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Employer Identification No.\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.25 480.68 Td (N61 W23044 Harry's Way, Sussex, Wisconsin 53089-3995) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.00 480.68 Td (\(414\) 566-6000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.85 469.55 Td (\(Address of principal executive offices\) \(Zip Code\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.65 469.55 Td (\(Registrant's telephone number, including area code\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.00 454.50 Td (Securities registered pursuant to Section 12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 393.18 454.50 Td (Act:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55.5 433 m 295.5 433 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 433 m 555.5 433 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 152.60 436.08 Td (Title of Class) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 436.08 Td (Name of Each Exchange on Which Registered) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.10 425.08 Td (Class A Common Stock, par value $0.025 per share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.00 425.08 Td (The New York Stock Exchange, LLC) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.10 409.90 Td (Securities registered pursuant to Section 12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 382.28 409.90 Td (Act: ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.05 409.90 Td (None) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 397.30 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 302.05 397.30 Td (, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 433.57 397.30 Td (Act. ) Tj ET Q q 0 0 0 rg BT 450.83 397.30 Td (Y) Tj ET Q q 0 0 0 rg BT 455.80 397.30 Td (es) Tj ET Q /GS0 gs q 7.13 0 0 8.27 464.47 395.57 cm /I3 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.60 397.30 Td ( No) Tj ET Q /GS0 gs q 8.48 0 0 8.27 487.38 395.57 cm /I4 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 384.70 Td (Indicate by check mark if the 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Td (Y) Tj ET Q q 0 0 0 rg BT 171.09 352.90 Td (es) Tj ET Q /GS0 gs q 8.48 0 0 8.27 179.76 351.17 cm /I7 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.24 352.90 Td ( No) Tj ET Q /GS0 gs q 7.13 0 0 8.27 204.02 351.17 cm /I8 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 340.30 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 400.41 340.30 Td (W) Tj ET Q q 0 0 0 rg BT 407.32 340.30 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 449.89 340.30 Td (, every Interactive Data File ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 330.70 Td (required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 296.93 330.70 Td ( during the preceding 12 months \(or for such shorter period that the registrant ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 321.10 Td (was required to submit and post such files\). ) Tj ET Q q 0 0 0 rg BT 196.79 321.10 Td (Y) Tj ET Q q 0 0 0 rg BT 201.77 321.10 Td (es) Tj ET Q /GS0 gs q 8.48 0 0 8.27 210.43 319.37 cm /I9 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.91 321.10 Td ( No) Tj ET Q /GS0 gs q 7.13 0 0 8.27 234.69 319.37 cm /I10 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 298.90 Td (the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 289.30 Td (this Form 10-K. ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 107.34 287.57 cm /I11 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 276.70 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 241.78 276.70 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 302.30 276.70 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 366.82 276.70 Td (, a non-accelerated filer or a smaller reporting company) Tj ET Q q 0 0 0 rg BT 544.21 276.70 Td (. ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (See the definitions of "lar) Tj ET Q q 0 0 0 rg BT 135.77 267.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 196.29 267.10 Td (," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 471.18 267.10 Td (Act. ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 248.55 Td (Lar) Tj ET Q q 0 0 0 rg BT 85.96 248.55 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 148.80 246.83 cm /I12 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.50 248.55 Td (Accelerated filer ) Tj ET Q /GS0 gs q 8.48 0 0 8.27 266.02 246.83 cm /I13 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.05 248.55 Td (Non-accelerated filer ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 400.78 246.83 cm /I14 Do Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.15 248.55 Td (Smaller reporting company ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 537.68 246.83 cm /I15 Do 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share on the New ) Tj ET Q q 0 0 0 rg BT 446.92 203.90 Td (Y) Tj ET Q q 0 0 0 rg BT 451.89 203.90 Td (ork Stock Exchange, LLC\) on ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 194.30 Td (June30, 2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 98.66 194.30 Td (, the last business day of the registrant's most recently completed second fiscal quarter) Tj ET Q q 0 0 0 rg BT 373.93 194.30 Td (, held by non-af) Tj ET Q q 0 0 0 rg BT 424.43 194.30 Td (filiates was ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.64 194.30 Td ($470,553,648) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.64 194.30 Td (. Neither of the ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 184.70 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 436.32 184.70 Td (ganized over) Tj ET Q q 0 0 0 rg BT 477.25 184.70 Td (-the-counter market, but ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 175.10 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 474.33 175.10 Td (A) Tj ET Q q 0 0 0 rg BT 479.67 175.10 Td ( common stock. In ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 165.50 Td (August 2012, all outstanding shares of class C common stock were converted into shares of class ) Tj ET Q q 0 0 0 rg BT 366.16 165.50 Td (A) Tj ET Q q 0 0 0 rg BT 371.50 165.50 Td ( common stock.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 152.90 Td (Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 132.39999999999998 m 295.5 132.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 132.39999999999998 m 561.5 132.39999999999998 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.85 134.53 Td (Class) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.75 134.53 Td (Outstanding as of March 4, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 133.85 119.40 Td (ClassA Common Stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 119.40 Td (33,364,542) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 133.65 109.40 Td (ClassB Common Stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 109.40 Td (14,198,464) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 133.65 99.40 Td (ClassC Common Stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.50 99.40 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 214.30 85.30 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 317.04 85.30 Td (TED BY) Tj ET Q q 0 0 0 rg BT 346.31 85.30 Td ( REFERENCE) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 72.70 Td (Portions of the Proxy Statement for the registrant's ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.08 72.70 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.08 72.70 Td ( ) Tj ET Q q 0 0 0 rg BT 253.64 72.70 Td (Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.55 710.25 Td (FORM 10-K INDEX) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.70 698.25 Td (For) Tj ET Q q 0 0 0 rg BT 238.07 698.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 256.03 698.25 Td (Y) Tj ET Q q 0 0 0 rg BT 262.14 698.25 Td (ear) Tj ET Q q 0 0 0 rg BT 275.83 698.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.63 698.25 Td (December) Tj ET Q q 0 0 0 rg BT 351.75 698.25 Td (31, 2012) 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 484.5 661.75 m 550.5 661.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 666.20 Td (PageNo.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 653.01 Td (Forward-Looking Statements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.75 653.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.25 652.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.50 652.21 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 625.15 Td (Part I) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 597.01 Td (Item 1.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 597.01 Td (Business) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 154.75 597.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.50 596.21 Td (3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 583.01 Td (Item 1A.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 583.01 Td (Risk Factors) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.25 583.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 582.21 Td (18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 569.01 Td (Item 1B.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 569.01 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 179.15 569.01 Td (f Comments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.75 569.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 568.21 Td (27) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 555.01 Td (Item 2.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 555.01 Td (Properties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.25 555.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 554.21 Td (28) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 541.01 Td (Item 3.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 541.01 Td (Legal Proceedings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.75 541.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 540.21 Td (29) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 527.01 Td (Item 4.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 527.01 Td (Mine Safety Disclosures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.25 527.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 526.21 Td (29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 499.15 Td (Part II) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 471.01 Td (Item 5.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 471.01 Td (Market for the Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 279.06 471.01 Td (, Related Stockholder Matters and Issuer Purchases of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 462.01 Td (Equity Securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 186.25 462.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 461.21 Td (30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 448.01 Td (Item 6.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 448.01 Td (Selected Financial Data) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.75 448.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 447.21 Td (32) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 434.01 Td (Item 7.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 434.01 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 232.10 434.01 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.75 434.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 433.21 Td (33) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 420.01 Td (Item 7A.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 420.01 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 269.21 420.01 Td (About Market Risk) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.25 420.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 419.21 Td (67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 406.01 Td (Item 8.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 406.01 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.75 406.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 405.21 Td (69) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 392.01 Td (Item 9.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 392.01 Td (Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 252.47 392.01 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 310.46 392.01 Td (Accounting and Financial Disclosure) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.25 392.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 391.21 Td (129) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 378.01 Td (Item 9A.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 378.01 Td (Controls and Procedures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.25 378.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 377.21 Td (129) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 364.01 Td (Item 9B.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 364.01 Td (Other Information) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.75 364.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 363.21 Td (129) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 336.15 Td (Part III) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 308.01 Td (Item 10.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 308.01 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 206.63 308.01 Td (ficers and Corporate Governance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.75 308.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 307.21 Td (130) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 294.01 Td (Item 1) Tj ET Q q 0 0 0 rg BT 88.91 294.01 Td (1.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 294.01 Td (Executive Compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.25 294.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 293.21 Td (130) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 280.01 Td (Item 12.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 280.01 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 271.01 Td (Matters) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 150.25 271.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 270.21 Td (131) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 257.01 Td (Item 13.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 257.01 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 245.89 257.01 Td (T) Tj ET Q q 0 0 0 rg BT 251.15 257.01 Td (ransactions, and Director Independence) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 257.01 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 256.21 Td (131) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 243.01 Td (Item 14.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 243.01 Td (Principal ) Tj ET Q q 0 0 0 rg BT 155.49 243.01 Td (Accountant Fees and Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.25 243.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 242.21 Td (131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 215.15 Td (Part IV) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 187.01 Td (Item 15.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.00 187.01 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.75 187.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 186.21 Td (132) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 173.01 Td (Signatures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 105.25 173.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 172.21 Td (135) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 159.01 Td (Exhibit Index) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 118.75 159.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.50 158.21 Td (136) 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 216.75 422.10 Td ([This page has been left blank intentionally) Tj ET Q q 0 0 0 rg BT 389.38 422.10 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 60.35 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.41 698.25 Td (o the extent any statements in this ) Tj ET Q q 0 0 0 rg BT 241.89 698.25 Td (Annual Report on Form 10-K contain information that is not historical, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (these statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 508.71 686.25 Td (Act of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (1934, as amended. ) Tj ET Q q 0 0 0 rg BT 142.24 674.25 Td (These forward-looking statements relate to, among other things, the objectives, goals, strategies, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (beliefs, intentions, plans, estimates, prospects, projections and outlook of Quad/Graphics, Inc. \(the "Company" or "Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (Graphics"\), and can generally be identified by the use of words such as "may", "will", "expect", "intend", "estimate", ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td ("anticipate", "plan", "foresee", "believe" or "continue" or the negatives of these terms, variations on them and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (events or circumstances are forward-looking statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 590.25 Td (These forward-looking statements are not guarantees of future performance and are subject to risks, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.25 Td (uncertainties and other factors, some of which are beyond the control of the Company) Tj ET Q q 0 0 0 rg BT 406.13 578.25 Td (. ) Tj ET Q q 0 0 0 rg BT 413.45 578.25 Td (These risks, uncertainties and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.25 Td (other factors could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 241.36 566.25 Td (fer materially from those expressed or implied by those forward-looking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 112.16 554.25 Td (Among risks, uncertainties and other factors that may impact Quad/Graphics are those described in Item 1A, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td ("Risk Factors," of this ) Tj ET Q q 0 0 0 rg BT 153.67 542.25 Td (AnnualReport on Form 10-K, as such may be amended or supplemented in Part II, Item 1A, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td ("Risk Factors," of the Company's subsequently 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 99.00 506.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 506.25 Td (The impact of significant overcapacity in the highly competitive commercial printing industry) Tj ET Q q 0 0 0 rg BT 492.63 506.25 Td (, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 494.25 Td (creates downward pricing pressure and fluctuating demand for printing services;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 470.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 470.25 Td (The inability of the Company to reduce costs and improve operating ef) Tj ET Q q 0 0 0 rg BT 400.35 470.25 Td (ficiency rapidly enough to meet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 458.25 Td (market conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 434.25 Td (The impact of electronic media and similar technological changes including digital substitution by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 422.25 Td (consumers;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 398.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 398.25 Td (The impact of changing future economic conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 374.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 374.25 Td (The failure to renew long-term contracts with clients on favorable terms or at all;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 350.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 350.25 Td (The failure of clients to perform under long-term contracts due to financial or other reasons or due to client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 338.25 Td (consolidation;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 314.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 314.25 Td (Failure to successfully identify) Tj ET Q q 0 0 0 rg BT 239.93 314.25 Td (, manage, complete and integrate acquisitions and investments, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 302.25 Td (integration of the operations of ) Tj ET Q q 0 0 0 rg BT 243.17 302.25 Td (V) Tj ET Q q 0 0 0 rg BT 249.29 302.25 Td (ertis Holdings, Inc. \("V) Tj ET Q q 0 0 0 rg BT 341.97 302.25 Td (ertis"\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 278.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 278.25 Td (The impact of changes in postal rates, service levels or regulations;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 254.