic conditions, changes in political climate, potential restrictions on the movement of funds, dif) Tj ET Q q 0 0 0 rg BT 495.45 216.25 Td (fering tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (structures, and other regulations and restrictions. ) Tj ET Q q 0 0 0 rg BT 249.39 204.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 298.78 204.25 Td (, future results could be adversely impacted by changes in these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (or other factors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 61.57 169.25 Td (edit Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 145.25 Td (Credit risk is the possibility of loss from a customer's failure to make payments according to contract terms. Prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (granting credit, each customer is evaluated in an underwriting process, taking into consideration the prospective customer's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (financial condition, past payment experience, credit bureau information and other financial and qualitative factors that may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.68 109.25 Td (fect the customer's ability to pay) Tj ET Q q 0 0 0 rg BT 187.08 109.25 Td (. Specific credit reviews and standard industry credit scoring models are used in performing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (this evaluation. Customers' financial condition is continuously monitored as part of the normal course of business. Some of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (the Company's customers are highly leveraged or otherwise subject to their own operating and regulatory risks. Based on those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (customer account reviews and due to the continued uncertainty of the global economy) Tj ET Q q 0 0 0 rg BT 394.01 73.25 Td (, the Company has established an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (allowance for doubtful accounts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.89 61.25 Td ($73.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.79 61.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.95 61.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 343.34 61.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.16 61.25 Td (, and during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.51 61.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 532.91 61.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.72 61.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (Company recorded provisions for doubtful accounts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.89 49.25 Td ($9.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.79 49.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 373.77 49.25 Td (.) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (The Company had a lar) Tj ET Q q 0 0 0 rg BT 179.77 730.10 Td (ge, diverse customer base prior to the acquisition of ) Tj ET Q q 0 0 0 rg BT 388.97 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.92 730.10 Td (orld Color Press; however) Tj ET Q q 0 0 0 rg BT 502.03 730.10 Td (, the credit risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (from customer concentration further decreased after the acquisition with the addition of new customers, geographies and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (products the Company now produces. ) Tj ET Q q 0 0 0 rg BT 206.27 706.10 Td (The Company does not have a high degree of concentration with any single customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (account. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.22 694.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 253.62 694.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.44 694.10 Td (, the Company's lar) Tj ET Q q 0 0 0 rg BT 335.69 694.10 Td (gest customer accounted for less than 5% of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Company's net sales. Even if the Company's credit review and analysis mechanisms work properly) Tj ET Q q 0 0 0 rg BT 447.35 682.10 Td (, the Company may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (experience financial losses in its dealings with customers and other parties. ) Tj ET Q q 0 0 0 rg BT 354.91 670.10 Td (Any increase in nonpayment or nonperformance by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (customers could adversely impact the Company's results of operations and financial condition. Economic disruptions could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (result in significant future char) Tj ET Q q 0 0 0 rg BT 173.20 646.10 Td (ges.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (Commodity Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 599.25 Td (The primary raw materials used by the Company are paper) Tj ET Q q 0 0 0 rg BT 320.99 599.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 375.12 599.25 Td (gy) Tj ET Q q 0 0 0 rg BT 384.71 599.25 Td (. ) Tj ET Q q 0 0 0 rg BT 391.61 599.25 Td (At this time, the Company's supply of raw ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (materials is readily available from numerous suppliers; however) Tj ET Q q 0 0 0 rg BT 306.67 587.25 Td (, based on market conditions, that could change in the future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (The Company generally buys these raw materials based upon market prices that are established with the vendor as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (purchase process.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 539.25 Td (The majority of paper used in the printing process is supplied directly by the Company's customers. For those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (customers that do not supply paper) Tj ET Q q 0 0 0 rg BT 189.50 527.25 Td (, the Company generally includes price adjustment clauses in sales contracts. ) Tj ET Q q 0 0 0 rg BT 501.89 527.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (produces the majority of ink used in its print production. Raw materials for the ink manufacturing process are purchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (externally from a variety of suppliers. ) Tj ET Q q 0 0 0 rg BT 205.97 503.25 Td (The Company generally includes price adjustment clauses for ink and other critical raw ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (materials in the printing process in its sales contracts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 467.25 Td (The Company generally cannot pass on to customers the impact of higher electric and natural gas ener) Tj ET Q q 0 0 0 rg BT 495.21 467.25 Td (gy prices on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (manufacturing costs, and increases in ener) Tj ET Q q 0 0 0 rg BT 219.29 455.25 Td (gy prices result in higher manufacturing costs for certain of its operations. ) Tj ET Q q 0 0 0 rg BT 520.13 455.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (Company mitigates its risk through natural gas hedges when appropriate. In its logistic operations, however) Tj ET Q q 0 0 0 rg BT 482.76 443.25 Td (, the Company is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (able to pass a substantial portion of any increase in fuel prices directly to its customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 407.25 Td (As a result, management believes a hypothetical 10% change in the price of paper and other raw materials would not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (have a significant direct impact on the Company's consolidated annual results of operations or cash flows; however) Tj ET Q q 0 0 0 rg BT 510.92 395.25 Td (, significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (increases in commodity pricing or tight supply could influence future customers' demand for printed products. Inflation has not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (had a significant impact on the Company historically) Tj ET Q q 0 0 0 rg BT 261.57 371.25 Td (.) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (61) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 8. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 303.453125 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Quarterly Financial Data \(Unaudited\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 695.25 Td (The following table sets forth selected financial information for each of the eight quarters in the two-year period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 683.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 683.25 Td (. ) Tj ET Q q 0 0 0 rg BT 135.62 683.25 Td (This unaudited information has been prepared by the Company on the same basis as the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (financial statements and includes all normal recurring adjustments necessary to present this information fairly when read in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (conjunction with the Company's audited consolidated financial statements and the notes thereto.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 610.75 m 353.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 592.75 m 353.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 523.75 m 353.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 457.75 m 353.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 314.75 m 353.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 247.75 m 353.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 610.75 m 357.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 610.75 m 405.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 592.75 m 405.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 523.75 m 405.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 457.75 m 405.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 314.75 m 405.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 247.75 m 405.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 610.75 m 409.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 610.75 m 457.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 592.75 m 457.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 523.75 m 457.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 457.75 m 457.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 314.75 m 457.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 247.75 m 457.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 610.75 m 461.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 610.75 m 509.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 592.75 m 509.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 523.75 m 509.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 457.75 m 509.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 314.75 m 509.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 247.75 m 509.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 610.75 m 513.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 610.75 m 561.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 592.75 m 561.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 523.75 m 561.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 457.75 m 561.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 314.75 m 561.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 247.75 m 561.5 247.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.55 639.48 Td (UNAUDITED INTERIM FINANCIAL INFORMATION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.70 626.48 Td (\(In millions, except per share data\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 584.83 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 573.70 Td (Net sales) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 81.10 577.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.00 573.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 561.70 Td (Operating income from continuing operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 198.63 565.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.00 561.70 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 539.70 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 201.52 543.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.00 539.70 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 527.70 Td (Earnings \(loss\) from discontinued operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 230.18 531.33 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.00 527.70 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 515.70 Td (Net loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 80.00 515.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 503.70 Td (Net loss attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 247.51 507.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.00 503.70 Td (. . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 491.70 Td (Earnings \(loss\) per diluted share attributable to Quad/Graphics common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 483.75 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 473.70 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 136.00 473.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 461.70 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.00 461.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 449.70 Td (Loss per diluted share attributable to Quad/Graphics common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 441.75 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 108.00 441.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 421.70 Td (Closing stock price high) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 132.00 421.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 409.70 Td (Closing stock price low) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 128.00 409.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 397.70 Td (Closing stock price at quarter-end) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.00 397.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 375.83 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 364.70 Td (Net sales) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 81.10 368.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.00 364.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 352.70 Td (Operating income \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 218.41 356.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 228.00 352.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 330.70 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 201.52 334.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.00 330.70 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 318.70 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 197.08 322.33 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.00 318.70 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 306.70 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 116.00 306.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 294.70 Td (Net earnings \(loss\) attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 281.94 298.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.00 294.70 Td (. . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 282.70 Td (Earnings \(loss\) per diluted share attributable to Quad/Graphics common ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 274.70 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 92.43 278.33 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 263.70 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 135.33 267.33 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.00 263.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 251.70 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 141.98 255.33 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 152.00 251.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 239.70 Td (Earnings \(loss\) per diluted share attributable to Quad/Graphics common ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 231.70 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 104.43 235.33 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 112.00 231.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 210.70 Td (Closing stock price high) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 129.99 214.33 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 140.00 210.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 198.70 Td (Closing stock price low) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 127.77 202.33 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 136.00 198.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 186.70 Td (Closing stock price at quarter) Tj ET Q q 0 0 0 rg BT 146.12 186.70 Td (-end) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 160.25 190.33 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 168.00 186.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.70 614.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.75 602.83 Td (First) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.05 594.88 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 573.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.25 573.70 Td (1,022.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.30 561.70 Td (24.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.30 539.70 Td (3.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 527.70 Td (\(10.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 527.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.60 515.70 Td (\(7.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 515.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.60 503.70 Td (\(7.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 503.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.30 473.70 Td (0.07) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 461.70 Td (\(0.22) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 461.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 444.00 Td (\(0.15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 444.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 421.70 Td (45.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 409.70 Td (41.75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 397.70 Td (42.54) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 364.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 364.70 Td (403.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.30 352.70 Td (4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.60 330.70 Td (\(8.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 330.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.30 318.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.60 306.70 Td (\(8.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 306.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.60 294.70 Td (\(8.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 294.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 263.70 Td (\(0.30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 263.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.30 251.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 233.00 Td (\(0.30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.30 233.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.65 210.70 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.65 198.70 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.65 186.70 Td (N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.75 602.83 Td (Second) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.05 594.88 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.00 573.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.25 573.70 Td (977.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 561.70 Td (10.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 539.70 Td (\(14.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 539.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.30 527.70 Td (4.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 515.70 Td (\(10.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 515.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 503.70 Td (\(10.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 503.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 473.70 Td (\(0.31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 473.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 461.70 Td (0.09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 444.00 Td (\(0.22) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 444.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.25 421.70 Td (42.78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.25 409.70 Td (38.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.25 397.70 Td (38.86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.00 364.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.25 364.70 Td (394.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 352.70 Td (\(23.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 352.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 330.70 Td (\(35.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 330.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.30 318.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 306.70 Td (\(35.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 306.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 294.70 Td (\(35.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 294.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 263.70 Td (\(1.27) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 263.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.30 251.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.60 233.00 Td (\(1.27) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 233.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.65 210.70 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.65 198.70 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.65 186.70 Td (N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.95 602.83 Td (Third) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 594.88 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.00 573.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.25 573.70 Td (1,109.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.30 561.70 Td (56.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.60 539.70 Td (\(5.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 539.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 527.70 Td (\(16.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 527.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 515.70 Td (\(22.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 515.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 503.70 Td (\(22.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 503.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 473.70 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 473.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 461.70 Td (\(0.36) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 461.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 444.00 Td (\(0.48) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 444.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 421.70 Td (39.10) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 409.70 Td (18.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 397.70 Td (18.07) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.00 364.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.25 364.70 Td (1,129.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.60 352.70 Td (\(2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 352.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.60 330.70 Td (\(230.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 330.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.60 318.70 Td (\(2.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 318.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.60 306.70 Td (\(232.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 306.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.60 294.70 Td (\(232.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 294.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 263.70 Td (\(4.97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 263.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 251.70 Td (\(0.04) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 251.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 233.00 Td (\(5.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 233.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 210.70 Td (48.80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 198.70 Td (40.27) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 186.70 Td (46.72) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.00 602.83 Td (Fourth) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.05 594.88 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 573.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 573.70 Td (1,215.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 561.70 Td (65.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 539.70 Td (8.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.60 527.70 Td (\(15.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 527.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.60 515.70 Td (\(6.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 515.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.60 503.70 Td (\(6.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 503.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 473.70 Td (0.19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.60 461.70 Td (\(0.34) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 461.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.60 444.00 Td (\(0.15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 444.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 421.70 Td (20.70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 409.70 Td (12.63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 397.70 Td (14.34) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 364.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 364.70 Td (1,258.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 352.70 Td (83.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 330.70 Td (29.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.60 318.70 Td (\(2.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 318.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 306.70 Td (26.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 294.70 Td (26.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 263.70 Td (0.60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.60 251.70 Td (\(0.05) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 251.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 233.00 Td (0.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 210.70 Td (46.33) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 198.70 Td (41.25) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 186.70 Td (41.26) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.30 596.98 Td (Full Year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 573.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.25 573.70 Td (4,324.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 561.70 Td (156.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 539.70 Td (\(8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 539.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 527.70 Td (\(38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 527.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 515.70 Td (\(46.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 515.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 503.70 Td (\(46.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 503.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 473.70 Td (\(0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 473.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 461.70 Td (\(0.82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 461.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 444.00 Td (\(1.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 444.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 421.70 Td (45.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 409.70 Td (12.63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 397.70 Td (14.34) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 364.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.25 364.70 Td (3,185.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 352.70 Td (61.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.60 330.70 Td (\(245.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 330.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 318.70 Td (\(4.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 318.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.60 306.70 Td (\(250.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 306.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.60 294.70 Td (\(250.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 294.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 263.70 Td (\(6.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 263.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 251.70 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 251.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 233.00 Td (\(6.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 233.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 210.70 Td (48.80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 198.70 Td (40.27) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 186.70 Td (41.26) Tj ET Q BT /F2 10.00 Tf ET BT /F2 7.00 Tf ET q 0 0 0 rg BT 50.00 174.85 Td (_________________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.85 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 159.85 Td (Reflects results of acquired businesses from the relevant acquisition dates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.85 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 141.85 Td (Full-year amounts do not equal the sum of the quarters due to rounding and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.10 141.85 Td (18.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.99 141.85 Td ( increase in class ) Tj ET Q q 0 0 0 rg BT 505.68 141.85 Td (A) Tj ET Q q 0 0 0 rg BT 512.35 141.85 Td ( common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 129.85 Td (shares on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.99 129.85 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.16 129.85 Td ( as a result of the ) Tj ET Q q 0 0 0 rg BT 227.60 129.85 Td (W) Tj ET Q q 0 0 0 rg BT 236.55 129.85 Td (orld Color Press acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.85 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 111.85 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.72 111.85 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.89 111.85 Td (, the Company's class ) Tj ET Q q 0 0 0 rg BT 220.35 111.85 Td (A) Tj ET Q q 0 0 0 rg BT 227.02 111.85 Td ( stock commenced trading on the NYSE. Prior to that time, there was no trading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 99.85 Td (value for the Company's class ) Tj ET Q q 0 0 0 rg BT 189.77 99.85 Td (A) Tj ET Q q 0 0 0 rg BT 196.44 99.85 Td ( stock. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.85 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 81.85 Td (The results of operations of the Company's Canadian operations are included in the loss from discontinued operations \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 69.85 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.94 69.85 Td (, "Discontinued Operations," to the consolidated financial statements in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 439.14 69.85 Td (Annual Report on Form 10-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 57.85 Td (K\). ) Tj ET Q q 0 0 0 rg BT 85.96 57.85 Td (The Company's Canadian operations were originally acquired by the Company as part of the ) Tj ET Q q 0 0 0 rg BT 458.59 57.85 Td (W) Tj ET Q q 0 0 0 rg BT 467.54 57.85 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 45.85 Td (acquisition on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.88 45.85 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.05 45.85 Td (.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (62) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.40 742.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.22 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.63 742.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.74 742.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.75 742.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 378.24 742.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 718.25 Td (o the Board of Directors and Shareholders of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Quad/Graphics, Inc. and subsidiaries: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.04 682.25 Td (e have audited the accompanying consolidated balance sheets of Quad/Graphics, Inc. and subsidiaries \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td ("Company"\) as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.54 670.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 197.94 670.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.75 670.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.19 670.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.19 670.25 Td (, and the related consolidated statements of operations, comprehensive income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (\(loss\), redeemable equity) Tj ET Q q 0 0 0 rg BT 150.47 658.25 Td (, common stock and other equity and noncontrolling interests, and cash flows for each of the three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.02 646.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 226.42 646.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.23 646.25 Td (. ) Tj ET Q q 0 0 0 rg BT 238.64 646.25 Td (These financial statements are the responsibility of the Company's management. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Our responsibility is to express an opinion on the financial statements based on our audits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.04 610.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 415.10 610.25 Td (Accounting Oversight Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (\(United States\). ) Tj ET Q q 0 0 0 rg BT 117.67 598.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (financial statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 271.02 586.25 Td (An audit includes examining, on a test basis, evidence supporting the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (amounts and disclosures in the financial statements. ) Tj ET Q q 0 0 0 rg BT 262.18 574.25 Td (An audit also includes assessing the accounting principles used and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (significant estimates made by management, as well as evaluating the overall financial statement presentation. ) Tj ET Q q 0 0 0 rg BT 492.26 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 501.21 562.25 Td (e believe that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 526.25 Td (In our opinion, such consolidated financial statements present fairly) Tj ET Q q 0 0 0 rg BT 361.49 526.25 Td (, in all material respects, the financial position of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Quad/Graphics, Inc. and subsidiaries as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.62 514.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 295.02 514.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.83 514.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.27 514.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.27 514.25 Td (, and the results of their operations and their cash flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (for each of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.03 502.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 309.42 502.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.24 502.25 Td (, in conformity with accounting principles generally accepted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (in the United States of ) Tj ET Q q 0 0 0 rg BT 141.65 490.25 Td (America.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of presenting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (comprehensive income in 201) Tj ET Q q 0 0 0 rg BT 170.06 454.25 Td (1 due to the adoption of F) Tj ET Q q 0 0 0 rg BT 272.82 454.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 294.13 454.25 Td (Accounting Standards Update No. 201) Tj ET Q q 0 0 0 rg BT 448.36 454.25 Td (1-05, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 471.50 454.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 481.32 454.25 Td (esentation of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Compr) Tj ET Q q 0 0 0 rg BT 77.60 442.25 Td (ehensive Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.76 442.25 Td (. ) Tj ET Q q 0 0 0 rg BT 151.17 442.25 Td (The change in presentation has been applied retrospectively to all periods presented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.04 418.25 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 403.71 418.25 Td (Accounting Oversight Board \(United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (States\), the Company's internal control over financial reporting as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.45 406.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 399.84 406.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.66 406.25 Td (, based on the criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 107.87 394.25 Td (olIntegrated Framework) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.17 394.25 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 388.68 394.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 462.09 394.25 Td (T) Tj ET Q q 0 0 0 rg BT 467.93 394.25 Td (readway Commission ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (and our report dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.30 382.25 Td (February29, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.90 382.25 Td ( expressed an unqualified opinion on the Company's internal control over financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (/s/ Deloitte & ) Tj ET Q q 0 0 0 rg BT 106.85 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.52 346.25 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 156.14 346.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Milwaukee, ) Tj ET Q q 0 0 0 rg BT 99.90 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 109.04 322.25 Td (isconsin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (February29, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.60 310.25 Td ( ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (63) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.40 742.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.22 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.63 742.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.74 742.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.75 742.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 378.24 742.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 718.25 Td (o the Board of Directors and Shareholders of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Quad/Graphics, Inc. and subsidiaries: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.04 682.25 Td (e have audited the internal control over financial reporting of Quad/Graphics, Inc. and subsidiaries \(the "Company"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.66 670.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 145.06 670.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.87 670.25 Td (, based on criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 280.66 670.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 338.54 670.25 Td (olIntegrated Framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.33 670.25 Td (issued by the Committee of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Sponsoring Or) Tj ET Q q 0 0 0 rg BT 108.52 658.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 181.93 658.25 Td (T) Tj ET Q q 0 0 0 rg BT 187.77 658.25 Td (readway Commission. ) Tj ET Q q 0 0 0 rg BT 281.94 658.25 Td (The Company's management is responsible for maintaining ef) Tj ET Q q 0 0 0 rg BT 529.89 658.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (internal control over financial reporting and for its assessment of the ef) Tj ET Q q 0 0 0 rg BT 333.98 646.25 Td (fectiveness of internal control over financial reporting, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (express an opinion on the Company's internal control over financial reporting based on our audit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.04 598.25 Td (e conducted our audit in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 411.21 598.25 Td (Accounting Oversight Board \(United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 84.63 586.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether ef) Tj ET Q q 0 0 0 rg BT 514.28 586.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (and operating ef) Tj ET Q q 0 0 0 rg BT 114.88 550.25 Td (fectiveness of internal control based on the assessed risk, and performing such other procedures as we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (considered necessary in the circumstances. ) Tj ET Q q 0 0 0 rg BT 226.23 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 235.18 538.25 Td (e believe that our audit provides a reasonable basis for our opinion.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td (Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (timely basis. ) Tj ET Q q 0 0 0 rg BT 105.28 346.25 Td (Also, projections of any evaluation of the ef) Tj ET Q q 0 0 0 rg BT 280.97 346.25 Td (fectiveness of the internal control over financial reporting to future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (In our opinion, the Company maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 356.67 298.25 Td (fective internal control over financial reporting as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 286.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 134.23 286.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.04 286.25 Td (, based on the criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 284.55 286.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 342.42 286.25 Td (olIntegrated Framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.22 286.25 Td (issued by the Committee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 119.35 274.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 192.76 274.25 Td (T) Tj ET Q q 0 0 0 rg BT 198.60 274.25 Td (readway Commission.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.04 250.25 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 403.71 250.25 Td (Accounting Oversight Board \(United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (States\), the consolidated financial statements as of and for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.73 238.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 419.13 238.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.94 238.25 Td ( of the Company and our report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.16 226.25 Td (February29, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.75 226.25 Td ( expressed an unqualified opinion on those consolidated financial statements and includes an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (explanatory paragraph related to the Company changing its method of presenting comprehensive income in 201) Tj ET Q q 0 0 0 rg BT 496.90 214.25 Td (1 due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (adoption of F) Tj ET Q q 0 0 0 rg BT 103.52 202.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 124.82 202.25 Td (Accounting Standards Update No. 201) Tj ET Q q 0 0 0 rg BT 279.05 202.25 Td (1-05, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.20 202.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 312.01 202.25 Td (esentation of Compr) Tj ET Q q 0 0 0 rg BT 393.31 202.25 Td (ehensive Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.47 202.25 Td (, which has been applied ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (retrospectively to all periods presented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (/s/ Deloitte & ) Tj ET Q q 0 0 0 rg BT 106.85 166.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.52 166.25 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 156.14 166.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Milwaukee, ) Tj ET Q q 0 0 0 rg BT 99.90 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 109.04 142.25 Td (isconsin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (February29, 2012) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.35 Td (64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.30 742.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.90 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 264.10 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 298.65 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 305.13 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 369.86 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 406.80 730.25 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 718.25 Td (\(in millions, except per) Tj ET Q q 0 0 0 rg BT 344.12 718.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 365.33 718.25 Td (e data\) ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.25 696.75 m 473.25 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.25 685.75 m 473.25 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.25 685.75 m 473.25 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.25 652.75 m 473.25 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.25 597.75 m 473.25 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.25 542.75 m 473.25 542.75 l s 0 0 0 RG /GS0 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 542.75 m 532.25 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 476.75 m 532.25 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 432.75 m 532.25 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 388.75 m 532.25 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 344.75 m 532.25 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 300.75 m 532.25 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 279.75 m 532.25 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 277.75 m 532.25 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 223.75 m 532.25 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 213.75 m 532.25 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 211.75 m 532.25 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 169.75 m 532.25 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 159.75 m 532.25 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 157.75 m 532.25 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 127.75 m 532.25 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 125.75 m 532.25 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 116.75 m 532.25 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 114.75 m 532.25 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 72.75 m 532.25 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 62.75 m 532.25 62.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.25 60.75 m 532.25 60.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.25 696.75 m 536.25 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 696.75 m 591.25 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 696.75 m 591.25 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 685.75 m 591.25 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 652.75 m 591.25 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 597.75 m 591.25 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 542.75 m 591.25 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 476.75 m 591.25 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 432.75 m 591.25 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 388.75 m 591.25 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 344.75 m 591.25 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 300.75 m 591.25 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 279.75 m 591.25 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 277.75 m 591.25 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 223.75 m 591.25 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 213.75 m 591.25 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 211.75 m 591.25 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 169.75 m 591.25 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 159.75 m 591.25 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 157.75 m 591.25 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 127.75 m 591.25 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 125.75 m 591.25 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 116.75 m 591.25 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 114.75 m 591.25 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 72.75 m 591.25 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 62.75 m 591.25 62.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.25 60.75 m 591.25 60.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 677.70 Td (Net sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 666.70 Td (Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.75 666.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 655.70 Td (Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.75 655.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 644.70 Td (Total net sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 124.75 644.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 622.70 Td (Cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 611.70 Td (Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.75 611.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 600.70 Td (Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.75 600.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 589.70 Td (Total cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 136.75 589.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 567.70 Td (Selling, general and administrative expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.75 567.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 556.70 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 152.75 556.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 545.70 Td (Restructuring, impairment and transaction-related charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.75 545.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 534.70 Td (Total operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.75 534.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.75 512.83 Td (Operating income from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.75 512.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 490.70 Td (Interest expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 104.75 490.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 479.70 Td (Loss on debt extinguishment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.75 479.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 457.70 Td (Earnings \(loss\) from continuing operations before income taxes and equity in earnings of unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.75 457.70 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 435.70 Td (Income tax expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 116.75 435.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 413.70 Td (Earnings \(loss\) from continuing operations before equity in earnings of unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 413.70 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 391.70 Td (Equity in earnings of unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.75 391.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.75 369.83 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.75 369.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 347.70 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.75 347.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.75 325.83 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 116.75 325.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.75 303.70 Td (Net earnings attributable to noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.75 303.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.75 281.83 Td (Net earnings \(loss\) attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.75 281.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.75 259.83 Td (Earnings \(loss\) per share attributable to Quad/Graphics common shareholders:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 248.70 Td (Basic:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 237.70 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.75 237.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 226.70 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.75 226.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 215.70 Td (Earnings \(loss\) per share attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.75 215.70 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 194.70 Td (Diluted:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 183.70 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.75 183.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 172.70 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.75 172.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.75 161.70 Td (Earnings \(loss\) per share attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.75 161.70 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.75 140.83 Td (Weighted average number of common shares outstanding:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 129.70 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.75 129.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 118.70 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.75 118.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.75 97.83 Td (Amounts attributable to Quad/Graphics common shareholders:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 86.70 Td (Earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.75 86.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 75.70 Td (Loss from discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.75 75.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.75 64.70 Td (Earnings \(loss\) attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.75 64.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.95 699.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.45 688.83 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 666.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 666.70 Td (3,825.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.05 655.70 Td (499.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 644.70 Td (4,324.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 611.70 Td (2,921.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.05 600.70 Td (380.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 589.70 Td (3,302.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.05 567.70 Td (407.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.05 556.70 Td (344.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.05 545.70 Td (114.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 534.70 Td (4,167.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.05 512.70 Td (156.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.05 490.70 Td (108.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 479.70 Td (34.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 457.70 Td (14.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 435.70 Td (26.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 413.70 Td (\(11.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 413.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.05 391.70 Td (3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 369.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.35 369.70 Td (\(8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 369.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 347.70 Td (\(38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 347.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 325.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 325.70 Td (\(46.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 325.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.35 303.70 Td (\(0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 303.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 281.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 281.70 Td (\(46.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 281.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 237.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 237.70 Td (\(0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 237.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 226.70 Td (\(0.82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 226.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 215.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 215.70 Td (\(1.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 215.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 183.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 183.70 Td (\(0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 183.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 172.70 Td (\(0.82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 172.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 161.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 161.70 Td (\(1.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 161.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 129.70 Td (47.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 118.70 Td (47.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 86.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.35 86.70 Td (\(8.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 86.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 75.70 Td (\(38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 75.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.75 64.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 64.70 Td (\(46.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.05 64.70 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.25 688.83 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 666.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.00 666.70 Td (2,813.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 655.70 Td (372.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.00 644.70 Td (3,185.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.00 611.70 Td (2,131.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 600.70 Td (275.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.00 589.70 Td (2,406.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 567.70 Td (303.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 556.70 Td (267.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 545.70 Td (147.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.00 534.70 Td (3,124.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.05 512.70 Td (61.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.05 490.70 Td (92.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.05 479.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 457.70 Td (\(31.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 457.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 435.70 Td (223.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 413.70 Td (\(254.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 413.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 391.70 Td (9.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 369.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 369.70 Td (\(245.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 369.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.35 347.70 Td (\(4.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 347.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 325.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 325.70 Td (\(250.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 325.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.35 303.70 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 303.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 281.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 281.70 Td (\(250.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 281.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 237.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 237.70 Td (\(6.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 237.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 226.70 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 226.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 215.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 215.70 Td (\(6.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 215.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 183.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 183.70 Td (\(6.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 183.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 172.70 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 172.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 161.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 161.70 Td (\(6.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 161.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.05 129.70 Td (37.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.05 118.70 Td (37.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 86.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 86.70 Td (\(245.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 86.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.35 75.70 Td (\(4.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 75.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 64.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 64.70 Td (\(250.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.05 64.70 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.25 688.83 Td (2009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 666.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 564.00 666.70 Td (1,574.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 570.05 655.70 Td (214.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 564.00 644.70 Td (1,788.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 564.00 611.70 Td (1,129.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 570.05 600.70 Td (144.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 564.00 589.70 Td (1,274.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 570.05 567.70 Td (194.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 570.05 556.70 Td (196.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 545.70 Td (11.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 564.00 534.70 Td (1,676.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 570.05 512.70 Td (112.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 490.70 Td (64.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 580.05 479.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 457.70 Td (48.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.05 435.70 Td (1.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 413.70 Td (46.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.05 391.70 Td (6.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 369.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 369.70 Td (53.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 580.05 347.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 325.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 325.70 Td (53.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 575.35 303.75 Td (\(0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 588.05 303.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 281.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 281.70 Td (52.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 237.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 237.70 Td (1.87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 580.05 226.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 215.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 215.70 Td (1.87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 183.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 183.70 Td (1.81) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 580.05 172.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 161.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 161.70 Td (1.81) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 129.70 Td (28.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 118.70 Td (29.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 86.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 86.70 Td (52.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 580.05 75.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.75 64.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.05 64.70 Td (52.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.10 47.25 Td (See accompanying Notes to Consolidated Financial Statements.) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (65) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 742.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.40 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 197.60 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 232.15 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 238.63 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 303.36 730.25 Td ( COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.30 718.25 Td (\(in millions\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 682.75 m 433.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 669.75 m 433.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 669.75 m 433.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 494.75 m 433.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 464.75 m 433.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 409.75 m 433.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 379.75 m 433.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 306.75 m 433.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 282.75 m 433.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 280.75 m 433.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 682.75 m 437.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 682.75 m 497.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 669.75 m 497.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 669.75 m 497.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 494.75 m 497.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 464.75 m 497.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 409.75 m 497.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 379.75 m 497.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 306.75 m 497.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 282.75 m 497.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 280.75 m 497.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.75 m 501.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 682.75 m 561.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 669.75 m 561.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 669.75 m 561.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 494.75 m 561.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 464.75 m 561.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 409.75 m 561.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 379.75 m 561.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 306.75 m 561.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 282.75 m 561.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 280.75 m 561.5 280.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 659.42 Td (Net earnings \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.50 659.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 644.42 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 629.42 Td (Currency translation adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.50 629.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 614.42 Td (Translation of long-term loans to foreign subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 614.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 599.42 Td (Reclassification adjustment for gain on cash flow hedge included in net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 589.42 Td (earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 589.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 574.42 Td (Pension and other postretirement benefit plans:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 559.42 Td (Prior service credit arising during period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.50 559.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 544.42 Td (Net \(loss\) gain arising during period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.50 544.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 529.42 Td (Amortization of prior service credit included in net loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 529.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 514.42 Td (Amortization of net actuarial loss included in net loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.50 514.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 499.42 Td (Plan curtailments included in net loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.50 499.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 484.42 Td (Pension and other postretirement benefit plans, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.50 484.32 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 454.42 Td (Other comprehensive income \(loss\), before tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.50 454.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 424.42 Td (Income tax benefit \(expense\) related to items of other comprehensive income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 414.42 Td (\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.50 414.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 384.42 Td (Other comprehensive income \(loss\), net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.50 384.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 354.42 Td (Total comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.50 354.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 325.42 Td (Less: comprehensive income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 325.32 Td (. . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 296.42 Td (Comprehensive income \(loss\) attributable to Quad/Graphics common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 286.42 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 286.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.70 686.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.20 673.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 659.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 659.47 Td (\(46.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 659.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 629.47 Td (\(26.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 629.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 614.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 589.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 559.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 544.47 Td (\(110.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 544.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 529.47 Td (\(3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 529.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 514.42 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 499.42 Td (11.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 484.47 Td (\(101.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 484.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 454.47 Td (\(127.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 454.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 414.42 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 384.47 Td (\(90.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 384.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 354.47 Td (\(137.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 354.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 325.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 286.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 286.47 Td (\(137.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 286.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.00 673.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 659.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 659.47 Td (\(250.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 659.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 629.47 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 629.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 614.42 Td (7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 589.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 559.42 Td (19.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 544.42 Td (62.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 529.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 514.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 499.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 484.42 Td (82.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 454.42 Td (86.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 414.47 Td (\(30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 414.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 384.42 Td (56.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 354.47 Td (\(193.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 354.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 325.47 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 325.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 286.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 286.47 Td (\(194.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 286.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.00 673.98 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 659.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 659.42 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 629.42 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 614.47 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 614.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 589.42 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 559.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 544.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 529.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 514.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 499.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 484.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 454.42 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 414.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 384.42 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 354.42 Td (60.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 325.47 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 325.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 286.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 286.42 Td (59.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 255.25 Td (See accompanying Notes to Consolidated Financial Statements.) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (66) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 742.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.40 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.60 730.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.25 718.25 Td (\(in millions, except per) Tj ET Q q 0 0 0 rg BT 329.37 718.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 350.58 718.25 Td (e data\) ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 689.75 m 492.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 608.75 m 492.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 589.75 m 492.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 510.75 m 492.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 492.75 m 492.5 492.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 490.75 m 492.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 402.75 m 492.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 383.75 m 492.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 314.75 m 492.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 137.75 m 492.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 100.75 m 492.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 81.75 m 492.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 63.75 m 492.5 63.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 61.75 m 492.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 689.75 m 561.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 608.75 m 561.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 589.75 m 561.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 510.75 m 561.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 492.75 m 561.5 492.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 490.75 m 561.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 402.75 m 561.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 383.75 m 561.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 314.75 m 561.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 137.75 m 561.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 100.75 m 561.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 81.75 m 561.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 63.75 m 561.5 63.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 61.75 m 561.5 61.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 681.88 Td (ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 671.75 Td (Cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 138.00 671.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 661.75 Td (Receivables, less allowances for doubtful accountsof$73.7atDecember 31, 2011and$85.5atDecember 31, 2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.00 661.75 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 651.75 Td (Inventories) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 90.00 651.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 641.75 Td (Prepaid expenses and other current assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.00 641.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 631.75 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.00 631.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 621.75 Td (Short-term restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 138.00 621.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 611.70 Td (Current assets of discontinued operations\(Note 4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.00 611.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 592.70 Td (Total current assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.00 592.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 573.75 Td (Property, plant and equipmentnet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.00 573.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 563.75 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.00 563.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 553.75 Td (Other intangible assetsnet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.00 553.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 543.75 Td (Long-term restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 138.00 543.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 533.75 Td (Equity method investments in unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 533.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 523.75 Td (Other long-term assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.00 523.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 513.70 Td (Long-term assets of discontinued operations\(Note 4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 513.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 494.70 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 102.00 494.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 475.88 Td (LIABILITIES AND SHAREHOLDERS' EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 465.75 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 465.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 455.75 Td (Amounts owing in satisfaction of bankruptcy claims) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.00 455.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 445.75 Td (Accrued liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 114.00 445.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 435.75 Td (Purchase price payable on business exchange transaction\(Note 3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.00 435.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 425.75 Td (Short-term debt and current portion of long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 425.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 415.75 Td (Current portion of capital lease obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.00 415.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 405.70 Td (Current liabilities of discontinued operations\(Note 4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 405.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 386.70 Td (Total current liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 138.00 386.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 367.75 Td (Long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 102.00 367.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 357.75 Td (Unsecured notes to be issued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.00 357.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 347.75 Td (Capital lease obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 134.00 347.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 337.75 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.00 337.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 327.75 Td (Other long-term liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 138.00 327.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 317.70 Td (Long-term liabilities of discontinued operations\(Note 4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.00 317.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 298.75 Td (Total liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 114.00 298.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 280.75 Td (Commitments and contingencies\(Note 13\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 262.75 Td (Redeemable equity\(Note 23\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 150.00 262.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 244.75 Td (Quad/Graphics common stock and other equity\(Note 23\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 234.75 Td (Preferred stock,$0.01par value; Authorized:0.5million shares; Issued: None) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.00 234.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 224.70 Td (Common stock, Class A,$0.025par value; Authorized:80.0million shares; Issued:40.0million shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 216.75 Td (atDecember 31, 2011and 2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.00 216.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 206.70 Td (Common stock, Class B,$0.025par value; Authorized:80.0million shares; Issued:15.0million shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 198.75 Td (atDecember 31, 2011and 2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.00 198.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 188.70 Td (Common stock, Class C,$0.025par value; Authorized:20.0million shares; Issued:0.2million shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 180.75 Td (atDecember 31, 2011and 2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.00 180.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 170.75 Td (Additional paid-in capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 150.00 170.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 160.75 Td (Treasury stock, at cost,8.6million shares atDecember 31, 2011and8.4million shares atDecember 31, 2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.00 160.75 Td (. .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 150.75 Td (Retained earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 122.00 150.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 140.70 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.00 140.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 121.75 Td (Quad/Graphics common stock and other equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.00 121.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 103.70 Td (Noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.00 103.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 84.70 Td (Total common stock and other equity and noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.00 84.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 65.70 Td (Total liabilities and shareholders' equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 65.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 699.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 691.88 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 671.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 671.75 Td (25.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 661.75 Td (656.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 651.75 Td (249.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 641.75 Td (142.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 631.75 Td (86.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 621.75 Td (8.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 611.70 Td (72.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 592.70 Td (1,241.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 573.75 Td (2,123.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 563.75 Td (787.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 553.75 Td (295.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 543.75 Td (67.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 533.75 Td (69.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 523.75 Td (46.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 513.70 Td (104.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 494.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 494.70 Td (4,735.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 465.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 465.75 Td (301.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 455.75 Td (19.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 445.75 Td (393.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 435.75 Td (62.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 425.75 Td (82.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 415.75 Td (20.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 405.70 Td (48.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 386.70 Td (928.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 367.75 Td (1,342.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 357.75 Td (38.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 347.75 Td (24.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 337.75 Td (471.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 327.75 Td (521.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 317.70 Td (99.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 298.75 Td (3,428.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 262.75 Td (3.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 234.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 219.00 Td (1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 201.00 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 183.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 170.75 Td (984.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 160.75 Td (\(295.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 160.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 150.75 Td (650.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 140.70 Td (\(37.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 140.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 121.75 Td (1,302.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 103.70 Td (0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 84.70 Td (1,303.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 65.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 65.70 Td (4,735.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.25 699.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 691.88 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 671.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 671.75 Td (20.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 661.75 Td (786.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 651.75 Td (247.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 641.75 Td (64.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 631.75 Td (76.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 621.75 Td (16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 611.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 592.70 Td (1,211.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 573.75 Td (2,317.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 563.75 Td (814.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 553.75 Td (368.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 543.75 Td (84.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 533.75 Td (82.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 523.75 Td (67.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 513.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 494.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 494.70 Td (4,947.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 465.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 465.75 Td (332.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 455.75 Td (26.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 445.75 Td (427.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 435.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 425.75 Td (102.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 415.75 Td (14.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 405.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 386.70 Td (902.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 367.75 Td (1,418.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 357.75 Td (52.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 347.75 Td (43.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 337.75 Td (433.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 327.75 Td (603.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 317.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 298.75 Td (3,454.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 262.75 Td (10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 234.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 219.00 Td (1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 201.00 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 183.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 170.75 Td (1,002.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.60 160.75 Td (\(295.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 160.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 150.75 Td (720.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 140.70 Td (52.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 121.75 Td (1,481.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 103.70 Td (0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 84.70 Td (1,482.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 65.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.30 65.70 Td (4,947.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 45.25 Td (See accompanying Notes to Consolidated Financial Statements.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 742.25 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.65 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.85 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.40 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.88 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.61 730.25 Td ( CASH FLOWS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.30 718.25 Td (\(in millions\) ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 697.75 m 423.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 687.75 m 423.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 497.75 m 423.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 487.75 m 423.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 408.75 m 423.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 398.75 m 423.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 249.75 m 423.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 239.75 m 423.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 229.75 m 423.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 219.75 m 423.5 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 209.75 m 423.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 200.75 m 423.5 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 198.75 m 423.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 70.75 m 423.5 70.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 60.75 m 423.5 60.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 58.75 m 423.5 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 697.75 m 427.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 697.75 m 492.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 687.75 m 492.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 497.75 m 492.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 487.75 m 492.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 408.75 m 492.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 398.75 m 492.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 249.75 m 492.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 239.75 m 492.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 229.75 m 492.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 219.75 m 492.5 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 209.75 m 492.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 200.75 m 492.5 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 198.75 m 492.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 70.75 m 492.5 70.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 60.75 m 492.5 60.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 58.75 m 492.5 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 697.75 m 496.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 697.75 m 561.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 697.75 m 561.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 687.75 m 561.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 497.75 m 561.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 487.75 m 561.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 408.75 m 561.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 398.75 m 561.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 249.75 m 561.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 239.75 m 561.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 229.75 m 561.