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 254.25 Td (The impact of fluctuations in costs \(including labor) Tj ET Q q 0 0 0 rg BT 322.03 254.25 Td (-related costs, ener) Tj ET Q q 0 0 0 rg BT 397.09 254.25 Td (gy costs, freight rates and raw ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 242.25 Td (materials\) and the impact of fluctuations in the availability of raw materials;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 218.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 218.25 Td (The impact of increased business complexity as a result of the Company's entry into additional markets;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 194.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 194.25 Td (The impact of regulatory matters and legislative developments or changes in laws, including changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 182.25 Td (privacy and environmental laws;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 158.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 158.25 Td (Significant capital expenditures may be needed to maintain the Company's platform and processes and to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 146.25 Td (remain technologically and economically competitive; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 122.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 122.25 Td (The impact on Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 261.68 122.25 Td (A) Tj ET Q q 0 0 0 rg BT 268.35 122.25 Td ( common shareholders of a limited active market for Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 110.25 Td (common stock and the inability to independently elect directors or control decisions due to the class B ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 98.25 Td (common stock voting rights;) 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 60.35 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 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 63.00 710.10 Td (should carefully consider the other factors detailed from time to time in Quad/Graphics' filings with the United States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (Securities and Exchange Commission \("SEC"\) and other uncertainties and potential events when reviewing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (Company's forward-looking statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (Because forward-looking statements are subject to assumptions and uncertainties, actual results may dif) Tj ET Q q 0 0 0 rg BT 513.98 662.10 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (materially from those expressed or implied by such forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 388.10 650.10 Td (Y) Tj ET Q q 0 0 0 rg BT 394.32 650.10 Td (ou are cautioned not to place undue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (reliance on such statements, which speak only as of the date of this ) Tj ET Q q 0 0 0 rg BT 332.93 638.10 Td (Annual Report on Form 10-K. Except to the extent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (required by the federal securities laws, Quad/Graphics undertakes no obligation to publicly update or revise any forward-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (looking statements, whether 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 60.35 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 289.8 720.68505859375 m 322.1388671875 720.68505859375 l s q 0 0 0 rg BT 289.80 722.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 722.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 722.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 722.25 Td ( I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 699.25 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 117 697.68505859375 m 153.6845703125 697.68505859375 l s q 0 0 0 rg BT 117.00 699.25 Td (Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 676.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 652.25 Td (Quad/Graphics is a leading global printer and media channel integrator founded in Pewaukee, ) Tj ET Q q 0 0 0 rg BT 476.47 652.25 Td (W) Tj ET Q q 0 0 0 rg BT 485.51 652.25 Td (isconsin, as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 640.25 Td (W) Tj ET Q q 0 0 0 rg BT 72.04 640.25 Td (isconsin corporation, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.69 640.25 Td (1971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.69 640.25 Td ( by the late Harry ) Tj ET Q q 0 0 0 rg BT 260.98 640.25 Td (V) Tj ET Q q 0 0 0 rg BT 266.91 640.25 Td (. Quadracci. ) Tj ET Q q 0 0 0 rg BT 319.94 640.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.39 640.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.97 640.25 Td (, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 628.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 628.25 Td (21,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.76 628.25 Td ( employees in North ) Tj ET Q q 0 0 0 rg BT 234.08 628.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 296.55 628.25 Td (America, and Europe, and served a diverse base of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 616.25 Td (6,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.76 616.25 Td ( clients from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.80 616.25 Td (1) Tj ET Q q 0 0 0 rg BT 203.43 616.25 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.43 616.25 Td ( facilities located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.51 616.25 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.51 616.25 Td ( countries. Following the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.50 616.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.10 616.25 Td (, acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 604.25 Td (substantially all of the assets of ) Tj ET Q q 0 0 0 rg BT 190.57 604.25 Td (V) Tj ET Q q 0 0 0 rg BT 196.69 604.25 Td (ertis, the Company had approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.20 604.25 Td (25,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.70 604.25 Td ( employees in North ) Tj ET Q q 0 0 0 rg BT 463.02 604.25 Td (America, Latin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 592.25 Td (America and Europe, and served a diverse base of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.95 592.25 Td (7,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.45 592.25 Td ( clients from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.49 592.25 Td (153) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.49 592.25 Td ( facilities located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.57 592.25 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.57 592.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 580.25 Td (countries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 556.25 Td (The Company believes it is well-positioned to help its clients integrate new) Tj ET Q q 0 0 0 rg BT 399.67 556.25 Td (, emer) Tj ET Q q 0 0 0 rg BT 424.48 556.25 Td (ging media with proven ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 544.25 Td (channels such as print as part of an overall multichannel marketing strategy) Tj ET Q q 0 0 0 rg BT 364.20 544.25 Td (. ) Tj ET Q q 0 0 0 rg BT 371.52 544.25 Td (W) Tj ET Q q 0 0 0 rg BT 380.55 544.25 Td (ith consultative ideas, worldwide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 532.25 Td (capabilities, leading-edge technology and single-source simplicity) Tj ET Q q 0 0 0 rg BT 326.72 532.25 Td (, the Company believes it has the resources and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 520.25 Td (knowledge to help its clients maximize the revenue they derive from their marketing spend and minimize their total cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 508.25 Td (of print production and distribution. ) Tj ET Q q 0 0 0 rg BT 211.41 508.25 Td (The Company's print and related products and services in North ) Tj ET Q q 0 0 0 rg BT 468.71 508.25 Td (America, Latin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 496.25 Td (America and Europe primarily include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 472.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 472.25 Td (Print Solutions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.78 472.25 Td ( Includes consumer magazines, catalogs, retail inserts, special interest publications, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 460.25 Td (journals, direct mail, books, directories, in-store marketing, packaging and other commercial and specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 448.25 Td (printed products.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 424.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 424.25 Td (Media Solutions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.77 424.25 Td ( Includes marketing strategy) Tj ET Q q 0 0 0 rg BT 300.20 424.25 Td (, media planning and placement, data insights, creative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 412.25 Td (services, videography) Tj ET Q q 0 0 0 rg BT 203.54 412.25 Td (, photography) Tj ET Q q 0 0 0 rg BT 258.44 412.25 Td (, workflow solutions, digital imaging, digital publishing, interactive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 400.25 Td (print solutions and augmented reality triggered by image recognition, near field communication and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 388.25 Td (response data analytics services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 364.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 364.25 Td (Logistics Services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.43 364.25 Td ( Includes mailing, distribution, logistics, and data optimization and hygiene services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 340.25 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 63.00 328.25 Td (Magazines, Meredith Corporation, ) Tj ET Q q 0 0 0 rg BT 203.62 328.25 Td (The National Geographic Society) Tj ET Q q 0 0 0 rg BT 337.09 328.25 Td (, Rodale Inc., ) Tj ET Q q 0 0 0 rg BT 393.00 328.25 Td (The Reader's Digest ) Tj ET Q q 0 0 0 rg BT 475.61 328.25 Td (Association Ltd., ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 316.25 Td (Source Interlink Media, LLC, ) Tj ET Q q 0 0 0 rg BT 184.46 316.25 Td (T) Tj ET Q q 0 0 0 rg BT 190.21 316.25 Td (ime Inc., and ) Tj ET Q q 0 0 0 rg BT 244.73 316.25 Td (W) Tj ET Q q 0 0 0 rg BT 253.37 316.25 Td (enner Media LLC. Quad/Graphics prints retail newspaper inserts for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 304.25 Td (major retailers such as Bass Pro Shops, ) Tj ET Q q 0 0 0 rg BT 222.24 304.25 Td (The Bon-T) Tj ET Q q 0 0 0 rg BT 265.70 304.25 Td (on Stores, Inc., J.C. Penney Company) Tj ET Q q 0 0 0 rg BT 416.71 304.25 Td (, Inc., Shopko Stores Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 292.25 Td (Co., LLC, and ) Tj ET Q q 0 0 0 rg BT 122.81 292.25 Td (T) Tj ET Q q 0 0 0 rg BT 128.22 292.25 Td (ar) Tj ET Q q 0 0 0 rg BT 135.81 292.25 Td (get Corporation; catalogs for industry-leading marketers such as Cabela's Incorporated, J.Crew Group, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 280.25 Td (Inc., L.L. Bean, Limited Brands Inc. \(V) Tj ET Q q 0 0 0 rg BT 221.24 280.25 Td (ictoria's Secret\), and Redcats USA; and direct mail products for companies such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 268.25 Td (as Charter Communications, ) Tj ET Q q 0 0 0 rg BT 179.09 268.25 Td (American Family Insurance, ) Tj ET Q q 0 0 0 rg BT 295.17 268.25 Td (American Eagle Outfitters, Publishers Clearing House, Inc., ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 256.25 Td (and ) Tj ET Q q 0 0 0 rg BT 79.76 256.25 Td (W) Tj ET Q q 0 0 0 rg BT 88.40 256.25 Td (eight ) Tj ET Q q 0 0 0 rg BT 110.71 256.25 Td (W) Tj ET Q q 0 0 0 rg BT 119.35 256.25 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 63.00 244.25 Td (Limited, ) Tj ET Q q 0 0 0 rg BT 99.48 244.25 Td (The ) Tj ET Q /GS0 gs q 58.60 0 0 10.09 117.53 242.09 cm /I18 Do Q q 0 0 0 rg BT 176.13 244.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 226.12 244.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 243.89 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.83 244.25 Td (Simon ) Tj ET Q q 0 0 0 rg BT 289.45 244.25 Td (& ) Tj ET Q q 0 0 0 rg BT 299.72 244.25 Td (Schuster) Tj ET Q q 0 0 0 rg BT 333.76 244.25 Td (, ) Tj ET Q q 0 0 0 rg BT 338.76 244.25 Td (Inc.; ) Tj ET Q q 0 0 0 rg BT 359.31 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.25 244.25 Td (directories ) Tj ET Q q 0 0 0 rg BT 420.95 244.25 Td (for ) Tj ET Q q 0 0 0 rg BT 435.11 244.25 Td (publishers ) Tj ET Q q 0 0 0 rg BT 478.72 244.25 Td (such ) Tj ET Q q 0 0 0 rg BT 499.55 244.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.01 244.25 Td (Y) Tj ET Q q 0 0 0 rg BT 516.23 244.25 Td (ellow ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 232.25 Td (Book USA, Inc. and ) Tj ET Q q 0 0 0 rg BT 146.51 232.25 Td (Y) Tj ET Q q 0 0 0 rg BT 152.73 232.25 Td (ellow Pages Group Limited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 208.25 Td (The Company remains focused on four primary strategic goals, which it believes will allow it to be successful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 196.25 Td (despite ongoing economic and industry challenges. ) Tj ET Q q 0 0 0 rg BT 272.21 196.25 Td (These goals are summarized as follows:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 172.25 Td (1. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 172.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.74 172.25 Td (ransform the Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 148.25 Td (The Company believes it is well-positioned to transform the industry in the following three ways: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 124.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 124.25 Td (Maximize the revenue clients derive from their marketing spend through media channel integration. ) Tj ET Q q 0 0 0 rg BT 521.03 124.25 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 112.25 Td (printer and media channel integrator) Tj ET Q q 0 0 0 rg BT 262.09 112.25 Td (, Quad/Graphics uses a client-centric approach to help marketers and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 100.25 Td (publishers connect strategy and content with multiple media channels to create measurable client value. ) 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 60.35 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 722.10 Td (Through its full range of integrated solutions, Quad/Graphics' clients benefit from better end user ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 710.10 Td (engagement, improved response and increased revenue derived from multichannel marketing campaigns.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 686.10 Td (Minimize clients' total cost of production and distribution by utilizing an ef) Tj ET Q q 0 0 0 rg BT 417.73 686.10 Td (ficient, innovative and fully-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 674.10 Td (integrated U.S. national distribution network to provide enhanced value to clients through increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 662.10 Td (ef) Tj ET Q q 0 0 0 rg BT 124.59 662.10 Td (ficiency and postal cost-savings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 638.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 638.10 Td (Create opportunity through disciplined, value-driven industry consolidation that adds complementary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 626.10 Td (capabilities, allowing the Company to provide an enhanced range of products and services, and create ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 614.10 Td (significant ef) Tj ET Q q 0 0 0 rg BT 169.30 614.10 Td (ficiencies in the overall print production and distribution processes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 590.10 Td (2. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 590.10 Td (Maximize Operational and T) Tj ET Q q 0 0 0 rg BT 235.26 590.10 Td (echnological Excellence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 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 63.00 554.10 Td (manufacturing platform, research and development, technological innovation and data management capabilities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (resulting in what it believes is one of the most integrated, automated, ef) Tj ET Q q 0 0 0 rg BT 348.85 542.10 Td (ficient and modern platforms in the industry) Tj ET Q q 0 0 0 rg BT 524.83 542.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 518.10 Td (3. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 518.10 Td (Empower) Tj ET Q q 0 0 0 rg BT 155.90 518.10 Td (, Engage and Develop Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 494.10 Td (Quad/Graphics believes that its distinct corporate culture encourages an or) Tj ET Q q 0 0 0 rg BT 396.77 494.10 Td (ganization-wide entrepreneurial spirit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (and an opportunistic mentality) Tj ET Q q 0 0 0 rg BT 184.27 482.10 Td (, where employees embrace responsibility) Tj ET Q q 0 0 0 rg BT 351.62 482.10 Td (, take ownership of projects and are encouraged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (to create solutions that advance the Company's strategic goals.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 446.10 Td (4. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 446.10 Td (Enhance Financial Strength) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 422.10 Td (Given current economic and industry challenges, Quad/Graphics believes that its strategy to enhance financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (strength will contribute to its long-term success. Key components of this strategy are centered on the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (disciplined financial approach to maximize earnings and free cash flow; use of consistent financial policies to ensure it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (maintains a strong balance sheet and liquidity levels; and ability to retain the financial flexibility needed to strategically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (allocate and deploy capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 350.10 Td (Quad/Graphics believes that its four primary strategic goals are supported by a unique set of competitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (advantages including its: commitment to an ef) Tj ET Q q 0 0 0 rg BT 247.78 338.10 Td (ficient, flexible and modern manufacturing platform; leading mailing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (distribution capabilities; commitment to ongoing innovation, rapid adoption of technology and integration of new media; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (client-centric approach; disciplined and consistent financial approach; and distinct corporate culture. ) Tj ET Q q 0 0 0 rg BT 469.61 314.10 Td (These strategies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (and competitive advantages have resulted in the Company being one of the most profitable commercial printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (companies in the markets in which it competes, as measured by ) Tj ET Q q 0 0 0 rg BT 319.04 290.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 393.76 290.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 411.63 290.10 Td (gin \(defined as EBITDA) Tj ET Q q 0 0 0 rg BT 509.66 290.10 Td ( before ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 278.56 278.10 Td (ges, loss on debt extinguishment, gain on disposal of discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (operations and loss from discontinued operations as a percentage of net sales\). EBITDA) Tj ET Q q 0 0 0 rg BT 417.35 266.10 Td ( is defined as net earnings \(loss\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (attributable to the Company's common shareholders plus interest expense, income tax expense \(if applicable\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (depreciation and amortization, and less income tax benefit \(if applicable\). EBITDA) Tj ET Q q 0 0 0 rg BT 398.71 242.10 Td ( is a financial measure not prepared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 397.87 230.10 Td (America \(GAAP\) that is reconciled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (to net earnings \(loss\) in the Results of Operations for the ) Tj ET Q q 0 0 0 rg BT 291.75 218.10 Td (Y) Tj ET Q q 0 0 0 rg BT 297.97 218.10 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.72 218.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.31 218.10 Td (, Compared to the ) Tj ET Q q 0 0 0 rg BT 493.09 218.10 Td (Y) Tj ET Q q 0 0 0 rg BT 499.31 218.10 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 206.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 206.10 Td (, and for the ) Tj ET Q q 0 0 0 rg BT 191.66 206.10 Td (Y) Tj ET Q q 0 0 0 rg BT 197.88 206.10 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.63 206.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 313.84 206.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.84 206.10 Td (, Compared to the ) Tj ET Q q 0 0 0 rg BT 392.62 206.10 Td (Y) Tj ET Q q 0 0 0 rg BT 398.84 206.10 Td (ear Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.60 206.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.18 206.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (included in Item 7, Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 268.65 194.10 Td (Analysis of Financial Condition and Results of Operations, of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (Annual Report on Form 10-K. EBITDA) Tj ET Q q 0 0 0 rg BT 225.49 182.10 Td ( is an important measure by which the Company gauges the profitability and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (assesses the performance of its business. It should not be considered an alternative to net earnings \(loss\) as a measure of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (operating performance or to cash flows provided by operating activities as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 449.45 158.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 134.10 Td (More information regarding Quad/Graphics is available on the Company's website at www) Tj ET Q q 0 0 0 rg BT 462.56 134.10 Td (.QG.com. Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (Graphics is not including the information contained on or available through its website as part of, or incorporating such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (information by reference into, this ) Tj ET Q q 0 0 0 rg BT 201.85 110.10 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 328.04 110.10 Td (The Company's ) Tj ET Q q 0 0 0 rg BT 392.62 110.10 Td (Annual Report on Form 10-K, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports are made available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (to the public at no char) Tj ET Q q 0 0 0 rg BT 154.73 86.10 Td (ge through a link appearing on the Company's website. Quad/Graphics provides access to such ) 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 60.35 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (materials through its website as soon as reasonably practicable after electronically filing such material with, or furnishing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (it to, the SEC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 687.25 Td (Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 663.25 Td (The global printing industry encompasses a wide range of sectors, including general commercial printing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 651.25 Td (newspapers and newspaper retail inserts, directories, books, direct mail, packaging, financial printing, business forms, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 639.25 Td (greeting cards, and label and wrapper printing. Printing is one of the lar) Tj ET Q q 0 0 0 rg BT 351.34 639.25 Td (gest industries in the United States, with more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 627.25 Td (than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.72 627.25 Td (950,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.22 627.25 Td ( employees and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.18 627.25 Td (49,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.68 627.25 Td ( companies generating an estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.90 627.25 Td ($162billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.52 627.25 Td ( in annual sales, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 615.25 Td (according to the Printing Industries of ) Tj ET Q q 0 0 0 rg BT 216.86 615.25 Td (America/Graphic ) Tj ET Q q 0 0 0 rg BT 288.22 615.25 Td (Arts ) Tj ET Q q 0 0 0 rg BT 307.76 615.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.17 615.25 Td (echnical Foundation \("PIA/GA) Tj ET Q q 0 0 0 rg BT 436.68 615.25 Td (TF"\) 201) Tj ET Q q 0 0 0 rg BT 472.89 615.25 Td (1 Print Market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (Atlas \("Print Market ) Tj ET Q q 0 0 0 rg BT 146.79 603.25 Td (Atlas"\). Quad/Graphics operates primarily in the commercial print portion of the printing industry) Tj ET Q q 0 0 0 rg BT 540.69 603.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (The PIA/GA) Tj ET Q q 0 0 0 rg BT 113.27 591.25 Td (TF defines this portion to include advertising printing such as direct mail, circulars, brochures, displays, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (inserts / pamphlets, business cards, stationery) Tj ET Q q 0 0 0 rg BT 244.26 579.25 Td (, catalogs, directories, newspapers, magazines and books. ) Tj ET Q q 0 0 0 rg BT 478.36 579.25 Td (According to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (Print Market ) Tj ET Q q 0 0 0 rg BT 115.77 567.25 Td (Atlas, the United States commercial printing sector) Tj ET Q q 0 0 0 rg BT 320.04 567.25 Td (, excluding newspapers, is estimated to generate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 555.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 555.25 Td ($82billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.87 555.25 Td ( in sales annually) Tj ET Q q 0 0 0 rg BT 235.37 555.25 Td (. ) Tj ET Q q 0 0 0 rg BT 242.69 555.25 Td (The commercial printing industry) Tj ET Q q 0 0 0 rg BT 376.73 555.25 Td (, excluding newspapers, is also highly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (fragmented and competitive, with the lar) Tj ET Q q 0 0 0 rg BT 225.54 543.25 Td (gest 400 printers representing less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.83 543.25 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.17 543.25 Td ( of the overall United States and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (Canadian market, based on the 2012 Printing Impressions PI400 and the Print Market ) Tj ET Q q 0 0 0 rg BT 407.39 531.25 Td (Atlas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 507.25 Td (Demand for printed products and related services is impacted by real gross domestic product growth, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 495.25 Td (economic activity and advertising spending are key drivers of customer demand. In times of global economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 483.25 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 107.33 483.25 Td (, advertisers reduce spending. Magazine publishers, facing diminished advertising pages, reduce total page ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 471.25 Td (counts; catalog marketers reduce page counts, circulation and the frequency of print campaigns; retailers curb ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (investments in store inventory and cut back advertising; and other advertisers reduce their direct mail campaigns, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 447.25 Td (particularly in the banking, insurance, credit card, real estate and nonprofit industries. In addition, the Company believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 435.25 Td (the commercial print industry has moved toward shorter print runs and increased production ef) Tj ET Q q 0 0 0 rg BT 441.88 435.25 Td (ficiency of products with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 423.25 Td (lower page counts and increasing complexity) Tj ET Q q 0 0 0 rg BT 243.13 423.25 Td (. ) Tj ET Q q 0 0 0 rg BT 250.45 423.25 Td (This, combined with increases in postage expenses \(which significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 411.25 Td (outpaced inflation over the last 10 years\) and the increased use of alternative marketing technologies have led many ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 399.25 Td (printing businesses to fail and the industry to under) Tj ET Q q 0 0 0 rg BT 267.79 399.25 Td (go ongoing consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 375.25 Td (Competition in the highly fragmented printing industry remains intense. ) Tj ET Q q 0 0 0 rg BT 391.83 375.25 Td (The industry has excess manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 363.25 Td (capacity created by declines in industry volumes during the past recession, which in turn has created continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (downward pricing pressures. In addition, digital delivery of documents and data, including the online distribution and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (hosting of media content and mobile technologies, of) Tj ET Q q 0 0 0 rg BT 275.55 339.25 Td (fer alternatives to traditional delivery of printed documents. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.25 Td (Increasing consumer acceptance of digital delivery of content has resulted in marketers and publishers allocating their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 315.25 Td (marketing and advertising spend across the expanding selection of digital delivery options, which further reduces ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (demand and contributes to industry overcapacity) Tj ET Q q 0 0 0 rg BT 257.01 303.25 Td (. In addition, the Company faces competition from print management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.25 Td (firms, which look to streamline processes and reduce the overall print spend of the Company's clients, as well as from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 279.25 Td (strategic marketing firms focused on helping businesses integrate multiple channels into their marketing campaigns.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 255.25 Td (Quad/Graphics believes that traditional business users of print and print-related services are focused on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.25 Td (generating and tracking the highest returns on their marketing dollars. ) Tj ET Q q 0 0 0 rg BT 347.18 243.25 Td (The Company believes that its clients receive the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (greatest return on their marketing and advertising dollars when they ef) Tj ET Q q 0 0 0 rg BT 344.39 231.25 Td (fectively utilize data to tar) Tj ET Q q 0 0 0 rg BT 449.16 231.25 Td (get the appropriate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 219.25 Td (customers and combine digital alternatives with customized print products in a tar) Tj ET Q q 0 0 0 rg BT 390.79 219.25 Td (geted, multichannel marketing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 207.25 Td (campaign driven by an overall marketing strategy) Tj ET Q q 0 0 0 rg BT 261.17 207.25 Td (. Quad/Graphics believes it is well positioned as a printer to help its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 195.25 Td (clients navigate through the changing media channels and connect and integrate new media with print.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 171.25 Td (Finally) Tj ET Q q 0 0 0 rg BT 126.69 171.25 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 63.00 159.25 Td (logistics capabilities because, for many clients, mailing and distribution represent their lar) Tj ET Q q 0 0 0 rg BT 422.44 159.25 Td (gest costtypically two to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 147.25 Td (three times the cost of their print expense. ) Tj ET Q q 0 0 0 rg BT 235.54 147.25 Td (Therefore, Quad/Graphics believes a printer's ability to impact mailing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 135.25 Td (distribution expenses through data hygiene and sophisticated, automated printing, finishing and distribution equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 123.25 Td (creates value for clients by minimizing their total manufacturing and distribution cost.) 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 60.35 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (Seasonality) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 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 497.79 698.25 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.68 698.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (fourth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.44 686.25 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 284.01 686.25 Td (first) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.12 686.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.56 686.25 Td (second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.33 686.25 Td ( quarters. Seasonality is driven by increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (magazine advertising page counts, retail inserts, catalogs and books due primarily to back-to-school and holiday related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (advertising and promotions. Quad/Graphics expects the seasonality impact in future years to continue to track with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (historical patterns.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 627.25 Td (Strategy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 603.25 Td (Quad/Graphics remains focused on four primary strategic goals, which it believes will allow the Company to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (successful despite ongoing economic and industry challenges. ) Tj ET Q q 0 0 0 rg BT 315.81 591.25 Td (These four goals are as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 567.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 567.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.76 567.25 Td (ransform the Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 543.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 543.25 Td (Maximize Operational and ) Tj ET Q q 0 0 0 rg BT 226.50 543.25 Td (T) Tj ET Q q 0 0 0 rg BT 231.91 543.25 Td (echnological Excellence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 519.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 519.25 Td (Empower) Tj ET Q q 0 0 0 rg BT 155.48 519.25 Td (, Engage and Develop Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 495.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 495.25 Td (Enhance Financial Strength) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 471.25 Td (1. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 471.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.74 471.25 Td (ransform the Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 447.25 Td (The Company believes it is well positioned to transform the industry in the following three ways: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 423.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 423.25 Td (Maximize the Revenue Clients Derive From ) Tj ET Q q 0 0 0 rg BT 296.78 423.25 Td (Their Marketing Spend ) Tj ET Q q 0 0 0 rg BT 392.41 423.25 Td (Through Media Channel Integration.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 399.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 399.25 Td (Minimize Clients' ) Tj ET Q q 0 0 0 rg BT 190.84 399.25 Td (T) Tj ET Q q 0 0 0 rg BT 196.25 399.25 Td (otal Cost of Production and Distribution.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 375.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 375.25 Td (Pursue ) Tj ET Q q 0 0 0 rg BT 146.54 375.25 Td (V) Tj ET Q q 0 0 0 rg BT 152.65 375.25 Td (alue-Driven Industry Consolidation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 351.25 Td (Maximize the Revenue Clients Derive Fr) Tj ET Q q 0 0 0 rg BT 261.63 351.25 Td (om Their Marketing Spend Thr) Tj ET Q q 0 0 0 rg BT 385.69 351.25 Td (ough Media Channel Integration. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (Quad/Graphics understands that its clients are faced with an ever) Tj ET Q q 0 0 0 rg BT 322.43 339.25 Td (-changing media landscape and an increasingly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.25 Td (demanding consumer) Tj ET Q q 0 0 0 rg BT 148.26 327.25 Td (. ) Tj ET Q q 0 0 0 rg BT 155.21 327.25 Td (As a printer and media channel integrator) Tj ET Q q 0 0 0 rg BT 320.85 327.25 Td (, the Company believes that it is uniquely positioned to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 315.25 Td (help clients navigate today's multichannel world by capitalizing on print's ability to complement and connect with other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (media channels. ) Tj ET Q q 0 0 0 rg BT 132.24 303.25 Td (This has created an opportunity for Quad/Graphics to help maximize the revenue clients derive from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.25 Td (their overall marketing spend. ) Tj ET Q q 0 0 0 rg BT 187.78 291.25 Td (W) Tj ET Q q 0 0 0 rg BT 196.82 291.25 Td (ith its consultative ideas, worldwide capabilities, leading-edge technology and single-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 279.25 Td (source simplicity) Tj ET Q q 0 0 0 rg BT 130.95 279.25 Td (, Quad/Graphics uses a client-centric approach to help marketers and publishers connect strategy and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 267.25 Td (content with multiple media channels to create measurable client value. ) Tj ET Q q 0 0 0 rg BT 353.82 267.25 Td (The Company's integrated solutions, which use ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 255.25 Td (data to leverage and connect all channels including print, email, tablet, mobile, video, social and web, help its clients ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.25 Td (engage consumers and readers, drive higher response rates, promote a consistent brand across channels and create returns ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (for advertisers on their marketing dollars.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 207.25 Td (According to a 2012 study by InfoT) Tj ET Q q 0 0 0 rg BT 242.51 207.25 Td (rends, marketers report an average improvement of 45% for multichannel ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 195.25 Td (campaigns \(using print, email, web landing pages and mobile technology\) over print-only campaigns. In addition, more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 183.25 Td (than 50% of marketers are utilizing three or more forms of media in their marketing campaigns, according to a 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 171.25 Td (InfoT) Tj ET Q q 0 0 0 rg BT 85.42 171.25 Td (rends study) Tj ET Q q 0 0 0 rg BT 130.60 171.25 Td (. Using a client-centric approach, the Company intends to continue to redefine print communications as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 159.25 Td (the foundation of how it will integrate media channels by:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 135.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 135.25 Td (consulting with clients on marketing strategies to integrate personalized, tar) Tj ET Q q 0 0 0 rg BT 419.51 135.25 Td (geted print communications ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 123.25 Td (with other media channels including video, mobile, social, email and ) Tj ET Q q 0 0 0 rg BT 394.80 123.25 Td (W) Tj ET Q q 0 0 0 rg BT 403.44 123.25 Td (eb-based media to drive higher ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 111.25 Td (response rates;) 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 60.35 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 722.10 Td (leveraging its integrated data analytics, finishing technology and logistics operations, which allow clients to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 710.10 Td (create and track customized and relevant communications across channels on a cost-ef) Tj ET Q q 0 0 0 rg BT 462.51 710.10 Td (fective basis, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 698.10 Td (the objective of delivering higher responses at a lower cost;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 674.10 Td (improving the cost ef) Tj ET Q q 0 0 0 rg BT 202.08 674.10 Td (fectiveness of local advertising investments through an improved understanding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 662.10 Td (best customers' shopping behavior) Tj ET Q q 0 0 0 rg BT 254.21 662.10 Td (, messaging preferences and media consumption habits;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 638.