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 219.75 m 561.5 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 209.75 m 561.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 200.75 m 561.5 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 198.75 m 561.5 198.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 679.88 Td (OPERATING ACTIVITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 669.75 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 113.00 669.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 659.75 Td (Adjustments to reconcile net earnings \(loss\) to net cash provided by operating activities:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 649.75 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 649.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 639.75 Td (Impairment and other non-cash integration charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.00 639.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 629.75 Td (Amortization of debt issuance costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 629.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 619.75 Td (Loss on debt extinguishment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.00 619.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 609.75 Td (Stock-based compensation charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 609.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 599.75 Td (Gain on casualty insurance claim) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 599.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 589.75 Td (\(Gain\) loss on sales or disposal of property, plant and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.00 589.75 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 579.75 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 137.00 579.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 569.75 Td (Equity in earnings of unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.00 569.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 559.75 Td (Dividends from unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.00 559.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 549.75 Td (Changes in operating assets and liabilitiesnet of acquisitions:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 539.75 Td (Receivables) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 105.00 539.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 529.75 Td (Inventories) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 101.00 529.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 519.75 Td (Prepaid expenses and other current assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 519.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 509.75 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 509.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 499.75 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 85.00 499.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 489.75 Td (Net cash provided by operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 489.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 470.88 Td (INVESTING ACTIVITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 460.75 Td (Purchases of property, plant and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.00 460.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 450.75 Td (Net proceeds from casualty insurance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 450.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 440.75 Td (Proceeds from the sale of property, plant and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 440.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 430.75 Td (Transfers from \(to\) restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 430.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 420.75 Td (Deposit made related to business exchange transaction \(Note 3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.00 420.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 410.75 Td (Acquisition of businessesnet of cash acquired) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.00 410.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 400.75 Td (Net cash used in investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 400.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 381.88 Td (FINANCING ACTIVITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 371.75 Td (Proceeds from issuance of long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 371.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 361.75 Td (Payments of long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.00 361.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 351.75 Td (Payments of capital lease obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 351.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 341.75 Td (Borrowings on revolving credit facilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 341.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 331.75 Td (Payments on revolving credit facilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 331.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 321.75 Td (Payment of debt issuance costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.00 321.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 311.75 Td (Bankruptcy claim payments on unsecured notes to be issued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.00 311.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 301.75 Td (Proceeds from issuance of common stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 301.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 291.75 Td (Purchase of treasury stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 137.00 291.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 281.75 Td (Tax benefit on exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 281.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 271.75 Td (Payment of cash distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.00 271.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 261.75 Td (Payment of cash dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.00 261.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 251.75 Td (Payment of tax distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.00 251.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 241.75 Td (Net cash used in financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 241.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 231.75 Td (Effect of exchange rates on cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.00 231.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 221.75 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.00 221.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 211.75 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.00 211.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 201.75 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 201.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 182.88 Td (SUPPLEMENTAL NON-CASH DISCLOSURE) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 172.75 Td (Acquisition of noncontrolling interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 172.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 162.88 Td (SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 152.75 Td (Interest paid, net of amounts capitalized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 152.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 142.75 Td (Income taxes paid \(received\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.00 142.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 132.75 Td (Acquisitions of businesses \(Note 3\):) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 122.75 Td (Fair value of assets acquired, net of cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 122.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 112.75 Td (Liabilities assumed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 129.00 112.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 102.75 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.00 102.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 92.75 Td (Net equity issued for acquisition of businesses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.00 92.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 82.75 Td (Purchase price payable on business exchange transaction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.00 82.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.00 72.75 Td (Fair value of assets acquired, net of cash, other acquisitions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.00 72.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 62.70 Td (Acquisition of businessesnet of cash acquired) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.00 62.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.20 699.88 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 689.88 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 669.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 669.75 Td (\(46.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 669.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 649.75 Td (353.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 639.75 Td (27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 629.75 Td (8.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 619.75 Td (34.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 609.75 Td (14.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.30 599.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 589.75 Td (\(0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 589.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 579.75 Td (36.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 569.75 Td (\(3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 569.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 559.75 Td (7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 539.75 Td (82.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 529.75 Td (\(2.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 529.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 519.75 Td (\(33.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 519.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 509.75 Td (\(96.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 509.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 499.75 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 499.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 489.75 Td (371.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.60 460.75 Td (\(168.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 460.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.30 450.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 440.75 Td (16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 430.75 Td (24.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 420.75 Td (\(50.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 420.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 410.75 Td (\(5.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 410.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.60 400.75 Td (\(184.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 400.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 371.75 Td (649.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.60 361.75 Td (\(759.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 361.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 351.75 Td (\(15.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 351.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 341.75 Td (896.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.60 331.75 Td (\(879.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 331.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 321.75 Td (\(11.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 321.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 311.75 Td (\(13.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 311.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 301.75 Td (1.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 291.75 Td (\(8.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 291.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 281.75 Td (0.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.30 271.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 261.75 Td (\(28.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 261.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 251.75 Td (\(4.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 251.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.60 241.75 Td (\(173.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 241.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 231.75 Td (\(8.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 231.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 221.75 Td (5.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 211.75 Td (20.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 201.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 201.75 Td (25.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 172.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.30 172.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 152.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 152.75 Td (94.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 142.75 Td (18.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 122.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 122.75 Td (68.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 112.75 Td (\(15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 112.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 102.75 Td (11.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.30 92.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 82.75 Td (\(62.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 82.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 72.75 Td (4.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 62.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 62.70 Td (\(5.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.30 62.70 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 689.88 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 669.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 669.75 Td (\(250.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 669.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 649.75 Td (274.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 639.75 Td (44.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 629.75 Td (5.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 619.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 609.75 Td (5.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.60 599.75 Td (\(7.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 599.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 589.75 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 579.75 Td (192.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.60 569.75 Td (\(9.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 569.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 559.75 Td (4.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 539.75 Td (\(116.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 539.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 529.75 Td (\(16.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 529.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 519.75 Td (17.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 509.75 Td (\(11.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 509.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 499.75 Td (18.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 489.75 Td (152.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 460.75 Td (\(112.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 460.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 450.75 Td (3.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 440.75 Td (19.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 430.75 Td (\(38.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 430.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 420.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 410.75 Td (10.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 400.75 Td (\(118.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 400.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 371.75 Td (689.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 361.75 Td (\(514.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 361.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 351.75 Td (\(26.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 351.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 341.75 Td (837.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 331.75 Td (\(806.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 331.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 321.75 Td (\(45.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 321.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 311.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 301.75 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 291.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 281.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 271.75 Td (\(140.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 271.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 261.75 Td (\(14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 261.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 251.75 Td (\(10.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 251.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.60 241.75 Td (\(30.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 241.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 231.75 Td (7.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 221.75 Td (11.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 211.75 Td (8.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 201.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 201.75 Td (20.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 172.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 172.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 152.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 152.75 Td (80.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 142.75 Td (13.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 122.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 122.75 Td (2,009.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 112.75 Td (\(1,877.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 112.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 102.75 Td (773.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 92.75 Td (\(916.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.30 92.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 82.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 72.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 62.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 62.70 Td (10.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 689.88 Td (2009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 669.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 669.75 Td (53.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 649.75 Td (196.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 639.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 629.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 619.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 609.75 Td (4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 599.75 Td (\(12.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 599.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 589.75 Td (0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 579.75 Td (0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 569.75 Td (\(6.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 569.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 559.75 Td (6.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 539.75 Td (78.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 529.75 Td (14.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 519.75 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 509.75 Td (\(90.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 509.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 499.75 Td (\(5.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 499.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 489.75 Td (242.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 460.75 Td (\(87.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 460.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 450.75 Td (19.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 440.75 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 430.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 420.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 410.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 400.75 Td (\(68.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 400.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 371.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 361.75 Td (\(43.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 361.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 351.75 Td (\(7.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 351.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 341.75 Td (563.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.60 331.75 Td (\(660.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 331.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 321.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 311.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 301.75 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 291.75 Td (\(13.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 291.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 281.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.30 271.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 261.75 Td (\(14.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 261.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 251.75 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 251.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.60 241.75 Td (\(184.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 241.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 231.75 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 221.75 Td (\(9.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 221.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 211.75 Td (18.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 201.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 201.75 Td (8.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 172.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 172.75 Td (8.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 152.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 152.75 Td (64.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 142.75 Td (\(1.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 142.75 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 45.25 Td (See accompanying Notes to Consolidated Financial Statements.) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (68) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 742.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.15 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 180.35 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 214.90 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 221.38 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 286.11 730.25 Td ( REDEEMABLE EQUITY) Tj ET Q q 0 0 0 rg BT 401.04 730.25 Td (, COMMON ST) Tj ET Q q 0 0 0 rg BT 469.10 730.25 Td (OCK ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.50 718.25 Td (AND OTHER EQUITY) Tj ET Q q 0 0 0 rg BT 265.55 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.59 718.25 Td (AND NONCONTROLLING INTERESTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.30 706.25 Td (\(in millions\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 661.75 m 175.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 650.75 m 175.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 650.75 m 175.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 480.75 m 175.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 650.75 m 415.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 480.75 m 415.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 480.75 m 415.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 463.75 m 415.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 463.75 m 415.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 284.75 m 415.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 284.75 m 415.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 267.75 m 415.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 267.75 m 415.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 95.75 m 415.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 95.75 m 415.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 79.75 m 415.5 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 77.75 m 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J 0 j 3 M 419.5 95.75 m 469.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 95.75 m 469.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 79.75 m 469.5 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 77.75 m 469.5 77.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 684.75 m 473.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 684.75 m 522.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 650.75 m 522.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 480.75 m 522.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 463.75 m 522.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 284.75 m 522.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 267.75 m 522.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 95.75 m 522.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 79.75 m 522.5 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 77.75 m 522.5 77.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 650.75 m 575.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 650.75 m 575.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 480.75 m 575.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 480.75 m 575.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 463.75 m 575.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 463.75 m 575.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 284.75 m 575.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 284.75 m 575.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 267.75 m 575.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 267.75 m 575.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 95.75 m 575.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 95.75 m 575.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 79.75 m 575.5 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 77.75 m 575.5 77.75 l s BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 637.81 Td (Balance atJanuary 1, 2009) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 120.25 637.40 Td (. . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 625.80 Td (Net earnings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 74.75 625.40 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 613.80 Td (Foreign currency translation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 606.80 Td (adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 74.75 606.40 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 594.80 Td (Unrealized gain on cash flow hedges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 141.25 594.40 Td (.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 582.80 Td (Cash dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 109.75 582.40 Td (. . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 570.80 Td (Tax distributions dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 141.25 570.40 Td (.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 558.80 Td (Purchase of treasury stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 113.25 558.40 Td (. . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 546.80 Td (Elimination of redemption features) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 546.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 534.80 Td (Stock-based compensation charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 534.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 522.80 Td (Sale of stock for options exercised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 522.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 510.80 Td (Increase in redemption value of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 503.80 Td (redeemable equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 503.40 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 491.80 Td (Acquisition of noncontrolling) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 484.80 Td (interest) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 60.75 484.40 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 467.81 Td (Balance atDecember 31, 2009) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 130.75 467.40 Td (. . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 455.80 Td (Net earnings \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 455.40 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 443.80 Td (Foreign currency translation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 436.80 Td (adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 74.75 436.40 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 424.80 Td (Cash distribution from World Color) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 417.80 Td (Press acquisition) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 85.25 417.40 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 405.80 Td (Cash dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 109.75 405.40 Td (. . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 393.80 Td (Tax distributions dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 141.25 393.40 Td (.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 381.80 Td (Elimination of redemption features) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 381.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 369.80 Td (Stock-based compensation charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 369.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 357.80 Td (Sale of stock for options exercised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 357.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 345.80 Td (Increase in redemption value of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 338.80 Td (redeemable equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 338.40 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 326.80 Td (Tax benefit from stock options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 127.25 326.40 Td (. . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 314.80 Td (Issuance of stock for acquisition of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 307.80 Td (businesses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 67.75 307.40 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 295.80 Td (Pension and other postretirement) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 288.80 Td (benefit liability adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 116.75 288.40 Td (. . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 271.81 Td (Balance atDecember 31, 2010) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 130.75 271.40 Td (. . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 259.80 Td (Net earnings \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 259.40 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 247.80 Td (Foreign currency translation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 240.80 Td (adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 74.75 240.40 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 228.80 Td (Cash dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 109.75 228.40 Td (. . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 216.80 Td (Tax distributions dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 141.25 216.40 Td (.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 204.80 Td (Stock option termination) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 109.75 204.40 Td (. . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 192.80 Td (Stock-based compensation charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 192.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 180.80 Td (Sale of stock for options exercised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.75 180.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 168.80 Td (Issuance of restricted stock and) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 161.80 Td (deferred stock units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 95.75 161.40 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 149.80 Td (Purchase of treasury stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 113.25 149.40 Td (. . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 137.80 Td (Decrease in redemption value of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 130.80 Td (redeemable equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 130.40 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 118.80 Td (Tax benefit from stock options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 127.25 118.40 Td (. . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 106.80 Td (Pension and other postretirement) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 99.80 Td (benefit liability adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 116.75 99.40 Td (. . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 82.81 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 127.25 82.40 Td (. . . . .) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 151.90 665.59 Td (Redeemable Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 151.85 654.59 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 165.50 637.59 Td (4.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 163.50 546.59 Td (\(1.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 173.00 546.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 165.50 522.59 Td (0.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 165.50 467.59 Td (3.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 163.50 381.59 Td (\(3.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 173.00 381.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 357.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 307.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 165.50 271.59 Td (0.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 167.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 165.50 82.59 Td (0.3) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 182.95 654.59 Td (Amount) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 182.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 192.50 637.59 Td (166.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 196.50 582.59 Td (\(1.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 206.00 582.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 193.50 546.59 Td (\(35.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 206.00 546.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 198.50 534.59 Td (4.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 198.50 522.59 Td (1.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 198.50 503.59 Td (6.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 182.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 192.50 467.59 Td (141.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 196.50 417.59 Td (\(3.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 206.00 417.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 196.50 405.59 Td (\(1.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 206.00 405.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 190.50 381.59 Td (\(129.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 206.00 381.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 198.50 369.59 Td (2.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 198.50 357.59 Td (0.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 198.50 338.59 Td (1.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 307.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 182.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 195.50 271.59 Td (10.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 196.50 228.59 Td (\(0.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 206.00 228.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 196.50 130.59 Td (\(6.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 206.00 130.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 200.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 182.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 198.50 82.59 Td (3.5) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 303.25 688.59 Td (Quad/Graphics Common Stock and Other Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 223.20 665.59 Td (Common Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 217.85 654.59 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 228.50 637.59 Td (32.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 231.50 546.59 Td (1.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 229.50 522.59 Td (\(0.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 239.00 522.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 228.50 467.59 Td (33.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 231.50 381.59 Td (3.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 357.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 228.50 307.59 Td (18.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 228.50 271.59 Td (55.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 233.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 228.50 82.59 Td (55.2) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 248.95 654.59 Td (Amount) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 248.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 264.50 637.59 Td (0.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 546.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 522.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 248.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 264.50 467.59 Td (0.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 381.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 357.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 264.50 307.59 Td (0.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 248.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 264.50 271.59 Td (1.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 266.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 248.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 264.50 82.59 Td (1.4) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 282.30 666.19 Td (Additional) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 286.65 660.19 Td (Paid-in) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 286.45 654.19 Td (Capital) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 281.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 301.50 637.59 Td (92.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 546.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 302.50 522.59 Td (\(5.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 312.00 522.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 302.50 484.59 Td (\(8.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 312.00 484.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 281.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 301.50 467.59 Td (77.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 301.50 381.59 Td (14.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 304.50 369.59 Td (2.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 302.50 357.59 Td (\(3.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 312.00 357.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 304.50 326.59 Td (0.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 298.50 307.59 Td (909.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 281.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 294.00 271.59 Td (1,002.0) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 299.50 204.59 Td (\(25.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 312.00 204.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 301.50 192.59 Td (14.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 302.50 180.59 Td (\(3.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 312.00 180.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 302.50 161.59 Td (\(4.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 312.00 161.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 304.50 118.59 Td (0.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 306.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 281.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 298.50 82.59 Td (984.2) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 329.50 665.59 Td (Treasury Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 323.85 654.59 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 335.50 637.59 Td (\(8.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 345.00 637.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 335.50 558.59 Td (\(0.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 345.00 558.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 546.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 337.50 522.59 Td (0.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 335.50 467.59 Td (\(8.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 345.00 467.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 381.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 337.50 357.59 Td (0.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 337.50 307.59 Td (0.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 335.50 271.59 Td (\(8.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 345.00 271.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 337.50 180.59 Td (0.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 337.50 161.59 Td (0.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 335.50 149.59 Td (\(0.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 345.00 149.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 339.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 335.50 82.59 Td (\(8.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 345.00 82.59 Td (\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 354.95 654.59 Td (Amount) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 354.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 362.50 637.59 Td (\(298.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 378.00 637.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 365.50 558.59 Td (\(13.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 378.00 558.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 546.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 370.50 522.59 Td (6.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 354.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 362.50 467.59 Td (\(304.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 378.00 467.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 381.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 370.50 357.59 Td (3.0) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 370.50 307.59 Td (5.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 354.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 362.50 271.59 Td (\(295.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 378.00 271.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 370.50 180.59 Td (3.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 370.50 161.59 Td (4.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 368.50 149.59 Td (\(8.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 378.00 149.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 372.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 354.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 362.50 82.59 Td (\(295.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 378.00 82.59 Td (\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 387.00 660.59 Td (Retained) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 387.00 654.59 Td (Earnings) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 387.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 399.50 637.59 Td (961.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 402.50 625.59 Td (52.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 400.50 582.59 Td (\(12.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 582.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 400.50 570.59 Td (\(18.0) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 570.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 402.50 546.59 Td (35.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 403.50 522.59 Td (\(1.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 522.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 403.50 503.59 Td (\(6.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 503.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 387.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 395.00 467.59 Td (1,011.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 397.50 455.59 Td (\(250.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 455.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 436.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 397.50 417.59 Td (\(136.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 417.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 400.50 405.59 Td (\(12.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 405.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 403.50 393.59 Td (\(5.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 393.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 399.50 381.59 Td (115.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 403.50 357.59 Td (\(0.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 357.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 403.50 338.59 Td (\(1.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 338.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 307.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 387.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 399.50 271.59 Td (720.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 400.50 259.59 Td (\(46.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 259.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 240.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 400.50 228.59 Td (\(27.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 228.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 403.50 216.59 Td (\(2.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 413.00 216.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 405.50 130.59 Td (6.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 407.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 387.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 399.50 82.59 Td (650.2) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 427.00 672.59 Td (Accumulated) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 436.35 666.59 Td (Other) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 424.05 660.59 Td (Comprehensive) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 425.90 654.59 Td (Income \(Loss\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 422.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 454.50 637.59 Td (\(10.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 467.00 637.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 625.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 459.50 606.59 Td (4.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 459.50 594.59 Td (2.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 546.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 522.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 422.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 457.50 467.59 Td (\(3.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 467.00 467.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 455.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 459.50 436.59 Td (4.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 381.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 357.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 307.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 456.50 288.59 Td (52.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 422.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 456.50 271.59 Td (52.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 259.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 454.50 240.59 Td (\(26.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 467.00 240.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 204.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 461.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 454.50 99.59 Td (\(64.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 467.00 99.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 422.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 454.50 82.59 Td (\(37.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 467.00 82.59 Td (\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 477.65 672.59 Td (Quad/Graphics) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 477.70 666.59 Td (Common Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 484.30 660.59 Td (and Other) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 488.80 654.59 Td (Equity) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 476.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 506.50 637.59 Td (745.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 509.50 625.59 Td (52.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 512.50 606.59 Td (4.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 512.50 594.59 Td (2.5) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 582.59 Td (\(12.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 582.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 570.59 Td (\(18.0) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 570.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 558.59 Td (\(13.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 558.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 509.50 546.59 Td (35.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 514.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 514.00 522.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 510.50 503.59 Td (\(6.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 503.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 510.50 484.59 Td (\(8.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 484.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 476.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 506.50 467.59 Td (781.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 504.50 455.59 Td (\(250.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 455.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 512.50 436.59 Td (4.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 504.50 417.59 Td (\(136.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 417.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 405.59 Td (\(12.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 405.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 510.50 393.59 Td (\(5.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 393.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 506.50 381.59 Td (129.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 512.50 369.59 Td (2.6) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 510.50 357.59 Td (\(0.4) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 357.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 510.50 338.59 Td (\(1.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 338.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 512.50 326.59 Td (0.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 506.50 307.59 Td (916.0) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 509.50 288.59 Td (52.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 476.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 502.00 271.59 Td (1,481.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 259.59 Td (\(46.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 259.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 240.59 Td (\(26.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 240.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 228.59 Td (\(27.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 228.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 510.50 216.59 Td (\(2.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 216.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 204.59 Td (\(25.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 204.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 509.50 192.59 Td (14.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 514.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 514.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 510.50 149.59 Td (\(8.2) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 149.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 512.50 130.59 Td (6.8) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 512.50 118.59 Td (0.9) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 507.50 99.59 Td (\(64.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 520.00 99.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 476.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 502.00 82.59 Td (1,302.7) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 531.20 660.59 Td (Noncontrolling) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 539.35 654.59 Td (Interests) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 529.00 637.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 637.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 565.50 625.59 Td (0.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 606.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 594.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 582.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 570.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 558.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 546.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 534.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 522.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 503.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 484.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 529.00 467.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 565.50 467.59 Td (0.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 565.50 455.59 Td (0.1) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 565.50 436.59 Td (0.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 417.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 405.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 393.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 381.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 369.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 357.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 338.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 326.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 307.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 288.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 529.00 271.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 565.50 271.59 Td (0.7) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 565.50 259.59 Td (0.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 563.50 240.59 Td (\(0.3) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 573.00 240.59 Td (\)) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 228.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 216.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 192.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 180.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 161.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 149.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 130.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 118.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 567.00 99.59 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 529.00 82.59 Td ($) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 565.50 82.59 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 58.25 Td (See accompanying Notes to Consolidated Financial Statements.) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (69) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 702.25 Td (Note 1. Basis of Pr) Tj ET Q q 0 0 0 rg BT 130.51 702.25 Td (esentation and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 298.77 702.25 Td (Accounting Policies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 678.25 Td (Natur) Tj ET Q q 0 0 0 rg BT 108.65 678.25 Td (e of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.69 678.25 Td (Quad/Graphics, Inc. and its subsidiaries \(the "Company" or "Quad/Graphics"\) operates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 666.25 Td (primarily in the commercial print portion of the printing industry as a printer of catalogs, consumer magazines, retail inserts, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 654.25 Td (books, directories, special interest publications and direct marketing materials. ) Tj ET Q q 0 0 0 rg BT 368.48 654.25 Td (The Company also provides imaging and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 642.25 Td (logistics services for its customers. ) Tj ET Q q 0 0 0 rg BT 194.11 642.25 Td (The Company's products and services are sold primarily throughout North ) Tj ET Q q 0 0 0 rg BT 493.26 642.25 Td (America, Europe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.25 Td (and Latin ) Tj ET Q q 0 0 0 rg BT 89.77 630.25 Td (America to catalogers, publishers and retailers. ) Tj ET Q q 0 0 0 rg BT 282.20 630.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 332.15 630.25 Td (, the Company manufactures printing-related auxiliary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.25 Td (equipment that is sold to original equipment manufacturers and printing companies throughout the world. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 594.25 Td (Principles of Consolidation and Basis of Pr) Tj ET Q q 0 0 0 rg BT 260.32 594.25 Td (esentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.24 594.25 Td (The accompanying consolidated financial statements include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.25 Td (the accounts of the Company and its wholly-owned and majority-owned controlled subsidiaries and have been prepared in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.25 Td (accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 374.37 570.25 Td (America \("GAAP"\). ) Tj ET Q q 0 0 0 rg BT 460.48 570.25 Td (The results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.25 Td (and accounts of businesses acquired are included in the consolidated financial statements from the dates of acquisition \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.44 546.25 Td (\). Investments in entities where the Company has both the ability to exert significant influence but not control and an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.25 Td (ownership interest of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.42 534.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.75 534.25 Td ( or less but more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.63 534.25 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.96 534.25 Td ( are accounted for using the equity method of accounting. Intercompany ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.25 Td (transactions and balances have been eliminated in consolidation.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 498.25 Td (Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.22 498.25 Td (The results of operations of the Company's Canadian operations \(with the exception of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.49 486.25 Td (V) Tj ET Q q 0 0 0 rg BT 103.07 486.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 138.96 486.25 Td (, British Columbia facility\) have been reported as discontinued operations for all periods presented. ) Tj ET Q q 0 0 0 rg BT 541.06 486.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (corresponding Canadian assets and liabilities have been reclassified in accordance with the authoritative literature on assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (held for sale as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.08 462.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 196.48 462.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.30 462.25 Td (, but were not reclassified as of December 31, 2010. ) Tj ET Q q 0 0 0 rg BT 414.28 462.25 Td (As a result, the consolidated balance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (sheets and related footnotes are not comparable between periods. In accordance with the authoritative literature, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (has elected to not separately disclose the cash flows related to the Canadian discontinued operations. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.81 438.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.75 438.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.19 438.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.13 438.25 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (information about the Company's pending sale of the Canadian operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 402.25 Td (For) Tj ET Q q 0 0 0 rg BT 100.31 402.25 Td (eign Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.85 402.25 Td (Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (exchange rate existing at the respective balance sheet dates. Income and expense items are translated at the average rates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (during the respective periods. ) Tj ET Q q 0 0 0 rg BT 172.71 378.25 Td (T) Tj ET Q q 0 0 0 rg BT 178.55 378.25 Td (ranslation adjustments resulting from fluctuations in exchange rates are recorded as a separate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (component of accumulated other comprehensive income \(loss\) on the consolidated statements of redeemable equity) Tj ET Q q 0 0 0 rg BT 512.08 366.25 Td (, common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (stock and other equity and noncontrolling interests while transaction gains and losses are recorded in selling, general and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (administrative expenses on the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 332.67 342.25 Td (The Company's international operations are conducted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (Europe through Quad/W) Tj ET Q q 0 0 0 rg BT 148.16 330.25 Td (inkowski Sp. Z o.o. \("Quad/W) Tj ET Q q 0 0 0 rg BT 269.89 330.25 Td (inkowski"\), as well as in the following Latin ) Tj ET Q q 0 0 0 rg BT 449.86 330.25 Td (American countries: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 59.96 318.25 Td (gentina, Brazil, Chile, Colombia, Mexico and Peru. ) Tj ET Q q 0 0 0 rg BT 270.57 318.25 Td (The Company owns ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.53 318.25 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.86 318.25 Td ( of certain operations in ) Tj ET Q q 0 0 0 rg BT 469.05 318.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 479.23 318.25 Td (gentina, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (consolidates those amounts into the Company's consolidated financial statements and presents the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.44 306.25 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.77 306.25 Td ( not owned by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 294.25 Td (Company as noncontrolling interest. ) Tj ET Q q 0 0 0 rg BT 199.94 294.25 Td (The Company owns ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.90 294.25 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.23 294.25 Td ( of certain operations in Brazil and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.57 294.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.90 294.25 Td ( of the operations in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (Chile, and accounts for those entities using the equity method of accounting \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.42 282.25 Td (Note 1) Tj ET Q q 0 0 0 rg BT 401.17 282.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.98 282.25 Td ( for further discussion\). ) Tj ET Q q 0 0 0 rg BT 504.76 282.25 Td (There are no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td (other significant noncontrolling interests or unconsolidated entities.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 246.25 Td (Use of Estimates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.72 246.25 Td (The preparation of consolidated financial statements requires the use of management's estimates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (and assumptions that af) Tj ET Q q 0 0 0 rg BT 143.56 234.25 Td (fect the reported assets and liabilities, disclosure of contingent assets and liabilities at the date of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.25 Td (consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. ) Tj ET Q q 0 0 0 rg BT 508.25 222.25 Td (Actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.25 Td (results could dif) Tj ET Q q 0 0 0 rg BT 113.84 210.25 Td (fer from these estimates. Estimates are used when accounting for items and matters including, but not limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.25 Td (to, allowances for doubtful accounts, inventory obsolescence, asset valuations and useful lives, goodwill, pension and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 186.25 Td (postretirement benefits, self-insurance reserves, stock-based compensation, taxes, restructuring and other provisions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (contingencies.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 150.25 Td (Revenue Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.18 150.25 Td (The Company recognizes its printing revenues upon transfer of title and the passage of risk of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 138.25 Td (loss, which is generally upon shipment to the customer) Tj ET Q q 0 0 0 rg BT 268.91 138.25 Td (. Under agreements with certain customers, products may be stored by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.25 Td (the Company for future delivery) Tj ET Q q 0 0 0 rg BT 178.58 126.25 Td (. In these situations, the Company may receive warehouse management fees for the services it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 114.25 Td (provides. In certain of these cases, delivery and billing schedules are outlined in the customer agreement and product revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.25 Td (is recognized when manufacturing is complete, title and risk of loss transfer to the customer) Tj ET Q q 0 0 0 rg BT 416.69 102.25 Td (, and there is a reasonable assurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.25 Td (as to collectibility) Tj ET Q q 0 0 0 rg BT 120.83 90.25 Td (. Product returns are not significant because the majority of products are customized; however) Tj ET Q q 0 0 0 rg BT 499.34 90.25 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 78.25 Td (accrues for the estimated amount of customer allowances at the time of sale based on historical experience and known trends.) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Revenue from services is recognized as services are performed. Revenues related to the Company's imaging ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (operations, which include digital content management, photography) Tj ET Q q 0 0 0 rg BT 321.32 701.10 Td (, color services and page production, are recognized in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the customer) Tj ET Q q 0 0 0 rg BT 554.29 689.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Revenues related to the Company's logistics operations, which includes the delivery of printed material, are recognized upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (completion of the delivery of services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td (The Company also manufactures printing-related auxiliary equipment to ensure industry leading technology for its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (own printing operations, as well as to sell to other businesses. Revenue is generally recognized for the equipment sales at time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (of shipment. Revenue from services related to the installation of equipment at customer sites are recognized upon completion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (of the installation. Payments can be received from customers during the manufacture of equipment and prior to shipment or in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (the case of the installation services prior to completion of the installation. In all cases when payments are received in advance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (of meeting the applicable revenue recognition criteria, deferred revenue is recorded until the criteria are subsequently met.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 557.10 Td (Services account for greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.60 557.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.93 557.10 Td ( of the Company's consolidated net sales; therefore, net sales and related costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (sales of products and services have been included as separate line items in the consolidated statements of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 521.10 Td (Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (principal or net of related costs as an agent. Billings for third-party shipping and handling costs, primarily in the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the consolidated statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (of operations. Many of the Company's operations process materials, primarily paper) Tj ET Q q 0 0 0 rg BT 387.96 485.10 Td (, that may be supplied directly by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (customers or may be purchased by the Company and sold to customers. No revenue is recognized for customer) Tj ET Q q 0 0 0 rg BT 496.22 473.10 Td (-supplied paper) Tj ET Q q 0 0 0 rg BT 557.77 473.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (Revenues for Company-supplied paper are recognized on a gross basis.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 437.10 Td (Bypr) Tj ET Q q 0 0 0 rg BT 104.75 437.10 Td (oduct Recoveries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.15 437.10 Td (The Company records the sale of byproducts as net product sales in the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (statements of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 401.10 Td (Financial Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.10 401.10 Td (The Company uses derivative financial instruments for the purpose of hedging commodity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (and foreign exchange exposures that exist as part of ongoing business operations, including natural gas forward purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (contracts and foreign exchange contracts. ) Tj ET Q q 0 0 0 rg BT 219.98 377.10 Td (As a policy) Tj ET Q q 0 0 0 rg BT 264.93 377.10 Td (, the Company does not engage in speculative or leveraged transactions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (nor does the Company hold or issue financial instruments for trading purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 341.10 Td (Derivative instruments are recorded on the consolidated balance sheets as either assets or liabilities measured at their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the ef) Tj ET Q q 0 0 0 rg BT 535.34 317.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (portion of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (income \(loss\) and recognized in the consolidated statements of operations when the hedged item af) Tj ET Q q 0 0 0 rg BT 445.40 293.10 Td (fects earnings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 269.10 Td (The inef) Tj ET Q q 0 0 0 rg BT 119.00 269.10 Td (fective portions of the changes in the fair value of hedges are recognized in earnings. Cash flows from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash flows in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (the same category as the item being hedged.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 221.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 111.33 221.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 160.86 221.10 Td (ement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.55 221.10 Td (The Company applies fair value accounting for all assets and liabilities that are recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (or disclosed at fair value in its consolidated financial statements on a recurring basis. Fair value represents the amount that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (measurement date. ) Tj ET Q q 0 0 0 rg BT 129.38 185.10 Td (When determining the fair value measurements for assets and liabilities that are required to be recorded at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (fair value, the Company considers the principal or most advantageous market and the market-based risk measurements or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (assumptions that market participants would use in pricing the asset or liability) Tj ET Q q 0 0 0 rg BT 361.06 161.10 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 137.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 113.08 137.10 Td (ch and development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.87 137.10 Td (Research and development costs related to the development of new products or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (adaptation of existing products are expensed as incurred, included in cost of sales and totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.38 125.10 Td ($16.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.27 125.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.27 125.10 Td ($17.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.17 125.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td ($14.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 113.10 Td ( during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.19 113.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 272.59 113.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.41 113.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.41 113.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.41 113.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.84 113.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.84 113.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 394.83 113.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 89.10 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.43 89.10 Td (The Company considers all highly liquid investments with original maturities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.00 89.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.98 89.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (months or less to be cash equivalents.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (71) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.25 713.10 Td (Receivables are stated net of allowances for doubtful accounts. No single customer comprised more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.22 701.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.55 701.10 Td ( of the Company's consolidated net sales in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.65 701.10 Td (201) Tj ET Q q 0 0 0 rg BT 277.46 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.28 701.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.28 701.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.28 701.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.61 701.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.61 701.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.94 701.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.27 701.10 Td ( of the Company's consolidated accounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (receivable as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.74 689.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 188.14 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.95 689.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.28 689.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.28 689.10 Td (. Specific customer provisions are made when a review of significant outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (doubtful. In addition, provisions are made at dif) Tj ET Q q 0 0 0 rg BT 243.26 665.10 Td (fering rates, based upon the age of the receivable and the Company's historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (collection experience.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (Inventories) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.49 629.10 Td (Inventories include material, labor) Tj ET Q q 0 0 0 rg BT 278.01 629.10 Td (, and plant overhead and are stated at the lower of cost or market. ) Tj ET Q q 0 0 0 rg BT 544.00 629.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (Company also maintains inventory reserves for excess and obsolete inventories determined in part by future demand forecasts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 605.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 135.40 605.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.21 605.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.65 605.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.65 605.10 Td (, all inventories were valued using the first-in, first-out \("FIFO"\) method.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 581.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 95.31 581.10 Td (operty) Tj ET Q q 0 0 0 rg BT 120.40 581.10 Td (, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.34 581.10 Td (Property) Tj ET Q q 0 0 0 rg BT 251.45 581.10 Td (, plant and equipment are recorded at cost, and are depreciated over the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (estimated useful lives of the assets using the straight-line method for financial reporting purposes. Major improvements that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (extend the useful lives of existing assets are capitalized and char) Tj ET Q q 0 0 0 rg BT 307.09 557.10 Td (ged to the asset accounts. Repairs and maintenance, which do ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (not improve or extend the useful lives of the respective assets, are expensed as incurred. Leasehold improvements are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (depreciated over the shorter of the lease term or the estimated useful life of the respective asset.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 507.6 m 457.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 507.6 m 561.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 507.6 m 561.5 507.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 227.10 511.83 Td (Asset Category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 497.27 Td (Buildings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 497.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 482.27 Td (Machinery and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.50 482.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 467.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 467.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.75 511.83 Td (Range of Useful Lives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.35 497.27 Td (10 to 40 Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.85 482.27 Td (5 to 15 Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.85 467.27 Td (3 to 10 Years) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 439.10 Td (Other Intangible ) Tj ET Q q 0 0 0 rg BT 154.84 439.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.75 439.10 Td (Identifiable intangible assets, except for those intangible assets with indefinite lives, are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 427.10 Td (recognized apart from goodwill and are amortized over their estimated useful lives. Identifiable intangible assets with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (indefinite lives are not amortized.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 391.10 Td (Impairment of Long-Lived and Other Intangible ) Tj ET Q q 0 0 0 rg BT 280.39 391.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.30 391.10 Td (The Company evaluates long-lived assets and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (intangible assets \(of which the most significant are property) Tj ET Q q 0 0 0 rg BT 288.56 379.10 Td (, plant and equipment and customer relationship intangible assets\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (whenever events and circumstances have occurred that indicate the carrying value of an asset may not be recoverable. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (Determining whether impairment has occurred typically requires various estimates and assumptions, including determining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (which cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur) Tj ET Q q 0 0 0 rg BT 521.37 343.10 Td (, their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (amount and the asset's residual value, if any) Tj ET Q q 0 0 0 rg BT 224.81 331.10 Td (. In turn, measurement of an impairment loss requires a determination of fair value, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td (which is generally estimated by the ability to recover the balance of the assets from expected future operating cash flows on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (undiscounted basis. If impairment is determined to exist, any related impairment loss is calculated based on the dif) Tj ET Q q 0 0 0 rg BT 510.40 307.10 Td (ference in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (the fair value and carrying value of the asset.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 271.10 Td (Goodwill and Indefinite-lived Intangible ) Tj ET Q q 0 0 0 rg BT 249.82 271.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.73 271.10 Td (Goodwill and indefinite-lived intangible assets are reviewed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (annually for impairment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.85 259.10 Td (October31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.56 259.10 Td ( or more frequently if events or changes in circumstances indicate that it is more likely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (than not that the fair value of a reporting unit is below its carrying value. In performing this analysis, the Company compares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (each reporting unit's fair value estimated based on comparable company market valuations and/or expected future discounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (cash flows to be generated by the reporting unit to its carrying value. If the carrying value exceeds the reporting unit's fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (value, the Company performs a fair value measurement calculation to determine the impairment loss, which would be char) Tj ET Q q 0 0 0 rg BT 540.64 211.10 Td (ged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (to operations in the period identified. See Note 6 for further discussion.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 175.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 122.53 175.10 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.84 175.10 Td (In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.04 175.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.21 175.10 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 350.83 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 359.78 175.10 Td (orld Color Press Inc. \("W) Tj ET Q q 0 0 0 rg BT 461.10 175.10 Td (orld Color Press"\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (the public registration of the Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 250.00 163.10 Td (A) Tj ET Q q 0 0 0 rg BT 256.67 163.10 Td ( stock, the Company changed the tax status of remaining entities within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (Quad/Graphics legal structure to C corporation status under the provisions of the Internal Revenue Code of 1986, as amended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 139.10 Td (\("Internal Revenue Code"\). From that point forward, the Company is subject to federal and state income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 115.10 Td (Prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.28 115.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.45 115.10 Td (, the majority of entities within the Company's structure were an S corporation. ) Tj ET Q q 0 0 0 rg BT 488.34 115.10 Td (As an S ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (corporation, the Company was contractually required under a shareholders' agreement to pay tax distributions to shareholders in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td (connection with the Company's election to be taxed as an S corporation. Certain entities, representing less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.85 91.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.18 91.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (Company's book and taxable income, were C corporations for administrative and legal purposes. ) Tj ET Q q 0 0 0 rg BT 441.11 79.10 Td (The C corporations are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (taxable at a legal entity level. ) Tj ET Q q 0 0 0 rg BT 171.39 67.10 Td (Also, certain states impose entity level taxes on the S corporations. ) Tj ET Q q 0 0 0 rg BT 443.74 67.10 Td (The Company has recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 55.10 Td (deferred income taxes on temporary dif) Tj ET Q q 0 0 0 rg BT 207.40 55.10 Td (ferences in the financial reporting and income tax basis of certain assets and liabilities at ) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (applicable income tax rates for those entities which are subject to tax at the entity level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. Under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (this method, deferred tax assets and liabilities are measured based on the dif) Tj ET Q q 0 0 0 rg BT 353.48 665.10 Td (ferences between the financial statement and tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (basis of assets and liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 276.57 653.10 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 405.50 653.10 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 540.51 653.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.18 641.10 Td (fect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.18 629.10 Td (fective date of enactment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 605.10 Td (The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (be realized. ) Tj ET Q q 0 0 0 rg BT 100.49 593.10 Td (This determination is based upon all available positive and negative evidence, including future reversals of existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (taxable temporary dif) Tj ET Q q 0 0 0 rg BT 135.48 581.10 Td (ferences, projected future taxable income, tax planning strategies, and recent financial operations. If the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Company determines the deferred income tax assets will be realized in the future in excess of their net recorded amount, then ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (an adjustment to a valuation allowance will be made, which would reduce the Company's provision for income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td (The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (position would be sustained upon examination by tax authorities. ) Tj ET Q q 0 0 0 rg BT 314.65 521.10 Td (This recognized tax position is then measured at the lar) Tj ET Q q 0 0 0 rg BT 535.23 521.10 Td (gest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (amount of benefit that is greater than fifty-percent likely of being recognized upon ultimate settlement. ) Tj ET Q q 0 0 0 rg BT 465.65 509.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (recognizes interest and penalties related to unrecognized tax benefits in income tax expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 473.10 Td (The determination of the Company's worldwide tax provision and related tax assets and liabilities requires the use of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (significant judgment, estimates, and the interpretation of complex tax laws. In the ordinary course of business, there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (transactions and calculations where the final tax outcome is uncertain. ) Tj ET Q q 0 0 0 rg BT 334.86 449.10 Td (While the Company believes it has the appropriate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (support for the positions taken, certain positions may be successfully challenged by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 462.93 437.10 Td (The Company applies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the appropriate amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (tax benefits to be recognized with respect to uncertain tax positions. ) Tj ET Q q 0 0 0 rg BT 326.27 413.10 Td (The determination of the Company's worldwide tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (provision includes the impact of any changes to the amount of tax benefits recognized with respect to uncertain tax positions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 377.10 Td (Pension and Postr) Tj ET Q q 0 0 0 rg BT 159.20 377.10 Td (etir) Tj ET Q q 0 0 0 rg BT 172.72 377.10 Td (ement Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.69 377.10 Td (The Company assumed certain defined benefit pension and postretirement benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (plans as part of the ) Tj ET Q q 0 0 0 rg BT 127.44 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 136.39 365.10 Td (orld Color Press acquisition. Pension plan costs are determined using actuarial methods and are funded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (through contributions. ) Tj ET Q q 0 0 0 rg BT 143.29 353.10 Td (The Company records amounts relating to its pension and postretirement benefit plans based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (calculations which include various actuarial assumptions including discount rates, mortality) Tj ET Q q 0 0 0 rg BT 416.31 341.10 Td (, assumed rates of return, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (compensation increases, turnover rates and health care cost trend rates. ) Tj ET Q q 0 0 0 rg BT 337.90 329.10 Td (The Company reviews its actuarial assumptions on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (annual basis and modifies the assumptions based on current rates and trends when it is appropriate to do so. ) Tj ET Q q 0 0 0 rg BT 484.59 317.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 510.23 317.10 Td (fects of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (modifications are recognized immediately on the consolidated balance sheet, but are generally amortized into operating income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (over future periods, with the deferred amount recorded in accumulated other comprehensive income \(loss\) on the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (balance sheet. ) Tj ET Q q 0 0 0 rg BT 110.49 281.10 Td (The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (based on its experience, market conditions and input from its actuaries and investment advisors. For the purposes of calculating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (the expected return on plan assets, those assets are valued at fair value. ) Tj ET Q q 0 0 0 rg BT 337.63 257.10 Td (When an event gives rise to both a curtailment and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (settlement, the curtailment is accounted for prior to the settlement. ) Tj ET Q q 0 0 0 rg BT 320.16 245.10 Td (The Company's measurement date to measure the defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (benefit plan assets and the projected benefit obligation is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.15 233.10 Td (December31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.74 233.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 209.10 Td (In addition, as a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 259.26 209.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.21 209.10 Td (orld Color Press, the Company participated in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.88 209.10 Td (six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.55 209.10 Td ( union multiemployer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (pension plans \("MEPPs"\). ) Tj ET Q q 0 0 0 rg BT 158.97 197.10 Td (The Company records the required cash contributions to the MEPPs as expenses in the period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (incurred and a liability is recognized for any contributions due and unpaid, consistent with the accounting for defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (contribution plans. Due to the significantly underfunded status of the MEPPs, at the time of the ) Tj ET Q q 0 0 0 rg BT 435.18 173.10 Td (W) Tj ET Q q 0 0 0 rg BT 444.12 173.10 Td (orld Color Press acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (the Company began the process to withdraw from all significant MEPPs and replace these benefits with a Company sponsored ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td ("pay as you go" defined contribution plan, which is historically the form of retirement benefit provided to Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 99.49 137.10 Td (As a result of the decision to withdraw) Tj ET Q q 0 0 0 rg BT 253.57 137.10 Td (, the Company recorded an estimated withdrawal liability for the MEPPs as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (part of the purchase price allocation process based on information received from the MEPP's trustees. ) Tj ET Q q 0 0 0 rg BT 460.81 125.10 Td (The estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (withdrawal liability will be updated as new withdrawal liability projections are provided from each plan's trustees until the final ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (withdrawal liability is determined and paid. ) Tj ET Q q 0 0 0 rg BT 228.81 101.10 Td (The exact amount of its withdrawal liability could be higher or lower than the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (estimate depending on, among other things, the nature and timing of any triggering events and the funded status of the plans at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (that time. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.21 77.10 Td (Note 20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.15 77.10 Td ( for further discussion.) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (73) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Stock-Based Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.20 713.10 Td (The Company recognizes stock-based compensation expense over the vesting period for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (all stock-based awards made to employees and directors based on the fair value of the instrument at the time of grant.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 677.10 Td (Accumulated Other Compr) Tj ET Q q 0 0 0 rg BT 193.63 677.10 Td (ehensive Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.30 677.10 Td (Accumulated other comprehensive income \(loss\) consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (unrecognized actuarial gains and losses and prior service costs for pension and postretirement plans and foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (translation adjustments and is presented in the consolidated statements of redeemable equity) Tj ET Q q 0 0 0 rg BT 418.24 653.10 Td (, common stock and other equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (and noncontrolling interests. ) Tj ET Q q 0 0 0 rg BT 168.56 641.10 Td (The components of accumulated other comprehensive income \(loss\) consist of the following at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 629.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 629.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.71 629.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.71 629.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.15 629.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.15 629.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 593.6 m 423.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 593.6 m 423.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 543.6 m 423.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 529.6 m 423.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 527.6 m 423.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 593.6 m 492.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 593.6 m 492.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 543.6 m 492.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 529.6 m 492.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 527.6 m 492.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 593.6 m 561.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 593.6 m 561.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 543.6 m 561.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 529.6 m 561.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 527.6 m 561.5 527.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 583.27 Td (Translation adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.50 583.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 568.27 Td (Pension and other postretirement benefit liability adjustments, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 558.27 Td (of$7.5million,$\(30.0\)million and$0at December 31, 2011, 2010 and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 548.27 Td (2009, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.50 548.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 533.27 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 533.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 597.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 583.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 583.32 Td (\(25.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 583.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 548.32 Td (\(12.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 548.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 533.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 533.32 Td (\(37.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 533.27 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 597.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 583.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 583.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 548.27 Td (52.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 533.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 533.27 Td (52.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 597.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 583.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 583.32 Td (\(3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 583.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 548.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 533.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 533.32 Td (\(3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 533.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 505.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.43 505.10 Td (ransaction gains and losses are included in selling, general and administrative expenses in the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (statements of operations. Foreign exchange transactions resulted in losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.98 493.10 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.87 493.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 493.10 Td (201) Tj ET Q q 0 0 0 rg BT 436.46 493.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.28 493.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.28 493.10 Td ($6.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.17 493.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.95 493.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.95 493.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 481.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.17 481.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.17 481.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (Note 2. New ) Tj ET Q q 0 0 0 rg BT 105.60 458.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 167.17 458.25 Td (onouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 434.25 Td (In September 201) Tj ET Q q 0 0 0 rg BT 156.41 434.25 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 220.38 434.25 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 350.73 434.25 Td (ASB"\) issued new guidance on the disclosures about ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (an employer's participation in MEPPs. ) Tj ET Q q 0 0 0 rg BT 208.14 422.25 Td (This new guidance requires additional disclosures regarding the significant MEPPs in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (which an employer participates. ) Tj ET Q q 0 0 0 rg BT 182.14 410.25 Td (This includes the level of an employer's contributions in the MEPPs, and whether those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (contributions represent more than five percent of the total contributions made to the plan by all contributing employers. ) Tj ET Q q 0 0 0 rg BT 532.06 398.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 386.25 Td (expanded disclosures also address the financial health of significant MEPPs including the funded status and existence of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (funding improvement plans, the existence of imposed surchar) Tj ET Q q 0 0 0 rg BT 296.01 374.25 Td (ges on contributions to the plan, as well as the nature of employer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 362.25 Td (commitments to the plan. ) Tj ET Q q 0 0 0 rg BT 156.06 362.25 Td (The Company adopted this guidance ef) Tj ET Q q 0 0 0 rg BT 312.78 362.25 Td (fective December 31, 201) Tj ET Q q 0 0 0 rg BT 415.79 362.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 428.01 362.25 Td (The adoption of this guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (impacted the Company's disclosures and did not have a material impact on the Company's consolidated financial position, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (results of operations or cash flows. ) Tj ET Q q 0 0 0 rg BT 193.82 338.25 Td (The Company began the process of withdrawing from all significant MEPPs in 2010, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (recorded an estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.73 326.25 Td ($83.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.63 326.25 Td ( withdrawal liability based on information provided by each plan's trustees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 302.25 Td (In September 201) Tj ET Q q 0 0 0 rg BT 156.41 302.25 Td (1, the F) Tj ET Q q 0 0 0 rg BT 186.13 302.25 Td (ASB issued new guidance on testing goodwill for impairment. ) Tj ET Q q 0 0 0 rg BT 440.36 302.25 Td (This new guidance gives ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (entities, subject to certain conditions, the option of first performing a qualitative assessment to determine whether the existence ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 278.25 Td (of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td (than its carrying amount. ) Tj ET Q q 0 0 0 rg BT 154.39 266.25 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 227.78 266.25 Td (fective prospectively for annual and interim goodwill impairment tests performed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 254.25 Td (for fiscal years beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 248.12 254.25 Td (1, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 383.93 254.25 Td (The adoption of this guidance will not have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 242.25 Td (a material impact on the Company's consolidated financial position, results of operations or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 218.25 Td (In June 201) Tj ET Q q 0 0 0 rg BT 131.97 218.25 Td (1, the F) Tj ET Q q 0 0 0 rg BT 161.70 218.25 Td (ASB issued new guidance on the presentation of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 457.83 218.25 Td (This new guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 206.25 Td (requires the components of net income and other comprehensive income to be either presented in one continuous statement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 194.25 Td (referred to as the statement of comprehensive income, or in two separate, but consecutive statements. ) Tj ET Q q 0 0 0 rg BT 459.54 194.25 Td (This new guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 182.25 Td (eliminates the current option to report other comprehensive income and its components in the statement of shareholders' equity) Tj ET Q q 0 0 0 rg BT 557.22 182.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 170.25 Td (While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 158.25 Td (recognized in net income or other comprehensive income under current accounting guidance. Subsequently in December 201) Tj ET Q q 0 0 0 rg BT 552.75 158.25 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 146.25 Td (the F) Tj ET Q q 0 0 0 rg BT 69.41 146.25 Td (ASB issued an update to the recently issued guidance on the presentation of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 474.67 146.25 Td (This update defers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 134.25 Td (the ef) Tj ET Q q 0 0 0 rg BT 71.90 134.25 Td (fective date of the requirement to present on the face of the financial statements reclassification adjustments for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.25 Td (component of accumulated other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 283.21 122.25 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 358.84 122.25 Td (fective retrospectively for fiscal years beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 110.25 Td (after December 15, 201) Tj ET Q q 0 0 0 rg BT 143.71 110.25 Td (1, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 279.52 110.25 Td (The Company elected to early adopt the requirements of this guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 98.25 Td (with retrospective application. Upon adoption of this guidance, the Company reported a separate consolidated statement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (comprehensive income \(loss\) for all periods presented. ) Tj ET Q q 0 0 0 rg BT 273.51 86.25 Td (The adoption of this guidance amended the presentation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 74.25 Td (components of comprehensive income and did not have an impact on the Company's consolidated financial position, results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (operations or cash flows.) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.35 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (In May 201) Tj ET Q q 0 0 0 rg BT 131.97 713.10 Td (1, the F) Tj ET Q q 0 0 0 rg BT 161.70 713.10 Td (ASB issued new guidance on fair value measurements. ) Tj ET Q q 0 0 0 rg BT 386.18 713.10 Td (This new guidance amends the definition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (fair value measurement principles and disclosure requirements to eliminate dif) Tj ET Q q 0 0 0 rg BT 363.47 701.10 Td (ferences between GAAP) Tj ET Q q 0 0 0 rg BT 462.04 701.10 Td ( and International ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Financial Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 178.56 689.10 Td (This new guidance requires new quantitative and qualitative disclosures about the sensitivity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (recurring Level 3 measurement disclosures, as well as transfers between Level 1 and Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 526.75 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.84 677.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (guidance is ef) Tj ET Q q 0 0 0 rg BT 104.94 665.10 Td (fective prospectively for fiscal years beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 389.55 665.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 401.77 665.10 Td (The adoption of this guidance will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (have a material impact on the Company's consolidated financial position, results of operations or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (In December 2010, the F) Tj ET Q q 0 0 0 rg BT 184.82 629.10 Td (ASB issued new guidance on disclosures of supplementary pro forma information for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (business combinations. ) Tj ET Q q 0 0 0 rg BT 147.18 617.10 Td (This new guidance specifies that pro forma disclosures should be reported as if the business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (combination that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (period and the pro forma disclosures must include a description of material, nonrecurring pro forma adjustments. ) Tj ET Q q 0 0 0 rg BT 506.23 593.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (Company adopted this guidance ef) Tj ET Q q 0 0 0 rg BT 188.26 581.10 Td (fective January 1, 201) Tj ET Q q 0 0 0 rg BT 276.29 581.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 288.51 581.10 Td (The adoption of this guidance impacted the Company's disclosures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (and did not have a material impact on the Company's consolidated financial position, results of operations or cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 546.25 Td (Note 3. ) Tj ET Q q 0 0 0 rg BT 84.21 546.25 Td (Acquisitions) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 522.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.22 522.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.95 522.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.26 522.25 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 498.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 498.25 Td (July12, 201) Tj ET Q q 0 0 0 rg BT 149.21 498.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.02 498.25 Td (, the Company and ) Tj ET Q q 0 0 0 rg BT 231.97 498.25 Td (T) Tj ET Q q 0 0 0 rg BT 237.81 498.25 Td (ranscontinental Inc. \("T) Tj ET Q q 0 0 0 rg BT 332.34 498.25 Td (ranscontinental"\) entered into a definitive agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (whereby Quad/Graphics acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.39 486.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.72 486.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 222.96 486.25 Td (T) Tj ET Q q 0 0 0 rg BT 228.80 486.25 Td (ranscontinental's Mexican operations in exchange for the Company's Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (operations \(with the exception of the Company's ) Tj ET Q q 0 0 0 rg BT 245.89 474.25 Td (V) Tj ET Q q 0 0 0 rg BT 252.47 474.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 288.36 474.25 Td (, British Columbia facility\). ) Tj ET Q q 0 0 0 rg BT 403.89 474.25 Td (T) Tj ET Q q 0 0 0 rg BT 409.73 474.25 Td (ranscontinental's Mexican operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (printed magazines, catalogs, retail inserts, books and other printed materials, and employed approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.42 462.25 Td (900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.42 462.25 Td ( people among ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.45 450.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.43 450.25 Td ( facilities in ) Tj ET Q q 0 0 0 rg BT 130.86 450.25 Td (Azcapotzalco, ) Tj ET Q q 0 0 0 rg BT 189.91 450.25 Td (T) Tj ET Q q 0 0 0 rg BT 195.58 450.25 Td (oluca and Xochimilco, Mexico. ) Tj ET Q q 0 0 0 rg BT 326.49 450.25 Td (The ) Tj ET Q q 0 0 0 rg BT 344.36 450.25 Td (T) Tj ET Q q 0 0 0 rg BT 350.20 450.25 Td (ranscontinental Mexican operations are included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (within the International segment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 414.25 Td (The Company completed the acquisition of ) Tj ET Q q 0 0 0 rg BT 260.92 414.25 Td (T) Tj ET Q q 0 0 0 rg BT 266.76 414.25 Td (ranscontinental's Mexican operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.01 414.25 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 500.09 414.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.90 414.25 Td (. ) Tj ET Q q 0 0 0 rg BT 512.31 414.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (Company's determination of the acquired operations' fair value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.24 402.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 398.64 402.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.45 402.25 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.50 402.25 Td ($63.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.39 402.25 Td (. ) Tj ET Q q 0 0 0 rg BT 487.62 402.25 Td (As a component ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (of the purchase price, the terms of the definitive agreement require cash consideration to be paid monthly to ) Tj ET Q q 0 0 0 rg BT 483.42 390.25 Td (T) Tj ET Q q 0 0 0 rg BT 489.27 390.25 Td (ranscontinental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (for the period between the acquisition of ) Tj ET Q q 0 0 0 rg BT 214.08 378.25 Td (T) Tj ET Q q 0 0 0 rg BT 219.92 378.25 Td (ranscontinental's Mexican operations and the completion of the sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (Company's Canadian operations. ) Tj ET Q q 0 0 0 rg BT 185.91 366.25 Td (The Company has estimated these payments will total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.10 366.25 Td ($3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.00 366.25 Td (, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.76 366.25 Td ($1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.66 366.25 Td ( has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (been paid to ) Tj ET Q q 0 0 0 rg BT 100.78 354.25 Td (T) Tj ET Q q 0 0 0 rg BT 106.62 354.25 Td (ranscontinental as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.70 354.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 265.10 354.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.91 354.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.85 354.25 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.74 354.25 Td ( will be paid in 2012. ) Tj ET Q q 0 0 0 rg BT 430.64 354.25 Td (The remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.64 354.25 Td ($62.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.53 354.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (purchase price payable in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.61 342.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 242.01 342.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.82 342.25 Td ( consolidated balance sheet will be settled by the Company with the non-cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (net assets of the Company's Canadian business and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.98 330.25 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.88 330.25 Td ( in 2012 cash payments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 306.25 Td (In connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 234.82 306.25 Td (T) Tj ET Q q 0 0 0 rg BT 240.66 306.25 Td (ranscontinental's Mexican operations, the definitive agreement required the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 294.25 Td (Company to deposit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.55 294.25 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.44 294.25 Td ( Canadian dollars with ) Tj ET Q q 0 0 0 rg BT 274.11 294.25 Td (T) Tj ET Q q 0 0 0 rg BT 279.95 294.25 Td (ranscontinental until the Canadian operations sale is completed. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (February7, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.10 282.25 Td (, the Company announced that it has been authorized by Canada's Competition Bureau to complete the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td (its Canadian operations to ) Tj ET Q q 0 0 0 rg BT 156.06 270.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.90 270.25 Td (ranscontinental. ) Tj ET Q q 0 0 0 rg BT 230.03 270.25 Td (As the Canada Competition Bureau has authorized the closing to proceed, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.25 Td (Company expects to be refunded the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.34 258.25 Td (50.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.23 258.25 Td ( Canadian dollar deposit upon the close of the transaction. ) Tj ET Q q 0 0 0 rg BT 484.30 258.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (expects the sale to be completed before March 31, 2012. ) Tj ET Q q 0 0 0 rg BT 279.98 246.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.20 246.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 365.60 246.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.41 246.25 Td (, the deposit was classified in prepaid expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (and other current assets in the consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 210.25 Td (The Company elected to hedge foreign currency exchange rate exposure related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.29 210.25 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.18 210.25 Td ( Canadian dollar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.25 Td (deposit by entering into short-term foreign currency forward exchange contracts. ) Tj ET Q q 0 0 0 rg BT 377.62 198.25 Td (The Company intends to continue using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 186.25 Td (rolling short-term forward exchange contracts pertaining to this foreign currency denominated deposit as a fair value hedge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (until the close of the sale of the Canadian discontinued operations. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.89 174.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 485.29 174.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.11 174.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.11 174.25 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.00 174.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 162.25 Td (unrealized mark-to-market loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.89 162.25 Td ($2.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.78 162.25 Td ( of realized mark-to-market gain on the derivative contracts were of) Tj ET Q q 0 0 0 rg BT 513.68 162.25 Td (fset by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 150.25 Td ($1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 150.25 Td ( transaction loss on translation of the foreign currency denominated deposit within selling, general and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 138.25 Td (administrative expenses. ) Tj ET Q q 0 0 0 rg BT 152.72 138.25 Td (The fair value determination of the foreign currency forward exchange contracts was categorized as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.25 Td (Level 2 in the fair value hierarchy \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.64 126.25 Td (Note 18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.58 126.25 Td ( for the definition of Level 2 inputs\).) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (This acquisition was accounted for using the acquisition method of accounting under existing GAAP) Tj ET Q q 0 0 0 rg BT 488.48 713.10 Td (. ) Tj ET Q q 0 0 0 rg BT 495.15 713.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 701.10 Td (, the Canadian transaction had not yet closed, therefore the Company recorded a preliminary allocation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (the purchase price to the acquired tangible and identifiable intangible assets and liabilities assumed based on their fair values as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (of the acquisition date. Goodwill has been recorded based on the amount by which the purchase price exceeds the fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (the net assets acquired. ) Tj ET Q q 0 0 0 rg BT 146.60 665.10 Td (The preliminary purchase price allocation is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 633.6 m 561.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 633.6 m 561.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 529.6 m 561.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 529.6 m 561.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 517.6 m 561.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 515.6 m 561.5 515.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 624.17 Td (Accounts receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.50 624.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 611.17 Td (Other current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 611.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 598.17 Td (Property, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.50 598.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 585.17 Td (Identifiable intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.50 585.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 572.17 Td (Other long-term assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.50 572.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 559.17 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.50 559.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 546.17 Td (Other long-term liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.50 546.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 533.17 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 533.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 520.17 Td (Preliminary purchase price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.50 520.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.70 645.83 Td (Preliminary Purchase) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.75 637.83 Td (Price Allocation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 624.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 624.17 Td (15.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 611.17 Td (11.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 598.17 Td (35.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 585.17 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 572.17 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 559.22 Td (\(14.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 559.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 546.22 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 546.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 533.17 Td (11.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 520.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 520.17 Td (63.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 493.10 Td (The preliminary purchase price allocation is based on valuations performed to determine the fair value of the net assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (as of the acquisition date. ) Tj ET Q q 0 0 0 rg BT 156.32 481.10 Td (The preliminary purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.78 481.10 Td ($63.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.67 481.10 Td ( was estimated by utilizing a discounted cash flow ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 469.10 Td (model, following an income approach that incorporates various assumptions including expected future revenue growth, profit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.96 457.10 Td (gins, capital expenditures, working capital levels and a weighted-average cost of capital. ) Tj ET Q q 0 0 0 rg BT 423.53 457.10 Td (The nonrecurring fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 445.10 Td (measurement was classified as Level 3 in the valuation hierarchy \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.78 445.10 Td (Note 18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.72 445.10 Td ( for the definition of Level 3 inputs\). Purchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (identifiable intangible assets will be amortized on a straight-line basis over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.36 433.10 Td (six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.03 433.10 Td ( years. ) Tj ET Q q 0 0 0 rg BT 394.04 433.10 Td (The results of operations of the acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (business have been included since the respective dates of acquisition in the accompanying consolidated financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (Pro forma information related to the acquisition is not included because the impact on the Company's consolidated results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (operations is considered to be immaterial. ) Tj ET Q q 0 0 0 rg BT 221.58 397.10 Td (The Company expects to complete the purchase price allocation during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.62 397.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.62 397.10 Td ( upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (the completion of the sale of the Canadian operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (2010) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.81 361.10 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 337.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 337.10 Td (February28, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.82 337.10 Td (, the Company acquired a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.79 337.10 Td (47%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.12 337.10 Td ( interest in HGI Company) Tj ET Q q 0 0 0 rg BT 400.66 337.10 Td (, LLC \("HGI"\), a ) Tj ET Q q 0 0 0 rg BT 471.17 337.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.32 337.10 Td (isconsin-based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (commercial printer for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.51 325.10 Td ($10.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.40 325.10 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.63 325.10 Td (October29, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.33 325.10 Td (, the Company purchased the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.23 325.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.56 325.10 Td ( of HGI's equity to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 313.10 Td (increase the Company's ownership to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.99 313.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.32 313.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.98 313.10 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.87 313.10 Td ( in cash and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.86 313.10 Td ($7.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.75 313.10 Td ( in Company stock. ) Tj ET Q q 0 0 0 rg BT 471.43 313.10 Td (The total purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 301.10 Td (price for HGI was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.47 301.10 Td ($22.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.36 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 185.77 301.10 Td (The Company also assumed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.66 301.10 Td ($12.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.55 301.10 Td ( of debt. ) Tj ET Q q 0 0 0 rg BT 392.51 301.10 Td (This was accounted for using the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 289.10 Td (acquisition method of accounting under existing GAAP) Tj ET Q q 0 0 0 rg BT 271.69 289.10 Td (. HGI specializes in short to medium-run books, manuals, directories, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 277.10 Td (publications, marketing collateral and in-store/point-of-purchase materials. HGI is included within the North ) Tj ET Q q 0 0 0 rg BT 488.82 277.10 Td (America Print and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 265.10 Td (Related Services segment. HGI was accounted for using the equity method of accounting from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.28 265.10 Td (February28, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.88 265.10 Td ( until ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 Td (October29, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.21 253.10 Td ( and was then consolidated subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.67 253.10 Td (October29, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.38 253.10 Td ( upon acquiring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.64 253.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.97 253.10 Td ( ownership.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 229.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 229.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.39 229.10 Td (, the Company acquired ) Tj ET Q q 0 0 0 rg BT 247.33 229.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.28 229.10 Td (orld Color Press, a provider of comprehensive print, digital and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 217.10 Td (services to retailers, catalogers, publishers, branded-goods companies and other businesses in North ) Tj ET Q q 0 0 0 rg BT 451.06 217.10 Td (America and Latin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 205.10 Td (American countries. ) Tj ET Q q 0 0 0 rg BT 135.49 205.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.44 205.10 Td (orld Color Press' products include advertising inserts, circulars, catalogs, direct mail products, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 193.10 Td (magazines, books, directories, digital pre-media, logistics, and mail list technologies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 169.10 Td (In connection with the closing of the acquisition, the Company registered its class ) Tj ET Q q 0 0 0 rg BT 415.15 169.10 Td (A) Tj ET Q q 0 0 0 rg BT 421.82 169.10 Td ( stock with the United States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (Securities and Exchange Commission \(the "SEC"\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 377.31 157.10 Td (Act of 1934, as amended, and on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.17 157.10 Td (July6, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 145.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 145.10 Td (, Quad/Graphics' class ) Tj ET Q q 0 0 0 rg BT 161.00 145.10 Td (A) Tj ET Q q 0 0 0 rg BT 167.67 145.10 Td ( stock commenced trading on ) Tj ET Q q 0 0 0 rg BT 287.55 145.10 Td (The New ) Tj ET Q q 0 0 0 rg BT 326.70 145.10 Td (Y) Tj ET Q q 0 0 0 rg BT 333.24 145.10 Td (ork Stock Exchange, LLC \("NYSE"\) under the symbol ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td ("QUAD".) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 109.10 Td (At the completion of the acquisition, each outstanding ) Tj ET Q q 0 0 0 rg BT 304.53 109.10 Td (W) Tj ET Q q 0 0 0 rg BT 313.47 109.10 Td (orld Color Press common share, including the common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 97.10 Td (issued upon conversion of certain ) Tj ET Q q 0 0 0 rg BT 186.32 97.10 Td (W) Tj ET Q q 0 0 0 rg BT 195.27 97.10 Td (orld Color Press preferred shares, was converted into the right to receive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.27 97.10 Td (0.2154) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.77 97.10 Td ( shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 85.10 Td (class ) Tj ET Q q 0 0 0 rg BT 71.16 85.10 Td (A) Tj ET Q q 0 0 0 rg BT 77.83 85.10 Td ( stock of Quad/Graphics. ) Tj ET Q q 0 0 0 rg BT 182.44 85.10 Td (The former ) Tj ET Q q 0 0 0 rg BT 230.02 85.10 Td (W) Tj ET Q q 0 0 0 rg BT 238.96 85.10 Td (orld Color Press common shareholders received a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 85.10 Td (18,734,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 85.10 Td ( shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 73.10 Td (Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 134.20 73.10 Td (A) Tj ET Q q 0 0 0 rg BT 140.87 73.10 Td ( stock \(subject to fractional share cash-outs\). Immediately following the completion of the acquisition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 61.10 Td (the shareholders of Quad/Graphics who were shareholders prior to completion of the acquisition owned approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.86 61.10 Td (60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.19 61.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 49.10 Td (the outstanding common stock of Quad/Graphics and former common shareholders of ) Tj ET Q q 0 0 0 rg BT 396.27 49.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.22 49.10 Td (orld Color Press owned approximately ) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.83 713.10 Td ( of the outstanding common stock of Quad/Graphics. In addition to the share consideration, former holders of ) Tj ET Q q 0 0 0 rg BT 510.97 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 519.92 713.10 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (Press common shares received aggregate cash consideration of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.29 701.10 Td ($48.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.19 701.10 Td (, or approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.27 701.10 Td ($0.56 per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.64 701.10 Td (. Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Graphics also provided ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.75 689.10 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.65 689.10 Td ( of cash consideration to purchase all outstanding ) Tj ET Q q 0 0 0 rg BT 398.50 689.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.45 689.10 Td (orld Color Press warrants and to fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (redemptions of or payments due on any other equity securities not converted to common shares, including dividends on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (preferred shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td (Based on this consideration, the total purchase price to consummate the acquisition of ) Tj ET Q q 0 0 0 rg BT 431.43 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 440.38 641.10 Td (orld Color Press was as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 593.6 m 561.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 593.6 m 561.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 563.6 m 561.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 533.6 m 561.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 533.6 m 561.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 519.6 m 561.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 517.6 m 561.5 517.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 583.27 Td (New Quad/Graphics class A common shares issued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.50 583.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 568.27 Td (Average Quad/Graphics class A common share price on July 6, 2010 \(first day of trading\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 568.17 Td (. . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 553.27 Td (Stock consideration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 553.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 538.27 Td (Cash consideration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 538.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 523.27 Td (Purchase price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.50 523.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.40 597.83 Td (Purchase Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 583.27 Td (18.734045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 568.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 568.27 Td (48.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 553.27 Td (908.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 538.27 Td (93.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 523.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 523.27 Td (1,001.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 495.10 Td (Concurrent with the closing of the acquisition, Quad/Graphics received a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.13 495.10 Td ($250.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.03 495.10 Td ( advance from its then existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 483.10 Td (revolving credit facility and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.35 483.10 Td ($689.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.24 483.10 Td ( from the term loan portion of the Company's former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.66 483.10 Td ($1.23 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.77 483.10 Td ( debt financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 471.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 98.55 471.10 Td (These amounts, as well as Quad/Graphics and ) Tj ET Q q 0 0 0 rg BT 284.99 471.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.93 471.10 Td (orld Color Press cash, were used on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.06 471.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.23 471.10 Td ( to fund: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 447.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 447.10 Td (Replacement of Quad/Graphics' former revolving credit facility) Tj ET Q q 0 0 0 rg BT 362.16 447.10 Td (, which had outstanding borrowings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 435.10 Td ($106.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.89 435.10 Td ( \(including interest owed and payment of debt issuance costs due upon the transaction for the new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 423.10 Td (debt financing agreement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.95 423.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.84 423.10 Td (\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 399.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 399.10 Td (Satisfaction of certain ) Tj ET Q q 0 0 0 rg BT 198.15 399.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.10 399.10 Td (orld Color Press debt obligations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.69 399.10 Td ($580.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.58 399.10 Td (, which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.46 399.10 Td ($8.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.35 399.10 Td ( of early ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 387.10 Td (repayment premiums and funding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.57 387.10 Td ($123.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.47 387.10 Td ( to defease the ) Tj ET Q q 0 0 0 rg BT 375.35 387.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.29 387.10 Td (orld Color Press' unsecured notes \(of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 375.10 Td ($34.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.89 375.10 Td ( was returned to the Company on ) Tj ET Q q 0 0 0 rg BT 296.86 375.10 Td (August 2, 2010 upon the unsecured notes being called by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 363.10 Td (Company) Tj ET Q q 0 0 0 rg BT 146.56 363.10 Td (, resulting in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.01 363.10 Td ($89.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.90 363.10 Td ( of restricted cash related to the unsecured notes remaining\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 339.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 339.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.93 339.10 Td (ransaction costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.68 339.10 Td ($45.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.57 339.10 Td ( were paid on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.22 339.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.39 339.10 Td ( \(excluding debt issuance costs\); any transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 327.10 Td (costs incurred by Quad/Graphics were expensed as incurred in accordance with the acquisition method of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 315.10 Td (accounting and are classified as restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 452.76 315.10 Td (ges on the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 303.10 Td (statements of operations;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 279.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 279.10 Td (Redemption of outstanding ) Tj ET Q q 0 0 0 rg BT 219.29 279.10 Td (W) Tj ET Q q 0 0 0 rg BT 228.23 279.10 Td (orld Color Press equity securities \(consisting of preferred shares, warrants, deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 267.10 Td (share units and restricted share units\) and the cash consideration paid to the former ) Tj ET Q q 0 0 0 rg BT 441.69 267.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.64 267.10 Td (orld Color Press common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 255.10 Td (shareholders described above, which in total were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 255.10 Td ($88.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.04 255.10 Td ( \(in addition to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.70 255.10 Td ($4.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.59 255.10 Td ( of preferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 243.10 Td (dividends, which had been paid after the January 25, 2010 execution of the arrangement agreement but prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 231.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.17 231.10 Td (\); ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 207.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 207.10 Td (Distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.67 207.10 Td ($140.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.56 207.10 Td ( to Quad/Graphics' then existing common shareholders;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 183.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 183.10 Td (Collateralization of letters of credit of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.83 183.10 Td ($32.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.72 183.10 Td (;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 159.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 159.10 Td (Payment to settle a capital lease of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.78 159.10 Td ($17.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.67 159.10 Td (; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 135.10 Td (\(8\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 135.10 Td (Other obligations arising from the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.80 135.10 Td ($14.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.69 135.10 Td (.) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The following unaudited pro forma combined financial information presents the Company's results as though Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (Graphics and ) Tj ET Q q 0 0 0 rg BT 104.95 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.89 701.10 Td (orld Color Press had combined at January1, 2010. ) Tj ET Q q 0 0 0 rg BT 320.59 701.10 Td (The pro forma information has been prepared with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (following considerations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 665.10 Td (The unaudited pro forma consolidated financial information has been prepared using the acquisition method of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 653.10 Td (accounting under existing GAAP) Tj ET Q q 0 0 0 rg BT 240.48 653.10 Td (. Quad/Graphics is the acquirer for accounting purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 629.10 Td (W) Tj ET Q q 0 0 0 rg BT 117.04 629.10 Td (orld Color Press historical amounts have been converted from Canadian generally accepted accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 617.10 Td (principles to GAAP) Tj ET Q q 0 0 0 rg BT 186.88 617.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 593.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (The pro forma combined financial information does not reflect any operating syner) Tj ET Q q 0 0 0 rg BT 440.29 593.10 Td (gy savings that the combined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (company may achieve as a result of the acquisition, the costs necessary to achieve these operating syner) Tj ET Q q 0 0 0 rg BT 523.59 581.10 Td (gy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 569.10 Td (savings or additional char) Tj ET Q q 0 0 0 rg BT 210.94 569.10 Td (ges necessary as a result of the integration, or the tax ef) Tj ET Q q 0 0 0 rg BT 432.34 569.10 Td (fects for the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 557.10 Td (transition to a C corporation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 533.10 Td (The pro forma amounts were restated to exclude the Canadian discontinued operations \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.37 533.10 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.31 533.10 Td (\).) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 498.6 m 493 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 498.6 m 493 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 476.6 m 493 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 498.6 m 497 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 498.6 m 562 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 498.6 m 562 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 476.6 m 562 476.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 467.17 Td (Pro forma net sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.00 467.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 454.17 Td (Pro forma net loss from continuing operations attributable to common shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 454.17 Td (. . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 441.17 Td (Pro forma diluted loss per share from continuing operations attributable to common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 431.22 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 431.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.20 502.68 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.20 490.68 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.85 479.68 Td (\(actual\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.50 467.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.50 467.86 Td (4,324.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 454.86 Td (\(8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.50 454.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 433.06 Td (\(0.18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.50 433.06 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 490.68 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.95 479.68 Td (\(pro forma\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.50 467.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 467.86 Td (4,398.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 454.86 Td (\(212.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 454.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 433.06 Td (\(4.54) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 433.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 405.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.46 405.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.40 405.10 Td (orld Color Press acquisition was accounted for using the acquisition method of accounting under existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 393.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.17 393.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.03 393.10 Td (The Company has recorded an allocation of the purchase price to ) Tj ET Q q 0 0 0 rg BT 345.80 393.10 Td (W) Tj ET Q q 0 0 0 rg BT 354.75 393.10 Td (orld Color Press tangible and identifiable intangible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 381.10 Td (assets acquired and liabilities assumed based on their fair values as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.53 381.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.70 381.10 Td (. Goodwill has been recorded based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 369.10 Td (amount by which the purchase price exceeds the fair value of the net assets acquired. ) Tj ET Q q 0 0 0 rg BT 393.99 369.10 Td (The purchase price allocation is as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 357.10 Td (follows \(in millions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 321.6 m 561.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 321.6 m 561.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 167.60000000000002 m 561.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 167.60000000000002 m 561.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 154.60000000000002 m 561.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 152.60000000000002 m 561.5 152.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 312.17 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.50 312.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 298.17 Td (Other current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 298.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 284.17 Td (Property, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.50 284.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 270.17 Td (Identifiable intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.50 270.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 256.17 Td (Other long-term assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.50 256.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 242.17 Td (Current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 242.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 228.17 Td (Long-term debt and long-term capital lease obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 228.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 214.17 Td (Long-term deferred income taxes, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.50 214.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 200.17 Td (Pension and postretirement obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.50 200.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 186.17 Td (Other long-term liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.50 186.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 172.17 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 172.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 158.17 Td (Purchase price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.50 158.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.05 325.83 Td (Purchase Price Allocation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 312.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 312.17 Td (114.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 298.17 Td (629.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 284.17 Td (843.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 270.17 Td (386.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 256.17 Td (124.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 242.22 Td (\(527.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 242.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 228.22 Td (\(499.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 228.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 214.22 Td (\(162.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 214.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 200.22 Td (\(526.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 200.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 186.22 Td (\(138.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 186.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 172.17 Td (756.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 158.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 158.17 Td (1,001.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 130.10 Td (The allocation of the purchase price is based on valuations performed to determine the fair value of the net assets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (the acquisition date. ) Tj ET Q q 0 0 0 rg BT 134.66 118.10 Td (The Company completed the purchase price allocation during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.93 118.10 Td (201) Tj ET Q q 0 0 0 rg BT 398.75 118.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.56 118.10 Td ( and such allocation was recorded in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (the North ) Tj ET Q q 0 0 0 rg BT 89.77 106.10 Td (America Print and Related Services segment and the International Segment. ) Tj ET Q q 0 0 0 rg BT 398.20 106.10 Td (The historical ) Tj ET Q q 0 0 0 rg BT 455.78 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 464.72 106.10 Td (orld Color Press United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (States and Canadian operations that will be retained after the sale of certain Canadian operations to ) Tj ET Q q 0 0 0 rg BT 448.15 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 454.00 94.10 Td (ranscontinental \(see above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 82.10 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.38 82.10 Td (\) are included within the North ) Tj ET Q q 0 0 0 rg BT 219.18 82.10 Td (American Print and Related Services segment. ) Tj ET Q q 0 0 0 rg BT 409.86 82.10 Td (The historical ) Tj ET Q q 0 0 0 rg BT 467.44 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 476.39 82.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 72.83 70.10 Td (American operations are included within the International segment.) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Note 4. Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.25 Td (As discussed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.22 689.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.16 689.25 Td (, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.66 689.25 Td (July12, 201) Tj ET Q q 0 0 0 rg BT 243.64 689.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.46 689.25 Td (, the Company and ) Tj ET Q q 0 0 0 rg BT 326.41 689.25 Td (T) Tj ET Q q 0 0 0 rg BT 332.25 689.25 Td (ranscontinental entered into a definitive agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (whereby) Tj ET Q q 0 0 0 rg BT 83.60 677.25 Td (, among other things, ) Tj ET Q q 0 0 0 rg BT 170.40 677.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.24 677.25 Td (ranscontinental agreed to acquire the Company's Canadian operations \(with the exception of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.49 665.25 Td (V) Tj ET Q q 0 0 0 rg BT 103.07 665.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 138.96 665.25 Td (, British Columbia facility\). ) Tj ET Q q 0 0 0 rg BT 254.30 665.25 Td (As part of the transaction, ) Tj ET Q q 0 0 0 rg BT 360.02 665.25 Td (T) Tj ET Q q 0 0 0 rg BT 365.86 665.25 Td (ranscontinental will assume pension and post-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (retirement obligations pertaining to the Canadian employees. Quad/Graphics employs approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.28 653.25 Td (1,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.78 653.25 Td ( people among its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (seven) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.27 641.25 Td ( facilities being sold to ) Tj ET Q q 0 0 0 rg BT 165.77 641.25 Td (T) Tj ET Q q 0 0 0 rg BT 171.61 641.25 Td (ranscontinental, which are located in ) Tj ET Q q 0 0 0 rg BT 320.55 641.25 Td (Aurora, Concord and Markham, Ontario; LaSalle and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (Montreal, Quebec; Edmonton, ) Tj ET Q q 0 0 0 rg BT 173.36 629.25 Td (Alberta and Dartmouth, Nova Scotia.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 605.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.94 605.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.34 605.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.16 605.25 Td (, the sale of the Company's Canadian operations remained subject to customary regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (clearances, including clearance under the Canadian Competition ) Tj ET Q q 0 0 0 rg BT 309.12 593.25 Td (Act. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 593.25 Td (February7, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.10 593.25 Td (, the Company announced that it has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (been authorized by Canada's Competition Bureau to complete the sale of its Canadian operations to ) Tj ET Q q 0 0 0 rg BT 449.71 581.25 Td (T) Tj ET Q q 0 0 0 rg BT 455.55 581.25 Td (ranscontinental. ) Tj ET Q q 0 0 0 rg BT 523.88 581.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (Company expects the sale to be completed before March 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 545.25 Td (The following table summarizes the results of operations of the Canadian operations, which are included in the loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (from discontinued operations in the consolidated statements of operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.78 533.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 499.18 533.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 533.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.94 533.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.94 533.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (\(the results for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.32 521.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.32 521.25 Td ( are only from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.74 521.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.91 521.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.69 521.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.27 521.25 Td ( as that is the period of time the Company owned the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (Canadian operations\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 473.75 m 492.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 417.75 m 492.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 417.75 m 492.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 404.75 m 492.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 402.75 m 492.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 473.75 m 561.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 417.75 m 561.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 417.75 m 561.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 404.75 m 561.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 402.75 m 561.5 402.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 464.32 Td (Total net sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.50 464.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 436.32 Td (Loss from discontinued operations before income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 436.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 422.32 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 422.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 408.32 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.50 408.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 477.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 464.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 464.32 Td (343.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 436.37 Td (\(34.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 436.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 422.32 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 408.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 408.37 Td (\(38.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 408.32 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 477.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 464.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 464.32 Td (205.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 436.37 Td (\(4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 436.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 422.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 408.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 408.37 Td (\(4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 408.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 380.25 Td (The Company continued to execute restructuring events related to plant closures, workforce reductions and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (restructuring initiatives, as well as transaction costs related to the sale of the Canadian operations. Due to these initiatives, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (Company has recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.08 356.25 Td ($45.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.97 356.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.41 356.25 Td ($15.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.30 356.25 Td ( in restructuring, impairment and transaction-related costs for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.48 344.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 172.87 344.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.69 344.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.13 344.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.13 344.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 270.11 344.25 Td (, within discontinued operations in the consolidated statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 98.56 332.25 Td (The 201) Tj ET Q q 0 0 0 rg BT 131.34 332.25 Td (1 restructuring expense included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.82 332.25 Td ($17.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.71 332.25 Td ( char) Tj ET Q q 0 0 0 rg BT 344.33 332.25 Td (ge to recognize a pension curtailment loss and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 320.25 Td ( goodwill impairment char) Tj ET Q q 0 0 0 rg BT 209.66 320.25 Td (ge in the third quarter of 201) Tj ET Q q 0 0 0 rg BT 324.35 320.25 Td (1 for the pending sale of the Canadian discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (operations due to the carrying value of the Canadian net assets exceeding the estimated fair value of the Mexican net assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (acquired from ) Tj ET Q q 0 0 0 rg BT 108.27 296.25 Td (T) Tj ET Q q 0 0 0 rg BT 114.11 296.25 Td (ranscontinental.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 272.25 Td (Due to the year) Tj ET Q q 0 0 0 rg BT 146.76 272.25 Td (-end benefit plan actuarial valuation, the Canadian pension liability increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.49 272.25 Td ($34.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.38 272.25 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 260.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 260.25 Td (, and as a result the net assets of the Canadian operations to be sold decreased below the fair value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (Mexican operations acquired.) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The following table summarized the current and non-current assets and liabilities held for sale of the discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (Canadian operations included in the consolidated balance sheet at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.69 701.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 388.08 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.90 701.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 677.6 m 561.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 638.6 m 561.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 573.6 m 561.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 560.6 m 561.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 534.6 m 561.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 495.6 m 561.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 456.6 m 561.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 443.6 m 561.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 417.6 m 561.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 392.6 m 561.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 390.6 m 561.5 390.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 668.17 Td (Receivablesnet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 668.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 655.17 Td (Inventories) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 655.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 642.17 Td (Prepaid expenses and other current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.50 642.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 629.17 Td (Current assets of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.50 629.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 603.17 Td (Property, plant and equipmentnet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.50 603.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 590.17 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 590.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 577.17 Td (Other intangible assetsnet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.50 577.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 564.17 Td (Long-term assets of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.50 564.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 538.17 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 538.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 512.17 Td (Accounts payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 512.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 499.17 Td (Accrued liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 499.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 486.17 Td (Current liabilities of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 486.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 460.17 Td (Other long-term liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.50 460.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 447.17 Td (Long-term liabilities of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.50 447.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 421.17 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.50 421.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 395.17 Td (Net assets of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.50 395.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.95 681.83 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 668.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 668.17 Td (64.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 655.17 Td (7.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 642.17 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 629.17 Td (72.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 603.17 Td (71.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 590.17 Td (20.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 577.17 Td (12.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 564.17 Td (104.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 538.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 538.17 Td (177.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 512.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 512.17 Td (15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 499.17 Td (33.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 486.17 Td (48.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 460.17 Td (99.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 447.17 Td (99.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 421.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 421.17 Td (148.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 395.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 395.17 Td (29.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 369.25 Td (Note 5. Restructuring,Impairment and ) Tj ET Q q 0 0 0 rg BT 222.17 369.25 Td (T) Tj ET Q q 0 0 0 rg BT 228.38 369.25 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 345.25 Td (The Company recorded restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 398.06 345.25 Td (ges for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 345.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 333.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 333.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 333.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.13 333.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.13 333.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.57 333.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.57 333.25 Td ( as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 297.75 m 425 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 297.75 m 425 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 222.75 m 425 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 222.75 m 425 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 208.75 m 425 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 206.75 m 425 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 297.75 m 494 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 297.75 m 494 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 222.75 m 494 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 222.75 m 494 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 208.75 m 494 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 206.75 m 494 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 297.75 m 563 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 297.75 m 563 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 222.75 m 563 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 222.75 m 563 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 208.75 m 563 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 206.75 m 563 206.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 287.42 Td (Employee terminations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 287.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 272.42 Td (Impairment charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 272.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 257.42 Td (Transaction-related charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 257.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 242.42 Td (Integration costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.00 242.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 227.42 Td (Other restructuring charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 227.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 212.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 212.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.20 301.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.50 287.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 287.42 Td (29.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 272.42 Td (13.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 257.42 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 242.42 Td (45.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 227.42 Td (22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.50 212.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 212.42 Td (114.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 301.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 287.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 287.42 Td (26.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 272.42 Td (32.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 257.42 Td (41.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 242.42 Td (27.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 227.42 Td (19.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 212.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 212.42 Td (147.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.00 301.98 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.50 287.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 287.42 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 272.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 257.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 242.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 227.42 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.50 212.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 212.42 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 184.25 Td (The Company's restructuring actions from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.70 184.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.87 184.25 Td ( ) Tj ET Q q 0 0 0 rg BT 323.28 184.25 Td (W) Tj ET Q q 0 0 0 rg BT 332.23 184.25 Td (orld Color Press acquisition through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.32 184.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 552.72 184.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.53 184.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (have resulted in approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.57 172.25 Td (6,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.07 172.25 Td ( gross full-time equivalent positions eliminated \(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.74 172.25 Td (4,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.24 172.25 Td ( net positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (eliminated, after considering job additions related to work transferred to other facilities\) related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.52 160.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.52 160.25 Td ( plant closures and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (workforce reductions announced through the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.38 148.25 Td (fourth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.82 148.25 Td ( quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.97 148.25 Td (201) Tj ET Q q 0 0 0 rg BT 314.78 148.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 148.25 Td (. ) Tj ET Q q 0 0 0 rg BT 326.82 148.25 Td (Approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.59 148.25 Td (600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.59 148.25 Td ( of these reductions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.06 148.25 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.06 148.25 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (plant closures relate to restructuring activities completed in Canada prior to the pending sale of the Canadian operations to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.43 124.25 Td (ranscontinental.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 100.25 Td (The restructuring char) Tj ET Q q 0 0 0 rg BT 174.26 100.25 Td (ges recorded are based on restructuring plans that have been committed to by management and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (are, in part, based upon management's best estimates of future events. Changes to the estimates may require future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (restructuring char) Tj ET Q q 0 0 0 rg BT 120.21 76.25 Td (ges and adjustments to the restructuring liabilities. ) Tj ET Q q 0 0 0 rg BT 326.38 76.25 Td (The costs related to restructuring activities have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (recorded on the consolidated statements of operations as restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 493.41 64.25 Td (ges. ) Tj ET Q q 0 0 0 rg BT 514.06 64.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 52.25 Td (transaction costs are expensed as incurred in accordance with the applicable accounting guidance on business combinations. ) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (For restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 281.54 713.10 Td (ges by segment, see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.38 713.10 Td (Note24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.32 713.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.22 689.10 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.95 689.10 Td ( Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 209.07 689.10 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.69 665.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 236.09 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.91 665.10 Td (, the Company recorded: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.42 665.10 Td ($29.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.31 665.10 Td ( of employee termination costs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (plant closures and other workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.70 653.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.59 653.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 422.64 653.10 Td (ges related to the closure of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Stillwater) Tj ET Q q 0 0 0 rg BT 88.18 641.10 Td (, Oklahoma plant as well as for machinery and equipment at other facilities, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.87 641.10 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.77 641.10 Td ( of transaction costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (incurred primarily in connection with the transaction with ) Tj ET Q q 0 0 0 rg BT 283.23 629.10 Td (T) Tj ET Q q 0 0 0 rg BT 289.08 629.10 Td (ranscontinental \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.09 629.10 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.03 629.10 Td (\), \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.52 629.10 Td ($45.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.41 629.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 487.65 629.10 Td (W) Tj ET Q q 0 0 0 rg BT 496.59 629.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (integration costs and \(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.92 617.10 Td ($22.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.81 617.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 341.84 617.10 Td (ges including costs to maintain and exit closed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 187.40 605.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 208.05 605.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.01 605.10 Td ($45.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.90 605.10 Td ( of integration costs recognized during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.32 605.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 593.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 593.10 Td ( includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.45 593.10 Td ($6.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.35 593.10 Td ( of stock based compensation expense related to the termination and liquidation of stock options and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (the grant of new options \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.80 581.10 Td (Note 22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.74 581.10 Td (\). Integration costs were partially of) Tj ET Q q 0 0 0 rg BT 345.43 581.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.72 581.10 Td ($15.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.61 581.10 Td ( gain on the collection of a note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (receivable from the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 201.85 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.80 569.10 Td (orld Color Press' European operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 545.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 545.10 Td (October17, 201) Tj ET Q q 0 0 0 rg BT 164.74 545.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.56 545.10 Td (, the Company announced the closure of the Richmond, ) Tj ET Q q 0 0 0 rg BT 394.69 545.10 Td (V) Tj ET Q q 0 0 0 rg BT 401.52 545.10 Td (ir) Tj ET Q q 0 0 0 rg BT 407.24 545.10 Td (ginia and Stillwater) Tj ET Q q 0 0 0 rg BT 485.27 545.10 Td (, Oklahoma plants. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (As part of the closure of the Richmond plant, the Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.26 533.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 533.10 Td ( of employee termination costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td ($0.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 521.10 Td ( of other restructuring costs during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.27 521.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 373.67 521.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.48 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 385.71 521.10 Td (As part of the closure of the Stillwater ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (plant, the Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.96 509.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.85 509.10 Td ( of employee termination costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.59 509.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.48 509.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 496.53 509.10 Td (ges during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.58 497.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 168.98 497.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.80 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 181.21 497.10 Td (The Company expects to incur additional restructuring char) Tj ET Q q 0 0 0 rg BT 419.56 497.10 Td (ges for the Richmond and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (Stillwater plant closures in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 461.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.95 461.10 Td (April 18, 201) Tj ET Q q 0 0 0 rg BT 153.09 461.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.91 461.10 Td (, the Company announced the closure of the Buf) Tj ET Q q 0 0 0 rg BT 351.38 461.10 Td (falo, New ) Tj ET Q q 0 0 0 rg BT 393.03 461.10 Td (Y) Tj ET Q q 0 0 0 rg BT 399.56 461.10 Td (ork plant. ) Tj ET Q q 0 0 0 rg BT 442.11 461.10 Td (As part of the closure, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 449.10 Td ($1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.14 449.10 Td ( of employee termination costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.88 449.10 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.77 449.10 Td ( of other restructuring char) Tj ET Q q 0 0 0 rg BT 484.86 449.10 Td (ges related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (equipment removal costs and facility carrying costs for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.01 437.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 406.41 437.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.22 437.10 Td (. Restructuring costs were partially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.74 425.10 Td (fset by a postretirement benefit obligation curtailment gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.18 425.10 Td ($7.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.08 425.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.49 425.10 Td (The Company expects to incur additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (restructuring char) Tj ET Q q 0 0 0 rg BT 120.21 413.10 Td (ges for the Buf) Tj ET Q q 0 0 0 rg BT 179.74 413.10 Td (falo plant closure in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 389.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 389.10 Td (March 15, 201) Tj ET Q q 0 0 0 rg BT 158.63 389.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.45 389.10 Td (, the Company announced the closure of the Mt. Morris, Illinois plant. ) Tj ET Q q 0 0 0 rg BT 448.95 389.10 Td (As part of the closure, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 377.10 Td ($3.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.14 377.10 Td ( of employee termination costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.88 377.10 Td ($2.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.77 377.10 Td ( of other restructuring char) Tj ET Q q 0 0 0 rg BT 484.86 377.10 Td (ges related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (equipment removal costs and facility carrying costs for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.01 365.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 406.41 365.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.22 365.10 Td (. ) Tj ET Q q 0 0 0 rg BT 418.63 365.10 Td (The Company expects to incur ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (additional restructuring char) Tj ET Q q 0 0 0 rg BT 162.70 353.10 Td (ges for the Mt. Morris plant closure in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 329.10 Td (In addition to these plant closures, the Company continued to execute various workforce reductions and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (restructuring initiatives related to the integration of the operations of ) Tj ET Q q 0 0 0 rg BT 325.99 317.10 Td (W) Tj ET Q q 0 0 0 rg BT 334.94 317.10 Td (orld Color Press, as well as certain corporate and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (administrative functions. Severance costs also continue to be incurred related to previously announced plant closures and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (workforce reductions. ) Tj ET Q q 0 0 0 rg BT 142.15 293.10 Td (The Company recognized the following char) Tj ET Q q 0 0 0 rg BT 321.08 293.10 Td (ges related to these restructuring activities for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.88 281.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.28 281.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.09 281.10 Td (: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.53 281.10 Td ($21.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.42 281.10 Td ( of employee termination costs, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.88 281.10 Td ($10.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.77 281.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 502.82 281.10 Td (ges for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (machinery and equipment, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.51 269.10 Td ($10.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.40 269.10 Td ( of facility carrying costs, \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.53 269.10 Td ($5.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.42 269.10 Td ( of lease exit char) Tj ET Q q 0 0 0 rg BT 464.85 269.10 Td (ges and \(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.69 269.10 Td ($7.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.58 269.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (of other restructuring char) Tj ET Q q 0 0 0 rg BT 154.09 257.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 174.74 257.10 Td (The Company expects to incur additional restructuring char) Tj ET Q q 0 0 0 rg BT 413.09 257.10 Td (ges related to these and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (initiatives in the future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (2010) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 221.10 Td ( Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 209.62 221.10 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 197.10 Td (For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.69 197.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.28 197.10 Td (, the Company recorded: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.79 197.10 Td ($26.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.69 197.10 Td ( of employee termination costs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (plant closures and other workforce reduction initiatives, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.70 185.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.59 185.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 422.64 185.10 Td (ges on assets primarily related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (the closures of the Pila, Poland, Fredericksbur) Tj ET Q q 0 0 0 rg BT 233.81 173.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 243.63 173.10 Td (V) Tj ET Q q 0 0 0 rg BT 250.46 173.10 Td (ir) Tj ET Q q 0 0 0 rg BT 256.18 173.10 Td (ginia and Reno, Nevada plants, \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.72 173.10 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.61 173.10 Td ( of transaction costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (incurred primarily in connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 273.79 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 282.74 161.10 Td (orld Color Press, \(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.50 161.10 Td ($27.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.39 161.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 433.63 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.58 161.10 Td (orld Color Press integration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (costs and \(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.10 149.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.99 149.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 296.02 149.10 Td (ges including utility contract costs, costs to maintain and exit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (closed facilities, and lease exit char) Tj ET Q q 0 0 0 rg BT 191.01 137.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 113.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 113.10 Td (November 30, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.93 113.10 Td (, the Company announced the closure of the Fredericksbur) Tj ET Q q 0 0 0 rg BT 413.94 113.