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 638.10 Td (developing workflow solutions to help clients streamline content management across multiple channels;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 614.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 614.10 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 117.00 602.10 Td (campaigns, email, personalized URLs, mobile solutions and digital editions, and creating and maintaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 590.10 Td (microsites in support of ef) Tj ET Q q 0 0 0 rg BT 221.80 590.10 Td (fective, print-focused marketing campaigns; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 566.10 Td (investing in leading-edge technologies and capabilities to ensure it can provide the most desirable and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 554.10 Td (ef) Tj ET Q q 0 0 0 rg BT 124.59 554.10 Td (fective multichannel solutions to marketers and publishers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 530.10 Td (Minimize Clients' T) Tj ET Q q 0 0 0 rg BT 176.33 530.10 Td (otal Cost of Pr) Tj ET Q q 0 0 0 rg BT 235.14 530.10 Td (oduction and Distribution.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 341.53 530.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.53 530.10 Td (Quad/Graphics has made strategic capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (expenditure and information technology \("IT"\) investments to build what it believes is one of the most ef) Tj ET Q q 0 0 0 rg BT 483.11 518.10 Td (ficient and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (innovative distribution networks in the commercial printing industry) Tj ET Q q 0 0 0 rg BT 336.47 506.10 Td (. ) Tj ET Q q 0 0 0 rg BT 343.79 506.10 Td (The Company's goal, and an integral component of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (how Quad/Graphics creates client value, is to maintain and utilize a fully-integrated, national distribution network that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (includes: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 458.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 458.10 Td (technology and data processes to reduce postage expenses for its U.S. clients, typically their lar) Tj ET Q q 0 0 0 rg BT 498.09 458.10 Td (gest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 446.10 Td (expense, including an extensive distributive co-mail program that combines and drop ships numerous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 434.10 Td (clients' mailpieces 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 99.00 410.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 410.10 Td (unique software to mer) Tj ET Q q 0 0 0 rg BT 209.29 410.10 Td (ge mailstreams on a lar) Tj ET Q q 0 0 0 rg BT 301.85 410.10 Td (ge scale and leverage the mailing platform to provide even ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 398.10 Td (greater co-mailing cost and ef) Tj ET Q q 0 0 0 rg BT 236.21 398.10 Td (ficiency benefits to its clients;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 374.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 374.10 Td (advanced finishing capabilities that enable enhanced co-mailing ef) Tj ET Q q 0 0 0 rg BT 383.10 374.10 Td (ficiencies;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 350.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 350.10 Td (in-house transportation and logistics services; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 326.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 326.10 Td (a robust national distribution network with the ability to deliver to more than 1,600 U.S. Postal Service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 314.10 Td (processing facilities and thousands of local newspapers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 290.10 Td (Pursue V) Tj ET Q q 0 0 0 rg BT 134.83 290.10 Td (alue-Driven Industry Consolidation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.65 290.10 Td (Given the challenges in the printing industry) Tj ET Q q 0 0 0 rg BT 463.30 290.10 Td (, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (overcapacity and some secular decline in certain product categories, Quad/Graphics' ef) Tj ET Q q 0 0 0 rg BT 410.30 278.10 Td (ficient manufacturing platform ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (and financial strength provide the Company with the ability to select and execute on value-added consolidation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (acquisition opportunities. ) Tj ET Q q 0 0 0 rg BT 169.47 254.10 Td (The Company believes this will create measurable value through the addition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (complementary capabilities, allowing the Company to provide an enhanced range of products and services, and create ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (significant ef) Tj ET Q q 0 0 0 rg BT 115.30 230.10 Td (ficiencies in the overall print production and distribution processes. Quad/Graphics uses a disciplined, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (value-driven approach to ensure that the following criteria are met before an opportunity is selected: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 194.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 194.10 Td (The Company conducts a thorough review process to ensure a potential acquisition will be a good strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 182.10 Td (fit. For example, with the Company's recent acquisition of ) Tj ET Q q 0 0 0 rg BT 354.68 182.10 Td (V) Tj ET Q q 0 0 0 rg BT 360.79 182.10 Td (ertis \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.11 182.10 Td (Note26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.05 182.10 Td (, "Subsequent Events," to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 170.10 Td (consolidated financial statements in Item 8, "Financial Statements and Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 518.68 170.10 Td (Annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 158.10 Td (Report on Form 10-K\), complementary capabilities in retail advertising inserts, direct marketing and in-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 146.10 Td (store marketing) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.48 146.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.98 146.10 Td (provides clients with an enhanced range of products and services, expanded vertical market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 134.10 Td (expertise, allows a significant level of consolidation onto the Company's most ef) Tj ET Q q 0 0 0 rg BT 439.11 134.10 Td (ficient production ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 122.10 Td (platforms and an extended geographic footprint, and provides new opportunities to realize mailing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 110.10 Td (distribution cost-savings.) 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Key economics include the negotiated purchase price, tar) Tj ET Q q 0 0 0 rg BT 399.01 698.10 Td (geted ef) Tj ET Q q 0 0 0 rg BT 430.75 698.10 Td (ficiencies from integrating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 686.10 Td (the companies together and the necessary cost to achieve those syner) Tj ET Q q 0 0 0 rg BT 392.27 686.10 Td (gies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 662.10 Td (The Company makes certain that the integration plan is executable in a timely manner and without risk of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 650.10 Td (significant client disruption. ) Tj ET Q q 0 0 0 rg BT 234.30 650.10 Td (The Company has a holistic approach to integration and measures success ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 638.10 Td (with four key elements: financial metrics, client retention and satisfaction, employee integration, and IT) Tj ET Q q 0 0 0 rg BT 532.23 638.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 626.10 Td (and platform integration.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 602.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 602.10 Td (The Company ensures that post-acquisition, it retains the financial strength and flexibility it had prior to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 590.10 Td (acquisition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 Td (2. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 566.10 Td (Maximize Operational and T) Tj ET Q q 0 0 0 rg BT 235.26 566.10 Td (echnological Excellence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 542.10 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 63.00 530.10 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 63.00 518.10 Td (automated, ef) Tj ET Q q 0 0 0 rg BT 117.24 518.10 Td (ficient and modern manufacturing platforms in the industry) Tj ET Q q 0 0 0 rg BT 354.03 518.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.34 518.10 Td (The Company has built a platform that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (encompasses a combination of mega plants \(facilities greater than 1.0million square feet\) that have a number of dif) Tj ET Q q 0 0 0 rg BT 525.16 506.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (product lines under one roof, mega zones where multiple facilities in close geographic proximity are managed as one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (lar) Tj ET Q q 0 0 0 rg BT 73.37 482.10 Td (ge facility) Tj ET Q q 0 0 0 rg BT 112.98 482.10 Td (, and strategically located smaller facilities. 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For example, the Company's in-house research and development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (division has been instrumental in developing and deploying what the Company believes are industry-leading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (manufacturing solutions, which has allowed the Company to reduce its cost structure over the years. ) Tj ET Q q 0 0 0 rg BT 468.83 434.10 Td (This includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (closed-loop color systems, press controls, cut-of) Tj ET Q q 0 0 0 rg BT 255.84 422.10 Td (f controls and register guidance systems.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 398.10 Td (3. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 398.10 Td (Empower) Tj ET Q q 0 0 0 rg BT 155.90 398.10 Td (, Engage and Develop Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 374.10 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 63.00 362.10 Td (entrepreneurs by taking ownership of their work and providing innovative solutions that advance the Company's strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (goals. ) Tj ET Q q 0 0 0 rg BT 91.43 350.10 Td (The Company helps employees keep current on skills through education and training programs of) Tj ET Q q 0 0 0 rg BT 481.98 350.10 Td (fered on the job ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (and in the classroom. For example, the Company has a Leading ) Tj ET Q q 0 0 0 rg BT 326.64 338.10 Td (W) Tj ET Q q 0 0 0 rg BT 335.68 338.10 Td (ithin Quad management training program to help all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (leaders develop a deeper understanding of the business, the industry and their leadership competencies. Much of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (education is developed specifically for its workforce by its in-house education division, QuadEducation, in cooperation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (with its Continuous Improvement and Safety business units. ) Tj ET Q q 0 0 0 rg BT 308.36 302.10 Td (The Company reinforces with employees the eight core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (values that drive all of its business decisions: ) Tj ET Q q 0 0 0 rg BT 245.57 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 251.33 290.10 Td (rust in ) Tj ET Q q 0 0 0 rg BT 278.92 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 284.68 290.10 Td (rust, Do the Right ) Tj ET Q q 0 0 0 rg BT 358.66 290.10 Td (Thing, Innovate, Grow) Tj ET Q q 0 0 0 rg BT 449.66 290.10 Td (, Believe in People, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (Make Money) Tj ET Q q 0 0 0 rg BT 115.95 278.10 Td (, Have Fun, and Do ) Tj ET Q q 0 0 0 rg BT 196.59 278.10 Td (Things for the Rose \(i.e., the sake of excellence\). ) Tj ET Q q 0 0 0 rg BT 397.44 278.10 Td (The Company demonstrates its care ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (for employees through innovative benefits such as QuadMed, which focuses on prevention and wellness delivered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (through onsite fitness centers and primary care clinics, and advanced telemedicine systems.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 230.10 Td (4. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 117.00 230.10 Td (Enhance Financial Strength) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 206.10 Td (Given current economic and industry challenges, the Company has taken a disciplined approach to maintaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (and enhancing financial strength as a key strategic goal. ) Tj ET Q q 0 0 0 rg BT 291.34 194.10 Td (This strategy is centered on the Company's ability to maximize ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (free cash flow) Tj ET Q q 0 0 0 rg BT 118.99 182.10 Td (, earnings, operating mar) Tj ET Q q 0 0 0 rg BT 218.49 182.10 Td (gins and ) Tj ET Q q 0 0 0 rg BT 254.05 182.10 Td (Adjusted EBITDA; maintain consistent financial policies to ensure a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (strong balance sheet and liquidity level is maintained; and retain the financial flexibility needed to strategically allocate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (and deploy capital as circumstances change. ) Tj ET Q q 0 0 0 rg BT 244.41 158.10 Td (The priorities for capital allocation and deployment are adjusted based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.10 Td (prevailing circumstances and what the Company thinks is best for shareholder value creation at any particular point in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 88.09 134.10 Td (Those priorities currently include: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 110.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 110.10 Td (deleveraging the Company's balance sheet through debt and pension reduction; ) 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 60.35 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 722.10 Td (making value creating investments that drive: profitable or) Tj ET Q q 0 0 0 rg BT 351.47 722.10 Td (ganic growth and productivity in the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 710.10 Td (current business; expansion into higher growth geographic markets; and the addition of new strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 698.10 Td (competencies and capabilities; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 674.10 Td (returning cash back to shareholders.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 651.25 Td (Competitive ) Tj ET Q q 0 0 0 rg BT 117.16 651.25 Td (Advantages) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td (Quad/Graphics believes its success has been fueled by a number of key competitive advantages that drive its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 615.25 Td (four primary strategic goals, including: an ef) Tj ET Q q 0 0 0 rg BT 241.37 615.25 Td (ficient, flexible and modern manufacturing platform; leading mailing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (distribution capabilities; a commitment to ongoing innovation, rapid adoption of technology and integration of new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (media; a client-centric approach; a disciplined and consistent financial approach; and a distinct corporate culture that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (empowers and engages employees to think and act like owners to drive business results.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 555.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 108.82 555.25 Td (ficient, Flexible and Modern Manufacturing Platform) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 531.25 Td (The Company has continuously invested in its manufacturing platform through modern equipment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (automation that allow for more pages to be printed for each revolution of the press, reducing the amount of time that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (each individual printing job takes to complete. In addition, the Company's long-standing commitment to investing in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 495.25 Td (manufacturing process improvements has led to increases in productivity) Tj ET Q q 0 0 0 rg BT 354.49 495.25 Td (, reductions in waste and smaller crew sizes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 483.25 Td (The Company's investment in its manufacturing platform has consistently been based on evaluating investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 471.25 Td (opportunities on the useful economic life of the underlying equipment rather than focusing on the potential mechanical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (life of the equipment. ) Tj ET Q q 0 0 0 rg BT 153.90 459.25 Td (This discipline is critical in an industry in which technological change can create obsolescence ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 447.25 Td (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 99.00 423.25 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 63.00 411.25 Td (mega plants \(facilities greater than 1.0 million square feet\) that have a number of dif) Tj ET Q q 0 0 0 rg BT 400.19 411.25 Td (ferent products under one roof; mega ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 399.25 Td (zones where multiple facilities in close geographic proximity are managed as one lar) Tj ET Q q 0 0 0 rg BT 401.58 399.25 Td (ge facility; and smaller strategically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 387.25 Td (located facilities. ) Tj ET Q q 0 0 0 rg BT 136.12 387.25 Td (The Company has continued to evolve its platform, equipping facilities to be product line agnostic, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.25 Td (which enables the Company to maximize equipment utilization. Quad/Graphics believes that the lar) Tj ET Q q 0 0 0 rg BT 464.37 375.25 Td (ge plant size of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 363.25 Td (certain of its key printing facilities allows the Company to drive savings in certain product lines \(such as magazines and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (catalogs\) due to ef) Tj ET Q q 0 0 0 rg BT 136.40 351.25 Td (ficiencies of scale and from investments in automation and technology) Tj ET Q q 0 0 0 rg BT 418.17 351.25 Td (. Complementing its mega plant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (and mega zone footprints are smaller facilities, strategically located nearer to final distribution points for expedited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.25 Td (delivery) Tj ET Q q 0 0 0 rg BT 95.11 327.25 Td (. ) Tj ET Q q 0 0 0 rg BT 102.43 327.25 Td (This allows clients greater deadline flexibility for adjusting content or marketing strategy) Tj ET Q q 0 0 0 rg BT 458.63 327.25 Td (, especially for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 315.25 Td (commercial products, direct mail and retail inserts. Its platform provides the Company with the flexibility to meet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (complex customer service requirements, such as quick turns for time-sensitive material, or when weather patterns ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.25 Td (threaten production or delivery in a specific area of the country) Tj ET Q q 0 0 0 rg BT 315.02 291.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 267.25 Td (Quad/Graphics has also focused on investments in automation designed to reduce headcount and labor costs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 255.25 Td (Capital investments in advanced applications of robotics and automation and manufacturing process improvements have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.25 Td (allowed the Company to lower personnel costs through attrition, reduction of overtime and temporary labor) Tj ET Q q 0 0 0 rg BT 492.77 243.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (workforce reductions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 207.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.41 207.25 Td (o be the low-cost producer) Tj ET Q q 0 0 0 rg BT 210.64 207.25 Td (, Quad/Graphics makes a concerted ef) Tj ET Q q 0 0 0 rg BT 362.61 207.25 Td (fort to treat all costs as variable and maintains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 195.25 Td (a stringent focus on achieving productivity improvements and sustainable cost reductions through a variety of continuous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 183.25 Td (improvement programs in both manufacturing and administrative areas. ) Tj ET Q q 0 0 0 rg BT 354.96 183.25 Td (The Company believes it is making progress ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 171.25 Td (toward this goal by remaining focused on:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 147.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 147.25 Td (the implementation of sustainable reductions in non-labor and indirect labor spending areas; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 123.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 123.25 Td (a disciplined approach to improving capacity utilization and productivity across the entire platform; and) 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 60.35 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 722.10 Td (a focused ef) Tj ET Q q 0 0 0 rg BT 165.13 722.10 Td (fort to take out direct costs through a variety of means, including the maximization of labor mix ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 710.10 Td (and the expansion of continuous improvement programs to reduce waste, eliminate redundancies and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 698.10 Td (shorten cycle times.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 126.69 674.10 Td (, Quad/Graphics has invested in vertically-integrated, non-print capabilities to assist it in delivering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (lower costs for its clients, enhancing customer service levels, increasing flexibility and providing more aggregated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (services to each client. Such capabilities include data management, imaging, logistics and distribution, ink ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (manufacturing, and equipment research and design. ) Tj ET Q q 0 0 0 rg BT 274.13 638.10 Td (This vertical integration allows substantial control over critical links ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (in the overall print supply chain, such as the Company's ink manufacturing capabilities, that help it control the quality) Tj ET Q q 0 0 0 rg BT 533.49 626.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (cost and availability of a key input in the printing process.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 590.10 Td (Leading Mailing Distribution Capabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 Td (Quad/Graphics creates tar) Tj ET Q q 0 0 0 rg BT 202.66 566.10 Td (geted and personalized printed materials for its clients, which increase consumer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (response rates, maximize return on print spending, and reduce overall costs. Quad/Graphics uses its in-house list ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (services bureau to analyze mail list data, demographics data, consumer transaction data and other consumer) Tj ET Q q 0 0 0 rg BT 493.20 542.10 Td (-specific data ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (to help its clients tar) Tj ET Q q 0 0 0 rg BT 143.91 530.10 Td (get consumers through personalized printed materials. Personalization and tar) Tj ET Q q 0 0 0 rg BT 456.97 530.10 Td (geting create the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (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 439.93 518.10 Td (The Company believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (that integrating its analysis of mail list data with its logistics services allows it to reduce client freight costs for shipments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (to newsstands and postal centers, while providing a high level of dependability and rapid response times that are crucial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (to the delivery of time-sensitive materials. Further) Tj ET Q q 0 0 0 rg BT 265.88 482.10 Td (, the Company uses a national consolidation network to combine like-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (destination freight to maximize cost-ef) Tj ET Q q 0 0 0 rg BT 217.77 470.10 Td (fectiveness.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 446.10 Td (Postal rates are a significant component of many clients' cost structures and Quad/Graphics believes that postal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (costs influence the number of pieces that its clients print and mail. ) Tj ET Q q 0 0 0 rg BT 332.75 434.10 Td (The Company has invested significantly in its mail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (preparation and distribution capabilities to of) Tj ET Q q 0 0 0 rg BT 243.05 422.10 Td (fset increasing postage costs, and help clients successfully navigate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (ever) Tj ET Q q 0 0 0 rg BT 80.01 410.10 Td (-changing postal environment. ) Tj ET Q q 0 0 0 rg BT 206.74 410.10 Td (Through its data analytics, finishing technology and logistics operations, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (Company manages the mail preparation and distribution of most of its clients' products to maximize ef) Tj ET Q q 0 0 0 rg BT 473.14 398.10 Td (ficiency and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (reduce these costs. ) Tj ET Q q 0 0 0 rg BT 142.51 386.10 Td (The Company helps its U.S. clients reduce their overall postage costs through what it believes, based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (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 455.37 374.10 Td (gest co-mail program. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 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 63.00 350.10 Td (order to facilitate better integration with the United States Postal Service. ) Tj ET Q q 0 0 0 rg BT 360.79 350.10 Td (The United States Postal Service of) Tj ET Q q 0 0 0 rg BT 502.52 350.10 Td (fers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (significant work-sharing discounts for this sorting, bundling and drop-shipping to postal processing centers as it reduces ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (handling by the United States Postal Service. By combining the products of multiple clients in the mailstream, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (Company leverages the volume from all of its clients, regardless of the production facility) Tj ET Q q 0 0 0 rg BT 422.25 314.10 Td (, to achieve greater savings. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 302.10 Td (, Quad/Graphics co-mailed approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.78 302.10 Td (5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.39 302.10 Td ( magazines and catalogs, earning significant discounts from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (United States Postal Service on behalf of its clients.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 266.10 Td (Quad/Graphics is also able to leverage the volume of products running through its plants for further client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (distribution savings by coordinating and consolidating shipments from single mega plants or multiple plants that create a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (mega zone, and then routing those shipments directly to newspaper) Tj ET Q q 0 0 0 rg BT 331.42 242.10 Td (, U.S. Postal Service or other distribution facilities. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (addition, each major United States metropolitan area is within one day's drive of at least one of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (strategically located facilities, providing its clients the flexibility to print closest to their end consumers.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 194.10 Td (Commitment to Ongoing Innovation, Rapid ) Tj ET Q q 0 0 0 rg BT 280.89 194.10 Td (Adoption of T) Tj ET Q q 0 0 0 rg BT 337.20 194.10 Td (echnology and Integration of New Media) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 170.10 Td (Quad/Graphics has had a continued commitment to research and development, manufacturing process ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (improvements, 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 99.00 134.10 Td (From a client-facing perspective, Quad/Graphics believes it is at the forefront of the printing industry with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (creating and/or rapidly adopting solutions that help marketers and publishers integrate print with new media to drive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (business results. ) Tj ET Q q 0 0 0 rg BT 132.82 110.10 Td (The Company's Media Solutions group is dedicated to developing, testing and delivering these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (innovative solutions. Media Solutions' core services include marketing strategy) Tj ET Q q 0 0 0 rg BT 381.86 98.10 Td (, media planning and placement, data ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (insights, creative services, videography) Tj ET Q q 0 0 0 rg BT 219.80 86.10 Td (, photography) Tj ET Q q 0 0 0 rg BT 274.70 86.10 Td (, workflow solutions, digital imaging, digital publishing, interactive ) 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 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 60.35 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (print solutions such as image recognition, augmented reality and near field communication, and response data analytics. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (These services are seamlessly integrated to help clients optimize content, promote brand awareness and loyalty) Tj ET Q q 0 0 0 rg BT 506.36 710.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (create experiences that connect with consumers and readers across multiple channels including print, online, mobile, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (email, e-book, tablet and in-store.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (The Company's engineers, designers and systems engineers, working closely with its press and finishing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (operators, have developed a range of advancements that enhance the Company's manufacturing platform. ) Tj ET Q q 0 0 0 rg BT 488.90 650.10 Td (The value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (Quad/Graphics' innovations to the industry is supported by the fact that it generates revenue by supplying some of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (technology solutions and consulting services to other printers. In particular) Tj ET Q q 0 0 0 rg BT 364.47 626.10 Td (, the Company believes it is an internationally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (known, leading manufacturer of electronic process control systems and maintains of) Tj ET Q q 0 0 0 rg BT 399.66 614.10 Td (fices in the Netherlands, India, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (Singapore, Japan and China 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 99.00 578.10 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 63.00 566.10 Td (distribution networks into a singular platform using a networked IT) Tj ET Q q 0 0 0 rg BT 332.49 566.10 Td ( infrastructure. ) Tj ET Q q 0 0 0 rg BT 396.17 566.10 Td (This platformnamed Smartools) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (provides seamless, real-time information flow across sales and estimating, production planning, scheduling, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (manufacturing, warehousing, logistics, invoicing, reporting and customer service.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 518.10 Td (Client-Centric ) Tj ET Q q 0 0 0 rg BT 160.02 518.10 Td (Approach) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 494.10 Td (Throughout its 40-plus-year history) Tj ET Q q 0 0 0 rg BT 240.83 494.10 Td (, the Company has put its clients at the center of its operations, creating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (solutions clients need to meet their business objectives. ) Tj ET Q q 0 0 0 rg BT 288.89 482.10 Td (The Company uses a client-centric approach to help marketers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (and publishers take maximum advantage of the Company's full range of integrated multichannel solutions to help them ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (better engage end users and drive improved response from print and print-related solutions. ) Tj ET Q q 0 0 0 rg BT 432.99 458.10 Td (The Company's interactive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (print solutions, for example, connect print with mobile technologies such as Smartphones and tablets to create ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (compelling calls to action that drive business results. Using QR codes, image recognition, augmented reality or near) Tj ET Q q 0 0 0 rg BT 529.35 434.10 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (field communication, the Company addresses clients' needs to extend content, encourage social sharing, facilitate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (shopping or subscription renewals, and more. Part of the interactive print solutions of) Tj ET Q q 0 0 0 rg BT 406.92 410.10 Td (fering includes measurement and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (analytic tools so publishers and marketers can adjust their strategies and, since the destination content for interactive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (print solutions is cloud-based or ) Tj ET Q q 0 0 0 rg BT 193.64 386.10 Td (W) Tj ET Q q 0 0 0 rg BT 202.28 386.10 Td (eb-based, it can be changed nearly instantaneously as the client sees how consumers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (or readers are reacting. ) Tj ET Q q 0 0 0 rg BT 159.43 374.10 Td (The Company will continue to evolve its of) Tj ET Q q 0 0 0 rg BT 333.38 374.10 Td (fering as technologies and user preferences change.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 350.10 Td (Quad/Graphics' "high tech/high touch" approach has led to what the Company believes is an excellent client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (service reputation. ) Tj ET Q q 0 0 0 rg BT 141.68 338.10 Td (The Company uses the latest technology and tools to better connect clients with employees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (employees with each other) Tj ET Q q 0 0 0 rg BT 169.35 326.10 Td (. Its own brand of Smartools not only link the Company's people and equipment across its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (entire network of plants, but extend to the Company's clients as well, creating true, real-time communications ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (integration. For example, the Company's Smartools provide clients with access to the very same up-to-the-minute ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (information used by the Company's production, client service and sales representatives, allowing them to better manage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (current projects and plan future work.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 254.10 Td (Disciplined and Consistent Financial ) Tj ET Q q 0 0 0 rg BT 254.77 254.10 Td (Approach) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 230.10 Td (Quad/Graphics is a controlled public company with the Harry ) Tj ET Q q 0 0 0 rg BT 348.47 230.10 Td (V) Tj ET Q q 0 0 0 rg BT 354.41 230.10 Td (. Quadracci family having voting control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (through ownership of high-vote stock. ) Tj ET Q q 0 0 0 rg BT 220.85 218.10 Td (This structure provides consistency in ownership, leadership, strategy and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (financial policies and perpetuates a management culture of always striving to be our own best investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 182.10 Td (Quad/Graphics believes that its disciplined financial approach of focusing on maximizing earnings and free ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (cash flow) Tj ET Q q 0 0 0 rg BT 100.95 170.10 Td (, and maintaining a strong balance sheet provides a competitive advantage. Continuous Improvement and Lean ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (Manufacturing methodologies are among the tools that Quad/Graphics uses to improve manufacturing productivity and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.10 Td (to ultimately maximize operating mar) Tj ET Q q 0 0 0 rg BT 213.88 146.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 237.87 146.10 Td (The Company applies these same methodologies to its selling, general and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 Td (administrative functions to create a truly Lean Enterprise. ) Tj ET Q q 0 0 0 rg BT 297.92 134.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 347.82 134.10 Td (, Quad/Graphics has a culture of continuous cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (reduction, which includes minimizing waste, increasing ef) Tj ET Q q 0 0 0 rg BT 296.09 122.10 Td (ficiencies and throughput, and simplifying and streamlining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (processes. ) Tj ET Q q 0 0 0 rg BT 108.64 110.10 Td (The Company has been working diligently to lower its cost structure by consolidating its manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (platform into its most ef) Tj ET Q q 0 0 0 rg BT 159.47 98.10 Td (ficient facilities, as well as realizing purchasing, mailing and logistics ef) Tj ET Q q 0 0 0 rg BT 448.09 98.10 Td (ficiencies by centralizing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (and consolidating print manufacturing volumes and eliminating redundancies in its administrative and corporate ) 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 60.35 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (operations. Quad/Graphics believes that its focused ef) Tj ET Q q 0 0 0 rg BT 281.09 722.10 Td (forts to be the low-cost producer generates increased free cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (flow and allows the Company to focus on maintaining a strong balance sheet through debt and pension reductions. ) Tj ET Q q 0 0 0 rg BT 526.05 710.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (Company's disciplined financial approach has resulted in strong credit metrics and has allowed the Company to structure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (its debt agreements to maintain high liquidity as well as to avoid refinancing risk, with the nearest significant maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (not until July 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 650.10 Td (The Company takes a very disciplined approach to its capital allocation decisions. ) Tj ET Q q 0 0 0 rg BT 431.69 650.10 Td (A) Tj ET Q q 0 0 0 rg BT 438.36 650.10 Td ( key part of this discipline ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (is a goal of having returns on investment exceed the cost of capital, whether the investments are related to purchasing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (right equipment or investing in the right strategic growth initiatives. ) Tj ET Q q 0 0 0 rg BT 339.44 626.10 Td (The Company balances the use of cash between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (compelling investment opportunities; deleveraging the balance sheet through debt reductions or pension liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (paydowns; or returning cash back to shareholders through dividends.