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 423.75 113.10 Td (V) Tj ET Q q 0 0 0 rg BT 430.59 113.10 Td (ir) Tj ET Q q 0 0 0 rg BT 436.30 113.10 Td (ginia plant and workforce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (reductions at the Mt. Morris, Illinois plant. ) Tj ET Q q 0 0 0 rg BT 225.03 101.10 Td (As part of the closure of the Fredericksbur) Tj ET Q q 0 0 0 rg BT 394.34 101.10 Td (g plant, the Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td ($1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 89.10 Td ( of severance char) Tj ET Q q 0 0 0 rg BT 170.75 89.10 Td (ges and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.43 89.10 Td ($2.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.32 89.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 331.37 89.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 351.83 89.10 Td (As a part of the workforce reductions in Mt. Morris, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (the Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.97 77.10 Td ($0.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.86 77.10 Td ( of severance char) Tj ET Q q 0 0 0 rg BT 273.22 77.10 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.92 77.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 77.10 Td (.) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.95 713.10 Td (August 5, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.06 713.10 Td (, the Company announced plant closures in Reno, Nevada; Clarksville, ) Tj ET Q q 0 0 0 rg BT 446.74 713.10 Td (T) Tj ET Q q 0 0 0 rg BT 452.41 713.10 Td (ennessee; Corinth, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (Mississippi; and Cincinnati \(Lebanon\), Ohio, as well as the acceleration of the previously announced plant closure in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Dyersbur) Tj ET Q q 0 0 0 rg BT 86.62 689.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 96.44 689.10 Td (T) Tj ET Q q 0 0 0 rg BT 102.11 689.10 Td (ennessee. ) Tj ET Q q 0 0 0 rg BT 144.71 689.10 Td (The operations of these plants were consolidated into other existing facilities as part of the integration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.18 677.10 Td (forts to streamline the operations of the Company) Tj ET Q q 0 0 0 rg BT 255.33 677.10 Td (. Each of these plants ceased production during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.83 677.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.83 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 476.06 677.10 Td (As part of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (closures, the Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.73 665.10 Td ($12.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.63 665.10 Td ( of severance char) Tj ET Q q 0 0 0 rg BT 315.99 665.10 Td (ges, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.23 665.10 Td ($6.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.12 665.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 462.16 665.10 Td (ges, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.40 665.10 Td ($4.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.29 665.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (facility) Tj ET Q q 0 0 0 rg BT 77.50 653.10 Td (, equipment dismantling and other restructuring char) Tj ET Q q 0 0 0 rg BT 287.30 653.10 Td (ges, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.54 653.10 Td ($4.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.43 653.10 Td ( of long-term utility contract costs, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.73 653.10 Td ($0.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.62 653.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (of lease exit char) Tj ET Q q 0 0 0 rg BT 117.43 641.10 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.13 641.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.71 641.10 Td (. In addition, as a result of the closure of the Clarksville plant, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (one-time pension curtailment gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.73 629.10 Td ($3.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.63 629.10 Td ( was recorded.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 605.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 605.10 Td (June 16, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.05 605.10 Td (, the Company announced the closure of a printing plant in Pila, Poland and consolidation of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (operations into the Company's ) Tj ET Q q 0 0 0 rg BT 173.42 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.47 593.10 Td (yszkow) Tj ET Q q 0 0 0 rg BT 212.39 593.10 Td (, Poland printing plant. ) Tj ET Q q 0 0 0 rg BT 308.92 593.10 Td (The Company began equipment relocations in July and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (completed the majority of the relocations by the end of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 581.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.65 581.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.88 581.10 Td (As part of this plant closure, the Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td ($3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 569.10 Td ( of severance char) Tj ET Q q 0 0 0 rg BT 170.75 569.10 Td (ges, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.99 569.10 Td ($24.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.88 569.10 Td ( of asset impairment char) Tj ET Q q 0 0 0 rg BT 343.87 569.10 Td (ges and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.55 569.10 Td ($1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.44 569.10 Td ( of equipment dismantling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.62 557.10 Td (ges and other restructuring char) Tj ET Q q 0 0 0 rg BT 193.05 557.10 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.75 557.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.34 557.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td (In addition to these plant closures, the Company executed various workforce reductions and other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (initiatives related to the integration of the operations of ) Tj ET Q q 0 0 0 rg BT 272.40 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.35 521.10 Td (orld Color Press, as well as certain corporate and administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (functions, including the closure of the ) Tj ET Q q 0 0 0 rg BT 203.54 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.49 509.10 Td (orld Color Press Corporate Headquarters in Montreal, Quebec. ) Tj ET Q q 0 0 0 rg BT 467.76 509.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (recognized the following char) Tj ET Q q 0 0 0 rg BT 169.08 497.10 Td (ges related to these restructuring activities for the year end ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.56 497.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 497.10 Td (: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.59 497.10 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.48 497.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (of employee termination costs, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.46 485.10 Td ($7.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.35 485.10 Td ( of lease exit char) Tj ET Q q 0 0 0 rg BT 308.78 485.10 Td (ges and \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.62 485.10 Td ($5.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.51 485.10 Td ( of facility and other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.62 473.10 Td (ges. In addition, prior to the acquisition, ) Tj ET Q q 0 0 0 rg BT 231.69 473.10 Td (W) Tj ET Q q 0 0 0 rg BT 240.63 473.10 Td (orld Color Press implemented a retention bonus plan for certain employees, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.44 461.10 Td ($3.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.33 461.10 Td ( of expense was recognized for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.74 461.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.33 461.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (2009) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 437.10 Td ( Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 209.62 437.10 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 413.10 Td (For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.69 413.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.28 413.10 Td (, the Company recorded: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.79 413.10 Td ($10.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.69 413.10 Td ( of employee termination costs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (workforce reduction initiatives and \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.39 401.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.28 401.10 Td ( of lease exit char) Tj ET Q q 0 0 0 rg BT 325.71 401.10 Td (ges.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (Reserves for Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 240.44 377.10 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 353.10 Td (Activity impacting the Company's reserves for restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 490.13 353.10 Td (ges for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.88 341.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.28 341.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.09 341.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.53 341.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.53 341.10 Td ( was as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 289.6 m 262 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 289.6 m 262 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 179.60000000000002 m 262 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 74.60000000000002 m 262 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 60.60000000000002 m 262 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 58.60000000000002 m 262 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 289.6 m 322 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 289.6 m 322 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 179.60000000000002 m 322 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 74.60000000000002 m 322 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 60.60000000000002 m 322 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 58.60000000000002 m 322 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 289.6 m 382 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 289.6 m 382 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 179.60000000000002 m 382 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 74.60000000000002 m 382 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 60.60000000000002 m 382 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 58.60000000000002 m 382 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 289.6 m 442 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 289.6 m 442 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 179.60000000000002 m 442 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 74.60000000000002 m 442 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 60.60000000000002 m 442 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 58.60000000000002 m 442 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 289.6 m 502 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 289.6 m 502 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 179.60000000000002 m 502 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 74.60000000000002 m 502 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 60.60000000000002 m 502 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 58.60000000000002 m 502 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 289.6 m 562 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 179.60000000000002 m 562 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 74.60000000000002 m 562 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 60.60000000000002 m 562 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 58.60000000000002 m 562 58.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 279.27 Td (Balance atJanuary 1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 279.17 Td (. . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 264.27 Td (Acquisitions \(see Note 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.00 264.17 Td (. . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 249.27 Td (Expense from continuing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 239.27 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.00 239.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 224.27 Td (Expense from discontinued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 214.27 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.00 214.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 199.27 Td (Cash payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 199.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 184.27 Td (Non-cash adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.00 184.17 Td (. . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 169.27 Td (Balance atDecember 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 169.17 Td (. . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 154.27 Td (Reclassify Canadian restructuring) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 144.27 Td (reserves to discontinued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 134.27 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.00 134.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 119.27 Td (Expense from continuing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 109.27 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.00 109.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 94.27 Td (Cash payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 94.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 79.27 Td (Non-cash adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.00 79.17 Td (. . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 64.27 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 64.17 Td (. . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 216.60 301.83 Td (Employee) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 210.75 293.83 Td (T) Tj ET Q q 0 0 0 rg BT 215.72 293.83 Td (erminations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 279.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.65 279.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 264.27 Td (18.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 239.27 Td (26.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 214.27 Td (11.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.30 199.27 Td (\(32.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 199.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.15 184.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 169.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 169.27 Td (24.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.30 134.27 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 134.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 109.27 Td (29.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.30 94.27 Td (\(43.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 94.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.15 79.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 64.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.65 64.27 Td (9.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 272.80 301.83 Td (Impairment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.25 293.83 Td (Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.50 279.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 279.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 264.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 239.27 Td (32.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 214.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 199.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.30 184.32 Td (\(32.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 184.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.50 169.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 169.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 134.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 109.27 Td (13.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 94.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.30 79.32 Td (\(13.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 79.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.50 64.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 64.27 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.75 309.83 Td (T) Tj ET Q q 0 0 0 rg BT 336.79 309.83 Td (ransaction-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.35 301.83 Td (Related) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.25 293.83 Td (Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.50 279.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 279.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 264.27 Td (11.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 239.27 Td (41.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 214.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.30 199.32 Td (\(53.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 199.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 184.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.50 169.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 169.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 134.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 109.27 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.30 94.32 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 94.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 79.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.50 64.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 64.27 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.15 301.83 Td (Integration) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.15 293.83 Td (Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.50 279.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 279.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 264.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 239.27 Td (27.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 214.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 199.32 Td (\(12.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 199.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 184.32 Td (\(14.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 184.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.50 169.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 169.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 134.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 109.27 Td (45.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 94.32 Td (\(21.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 94.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 79.32 Td (\(7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 79.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.50 64.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 64.27 Td (18.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.35 309.83 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.50 301.83 Td (Restructuring) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.25 293.83 Td (Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 279.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 279.27 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 264.27 Td (36.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 239.27 Td (19.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 214.27 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 199.32 Td (\(20.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 199.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 184.27 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 169.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 169.27 Td (42.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 134.32 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 134.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 109.27 Td (22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 94.32 Td (\(42.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 94.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 79.27 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 64.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 64.27 Td (26.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.75 293.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.50 279.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 279.27 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 264.27 Td (67.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 239.27 Td (147.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 214.27 Td (15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 199.32 Td (\(118.5) Tj ET Q BT 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Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (These reserves are classified as accrued liabilities in the consolidated balance sheets, as the Company expects the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (reserves to be paid within the next twelve months. Restructuring actions related to the Canadian discontinued operations are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (not reflected in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.24 689.10 Td (201) Tj ET Q q 0 0 0 rg BT 142.06 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.87 689.10 Td ( amounts above, but are further detailed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.76 689.10 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.70 689.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 666.25 Td (Note 6. Goodwill and Other) Tj ET Q q 0 0 0 rg BT 169.97 666.25 Td ( Intangible ) Tj ET Q q 0 0 0 rg BT 218.50 666.25 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 642.25 Td (Goodwill is tested annually for impairment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.13 642.25 Td (October31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.83 642.25 Td ( or more frequently if events or changes in circumstances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.25 Td (indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. One of these indicators ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.25 Td (is a change in business climate, which may be evidenced by) Tj ET Q q 0 0 0 rg BT 288.82 618.25 Td (, among other things, a decline in a company's market capitalization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 606.25 Td (below book value. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.64 606.25 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.53 606.25 Td ( quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.67 606.25 Td (201) Tj ET Q q 0 0 0 rg BT 251.49 606.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.30 606.25 Td (, the Company's stock price decreased such that the Company's market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.25 Td (capitalization was less than the carrying value of its equity) Tj ET Q q 0 0 0 rg BT 283.27 594.25 Td (. ) Tj ET Q q 0 0 0 rg BT 290.17 594.25 Td (As a result, the Company conducted an interim goodwill ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.25 Td (impairment assessment of the United States and Latin ) Tj ET Q q 0 0 0 rg BT 266.95 582.25 Td (American reporting units which included comparing the carrying amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.25 Td (of net assets, including goodwill, of each reporting unit to its respective fair value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.24 570.25 Td (August31, 201) Tj ET Q q 0 0 0 rg BT 461.17 570.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.98 570.25 Td (, the date of the interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.25 Td (assessment. ) Tj ET Q q 0 0 0 rg BT 101.35 558.25 Td (The European reporting unit does not have goodwill and the Canadian reporting unit was assessed separately for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.25 Td (goodwill impairment as part of the pending sale of the Canadian operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 522.25 Td (Fair value was determined using an equal weighting of both the income and market approaches. ) Tj ET Q q 0 0 0 rg BT 473.90 522.25 Td (This fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 510.25 Td (determination was categorized as Level 3 in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 320.72 510.25 Td (. Under the income approach, the Company determined fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.25 Td (value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (overall level of inherent risk and the rate of return an outside investor would expect to earn. Under the market approach, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (Company derived the fair value of the reporting units based on market multiples of comparable publicly-traded companies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (Because the estimated fair value of each of the Company's United States and Latin ) Tj ET Q q 0 0 0 rg BT 382.03 462.25 Td (American reporting units exceeded the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (respective carrying amounts, management concluded that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.22 450.25 Td (August31, 201) Tj ET Q q 0 0 0 rg BT 456.15 450.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.96 450.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 426.25 Td (The Company completed its annual goodwill impairment assessment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.44 426.25 Td (October31, 201) Tj ET Q q 0 0 0 rg BT 449.96 426.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.78 426.25 Td ( utilizing the same ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (approach that was performed during the interim impairment assessment. ) Tj ET Q q 0 0 0 rg BT 343.49 414.25 Td (The estimated fair value of each of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (United States and Latin ) Tj ET Q q 0 0 0 rg BT 145.87 402.25 Td (American reporting units exceeded the respective carrying amounts, and as a result management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (concluded that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.17 390.25 Td (October31, 201) Tj ET Q q 0 0 0 rg BT 288.69 390.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.51 390.25 Td (. ) Tj ET Q q 0 0 0 rg BT 300.92 390.25 Td (The fair value of the reporting units exceed their respective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (carrying values by greater than ten percent. No additional indications of impairment have been identified between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.89 378.25 Td (October31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 366.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 366.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.57 366.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 161.97 366.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.78 366.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 342.25 Td (Goodwill related to the continuing operations at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.62 342.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 353.02 342.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.83 342.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.83 342.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.83 342.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.77 342.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.77 342.25 Td ( did not include any accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (impairment losses. No goodwill impairment was recorded related to continuing operations during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 318.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 318.25 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.04 318.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.04 318.25 Td (. However) Tj ET Q q 0 0 0 rg BT 204.99 318.25 Td (, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.73 318.25 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.62 318.25 Td ( goodwill impairment was recorded related to the Canadian discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (operations in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.73 306.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 238.13 306.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.95 306.25 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.05 306.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.98 306.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 282.25 Td (Activity impacting the Company's goodwill for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.97 282.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 415.37 282.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.18 282.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.62 282.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.62 282.25 Td ( was as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 230.75 m 414 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 230.75 m 414 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 170.75 m 414 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 155.75 m 414 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 95.75 m 414 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 81.75 m 414 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 79.75 m 414 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 230.75 m 488 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 230.75 m 488 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 170.75 m 488 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 155.75 m 488 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 95.75 m 488 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 81.75 m 488 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 79.75 m 488 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 230.75 m 562 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 230.75 m 562 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 170.75 m 562 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 155.75 m 562 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 95.75 m 562 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 81.75 m 562 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 79.75 m 562 79.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 221.32 Td (Balance atJanuary 1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.00 221.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 206.32 Td (World Color Press acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.00 206.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 191.32 Td (HGI acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.00 191.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 176.32 Td (Translation adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 176.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 161.32 Td (Balance atDecember 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 161.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 146.32 Td (Reclassify Canadian goodwill to discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 146.32 Td (. . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 131.32 Td (World Color Press acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.00 131.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 116.32 Td (Transcontinental Mexico acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 116.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 101.32 Td (Translation Adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.00 101.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 86.32 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 86.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 250.98 Td (North) Tj ET Q q 0 0 0 rg BT 375.02 250.98 Td (America) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.05 242.98 Td (PrintandRelated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.50 234.98 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 220.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 220.42 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 205.42 Td (744.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 190.42 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 175.42 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 160.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 160.42 Td (796.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.30 145.47 Td (\(35.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 145.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 130.47 Td (\(3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 130.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.15 115.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.15 100.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 85.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 85.42 Td (757.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.80 234.98 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 220.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 220.42 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 205.42 Td (16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 190.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 175.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 160.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 160.42 Td (18.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 145.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 130.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 115.42 Td (11.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 100.42 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 85.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 85.42 Td (29.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.75 234.98 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 220.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 220.42 Td (39.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 205.42 Td (760.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 190.42 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 175.42 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 160.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 160.42 Td (814.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 145.47 Td (\(35.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 145.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 130.47 Td (\(3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 130.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 115.42 Td (11.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 100.42 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 85.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 85.42 Td (787.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 57.25 Td (The Company has finalized the ) Tj ET Q q 0 0 0 rg BT 212.87 57.25 Td (W) Tj ET Q q 0 0 0 rg BT 221.82 57.25 Td (orld Color Press and HGI purchase price allocation. ) Tj ET Q q 0 0 0 rg BT 433.49 57.25 Td (The Company expects to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 45.25 Td (complete the ) Tj ET Q q 0 0 0 rg BT 103.28 45.25 Td (T) Tj ET Q q 0 0 0 rg BT 109.12 45.25 Td (ranscontinental Mexico purchase price allocation during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.64 45.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.64 45.25 Td ( upon the completion of the sale of the Canadian ) Tj ET Q endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (operations. Goodwill related to the Canadian discontinued operations is not reflected in the above balance at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.69 713.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 701.10 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.23 701.10 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.17 701.10 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 677.10 Td (The components of other intangible assets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.29 677.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 339.68 677.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 677.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.94 677.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.94 677.10 Td ( were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 144 643.6 m 187 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 144 614.6 m 187 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187 643.6 m 191 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 643.6 m 226 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 614.6 m 226 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 541.6 m 226 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 481.6 m 226 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 481.6 m 226 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 469.6 m 226 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 467.6 m 226 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 643.6 m 230 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 643.6 m 271 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 614.6 m 271 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 541.6 m 271 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 481.6 m 271 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 481.6 m 271 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 469.6 m 271 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 467.6 m 271 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 643.6 m 275 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 643.6 m 312 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 614.6 m 312 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 541.6 m 312 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 481.6 m 312 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 481.6 m 312 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 469.6 m 312 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 467.6 m 312 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 643.6 m 316 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 643.6 m 351 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 614.6 m 351 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 541.6 m 351 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 481.6 m 351 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 481.6 m 351 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 469.6 m 351 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 467.6 m 351 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 643.6 m 398 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 614.6 m 398 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 643.6 m 402 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 643.6 m 437 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 614.6 m 437 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 541.6 m 437 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 481.6 m 437 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 481.6 m 437 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 469.6 m 437 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 467.6 m 437 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 643.6 m 441 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 643.6 m 482 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 614.6 m 482 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 541.6 m 482 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 481.6 m 482 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 481.6 m 482 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 469.6 m 482 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 467.6 m 482 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 643.6 m 486 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 643.6 m 523 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 614.6 m 523 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 541.6 m 523 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 481.6 m 523 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 481.6 m 523 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 469.6 m 523 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 467.6 m 523 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 643.6 m 527 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 643.6 m 562 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 614.6 m 562 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 541.6 m 562 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 481.6 m 562 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 481.6 m 562 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 469.6 m 562 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 467.6 m 562 467.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 605.85 Td (Finite-lived intangible assets:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 592.85 Td (Trademarks, patents,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 584.85 Td (licenses and agreements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 130.50 584.55 Td (. . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 571.85 Td (Customer relationships) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.50 571.55 Td (. . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 558.85 Td (Capitalized software) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 118.50 558.55 Td (. . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 545.85 Td (Acquired technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 122.50 545.55 Td (. . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 519.85 Td (Total finite-lived intangible assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.50 519.55 Td (. . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 493.85 Td (Other indefinite-lived) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 485.85 Td (intangible assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 106.50 485.55 Td (. . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 472.85 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 472.55 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 222.95 647.44 Td (December 31, 2011) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 152.80 636.44 Td (W) Tj ET Q q 0 0 0 rg BT 158.63 636.44 Td (eighted) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 154.55 630.44 Td (A) Tj ET Q q 0 0 0 rg BT 158.66 630.44 Td (verage) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 147.80 624.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 146.55 618.44 Td (Period\(Y) Tj ET Q q 0 0 0 rg BT 171.04 618.44 Td (ears\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.00 584.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.00 571.85 Td (6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.00 558.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.00 545.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.50 485.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.50 472.85 Td () Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 200.55 630.44 Td (Gr) Tj ET Q q 0 0 0 rg BT 207.83 630.44 Td (oss) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 196.15 624.44 Td (Carrying) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 197.45 618.44 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.80 584.85 Td (10.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.80 571.85 Td (383.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.80 558.85 Td (4.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.80 545.85 Td (8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.80 519.85 Td (406.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.80 485.85 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.80 472.85 Td (406.6) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 233.00 636.44 Td (Accumulated) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 232.80 630.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 234.45 624.44 Td (andFor) Tj ET Q q 0 0 0 rg BT 254.90 624.44 Td (eign) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 237.45 618.44 Td (Exchange) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.10 584.85 Td (\(9.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 584.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.10 571.85 Td (\(95.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 571.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.10 558.85 Td (\(1.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 558.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.10 545.85 Td (\(4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 545.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.10 519.85 Td (\(111.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 519.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.80 485.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.10 472.85 Td (\(111.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 472.85 Td (\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 277.50 618.44 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.80 584.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.80 571.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.80 558.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.80 545.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.80 519.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.80 485.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.80 472.85 Td () Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 321.05 624.44 Td (NetBook) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 325.75 618.44 Td (V) Tj ET Q q 0 0 0 rg BT 329.81 618.44 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 584.85 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.80 571.85 Td (287.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 558.85 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 545.85 Td (4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.80 519.85 Td (295.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 485.85 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.80 472.85 Td (295.6) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 433.80 647.44 Td (December 31, 2010) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 363.80 636.44 Td (W) Tj ET Q q 0 0 0 rg BT 369.63 636.44 Td (eighted) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 365.55 630.44 Td (A) Tj ET Q q 0 0 0 rg BT 369.66 630.44 Td (verage) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 358.80 624.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 357.55 618.44 Td (Period\(Y) Tj ET Q q 0 0 0 rg BT 382.04 618.44 Td (ears\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.00 584.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.00 571.85 Td (6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.00 558.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.00 545.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 519.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 485.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 472.85 Td () Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 411.55 630.44 Td (Gr) Tj ET Q q 0 0 0 rg BT 418.83 630.44 Td (oss) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 407.15 624.44 Td (Carrying) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 408.45 618.44 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.80 584.85 Td (10.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.80 571.85 Td (393.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 558.85 Td (4.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 545.85 Td (5.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.80 519.85 Td (413.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 485.85 Td (1.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.80 472.85 Td (414.3) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 444.00 636.44 Td (Accumulated) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 443.80 630.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 445.45 624.44 Td (andFor) Tj ET Q q 0 0 0 rg BT 465.90 624.44 Td (eign) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 448.45 618.44 Td (Exchange) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.10 584.85 Td (\(9.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 584.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.10 571.85 Td (\(32.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 571.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.10 558.85 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 558.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.10 545.85 Td (\(2.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 545.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.10 519.85 Td (\(45.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 519.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.80 485.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.10 472.85 Td (\(45.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 472.85 Td (\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 488.50 618.44 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.80 584.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.80 571.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.80 558.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.80 545.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.80 519.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.10 485.85 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.80 485.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.10 472.85 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.80 472.85 Td (\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 532.05 624.44 Td (NetBook) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 536.75 618.44 Td (V) Tj ET Q q 0 0 0 rg BT 540.81 618.44 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.50 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.50 584.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 584.85 Td (1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 571.85 Td (361.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 558.85 Td (3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 545.85 Td (2.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 519.85 Td (368.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 485.85 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.50 472.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 472.85 Td (368.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 457.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 445.10 Td (Intangible assets related to the Canadian discontinued operations are not reflected in the above balance at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 433.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 433.10 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.81 433.10 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.75 433.10 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 409.10 Td (Amortization expense for other intangible assets was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.61 409.10 Td ($65.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 409.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 409.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.39 409.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.83 409.10 Td ($2.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.72 409.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 397.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 397.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.71 397.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.71 397.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.15 397.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.15 397.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.14 397.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.72 397.10 Td (The following table outlines the estimated future amortization expense related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (to intangible assets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.76 385.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 223.16 385.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.97 385.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 272.6 m 280 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 272.6 m 280 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 258.6 m 280 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 256.6 m 280 256.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 353.17 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 353.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 338.17 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 338.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 323.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 323.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 308.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 308.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 293.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 293.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 278.17 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 278.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 263.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 263.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.50 352.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 352.27 Td (66.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 337.27 Td (66.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 322.27 Td (64.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 307.27 Td (64.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 292.27 Td (32.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.65 277.27 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.50 262.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.65 262.27 Td (295.4) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (Note 7. Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 211.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.43 211.25 Td (ransactions af) Tj ET Q q 0 0 0 rg BT 146.42 211.25 Td (fecting the allowance for doubtful accounts during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.68 211.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 489.07 211.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.89 211.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.89 211.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.89 211.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.33 211.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.33 211.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 161.75 m 423.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 161.75 m 423.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 86.75 m 423.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 86.75 m 423.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 72.75 m 423.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 70.75 m 423.5 70.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 161.75 m 492.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 161.75 m 492.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 86.75 m 492.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 86.75 m 492.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 72.75 m 492.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 70.75 m 492.5 70.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 161.75 m 561.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 161.75 m 561.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 86.75 m 561.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 86.75 m 561.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 72.75 m 561.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 70.75 m 561.5 70.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 151.42 Td (Balance at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.50 151.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 136.42 Td (Reclassify Canadian allowance to discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 136.32 Td (. . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 121.42 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.50 121.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 106.42 Td (Provisions charged to expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 106.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 91.42 Td (Write-offs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 91.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 76.42 Td (Balance at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.50 76.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 165.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 151.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 151.42 Td (85.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 136.47 Td (\(4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 136.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 121.42 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 106.42 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 91.47 Td (\(19.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 91.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 76.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 76.42 Td (73.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 165.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 151.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 151.42 Td (22.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 136.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 121.42 Td (63.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 106.42 Td (3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 91.47 Td (\(4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 91.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 76.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 76.42 Td (85.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 165.98 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 151.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 151.42 Td (26.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 136.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 121.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 106.42 Td (21.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 91.47 Td (\(26.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 91.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 76.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 76.42 Td (22.4) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Note 8. Inventories) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.25 Td (The components of the Company's inventories at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.65 689.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 357.05 689.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.86 689.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.30 689.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.30 689.25 Td ( were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 653.75 m 488 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 653.75 m 488 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 608.75 m 488 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 608.75 m 488 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 594.75 m 488 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 592.75 m 488 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 653.75 m 562 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 653.75 m 562 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 608.75 m 562 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 608.75 m 562 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 594.75 m 562 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 592.75 m 562 592.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 644.32 Td (Raw materials and manufacturing supplies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 644.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 629.32 Td (Work in process) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 629.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 614.32 Td (Finished goods) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 614.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 599.32 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 599.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 657.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 643.42 Td (124.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 628.42 Td (72.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 613.42 Td (52.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 598.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 598.42 Td (249.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.50 657.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 643.42 Td (164.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 628.42 Td (52.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 613.42 Td (30.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 598.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 598.42 Td (247.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 570.25 Td (Inventories related to the Canadian discontinued operations are not reflected in the above balance at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.28 570.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 558.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 558.25 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.23 558.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.17 558.25 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 535.25 Td (Note 9. Pr) Tj ET Q q 0 0 0 rg BT 94.95 535.25 Td (operty) Tj ET Q q 0 0 0 rg BT 122.35 535.25 Td (, Plant and Equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 511.25 Td (The components of the Company's property) Tj ET Q q 0 0 0 rg BT 260.55 511.25 Td (, plant and equipment at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.09 511.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 432.49 511.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.30 511.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.74 511.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.74 511.25 Td ( were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 475.75 m 488 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 475.75 m 488 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 410.75 m 488 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 384.75 m 488 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 384.75 m 488 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 372.75 m 488 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 370.75 m 488 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 475.75 m 562 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 475.75 m 562 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 410.75 m 562 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 384.75 m 562 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 384.75 m 562 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 372.75 m 562 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 370.75 m 562 370.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 466.32 Td (Land) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 466.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 453.32 Td (Buildings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.00 453.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 440.32 Td (Machinery and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.00 440.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 427.32 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 427.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 414.32 Td (Construction in progress) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.00 414.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 388.32 Td (Less: Accumulated depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.00 388.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 375.32 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 375.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 479.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 466.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 466.32 Td (140.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 453.32 Td (930.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 440.32 Td (3,398.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 427.32 Td (201.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 414.32 Td (23.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 401.32 Td (4,693.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.80 388.37 Td (\(2,570.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 388.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 375.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 375.32 Td (2,123.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.50 479.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 466.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 466.32 Td (136.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 453.32 Td (919.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 440.32 Td (3,344.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 427.32 Td (182.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 414.32 Td (45.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 401.32 Td (4,627.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.80 388.37 Td (\(2,309.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 388.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 375.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 375.32 Td (2,317.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 348.25 Td (Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and communication ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (related equipment. ) Tj ET Q q 0 0 0 rg BT 128.82 336.25 Td (The net book value of property) Tj ET Q q 0 0 0 rg BT 252.53 336.25 Td (, plant and equipment related to Canadian discontinued operations is not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (reflected in the above balance at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.09 324.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 254.49 324.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.30 324.25 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.40 324.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.34 324.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 300.25 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.33 300.25 Td (201) Tj ET Q q 0 0 0 rg BT 131.14 300.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.96 300.25 Td (, the Company recorded impairment char) Tj ET Q q 0 0 0 rg BT 300.25 300.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.82 300.25 Td ($13.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.71 300.25 Td ( to reduce the carrying amount of certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (building and production equipment to fair value primarily related to the closure of the Stillwater) Tj ET Q q 0 0 0 rg BT 433.64 288.25 Td (, Oklahoma and Mt. Morris, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (Illinois manufacturing facilities, as well as other restructuring and integration activities. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.78 276.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.78 276.25 Td (, the Company recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.22 264.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.79 264.25 Td ($30.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.68 264.25 Td ( to reduce the carrying amount of certain buildings and production equipment to fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (primarily related to the closure of the Pila, Poland and Reno, Nevada manufacturing facilities, as well as other restructuring and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (integration activities. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.75 240.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.75 240.25 Td (, no events or changes in circumstances indicated that the carrying value of such property) Tj ET Q q 0 0 0 rg BT 546.80 240.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (plant and equipment may not be recoverable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 204.25 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.33 204.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.33 204.25 Td (, a fire at the Company's ) Tj ET Q q 0 0 0 rg BT 236.07 204.25 Td (W) Tj ET Q q 0 0 0 rg BT 245.02 204.25 Td (est ) Tj ET Q q 0 0 0 rg BT 258.13 204.25 Td (V) Tj ET Q q 0 0 0 rg BT 264.97 204.25 Td (ir) Tj ET Q q 0 0 0 rg BT 270.68 204.25 Td (ginia location damaged equipment and other property within the facility) Tj ET Q q 0 0 0 rg BT 558.24 204.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (The Company received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.30 192.25 Td ($3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.19 192.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.63 192.25 Td ($19.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.52 192.25 Td ( from the insurance carrier relating to this equipment and related repair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (costs in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.28 180.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.28 180.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.72 180.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.72 180.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 194.70 180.25 Td (. Casualty gains of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.81 180.25 Td ($7.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.70 180.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.14 180.25 Td ($12.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.03 180.25 Td ( were recorded in selling, general and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (administrative expenses for this equipment during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.93 168.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.51 168.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.95 168.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.95 168.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 487.94 168.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 144.25 Td (The Company recognized depreciation expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.75 144.25 Td ($278.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.64 144.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.64 144.25 Td ($233.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.54 144.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.97 144.25 Td ($194.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.87 144.25 Td ( for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.88 132.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.28 132.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.09 132.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.09 132.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.09 132.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.53 132.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.53 132.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 271.51 132.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (Assets Held for Sale from Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 84.25 Td (Certain closed facilities are considered held for sale. ) Tj ET Q q 0 0 0 rg BT 299.77 84.25 Td (The net book value of the assets held for sale from continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (operations was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.71 72.25 Td ($14.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.60 72.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.04 72.25 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.93 72.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.09 72.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 336.49 72.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.30 72.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.74 72.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.74 72.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 433.73 72.25 Td (. ) Tj ET Q q 0 0 0 rg BT 440.81 72.25 Td (These assets were valued at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (their fair value, less the estimated costs to sell. ) Tj ET Q q 0 0 0 rg BT 240.28 60.25 Td (Assets held for sale from continuing operations are included in prepaid expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (and other current assets in the consolidated balance sheets.) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 702.25 Td (Note 10. Restricted Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 678.25 Td (The components of the Company's restricted cash at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.69 678.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 370.08 678.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.90 678.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.34 678.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.34 678.25 Td ( were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 642.75 m 488 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 642.75 m 488 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 597.75 m 488 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 597.75 m 488 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 567.75 m 488 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 567.75 m 488 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 553.75 m 488 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 551.75 m 488 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 642.75 m 562 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 642.75 m 562 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 597.75 m 562 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 597.75 m 562 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 567.75 m 562 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 567.75 m 562 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 553.75 m 562 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 551.75 m 562 551.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 633.32 Td (Defeasance of unsecured notes to be issued \(see Note 14\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.00 633.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 618.32 Td (Collateralization of letters of credit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.00 618.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 603.32 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 603.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 588.32 Td (Total restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 588.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 573.32 Td (Less: short-term restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.00 573.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 558.32 Td (Long-term restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.00 558.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 646.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 632.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 632.42 Td (75.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 617.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 602.42 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 587.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 587.42 Td (75.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 572.47 Td (\(8.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 572.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 557.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 557.42 Td (67.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.50 646.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 632.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 632.42 Td (89.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 617.42 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 602.42 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 587.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 587.42 Td (100.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 572.47 Td (\(16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 572.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 557.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 557.42 Td (84.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (Note 1) Tj ET Q q 0 0 0 rg BT 76.71 530.25 Td (1. Equity Method Investments in Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 506.25 Td (The Company has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.70 506.25 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.03 506.25 Td ( ownership interest in Plural Editora e Grfica \("Plural"\), a commercial printer based in So ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 494.25 Td (Paulo, Brazil, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.59 494.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.92 494.25 Td ( ownership interest in ) Tj ET Q q 0 0 0 rg BT 237.70 494.25 Td (W) Tj ET Q q 0 0 0 rg BT 246.65 494.25 Td (orld Color Chile S.A. \("Chile"\), a commercial printer based in Santiago, Chile. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 482.25 Td (The Company's ownership interest in Plural is accounted for using the equity method of accounting for all periods presented. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 470.25 Td (The Company's ownership interest in Chile is accounted for using the equity method of accounting since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 470.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.82 470.25 Td (, when the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (Company acquired its ownership interest in Chile as part of the ) Tj ET Q q 0 0 0 rg BT 304.63 458.25 Td (W) Tj ET Q q 0 0 0 rg BT 313.58 458.25 Td (orld Color Press acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 434.25 Td (The Company's equity earnings of Plural's and Chile's operations are recorded in the line item entitled equity in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (earnings of unconsolidated entities in the Company's consolidated statements of operations, and is included within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (International segment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 386.25 Td (The combined condensed balance sheets for Plural and Chile at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.53 386.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 414.92 386.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.74 386.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.18 386.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.18 386.25 Td ( are presented below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 350.75 m 492.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 320.75 m 492.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 320.75 m 492.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 306.75 m 492.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 304.75 m 492.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 260.75 m 492.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 260.75 m 492.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 246.75 m 492.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 244.75 m 492.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 350.75 m 561.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 320.75 m 561.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 320.75 m 561.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 306.75 m 561.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 304.75 m 561.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 260.75 m 561.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 260.75 m 561.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 246.75 m 561.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 244.75 m 561.5 244.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 340.42 Td (Current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.50 340.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 325.42 Td (Long-term assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.50 325.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 310.42 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 310.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 280.42 Td (Current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.50 280.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 265.42 Td (Long-term liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 265.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 250.42 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.50 250.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 354.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 340.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 340.42 Td (63.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 325.42 Td (109.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 310.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 310.42 Td (173.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 280.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 280.42 Td (57.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 265.42 Td (21.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 250.42 Td (78.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 354.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 340.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 340.42 Td (104.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 325.42 Td (206.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 310.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 310.42 Td (310.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 280.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 280.42 Td (84.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 265.42 Td (51.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 250.42 Td (135.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 222.25 Td (The combined condensed statements of operations for Plural and Chile for years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.67 222.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 509.07 222.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.88 222.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.88 222.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.88 222.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 210.25 Td ( are presented below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 174.75 m 421 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 174.75 m 490 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 174.75 m 559 174.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 165.32 Td (Net sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 165.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 150.32 Td (Operating income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.00 150.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 135.32 Td (Net earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 135.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.20 178.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 164.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 164.42 Td (221.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 149.42 Td (12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 134.42 Td (6.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.00 178.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 164.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 164.42 Td (166.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.65 149.42 Td (22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.65 134.42 Td (16.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.00 178.98 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.50 164.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 164.42 Td (143.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 149.42 Td (18.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 134.42 Td (12.8) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Note 12. ) Tj ET Q q 0 0 0 rg BT 89.21 713.25 Td (Accrued Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.25 Td (The components of the Company's accrued liabilities at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.02 689.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 383.42 689.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.23 689.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.67 689.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.67 689.25 Td ( were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.75 m 492.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 578.75 m 492.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 564.75 m 492.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 562.75 m 492.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 653.75 m 561.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 578.75 m 561.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 564.75 m 561.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 562.75 m 561.5 562.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 643.42 Td (Employee-related liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.50 643.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 628.42 Td (Restructuring reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.50 628.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 613.42 Td (Taxes and income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.50 613.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 598.42 Td (Interest and rent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.50 598.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 583.42 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 583.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 568.42 Td (Total accrued liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.50 568.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 657.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 643.42 Td (183.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 628.42 Td (54.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 613.42 Td (45.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 598.42 Td (17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 583.42 Td (93.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 568.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 568.42 Td (393.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 657.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 643.42 Td (178.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 628.42 Td (68.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 613.42 Td (53.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 598.42 Td (22.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 583.42 Td (103.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 568.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 568.42 Td (427.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 540.25 Td (Employee-related liabilities consist primarily of payroll, bonus and profit sharing, vacation, health and workers' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 112.27 528.25 Td (Accrued liabilities related to the Canadian discontinued operations are not reflected in the above balance at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 516.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 516.25 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.81 516.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.75 516.25 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (Note 13. Commitments and Contingencies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 445.25 Td (The Company had firm commitments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.86 445.25 Td ($20.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.75 445.25 Td ( to purchase press and finishing equipment at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.04 445.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.81 433.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 433.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (Litigation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 385.25 Td (In the normal course of business, the Company is named as a defendant in various lawsuits in which claims are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (asserted against the Company) Tj ET Q q 0 0 0 rg BT 168.81 373.25 Td (. In the opinion of management, the liabilities, if any) Tj ET Q q 0 0 0 rg BT 381.16 373.25 Td (, which ultimately result from such lawsuits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (are not expected to have a material impact on the consolidated financial statements of the Company) Tj ET Q q 0 0 0 rg BT 448.14 361.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (Environmental Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 313.25 Td (The Company is subject to various laws, regulations and government policies relating to health and safety) Tj ET Q q 0 0 0 rg BT 509.46 313.25 Td (, to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (generation, storage, transportation, and disposal of hazardous substances, and to environment protection in general. ) Tj ET Q q 0 0 0 rg BT 515.89 301.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (Company provides for expenses associated with environmental remediation obligations when such amounts are probable and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (can be reasonably estimated. Such reserves are adjusted as new information develops or circumstances change. ) Tj ET Q q 0 0 0 rg BT 501.69 277.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (environmental reserves are not discounted. ) Tj ET Q q 0 0 0 rg BT 226.24 265.25 Td (The Company believes it is in compliance with such laws, regulations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (government policies in all material respects. Furthermore, the Company does not anticipate that maintaining compliance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (such environmental statutes will have a material impact upon the Company's competitive or consolidated financial position.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 218.25 Td (Note 14. ) Tj ET Q q 0 0 0 rg BT 89.40 218.25 Td (W) Tj ET Q q 0 0 0 rg BT 99.03 218.25 Td (orld Color) Tj ET Q q 0 0 0 rg BT 143.38 218.25 Td ( Pr) Tj ET Q q 0 0 0 rg BT 156.25 218.25 Td (ess Insolvency Pr) Tj ET Q q 0 0 0 rg BT 229.40 218.25 Td (oceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 194.25 Td (The Company continues to manage the bankruptcy claim settlement process for the Quebecor ) Tj ET Q q 0 0 0 rg BT 462.79 194.25 Td (W) Tj ET Q q 0 0 0 rg BT 471.74 194.25 Td (orld Inc. \("QWI"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 182.25 Td (bankruptcy proceedings in the United States and Canada \(QWI changed its name to "W) Tj ET Q q 0 0 0 rg BT 399.46 182.25 Td (orld Color Press Inc." upon emer) Tj ET Q q 0 0 0 rg BT 530.81 182.25 Td (ging ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 170.25 Td (from bankruptcy on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.42 170.25 Td (July21, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.59 170.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 196.33 170.25 Td (T) Tj ET Q q 0 0 0 rg BT 202.00 170.25 Td (o the extent claims are allowed, the holders of such claims are entitled to receive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 158.25 Td (recovery) Tj ET Q q 0 0 0 rg BT 84.15 158.25 Td (, with the nature of such recovery dependent upon the type and classification of such claims. In this regard, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 146.25 Td (respect to certain types of claims, the holders thereof are entitled to receive cash and/or unsecured notes, while the holders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 134.25 Td (certain other types of claims are entitled to receive a combination of Quad/Graphics common stock and cash, in accordance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.25 Td (with the terms of the ) Tj ET Q q 0 0 0 rg BT 134.67 122.25 Td (W) Tj ET Q q 0 0 0 rg BT 143.62 122.25 Td (orld Color Press acquisition agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 98.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.74 98.25 Td (ith respect to claims asserted by the holders thereof as being entitled to a priority cash recovery) Tj ET Q q 0 0 0 rg BT 474.64 98.25 Td (, the Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (estimated that approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.07 86.25 Td ($19.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.97 86.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.40 86.25 Td ($26.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.30 86.25 Td ( of such recorded claims have yet to be paid as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.22 86.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 74.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 74.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 74.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.57 74.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.15 74.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.14 74.25 Td (, and this obligation is classified as amounts owing in satisfaction of bankruptcy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (claims in the consolidated balance sheets.) Tj ET Q endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.74 713.10 Td (ith respect to unsecured claims held by creditors of the operating subsidiary debtors of Quebecor ) Tj ET Q q 0 0 0 rg BT 483.50 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.44 713.10 Td (orld \(USA\) Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (\(the "Class 3 Claims"\), each allowed Class 3 Claim will be entitled to receive an unsecured note in an amount not to exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.83 689.10 Td ( of such creditor's allowed Class 3 Claim, provided, however) Tj ET Q q 0 0 0 rg BT 311.32 689.10 Td (, that the aggregate principal amount of all such unsecured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (notes cannot exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.52 677.10 Td ($75.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.41 677.10 Td (. In the event that the total of all allowed Class 3 Claims exceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.23 677.10 Td ($150.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.12 677.10 Td (, each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (creditor holding an allowed Class 3 Claim will receive its pro rata share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.97 665.10 Td ($75.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.86 665.10 Td ( of the unsecured notes issued, together ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (with accrued interest and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.17 653.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.50 653.10 Td ( prepayment redemption premium thereon \(the total of which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.09 653.10 Td ($89.