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 578.10 Td (Distinct Corporate Culture) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 554.10 Td (Quad/Graphics believes that its distinct corporate culture, which evolved from a core set of values conceived by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (the late founder Harry ) Tj ET Q q 0 0 0 rg BT 153.89 542.10 Td (V) Tj ET Q q 0 0 0 rg BT 159.82 542.10 Td (. Quadracci, drives thoughtful decision-making, especially with regard to how it manages ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (operations and creates solutions that redefine print in a multichannel media landscape, and better positions the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (to prevail in the dynamic and competitive printing industry) Tj ET Q q 0 0 0 rg BT 298.41 518.10 Td (. ) Tj ET Q q 0 0 0 rg BT 305.73 518.10 Td (The Company fosters an entrepreneurial environment by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (inspiring and empowering employees to own projects and enact solutions that advance the Company's goals. Employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (in the United States who have been employed for at least one full calendar year also may have a beneficial ownership in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (the Company through Company stock held in an employee stock ownership plan, enhancing their sense of ownership. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (The Company believes that the empowerment, engagement and development of its employee owners fosters a strong ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (partnership approach within the business that delivers results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.10 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 63.00 422.10 Td (improvement training, personal improvement classes, financial and retirement planning and comprehensive health and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (wellness benefits. ) Tj ET Q q 0 0 0 rg BT 138.91 410.10 Td (Through its own network of QuadMed primary care clinics located at lar) Tj ET Q q 0 0 0 rg BT 429.47 410.10 Td (ger worksite locations, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (Company provides high-quality primary medical care and specialty services to employees and their families at a low ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 86.43 386.10 Td (The Company demonstrates its commitment to wellness through on-site fitness centers at a number of printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (plant locations, as well as by of) Tj ET Q q 0 0 0 rg BT 188.63 374.10 Td (fering smoking cessation, weight-management and nutrition classes among other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (wellness-related programs; providing employee assistance program counseling services; and developing its own ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (programs with financial incentives for managing chronic conditions such as diabetes and asthma \(known as ) Tj ET Q q 0 0 0 rg BT 495.20 350.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.84 350.10 Td (ell ) Tj ET Q q 0 0 0 rg BT 515.96 350.10 Td (Y) Tj ET Q q 0 0 0 rg BT 522.18 350.10 Td (ou\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (and promoting healthy lifestyles \(known as Lean ) Tj ET Q q 0 0 0 rg BT 260.64 338.10 Td (Y) Tj ET Q q 0 0 0 rg BT 266.86 338.10 Td (ou\). QuadMed also sells this business model of healthcare services to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (third-party businesses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 302.10 Td (Quad/Graphics is led by an experienced management team with a proven track record in the printing industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (that is committed to preserving the Company's values-based culture. ) Tj ET Q q 0 0 0 rg BT 340.94 290.10 Td (The senior management team includes individuals ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (with long tenure with the Company augmented with seasoned industry talent realized through strategic hiring or recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (acquisitions, further supported by managers and employees committed to advancing print solutions in coordination with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (the ever) Tj ET Q q 0 0 0 rg BT 94.72 254.10 Td (-evolving multichannel media landscape. ) Tj ET Q q 0 0 0 rg BT 263.93 254.10 Td (The Company believes the experience and stability of senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (management, paired with next-generation 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 63.00 219.25 Td (Segment Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 195.25 Td (Quad/Graphics operates primarily in the commercial print portion of the printing industry) Tj ET Q q 0 0 0 rg BT 456.87 195.25 Td (, with related product ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 183.25 Td (and service of) Tj ET Q q 0 0 0 rg BT 118.90 183.25 Td (ferings designed to of) Tj ET Q q 0 0 0 rg BT 205.65 183.25 Td (fer clients complete solutions for communicating their message to tar) Tj ET Q q 0 0 0 rg BT 482.33 183.25 Td (get audiences. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 171.25 Td (As a result of the divestiture of the Company's Canadian operations to ) Tj ET Q q 0 0 0 rg BT 345.67 171.25 Td (T) Tj ET Q q 0 0 0 rg BT 351.43 171.25 Td (ranscontinental, Inc. \("T) Tj ET Q q 0 0 0 rg BT 448.45 171.25 Td (ranscontinental"\) on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 159.25 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.60 159.25 Td (, the former North ) Tj ET Q q 0 0 0 rg BT 196.30 159.25 Td (America Print and Related Services segment is now referred to as the United States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 147.25 Td (Print and Related Services segment. ) Tj ET Q q 0 0 0 rg BT 211.58 147.25 Td (All United States Print and Related Services segment amounts have been restated to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 135.25 Td (exclude the Canadian discontinued operations. ) Tj ET Q q 0 0 0 rg BT 254.15 135.25 Td (The Company's operating and reportable segments are aligned with how ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 123.25 Td (the chief operating decision maker of the Company currently manages the business. ) Tj ET Q q 0 0 0 rg BT 402.72 123.25 Td (The Company has three operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 111.25 Td (and reportable segments: United States Print and Related Services, International, and Corporate.) 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 60.35 Td (13) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 722.25 Td (United States Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The United States Print and Related Services segment is predominantly comprised of the Company's United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (States printing operations and is managed as one integrated platform. ) Tj ET Q q 0 0 0 rg BT 344.41 686.25 Td (This includes retail inserts, catalogs, consumer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (magazines, special interest publications, journals, direct mail, books, directories, in-store marketing, packaging and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (commercial and specialty printed products, together with the related service of) Tj ET Q q 0 0 0 rg BT 376.87 662.25 Td (ferings, including marketing strategy) Tj ET Q q 0 0 0 rg BT 523.96 662.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (media planning and placement, data insights, creative services, videography) Tj ET Q q 0 0 0 rg BT 366.41 650.25 Td (, photography) Tj ET Q q 0 0 0 rg BT 421.31 650.25 Td (, workflow solutions, digital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (imaging, digital publishing, interactive print solutions such as image recognition, augmented reality and near field ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (communication, and response data analytics services, mailing, distribution, logistics, and data optimization and hygiene ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.71 614.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.71 614.25 Td (This segment also includes the design, development, manufacture and service of printing-related auxiliary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.25 Td (equipment, as well as the manufacture of ink. ) Tj ET Q q 0 0 0 rg BT 249.70 602.25 Td (The United States Print and Related Services segment accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 590.25 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.59 590.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.59 590.25 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.92 590.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.36 590.25 Td (89%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.69 590.25 Td ( of Quad/Graphics' consolidated net sales in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.83 590.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.83 590.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.83 590.25 Td (201) Tj ET Q q 0 0 0 rg BT 420.46 590.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.46 590.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.90 590.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.90 590.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 517.56 590.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 566.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 542.25 Td (The International segment consists of Quad/Graphics' printing operations in Europe and Latin ) Tj ET Q q 0 0 0 rg BT 476.27 542.25 Td (America, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td (including operations in Poland, ) Tj ET Q q 0 0 0 rg BT 189.93 530.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 200.30 530.25 Td (gentina, Brazil, Chile, Colombia, Mexico and Peru. ) Tj ET Q q 0 0 0 rg BT 410.92 530.25 Td (This segment provides printed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.25 Td (products and related services consistent with the United States Print and Related Services segment, with the exception of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.25 Td (printing-related auxiliary equipment, which is included in the United States Print and Related Services segment. ) Tj ET Q q 0 0 0 rg BT 516.04 506.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.25 Td (International segment accounted for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.87 494.25 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.20 494.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.20 494.25 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.53 494.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.96 494.25 Td (1) Tj ET Q q 0 0 0 rg BT 335.59 494.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.92 494.25 Td ( of the Company's consolidated net sales in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.03 494.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.03 494.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.25 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 482.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 482.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.07 482.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.07 482.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 174.73 482.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 458.25 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.25 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 63.00 422.25 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 99.00 398.25 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 394.18 398.25 Td (Note24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.11 398.25 Td (, "Segment Information," and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (Note25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.94 386.25 Td (, "Geographic ) Tj ET Q q 0 0 0 rg BT 152.61 386.25 Td (Area and Product Information," to the consolidated financial statements, respectively) Tj ET Q q 0 0 0 rg BT 492.33 386.25 Td (, in Item 8 of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (this ) Tj ET Q q 0 0 0 rg BT 79.40 374.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (Competition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 327.25 Td (The printing industry) Tj ET Q q 0 0 0 rg BT 183.34 327.25 Td (, with approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.88 327.25 Td (49,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 327.25 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 63.00 315.25 Td (competitive. ) Tj ET Q q 0 0 0 rg BT 117.16 315.25 Td (Although there has been industry consolidation, particularly in the past decade, the lar) Tj ET Q q 0 0 0 rg BT 461.32 315.25 Td (gest 400 printers in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (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 369.04 303.25 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.38 303.25 Td ( of the United States and Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.25 Td (market, according to the 2012 Printing Impressions PI400 and the 201) Tj ET Q q 0 0 0 rg BT 343.42 291.25 Td (1 Print Market ) Tj ET Q q 0 0 0 rg BT 403.69 291.25 Td (Atlas. ) Tj ET Q q 0 0 0 rg BT 431.75 291.25 Td (According to the December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 279.25 Td (2012 Printing Impressions PI400, Quad/Graphics was the second lar) Tj ET Q q 0 0 0 rg BT 336.39 279.25 Td (gest commercial printer in the United States as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 267.25 Td (measured by revenue.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 243.25 Td (In addition to being in a highly fragmented industry) Tj ET Q q 0 0 0 rg BT 305.53 243.25 Td (, the Company also faces competition due to the increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (accessibility and quality of digital alternatives to traditional delivery of printed documents through the online distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 219.25 Td (and hosting of media content, and the digital distribution of documents and data. In addition, the Company faces ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 207.25 Td (competition from print management firms, which look to streamline processes and reduce the overall print spend of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 195.25 Td (Company's clients, as well as from strategic marketing firms focused on helping businesses integrate multiple channels ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 183.25 Td (into their marketing campaigns.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 159.25 Td (Across Quad/Graphics' range of products and services, competition is based on a number of factors, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 147.25 Td (the following: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 123.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 123.25 Td (total price of printing, materials and distribution;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 99.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 99.25 Td (quality;) 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 60.35 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 722.10 Td (range of services of) Tj ET Q q 0 0 0 rg BT 195.39 722.10 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 99.00 698.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 698.10 Td (distribution capabilities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 674.10 Td (customer service;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 650.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 650.10 Td (availability to schedule work on appropriate equipment;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 626.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 626.10 Td (on-time production and delivery; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 602.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 602.10 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 63.00 579.25 Td (Clients) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 555.25 Td (Quad/Graphics enjoys long-standing relationships with a diverse base of clients, which includes both national ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (and regional corporations in North ) Tj ET Q q 0 0 0 rg BT 203.24 543.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 265.72 543.25 Td (America and Europe. ) Tj ET Q q 0 0 0 rg BT 355.78 543.25 Td (The Company's clients include industry - ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (leading blue chip companies that operate in a wide range of industries and serve both businesses and consumers, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (including retailers, publishers and direct marketers. ) Tj ET Q q 0 0 0 rg BT 273.03 519.25 Td (The Company's relationships with its lar) Tj ET Q q 0 0 0 rg BT 434.35 519.25 Td (gest clients average more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (than 18 years in duration and Quad/Graphics typically signs multi-year print agreements with these clients.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 483.25 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.83 483.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.83 483.25 Td (, Quad/Graphics served approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.72 483.25 Td (6,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.22 483.25 Td ( clients, and its 10 lar) Tj ET Q q 0 0 0 rg BT 394.58 483.25 Td (gest clients accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 471.25 Td (approximately 15% of consolidated sales, with none representing more than 5% individually) Tj ET Q q 0 0 0 rg BT 432.81 471.25 Td (. ) Tj ET Q q 0 0 0 rg BT 440.13 471.25 Td (The Company believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (that its lar) Tj ET Q q 0 0 0 rg BT 102.81 459.25 Td (ge and diverse client base, broad geographic coverage and extensive range of printing and print-related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 447.25 Td (capabilities are competitive strengths.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (Patents, ) Tj ET Q q 0 0 0 rg BT 99.48 424.25 Td (T) Tj ET Q q 0 0 0 rg BT 105.41 424.25 Td (rademarks and ) Tj ET Q q 0 0 0 rg BT 173.01 424.25 Td (T) Tj ET Q q 0 0 0 rg BT 178.94 424.25 Td (rade Names) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 400.25 Td (Quad/Graphics operates research and development facilities that support the development of new equipment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 388.25 Td (process improvements, raw materials and content management, and distribution technologies to better meet client needs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (and improve operating ef) Tj ET Q q 0 0 0 rg BT 163.62 376.25 Td (ficiencies. ) Tj ET Q q 0 0 0 rg BT 209.25 376.25 Td (The Company continues to innovate within the printing and print-related industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (and, as a 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 524.19 364.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 340.25 Td (Quad/Graphics currently holds or has rights to commercialize a wide variety of worldwide patents and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 328.25 Td (applications relating to its business. ) Tj ET Q q 0 0 0 rg BT 210.30 328.25 Td (The Company intends to continue to file patent applications that it believes will help ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 316.25 Td (ensure the continued strength of the Company and its portfolio. ) Tj ET Q q 0 0 0 rg BT 320.73 316.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 370.63 316.25 Td (, the Company markets products, services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 304.25 Td (and capabilities under a number of trademarks and trade names. Quad/Graphics aggressively defends its intellectual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 292.25 Td (property rights and intends to continue to do so in the future.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 269.25 Td (Raw Materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 245.25 Td (The primary raw materials that Quad/Graphics uses in its print business are paper) Tj ET Q q 0 0 0 rg BT 424.62 245.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 478.86 245.25 Td (gy) Tj ET Q q 0 0 0 rg BT 488.21 245.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 221.25 Td (The majority of paper used by the Company is supplied directly by its clients. For those clients that do not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.25 Td (directly supply their own paper) Tj ET Q q 0 0 0 rg BT 187.57 209.25 Td (, Quad/Graphics makes use of its purchasing ef) Tj ET Q q 0 0 0 rg BT 376.22 209.25 Td (ficiencies to supply paper by negotiating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.25 Td (with leading paper suppliers, uses a wide variety of paper grades, weights and sizes, and does not rely on any one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.25 Td (supplier) Tj ET Q q 0 0 0 rg BT 94.67 185.25 Td (. In addition, the Company generally includes price adjustment clauses in sales contracts for paper and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.25 Td (critical raw materials in the printing process. ) Tj ET Q q 0 0 0 rg BT 246.00 173.25 Td (Although these clauses generally mitigate paper price risk, higher paper ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.25 Td (prices and tight paper supplies may have an impact on clients' demand for printed products. Quad/Graphics' working ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.25 Td (capital requirements, including the impact of seasonality) Tj ET Q q 0 0 0 rg BT 288.67 149.25 Td (, is partially mitigated through the direct purchasing of paper by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 137.25 Td (the majority of Quad/Graphics' clients.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 113.25 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 519.11 113.25 Td (, cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.25 Td (and supply of key inputs. Raw materials for the ink manufacturing process are purchased externally from a variety of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.25 Td (suppliers.) 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 60.35 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 710.10 Td (Quad/Graphics generally cannot pass on to clients the impact of higher electric and natural gas ener) Tj ET Q q 0 0 0 rg BT 497.28 710.10 Td (gy prices on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (its manufacturing costs, and increases in ener) Tj ET Q q 0 0 0 rg BT 244.15 698.10 Td (gy prices result in higher manufacturing costs for certain of its operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (The Company mitigates its risk through natural gas hedges when appropriate. In its logistic operations, however) Tj ET Q q 0 0 0 rg BT 513.61 686.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (Company is able to pass a substantial portion of any increase in fuel prices directly to its clients.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 651.25 Td (Envir) Tj ET Q q 0 0 0 rg BT 87.27 651.25 Td (onmental Stewardship) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td (As the owner) Tj ET Q q 0 0 0 rg BT 151.92 627.25 Td (, lessee or operator of various real properties and facilities, Quad/Graphics is subject to various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 615.25 Td (federal, state and local environmental laws and regulations, including those relating to air emissions; waste generation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (handling, management, and disposal; and remediation of contaminated sites. Historically) Tj ET Q q 0 0 0 rg BT 420.31 603.25 Td (, compliance with these laws ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (and regulations has not had a material adverse ef) Tj ET Q q 0 0 0 rg BT 257.74 591.25 Td (fect on the Company's results of operations, financial position or cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (flows. Compliance with existing or new environmental laws and regulations may require the Company to make future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (expenditures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 543.25 Td (Quad/Graphics strives to be the leader in the printing industry in adopting new technologies and processes to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (protect the environment. ) Tj ET Q q 0 0 0 rg BT 165.84 531.25 Td (The Company believes it has long been known for its environmental stewardship. In the past ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (decade alone, the Company has been awarded more than 25 major environmental achievement honors, both on a state ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (and national level. Quad/Graphics' proactive approach to incorporate holistic practices has also positively impacted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 495.25 Td (operating costs through the reduction of waste, ener) Tj ET Q q 0 0 0 rg BT 269.98 495.25 Td (gy use, emissions and labor) Tj ET Q q 0 0 0 rg BT 379.84 495.25 Td (, as well as through the implementation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 483.25 Td (water conservation solutions. ) Tj ET Q q 0 0 0 rg BT 184.74 483.25 Td (The Company has also undertaken steps to reduce greenhouse gas emissions from its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 471.25 Td (manufacturing processes and to improve fuel ef) Tj ET Q q 0 0 0 rg BT 253.31 471.25 Td (ficiency and reduce emissions in its fleet of Company-owned tractor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (trailers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 436.25 Td (Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 412.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 412.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 412.25 Td (, Quad/Graphics had approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.26 412.25 Td (21,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.76 412.25 Td ( employees in North ) Tj ET Q q 0 0 0 rg BT 458.08 412.25 Td (America, Latin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 400.25 Td (America and Europe. ) Tj ET Q q 0 0 0 rg BT 153.06 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 162.10 400.25 Td (ithin the United States, there were approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.92 400.25 Td (16,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.42 400.25 Td ( employees of which approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 388.25 Td (900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 388.25 Td ( were covered by a collective bar) Tj ET Q q 0 0 0 rg BT 209.97 388.25 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 514.04 388.25 Td (4,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.54 388.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (employees of which approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.29 376.25 Td (1,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.79 376.25 Td ( were either governed by agreements that apply industry-wide, by a collective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (bar) Tj ET Q q 0 0 0 rg BT 75.59 364.25 Td (gaining agreement or through works councils or similar agreements. Following the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 364.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.50 364.25 Td (, acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 352.25 Td (substantially all of the assets of ) Tj ET Q q 0 0 0 rg BT 190.57 352.25 Td (V) Tj ET Q q 0 0 0 rg BT 196.69 352.25 Td (ertis, the Company added approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.64 352.25 Td (3,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.14 352.25 Td ( employees within the United States of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 340.25 Td (which approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.20 340.25 Td (400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.20 340.25 Td ( were covered by a collective bar) Tj ET Q q 0 0 0 rg BT 297.17 340.25 Td (gaining agreement. Quad/Graphics believes that its employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 328.25 Td (relations are good and that the Company maintains an employee-centric culture.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 305.25 Td (Business ) Tj ET Q q 0 0 0 rg BT 101.63 305.25 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 281.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 281.25 Td (October10, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.43 281.25 Td (, the Company and ) Tj ET Q q 0 0 0 rg BT 261.29 281.25 Td (V) Tj ET Q q 0 0 0 rg BT 267.40 281.25 Td (ertis, a leading provider of retail advertising inserts, direct marketing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 269.25 Td (and in-store marketing solutions, announced the execution of an ) Tj ET Q q 0 0 0 rg BT 321.27 269.25 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 384.04 269.25 Td (Agreement \(the "Asset ) Tj ET Q q 0 0 0 rg BT 477.26 269.25 Td (Agreement"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 257.25 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 124.94 257.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 149.11 257.25 Td (Agreement, Quad/Graphics Marketing, LLC, a wholly owned subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 505.89 257.25 Td (, agreed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 245.25 Td (acquire substantially all of the assets comprising ) Tj ET Q q 0 0 0 rg BT 259.16 245.25 Td (V) Tj ET Q q 0 0 0 rg BT 265.28 245.25 Td (ertis' businesses. ) Tj ET Q q 0 0 0 rg BT 336.33 245.25 Td (T) Tj ET Q q 0 0 0 rg BT 341.75 245.25 Td (o facilitate the sale, ) Tj ET Q q 0 0 0 rg BT 421.80 245.25 Td (V) Tj ET Q q 0 0 0 rg BT 427.92 245.25 Td (ertis, along with its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.25 Td (subsidiaries, filed voluntary petitions for relief under Chapter1) Tj ET Q q 0 0 0 rg BT 315.62 233.25 Td (1 of the United States Bankruptcy Code and, at the same ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.25 Td (time, filed documents seeking the U.S. Bankruptcy Court's approval of the proposed ) Tj ET Q q 0 0 0 rg BT 402.24 221.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 426.41 221.25 Td (Agreement to the Company) Tj ET Q q 0 0 0 rg BT 536.56 221.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.50 209.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 104.67 209.25 Td (Agreement with the Company comprised the initial stalking horse bid in the U.S. Bankruptcy Court-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.25 Td (supervised auction process under Section 363 of the United States Bankruptcy Code. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.09 197.25 Td (November26, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 197.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.62 197.25 Td (V) Tj ET Q q 0 0 0 rg BT 512.73 197.25 Td (ertis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.25 Td (filed a notice with the U.S. Bankruptcy Court naming Quad/Graphics as the successful bidder and on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.57 185.25 Td (December6, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.16 185.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.25 Td (the U.S. Bankruptcy Court approved the transaction. ) Tj ET Q q 0 0 0 rg BT 278.05 173.25 Td (The Company completed the acquisition of substantially all of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.25 Td (assets of ) Tj ET Q q 0 0 0 rg BT 99.48 161.25 Td (V) Tj ET Q q 0 0 0 rg BT 105.59 161.25 Td (ertis on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.81 161.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.41 161.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 137.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 137.25 Td (July12, 201) Tj ET Q q 0 0 0 rg BT 162.52 137.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.52 137.25 Td (, Quad/Graphics entered into a definitive agreement with ) Tj ET Q q 0 0 0 rg BT 397.54 137.25 Td (T) Tj ET Q q 0 0 0 rg BT 403.29 137.25 Td (ranscontinental whereby Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 125.25 Td (Graphics agreed to acquire ) Tj ET Q q 0 0 0 rg BT 172.77 125.25 Td (T) Tj ET Q q 0 0 0 rg BT 178.52 125.25 Td (ranscontinental's Mexican operations in exchange for the Quad/Graphics' Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 113.25 Td (operations \(with the exception of the Company's ) Tj ET Q q 0 0 0 rg BT 259.30 113.25 Td (V) Tj ET Q q 0 0 0 rg BT 265.41 113.25 Td (ancouver) Tj ET Q q 0 0 0 rg BT 301.66 113.25 Td (, British Columbia facility\). ) Tj ET Q q 0 0 0 rg BT 417.30 113.25 Td (The Company completed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.25 Td (acquisition of ) Tj ET Q q 0 0 0 rg BT 120.03 101.25 Td (T) Tj ET Q q 0 0 0 rg BT 125.79 101.25 Td (ranscontinental's Mexican operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.21 101.25 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 359.10 101.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.10 101.25 Td (, and the Company completed the sale of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.25 Td (Canadian operations to ) Tj ET Q q 0 0 0 rg BT 157.52 89.25 Td (T) Tj ET Q q 0 0 0 rg BT 163.27 89.25 Td (ranscontinental on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.36 89.25 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.96 89.25 Td (.) 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 60.35 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 711.25 Td (Executive Officers of Quad/Graphics) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 687.25 Td (The following table sets forth the names, ages \(as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.33 687.25 Td (March8, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.93 687.25 Td (\) and positions of Quad/Graphics' executive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 675.25 Td (of) Tj ET Q q 0 0 0 rg BT 71.15 675.25 Td (ficers.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 638.75 m 204.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 638.75 m 238.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 638.75 m 567.5 638.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.25 643.20 Td (Name) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.50 643.20 Td (Age) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.95 643.20 Td (Position) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 629.21 Td (J. Joel Quadracci) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.25 629.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 629.21 Td (44) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 629.21 Td (Chairman, President and Chief Executive Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 615.21 Td (David A. Blais) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.25 615.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 615.21 Td (50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 615.21 Td (Executive Vice President of Sales and Client Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 601.21 Td (John C. Fowler) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.25 601.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 601.21 Td (62) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 601.21 Td (Executive Vice President and Chief Financial Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 587.21 Td (Thomas J. Frankowski) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.25 587.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 587.21 Td (52) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 587.21 Td (Executive Vice President of Manufacturing & Operations and President of Europe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 573.21 Td (Craig C. Faust) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.25 573.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 573.21 Td (45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 573.21 Td (President of Commercial and Specialty) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 559.21 Td (Steven D. Jaeger) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.75 559.01 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 559.21 Td (48) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 559.21 Td (President of Quad/Direct and ) Tj ET Q q 0 0 0 rg BT 352.31 559.21 Td (V) Tj ET Q q 0 0 0 rg BT 358.26 559.21 Td (ice President of Information Systems & Infrastructure) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 545.21 Td (David K. Riebe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.25 545.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 545.21 Td (51) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 545.21 Td (President of Logistics & Distribution) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 531.21 Td (Tony Scaringi) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.75 531.01 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 531.21 Td (45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 531.21 Td (President and General Manager of Latin America) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 517.21 Td (David J. Honan) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.25 517.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 517.21 Td (44) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 517.21 Td (Vice President, Controller & Chief Accounting Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 503.21 Td (Maura D. Packham) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 135.75 503.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 503.21 Td (44) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 503.21 Td (Vice President of Marketing & Communications) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 489.21 Td (Andrew R. Schiesl) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 135.75 489.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 489.21 Td (41) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 489.21 Td (Vice President & General Counsel) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 475.21 Td (Kelly A. Vanderboom) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 144.75 475.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 475.21 Td (38) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 475.21 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 99.00 447.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 447.25 Td (.Quadracci has been a director of Quad/Graphics since 2003, its President since January 2005, its President ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 435.25 Td (and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 157.51 435.25 Td (ficer since July 2006, and its Chairman, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 453.08 435.25 Td (ficer since January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 423.25 Td (2010. Mr) Tj ET Q q 0 0 0 rg BT 102.17 423.25 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 501.88 423.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 519.79 423.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 411.25 Td (served in various capacities, including Sales Manager) Tj ET Q q 0 0 0 rg BT 277.25 411.25 Td (, Regional Sales Strategy Director) Tj ET Q q 0 0 0 rg BT 413.21 411.25 Td (, ) Tj ET Q q 0 0 0 rg BT 418.02 411.25 Td (V) Tj ET Q q 0 0 0 rg BT 424.65 411.25 Td (ice President of Print Sales, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 399.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 91.43 399.25 Td (V) Tj ET Q q 0 0 0 rg BT 98.05 399.25 Td (ice President of Sales & ) Tj ET Q q 0 0 0 rg BT 196.09 399.25 Td (Administration, and President and Chief Operating Of) Tj ET Q q 0 0 0 rg BT 412.80 399.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 430.57 399.25 Td (. Mr) Tj ET Q q 0 0 0 rg BT 449.74 399.25 Td (.Quadracci also serves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 387.25 Td (on the board of directors of the ) Tj ET Q q 0 0 0 rg BT 189.17 387.25 Td (W) Tj ET Q q 0 0 0 rg BT 198.21 387.25 Td (isconsin Manufacturers & Commerce, a trade or) Tj ET Q q 0 0 0 rg BT 391.01 387.25 Td (ganization. Mr) Tj ET Q q 0 0 0 rg BT 451.83 387.25 Td (.Quadracci received a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.25 Td (Bachelor of ) Tj ET Q q 0 0 0 rg BT 111.87 375.25 Td (Arts in Philosophy from Skidmore College in 1991. Mr) Tj ET Q q 0 0 0 rg BT 335.76 375.25 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 63.00 363.25 Td (director and employee of the Company) Tj ET Q q 0 0 0 rg BT 218.69 363.25 Td (, and the brother) Tj ET Q q 0 0 0 rg BT 284.02 363.25 Td (-in-law of Christopher B. Harned, a director of the Company) Tj ET Q q 0 0 0 rg BT 526.36 363.