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.99 653.10 Td (\). In connection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (with the ) Tj ET Q q 0 0 0 rg BT 84.40 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 93.35 641.10 Td (orld Color Press acquisition, the Company was required to deposit the maximum potential payout to the Class 3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (Claim creditors of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.76 629.10 Td ($89.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.65 629.10 Td ( with a trustee, and that amount will remain with the trustee until either \(1\)it is paid to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (creditor for an allowed Class 3 Claim or \(2\) upon all Class 3 Claims being resolved any excess amount will revert to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.06 605.10 Td (. In the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.87 605.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 240.27 605.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.08 605.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.08 605.10 Td ($13.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.97 605.10 Td ( was paid to Class 3 Claim creditors, therefore ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.70 605.10 Td ($75.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.59 605.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (remains at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.37 593.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 166.77 593.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.58 593.10 Td ( and is classified as restricted cash in the consolidated balance sheets \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.86 593.10 Td (Note 10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 593.10 Td (\). Based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (Company's analysis of the outstanding claims, the Company has recorded a liability) Tj ET Q q 0 0 0 rg BT 384.24 581.10 Td (, classified as unsecured notes to be issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (in the consolidated balance sheet, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.95 569.10 Td ($38.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.84 569.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.05 569.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 336.45 569.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.27 569.10 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 525.6 m 458 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 525.6 m 458 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 495.6 m 458 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 495.6 m 458 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 465.6 m 458 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 465.6 m 458 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 451.6 m 458 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 449.6 m 458 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 525.6 m 562 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 525.6 m 562 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 495.6 m 562 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 465.6 m 562 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 465.6 m 562 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 451.6 m 562 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 449.6 m 562 449.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 516.17 Td (Balance at July 2, 2010 World Color Press acquisition date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 516.17 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 501.17 Td (Class 3 Claim payments during 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.00 501.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 486.17 Td (Balance atDecember 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.00 486.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 471.17 Td (Class 3 Claim payments during 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.00 471.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 456.17 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.00 456.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.25 529.83 Td (RestrictedCash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 515.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 515.27 Td (89.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 500.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 485.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 485.27 Td (89.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.30 470.32 Td (\(13.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 470.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 455.27 Td (75.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.75 537.83 Td (Unsecur) Tj ET Q q 0 0 0 rg BT 511.12 537.83 Td (edNotes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.25 529.83 Td (tobeIssued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 515.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 515.27 Td (52.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 500.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 485.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 485.27 Td (52.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 470.32 Td (\(13.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 470.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 455.27 Td (38.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 427.10 Td (While the liabilities recorded for any bankruptcy matters are based on management's current assessment of the amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (likely to be paid, it is not possible to identify the final amount of priority cash claims or the amount of Class 3 Claims that will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 403.10 Td (ultimately be allowed by the U.S. Bankruptcy Court. ) Tj ET Q q 0 0 0 rg BT 265.48 403.10 Td (Therefore, amounts owing in satisfaction of bankruptcy claims on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 391.10 Td (consolidated balance sheet could be materially higher than the amounts estimated, which would require additional cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (payments to be made for the amount exceeding the Company's estimate. ) Tj ET Q q 0 0 0 rg BT 343.44 379.10 Td (Amounts payable related to the unsecured notes could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (reach the maximum aggregate principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.14 367.10 Td ($75.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.04 367.10 Td (, which would not require an additional cash payment as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (maximum potential exposure has already been funded in trust, but would require additional liability and expense to be recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (as the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.13 343.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 195.53 343.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.34 343.10 Td ( estimate of total Class 3 Claim payments is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.37 343.10 Td ($38.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.26 343.10 Td (. In light of the substantial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (number and amount of claims filed, the claims resolution process will take considerable time to complete.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (Note 15. Income ) Tj ET Q q 0 0 0 rg BT 123.56 308.25 Td (T) Tj ET Q q 0 0 0 rg BT 129.68 308.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 284.25 Td (In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.70 284.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.87 284.25 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 286.49 284.25 Td (W) Tj ET Q q 0 0 0 rg BT 295.44 284.25 Td (orld Color Press \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.13 284.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.07 284.25 Td (\) and the public registration of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 134.20 272.25 Td (A) Tj ET Q q 0 0 0 rg BT 140.87 272.25 Td ( stock, the Company changed the tax status of certain entities within the Quad/Graphics legal structure to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (C corporation status under the provisions of the Internal Revenue Code, as amended. From that point forward, these entities are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (subject to federal and state income taxes. ) Tj ET Q q 0 0 0 rg BT 216.01 248.25 Td (The impact from the conversion to C corporation status resulted in the recognition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (net short-term deferred tax assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.55 236.25 Td ($23.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.45 236.25 Td (, net long-term deferred tax liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.17 236.25 Td ($223.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.06 236.25 Td (, an increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (accumulated other comprehensive loss due to the impact of foreign currency translation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.54 224.25 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.43 224.25 Td (, and recognition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (income tax expense for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.82 212.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.40 212.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.73 212.25 Td ($200.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.62 212.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 188.25 Td (From ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.67 188.25 Td (January1, 2005) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.27 188.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.05 188.25 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.22 188.25 Td (, Quad/Graphics was contractually required under a shareholders' agreement to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (pay tax distributions to shareholders in connection with the Company's election to be taxed as an S corporation. ) Tj ET Q q 0 0 0 rg BT 500.37 176.25 Td (As a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (the Company's issuance of shares of class ) Tj ET Q q 0 0 0 rg BT 218.49 164.25 Td (A) Tj ET Q q 0 0 0 rg BT 225.16 164.25 Td ( stock pursuant to the acquisition of ) Tj ET Q q 0 0 0 rg BT 370.04 164.25 Td (W) Tj ET Q q 0 0 0 rg BT 378.99 164.25 Td (orld Color Press and the termination of the S ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (corporation election, the shareholders' agreement was amended to terminate the obligation to pay tax distributions for periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.89 140.25 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.06 140.25 Td ( and to revise certain provisions concerning adjustments to tax distributions related to the S corporation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (periods prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.66 128.25 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.83 128.25 Td (. ) Tj ET Q q 0 0 0 rg BT 170.23 128.25 Td (The shareholders during the S corporation years will receive adjusting payments if there is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (ultimately an increased tax liability or will be required to reimburse the Company if the tax liability decreases from what was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (previously estimated and distributed for such prior periods. ) Tj ET Q q 0 0 0 rg BT 290.84 104.25 Td (Adjustments could be required for audits or other necessary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (adjustments of prior periods. ) Tj ET Q q 0 0 0 rg BT 169.20 92.25 Td (All such adjustments made will be recorded to retained earnings on the consolidated balance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (sheet.) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Income taxes have been based on the following components of earnings before income taxes and equity in earnings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (unconsolidated entities for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.78 701.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 296.17 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.99 701.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.99 701.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.99 701.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.43 701.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.43 701.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 665.6 m 423.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 665.6 m 423.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 635.6 m 423.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 635.6 m 423.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 621.6 m 423.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 619.6 m 423.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 665.6 m 492.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 665.6 m 492.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 635.6 m 492.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 635.6 m 492.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 621.6 m 492.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 619.6 m 492.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 665.6 m 561.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 665.6 m 561.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 635.6 m 561.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 635.6 m 561.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 621.6 m 561.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 619.6 m 561.5 619.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 655.27 Td (U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 655.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 640.27 Td (Foreign) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.50 640.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 625.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 625.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 669.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 655.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 655.27 Td (41.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 640.32 Td (\(26.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 640.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 625.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 625.27 Td (14.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 669.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 655.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 655.27 Td (59.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 640.32 Td (\(90.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 640.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 625.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 625.32 Td (\(31.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 625.27 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 669.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 655.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 655.27 Td (72.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 640.32 Td (\(24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 640.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 625.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 625.27 Td (48.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 597.10 Td (The components of income tax expense consist of the following for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.62 597.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 496.02 597.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.84 597.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.84 597.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.84 597.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 585.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 585.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 549.6 m 423.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 414.6 m 423.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 414.6 m 423.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 400.6 m 423.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 398.6 m 423.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 549.6 m 492.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 414.6 m 492.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 414.6 m 492.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 400.6 m 492.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 398.6 m 492.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 549.6 m 561.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 414.6 m 561.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 414.6 m 561.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 400.6 m 561.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 398.6 m 561.5 398.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 539.27 Td (Federal:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 524.27 Td (Current) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 524.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 509.27 Td (Deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 509.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 494.27 Td (State:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 479.27 Td (Current) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 479.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 464.27 Td (Deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 464.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 449.27 Td (Foreign:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 434.27 Td (Current) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 434.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 419.27 Td (Deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 419.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 404.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 404.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 553.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 524.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 524.32 Td (\(15.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 524.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 509.27 Td (24.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 479.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 464.27 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 434.27 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 419.27 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 404.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 404.27 Td (26.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 553.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 524.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 524.27 Td (23.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 509.27 Td (185.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 479.27 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 464.27 Td (11.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 434.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 419.32 Td (\(3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 419.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 404.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 404.27 Td (223.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 553.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 524.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 524.32 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 524.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 509.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 479.27 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 464.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 434.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 419.32 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 419.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 404.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 404.27 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 376.10 Td (The following table outlines the reconciliation of dif) Tj ET Q q 0 0 0 rg BT 295.07 376.10 Td (ferences between the Federal statutory tax rate and the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.18 364.10 Td (fective tax rate for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.84 364.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 271.24 364.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.06 364.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.06 364.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.06 364.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.50 364.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.50 364.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 328.6 m 425.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 328.6 m 425.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 146.60000000000002 m 425.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 146.60000000000002 m 425.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 133.60000000000002 m 425.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 131.60000000000002 m 425.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 328.6 m 493.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 328.6 m 493.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 146.60000000000002 m 493.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 146.60000000000002 m 493.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 133.60000000000002 m 493.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 131.60000000000002 m 493.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 328.6 m 561.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 328.6 m 561.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 146.60000000000002 m 561.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 146.60000000000002 m 561.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 133.60000000000002 m 561.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 131.60000000000002 m 561.5 131.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 319.17 Td (Federal statutory rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.50 319.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 305.17 Td (Tax adjustment due to S corporation status) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.50 305.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 291.17 Td (Nondeductible transaction costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.50 291.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 277.17 Td (Increase in uncertain tax positions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.50 277.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 263.17 Td (Adjustment to deferred tax liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.50 263.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 249.17 Td (Foreign rate differential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.50 249.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 235.17 Td (State taxes, net of federal benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.50 235.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 221.17 Td (Expiration of deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.50 221.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 207.17 Td (Adjustment to valuation allowances) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.50 207.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 193.17 Td (Creditsgenerated / expired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.50 193.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 179.17 Td (Loss from foreign branches) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.50 179.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 165.17 Td (Establish net deferred tax liabilities due to S corporation status termination) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.50 165.17 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 151.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 151.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 137.17 Td (Effective income tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.50 137.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.20 332.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 319.17 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 319.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 305.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 291.17 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 277.17 Td (19.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 263.17 Td (52.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 249.17 Td (21.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 235.17 Td (12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 221.17 Td (18.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 207.17 Td (48.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 193.17 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 179.22 Td (\(54.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 179.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 165.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 151.17 Td (13.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 137.17 Td (174.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 137.17 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 332.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 319.17 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 319.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.45 305.17 Td (\(52.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 305.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.45 291.17 Td (\(13.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 291.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 277.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 263.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.45 249.17 Td (\(35.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 249.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.45 235.17 Td (\(6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 235.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 221.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.45 207.17 Td (\(33.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 207.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 193.17 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 179.17 Td (70.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.45 165.17 Td (\(640.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 165.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.45 151.17 Td (\(39.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 151.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.45 137.17 Td (\(713.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 137.17 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 332.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 319.17 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 319.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 305.22 Td (\(36.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 305.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 291.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 277.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 263.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 249.22 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 249.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 235.17 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 221.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 207.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 193.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 179.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 165.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 151.17 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 137.17 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 137.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (89) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Deferred Income T) Tj ET Q q 0 0 0 rg BT 127.91 713.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.25 Td (The significant deferred tax assets and liabilities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.93 689.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 376.33 689.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.14 689.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.58 689.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.58 689.25 Td ( were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.75 m 492.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 541.75 m 492.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 499.75 m 492.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 471.75 m 492.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 387.75 m 492.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 359.75 m 492.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 332.75 m 492.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 330.75 m 492.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 653.75 m 561.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 541.75 m 561.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 499.75 m 561.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 471.75 m 561.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 387.75 m 561.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 359.75 m 561.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 332.75 m 561.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 330.75 m 561.5 330.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 644.32 Td (Deferred tax assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 630.32 Td (Accrued liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.50 630.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 616.32 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 616.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 602.32 Td (Allowance for doubtful accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 602.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 588.32 Td (Interest limitation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 588.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 574.32 Td (Pension, postretirement and workers compensation benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 574.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 560.32 Td (Net operating loss and other tax carry forwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.50 560.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 546.32 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.50 546.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 518.32 Td (Total deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.50 518.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 504.32 Td (Valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 504.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 476.32 Td (Net deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.50 476.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 448.32 Td (Deferred tax liabilities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 434.32 Td (Property, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.50 434.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 420.32 Td (Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.50 420.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 406.32 Td (Investment in U.S. subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.50 406.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 392.32 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.50 392.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 364.32 Td (Total deferred tax liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.50 364.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 336.32 Td (Net deferred tax liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 336.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 657.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 630.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 630.32 Td (44.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 616.32 Td (41.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 602.32 Td (23.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 588.32 Td (102.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 574.32 Td (160.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 560.32 Td (112.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 546.32 Td (36.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 518.32 Td (521.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 504.37 Td (\(125.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 504.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 476.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 476.32 Td (396.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 434.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 434.37 Td (\(468.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 434.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 420.37 Td (\(106.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 420.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 406.37 Td (\(178.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 406.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 392.37 Td (\(28.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 392.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 364.37 Td (\(781.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 364.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 336.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 336.37 Td (\(385.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 336.32 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 657.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 630.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 630.32 Td (78.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 616.32 Td (32.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 602.32 Td (25.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 588.32 Td (104.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 574.32 Td (168.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 560.32 Td (163.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 546.32 Td (48.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 518.32 Td (622.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 504.37 Td (\(227.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 504.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 476.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 476.32 Td (394.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 434.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 434.37 Td (\(441.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 434.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 420.37 Td (\(118.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 420.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 406.37 Td (\(169.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 406.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 392.37 Td (\(21.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 392.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 364.37 Td (\(751.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 364.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 336.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 336.37 Td (\(357.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 336.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 308.25 Td (The net deferred tax assets \(liabilities\) above are classified on the consolidated balance sheets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.29 308.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 545.69 308.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.50 308.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 296.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.44 296.25 Td ( as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 260.75 m 492.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 260.75 m 492.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 230.75 m 492.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 230.75 m 492.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 216.75 m 492.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 214.75 m 492.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 260.75 m 561.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 260.75 m 561.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 230.75 m 561.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 230.75 m 561.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 216.75 m 561.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 214.75 m 561.5 214.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 250.42 Td (Current net deferred tax asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.50 250.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 235.42 Td (Non-current net deferred tax liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.50 235.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 220.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 220.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 264.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 250.42 Td (86.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 235.47 Td (\(471.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 235.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 220.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 220.47 Td (\(385.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 220.42 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 264.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 250.42 Td (76.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 235.47 Td (\(433.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 235.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 220.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 220.47 Td (\(357.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 220.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 192.25 Td (Deferred tax assets \(liabilities\) related to the Canadian discontinued operations are not reflected in the above balance at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 180.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 180.25 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.81 180.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.75 180.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 156.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.00 156.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 171.40 156.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.21 156.25 Td (, the Company had federal net operating loss carry forwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.46 156.25 Td ($6.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.35 156.25 Td (, foreign net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (operating loss carry forwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.73 144.25 Td ($185.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.63 144.25 Td ( and state net operating loss carry forwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.84 144.25 Td ($585.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.73 144.25 Td (. ) Tj ET Q q 0 0 0 rg BT 490.14 144.25 Td (The federal net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (operating loss carry forward expires in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.67 132.25 Td (2030) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.67 132.25 Td (. Of the foreign net operating loss carry forwards, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.93 132.25 Td ($95.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.83 132.25 Td ( is available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (without expiration while the remainder expires through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.05 120.25 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.05 120.25 Td (. ) Tj ET Q q 0 0 0 rg BT 300.46 120.25 Td (The state net operating loss carry forwards expire in varying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (amounts beginning in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.66 108.25 Td (201) Tj ET Q q 0 0 0 rg BT 153.47 108.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.29 108.25 Td ( and continuing through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.61 108.25 Td (2031) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.61 108.25 Td (. ) Tj ET Q q 0 0 0 rg BT 284.02 108.25 Td (The Company also has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.80 108.25 Td ($54.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.69 108.25 Td ( of various federal, state and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (foreign credit carry forwards of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.99 96.25 Td ($30.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.88 96.25 Td ( is available without expiration while the remainder expires beginning in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 84.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 84.25 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.24 84.25 Td (2031) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.24 84.25 Td (. ) Tj ET Q q 0 0 0 rg BT 132.46 84.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.69 84.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 218.08 84.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.90 84.25 Td (, the Company has recorded a valuation allowance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.82 84.25 Td ($125.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.71 84.25 Td ( against ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (deferred tax assets that are not expected to be realized.) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The Company completed the liquidation of its Icelandic subsidiary on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.66 713.10 Td (October26, 201) Tj ET Q q 0 0 0 rg BT 432.18 713.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.99 713.10 Td (. ) Tj ET Q q 0 0 0 rg BT 444.22 713.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.44 713.10 Td (October26, 201) Tj ET Q q 0 0 0 rg BT 520.96 713.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.78 713.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 701.10 Td (, the subsidiary had gross net operating loss carry forwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.91 701.10 Td ($958.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.80 701.10 Td (. ) Tj ET Q q 0 0 0 rg BT 443.21 701.10 Td (These net operating losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (expire in varying amounts through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.31 689.10 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.31 689.10 Td (. ) Tj ET Q q 0 0 0 rg BT 217.53 689.10 Td (At both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.03 689.10 Td (October26, 201) Tj ET Q q 0 0 0 rg BT 314.55 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.37 689.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.81 689.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.39 689.10 Td (, the Company had recorded a full ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (valuation allowance against these deferred tax assets as they were not expected to be realized. ) Tj ET Q q 0 0 0 rg BT 429.34 677.10 Td (As a result of the liquidation, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (Company has forfeited the Iceland net operating losses. Due to the full valuation allowance that was recorded, there is no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (impact to the financial statements as a result of the liquidation of the subsidiary) Tj ET Q q 0 0 0 rg BT 366.59 653.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (The Company considers its foreign earnings to be permanently invested. ) Tj ET Q q 0 0 0 rg BT 380.15 629.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 429.54 629.10 Td (, the Company does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (currently provide for the additional United States and foreign income taxes which would become payable upon remission of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (undistributed earnings of foreign subsidiaries. ) Tj ET Q q 0 0 0 rg BT 237.98 605.10 Td (The cumulative undistributed earnings of such subsidiaries at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.61 605.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 593.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 593.10 Td ( are not material.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Uncertain T) Tj ET Q q 0 0 0 rg BT 99.32 569.10 Td (ax Provisions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 545.10 Td (The following table summarizes the activity of the Company's liability for unrecognized tax benefits at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.68 545.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 533.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 533.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.13 533.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.13 533.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.57 533.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.57 533.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.57 533.10 Td ($44.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.46 533.10 Td ( of which would impact the Company's ef) Tj ET Q q 0 0 0 rg BT 359.41 533.10 Td (fective tax rate, if recognized: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 497.6 m 423.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 362.6 m 423.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 348.6 m 423.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 346.6 m 423.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 497.6 m 492.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 362.6 m 492.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 348.6 m 492.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 346.6 m 492.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 497.6 m 561.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 362.6 m 561.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 348.6 m 561.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 346.6 m 561.5 346.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 487.27 Td (Balance at beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.50 487.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 472.27 Td (Additions due to acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.50 472.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 457.27 Td (Additions for tax positions of the current year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.50 457.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 442.27 Td (Additions for tax positions of prior years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.50 442.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 427.27 Td (Reductions for tax positions of prior years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.50 427.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 412.27 Td (Settlements during the period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.50 412.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 397.27 Td (Lapses of applicable statutes of limitations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.50 397.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 382.27 Td (Foreign exchange and other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.50 382.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 367.27 Td (Reclassify Canadian uncertain tax positions to discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 367.17 Td (. . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 352.27 Td (Balance at end of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 352.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 501.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 487.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 487.27 Td (129.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 472.27 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 457.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 442.27 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 427.32 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 427.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 412.32 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 412.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 397.32 Td (\(1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 397.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 382.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 367.32 Td (\(25.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 367.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 352.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 352.27 Td (106.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 501.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 487.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 487.27 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 472.27 Td (122.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 457.27 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 442.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 427.32 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 427.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 412.32 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 412.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 397.32 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 397.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 382.27 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 367.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 352.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 352.27 Td (129.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 501.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 487.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 487.27 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 472.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 457.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 442.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 427.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 427.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 412.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 397.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 382.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 367.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 352.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 352.27 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 324.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.94 324.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.34 324.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.16 324.10 Td (, it is reasonably possible that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.97 324.10 Td ($98.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.86 324.10 Td ( of the total amount of unrecognized tax benefits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (will decrease within 12 months due to resolution of audits or statute expirations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 288.10 Td (The Company classifies interest expense and any related penalties related to income tax uncertainties as a component ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (of income tax expense. ) Tj ET Q q 0 0 0 rg BT 146.60 276.10 Td (The total interest \(income\) expense related to tax uncertainties recognized in the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (statements of operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.05 264.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 301.45 264.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.26 264.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.26 264.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.26 264.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.70 264.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.70 264.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.25 264.10 Td ($\(0.7\)million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.80 264.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.80 264.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 264.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.24 264.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.13 264.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.49 252.10 Td (. Penalties in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.58 252.10 Td ($\(0.1\)million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.14 252.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.14 252.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.14 252.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.58 252.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.58 252.10 Td ( were recognized for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.22 252.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 534.62 252.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.43 252.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 240.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.94 240.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.94 240.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.92 240.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.82 240.10 Td (Accrued interest of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.68 240.10 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.57 240.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.01 240.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.01 240.10 Td ( related to income tax uncertainties was reported as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (component of other current liabilities and accrued interest of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.13 228.10 Td ($4.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.02 228.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.46 228.10 Td ($6.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.35 228.10 Td ( related to income tax uncertainties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (was reported as a component of other long-term liabilities on the consolidated balance sheets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.54 216.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 506.94 216.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.76 216.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.19 216.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.19 216.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.49 204.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.39 204.10 Td (Accrued penalties of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.35 204.10 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.24 204.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.68 204.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.68 204.10 Td ( related to income tax uncertainties were reported in other current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (liabilities and accrued penalties of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.61 192.10 Td ($0.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.50 192.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.94 192.10 Td ($0.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.83 192.10 Td ( related to income tax uncertainties were reported in other long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (term liabilities on the consolidated balance sheets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.99 180.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 333.39 180.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.20 180.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.64 180.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.64 180.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 430.63 180.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 156.10 Td (The Company has tax years from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.02 156.10 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.02 156.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.13 156.10 Td (201) Tj ET Q q 0 0 0 rg BT 291.94 156.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.75 156.10 Td ( that remain open and subject to examination by the Internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (Revenue Service. ) Tj ET Q q 0 0 0 rg BT 124.38 144.10 Td (T) Tj ET Q q 0 0 0 rg BT 130.05 144.10 Td (ax years from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.18 144.10 Td (1995) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.18 144.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.28 144.10 Td (201) Tj ET Q q 0 0 0 rg BT 258.10 144.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.91 144.10 Td ( remain open and subject to examination in the Company's various major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (state jurisdictions within the United States. In Poland, the Company is no longer subject to income tax examinations by tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (authorities for years prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.19 120.10 Td (2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.19 120.10 Td (.) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (91) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Note 16. Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.25 Td (Long-term debt consisted of the following as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.79 689.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 352.19 689.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.00 689.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.44 689.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.44 689.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 637.75 m 424 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 637.75 m 424 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 472.75 m 428 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 472.75 m 428 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 442.75 m 428 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 442.75 m 428 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 428.75 m 428 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 426.75 m 428 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 637.75 m 493 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 637.75 m 493 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 472.75 m 493 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 472.75 m 493 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 442.75 m 493 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 442.75 m 493 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 428.75 m 493 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 426.75 m 493 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 637.75 m 562 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 637.75 m 562 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 472.75 m 562 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 472.75 m 562 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 442.75 m 562 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 442.75 m 562 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 428.75 m 562 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 426.75 m 562 426.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 628.32 Td (Master note and security agreement) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 195.22 632.85 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.00 628.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 613.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 613.32 Td (erm loan ) Tj ET Q q 0 0 0 rg BT 95.40 613.32 Td (A$450.0 million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 171.24 617.85 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.00 613.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 598.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 598.32 Td (erm loan B$200.0 million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 171.24 602.85 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.00 598.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 583.32 Td (Revolving credit facility$850.0 million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 219.14 587.85 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.00 583.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 568.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 568.32 Td (erm loan$700.0 million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 162.07 572.85 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 568.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 553.32 Td (Revolving credit facility$530.0 million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 219.14 557.85 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.00 553.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 538.32 Td (International term loan$73.8 million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 208.02 542.85 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.00 538.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 523.32 Td (International revolving credit facility$14.5 million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 264.39 527.85 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 523.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 508.32 Td (Domestic term loan) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 131.37 512.85 Td (\(e\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.00 508.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 493.32 Td (Domestic revolving credit agreement) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 201.05 497.85 Td (\(e\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 493.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 478.32 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 478.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 463.32 Td (Total debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 463.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 448.32 Td (Less: short-term debt and current portion of long-term debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 448.32 Td (. . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 433.32 Td (Long-term debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.00 433.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.75 657.98 Td (Weighted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.80 649.98 Td (Average Interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.00 641.98 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 627.42 Td (7.51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 627.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 612.42 Td (2.56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 612.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 597.42 Td (4.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 597.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 582.42 Td (2.56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 582.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 537.42 Td (3.60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 537.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 522.42 Td (3.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 522.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 477.42 Td (4.36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 477.42 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.20 641.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 627.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 627.42 Td (616.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 612.42 Td (450.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 597.42 Td (198.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 582.42 Td (85.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 567.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 552.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 537.42 Td (65.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 522.42 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 507.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 492.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 477.42 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 462.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.15 462.42 Td (1,424.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 447.47 Td (\(82.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 447.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 432.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.15 432.42 Td (1,342.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 641.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 627.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 627.42 Td (672.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 612.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 597.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 582.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 567.42 Td (686.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 552.42 Td (57.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 537.42 Td (72.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 522.42 Td (14.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 507.42 Td (11.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 492.42 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 477.42 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 462.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 462.42 Td (1,521.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 447.47 Td (\(102.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 447.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 432.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 432.42 Td (1,418.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 398.25 Td (These senior notes have a weighted-average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.56 398.25 Td (7.51%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.39 398.25 Td (, which is fixed to maturity) Tj ET Q q 0 0 0 rg BT 440.38 398.25 Td (, with interest payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 386.25 Td (semiannually) Tj ET Q q 0 0 0 rg BT 120.50 386.25 Td (. Principal payments commenced September 1997 and extend through ) Tj ET Q q 0 0 0 rg BT 405.10 386.25 Td (April 2036 in various tranches. ) Tj ET Q q 0 0 0 rg BT 533.87 386.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 374.25 Td (notes are collateralized by certain U.S. land, buildings and press and finishing equipment under the terms of the master ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 362.25 Td (note and security agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 338.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.22 338.25 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 131.21 338.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.02 338.25 Td (, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.04 338.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.16 338.25 Td ( debt financing agreement with certain lenders. ) Tj ET Q q 0 0 0 rg BT 493.04 338.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 338.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.11 338.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 326.25 Td (debt financing agreement includes three dif) Tj ET Q q 0 0 0 rg BT 240.95 326.25 Td (ferent loan facilities. ) Tj ET Q q 0 0 0 rg BT 328.23 326.25 Td (The first is a revolving facility in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 314.25 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.39 314.25 Td ( with a term of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.76 314.25 Td (five years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.91 314.25 Td ( maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.51 314.25 Td (July25, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.68 314.25 Td (. ) Tj ET Q q 0 0 0 rg BT 342.09 314.25 Td (The second facility is a ) Tj ET Q q 0 0 0 rg BT 437.16 314.25 Td (T) Tj ET Q q 0 0 0 rg BT 442.82 314.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 483.29 314.25 Td (A) Tj ET Q q 0 0 0 rg BT 489.96 314.25 Td ( in the aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 302.25 Td (amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.83 302.25 Td ($450.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.72 302.25 Td ( with a term of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.09 302.25 Td (five years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.23 302.25 Td ( maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.84 302.25 Td (July25, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.01 302.25 Td (. ) Tj ET Q q 0 0 0 rg BT 385.42 302.25 Td (The third facility is a ) Tj ET Q q 0 0 0 rg BT 471.60 302.25 Td (T) Tj ET Q q 0 0 0 rg BT 477.27 302.25 Td (erm Loan B in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 290.25 Td (amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.83 290.25 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.72 290.25 Td ( \(net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.03 290.25 Td ($1.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.92 290.25 Td ( original issue discount\) with a term of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.12 290.25 Td (seven years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.48 290.25 Td ( maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.09 290.25 Td (July25, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 278.25 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.50 278.25 Td (, subject to certain required amortization. ) Tj ET Q q 0 0 0 rg BT 256.88 278.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.11 278.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 342.50 278.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.32 278.25 Td (, the Company had borrowings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.24 278.25 Td ($85.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.13 278.25 Td ( on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 266.25 Td (the revolving credit agreement, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.32 266.25 Td ($34.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.21 266.25 Td ( of issued letters of credit, leaving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.51 266.25 Td ($730.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.40 266.25 Td ( available for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 254.25 Td (future borrowings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 230.25 Td (Borrowings under the revolving facility and ) Tj ET Q q 0 0 0 rg BT 245.70 230.25 Td (T) Tj ET Q q 0 0 0 rg BT 251.37 230.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 291.84 230.25 Td (A) Tj ET Q q 0 0 0 rg BT 298.51 230.25 Td ( loans made under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.48 230.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.59 230.25 Td ( debt financing agreement bear ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 218.25 Td (interest at London Interbank Of) Tj ET Q q 0 0 0 rg BT 194.04 218.25 Td (fered Rate \("LIBOR"\) plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.30 218.25 Td (2.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.13 218.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.96 218.25 Td (1.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.79 218.25 Td ( in excess of an alternate base rate, and ) Tj ET Q q 0 0 0 rg BT 529.96 218.25 Td (T) Tj ET Q q 0 0 0 rg BT 535.63 218.25 Td (erm ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 206.25 Td (Loan B loans bear interest at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.68 206.25 Td (3.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.51 206.25 Td ( in excess of LIBOR, with a LIBOR floor of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.21 206.25 Td (1.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.04 206.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.87 206.25 Td (2.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.70 206.25 Td ( in excess of an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 194.25 Td (alternative base rate at the Company's option. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 170.25 Td (This debt financing agreement was entered into to reduce the Company's borrowing costs with lower interest rates and to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 158.25 Td (create more flexibility with a higher revolving credit capacity and improvement in financial terms. ) Tj ET Q q 0 0 0 rg BT 466.15 158.25 Td (The proceeds from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 146.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.26 146.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 113.73 146.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 125.58 146.25 Td (T) Tj ET Q q 0 0 0 rg BT 131.25 146.25 Td (erm Loan B and revolving credit facility were used to repay all outstanding balances and terminate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 134.25 Td (Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 134.25 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.69 134.25 Td ( debt financing agreement \(which included the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.23 134.25 Td ($700.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.13 134.25 Td ( term loan and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.82 134.25 Td ($530.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.71 134.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 122.25 Td (revolving credit facility\), as well as to pay the new debt issuance costs incurred for the refinancing. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 98.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.55 98.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.66 98.25 Td ( debt financing agreement is secured by substantially all of the unencumbered assets of the Company) Tj ET Q q 0 0 0 rg BT 535.38 98.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (\(c\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 76.25 Td (The Company's former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.33 76.25 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.45 76.25 Td ( debt financing agreement \(which included the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.99 76.25 Td ($700.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.88 76.25 Td ( term loan and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 64.25 Td ($530.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.39 64.25 Td ( revolving credit facility\) was replaced with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.54 64.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 64.25 Td ( debt financing agreement described in \(b\).) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (\(d\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 713.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.22 713.10 Td (December16, 2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.81 713.10 Td (, debt related to the Company's international operations was refinanced by entering into a secured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 701.10 Td (credit agreement \("Facilities ) Tj ET Q q 0 0 0 rg BT 183.20 701.10 Td (Agreement"\). ) Tj ET Q q 0 0 0 rg BT 242.17 701.10 Td (The Facilities ) Tj ET Q q 0 0 0 rg BT 299.01 701.10 Td (Agreement includes a Euro denominated term loan and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 689.10 Td (multicurrency revolving credit facility) Tj ET Q q 0 0 0 rg BT 220.17 689.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.26 689.10 Td (The term loan principal payments commenced in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.71 689.10 Td (December 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 689.10 Td ( and it matures on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 677.10 Td (December16, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.08 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 153.49 677.10 Td (The multicurrency revolving credit facility is used for financing its working capital and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 665.10 Td (business needs, was renewed in December 201) Tj ET Q q 0 0 0 rg BT 254.76 665.10 Td (1 and will expire on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.05 665.10 Td (December16, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.63 665.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.86 665.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.08 665.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 508.48 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.30 665.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 653.10 Td (Company's international operations had borrowings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.59 653.10 Td ($6.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.48 653.10 Td ( under the multicurrency revolving credit facility) Tj ET Q q 0 0 0 rg BT 531.64 653.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 641.10 Td (leaving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.43 641.10 Td ($7.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.33 641.10 Td ( available for future borrowing. ) Tj ET Q q 0 0 0 rg BT 279.02 641.10 Td (The terms of the Facilities ) Tj ET Q q 0 0 0 rg BT 386.13 641.10 Td (Agreement include certain financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 629.10 Td (covenants, a guarantee of the Facilities ) Tj ET Q q 0 0 0 rg BT 225.22 629.10 Td (Agreement by the Company and a security agreement that includes collateralizing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 617.10 Td (substantially all of the Quad/W) Tj ET Q q 0 0 0 rg BT 192.27 617.10 Td (inkowski assets. ) Tj ET Q q 0 0 0 rg BT 261.98 617.10 Td (The facilities bear interest at the aggregate of the ) Tj ET Q q 0 0 0 rg BT 459.76 617.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.71 617.10 Td (arsaw Interbank ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 605.10 Td (Of) Tj ET Q q 0 0 0 rg BT 77.96 605.10 Td (fered Rate \("WIBOR"\) or the Euro Interbank Of) Tj ET Q q 0 0 0 rg BT 271.15 605.10 Td (fered Rate \("EURIBOR"\) and mar) Tj ET Q q 0 0 0 rg BT 408.53 605.10 Td (gin.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (\(e\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 581.10 Td (The domestic term loan and domestic revolving credit agreement were paid of) Tj ET Q q 0 0 0 rg BT 380.35 581.10 Td (f in June 201) Tj ET Q q 0 0 0 rg BT 432.01 581.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 557.10 Td (Based upon the interest rates available to the Company for borrowings with similar terms and maturities, the fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (of the Company's total debt was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.43 545.10 Td ($1.4billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.54 545.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.76 545.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 372.16 545.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.97 545.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 521.10 Td (The Company incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.75 521.10 Td ($1) Tj ET Q q 0 0 0 rg BT 190.56 521.10 Td (1.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.27 521.10 Td ( in debt issuance costs in connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.29 521.10 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 466.27 521.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.09 521.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.09 521.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.20 521.10 Td ( debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (financing agreement. In addition, prior to the execution of the new debt agreement, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.29 509.10 Td ($35.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.18 509.10 Td ( of remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (unamortized debt issuance costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.51 497.10 Td ($8.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.40 497.10 Td ( of remaining original issue discount from the terminated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.18 497.10 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.29 497.10 Td ( debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (financing agreement. In accordance with the accounting guidance for treatment of debt issuance costs in a debt extinguishment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.05 473.10 Td ($56.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.94 473.10 Td ( of combined debt issuance costs and the remaining original issue discount, the Company accounted for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (amounts as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 418.6 m 410 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 418.6 m 410 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 365.6 m 410 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 365.6 m 410 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 352.6 m 410 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 350.6 m 410 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 418.6 m 486 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 418.6 m 486 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 365.6 m 486 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 365.6 m 486 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 352.6 m 486 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 350.6 m 486 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 418.6 m 562 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 365.6 m 562 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 352.6 m 562 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 350.6 m 562 350.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 408.27 Td (Debt issuance costs from $1.5 billion debt agreement from July 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 408.17 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 393.27 Td (Debt issuance costs from $1.23 billion debt agreement from July 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 379.17 Td (Original issue discount from $1.23 billion debt agreement from July) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 369.17 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 369.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 356.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 356.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.45 432.00 Td (Loss on Debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.95 423.00 Td (Extinguishment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.50 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 408.27 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 393.27 Td (20.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 370.27 Td (8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.50 356.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 356.17 Td (34.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.10 432.00 Td (Capitalized Debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.35 423.00 Td (Issuance Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 408.27 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 393.27 Td (14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 370.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 356.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 356.17 Td (22.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.90 423.05 Td (Totals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.50 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 408.27 Td (11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 393.27 Td (35.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 370.27 Td (8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.50 356.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 356.17 Td (56.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 330.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.55 330.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.44 330.10 Td ( recognized in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.38 330.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 350.78 330.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.59 330.10 Td ( was classified as loss on debt extinguishment in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 221.87 318.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.82 318.10 Td ($22.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.71 318.10 Td ( of capitalized debt issuance costs were classified as other long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (term assets in the consolidated balance sheet and will be amortized over the 5 and 7 year lives of the new debt instruments. ) Tj ET Q q 0 0 0 rg BT 546.02 306.10 Td (A) Tj ET Q q 0 0 0 rg BT 552.69 306.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (new original issue discount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.98 294.10 Td ($1.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.87 294.10 Td ( related to the ) Tj ET Q q 0 0 0 rg BT 277.98 294.10 Td (T) Tj ET Q q 0 0 0 rg BT 283.65 294.10 Td (erm Loan B was classified as a reduction of long-term debt. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 270.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.94 270.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.34 270.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.16 270.10 Td (, the Company's various lending arrangements included certain financial covenants \(all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (financial terms, numbers and ratios are as defined in the Company's debt agreements\). ) Tj ET Q q 0 0 0 rg BT 398.69 258.10 Td (Among these covenants, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (was required to maintain the following as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.90 246.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 302.30 246.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.11 246.10 Td ( \(for each covenant, the most restrictive measurement has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (included below\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 210.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 210.10 Td (On a rolling twelve-month basis, the total leverage ratio, defined as total consolidated debt to consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 198.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 139.88 198.10 Td ( \(as defined in the debt agreement\), shall not exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.36 198.10 Td (3.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.86 198.10 Td ( to 1.00 \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 186.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 176.90 186.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.71 186.10 Td (, the Company's leverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.75 186.10 Td (2.27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.25 186.10 Td ( to 1.00\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 162.10 Td ( ) Tj ET Q BT /F2 3.00 Tf ET q 0 0 0 rg BT 103.50 162.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.25 162.10 Td (On a rolling twelve-month basis, the minimum interest coverage ratio, defined as consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 520.81 162.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 150.10 Td (consolidated cash interest expense, shall not be less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.77 150.10 Td (3.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.27 150.10 Td ( to 1.00 \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.74 150.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 138.10 Td (201) Tj ET Q q 0 0 0 rg BT 118.31 138.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.13 138.10 Td (, the Company's interest coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.32 138.10 Td (6.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.82 138.10 Td ( to 1.00\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 114.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 114.10 Td (On a rolling twelve-month basis, the fixed char) Tj ET Q q 0 0 0 rg BT 292.25 114.10 Td (ge coverage ratio, defined as consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 498.75 114.10 Td ( and rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 102.10 Td (expense to interest and rent expense, shall not be less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.43 102.10 Td (1.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.93 102.10 Td ( to 1.00 \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 90.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 176.90 90.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.71 90.10 Td (, the Company's fixed char) Tj ET Q q 0 0 0 rg BT 288.67 90.10 Td (ge coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.98 90.10 Td (3.23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.48 90.10 Td ( to 1.00\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 66.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 66.10 Td (Consolidated net worth of at least ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.69 66.10 Td ($745.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.58 66.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.25 66.10 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.58 66.10 Td ( of positive consolidated net income cumulatively for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 54.10 Td (each year \(as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.01 54.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 242.41 54.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.23 54.10 Td (, the Company's consolidated net worth under the most restrictive covenant ) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 713.10 Td (per the various debt agreements was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.22 713.10 Td ($1.24 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.34 713.10 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td (In addition to those covenants, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.19 689.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.31 689.10 Td ( debt financing agreement also includes certain limitations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (acquisitions, indebtedness, liens, dividends and repurchases of capital stock. If the Company's total leverage ratio is greater ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.22 665.10 Td (3.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.72 665.10 Td ( to 1.00 \(total leverage ratio as defined in the debt financing agreement\), the Company is prohibited from making ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.47 653.10 Td ($120.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.36 653.10 Td ( of annual dividend payments, capital stock repurchases and certain other payments. If the total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (leverage ratio is less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.07 641.10 Td (3.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.57 641.10 Td ( to 1.00, there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.04 641.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.04 641.10 Td ( such restrictions. ) Tj ET Q q 0 0 0 rg BT 328.03 641.10 Td (As of and for the twelve-month period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 629.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 629.10 Td (, the Company was in compliance with all financial covenants in its debt agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 605.10 Td (Approximate annual principal amounts due on long-term debt are as follows during the years ending ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.11 605.10 Td (December31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.70 605.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 429.6 m 561.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 429.6 m 561.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 415.6 m 561.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 413.6 m 561.5 413.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 584.27 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 584.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 569.27 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 569.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 554.27 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 554.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 539.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 539.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 524.27 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 524.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 509.27 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 509.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 494.27 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 494.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 479.27 Td (2019 - 2023) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 479.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 464.27 Td (2024 - 2028) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 464.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 449.27 Td (2029 - 2033) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 449.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 434.27 Td (2034 - 2036) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.50 434.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 419.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 419.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 584.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 584.27 Td (82.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 569.27 Td (102.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 554.27 Td (119.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 539.27 Td (156.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 524.27 Td (472.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 509.27 Td (42.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 494.27 Td (224.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 479.27 Td (130.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 464.27 Td (59.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 449.27 Td (27.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 434.27 Td (9.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 419.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 419.27 Td (1,424.9) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (Note 17. Lease Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 368.25 Td (The Company entered into various master lease agreements for press and finishing equipment. ) Tj ET Q q 0 0 0 rg BT 468.35 368.25 Td (These leases provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (the Company with options to purchase the related equipment at the termination value, as defined, and at various early buyout ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (dates during the term of the lease. ) Tj ET Q q 0 0 0 rg BT 189.64 344.25 Td (These leases are accounted for as capital leases on the consolidated balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 320.25 Td (Assets recorded under capital leases are as follows as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.08 320.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 385.48 320.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.29 320.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.73 320.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.73 320.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 284.75 m 492.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 284.75 m 492.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 254.75 m 492.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 254.75 m 492.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 240.75 m 492.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 238.75 m 492.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 284.75 m 561.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 284.75 m 561.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 254.75 m 561.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 254.75 m 561.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 240.75 m 561.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 238.75 m 561.5 238.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 274.42 Td (Presses and equipmentleased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 274.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 259.42 Td (Lessaccumulated depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.50 259.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 244.42 Td (Net presses and equipmentleased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 244.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 288.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 274.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 274.42 Td (85.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 259.47 Td (\(54.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 259.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 244.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 244.42 Td (30.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 288.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 274.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 274.42 Td (85.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 259.47 Td (\(45.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 259.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 244.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 244.42 Td (40.4) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.00 713.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 171.40 713.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.21 713.10 Td (, the future maturities of capitalized leases consisted of the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 618.6 m 561.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 590.6 m 561.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 548.6 m 561.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 548.6 m 561.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 521.6 m 561.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 519.6 m 561.5 519.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 693.17 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 693.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 679.17 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 679.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 665.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 665.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 651.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 651.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 637.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 637.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 623.17 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 623.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 609.17 Td (Total minimum payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.50 609.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 595.17 Td (Lessamounts representing interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.50 595.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 567.17 Td (Present value of minimum payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.50 567.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 553.17 Td (Lesscurrent portion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.50 553.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 525.17 Td (Long-term capital lease obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.50 525.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 693.17 Td (23.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 679.17 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 665.17 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 651.17 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 637.17 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 623.17 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 609.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 609.17 Td (50.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 595.22 Td (\(4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 595.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 567.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 567.17 Td (45.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 553.22 Td (\(20.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 553.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 525.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 525.17 Td (24.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 497.10 Td (The Company has various operating lease agreements. Future minimum rental commitments under non-cancelable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (leases are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 378.6 m 561.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 378.6 m 561.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 365.6 m 561.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 363.6 m 561.5 363.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 453.17 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 453.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 439.17 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 439.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 425.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 425.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 411.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 411.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 397.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 397.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 383.17 Td (2017 and thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 383.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 369.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 369.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 453.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 453.17 Td (37.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 439.17 Td (31.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 425.17 Td (23.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 411.17 Td (19.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 397.17 Td (16.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 383.17 Td (40.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 369.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 369.17 Td (168.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 341.10 Td (Rent expense under these operating lease agreements totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.40 341.10 Td ($22.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.29 341.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.29 341.10 Td ($25.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.19 341.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.62 341.10 Td ($10.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.52 341.10 Td ( during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.48 329.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 172.87 329.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.69 329.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.69 329.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.69 329.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.13 329.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.13 329.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.11 329.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (Note 18. Financial Instruments and Fair) Tj ET Q q 0 0 0 rg BT 223.58 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.90 306.25 Td (V) Tj ET Q q 0 0 0 rg BT 232.57 306.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 285.07 306.25 Td (ements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 282.25 Td (Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td (liabilities are recorded at fair value on a nonrecurring basis, generally as a result of acquisitions or impairment char) Tj ET Q q 0 0 0 rg BT 510.07 270.25 Td (ges. Fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.25 Td (value is determined based on the exchange price that would be received for an asset or paid to transfer a liability \(an exit price\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (The Company records the fair value of its forward contracts and pension plan assets on a recurring basis. ) Tj ET Q q 0 0 0 rg BT 473.54 234.25 Td (Assets measured at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.25 Td (fair value on a nonrecurring basis include property) Tj ET Q q 0 0 0 rg BT 251.60 222.25 Td (, plant and equipment, assets held for sale, income tax accounts, goodwill and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.25 Td (other intangible assets. ) Tj ET Q q 0 0 0 rg BT 145.78 210.25 Td (The fair value of cash and cash equivalents, receivables, inventories, restricted cash, accounts payable, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.25 Td (accrued liabilities and amounts owing in satisfaction of bankruptcy claims approximate their carrying values as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 186.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 186.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 186.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.15 186.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.15 186.25 Td (. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.59 186.25 Td (Note 16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.53 186.25 Td ( for further discussion on the fair value of the Company's debt and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.10 186.25 Td (Note 20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.04 186.25 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (details of Level 1 and Level 2 inputs related to Employee Retirement Plans. GAAP) Tj ET Q q 0 0 0 rg BT 384.51 174.25 Td ( also classifies the inputs used to measure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 162.25 Td (fair value into the following hierarchy:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 138.25 Td (Level 1: ) Tj ET Q q 0 0 0 rg BT 139.50 138.25 Td (Quoted prices in active markets for identical assets or liabilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 114.25 Td (Level 2: ) Tj ET Q q 0 0 0 rg BT 139.50 114.25 Td (Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.50 102.25 Td (assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.50 90.25 Td (for the asset or liability) Tj ET Q q 0 0 0 rg BT 231.93 90.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 66.25 Td (Level 3: ) Tj ET Q q 0 0 0 rg BT 139.50 66.25 Td (Unobservable inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 316.91 66.25 Td (. ) Tj ET Q q 0 0 0 rg BT 324.00 66.25 Td (There are no Level 3 assets or liabilities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.50 54.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 212.90 54.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.71 54.25 Td (.) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 701.10 Td (The Company has operations in countries that have transactions outside their functional currencies and periodically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (enters into foreign exchange contracts. ) Tj ET Q q 0 0 0 rg BT 209.07 689.10 Td (These contracts are used to hedge the net exposures of changes in foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (exchange rates and are designated as either cash flow hedges or fair value hedges. Gains or losses on net foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (hedges are intended to of) Tj ET Q q 0 0 0 rg BT 149.93 665.10 Td (fset losses or gains on the underlying net exposures in an ef) Tj ET Q q 0 0 0 rg BT 387.75 665.10 Td (fort to reduce the earnings volatility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (resulting from fluctuating foreign currency exchange rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (The Company periodically enters into natural gas forward purchase contracts to hedge against increases in commodity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (costs. During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.52 617.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 245.92 617.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.74 617.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.17 617.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.17 617.10 Td (, the Company's commodity contracts qualified for the exception ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (related to normal purchases and sales as the Company takes delivery in the normal course of business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 581.10 Td (The Company held open short-term foreign currency forward exchange contracts to hedge exchange rate exposure on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.22 569.10 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.11 569.10 Td ( Canadian dollars deposit related to the ) Tj ET Q q 0 0 0 rg BT 271.58 569.10 Td (T) Tj ET Q q 0 0 0 rg BT 277.42 569.10 Td (ranscontinental Mexico acquisition as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.93 569.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 515.33 569.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.14 569.10 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.24 569.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 557.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 65.24 557.10 Td (There were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.89 557.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.89 557.10 Td ( open foreign currency exchange contracts as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.69 557.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.28 557.10 Td (. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.86 557.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 545.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 545.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.13 545.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.13 545.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.57 545.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.57 545.10 Td (, the impact on the consolidated statements of operations of hedge inef) Tj ET Q q 0 0 0 rg BT 415.62 545.10 Td (fectiveness was not material.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 522.25 Td (Note 19. Other) Tj ET Q q 0 0 0 rg BT 114.95 522.25 Td ( Long-T) Tj ET Q q 0 0 0 rg BT 149.13 522.25 Td (erm Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 498.25 Td (Other long-term liabilities consisted of the following as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.73 498.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 394.13 498.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.94 498.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.38 498.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.38 498.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 461.75 m 488 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 461.75 m 488 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 386.75 m 488 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 386.75 m 488 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 372.75 m 488 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 370.75 m 488 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 461.75 m 562 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 461.75 m 562 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 386.75 m 562 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 386.75 m 562 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 372.75 m 562 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 370.75 m 562 370.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 452.32 Td (Single employer pension and postretirement obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.00 452.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 437.32 Td (Multiemployer pension planswithdrawal liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.00 437.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 422.32 Td (Tax-related liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.00 422.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 407.32 Td (Employee-related liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.00 407.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 392.32 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 392.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 377.32 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 377.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 465.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 451.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 451.42 Td (300.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 436.42 Td (83.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 421.42 Td (30.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 406.42 Td (45.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 391.42 Td (61.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 376.42 Td (521.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.50 465.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 451.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 451.42 Td (330.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 436.42 Td (100.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 421.42 Td (34.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 406.42 Td (53.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 391.42 Td (85.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 376.42 Td (603.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 348.25 Td (The single employer pension and postretirement obligation, as well as the withdrawal liability for the multiemployer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (pension plans pertaining to the Canadian operations, are not reflected in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.12 336.25 Td (201) Tj ET Q q 0 0 0 rg BT 368.94 336.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.75 336.25 Td ( amounts above, but are included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.71 336.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 336.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 313.25 Td (Note 20. Employee Retir) Tj ET Q q 0 0 0 rg BT 156.32 313.25 Td (ement Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 289.25 Td (The Company assumed multiple defined benefit pension and postretirement benefit plans and became a participant in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 277.25 Td (multiemployer pension plans as a part of the ) Tj ET Q q 0 0 0 rg BT 229.37 277.25 Td (W) Tj ET Q q 0 0 0 rg BT 238.31 277.25 Td (orld Color Press acquisition. Prior to the acquisition, the Company had a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 265.25 Td (defined contribution plan referred to as the Personal Enrichment Plan \(the "PEP) Tj ET Q q 0 0 0 rg BT 368.59 265.25 Td ( Plan"\). Ef) Tj ET Q q 0 0 0 rg BT 412.94 265.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.55 265.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.72 265.25 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 253.25 Td (split the PEP) Tj ET Q q 0 0 0 rg BT 100.99 253.25 Td ( Plan into two separate plans and formally established the Quad/Graphics Employee Stock Ownership Plan \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 241.25 Td ("ESOP) Tj ET Q q 0 0 0 rg BT 77.85 241.25 Td ( Plan"\) and the Quad/Graphics Diversified Plan \(the "Diversified Plan"\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 217.25 Td (Defined Contribution Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 193.25 Td (The Diversified Plan is comprised of participant directed 401\(k\) contributions, Company match and profit sharing-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 181.25 Td (contributions. Company 401\(k\) matching contributions were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.23 181.25 Td ($12.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.13 181.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.13 181.25 Td ($6.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.02 181.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.46 181.25 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.35 181.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 169.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 169.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 169.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.71 169.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.71 169.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.15 169.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.15 169.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.14 169.25 Td (. ) Tj ET Q q 0 0 0 rg BT 252.22 169.25 Td (The ESOP) Tj ET Q q 0 0 0 rg BT 294.45 169.25 Td ( Plan holds profit sharing contributions of Company stock, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (are made at the discretion of the Company's Board of Directors. ) Tj ET Q q 0 0 0 rg BT 309.74 157.25 Td (The annual profit sharing contributions totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.49 157.25 Td ($13.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.39 157.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td ($14.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 145.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.83 145.25 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.83 145.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.18 145.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 287.58 145.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.40 145.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.40 145.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.40 145.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.83 145.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.83 145.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 409.82 145.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 121.25 Td (In 2010, the Company loaned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.59 121.25 Td ($9.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.48 121.25 Td ( to the PEP) Tj ET Q q 0 0 0 rg BT 300.02 121.25 Td ( Plan to fund annual common stock purchases from employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 109.25 Td (who retired or terminated employment with the Company) Tj ET Q q 0 0 0 rg BT 279.95 109.25 Td (. ) Tj ET Q q 0 0 0 rg BT 287.04 109.25 Td (The loan was made in anticipation of the Company's public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 97.25 Td (registration of Quad/Graphics common shares owned by the PEP) Tj ET Q q 0 0 0 rg BT 309.82 97.25 Td ( Plan as part of the Company's overall public registration of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 85.25 Td (class ) Tj ET Q q 0 0 0 rg BT 71.16 85.25 Td (A) Tj ET Q q 0 0 0 rg BT 77.83 85.25 Td ( stock. ) Tj ET Q q 0 0 0 rg BT 108.57 85.25 Td (The loan was settled by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.40 85.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.99 85.25 Td (, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.27 85.25 Td ($7.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.16 85.25 Td ( of the loan being repaid in cash and the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 73.25 Td ($1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 73.25 Td ( was applied as a prepayment of the 2010 profit sharing contribution, as approved by the Company's Board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 61.25 Td (Directors.) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The Company assumed a defined contribution plan in the United States as part of the acquisition of ) Tj ET Q q 0 0 0 rg BT 485.04 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.99 713.10 Td (orld Color Press. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (That plan was comprised of participant directed 401\(k\) contributions, and, in prior years, also included employer match ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 109.68 689.10 Td (The employer match was frozen by ) Tj ET Q q 0 0 0 rg BT 253.34 689.10 Td (W) Tj ET Q q 0 0 0 rg BT 262.28 689.10 Td (orld Color Press prior to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.32 689.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.49 689.10 Td ( acquisition, and the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (made no cash contributions to this plan in 2010. ) Tj ET Q q 0 0 0 rg BT 246.33 677.10 Td (This plan was mer) Tj ET Q q 0 0 0 rg BT 319.74 677.10 Td (ged with the PEP) Tj ET Q q 0 0 0 rg BT 388.63 677.10 Td ( Plan on January 1, 201) Tj ET Q q 0 0 0 rg BT 482.14 677.10 Td (1.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (Defined Benefit Plans and Other Postretirement Benefit Plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (The Company sponsors various funded and unfunded pension plans for a portion of its full-time employees in the U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (and Canada. Benefits are generally based upon years of service and compensation. ) Tj ET Q q 0 0 0 rg BT 384.56 617.10 Td (These plans are funded in conformity with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (the applicable government regulations. ) Tj ET Q q 0 0 0 rg BT 209.91 605.10 Td (The Company funds at least the minimum amount required for all qualified plans using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (actuarial cost methods and assumptions acceptable under government regulations. In addition to pension benefits, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (Company provides certain healthcare and life insurance benefits for some retired employees. ) Tj ET Q q 0 0 0 rg BT 425.38 581.10 Td (The pension and postretirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (obligations related to the Canadian discontinued operations are not reflected in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.61 569.10 Td (201) Tj ET Q q 0 0 0 rg BT 396.43 569.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.24 569.10 Td ( amounts below) Tj ET Q q 0 0 0 rg BT 464.24 569.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 545.10 Td (The components of the net periodic pension and postretirement benefit expense \(income\) for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 533.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 533.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.15 533.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.15 533.10 Td ( are as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 497.6 m 354.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 497.6 m 354.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 484.6 m 354.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 484.6 m 354.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 414.6 m 354.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 386.6 m 354.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 386.6 m 354.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 373.6 m 354.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 371.6 m 354.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 497.6 m 358.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 497.6 m 423.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 497.6 m 423.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 484.6 m 423.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 484.6 m 423.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 414.6 m 423.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 386.6 m 423.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 386.6 m 423.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 373.6 m 423.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 371.6 m 423.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 497.6 m 492.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 497.6 m 492.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 484.6 m 492.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 484.6 m 492.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 414.6 m 492.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 386.6 m 492.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 386.6 m 492.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 373.6 m 492.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 371.6 m 492.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 497.6 m 496.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 497.6 m 561.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 497.6 m 561.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 484.6 m 561.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 484.6 m 561.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 414.6 m 561.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 386.6 m 561.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 386.6 m 561.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 373.6 m 561.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 371.6 m 561.5 371.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 475.17 Td (Service cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.50 475.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 461.17 Td (Interest cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.50 461.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 447.17 Td (Expected return on plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.50 447.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 433.17 Td (Amortization of prior service credit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.50 433.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 419.17 Td (Amortization of actuarial loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.50 419.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 405.17 Td (Net periodic benefit cost \(income\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.50 405.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 391.17 Td (Curtailment/settlement gain) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.50 391.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 377.17 Td (Total expense \(income\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.50 377.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.85 501.83 Td (Pension Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.70 488.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 475.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 475.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 461.17 Td (34.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.80 447.22 Td (\(27.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 447.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 433.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 419.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 405.17 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 391.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 377.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 377.17 Td (6.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.50 488.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 475.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 475.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 461.17 Td (17.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 447.22 Td (\(11.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 447.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 433.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 419.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 405.17 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 391.22 Td (\(3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 391.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 377.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 377.17 Td (2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.80 501.83 Td (Postretirement Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 488.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 475.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 475.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 461.17 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 447.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 433.22 Td (\(3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 433.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 419.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 405.22 Td (\(1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 405.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 391.22 Td (\(7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 391.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 377.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 377.22 Td (\(8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 377.17 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 488.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 475.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 475.17 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 461.17 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 447.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 433.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 419.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 405.17 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 391.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 377.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 377.17 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The pension and postretirement obligations are calculated using generally accepted actuarial methods and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (measured as of December 31. ) Tj ET Q q 0 0 0 rg BT 172.97 701.10 Td (The following provides a reconciliation of the projected benefit obligation, fair value of plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (assets and the funded status of the pension and postretirement plans as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 689.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 417.55 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.37 689.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.80 689.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 689.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 653.6 m 354.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 653.6 m 354.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 640.6 m 354.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 477.6 m 354.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 477.6 m 354.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 463.6 m 354.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 328.6 m 354.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 328.6 m 354.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 314.6 m 354.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 301.6 m 354.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 299.6 m 354.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 653.6 m 358.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 653.6 m 423.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 653.6 m 423.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 640.6 m 423.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 477.6 m 423.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 477.6 m 423.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 463.6 m 423.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 328.6 m 423.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 328.6 m 423.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 314.6 m 423.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 301.6 m 423.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 299.6 m 423.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.6 m 492.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.6 m 492.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 640.6 m 492.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 477.6 m 492.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 477.6 m 492.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 463.6 m 492.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 328.6 m 492.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 328.6 m 492.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 314.6 m 492.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 301.6 m 492.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 299.6 m 492.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 653.6 m 496.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 653.6 m 561.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 653.6 m 561.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 640.6 m 561.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 477.6 m 561.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 477.6 m 561.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 463.6 m 561.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 328.6 m 561.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 328.6 m 561.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 314.6 m 561.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 301.6 m 561.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 299.6 m 561.5 299.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 631.28 Td (Changes in benefit obligation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 617.17 Td (Projected benefit obligation, beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.50 617.17 Td (. . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 603.17 Td (Reclassify Canadian benefit obligation to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 593.17 Td (discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.50 593.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 580.17 Td (Valuation of acquired obligation benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.50 580.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 566.17 Td (Service cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 566.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 552.17 Td (Interest cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 552.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 538.17 Td (Plan participants contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.50 538.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 524.17 Td (Plan amendments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.50 524.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 510.17 Td (Curtailments and settlements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.50 510.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 496.17 Td (Actuarial loss \(gain\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.50 496.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 482.17 Td (Benefits paid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 482.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 468.17 Td (Projected benefit obligation, end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.50 468.17 Td (. . . . . . . . . . .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 440.28 Td (Changes in plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 426.17 Td (Fair value of plan assets, beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.50 426.17 Td (. . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 412.17 Td (Reclassify Canadian pension plan assets to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 402.17 Td (discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.50 402.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 389.17 Td (Acquired assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.50 389.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 375.17 Td (Actual return on plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.50 375.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 361.17 Td (Employer contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.50 361.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 347.17 Td (Plan participants contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.50 347.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 333.17 Td (Benefits paid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 333.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 319.17 Td (Fair value of plan assets, end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.50 319.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 305.28 Td (Funded status) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 305.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.85 657.83 Td (Pension Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.70 644.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 617.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 617.17 Td (962.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.80 594.32 Td (\(282.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 594.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.80 580.22 Td (\(20.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 580.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 566.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 552.17 Td (34.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 538.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 524.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.80 510.22 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 510.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 496.17 Td (46.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.80 482.22 Td (\(46.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 482.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 468.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 468.17 Td (692.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 426.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 426.17 Td (672.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.80 403.32 Td (\(247.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 403.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 389.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.80 375.22 Td (\(9.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 375.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 361.17 Td (43.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 347.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.80 333.22 Td (\(46.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 333.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 319.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 319.17 Td (412.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 305.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.80 305.22 Td (\(280.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 305.17 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.50 644.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 617.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 617.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 580.17 Td (971.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 566.17 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 552.17 Td (24.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 538.17 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 524.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 510.22 Td (\(4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 510.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 496.22 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 496.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 482.22 Td (\(32.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 482.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 468.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 468.17 Td (962.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 426.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 426.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 403.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 389.17 Td (583.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 375.17 Td (87.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 361.17 Td (33.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 347.17 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 333.22 Td (\(32.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 333.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 319.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 319.17 Td (672.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 305.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.80 305.22 Td (\(289.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 305.17 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.80 657.83 Td (Postretirement Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 644.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 617.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 617.17 Td (48.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 594.32 Td (\(12.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 594.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 580.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 566.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 552.17 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 538.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 524.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 510.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 496.22 Td (\(8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 496.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 482.22 Td (\(2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 482.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 468.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 468.17 Td (27.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 426.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 426.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 403.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 389.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 375.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 361.17 Td (2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 347.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 333.22 Td (\(2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 333.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 319.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 319.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 305.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 305.22 Td (\(27.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 305.17 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 644.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 617.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 617.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 580.17 Td (60.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 566.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 552.17 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 538.17 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 524.22 Td (\(19.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 524.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 510.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 496.17 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 482.22 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 482.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 468.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 468.17 Td (48.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 426.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 426.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 403.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 389.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 375.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 361.17 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 347.17 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 333.22 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 333.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 319.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 319.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 305.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 305.22 Td (\(48.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 305.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 277.10 Td (Summary of pension plans with accumulated benefit obligations in excess of plan assets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.36 277.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 535.76 277.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.57 277.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 265.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 265.10 Td ( are as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 229.60000000000002 m 492.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 229.60000000000002 m 492.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 216.60000000000002 m 492.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 216.60000000000002 m 492.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 229.60000000000002 m 496.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 229.60000000000002 m 561.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 229.60000000000002 m 561.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 216.60000000000002 m 561.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 216.60000000000002 m 561.5 216.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 206.27 Td (Accumulated benefit obligation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 206.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 191.27 Td (Fair value of plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.50 191.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.85 233.83 Td (Pension Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 220.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 206.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 206.27 Td (692.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 191.27 Td (412.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 220.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 206.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 206.27 Td (946.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 191.27 Td (672.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 163.10 Td (Amounts recognized on the consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.92 163.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 406.32 163.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.13 163.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.57 163.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.57 163.10 Td ( are as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 127.60000000000002 m 354.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 127.60000000000002 m 354.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 114.60000000000002 m 354.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 114.60000000000002 m 354.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 84.60000000000002 m 354.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 84.60000000000002 m 354.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 70.60000000000002 m 354.5 70.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 68.60000000000002 m 354.5 68.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 127.60000000000002 m 358.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 127.60000000000002 m 423.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 127.60000000000002 m 423.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 114.60000000000002 m 423.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 114.60000000000002 m 423.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 84.60000000000002 m 423.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 84.60000000000002 m 423.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 70.60000000000002 m 423.5 70.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 68.60000000000002 m 423.5 68.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 127.60000000000002 m 492.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 127.60000000000002 m 492.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 114.60000000000002 m 492.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 114.60000000000002 m 492.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 84.60000000000002 m 492.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 84.60000000000002 m 492.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 70.60000000000002 m 492.5 70.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 68.60000000000002 m 492.5 68.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 127.60000000000002 m 496.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 127.60000000000002 m 561.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 127.60000000000002 m 561.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 114.60000000000002 m 561.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 114.60000000000002 m 561.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 84.60000000000002 m 561.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 84.60000000000002 m 561.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 70.60000000000002 m 561.5 70.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 68.60000000000002 m 561.5 68.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 104.27 Td (Current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.50 104.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 89.27 Td (Noncurrent liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.50 89.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 74.27 Td (Total amount recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.50 74.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.85 131.83 Td (Pension Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.70 118.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 104.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.80 104.32 Td (\(4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 104.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.80 89.32 Td (\(276.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 89.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 74.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.80 74.32 Td (\(280.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 74.27 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.50 118.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 104.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 104.32 Td (\(2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 104.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.80 89.32 Td (\(287.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 89.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 74.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.80 74.32 Td (\(289.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 74.27 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.80 131.83 Td (Postretirement Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 118.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 104.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 104.32 Td (\(3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 104.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 89.32 Td (\(24.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 89.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 74.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 74.32 Td (\(27.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 74.27 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 118.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 104.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 104.32 Td (\(4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 104.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 89.32 Td (\(43.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 89.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 74.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 74.32 Td (\(48.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 74.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The following table provides a reconciliation of the Company's accumulated other comprehensive income \(loss\) prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (to any deferred tax ef) Tj ET Q q 0 0 0 rg BT 134.92 701.10 Td (fects at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.92 701.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 239.32 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.13 701.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.57 701.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.57 701.10 Td ( are as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 665.6 m 354.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 646.6 m 354.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 571.6 m 354.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 571.6 m 354.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 557.6 m 354.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 555.6 m 354.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 665.6 m 423.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 646.6 m 423.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 571.6 m 423.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 571.6 m 423.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 557.6 m 423.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 555.6 m 423.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 665.6 m 427.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 665.6 m 492.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 646.6 m 492.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 571.6 m 492.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 571.6 m 492.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 557.6 m 492.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 555.6 m 492.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 665.6 m 496.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 665.6 m 561.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 646.6 m 561.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 571.6 m 561.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 557.6 m 561.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 555.6 m 561.5 555.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 636.27 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 621.27 Td (As of December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.50 621.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 606.27 Td (Amount arising during the period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.50 606.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 591.27 Td (Amortization included in net loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.50 591.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 576.27 Td (Plan curtailments included in net loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.50 576.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 561.27 Td (As of December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.50 561.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.35 669.83 Td (Pension Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.70 657.68 Td (Actuarial Gain /) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.70 649.68 Td (\(Loss\), net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 621.27 Td (69.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.80 606.32 Td (\(119.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 606.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.65 591.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 576.27 Td (20.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 561.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.80 561.32 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 561.27 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.30 669.83 Td (Postretirement Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.70 657.68 Td (Actuarial Gain /) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.70 649.68 Td (\(Loss\), net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 621.32 Td (\(7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 621.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 606.27 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 591.27 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 576.32 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 576.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 561.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 561.27 Td (0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.00 657.68 Td (Prior Service) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.90 649.68 Td (Credit/\(Cost\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 621.27 Td (19.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 591.32 Td (\(3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 591.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 576.32 Td (\(7.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 576.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 561.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 561.27 Td (9.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.75 650.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 621.27 Td (12.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 606.27 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 591.32 Td (\(3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 591.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 576.32 Td (\(8.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 576.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 561.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 561.27 Td (10.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td (Included in the plan curtailments above is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.11 533.10 Td ($17.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 533.10 Td ( Canada pension curtailment loss recorded within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (discontinued operations in the consolidated statement of operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 497.10 Td (Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the market-related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (value of plan assets are recognized as a component of net periodic benefit costs over the average remaining service period of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (plan's active employees. Unrecognized prior service costs or credit are also recognized as a component of net periodic benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (cost over the average remaining service period of a plan's active employees. ) Tj ET Q q 0 0 0 rg BT 358.31 461.10 Td (The amounts in accumulated other comprehensive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (income \(loss\) that are expected to be recognized as components of net periodic pension and postretirement benefit expense over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (the next year are as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 405.6 m 492.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 360.6 m 492.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 360.6 m 492.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 346.6 m 492.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 344.6 m 492.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 405.6 m 561.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 360.6 m 561.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 360.6 m 561.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 346.6 m 561.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 344.6 m 561.5 344.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 395.27 Td (Amortization of:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 380.27 Td (Net actuarial loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 380.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 365.27 Td (Net prior service credit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 365.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 350.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 350.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.35 409.83 Td (Pension Benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 380.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 380.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 365.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 350.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 350.27 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.10 417.83 Td (Postretirement) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.70 409.83 Td (Benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 380.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 380.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 365.32 Td (\(2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 365.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 350.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 350.32 Td (\(2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 350.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 322.10 Td (The weighted average assumptions separately for the pension and postretirement benefit plans are as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 286.6 m 354.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 286.6 m 354.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 273.6 m 354.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 286.6 m 358.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 286.6 m 423.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 286.6 m 423.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 273.6 m 423.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 286.6 m 492.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 286.6 m 492.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 273.6 m 492.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 286.6 m 496.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 286.6 m 561.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 286.6 m 561.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 273.6 m 561.5 273.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 263.27 Td (Weighted-average assumptions used to determine benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 253.27 Td (obligations at December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 238.27 Td (Discount rate \(end of year rate\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.50 238.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 223.27 Td (Rate of compensation increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.50 223.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 193.27 Td (Weighted-average assumptions used to determine net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 183.27 Td (periodic benefit cost for the years ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 168.27 Td (Discount rate \(beginning of year rate\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.50 168.17 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 153.27 Td (Rate of compensation increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.50 153.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 138.27 Td (Expected long-term return on plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.50 138.17 Td (. . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.85 290.83 Td (Pension Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.70 277.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 238.27 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 238.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 223.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 223.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 168.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 168.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 153.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 153.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 138.27 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 138.27 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.50 277.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 238.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 238.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 223.27 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 223.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 168.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 168.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 153.27 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 153.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 138.27 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 138.27 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.80 290.83 Td (Postretirement Benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 277.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 238.27 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 238.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 223.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 223.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 168.27 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 168.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 153.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 153.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.30 138.27 Td (N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 277.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 238.27 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 238.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 223.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 223.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 168.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 168.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 153.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 153.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.30 138.27 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 110.10 Td (The Company determines its assumed discount rate based on an index of high-quality corporate bond yields and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (matched-funding yield curve analysis as of the measurement date.) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 22.35 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.34 713.10 Td (8.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.17 713.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (at the end of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.70 701.10 Td (201) Tj ET Q q 0 0 0 rg BT 116.52 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.33 701.10 Td ( and is expected to gradually decline through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.49 701.10 Td (2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.49 701.10 Td ( to an ultimate trend rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.84 701.10 Td (5.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.67 701.10 Td ( and remains level ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 87.52 689.10 Td (. ) Tj ET Q q 0 0 0 rg BT 94.47 689.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.14 689.10 Td ( one-percentage point change in assumed health care cost trend rates would have the following ef) Tj ET Q q 0 0 0 rg BT 489.80 689.10 Td (fects:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.6 m 492.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.6 m 492.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 653.6 m 561.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 653.6 m 561.5 653.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 643.27 Td (Total postretirement expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.50 643.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 628.27 Td (Postretirement benefit obligation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.50 628.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.10 657.83 Td (1% Increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 643.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 643.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 628.27 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.25 657.83 Td (1% Decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 643.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 643.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 643.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 628.32 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 628.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (Estimated Company Contributions and Benefit Payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 576.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.33 576.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.33 576.10 Td (, the Company expects to make cash contributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.72 576.10 Td ($52.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.62 576.10 Td ( to its qualified defined benefit pension ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (plans and make estimated benefit payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.94 564.10 Td ($4.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.83 564.10 Td ( to its non-qualified defined benefit pension and postretirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 78.02 552.10 Td (The actual pension contributions may dif) Tj ET Q q 0 0 0 rg BT 241.96 552.10 Td (fer based on the funding calculations, and the Company may choose to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (additional discretionary contributions. ) Tj ET Q q 0 0 0 rg BT 206.88 540.10 Td (The estimated benefit payments may dif) Tj ET Q q 0 0 0 rg BT 367.48 540.10 Td (fer based on actual claim experience.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Estimated Future Benefit Payments by the Plans to or on behalf of Plan Participants) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 492.10 Td (An estimate of future benefit payments on qualified, non-qualified and postretirement plans to be made are as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 460.6 m 492.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 460.6 m 492.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 370.6 m 492.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 370.6 m 492.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 356.6 m 492.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 354.6 m 492.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 460.6 m 561.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 460.6 m 561.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 370.6 m 561.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 370.6 m 561.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 356.6 m 561.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 354.6 m 561.5 354.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 450.27 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 450.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 435.27 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 435.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 420.27 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 420.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 405.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 405.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 390.27 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 390.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 375.27 Td (2017-2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.50 375.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 360.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 360.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.35 464.83 Td (Pension Benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 450.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 450.27 Td (41.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 435.27 Td (40.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 420.27 Td (40.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 405.27 Td (40.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 390.27 Td (39.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 375.27 Td (207.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 360.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 360.27 Td (408.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.10 472.83 Td (Postretirement) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.70 464.83 Td (Benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 450.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 450.27 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 435.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 420.27 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 405.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 390.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 375.27 Td (14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 360.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 360.27 Td (26.2) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 71.26 332.10 Td (Assets and Investment Strategy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 308.10 Td (The Company follows a disciplined investment strategy) Tj ET Q q 0 0 0 rg BT 308.47 308.10 Td (, which provides diversification of investments by asset class, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (foreign currency) Tj ET Q q 0 0 0 rg BT 115.53 296.10 Td (, sector and company) Tj ET Q q 0 0 0 rg BT 199.85 296.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.93 296.10 Td (The Pension Committee has approved investment policies for the dif) Tj ET Q q 0 0 0 rg BT 481.42 296.10 Td (ferent pension plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (that establish long-term asset mix tar) Tj ET Q q 0 0 0 rg BT 196.88 284.10 Td (gets based on several factors including: historical returns achieved by worldwide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (investment markets, the time horizon of the pension plans' obligations and the investment risk. For each of the plans, an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (allocation range by asset class is developed whereby a mix of equities and fixed-income investments is used to provide an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (appropriate risk-adjusted long-term return on plan assets. ) Tj ET Q q 0 0 0 rg BT 282.95 248.10 Td (Third party investment managers are employed to invest assets in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (both passively-indexed and actively-managed strategies and investment returns and risks are monitored on an ongoing basis. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (addition, the Company's Canadian pension plans partly hedge their exposure to foreign currency risk. Derivatives are used to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (hedge 50% of the exposure to the US dollar) Tj ET Q q 0 0 0 rg BT 224.26 212.10 Td (, the Euro, the British pound and the Japanese yen. Gains or losses on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (derivatives are of) Tj ET Q q 0 0 0 rg BT 118.82 200.10 Td (fset by a corresponding change in the Canadian dollar value of the hedged assets. Derivatives are strictly used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (for hedging purposes and not speculative purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 164.10 Td (The tar) Tj ET Q q 0 0 0 rg BT 114.00 164.10 Td (get allocations for plan assets on a weighted-average basis are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.37 164.10 Td (65%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.70 164.10 Td ( equity securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.90 164.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.23 164.10 Td ( fixed-income, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (including cash and cash equivalents. ) Tj ET Q q 0 0 0 rg BT 200.20 152.10 Td (The actual asset allocation as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.06 152.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 403.46 152.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.27 152.10 Td ( was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.08 152.10 Td (64%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.41 152.10 Td ( for equity) Tj ET Q q 0 0 0 rg BT 548.74 152.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.83 140.10 Td ( debt securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.25 140.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.58 140.10 Td ( other) Tj ET Q q 0 0 0 rg BT 183.35 140.10 Td (. Equity investments are diversified by country) Tj ET Q q 0 0 0 rg BT 372.71 140.10 Td (, issuer and industry sector) Tj ET Q q 0 0 0 rg BT 479.03 140.10 Td (. Fixed income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (securities consist of government bonds and corporate bonds from diversified industries. Other types of investments consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (currency forward contracts, fixed income futures contracts and real estate funds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 92.10 Td (The expected long-term rate of return on assets assumption is selected by first identifying the expected range of long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (term rates of return for each major asset class. Expected long-term rates of return are developed based on long-term historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (averages, current expectations of future returns and anticipated inflation rates. ) Tj ET Q q 0 0 0 rg BT 366.22 68.10 Td (The expected long-term rate of return on plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (assets is then calculated by weighting each asset class. ) Tj ET Q q 0 0 0 rg BT 271.84 56.10 Td (T) Tj ET Q q 0 0 0 rg BT 277.51 56.10 Td (o the extent that individual pension plans have dif) Tj ET Q q 0 0 0 rg BT 476.47 56.10 Td (ferent tar) Tj ET Q q 0 0 0 rg BT 512.65 56.10 Td (get asset ) Tj ET Q endstream endobj 209 0 obj <> endobj 210 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (mixes, the expected long-term rate of return on assets may dif) Tj ET Q q 0 0 0 rg BT 296.83 713.10 Td (fer across plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td (The fair values of the Company's pension plan assets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.47 689.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 382.87 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.68 689.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.12 689.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.12 689.10 Td (, by asset category are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 640.6 m 209.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 653.6 m 253.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 640.6 m 253.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 580.6 m 253.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 566.6 m 253.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 564.6 m 253.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 653.6 m 257.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 653.6 m 297.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 640.6 m 297.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 640.6 m 297.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 580.6 m 297.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 580.6 m 297.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 566.6 m 297.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 564.6 m 297.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 653.6 m 301.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 653.6 m 341.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 640.6 m 341.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 640.6 m 341.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 580.6 m 341.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 580.6 m 341.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 566.6 m 341.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 564.6 m 341.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 653.6 m 345.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 653.6 m 385.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 640.6 m 385.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 640.6 m 385.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 580.6 m 385.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 580.6 m 385.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 566.6 m 385.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 564.6 m 385.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 653.6 m 429.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 640.6 m 429.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 580.6 m 429.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 566.6 m 429.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 564.6 m 429.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 653.6 m 433.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 653.6 m 473.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 640.6 m 473.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 640.6 m 473.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 580.6 m 473.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 580.6 m 473.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 566.6 m 473.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 564.6 m 473.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 653.6 m 477.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 653.6 m 517.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 640.6 m 517.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 640.6 m 517.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 580.6 m 517.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 580.6 m 517.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 566.6 m 517.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 564.6 m 517.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 653.6 m 521.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 653.6 m 561.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 640.6 m 561.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 640.6 m 561.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 580.6 m 561.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 580.6 m 561.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 566.6 m 561.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 564.6 m 561.5 564.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 103.10 644.83 Td (Asset Category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 630.27 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.50 630.17 Td (. . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 615.27 Td (Fixed income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 615.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 600.27 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 600.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 585.27 Td (Others) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.50 585.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 570.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 570.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 266.95 657.83 Td (December 31, 2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 224.25 644.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.15 630.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.10 615.27 Td (145.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.10 600.27 Td (264.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.15 585.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.10 570.27 Td (412.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 264.65 644.83 Td (Level 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.15 630.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.65 615.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.10 600.27 Td (223.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.65 585.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.10 570.27 Td (224.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.65 644.83 Td (Level 2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 630.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.10 615.27 Td (145.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 600.27 Td (41.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 585.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.10 570.27 Td (187.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.65 644.83 Td (Level 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 630.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 615.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 600.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 585.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 570.27 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.75 657.83 Td (December 31, 2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.25 644.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 630.27 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.10 615.27 Td (238.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.10 600.27 Td (429.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 585.27 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.10 570.27 Td (672.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.65 644.83 Td (Level 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 630.27 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 615.27 Td (54.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 600.27 Td (383.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 585.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 570.27 Td (440.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 484.65 644.83 Td (Level 2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 630.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.10 615.27 Td (184.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 600.27 Td (46.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.15 585.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.10 570.27 Td (232.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.65 644.83 Td (Level 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 630.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 615.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 600.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 585.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 570.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 542.10 Td (There are no Level 3 assets or liabilities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.32 542.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 342.72 542.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.54 542.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.97 542.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.97 542.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 518.10 Td (The Company segregated its plan assets by the following major categories and levels for determining their fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.16 506.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 144.56 506.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.37 506.10 Td (: ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 482.10 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.33 482.10 Td (Carrying value approximates fair value and these assets are classified as Level 1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 458.10 Td (Fixed Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 458.10 Td (This category consists of bonds and short-term fixed income securities fair valued based on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 446.10 Td (compilation of primarily observable market information or broker quotes in over) Tj ET Q q 0 0 0 rg BT 408.09 446.10 Td (-the-counter markets and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 434.10 Td (classified as Level 2.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 410.10 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.17 410.10 Td (This category consists of equity investments and equity pooled funds and these assets are classified as Level ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 398.10 Td (1 or Level 2. ) Tj ET Q q 0 0 0 rg BT 141.50 398.10 Td (The fair value of equity investments is based on quoted prices in an active market. ) Tj ET Q q 0 0 0 rg BT 475.39 398.10 Td (The fair value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 386.10 Td (equity pooled funds is based on the funds' Net ) Tj ET Q q 0 0 0 rg BT 272.27 386.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 296.63 386.10 Td (V) Tj ET Q q 0 0 0 rg BT 303.21 386.10 Td (alue \("NA) Tj ET Q q 0 0 0 rg BT 343.02 386.10 Td (V"\) established by the funds' administrator) Tj ET Q q 0 0 0 rg BT 513.23 386.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 362.10 Td (Others) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.61 362.10 Td (This category consists mainly of currency forward contracts and is classified as Level 1 or Level 2. ) Tj ET Q q 0 0 0 rg BT 522.78 362.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 350.10 Td (currency forwards categorized as Level 2 are valued based on a compilation of primarily observable market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 338.10 Td (information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 314.10 Td (The valuation methodologies described above may generate a fair value calculation that may not be indicative of net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (realizable value or future fair values. ) Tj ET Q q 0 0 0 rg BT 201.55 302.10 Td (While the Company believes the valuation methodologies used are appropriate, the use of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.52 290.10 Td (ferent methodologies or assumptions in calculating fair value could result in dif) Tj ET Q q 0 0 0 rg BT 378.31 290.10 Td (ferent amounts. ) Tj ET Q q 0 0 0 rg BT 445.33 290.10 Td (The Company invests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (various assets in which valuation is determined by NA) Tj ET Q q 0 0 0 rg BT 267.15 278.10 Td (V) Tj ET Q q 0 0 0 rg BT 273.08 278.10 Td (. ) Tj ET Q q 0 0 0 rg BT 279.84 278.10 Td (The Company believes that NA) Tj ET Q q 0 0 0 rg BT 405.75 278.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.23 278.10 Td ( is representative of fair value at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (reporting date, as there are no significant restrictions on redemption on these investments or other reasons to indicate that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (investment would be redeemed at an amount dif) Tj ET Q q 0 0 0 rg BT 241.85 254.10 Td (ferent than NA) Tj ET Q q 0 0 0 rg BT 301.09 254.10 Td (V) Tj ET Q q 0 0 0 rg BT 307.02 254.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (Risk Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 206.10 Td (For all directly invested funds, the concentration risk is monitored through specific guidelines in the investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (manager mandates. ) Tj ET Q q 0 0 0 rg BT 131.60 194.10 Td (The investment manager mandates were developed by the Company's external investment advisor) Tj ET Q q 0 0 0 rg BT 523.26 194.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (specify diversification standards such as the maximum exposure per issuer) Tj ET Q q 0 0 0 rg BT 347.83 182.10 Td (, and concentration limits per type of security) Tj ET Q q 0 0 0 rg BT 528.92 182.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (industry and country when applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 146.10 Td (For the investments made through pooled funds, the investment mandates of the funds were again reviewed by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (Company's external investment advisor) Tj ET Q q 0 0 0 rg BT 206.90 134.10 Td (, to determine that the investment objectives and guidelines were consistent with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (Company's overall pension plan risk management objectives. In managing the plan assets, we review and manage risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (management and asset class diversification are central to our risk management approach and are integral to the overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (investment strategy) Tj ET Q q 0 0 0 rg BT 127.21 86.10 Td (.) Tj ET Q endstream endobj 211 0 obj <> endobj 212 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Given the process in place to ensure a proper diversification of the portfolio, management believes that the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (pension plan assets are not exposed to significant concentration risk.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Multiemployer Pension Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 653.10 Td (As a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 213.44 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 222.38 653.10 Td (orld Color Press on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.98 653.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.15 653.10 Td (, the Company participates in a number of MEPPs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (under terms of Collective Bar) Tj ET Q q 0 0 0 rg BT 168.26 641.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 200.39 641.10 Td (Agreements that cover a number of its employees. ) Tj ET Q q 0 0 0 rg BT 406.07 641.10 Td (The risks of participating in these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (MEPPs are dif) Tj ET Q q 0 0 0 rg BT 107.74 629.10 Td (ferent from single employer plans in the following aspects:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 605.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 605.10 Td (Assets contributed to the MEPPs by one company may be used to provide benefits to employees of other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 593.10 Td (participating companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 569.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 569.10 Td (If a participating company stops contributing to the plan, the unfunded obligations of the plan may be borne by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 557.10 Td (remaining participating companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 533.10 Td (If the Company stops participating in some or all of its MEPPs, and continues in business, the Company would be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 521.10 Td (required to pay an amount, referred to as withdrawal liability) Tj ET Q q 0 0 0 rg BT 342.48 521.10 Td (, based on the unfunded status of the plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 497.10 Td (The Company records the required cash contributions to the MEPPs as expenses in the period incurred and a liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (is recognized for any contributions due and unpaid, with the exception of recognition of a withdrawal liability) Tj ET Q q 0 0 0 rg BT 488.77 485.10 Td (, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (recorded in other long-term liabilities. During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.47 473.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 375.87 473.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.69 473.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.13 473.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.13 473.10 Td (, the Company made cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (contributions in the aggregate to the MEPPs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.47 461.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.36 461.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.80 461.10 Td ($1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.69 461.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 409.68 461.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 437.10 Td (Due to the significantly underfunded status of the MEPPs, the Company began the process to withdraw from all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (significant MEPPs and to replace these pension benefits with a Company sponsored "pay as you go" defined contribution plan, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (which is historically the form of retirement benefit provided to Quad/Graphics employees. ) Tj ET Q q 0 0 0 rg BT 415.79 413.10 Td (As a result of the decision to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (withdraw) Tj ET Q q 0 0 0 rg BT 86.94 401.10 Td (, the Company accrued a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.25 401.10 Td ($83.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.14 401.10 Td ( estimated withdrawal liability based on information provided by each plan's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (trustee, as part of the purchase price allocation for ) Tj ET Q q 0 0 0 rg BT 252.10 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 261.05 389.10 Td (orld Color Press. ) Tj ET Q q 0 0 0 rg BT 333.06 389.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.01 389.10 Td ($83.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.91 389.10 Td ( estimated withdrawal liability was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (classified in other long-term liabilities in the consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.41 377.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 437.81 377.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.62 377.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.06 377.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.06 377.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 353.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.94 353.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 183.34 353.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.16 353.10 Td (, the Company participated in two MEPPs that were determined significant based on their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (underfunded status and potential withdrawal liability) Tj ET Q q 0 0 0 rg BT 260.51 341.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 317.10 Td (The Graphics Communications International Union - Employer Retirement Fund \("GCIU Plan"\), is a defined benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (plan that provides retirement benefits, total and permanent disability benefits, and pre-retirement death benefits for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (participating union employees of the Company) Tj ET Q q 0 0 0 rg BT 237.19 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 244.27 293.10 Td (The funded status of the GCIU Plan is classified as critical based on the GCIU ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (Plan's 201) Tj ET Q q 0 0 0 rg BT 90.29 281.10 Td (1 certification to the United States Department of Labor) Tj ET Q q 0 0 0 rg BT 313.71 281.10 Td (, as the funded percentage for the plan is less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.11 281.10 Td (65%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.44 281.10 Td ( and is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (projected to have an accumulated funding deficit over the next ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.18 269.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.84 269.10 Td ( plan years. ) Tj ET Q q 0 0 0 rg BT 369.38 269.10 Td (As a result, the GCIU Plan implemented a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (rehabilitation plan to improve the plan's funded status, and the Company paid a surchar) Tj ET Q q 0 0 0 rg BT 398.35 257.10 Td (ge on contributions made to the GCIU ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 221.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.02 221.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 254.42 221.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.24 221.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.67 221.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.67 221.10 Td (, the Company made cash contributions to the GCIU Plan of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.52 221.10 Td ($0.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 209.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.83 209.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.72 209.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.71 209.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.79 209.10 Td (The Company estimates that contributions made to the GCIU Plan by the Company \(and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 197.10 Td (orld Color Press\) represent greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.08 197.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.41 197.10 Td ( of total contributions made by all participating employers in the 2009 plan year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (\(the plan year ended December 31, 2009, is the latest available financial information provided by the GCIU Plan\). During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 173.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 173.10 Td (, the Company reached an agreement with the participating local unions to withdraw from the GCIU Plan, relieving the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (Company's obligation to make future annual benefit contributions to the GCIU Plan. Subsequently) Tj ET Q q 0 0 0 rg BT 445.91 161.10 Td (, the Company notified the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (GCIU Plan trustee of the Company's withdrawal at the end of the plan year) Tj ET Q q 0 0 0 rg BT 349.63 149.10 Td (, which is as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.20 149.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 485.60 149.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.41 149.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.82 149.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (is currently waiting for the withdrawal liability calculation from the GCIU Plan's trustee.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 113.10 Td (The Graphics Communications Conference of the International Brotherhood of ) Tj ET Q q 0 0 0 rg BT 404.48 113.10 Td (T) Tj ET Q q 0 0 0 rg BT 410.15 113.10 Td (eamsters National Pension Fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (\("GCC Plan"\), is a defined benefit plan that provides retirement benefits, disability benefits, and early retirement benefits for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (the participating union employees of the Company) Tj ET Q q 0 0 0 rg BT 251.90 89.10 Td (. ) Tj ET Q q 0 0 0 rg BT 258.99 89.10 Td (The funded status of the GCC Plan is classified as critical based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (GCC Plan's 201) Tj ET Q q 0 0 0 rg BT 113.35 77.10 Td (1 certification to the United States Department of Labor) Tj ET Q q 0 0 0 rg BT 336.78 77.10 Td (, as the funded percentage for the plan is less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.17 77.10 Td (65%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.50 77.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (and is projected to have an accumulated funding deficit over the next four plan years. ) Tj ET Q q 0 0 0 rg BT 395.48 65.10 Td (As a result, the GCC Plan implemented a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (rehabilitation plan to improve the plan's funded status, and the Company paid a surchar) Tj ET Q q 0 0 0 rg BT 398.35 53.10 Td (ge on contributions made to the GCC ) Tj ET Q endstream endobj 213 0 obj <> endobj 214 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.02 689.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 254.42 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.24 689.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.67 689.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.67 689.10 Td (, the Company made cash contributions to the GCC Plan of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.64 689.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.64 689.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 677.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.33 677.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 168.32 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 175.40 677.10 Td (The Company estimates that contributions made to the GCC Plan by the Company \(and ) Tj ET Q q 0 0 0 rg BT 528.50 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 537.44 677.10 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (Color Press\) represent greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.84 665.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.17 665.10 Td ( of total contributions made by all participating employers in the 2010 plan year \(the plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (year ended ) Tj ET Q q 0 0 0 rg BT 95.31 653.10 Td (April 30, 2010, is the latest available financial information provided by the GCC Plan\). During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.68 653.10 Td (201) Tj ET Q q 0 0 0 rg BT 494.49 653.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 653.10 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (reached an agreement with the participating local unions to withdraw from the GCC Plan, relieving the Company's obligation to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (make future annual benefit contributions to the GCC Plan. Subsequently) Tj ET Q q 0 0 0 rg BT 341.62 629.10 Td (, the Company notified the GCC Plan trustee of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (Company's withdrawal at the end of the plan year) Tj ET Q q 0 0 0 rg BT 247.71 617.10 Td (, which is as of ) Tj ET Q q 0 0 0 rg BT 310.00 617.10 Td (April 30, 201) Tj ET Q q 0 0 0 rg BT 363.15 617.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 375.37 617.10 Td (The Company is in process of determining the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (final withdrawal liability with the GCC Plan's trustee.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 582.25 Td (Note 21. Earnings \(Loss\) Per) Tj ET Q q 0 0 0 rg BT 174.40 582.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 197.28 582.25 Td (e ) Tj ET Q q 0 0 0 rg BT 203.85 582.25 Td (Attributable to Quad/Graphics Common Shar) Tj ET Q q 0 0 0 rg BT 401.28 582.25 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 558.25 Td (Basic earnings \(loss\) per share attributable to Quad/Graphics common shareholders is computed by dividing net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.25 Td (earnings \(loss\) attributable to Quad/Graphics common shareholders by the weighted average common shares outstanding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.25 Td (47.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 534.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 534.25 Td (37.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.28 534.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.72 534.25 Td (28.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.61 534.25 Td ( shares for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.46 534.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 402.85 534.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.67 534.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.67 534.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.67 534.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.11 534.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.11 534.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 525.09 534.25 Td (. ) Tj ET Q q 0 0 0 rg BT 532.18 534.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.25 Td (calculation of a diluted earnings per share amount includes the ef) Tj ET Q q 0 0 0 rg BT 309.87 522.25 Td (fect of any dilutive equity incentive instruments. ) Tj ET Q q 0 0 0 rg BT 508.80 522.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 510.25 Td (Company uses the treasury stock method to calculate the ef) Tj ET Q q 0 0 0 rg BT 286.84 510.25 Td (fect of outstanding dilutive equity incentive instruments, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.25 Td (requires the Company to compute total proceeds as the sum of \(1\) the amount the employee must pay upon exercise of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (award, \(2\) the amount of unearned stock-based compensation costs attributed to future services and \(3\) the amount of tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (benefits, if any) Tj ET Q q 0 0 0 rg BT 108.88 474.25 Td (, that would be credited to additional paid-in capital assuming exercise of the award. Equity incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (instrument over the period have an anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 250.18 450.25 Td (fect on earnings per share, and accordingly) Tj ET Q q 0 0 0 rg BT 421.63 450.25 Td (, the Company excludes them from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (the calculation. Due to the net loss attributable to Quad/Graphics common shareholders incurred during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 426.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 426.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.15 426.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.15 426.25 Td (, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (included in the diluted loss per share attributable to Quad/Graphics common shareholders calculation. ) Tj ET Q q 0 0 0 rg BT 461.61 414.25 Td (Anti-dilutive stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (options to purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.76 402.25 Td (1.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.66 402.25 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 236.14 402.25 Td (A) Tj ET Q q 0 0 0 rg BT 242.81 402.25 Td ( stock were excluded from the computations of diluted net earnings per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.66 390.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.66 390.25 Td (.) Tj ET Q endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (Company's common stock, including the impact of discontinued operations, for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.83 701.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 508.23 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.04 701.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.04 701.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.04 701.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 689.10 Td ( are summarized as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 653.6 m 424 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 609.6 m 424 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 579.6 m 424 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 579.6 m 424 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 565.6 m 424 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 563.6 m 424 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 498.6 m 424 498.6 l s 0 0 0 RG 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493 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 565.6 m 493 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 563.6 m 493 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 498.6 m 493 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 498.6 m 493 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 474.6 m 493 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 472.6 m 493 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 392.6 m 493 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 392.6 m 493 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 368.6 m 493 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 366.6 m 493 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 310.6 m 493 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 286.6 m 493 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 284.6 m 493 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 653.6 m 562 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 609.6 m 562 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 579.6 m 562 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 579.6 m 562 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 565.6 m 562 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 563.6 m 562 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 498.6 m 562 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 498.6 m 562 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 474.6 m 562 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 472.6 m 562 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 392.6 m 562 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 392.6 m 562 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 368.6 m 562 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 366.6 m 562 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 310.6 m 562 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 286.6 m 562 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 284.6 m 562 284.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 644.33 Td (Numerator:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 630.17 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 630.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 615.17 Td (Net earnings attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 615.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 600.17 Td (Earnings \(loss\) from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 600.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 585.17 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.00 585.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 570.17 Td (Earnings \(loss\) attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 570.17 Td (. . . .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 543.33 Td (Denominator:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 528.27 Td (Basic weighted average number of common shares outstanding for all) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 518.27 Td (classes of common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 518.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 504.17 Td (Plus: effect of dilutive equity incentive instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 504.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 488.27 Td (Diluted weighted average number of common shares outstanding for all) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 478.27 Td (classes of common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 478.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 452.28 Td (Net earnings \(loss\) per share attributable to Quad/Graphics common) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 442.28 Td (shareholders:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 428.17 Td (Basic:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 412.27 Td (Continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.00 412.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 397.27 Td (Discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 397.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 382.27 Td (Earnings \(loss\) per share attributable to Quad/Graphics common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 372.27 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.00 372.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 345.27 Td (Diluted:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 330.27 Td (Continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.00 330.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 315.27 Td (Discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 315.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 300.27 Td (Earnings \(loss\) per share attributable to Quad/Graphics common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 290.27 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.00 290.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 262.27 Td (Cash dividends paid per common share for all classes of common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 262.17 Td (. . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 235.27 Td (Cash distributions paid per common share to Quad/Graphics pre-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 225.27 Td (acquisition common shareholders as part of the World Color Press) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 215.27 Td (acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.00 215.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.20 657.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 629.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 629.32 Td (\(8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 629.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 614.32 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 614.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 599.32 Td (\(8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 599.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 584.32 Td (\(38.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 584.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 569.32 Td (\(46.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 569.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.65 518.27 Td (47.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 503.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.65 478.27 Td (47.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 412.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 412.32 Td (\(0.18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 412.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 397.32 Td (\(0.82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 397.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 372.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 372.32 Td (\(1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 372.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 330.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 330.32 Td (\(0.18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 330.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 315.32 Td (\(0.82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 315.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 290.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.30 290.32 Td (\(1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 290.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 262.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.65 262.27 Td (0.60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 215.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 215.27 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.00 657.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 629.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.30 629.32 Td (\(245.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 629.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 614.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 614.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.30 599.32 Td (\(245.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 599.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 584.32 Td (\(4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 584.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.30 569.32 Td (\(250.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 569.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 518.27 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 503.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 478.27 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 412.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 412.32 Td (\(6.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 412.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 397.32 Td (\(0.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 397.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 372.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 372.32 Td (\(6.67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 372.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 330.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 330.32 Td (\(6.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 330.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 315.32 Td (\(0.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 315.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 290.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 290.32 Td (\(6.67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 290.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 262.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 262.27 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 215.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 215.27 Td (4.98) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 657.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 629.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 629.27 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 614.32 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 614.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 599.27 Td (52.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 584.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 569.27 Td (52.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 518.27 Td (28.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 503.27 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 478.27 Td (29.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 412.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 412.27 Td (1.87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 397.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 372.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 372.27 Td (1.87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 330.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 330.27 Td (1.81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 315.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 290.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 290.27 Td (1.81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 262.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 262.27 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 215.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 215.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (Note 22. Stock and Incentive Pr) Tj ET Q q 0 0 0 rg BT 186.90 188.25 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 164.25 Td (The Company recognizes compensation expense, based on estimated grant date fair values, for all share-based awards ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (issued to employees and non-employee directors using the Black-Scholes option pricing model. ) Tj ET Q q 0 0 0 rg BT 437.10 152.25 Td (The total compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (expense recognized related to all equity incentive programs was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.01 140.25 Td ($14.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.90 140.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.90 140.25 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.79 140.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.23 140.25 Td ($4.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.12 140.25 Td ( for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.88 128.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.28 128.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.09 128.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.09 128.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.09 128.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.53 128.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.53 128.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 271.51 128.25 Td (, and was recorded in selling, general and administrative expenses and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 265.15 116.25 Td (ges in the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 463.54 116.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (recognizes compensation costs for only those awards expected to vest on a straight-line basis over the requisite service period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (of the awards, which is generally the vesting term. ) Tj ET Q q 0 0 0 rg BT 256.02 92.25 Td (The Company estimated the number of awards expected to vest based, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (part, on historical forfeiture rates and also based on management's expectations of employee turnover within the specific ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary) Tj ET Q q 0 0 0 rg BT 522.04 68.25 Td (, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (subsequent periods, if actual forfeitures dif) Tj ET Q q 0 0 0 rg BT 221.02 56.25 Td (fer from those estimates.) Tj ET Q endstream endobj 217 0 obj <> endobj 218 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 701.10 Td (For grants made prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.20 701.10 Td (January1, 201) Tj ET Q q 0 0 0 rg BT 243.62 701.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.43 701.10 Td (, equity incentive compensation expense only included the Company's 1999 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Nonqualified Stock Option Plan and the 1990 Stock Option Plan. For grants beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.41 689.10 Td (January1, 201) Tj ET Q q 0 0 0 rg BT 459.83 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.64 689.10 Td (, the shareholders of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Company approved the Quad/Graphics Inc. 2010 Omnibus Incentive Plan \("Omnibus Plan"\) for two complimentary purposes: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (\(1\) to attract and retain outstanding individuals to serve as directors, of) Tj ET Q q 0 0 0 rg BT 332.66 665.10 Td (ficers and employees and \(2\) to increase shareholder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (value. Concurrent with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.14 653.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.31 653.10 Td ( closing of the ) Tj ET Q q 0 0 0 rg BT 269.65 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.60 653.10 Td (orld Color Press acquisition, an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.01 653.10 Td (2.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.90 653.10 Td ( shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Class) Tj ET Q q 0 0 0 rg BT 73.39 641.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.06 641.10 Td ( stock were approved for issuance under the Company's Omnibus Plan. ) Tj ET Q q 0 0 0 rg BT 369.49 641.10 Td (The Omnibus Plan replaced the 1999 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (Nonqualified Stock Option Plan and the 1990 Stock Option Plan and, as of January 1, 201) Tj ET Q q 0 0 0 rg BT 410.10 629.10 Td (1, all equity grants are made from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (Omnibus Plan. ) Tj ET Q q 0 0 0 rg BT 113.86 617.10 Td (W) Tj ET Q q 0 0 0 rg BT 123.01 617.10 Td (ithin the framework of the Omnibus Plan, the Company's board of directors approved the form of a new stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (option award agreement, a restricted stock award agreement, a restricted stock unit award agreement and a deferred stock unit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (award agreement. Each equity incentive instrument granted has an exercise price of no less than 100% of the fair market value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (of the class ) Tj ET Q q 0 0 0 rg BT 96.71 581.10 Td (A) Tj ET Q q 0 0 0 rg BT 103.38 581.10 Td ( stock on the date of grant. ) Tj ET Q q 0 0 0 rg BT 214.19 581.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.35 581.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 311.75 581.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.57 581.10 Td (, there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.76 581.10 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.65 581.10 Td ( shares available for issuance under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Omnibus Plan.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Stock Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 521.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 521.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 174.74 521.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.56 521.10 Td (, the Company announced that the Board of Directors had approved the termination of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (outstanding stock options under the Company's 1990 Stock Option Plan and 1999 Nonqualified Stock Option Plan \(the 409A) Tj ET Q q 0 0 0 rg BT 554.59 509.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (Options\). ) Tj ET Q q 0 0 0 rg BT 96.16 497.10 Td (As a result of this termination, the option holders will receive an aggregate termination payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.83 497.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.72 497.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (which is based on the number of 409A) Tj ET Q q 0 0 0 rg BT 203.92 485.10 Td ( Options held by the option holders, the Company's weighted volume adjusted stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.82 473.10 Td ($13.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.32 473.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.48 473.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 209.00 473.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.81 473.10 Td ( and the exercise price of the 409A) Tj ET Q q 0 0 0 rg BT 353.20 473.10 Td ( Options.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 449.10 Td (In addition, the option holders were granted new options under the Omnibus Plan equal to the number of terminated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (409A) Tj ET Q q 0 0 0 rg BT 71.45 437.10 Td ( Options held by them. ) Tj ET Q q 0 0 0 rg BT 167.28 437.10 Td (All of the new options were granted at an exercise price equal to or greater than the fair market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.49 425.10 Td ($13.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.99 425.10 Td ( per share, and if the exercise price of an option holders' 409A) Tj ET Q q 0 0 0 rg BT 360.37 425.10 Td ( Options was greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.78 425.10 Td ($13.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.28 425.10 Td (, then the new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (options were issued at such greater price. ) Tj ET Q q 0 0 0 rg BT 219.07 413.10 Td (Therefore, none of the new options were granted with an exercise price below fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (market value and all of the new options were granted at an exercise price equal to or greater than the corresponding 409A) Tj ET Q q 0 0 0 rg BT 535.42 401.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Option that was canceled.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 365.10 Td (In accordance with the authoritative literature for the termination and modification of stock options, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.91 353.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.81 353.10 Td ( liability for the termination payment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.26 353.10 Td ($6.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 353.10 Td ( of incremental stock option expense, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (recorded in restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 312.91 341.10 Td (ges in the consolidated statements of operations. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (the Company recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.02 329.10 Td ($5.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.91 329.10 Td ( reduction to additional paid in capital to reduce the deferred tax asset associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (termination of the 409A) Tj ET Q q 0 0 0 rg BT 145.59 317.10 Td ( Options.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 293.10 Td (Prior to their termination, 409A) Tj ET Q q 0 0 0 rg BT 212.15 293.10 Td ( Options granted prior to 201) Tj ET Q q 0 0 0 rg BT 328.06 293.10 Td (1 generally vested at a rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.09 293.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.42 293.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.20 293.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.53 293.10 Td ( per year and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (expired 90 days after the respective employee's termination from the Company) Tj ET Q q 0 0 0 rg BT 364.76 281.10 Td (. For new option grants beginning January) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.08 281.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.58 281.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 269.10 Td (1, options vest over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.95 269.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.61 269.10 Td ( years, with no vesting in the first year and one-third vesting upon the second, third and fourth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (anniversary dates. ) Tj ET Q q 0 0 0 rg BT 126.42 257.10 Td (As defined in the individual grant agreements, acceleration of vesting may occur under a change in control, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (death, disability or normal retirement of the grantee. For the new option grants beginning January1, 201) Tj ET Q q 0 0 0 rg BT 469.76 245.10 Td (1, options expire upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (the earliest of the tenth anniversary of the grant date, twenty-four months after termination for death, thirty-six months after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (termination for normal retirement or disability and 90 days after termination of employment for any other reason. ) Tj ET Q q 0 0 0 rg BT 507.88 221.10 Td (While stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (options granted prior to 201) Tj ET Q q 0 0 0 rg BT 160.96 209.10 Td (1 were credited with dividend declarations, the new option grants after that time are not credited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (with dividend declarations. Stock options are only to be granted to employees and will only be granted under the new option ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (grant terms from January1, 201) Tj ET Q q 0 0 0 rg BT 177.62 185.10 Td (1 forward.) Tj ET Q endstream endobj 219 0 obj <> endobj 220 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (105) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Excluding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.82 713.10 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.82 713.10 Td ( new options granted on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.41 713.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 356.94 713.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.75 713.10 Td (, the Company granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.34 713.10 Td (451,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.84 713.10 Td ( stock options ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (under the Omnibus Plan during 201) Tj ET Q q 0 0 0 rg BT 192.36 701.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 204.58 701.10 Td (The Company granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.41 701.10 Td (495,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.91 701.10 Td ( options under the pre-201) Tj ET Q q 0 0 0 rg BT 434.26 701.10 Td (1 stock option plans on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (January1, 2010 which were since terminated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.27 689.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 319.79 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.61 689.10 Td (. ) Tj ET Q q 0 0 0 rg BT 332.02 689.10 Td (The grant date weighted average fair value of options ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.55 677.10 Td ($13.17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.05 677.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.05 677.10 Td ($18.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.55 677.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.99 677.10 Td ($16.24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.49 677.10 Td ( for the grants during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.11 677.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 399.50 677.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.32 677.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.32 677.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.32 677.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.76 677.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.76 677.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 521.74 677.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (Excluding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.82 665.10 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.82 665.10 Td ( New Options granted on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.86 665.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 325.38 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.19 665.10 Td (, the fair value of each stock option grant is estimated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (the date of grant with the following weighted average assumptions for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.17 653.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 470.57 653.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.38 653.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.38 653.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.38 653.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.82 653.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.82 653.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 617.6 m 424 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 617.6 m 493 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 617.6 m 562 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 617.6 m 562 617.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 608.17 Td (Expected volatility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 608.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 594.17 Td (Risk-free interest rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 594.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 580.17 Td (Expected life \(years\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.00 580.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 566.17 Td (Dividend yield) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 566.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.20 621.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 608.17 Td (36.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 608.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.65 594.17 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 594.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.65 580.17 Td (7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.65 566.17 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 566.17 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.00 621.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 608.17 Td (27.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 608.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 594.17 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 594.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 580.17 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 566.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 566.17 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 621.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 608.17 Td (23.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 608.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 594.17 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 594.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 580.17 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 566.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 566.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 538.10 Td (The Company determined expected volatility based on the volatility of comparable company stock. ) Tj ET Q q 0 0 0 rg BT 487.79 538.10 Td (The average risk-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (free interest rate is based on the United States treasury security rate in ef) Tj ET Q q 0 0 0 rg BT 339.02 526.10 Td (fect as of the grant date over the term of the expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (life. ) Tj ET Q q 0 0 0 rg BT 70.23 514.10 Td (The expected life is based on the term and vesting period of each grant adjusted for historical experience in vesting. Prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (to 201) Tj ET Q q 0 0 0 rg BT 74.59 502.10 Td (1, no dividend yield is included because dividends were credited to the option holders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 478.10 Td (Compensation expense recognized related to stock options was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.43 478.10 Td ($12.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.32 478.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.32 478.10 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.21 478.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 478.10 Td ($4.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.54 478.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.48 466.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 172.87 466.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.69 466.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.69 466.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.69 466.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.13 466.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.13 466.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.11 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 302.20 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 307.87 466.10 Td (otal future compensation expense for all stock options granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.16 454.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 144.56 454.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.37 454.10 Td ( is approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.30 454.10 Td ($29.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.19 454.10 Td (, which is expected to be recognized over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.18 454.10 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.68 454.10 Td ( years with a weighted-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (average vesting period of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.35 442.10 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.85 442.10 Td ( years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 418.10 Td (Cash received from option exercises was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.55 418.10 Td ($1.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.45 418.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.45 418.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.34 418.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.78 418.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.67 418.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.02 418.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 406.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 406.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.13 406.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.13 406.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.57 406.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.57 406.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 186.55 406.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 382.10 Td (The following table is a summary of the stock option activity for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.36 382.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 480.75 382.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.57 382.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 322.6 m 340 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 262.6 m 340 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 262.6 m 340 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 248.60000000000002 m 340 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 246.60000000000002 m 340 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 322.6 m 414 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 322.6 m 488 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 322.6 m 562 322.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 313.17 Td (Outstanding at December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 313.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 298.17 Td (Granted) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 84.71 302.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 298.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 283.17 Td (Exercised) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 283.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 268.17 Td (Cancelled/forfeited/expired/modified) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 201.33 272.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.00 268.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 253.17 Td (Outstanding at December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 253.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 224.17 Td (Vested and expected to vest at December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.00 224.17 Td (. . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 209.17 Td (Exercisable at December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 209.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.15 342.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 297.53 342.83 Td (esUnder) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.45 334.83 Td (Option) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 284.45 326.83 Td (\(thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 312.27 Td (3,736) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.15 297.27 Td (451) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.80 282.32 Td (\(112) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 282.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.80 267.32 Td (\(91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 267.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 252.27 Td (3,984) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 223.27 Td (3,685) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 208.27 Td (1,871) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.55 342.83 Td (W) Tj ET Q q 0 0 0 rg BT 355.33 342.83 Td (eighted) Tj ET Q q 0 0 0 rg BT 381.77 342.83 Td (A) Tj ET Q q 0 0 0 rg BT 387.03 342.83 Td (verage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.10 334.83 Td (Exer) Tj ET Q q 0 0 0 rg BT 380.47 334.83 Td (cise) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.60 326.83 Td (Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 312.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 312.27 Td (13.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 297.27 Td (41.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.30 282.32 Td (\(2.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 282.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 267.27 Td (25.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 252.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 252.27 Td (21.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 223.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 223.27 Td (20.90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 208.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 208.27 Td (18.48) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.55 350.83 Td (W) Tj ET Q q 0 0 0 rg BT 429.33 350.83 Td (eighted) Tj ET Q q 0 0 0 rg BT 455.77 350.83 Td (A) Tj ET Q q 0 0 0 rg BT 461.03 350.83 Td (verage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.80 342.83 Td (Remaining) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.70 334.83 Td (Contractual) Tj ET Q q 0 0 0 rg BT 464.96 334.83 Td (T) Tj ET Q q 0 0 0 rg BT 469.85 334.83 Td (erm) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.70 326.83 Td (\(years\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 312.27 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 297.27 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 252.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 223.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 208.27 Td (7.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.00 342.83 Td (Aggr) Tj ET Q q 0 0 0 rg BT 526.26 342.83 Td (egate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 334.83 Td (Intrinsic) Tj ET Q q 0 0 0 rg BT 532.51 334.83 Td (V) Tj ET Q q 0 0 0 rg BT 537.85 334.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.25 326.83 Td (\(millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 312.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 312.27 Td (105.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 252.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 252.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 223.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 223.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 208.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 208.27 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.57 174.10 Td (The termination of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.67 174.10 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.67 174.10 Td ( 409A) Tj ET Q q 0 0 0 rg BT 220.12 174.10 Td ( Options at a weighted average exercise price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.48 174.10 Td ($13.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.98 174.10 Td ( and the grant of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.01 174.10 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.01 174.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (New Options at a weighted average exercise price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.02 162.10 Td ($18.74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.52 162.10 Td ( are excluded from the options granted and modified above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 138.10 Td (The intrinsic value of options exercisable and options outstanding at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.99 138.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 434.39 138.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.21 138.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.21 138.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.21 138.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.64 138.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.64 138.10 Td ( is based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (the fair value of the stock price.) Tj ET Q endstream endobj 221 0 obj <> endobj 222 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Share-based compensation activity for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.25 713.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 379.65 713.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.46 713.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.46 713.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.46 713.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.90 713.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.90 713.10 Td ( is noted below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 677.6 m 424 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 677.6 m 493 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 677.6 m 562 677.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 668.17 Td (Total intrinsic value of stock options exercised) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.00 668.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 653.17 Td (Cash received from stock option exercises) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.00 653.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 638.17 Td (Total fair value of stock options vested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.00 638.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.20 681.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 667.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 667.27 Td (3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 652.27 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 637.27 Td (5.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.00 681.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 667.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 667.27 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 652.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 637.27 Td (6.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 681.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 667.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 667.27 Td (5.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 652.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 637.27 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 609.10 Td (Restricted Stock, Restricted Stock Units and Deferred Stock Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 585.10 Td (Restricted stock \("RS"\) and restricted stock unit \("RSU"\) awards consist of shares or the rights to shares of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 573.10 Td (Company's class ) Tj ET Q q 0 0 0 rg BT 118.24 573.10 Td (A) Tj ET Q q 0 0 0 rg BT 124.91 573.10 Td ( stock which are awarded to employees of the Company) Tj ET Q q 0 0 0 rg BT 348.41 573.10 Td (. ) Tj ET Q q 0 0 0 rg BT 355.49 573.10 Td (The awards are restricted such that they are subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 561.10 Td (to substantial risk of forfeiture and to restrictions on their sale or other transfer by the employee. RSU awards are typically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 549.10 Td (granted to eligible employees outside of the United States. ) Tj ET Q q 0 0 0 rg BT 287.78 549.10 Td (As defined in the individual grant agreements, acceleration of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 537.10 Td (vesting may occur under a change in control, or death, disability or normal retirement of the grantee. Grantees receiving RS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 525.10 Td (grants are able to exercise full voting rights and receive full credit for dividends during the vesting period. ) Tj ET Q q 0 0 0 rg BT 478.54 525.10 Td (All such dividends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.10 Td (will be paid to the RS grantee within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.92 513.10 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.92 513.10 Td ( days of full vesting. Grantees receiving RSUs are not entitled to vote and do not earn ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 501.10 Td (dividends. Upon vesting, RSUs will be settled either through cash payment equal to the fair market value of the RSUs on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 489.10 Td (vesting date or through issuance of Company class ) Tj ET Q q 0 0 0 rg BT 254.74 489.10 Td (A) Tj ET Q q 0 0 0 rg BT 261.41 489.10 Td ( stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 465.10 Td (The following table is a summary of RS and RSU award activity for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.53 465.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 494.92 465.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.74 465.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 427.6 m 267 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 382.6 m 267 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 326.6 m 267 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 313.6 m 267 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 311.6 m 267 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 427.6 m 271 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 427.6 m 326 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 427.6 m 326 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 382.6 m 326 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 382.6 m 326 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 427.6 m 330 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 427.6 m 385 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 427.6 m 385 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 382.6 m 385 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 427.6 m 444 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 382.6 m 444 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 326.6 m 444 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 326.6 m 444 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 313.6 m 444 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 311.6 m 444 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 427.6 m 448 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 427.6 m 503 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 427.6 m 503 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 382.6 m 503 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 382.6 m 503 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 427.6 m 507 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 427.6 m 562 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 427.6 m 562 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 382.6 m 562 382.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 373.17 Td (Nonvested at December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.00 373.17 Td (. . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 359.17 Td (Granted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 359.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 345.17 Td (Vested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 345.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 331.17 Td (Forfeited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.00 331.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 317.17 Td (Nonvested at December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.00 317.17 Td (. . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.85 431.83 Td (RestrictedStock) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 227.50 394.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 243.88 394.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.95 386.83 Td (\(thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.15 373.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 359.17 Td (120.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.15 345.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.30 331.17 Td (\(9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 331.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 317.17 Td (110.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 280.40 418.83 Td (W) Tj ET Q q 0 0 0 rg BT 288.18 418.83 Td (eighted-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 284.05 410.83 Td (A) Tj ET Q q 0 0 0 rg BT 289.53 410.83 Td (verage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 278.55 402.83 Td (GrantDate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 280.15 394.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 294.74 394.83 Td () Tj ET Q q 0 0 0 rg BT 296.59 394.83 Td (V) Tj ET Q q 0 0 0 rg BT 301.93 394.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.15 386.83 Td (Per) Tj ET Q q 0 0 0 rg BT 293.07 386.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 311.37 386.83 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.50 373.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.15 373.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.65 359.17 Td (41.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.15 345.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.65 331.17 Td (41.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.50 317.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.65 317.17 Td (41.21) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.40 418.83 Td (W) Tj ET Q q 0 0 0 rg BT 347.18 418.83 Td (eighted-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 343.05 410.83 Td (A) Tj ET Q q 0 0 0 rg BT 348.53 410.83 Td (verage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.30 402.83 Td (Remaining) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.30 394.83 Td (Contractual) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 334.55 386.83 Td (T) Tj ET Q q 0 0 0 rg BT 339.52 386.83 Td (erm\(Y) Tj ET Q q 0 0 0 rg BT 362.92 386.83 Td (ears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 373.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 359.17 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 345.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 331.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 317.17 Td (2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.75 431.83 Td (RestrictedStockUnits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.85 394.83 Td (Units) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.95 386.83 Td (\(thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 373.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 359.17 Td (15.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 345.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.30 331.22 Td (\(5.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 331.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 317.17 Td (10.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.40 418.83 Td (W) Tj ET Q q 0 0 0 rg BT 465.18 418.83 Td (eighted-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.05 410.83 Td (A) Tj ET Q q 0 0 0 rg BT 466.53 410.83 Td (verage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.55 402.83 Td (Grant Date) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.15 394.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 471.74 394.83 Td () Tj ET Q q 0 0 0 rg BT 473.59 394.83 Td (V) Tj ET Q q 0 0 0 rg BT 478.93 394.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.15 386.83 Td (Per) Tj ET Q q 0 0 0 rg BT 470.07 386.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 488.37 386.83 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 373.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 373.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 359.17 Td (38.19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 345.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 331.17 Td (38.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 317.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 317.17 Td (37.81) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.40 418.83 Td (W) Tj ET Q q 0 0 0 rg BT 524.18 418.83 Td (eighted-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.05 410.83 Td (A) Tj ET Q q 0 0 0 rg BT 525.53 410.83 Td (verage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.30 402.83 Td (Remaining) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.30 394.83 Td (Contractual) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.55 386.83 Td (T) Tj ET Q q 0 0 0 rg BT 516.52 386.83 Td (erm\(Y) Tj ET Q q 0 0 0 rg BT 539.92 386.83 Td (ears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 373.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 359.17 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 345.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 331.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 317.17 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 289.10 Td (All of the RS shares and the RSUs will vest on the third anniversary of the grant date, provided the holder of the share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 277.10 Td (is continuously employed by the Company until the vesting date. Compensation expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.28 277.10 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.17 277.10 Td ( was recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 265.10 Td (related to RS and RSUs for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.96 265.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 295.35 265.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.17 265.10 Td (. ) Tj ET Q q 0 0 0 rg BT 307.58 265.10 Td (T) Tj ET Q q 0 0 0 rg BT 313.25 265.10 Td (otal future compensation expense for all RS and RSUs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 Td (granted as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.65 253.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 177.04 253.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.86 253.10 Td ( is approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.79 253.10 Td ($3.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.68 253.10 Td (, which is expected to be recognized over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.67 253.10 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.17 253.10 Td ( years with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 241.10 Td (weighted-average vesting period of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.33 241.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.33 241.10 Td ( year) Tj ET Q q 0 0 0 rg BT 217.76 241.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.90 241.10 Td (The aggregate fair value of outstanding RSUs as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 241.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 505.65 241.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.46 241.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 229.10 Td ($0.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 229.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 205.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 205.10 Td (January1, 201) Tj ET Q q 0 0 0 rg BT 158.63 205.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.45 205.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.45 205.10 Td (13,704) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.95 205.10 Td ( deferred stock units \("DSU"\) were granted at a grant date fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.77 205.10 Td ($41.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.27 205.10 Td ( to non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 193.10 Td (employee directors. ) Tj ET Q q 0 0 0 rg BT 133.27 193.10 Td (The deferred stock units are fully vested on the grant date. Each DSU entitles the grantee to receive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.80 193.10 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.24 193.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 181.10 Td (share of class ) Tj ET Q q 0 0 0 rg BT 105.59 181.10 Td (A) Tj ET Q q 0 0 0 rg BT 112.26 181.10 Td ( stock upon the earlier of the separation date of the grantee or the second anniversary of the grant date, but could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (be subject to acceleration for a change in control or death or disability as defined in the individual DSU grant agreement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (Grantees of DSUs may not exercise voting rights, but are credited with dividends and those dividends will be converted into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 145.10 Td (additional DSUs based on the closing price of the class ) Tj ET Q q 0 0 0 rg BT 271.95 145.10 Td (A) Tj ET Q q 0 0 0 rg BT 278.62 145.10 Td ( stock upon settlement. ) Tj ET Q q 0 0 0 rg BT 375.28 145.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.45 145.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 472.84 145.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.66 145.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.66 145.10 Td (1) Tj ET Q q 0 0 0 rg BT 487.47 145.10 Td (1,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.79 145.10 Td ( deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td (stock units were outstanding. For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.34 133.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 321.74 133.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.56 133.10 Td (, the compensation expense recorded for these awards was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 121.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 105.62 121.10 Td (As these awards were fully vested on the grant date, all compensation expense was recognized at the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 109.10 Td (grant.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 85.10 Td (Other information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 61.10 Td (Authorized unissued shares or treasury shares may be used for issuance under the Company's equity incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 49.10 Td (programs. ) Tj ET Q q 0 0 0 rg BT 94.68 49.10 Td (The Company intends to use treasury shares of its class ) Tj ET Q q 0 0 0 rg BT 318.15 49.10 Td (A) Tj ET Q q 0 0 0 rg BT 324.82 49.10 Td ( stock to meet the stock requirements of its awards in the ) Tj ET Q endstream endobj 223 0 obj <> endobj 224 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (future.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 690.25 Td (Note 23. Shar) Tj ET Q q 0 0 0 rg BT 109.96 690.25 Td (eholders' Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 666.25 Td (The Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.76 666.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.75 666.25 Td ( classes of common stock as follows \(share data in millions\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 599.75 m 229.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 599.75 m 229.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 628.75 m 285.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 599.75 m 285.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 628.75 m 289.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 628.75 m 341.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 599.75 m 341.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 628.75 m 345.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 628.75 m 411.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 599.75 m 411.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 599.75 m 489.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 599.75 m 545.5 599.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 591.01 Td (Class A stock\($0.025par value\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 579.01 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 579.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 567.01 Td (December 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 567.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 555.01 Td (December 31, 2009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 555.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 531.01 Td (Class B stock\($0.025par value\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 519.01 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 519.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 507.01 Td (December 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 507.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 495.01 Td (December 31, 2009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 495.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 471.01 Td (Class C stock\($0.025par value\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 459.01 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 459.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 447.01 Td (December 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 447.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 435.01 Td (December 31, 2009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 435.01 Td (. . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 183.65 611.98 Td (Authorized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.50 603.98 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.25 591.01 Td (80.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.25 531.01 Td (80.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.25 471.01 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.75 632.98 Td (Issued Common Stock) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 237.65 603.98 Td (Outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.25 579.01 Td (32.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.25 567.01 Td (32.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.75 555.01 Td (9.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.25 519.01 Td (14.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.25 507.01 Td (14.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.25 495.01 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.00 459.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.00 447.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.00 435.01 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.55 603.98 Td (Treasury) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 579.01 Td (7.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 567.01 Td (7.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 555.01 Td (8.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 519.01 Td (0.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 507.01 Td (0.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 495.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 459.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 447.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 435.01 Td (0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.60 619.98 Td (Issued Shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.75 611.98 Td (Classified as) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.65 603.98 Td (Common Stock) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 579.01 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 567.01 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 555.01 Td (18.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 519.01 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 507.01 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 495.01 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 459.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 447.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 435.01 Td (0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.60 619.98 Td (Issued Shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.75 611.98 Td (Classified as) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.55 603.98 Td (Redeemable Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 579.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 567.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 555.01 Td (3.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 519.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 507.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 495.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 459.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 447.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 435.01 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.35 611.98 Td (Total Issued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.50 603.98 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 579.01 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 567.01 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 555.01 Td (21.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 519.01 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 507.01 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 495.01 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 459.01 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 447.01 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 435.01 Td (0.5) Tj ET Q BT /F2 5.85 Tf ET q 0 0 0 rg BT 548.00 572.85 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 402.25 Td (As discussed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.22 402.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.16 402.25 Td (, the increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.41 402.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.41 402.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.74 402.25 Td (18.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.63 402.25 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 369.11 402.25 Td (A) Tj ET Q q 0 0 0 rg BT 375.78 402.25 Td ( stock issued represents the consideration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 390.25 Td (provided to the ) Tj ET Q q 0 0 0 rg BT 130.45 390.25 Td (W) Tj ET Q q 0 0 0 rg BT 139.40 390.25 Td (orld Color Press common shareholders in exchange for their ) Tj ET Q q 0 0 0 rg BT 382.46 390.25 Td (W) Tj ET Q q 0 0 0 rg BT 391.41 390.25 Td (orld Color Press common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 366.25 Td (The Company also has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.37 366.25 Td (0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.26 366.25 Td ( shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.08 366.25 Td ($0.01) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.58 366.25 Td ( par value preferred stock authorized, of which none were issued at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.90 354.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.71 354.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.71 354.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.71 354.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.15 354.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.15 354.25 Td (. ) Tj ET Q q 0 0 0 rg BT 199.56 354.25 Td (The Company has no present plans to issue any preferred stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 330.25 Td (In accordance with the ) Tj ET Q q 0 0 0 rg BT 178.51 330.25 Td (Articles of Incorporation, dividends are paid equally for class ) Tj ET Q q 0 0 0 rg BT 426.21 330.25 Td (A, class B and class C common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 81.90 318.25 Td (The following table details the dividend activity related to the Company's class ) Tj ET Q q 0 0 0 rg BT 399.92 318.25 Td (A, class B and class C stock for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.48 306.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 172.87 306.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.69 306.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.69 306.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.69 306.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.13 306.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.13 306.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 269.75 m 174.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 269.75 m 303.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 269.75 m 432.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 269.75 m 561.5 269.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.85 274.20 Td (Declaration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.65 259.42 Td (November 10, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.95 244.42 Td (August 9, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.50 229.42 Td (May 10, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.40 214.42 Td (January 2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.40 199.42 Td (December 18, 2009) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.35 274.20 Td (Record Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.65 259.42 Td (November 30, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.95 244.42 Td (August 29, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.50 229.42 Td (May 27, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.40 214.42 Td (January 2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.40 199.42 Td (December 18, 2009) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.35 274.20 Td (Payment Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.75 259.42 Td (December 10, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.10 244.42 Td (September 9, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.50 229.42 Td (June 10, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.40 214.42 Td (January 22, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.40 199.42 Td (December 22, 2009) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.50 274.20 Td (Dividend Amount per Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 259.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 259.42 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 244.42 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 229.42 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 214.42 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 199.42 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 171.25 Td (In addition, as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.53 171.25 Td (July 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.70 171.25 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 287.32 171.25 Td (W) Tj ET Q q 0 0 0 rg BT 296.27 171.25 Td (orld Color Press, there was a cash distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.05 171.25 Td ($140.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.95 171.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 159.25 Td (paid to Quad/Graphics' pre-acquisition common shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 135.25 Td (In accordance with the ) Tj ET Q q 0 0 0 rg BT 178.51 135.25 Td (Articles of Incorporation, each class ) Tj ET Q q 0 0 0 rg BT 325.12 135.25 Td (A) Tj ET Q q 0 0 0 rg BT 331.79 135.25 Td ( common share has one vote per share and each class B ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 123.25 Td (and class C common share has ten votes per share on all matters voted upon by the Company's shareholders. Liquidation rights ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 111.25 Td (are the same for all three classes of stock. ) Tj ET Q q 0 0 0 rg BT 220.73 111.25 Td (The Company's class C stock is held by the ESOP) Tj ET Q q 0 0 0 rg BT 420.85 111.25 Td ( Plan \(and can only be owned by) Tj ET Q q 0 0 0 rg BT 551.14 111.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 99.25 Td (or transferred to, a Company employee benefit plan which is intended to satisfy the qualification requirements of Section 401 of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 87.25 Td (the Internal Revenue Code\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 63.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 63.25 Td (September6, 201) Tj ET Q q 0 0 0 rg BT 170.30 63.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.11 63.25 Td (, the Company's board of directors authorized a share repurchase program of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 51.25 Td ($100.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.39 51.25 Td ( of the Company's outstanding class ) Tj ET Q q 0 0 0 rg BT 254.35 51.25 Td (A) Tj ET Q q 0 0 0 rg BT 261.02 51.25 Td ( stock. ) Tj ET Q q 0 0 0 rg BT 291.76 51.25 Td (Through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.61 51.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 402.00 51.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.82 51.25 Td (, the Company repurchased ) Tj ET Q endstream endobj 225 0 obj <> endobj 226 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (108) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (0.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.39 713.10 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 155.87 713.10 Td (A) Tj ET Q q 0 0 0 rg BT 162.54 713.10 Td ( stock in the open market for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.73 713.10 Td ($8.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.63 713.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Redeemable equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (The Company follows the applicable GAAP) Tj ET Q q 0 0 0 rg BT 262.78 665.10 Td ( and SEC authoritative guidance for redeemable stock which requires the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (Company to record the class C stock at full redemption value at each balance sheet date to the extent the redemption of those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (securities is not solely within the control of the Company) Tj ET Q q 0 0 0 rg BT 278.31 641.10 Td (. Under the terms of the ) Tj ET Q q 0 0 0 rg BT 377.68 641.10 Td (Articles of Incorporation, the class C ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (common shares are required to be owned by a qualified employee retirement plan of the Company and each holder of class C ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (stock has a continuous right to have the class C stock repurchased by the Company) Tj ET Q q 0 0 0 rg BT 381.32 617.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 593.10 Td (The redemption value of the class C qualified employee retirement plan shares at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.33 593.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 485.72 593.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.54 593.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.54 593.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.54 593.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.98 593.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.98 593.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.21 581.10 Td ($3.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.10 581.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.10 581.10 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.00 581.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.93 581.10 Td ($8.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.83 581.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 310.81 581.10 Td (. ) Tj ET Q q 0 0 0 rg BT 317.90 581.10 Td (There were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.55 581.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.55 581.10 Td ( class C common shares redeemed by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Company during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.19 569.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 257.59 569.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.40 569.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.84 569.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.84 569.10 Td (. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.97 569.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.55 569.10 Td (, the redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (features were eliminated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.78 557.10 Td (4,362) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.28 557.10 Td ( redeemable class C common shares at a weighted average price of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.16 557.10 Td (31.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.66 557.10 Td ( per share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td (Prior to January 24, 2010, under the terms of the Company PEP) Tj ET Q q 0 0 0 rg BT 340.56 533.10 Td ( Plan, class ) Tj ET Q q 0 0 0 rg BT 387.31 533.10 Td (A) Tj ET Q q 0 0 0 rg BT 393.98 533.10 Td ( stock held in participant accounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (associated with profit sharing contributions made prior to December 31, 1999 \("Pre-2000 ) Tj ET Q q 0 0 0 rg BT 409.05 521.10 Td (Accounts"\) could be distributed to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (participant upon retirement or termination in the form of stock subject to an automatic call provision. ) Tj ET Q q 0 0 0 rg BT 458.74 509.10 Td (The PEP) Tj ET Q q 0 0 0 rg BT 493.74 509.10 Td ( Plan was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (amended on January 24, 2010 to change the forms of distribution for the Pre-2000 ) Tj ET Q q 0 0 0 rg BT 380.54 497.10 Td (Accounts. ) Tj ET Q q 0 0 0 rg BT 425.25 497.10 Td (As a result of this PEP) Tj ET Q q 0 0 0 rg BT 515.07 497.10 Td ( Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (amendment, the class ) Tj ET Q q 0 0 0 rg BT 137.53 485.10 Td (A) Tj ET Q q 0 0 0 rg BT 144.20 485.10 Td ( common shares in the Pre-2000 ) Tj ET Q q 0 0 0 rg BT 275.29 485.10 Td (Accounts are not required to be classified as redeemable. Further) Tj ET Q q 0 0 0 rg BT 537.21 485.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (through June 30, 2010, the class ) Tj ET Q q 0 0 0 rg BT 180.32 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 186.99 473.10 Td ( stock resulting from exercised stock options and vested stock options were also classified as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (redeemable equity) Tj ET Q q 0 0 0 rg BT 122.75 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.65 461.10 Td (As a result of commencement on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.78 461.10 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.95 461.10 Td ( of the trading of the Company's class ) Tj ET Q q 0 0 0 rg BT 466.11 461.10 Td (A) Tj ET Q q 0 0 0 rg BT 472.78 461.10 Td ( stock on the NYSE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (and the shares related to the Company's non-qualified stock option plans being registered with the SEC during the third quarter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (of 2010, a readily tradable market now exists for the Company's class ) Tj ET Q q 0 0 0 rg BT 330.12 437.10 Td (A) Tj ET Q q 0 0 0 rg BT 336.79 437.10 Td ( common shares, thereby eliminating the put right under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (the applicable stock option agreements. ) Tj ET Q q 0 0 0 rg BT 212.41 425.10 Td (The combination of these events resulted in $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.22 425.10 Td (129.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.72 425.10 Td ( million being reclassified from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (redeemable equity to common stock and other equity on the consolidated balance sheet during 2010. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 389.10 Td (There is no redemption value of the class ) Tj ET Q q 0 0 0 rg BT 252.39 389.10 Td (A) Tj ET Q q 0 0 0 rg BT 259.06 389.10 Td ( common shares at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.99 389.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 409.39 389.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.20 389.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.64 389.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.64 389.10 Td ( as there is now a readily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (tradable market. ) Tj ET Q q 0 0 0 rg BT 119.38 377.10 Td (The redemption value of class ) Tj ET Q q 0 0 0 rg BT 242.02 377.10 Td (A) Tj ET Q q 0 0 0 rg BT 248.69 377.10 Td ( common shares at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.62 377.10 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.20 377.10 Td ( totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.41 377.10 Td ($133.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.31 377.10 Td ( which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td ($24.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 365.10 Td ( of aggregate intrinsic value of outstanding unexercised vested stock options. ) Tj ET Q q 0 0 0 rg BT 416.27 365.10 Td (The redemption features were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (eliminated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.71 353.10 Td (3.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.60 353.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.04 353.10 Td (1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.93 353.10 Td ( redeemable class ) Tj ET Q q 0 0 0 rg BT 286.67 353.10 Td (A) Tj ET Q q 0 0 0 rg BT 293.34 353.10 Td ( common shares held by former employees at a weighted average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.82 341.10 Td ($39.36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.32 341.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.75 341.10 Td ($31.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.25 341.10 Td ( per share during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.92 341.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.51 341.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.94 341.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.94 341.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 462.93 341.10 Td (.) Tj ET Q endstream endobj 227 0 obj <> endobj 228 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 22.35 Td (109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Subsequent changes to the redemption value of the securities due to changes in stock valuation or dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (declarations are char) Tj ET Q q 0 0 0 rg BT 132.13 701.10 Td (ged to retained earnings, while decreases in redemption value due to elimination of redemption features are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (credited to additional paid-in capital and retained earnings. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.59 689.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 454.99 689.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.81 689.10 Td ( the balance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (redeemable equity decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.99 677.10 Td ($7.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.88 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 236.10 677.10 Td (Additional information regarding the changes in redeemable equity for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.88 665.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.28 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.09 665.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.09 665.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.09 665.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.53 665.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.53 665.10 Td ( is provided in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 628.6 m 346 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 607.6 m 346 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 514.6 m 346 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 398.6 m 346 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 346.6 m 346 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 334.6 m 346 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 332.6 m 346 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 628.6 m 350 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 628.6 m 400 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 607.6 m 400 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 514.6 m 400 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 398.6 m 400 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 346.6 m 400 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 334.6 m 400 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 332.6 m 400 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 628.6 m 454 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 607.6 m 454 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 514.6 m 454 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 398.6 m 454 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 346.6 m 454 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 334.6 m 454 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 332.6 m 454 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 628.6 m 458 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 628.6 m 508 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 607.6 m 508 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 607.6 m 508 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 514.6 m 508 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 398.6 m 508 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 346.6 m 508 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 334.6 m 508 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 332.6 m 508 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 607.6 m 562 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 607.6 m 562 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 514.6 m 562 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 398.6 m 562 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 346.6 m 562 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 334.6 m 562 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 332.6 m 562 332.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 598.17 Td (Balance atJanuary 1, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 598.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 572.17 Td (Cash dividends declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 572.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 559.17 Td (Elimination of redemption features) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.00 559.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 546.17 Td (Stock-based compensation charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.00 546.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 533.17 Td (Sale of stock for options exercised) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.00 533.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 519.27 Td (Increase in redemption value of redeemable equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.00 519.17 Td (. . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 505.17 Td (Balance atDecember 31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 505.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 479.17 Td (Cash distribution from World Color Press acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 479.17 Td (. . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 466.17 Td (Cash dividends declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 466.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 453.17 Td (Elimination of redemption features) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.00 453.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 440.17 Td (Stock-based compensation charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.00 440.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 427.17 Td (Sale of stock for options exercised) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.00 427.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 413.27 Td (\(Decrease\) increase in redemption value of redeemable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 403.27 Td (equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 403.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 389.17 Td (Balance atDecember 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 389.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 363.17 Td (Cash dividends declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 363.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 350.17 Td (Decrease in redemption value of redeemable equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 350.17 Td (. . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 337.17 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 337.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.60 632.83 Td (Class A Common Stock) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.00 611.83 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 598.17 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 572.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.30 559.22 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 559.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 546.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 533.17 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 505.17 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 479.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 466.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.30 453.22 Td (\(3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 453.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 440.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 427.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 403.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 389.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 363.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 350.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 337.17 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.60 619.83 Td (Redemption) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.85 611.83 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 598.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 598.17 Td (158.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.30 572.22 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 572.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.30 559.22 Td (\(35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 559.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 546.17 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 533.17 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 519.27 Td (6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 505.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 505.17 Td (133.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.30 479.22 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 479.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.30 466.22 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 466.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.30 453.22 Td (\(129.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 453.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 440.17 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 427.17 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.30 403.32 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 403.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 389.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 389.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 363.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 350.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 337.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 337.17 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.15 632.83 Td (ClassCCommonStock) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.00 611.83 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 598.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 572.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 559.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 546.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 533.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 505.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 479.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 466.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 453.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 440.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 427.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 403.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 389.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 363.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 350.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 337.17 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.60 619.83 Td (Redemption) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.85 611.83 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 598.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 598.17 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 572.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 572.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 559.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 559.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 546.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 533.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 519.27 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 505.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 505.17 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 479.22 Td (\(1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 479.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 466.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 466.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 453.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 440.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 427.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 403.27 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 389.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 389.17 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 363.22 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 363.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 350.22 Td (\(6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 350.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 337.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 337.17 Td (3.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.75 627.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.60 619.83 Td (Redeemable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.90 611.83 Td (Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 598.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 598.17 Td (166.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 572.22 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 572.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 559.22 Td (\(35.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 559.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 546.17 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 533.17 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 519.27 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 505.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 505.17 Td (141.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 479.22 Td (\(3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 479.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 466.22 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 466.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 453.22 Td (\(129.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 453.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 440.17 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 427.17 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 403.27 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 389.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 389.17 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 363.22 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 363.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 350.22 Td (\(6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 350.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 337.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 337.17 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (Note 24. Segment Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 287.25 Td (The Company operates primarily in the commercial print portion of the printing industry) Tj ET Q q 0 0 0 rg BT 440.09 287.25 Td (, with related product and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (service of) Tj ET Q q 0 0 0 rg BT 88.56 275.25 Td (ferings designed to of) Tj ET Q q 0 0 0 rg BT 175.30 275.25 Td (fer customers complete solutions for communicating their messages to tar) Tj ET Q q 0 0 0 rg BT 470.32 275.25 Td (get audiences. ) Tj ET Q q 0 0 0 rg BT 531.78 275.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (Company's operating and reportable segments are aligned with how the chief operating decision maker of the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (currently manages the business. ) Tj ET Q q 0 0 0 rg BT 181.60 251.25 Td (The Company's reportable and operating segments and their product and service of) Tj ET Q q 0 0 0 rg BT 513.39 251.25 Td (ferings are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 239.25 Td (summarized below:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (North ) Tj ET Q q 0 0 0 rg BT 76.27 215.25 Td (America Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 191.25 Td (The North ) Tj ET Q q 0 0 0 rg BT 129.10 191.25 Td (America Print and Related Services segment includes the Company's United States printing operations, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td (well as the Canadian printing operations in ) Tj ET Q q 0 0 0 rg BT 223.54 179.25 Td (V) Tj ET Q q 0 0 0 rg BT 230.11 179.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 266.00 179.25 Td (, British Columbia that will be retained after the sale of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (Canadian operations to ) Tj ET Q q 0 0 0 rg BT 144.11 167.25 Td (T) Tj ET Q q 0 0 0 rg BT 149.95 167.25 Td (ranscontinental \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.96 167.25 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.90 167.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 269.64 167.25 Td (This segment is managed as one integrated platform and its products ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (include catalogs, magazines, retail inserts, books, directories, special interest publications and direct marketing materials. ) Tj ET Q q 0 0 0 rg BT 539.53 155.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (related service of) Tj ET Q q 0 0 0 rg BT 118.26 143.25 Td (ferings include digital photography) Tj ET Q q 0 0 0 rg BT 258.64 143.25 Td (, digital imaging, binding, mailing and distribution, and data optimization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 131.25 Td (and analytics services. ) Tj ET Q q 0 0 0 rg BT 144.10 131.25 Td (This segment also includes the design, development, manufacture and service of printing-related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 119.25 Td (auxiliary equipment, as well as the manufacture of ink.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 95.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 71.25 Td (The International segment consists of the Company's printing operations in Europe and Latin ) Tj ET Q q 0 0 0 rg BT 460.00 71.25 Td (America, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 59.25 Td (newly acquired ) Tj ET Q q 0 0 0 rg BT 113.27 59.25 Td (T) Tj ET Q q 0 0 0 rg BT 119.11 59.25 Td (ranscontinental Mexican operations \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.77 59.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.71 59.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 320.44 59.25 Td (This segment provides printed products and related services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 47.25 Td (consistent with the North ) Tj ET Q q 0 0 0 rg BT 152.54 47.25 Td (America Print and Related Services segment, with the exception of printing-related auxiliary ) Tj ET Q endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (equipment, which is included in the North ) Tj ET Q q 0 0 0 rg BT 220.30 713.10 Td (America Print and Related Services segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (The Corporate segment consists of unallocated general and administrative activities and associated expenses including, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (in part, executive, legal, finance, information technology and human resources.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 617.6 m 236 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 604.6 m 236 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 565.6 m 236 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 539.6 m 236 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 539.6 m 236 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 527.6 m 236 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 525.6 m 236 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 474.6 m 236 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 448.6 m 236 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 448.6 m 236 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 436.6 m 236 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 434.6 m 236 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 383.6 m 236 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 357.6 m 236 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 357.6 m 236 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 345.6 m 236 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 343.6 m 236 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 617.6 m 240 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 617.6 m 280 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 617.6 m 280 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 604.6 m 280 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 565.6 m 280 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 539.6 m 280 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 539.6 m 280 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 527.6 m 280 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 525.6 m 280 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 474.6 m 280 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 448.6 m 280 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 448.6 m 280 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 436.6 m 280 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 434.6 m 280 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 383.6 m 280 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 357.6 m 280 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 357.6 m 280 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 345.6 m 280 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 343.6 m 280 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 604.6 m 324 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 565.6 m 324 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 539.6 m 324 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 539.6 m 324 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 527.6 m 324 527.6 l s 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BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 583.55 Td (North America Print and Related Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.50 583.55 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 570.55 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.50 570.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.50 557.55 Td (Total operating segments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.50 557.55 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 544.55 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.50 544.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.50 531.55 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 82.50 531.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 505.68 Td (Year endedDecember 31, 2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 492.55 Td (North America Print and Related Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.50 492.55 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 479.55 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.50 479.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.50 466.55 Td (Total operating segments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.50 466.55 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 453.55 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.50 453.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.50 440.55 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 82.50 440.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 414.68 Td (Year endedDecember 31, 2009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 401.55 Td (North America Print and Related Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.50 401.55 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 388.55 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.50 388.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.50 375.55 Td (Total operating segments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.50 375.55 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 362.55 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.50 362.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 64.50 349.55 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 82.50 349.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 223.75 621.66 Td (NetSales) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.10 608.66 Td (Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.50 582.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.75 582.85 Td (3,338.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.75 569.85 Td (487.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.75 556.85 Td (3,825.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 224.75 543.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.50 530.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.75 530.85 Td (3,825.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.50 491.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.75 491.85 Td (2,470.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.75 478.85 Td (343.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.75 465.85 Td (2,813.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 224.75 452.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.50 439.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 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/F2 8.00 Tf ET q 0 0 0 rg BT 242.50 491.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.75 491.85 Td (361.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.75 478.85 Td (11.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.75 465.85 Td (372.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.75 452.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.50 439.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.75 439.85 Td (372.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.50 400.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.75 400.85 Td (203.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.75 387.85 Td (11.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.75 374.85 Td (214.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.75 361.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.50 348.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.75 348.85 Td (214.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 288.10 622.66 Td (Operating) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 291.40 615.66 Td 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0 0 rg BT 304.10 452.85 Td (\(90.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.80 452.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.75 439.85 Td (61.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.50 400.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.75 400.85 Td (134.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.10 387.85 Td (\(10.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.80 387.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.75 374.85 Td (123.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.10 361.85 Td (\(11.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.80 361.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.50 348.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.75 348.85 Td (112.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 339.80 615.66 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 338.15 608.66 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 582.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 582.85 Td (4,016.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.75 569.85 Td (589.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 556.85 Td (4,605.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.75 543.85 Td (129.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 530.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 530.85 Td (4,735.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 491.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 491.85 Td (4,200.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.75 478.85 Td (596.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 465.85 Td (4,796.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.75 452.85 Td (150.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 439.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 439.85 Td (4,947.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 400.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 400.85 Td (1,731.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.75 387.85 Td (370.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 374.85 Td (2,102.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.75 361.85 Td (6.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 348.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 348.85 Td (2,109.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.30 622.66 Td (Depreciation) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.85 615.66 Td (and) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.45 608.66 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 582.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 582.85 Td (308.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.80 569.85 Td (34.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 556.85 Td (342.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.80 543.85 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 530.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 530.85 Td (344.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 491.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 491.85 Td (239.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.80 478.85 Td (25.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 465.85 Td (265.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.80 452.85 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 439.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 439.85 Td (267.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 400.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 400.85 Td (177.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.80 387.85 Td (19.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 374.85 Td (196.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.80 361.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 348.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 348.85 Td (196.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.40 615.66 Td (Capital) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 608.66 Td (Expenditures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 582.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.75 582.85 Td (151.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 569.85 Td (16.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.75 556.85 Td (168.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.80 543.85 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 530.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.75 530.85 Td (168.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 491.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 491.85 Td (73.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 478.85 Td (23.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 465.85 Td (96.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 452.85 Td (16.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 439.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.75 439.85 Td (112.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 400.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 400.85 Td (50.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 387.85 Td (37.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 374.85 Td (87.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.80 361.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 348.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 348.85 Td (87.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 476.65 622.66 Td (Restructuring,Impairment) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 480.55 615.66 Td (and Transaction-Related) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.05 608.66 Td (Charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.50 582.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 582.85 Td (55.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 569.85 Td (7.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 556.85 Td (62.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 543.85 Td (51.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.50 530.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 530.85 Td (114.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.50 491.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 491.85 Td (55.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 478.85 Td (33.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 465.85 Td (89.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 452.85 Td (58.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.50 439.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 439.85 Td (147.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.50 400.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 400.85 Td (10.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 387.85 Td (0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 374.85 Td (11.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 361.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.50 348.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 348.85 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 321.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 304.49 321.10 Td (ges for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.08 321.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 472.48 321.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 321.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 321.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.30 321.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.74 321.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.74 321.10 Td ( are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 309.10 Td (further described in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.30 309.10 Td (Note 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.24 309.10 Td ( and are included in the Operating Income/\(Loss\) results by segment above. ) Tj ET Q q 0 0 0 rg BT 464.83 309.10 Td (T) Tj ET Q q 0 0 0 rg BT 470.50 309.10 Td (otal assets of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 297.10 Td (Canadian discontinued operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.35 297.10 Td ($177.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.24 297.10 Td ( as of December 31, 201) Tj ET Q q 0 0 0 rg BT 354.80 297.10 Td (1 and capital expenditures of the Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 285.10 Td (discontinued operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.09 285.10 Td ($7.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.98 285.10 Td ( for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 357.84 285.10 Td (1 are included in the North ) Tj ET Q q 0 0 0 rg BT 467.34 285.10 Td (America Print and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 273.10 Td (Related Services segment above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 249.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.45 249.10 Td ( reconciliation of operating income to earnings \(loss\) from continuing operations before income taxes and equity in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 237.10 Td (earnings of unconsolidated entities as reported in the consolidated statements of operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.36 237.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.31 225.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.13 225.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.13 225.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.13 225.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.57 225.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.57 225.10 Td ( is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 199.60000000000002 m 423.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 154.60000000000002 m 423.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 130.60000000000002 m 423.5 130.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 128.60000000000002 m 423.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 199.60000000000002 m 492.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 154.60000000000002 m 492.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 130.60000000000002 m 492.5 130.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 128.60000000000002 m 492.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 199.60000000000002 m 561.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 154.60000000000002 m 561.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 130.60000000000002 m 561.5 130.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 128.60000000000002 m 561.5 128.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 189.27 Td (Operating income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.50 189.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 174.27 Td (Less: interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 174.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 159.27 Td (Less: loss on debt extinguishment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.50 159.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 144.27 Td (Earnings \(loss\) from continuing operations before income taxes and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 134.27 Td (equity in earnings of unconsolidated entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.50 134.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 203.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 189.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 189.27 Td (156.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 174.27 Td (108.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 159.27 Td (34.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 134.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 134.27 Td (14.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 203.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 189.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 189.27 Td (61.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 174.27 Td (92.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 159.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 134.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 134.32 Td (\(31.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 134.27 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 203.83 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 189.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 189.27 Td (112.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 174.27 Td (64.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 159.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 134.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 134.27 Td (48.3) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 760.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.61 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.10 748.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.48 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.57 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.65 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 388.13 748.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 736.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.89 736.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.71 736.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.92 736.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.85 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.66 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 308.29 22.35 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Note 25. Geographic ) Tj ET Q q 0 0 0 rg BT 141.71 713.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 153.00 713.25 Td (ea and Pr) Tj ET Q q 0 0 0 rg BT 193.93 713.25 Td (oduct Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 689.25 Td (The table below presents net sales and long-lived assets by geographic region for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.04 689.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 550.44 689.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.25 689.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 677.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.94 677.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.94 677.25 Td (. ) Tj ET Q q 0 0 0 rg BT 116.35 677.25 Td (The amounts in this table dif) Tj ET Q q 0 0 0 rg BT 230.87 677.25 Td (fer from the segment data presented in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.11 677.25 Td (Note24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.05 677.25 Td ( because each operating segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (includes operations in multiple geographic regions, based on the Company's management reporting structure.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 629.75 m 261.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 629.75 m 321.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 629.75 m 381.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 629.75 m 441.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 629.75 m 501.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 629.75 m 561.5 629.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 620.48 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 607.32 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 594.32 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 594.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 581.32 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 581.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 568.32 Td (Property, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 568.32 Td (. . . . .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 542.48 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 529.32 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 516.32 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 516.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 503.32 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 503.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 490.32 Td (Property, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 490.32 Td (. . . . .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 464.48 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 451.32 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 438.32 Td (Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 438.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 425.32 Td (Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.50 425.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 412.32 Td (Property, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 412.32 Td (. . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.85 633.98 Td (U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.00 594.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.65 594.32 Td (3,313.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 581.32 Td (485.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.65 568.32 Td (1,871.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.00 516.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.65 516.32 Td (2,447.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 503.32 Td (358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.65 490.32 Td (1,986.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.00 438.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.65 438.32 Td (1,321.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 425.32 Td (202.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.65 412.32 Td (1,459.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.65 633.98 Td (Canada) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.00 594.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 594.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 581.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 568.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.00 516.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 516.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 503.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 490.32 Td (87.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.00 438.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 438.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 425.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 412.32 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.40 633.98 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 594.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 594.32 Td (196.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 581.32 Td (12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 568.32 Td (145.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 516.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 516.32 Td (196.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 503.32 Td (12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 490.32 Td (164.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 438.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 438.32 Td (204.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 425.32 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 412.32 Td (211.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.20 633.98 Td (Latin America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 594.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 594.32 Td (303.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 581.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 568.32 Td (106.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 516.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 516.32 Td (161.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 503.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 490.32 Td (79.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 438.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 438.32 Td (38.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 425.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 412.32 Td (6.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.85 633.98 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 594.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 594.32 Td (11.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 581.32 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 568.32 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 516.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 516.32 Td (9.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 503.32 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 490.32 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 438.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 438.32 Td (9.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 425.32 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 412.32 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.20 633.98 Td (Combined) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 594.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 594.32 Td (3,825.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 581.32 Td (499.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 568.32 Td (2,123.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 516.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 516.32 Td (2,813.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 503.32 Td (372.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 490.32 Td (2,317.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 438.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 438.32 Td (1,574.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 425.32 Td (214.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 412.32 Td (1,677.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 385.25 Td (The table below presents consolidated net sales by products and services for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.32 385.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 530.72 385.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.53 385.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.53 385.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.53 385.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 373.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 373.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.44 373.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 337.75 m 369.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 337.75 m 433.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 337.75 m 433.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 292.75 m 433.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 292.75 m 433.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 278.75 m 433.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 276.75 m 433.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 232.75 m 433.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 217.75 m 433.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 203.75 m 433.5 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 201.75 m 433.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 337.75 m 497.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 337.75 m 497.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 292.75 m 497.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 292.75 m 497.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 278.75 m 497.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 276.75 m 497.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 232.75 m 497.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 217.75 m 497.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 203.75 m 497.5 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 201.75 m 497.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 337.75 m 561.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 337.75 m 561.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 292.75 m 561.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 292.75 m 561.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 278.75 m 561.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 276.75 m 561.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 232.75 m 561.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 217.75 m 561.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 203.75 m 561.5 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 201.75 m 561.5 201.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 171.25 341.98 Td (Products and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 327.42 Td (Catalog, magazines and retail inserts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.50 327.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 312.42 Td (Direct mail, books, directories and other printed products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.50 312.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 297.42 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.50 297.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 282.42 Td (Total products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.50 282.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 252.42 Td (Logistics services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.50 252.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 237.42 Td (Imaging and other services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.50 237.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 222.42 Td (Total services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.50 222.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 207.42 Td (Total net sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.50 207.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.20 341.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 327.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 327.42 Td (2,826.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 312.42 Td (964.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 297.42 Td (35.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 282.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 282.42 Td (3,825.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 252.42 Td (370.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 237.42 Td (128.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 222.42 Td (499.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 207.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 207.42 Td (4,324.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.00 341.98 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 327.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 327.42 Td (2,173.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 312.42 Td (614.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 297.42 Td (26.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 282.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 282.42 Td (2,813.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 252.42 Td (268.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 237.42 Td (103.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 222.42 Td (372.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 207.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 207.42 Td (3,185.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.00 341.98 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 327.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 327.42 Td (1,349.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 312.42 Td (196.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 297.42 Td (28.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 282.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 282.42 Td (1,574.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 252.42 Td (129.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 237.42 Td (84.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 222.42 Td (214.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 207.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 207.42 Td (1,788.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (Note 26. Subsequent Events) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (Declaration of Quarterly Dividend) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 132.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 132.25 Td (February28, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.82 132.25 Td (, the Company declared a quarterly dividend of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.14 132.25 Td ($0.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.64 132.25 Td ( per share, which will be paid on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.66 132.25 Td (March23, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 120.25 Td (, to shareholders of record as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.34 120.25 Td (March12, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.94 120.25 Td (.) Tj ET Q endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 9. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 740.68505859375 m 483.677734375 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 200.88 742.25 Td (eements with ) Tj ET Q q 0 0 0 rg BT 258.83 742.25 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 327.18 742.25 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 479.33 742.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (Not applicable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (Item 9A. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 693.68505859375 m 210.1181640625 693.68505859375 l s q 0 0 0 rg BT 104.00 695.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 129.46 695.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 172.62 695.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 201.88 695.25 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.91 672.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.22 672.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.38 672.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.64 672.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 648.25 Td (The Company's management, with the participation of the Company's principal executive of) Tj ET Q q 0 0 0 rg BT 454.97 648.25 Td (ficer and principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (financial of) Tj ET Q q 0 0 0 rg BT 95.72 636.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 113.75 636.25 Td (, has evaluated the ef) Tj ET Q q 0 0 0 rg BT 197.58 636.25 Td (fectiveness of the design and operation of the Company's disclosure controls and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (procedures \(as such term is defined in Rules13a-15\(e\)and 15d-15\(e\)under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 453.20 624.25 Td (Act of 1934\) as of the end ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (of the period covered by this report and has concluded that, as of the end of such period, the Company's disclosure controls and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (procedures were ef) Tj ET Q q 0 0 0 rg BT 125.97 600.25 Td (fective.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 162.98 577.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 194.73 577.25 Td ( Financial Reporting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 553.25 Td (There were no changes in the Company's internal control over financial reporting \(as defined in Rules 13a-15\(f\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 541.25 Td (15d-15\(f\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 214.39 541.25 Td (Act of 1934\) that occurred during the fiscal quarter ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.35 541.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 520.75 541.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.57 541.25 Td ( that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (have materially af) Tj ET Q q 0 0 0 rg BT 122.09 529.25 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 309.05 529.25 Td (fect, the Company's internal control over financial reporting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (Management's Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 223.78 506.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 255.53 506.25 Td ( Financial Reporting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 482.25 Td (The Company's management, including the Company's Chairman, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 488.03 482.25 Td (ficer and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 92.39 470.25 Td (V) Tj ET Q q 0 0 0 rg BT 99.22 470.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 244.62 470.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 262.65 470.25 Td (, is responsible for establishing and maintaining adequate internal control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (over financial reporting, as such term is defined in Rules 13a-15\(f\) and 15d-15\(f\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 486.25 458.25 Td (Act of 1934. ) Tj ET Q q 0 0 0 rg BT 541.15 458.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (financial reporting and the preparation of published financial statements in accordance with generally accepted accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (principles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 398.25 Td (The Company's management, including the Company's Chairman, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 488.03 398.25 Td (ficer and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 92.39 386.25 Td (V) Tj ET Q q 0 0 0 rg BT 99.22 386.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 244.62 386.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 262.65 386.25 Td (, has assessed the ef) Tj ET Q q 0 0 0 rg BT 342.05 386.25 Td (fectiveness of the Company's internal control over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (financial reporting based on the framework in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 235.77 374.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 293.64 374.25 Td (olIntegrated Framework) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.94 374.25 Td ( issued by the Committee of Sponsoring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (Or) Tj ET Q q 0 0 0 rg BT 60.46 362.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 133.87 362.25 Td (T) Tj ET Q q 0 0 0 rg BT 139.71 362.25 Td (readway Commission. Based on this assessment, the Company's management has concluded that, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.40 350.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 350.25 Td (, the Company's internal controls over financial reporting were ef) Tj ET Q q 0 0 0 rg BT 389.28 350.25 Td (fective based on that framework.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 326.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (Also, projections of any evaluation of the ef) Tj ET Q q 0 0 0 rg BT 225.97 314.25 Td (fectiveness to future periods are subject to the risk that the controls may become ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 278.25 Td (Deloitte & ) Tj ET Q q 0 0 0 rg BT 130.90 278.25 Td (T) Tj ET Q q 0 0 0 rg BT 136.57 278.25 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 179.82 278.25 Td (, the Company's independent registered public accounting firm, issued an attestation report on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.40 266.25 Td (fectiveness of the Company's internal control over financial reporting as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.29 266.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 447.69 266.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.50 266.25 Td (, which is included herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (February29, 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 219.25 Td (Attestation Report of Independent Register) Tj ET Q q 0 0 0 rg BT 234.89 219.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 276.75 219.25 Td (Accounting Firm) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 195.25 Td (The attestation report required under this Item 9A) Tj ET Q q 0 0 0 rg BT 284.83 195.25 Td ( is contained in Item 8 of Part II of this ) Tj ET Q q 0 0 0 rg BT 442.30 195.25 Td (Annual Report on Form 10-K ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.25 Td (under the heading "Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 293.74 183.25 Td (Accounting Firm.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (Item 9B. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 158.68505859375 m 184.087890625 158.68505859375 l s q 0 0 0 rg BT 104.00 160.25 Td (Other) Tj ET Q q 0 0 0 rg BT 129.46 160.25 Td ( Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 136.25 Td (The Company has no other information to report pursuant to this item.) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (13) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 285.9 740.68505859375 m 326.0220703125 740.68505859375 l s q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.64 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.53 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.94 742.25 Td (III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Item 10. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 717.68505859375 m 347.0810546875 717.68505859375 l s q 0 0 0 rg BT 104.00 719.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 118.35 719.25 Td (ectors, Executive Officers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 695.25 Td (The information required by this Item with respect to directors and Section 16 compliance is included under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (captions "Election of Directors" and "MiscellaneousSection 16\(a\) Beneficial Ownership Reporting Compliance," ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.99 671.25 Td (, in the Company's definitive Proxy Statement for its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.55 671.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.55 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 332.77 671.25 Td (Annual Meeting of Shareholders \("Proxy Statement"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (and is hereby incorporated herein by reference. Information with respect to the executive of) Tj ET Q q 0 0 0 rg BT 418.92 659.25 Td (ficers of the Company appears in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (Item 1 of this ) Tj ET Q q 0 0 0 rg BT 105.83 647.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 231.84 647.25 Td (The information required by this Item with respect to audit committees and audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (committee financial experts is included under the caption "Corporate GovernanceBoard CommitteesAudit Committee" in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (the Proxy Statement and is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 599.25 Td (The Company has adopted a Code of Business Conduct that applies to all of the Company's employees, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (Company's Chief Executive Of) Tj ET Q q 0 0 0 rg BT 174.74 587.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 192.76 587.25 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 272.45 587.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 290.48 587.25 Td (, Controller and other persons performing similar functions. ) Tj ET Q q 0 0 0 rg BT 534.30 587.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (Company has posted a copy of the Code of Business Conduct on its website at www) Tj ET Q q 0 0 0 rg BT 387.69 575.25 Td (.qg.com. ) Tj ET Q q 0 0 0 rg BT 426.99 575.25 Td (The Company intends to satisfy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to, or waivers from, the Code of Business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (Conduct by posting such information on its website at www) Tj ET Q q 0 0 0 rg BT 289.93 551.25 Td (.qg.com. ) Tj ET Q q 0 0 0 rg BT 329.23 551.25 Td (The Company is not including the information contained ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (on its website as part of, or incorporating it by reference into, this ) Tj ET Q q 0 0 0 rg BT 314.37 539.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (Item 1) Tj ET Q q 0 0 0 rg BT 77.21 516.25 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 514.68505859375 m 209.830078125 514.68505859375 l s q 0 0 0 rg BT 104.00 516.25 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 492.25 Td (The information required by this Item is included under the captions "Compensation of Executive Of) Tj ET Q q 0 0 0 rg BT 489.89 492.25 Td (ficers," "Director ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (Compensation," "Compensation Committee Report," "Corporate GovernanceCompensation Committee Interlocks and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (Insider Participation" and "MiscellaneousAssessment of Compensation-Related Risk" in the Proxy Statement and is hereby ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (Item 12. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 431.68505859375 m 538.31640625 431.68505859375 l s q 0 0 0 rg BT 104.00 433.25 Td (Security Ownership of Certain Beneficial Owners and Management and Related Shar) Tj ET Q q 0 0 0 rg BT 470.00 433.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 502.04 433.25 Td ( Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 409.25 Td (The information required by this Item with respect to security ownership of certain beneficial owners and management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (is included under the caption "Stock Ownership of Management and Others" in the Proxy Statement and is hereby incorporated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (Equity Compensation Plan Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 338.25 Td (The following table sets forth information with respect to compensation plans under which equity securities of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (Company are authorized for issuance as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.99 326.25 Td (February24, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.59 326.25 Td (. ) Tj ET Q q 0 0 0 rg BT 304.00 326.25 Td (The table does not include employee benefit plans intended to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (meet the qualification requirements of Section 401\(a\) of the Internal Revenue Code. ) Tj ET Q q 0 0 0 rg BT 391.27 314.25 Td (All equity compensation plans are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (described more fully in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.53 302.25 Td (Note 22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.47 302.25 Td (, "Stock and Incentive Programs," to the consolidated financial statements in Item 8 of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (Annual Report on Form 10-K.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 206.75 m 268.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 206.75 m 363.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 206.75 m 363.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 181.75 m 363.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 181.75 m 363.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 167.75 m 363.5 167.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 165.75 m 363.5 165.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 206.75 m 457.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 206.75 m 457.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 181.75 m 457.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 181.75 m 457.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 167.75 m 457.5 167.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 165.75 m 457.5 165.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 206.75 m 561.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 206.75 m 561.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 181.75 m 561.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 181.75 m 561.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 167.75 m 561.5 167.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 165.75 m 561.5 165.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 133.90 210.98 Td (Plan Category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 196.42 Td (Equity compensation plans approved by security ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 186.42 Td (holders) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.44 190.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 186.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 171.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 171.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.65 242.98 Td (Number of securities to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.00 234.98 Td (be issued upon the) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 278.45 226.98 Td (exercise of outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 280.00 218.98 Td (options, warrants and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.50 210.98 Td (rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 186.42 Td (937,166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 171.42 Td (937,166) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.10 234.98 Td (Weighted-average) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 226.98 Td (exercise price of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.30 218.98 Td (outstanding options,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.95 210.98 Td (warrants and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 186.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 186.42 Td (25.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 171.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 171.42 Td (25.12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.50 258.98 Td (Number of securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.10 250.98 Td (remaining available for) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.00 242.98 Td (future issuance under) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.65 234.98 Td (equity compensation plans) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.20 226.98 Td (\(excluding securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.40 218.98 Td (reflected in the first) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.00 210.98 Td (column\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 186.42 Td (940,038) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 171.42 Td (940,038) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 137.25 Td (Consists of the Company's 2010 Omnibus Incentive Plan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 119.25 Td (The termination of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.19 119.25 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.19 119.25 Td ( stock options at a weighted-average exercise price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.04 119.25 Td ($13.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.54 119.25 Td ( under the 1999 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 107.25 Td (Nonqualified Stock Option Plan and the 1990 Stock Option Plan and the grant of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.62 107.25 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.62 107.25 Td ( new stock options at a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 95.25 Td (weighted-average exercise price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.14 95.25 Td ($18.74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.64 95.25 Td ( under the 2010 Omnibus Incentive Plan are excluded from the table above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 83.25 Td (These stock options are excluded as the Company is seeking shareholder approval to increase the authorized securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 71.25 Td (available for issuance during its 2012 ) Tj ET Q q 0 0 0 rg BT 219.91 71.25 Td (Annual Meeting of Shareholders. ) Tj ET Q q 0 0 0 rg BT 357.84 71.25 Td (The Quad/Graphics voting trust, which holds a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 59.25 Td (controlling interest of 63% of the total Quad/Graphics voting power \(see Item 1A) Tj ET Q q 0 0 0 rg BT 393.75 59.25 Td ( "Risk Factors"\), has approved these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 47.25 Td (grants. ) Tj ET Q endstream endobj 237 0 obj <> endobj 238 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 731.25 Td (Item 13. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 729.68505859375 m 429.390625 729.68505859375 l s q 0 0 0 rg BT 104.00 731.25 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 253.36 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 259.57 731.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 346.06 731.25 Td (ector) Tj ET Q q 0 0 0 rg BT 367.53 731.25 Td ( Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 707.25 Td (The information required by this Item is included under the caption "Corporate Governance" in the Proxy Statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (and is hereby incorporated by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (Item 14. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 670.68505859375 m 272.3203125 670.68505859375 l s q 0 0 0 rg BT 104.00 672.25 Td (Principal ) Tj ET Q q 0 0 0 rg BT 145.67 672.25 Td (Accountant Fees and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 648.25 Td (The information required by this Item is included under the caption "MiscellaneousIndependent Registered Public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (Accounting Firm" in the Proxy Statement and is hereby incorporated by reference.) Tj ET Q endstream endobj 239 0 obj <> endobj 240 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (15) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 286.3 740.68505859375 m 325.77021484375 740.68505859375 l s q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 292.04 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.93 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.34 742.25 Td ( IV) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Item 15. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 104 717.68505859375 m 291.2509765625 717.68505859375 l s q 0 0 0 rg BT 104.00 719.25 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 695.25 Td (Consolidated financial statementsThe consolidated financial statements listed in the accompanying index to consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 683.25 Td (financial statements are filed as part of this ) Tj ET Q q 0 0 0 rg BT 242.10 683.25 Td (Annual Report on Form 10-K. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 659.25 Td (Financial statement scheduleAll financial statement schedules are omitted since the required information is not present ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 647.25 Td (or is not present in amounts suf) Tj ET Q q 0 0 0 rg BT 193.45 647.25 Td (ficient to require submission of the schedules, or because the information required is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 635.25 Td (included in the consolidated financial statements and notes thereto. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (3. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 611.25 Td (ExhibitsThe exhibits listed in the accompanying exhibit index are filed as part of this ) Tj ET Q q 0 0 0 rg BT 420.42 611.25 Td (Annual Report on Form 10-K. ) Tj ET Q endstream endobj 241 0 obj <> endobj 242 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.75 394.10 Td ([This page has been left blank intentionally) Tj ET Q q 0 0 0 rg BT 389.71 394.10 Td (.]) Tj ET Q endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.15 742.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 210.79 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 217.28 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 287.66 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 366.74 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 380.83 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.31 742.25 Td (TEMENTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 698.75 m 561.5 698.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.20 710.98 Td (Page in this) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.00 702.98 Td (Form 10-K) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 673.42 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 217.52 673.42 Td (Accounting Firm) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.50 673.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 658.42 Td (Consolidated Statements of Operations for each of the three years in the period ended December 31, 201) Tj ET Q q 0 0 0 rg BT 470.29 658.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.50 658.32 Td (. . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 643.42 Td (Consolidated Statements of Comprehensive Income \(Loss\) for each of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 633.42 Td (December 31, 201) Tj ET Q q 0 0 0 rg BT 125.40 633.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 633.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 618.42 Td (Consolidated Balance Sheets as of December 31, 201) Tj ET Q q 0 0 0 rg BT 265.64 618.42 Td (1 and 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.50 618.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 603.42 Td (Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 201) Tj ET Q q 0 0 0 rg BT 473.36 603.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.50 603.32 Td (. . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 588.42 Td (Consolidated Statements of Redeemable Equity) Tj ET Q q 0 0 0 rg BT 242.74 588.42 Td (, Common Stock and Other Equity and Noncontrolling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 578.42 Td (Interests for each of the three years in the period ended December 31, 201) Tj ET Q q 0 0 0 rg BT 347.80 578.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 578.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 563.42 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.50 563.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 673.42 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 658.42 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 633.42 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 618.42 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 603.42 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 578.42 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 563.42 Td (69) Tj ET Q BT /F1 9.00 Tf ET endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.75 394.10 Td ([This page has been left blank intentionally) Tj ET Q q 0 0 0 rg BT 389.71 394.10 Td (.]) Tj ET Q endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 22.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.46 22.35 Td (19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 305.15 742.25 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 403.14 718.25 Td (Act of 1934, the Registrant has duly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.08 706.25 Td (29th) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.86 706.25 Td ( day of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.12 706.25 Td (February 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.72 706.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 631.75 m 562.5 631.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 674.32 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 635.32 Td (By:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.00 635.32 Td (/s/ J. Joel Quadracci) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.00 622.32 Td (J. Joel Quadracci) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 325.00 609.31 Td (Chairman, President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 582.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 312.33 582.25 Td (Act of 1934, this report has been signed below by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.25 Td (following persons on behalf of the Registrant and in the capacities and on the dates indicated.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 533.75 m 183.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 494.75 m 183.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 442.75 m 183.5 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 390.75 m 183.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 338.75 m 183.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 286.75 m 183.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 234.75 m 183.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 182.75 m 183.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 130.75 m 183.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 78.75 m 183.5 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 533.75 m 472.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 533.75 m 561.5 533.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.30 538.20 Td (Signature) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.70 498.32 Td (/s/ J. Joel Quadracci) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.70 485.32 Td (J. Joel Quadracci) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.30 446.32 Td (/s/ John C. Fowler) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.30 433.32 Td (John C. Fowler) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.75 394.32 Td (/s/ David J. Honan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.75 381.32 Td (David J. Honan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.80 342.32 Td (/s/ Betty Ewens Quadracci) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 329.32 Td (Betty Ewens Quadracci) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.80 290.32 Td (/s/ William J. Abraham, Jr.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.70 277.32 Td (William J. Abraham, Jr.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.65 238.32 Td (/s/ Douglas P. Buth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.60 225.32 Td (Douglas P. Buth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.60 186.32 Td (/s/ Christopher B. 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Synergy Rewards Program and Bonus Pool Plan \(incorporated by reference to Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 558.07 Td (10 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 and filed on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 548.07 Td (November 15, 2010\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 518.07 Td (Severance Agreement and General Release, dated December 23, 2011, between Quad/Graphics, Inc. and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 508.07 Td (Brian Freschi.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 478.07 Td (Subsidiaries of Quad/Graphics, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 448.07 Td (Consent of Deloitte & Touche LLP.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 418.07 Td (Certification of the Chief Executive Officer pursuant to Rule13a-14\(a\)or 15d-14\(a\)under the Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 408.07 Td (Exchange Act of1934.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 378.07 Td (Certification of the Chief Financial Officer pursuant to Rule13a-14\(a\)or 15d-14\(a\)under the Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 368.07 Td (Exchange Act of1934.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 338.07 Td (Written Statement of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 328.07 Td (Section1350.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 298.07 Td (Proxy Statement for the2012Annual Meeting of Shareholders. [To be filed with the Securities and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 288.07 Td (Exchange Commission under Regulation 14A within 120 days afterDecember 31, 2011; except to the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 278.07 Td (extent specifically incorporated by reference, the Proxy Statement for the2012Annual Meeting of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 268.07 Td (Shareholders shall not be deemed to be filed with the Securities and Exchange Commission as part of this) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 258.07 Td (Annual Report on Form 10-K.]) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 228.07 Td (Financial statements from the Annual Report on Form 10-K of Quad/Graphics, Inc. for the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 218.07 Td (endedDecember 31, 2011formatted in eXtensible Business Reporting Language \(XBRL\): \(i\) the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 208.07 Td (Consolidated Statements of Operations, \(ii\) the Consolidated Statements of Comprehensive Income \(Loss\),) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 198.07 Td (\(iii\) the Consolidated Balance Sheets, \(iv\) the Consolidated Statements of Cash Flows, \(v\) the Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 188.07 Td (Statements of Redeemable Equity, Common Stock and Other Equity and Noncontrolling Interests, \(vi\) the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 178.07 Td (Notes to Consolidated Financial Statements, and \(vii\) document and entity information.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 161.00 Td (__________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.00 Td (+ ) Tj ET Q q 0 0 0 rg BT 68.00 149.00 Td (The disclosure schedules to the agreement are not being filed herewith. ) Tj ET Q q 0 0 0 rg BT 357.53 149.00 Td (The registrant agrees to furnish supplementally a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 137.00 Td (copy of any such schedules to the Securities and Exchange Commission upon request.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.00 Td (++ ) Tj ET Q q 0 0 0 rg BT 68.00 113.00 Td (A) Tj ET Q q 0 0 0 rg BT 74.95 113.00 Td ( management contract or compensatory plan or arrangement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 89.00 Td (* ) Tj ET Q q 0 0 0 rg BT 68.00 89.00 Td (In accordance with Rule 406T) Tj ET Q q 0 0 0 rg BT 188.97 89.00 Td ( of Regulation S-T) Tj ET Q q 0 0 0 rg BT 263.22 89.00 Td (, the information in these exhibits shall not be deemed to be "filed" for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 77.00 Td (purposes of Section 18 of the Securities and Exchange ) Tj ET Q q 0 0 0 rg BT 287.94 77.00 Td (Act of 1934, as amended, or otherwise subject to liability under that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 65.00 Td (section, and shall not be incorporated by reference into any registration statement or other document filed under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 53.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 109.66 53.00 Td (Act of 1933, as amended, except as expressly set forth by specific reference in such filing.) 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