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (Quad/Graphics believes that Mr) Tj ET Q q 0 0 0 rg BT 190.47 351.25 Td (.Quadracci's experience in the printing industry and in leadership positions with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (Company qualifies him for service as a director of the Company) Tj ET Q q 0 0 0 rg BT 319.50 339.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 315.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 315.25 Td (.Blais has been Executive ) Tj ET Q q 0 0 0 rg BT 218.23 315.25 Td (V) Tj ET Q q 0 0 0 rg BT 224.85 315.25 Td (ice President of Sales and Client Services since January 2012 and previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (served as Executive ) Tj ET Q q 0 0 0 rg BT 144.73 303.25 Td (V) Tj ET Q q 0 0 0 rg BT 151.35 303.25 Td (ice President and President of Magazines and Catalogs since July 2010. Mr) Tj ET Q q 0 0 0 rg BT 454.34 303.25 Td (.Blais was Senior ) Tj ET Q q 0 0 0 rg BT 528.88 303.25 Td (V) Tj ET Q q 0 0 0 rg BT 535.50 303.25 Td (ice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.25 Td (President of Sales & ) Tj ET Q q 0 0 0 rg BT 146.88 291.25 Td (Administration from May 2005 to July 2010, Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 394.31 291.25 Td (V) Tj ET Q q 0 0 0 rg BT 400.93 291.25 Td (ice President of Operations from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 279.25 Td (1999 to May 2005, and in 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 99.00 255.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 255.25 Td (.Fowler joined Quad/Graphics in 1980 as its ) Tj ET Q q 0 0 0 rg BT 292.41 255.25 Td (V) Tj ET Q q 0 0 0 rg BT 299.03 255.25 Td (ice President and Controller) Tj ET Q q 0 0 0 rg BT 410.54 255.25 Td (, which at the time was the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.25 Td (Company's top financial position. Mr) Tj ET Q q 0 0 0 rg BT 214.24 243.25 Td (.Fowler was named Senior ) Tj ET Q q 0 0 0 rg BT 325.70 243.25 Td (V) Tj ET Q q 0 0 0 rg BT 332.32 243.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 477.93 243.25 Td (ficer in May ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (2005, and became Executive ) Tj ET Q q 0 0 0 rg BT 180.27 231.25 Td (V) Tj ET Q q 0 0 0 rg BT 186.89 231.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 332.50 231.25 Td (ficer in July 2010. Prior to joining Quad/Graphics, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 219.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 74.67 219.25 Td (.Fowler worked for ) Tj ET Q q 0 0 0 rg BT 156.60 219.25 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 185.21 219.25 Td (Andersen LLP) Tj ET Q q 0 0 0 rg BT 243.43 219.25 Td ( for six years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 195.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 195.25 Td (.Frankowski has been Executive ) Tj ET Q q 0 0 0 rg BT 244.90 195.25 Td (V) Tj ET Q q 0 0 0 rg BT 251.52 195.25 Td (ice President of Manufacturing & Operations and President of Europe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 183.25 Td (since July 2010. Mr) Tj ET Q q 0 0 0 rg BT 144.39 183.25 Td (.Frankowski was Senior ) Tj ET Q q 0 0 0 rg BT 245.59 183.25 Td (V) Tj ET Q q 0 0 0 rg BT 252.21 183.25 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 63.00 171.25 Td (Quad/Graphics Europe, Quad/Graphics' Polish subsidiary) Tj ET Q q 0 0 0 rg BT 292.72 171.25 Td (, from 2008 to July 2010, and he served in various other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 159.25 Td (capacities since he joined Quad/Graphics in 1979.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 135.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 135.25 Td (.Faust has been President of Commercial and Specialty since May 201) Tj ET Q q 0 0 0 rg BT 394.68 135.25 Td (1 and previously served as President ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 123.25 Td (and CEO of HGI Company since November 2010. Prior to joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 411.00 123.25 Td (.Faust was the President, Founder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 111.25 Td (and CEO of HGI Company since 2003. Prior thereto, Mr) Tj ET Q q 0 0 0 rg BT 292.41 111.25 Td (.Faust was Divisions President of Consolidated Graphics.) 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 60.35 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 722.10 Td (.Jaeger has served as President of Quad/Direct since ) Tj ET Q q 0 0 0 rg BT 323.93 722.10 Td (August 2007 and as ) Tj ET Q q 0 0 0 rg BT 405.41 722.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.03 722.10 Td (ice President of Information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (Systems & Infrastructure for Quad/Graphics since 2006. Prior thereto, Mr) Tj ET Q q 0 0 0 rg BT 360.71 710.10 Td (.Jaeger had been Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 496.72 710.10 Td (V) Tj ET Q q 0 0 0 rg BT 503.34 710.10 Td (ice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (President of Information Systems from 1998 to 2006 and had worked in various other capacities since he joined the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (Company in 1994. Prior to joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 282.99 686.10 Td (.Jaeger worked for ) Tj ET Q q 0 0 0 rg BT 362.12 686.10 Td (Andersen Consulting for eight years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 662.10 Td (.Riebe has served as Quad/Graphics' President of Logistics & Distribution since July 2010. Prior thereto, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 74.67 650.10 Td (.Riebe was ) Tj ET Q q 0 0 0 rg BT 123.37 650.10 Td (V) Tj ET Q q 0 0 0 rg BT 129.99 650.10 Td (ice President of Distribution from 1999 to July 2010 and served as Corporate Director of Distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (from 1987 to 1999. He joined Quad/Graphics in 1984. Mr) Tj ET Q q 0 0 0 rg BT 299.36 638.10 Td (.Riebe serves on the board of directors of IDEAlliance, an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (industry or) Tj ET Q q 0 0 0 rg BT 106.43 626.10 Td (ganization.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 602.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 602.10 Td (.Scaringi joined Quad/Graphics as its Chief Financial Of) Tj ET Q q 0 0 0 rg BT 339.61 602.10 Td (ficer of Latin ) Tj ET Q q 0 0 0 rg BT 394.30 602.10 Td (America in July 2010 and became ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (President & General Manager of Latin ) Tj ET Q q 0 0 0 rg BT 219.06 590.10 Td (America in ) Tj ET Q q 0 0 0 rg BT 265.71 590.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 311.73 590.10 Td (1. Prior to joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 465.05 590.10 Td (.Scaringi served ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 578.10 Td (orld Color Press Inc. \("W) Tj ET Q q 0 0 0 rg BT 172.96 578.10 Td (orld Color Press"\) as ) Tj ET Q q 0 0 0 rg BT 258.52 578.10 Td (V) Tj ET Q q 0 0 0 rg BT 265.14 578.10 Td (ice President of Finance and ) Tj ET Q q 0 0 0 rg BT 380.38 578.10 Td (Administration for Latin ) Tj ET Q q 0 0 0 rg BT 480.65 578.10 Td (America from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (2002 to 2010. Mr) Tj ET Q q 0 0 0 rg BT 134.95 566.10 Td (.Scaringi joined ) Tj ET Q q 0 0 0 rg BT 203.09 566.10 Td (W) Tj ET Q q 0 0 0 rg BT 211.73 566.10 Td (orld Color Press in 1993 and held various positions in auditing until 1997 and then ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (in Latin ) Tj ET Q q 0 0 0 rg BT 96.33 554.10 Td (America since 1997.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 530.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 530.10 Td (.Honan has served as Quad/Graphics' 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 63.00 518.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.62 518.10 Td (ice President and Controller in December 2009 and was named Chief ) Tj ET Q q 0 0 0 rg BT 348.71 518.10 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 408.23 518.10 Td (ficer in July 2010. Prior to joining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 140.21 506.10 Td (.Honan served as ) Tj ET Q q 0 0 0 rg BT 213.62 506.10 Td (V) Tj ET Q q 0 0 0 rg BT 220.24 506.10 Td (ice President, General Manager and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 440.53 506.10 Td (ficer of Journal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 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 63.00 482.10 Td (joining Journal Community Publishing Group, Mr) Tj ET Q q 0 0 0 rg BT 263.57 482.10 Td (.Honan worked in executive-level roles in investor relations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (corporate development at Newell Rubbermaid, a global marketer of consumer and commercial products. Mr) Tj ET Q q 0 0 0 rg BT 497.85 470.10 Td (.Honan also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (worked at accounting firm ) Tj ET Q q 0 0 0 rg BT 170.74 458.10 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 199.35 458.10 Td (Andersen LLP) Tj ET Q q 0 0 0 rg BT 257.58 458.10 Td ( for 1) Tj ET Q q 0 0 0 rg BT 278.87 458.10 Td (1 years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.10 Td (Ms.Packham joined Quad/Graphics in July 2010 as its ) Tj ET Q q 0 0 0 rg BT 321.02 434.10 Td (V) Tj ET Q q 0 0 0 rg BT 327.64 434.10 Td (ice President of Marketing & Communications. Prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (to joining Quad/Graphics, Ms.Packham served as ) Tj ET Q q 0 0 0 rg BT 265.84 422.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.47 422.10 Td (orld Color Press' ) Tj ET Q q 0 0 0 rg BT 343.60 422.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.22 422.10 Td (ice President of Marketing for the Marketing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (Solutions Group from 2003 to 2009. In 2010, Ms.Packham was named ) Tj ET Q q 0 0 0 rg BT 353.35 410.10 Td (W) Tj ET Q q 0 0 0 rg BT 361.99 410.10 Td (orld Color Press' ) Tj ET Q q 0 0 0 rg BT 431.11 410.10 Td (V) Tj ET Q q 0 0 0 rg BT 437.73 410.10 Td (ice President of Marketing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (for North ) Tj ET Q q 0 0 0 rg BT 102.44 398.10 Td (America. She joined ) Tj ET Q q 0 0 0 rg BT 189.18 398.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.81 398.10 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 99.00 374.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 374.10 Td (.Schiesl has served as Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 266.97 374.10 Td (V) Tj ET Q q 0 0 0 rg BT 273.59 374.10 Td (ice President & General Counsel since December 2006 and as its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (General Counsel since he joined the Company in ) Tj ET Q q 0 0 0 rg BT 260.73 362.10 Td (August 2003. Prior to joining Quad/Graphics, Mr) Tj ET Q q 0 0 0 rg BT 460.45 362.10 Td (.Schiesl was Senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (Counsel at Harley-Davidson, Inc., the parent company for the group of companies doing business as Harley-Davidson ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (Motor Company and Harley-Davidson Financial Services, among others. Prior to joining Harley-Davidson, Inc., ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 74.67 326.10 Td (.Schiesl practiced law at Foley & Lardner LLP) Tj ET Q q 0 0 0 rg BT 263.22 326.10 Td (, a Milwaukee-based law firm.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 302.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.67 302.10 Td (.) Tj ET Q q 0 0 0 rg BT 115.49 302.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.60 302.10 Td (anderboom has served as Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 289.00 302.10 Td (T) Tj ET Q q 0 0 0 rg BT 294.76 302.10 Td (reasurer since 2007 and as its ) Tj ET Q q 0 0 0 rg BT 414.54 302.10 Td (V) Tj ET Q q 0 0 0 rg BT 421.16 302.10 Td (ice President & ) Tj ET Q q 0 0 0 rg BT 485.13 302.10 Td (T) Tj ET Q q 0 0 0 rg BT 490.89 302.10 Td (reasurer since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (2008. Prior to becoming Quad/Graphics' ) Tj ET Q q 0 0 0 rg BT 229.87 290.10 Td (V) Tj ET Q q 0 0 0 rg BT 236.49 290.10 Td (ice President & ) Tj ET Q q 0 0 0 rg BT 300.46 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 306.22 290.10 Td (reasurer) Tj ET Q q 0 0 0 rg BT 338.01 290.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 354.68 290.10 Td (.) Tj ET Q q 0 0 0 rg BT 359.50 290.10 Td (V) Tj ET Q q 0 0 0 rg BT 365.62 290.10 Td (anderboom served as Director of ) Tj ET Q q 0 0 0 rg BT 499.00 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 504.75 290.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 533.53 290.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (Risk & Planning from 2006 until 2007, as Controller of Quad/Graphics' Distribution and Facilities departments from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (2004 until 2006, and as Controller of Quad/Graphics' Parcel Direct subsidiary) Tj ET Q q 0 0 0 rg BT 373.81 266.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 242.10 Td (Executive of) Tj ET Q q 0 0 0 rg BT 149.63 242.10 Td (ficers of the Company are elected by and serve at the discretion of the Company's board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (directors. Other than described above, there are no family relationships between any directors or executive of) Tj ET Q q 0 0 0 rg BT 502.09 230.10 Td (ficers of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (Quad/Graphics.) 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If any of the following risks develop into actual events, the Company's business, financial condition or results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (of operations could be materially and adversely af) Tj ET Q q 0 0 0 rg BT 263.02 662.25 Td (fected and you may lose all or part of your investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (Quad/Graphics operates in a highly competitive industry) Tj ET Q q 0 0 0 rg BT 295.42 638.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 614.25 Td (The industry in which the Company operates is highly competitive. ) Tj ET Q q 0 0 0 rg BT 373.21 614.25 Td (The printing industry) Tj ET Q q 0 0 0 rg BT 457.55 614.25 Td (, with approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.25 Td (49,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 602.25 Td ( companies in the United States, is highly fragmented. ) Tj ET Q q 0 0 0 rg BT 311.57 602.25 Td (Although there has been industry consolidation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.25 Td (particularly in the past decade, the lar) Tj ET Q q 0 0 0 rg BT 213.03 590.25 Td (gest 400 printers in the printing industry \(excluding newspaper printing\) still ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.25 Td (represent less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.36 578.25 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.69 578.25 Td ( of the United States and Canadian markets, according to the 2012 Printing Impressions PI400 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.25 Td (and the PIA/GA) Tj ET Q q 0 0 0 rg BT 126.88 566.25 Td (TF 201) Tj ET Q q 0 0 0 rg BT 155.68 566.25 Td (1 Print Market ) Tj ET Q q 0 0 0 rg BT 215.95 566.25 Td (Atlas. ) Tj ET Q q 0 0 0 rg BT 244.38 566.25 Td (The Company competes for commercial business not only with lar) Tj ET Q q 0 0 0 rg BT 510.53 566.25 Td (ge and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (mid-sized printers, but also with smaller regional printers. In certain circumstances, due primarily to factors such as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (freight rates and client preference for local services, printers with better access to certain regions of a given country may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td (be preferred by clients in such regions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 506.25 Td (In recent years, the printing industry has experienced a reduction in demand for printed materials and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.25 Td (overcapacity due to various factors including adverse economic conditions and competition from alternative sources of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.25 Td (communication, including email, the Internet, electronic readers, interactive television and electronic retailing. ) Tj ET Q q 0 0 0 rg BT 509.87 482.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.25 Td (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 63.00 458.25 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 63.00 446.25 Td (consolidation ef) Tj ET Q q 0 0 0 rg BT 126.97 446.25 Td (forts, leading to a smaller number of potential clients. Furthermore, if the smaller clients of Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.25 Td (Graphics are consolidated with lar) Tj ET Q q 0 0 0 rg BT 199.99 434.25 Td (ger companies using other printing companies, the Company could lose its clients to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (competing printing companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 398.25 Td (The printing industry is highly competitive and expected to remain so. ) Tj ET Q q 0 0 0 rg BT 384.78 398.25 Td (Any failure on the part of the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (to compete ef) Tj ET Q q 0 0 0 rg BT 117.24 386.25 Td (fectively in the markets it serves could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 378.33 386.25 Td (fect on its results of operations, financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (condition or cash flows and could require changes to the way it conducts its business or require it to reassess strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.25 Td (alternatives involving its operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 338.25 Td (Significant downward pricing pressure and fluctuating demand for printing services caused by factors outside of the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 326.25 Td (Company's control may adversely af) Tj ET Q q 0 0 0 rg BT 212.25 326.25 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 284.09 326.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 302.25 Td (The Company has experienced significant downward pricing pressures for printing services in the past, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.25 Td (pricing for printing services has declined significantly in recent years. Such pricing may continue to decline from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.25 Td (current levels. In addition, demand for printing services has fluctuated in recent years and may continue to fluctuate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.25 Td (Any increases in the supply of printing services or decreases in demand could cause prices to continue to decline, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.25 Td (prolonged periods of low prices, weak demand and/or excess supply could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 467.68 254.25 Td (fect on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.25 Td (Company's business growth, results of operations and liquidity) Tj ET Q q 0 0 0 rg BT 313.58 242.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 218.25 Td (Quad/Graphics may not be able to reduce costs and improve its operating ef) Tj ET Q q 0 0 0 rg BT 374.47 218.25 Td (ficiency rapidly enough to meet market ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 206.25 Td (conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 182.25 Td (Because the markets in which the Company competes are highly competitive, Quad/Graphics will need to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.25 Td (continue to improve its operating ef) Tj ET Q q 0 0 0 rg BT 205.84 170.25 Td (ficiency in order to maintain or improve its profitability) Tj ET Q q 0 0 0 rg BT 427.91 170.25 Td (. ) Tj ET Q q 0 0 0 rg BT 435.23 170.25 Td (There is no assurance that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.25 Td (the Company will be able to do so in the future. In addition, the need to reduce ongoing operating costs have and, in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.25 Td (future, may continue to result in significant up-front costs to reduce workforce, close or consolidate facilities, or upgrade ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.25 Td (equipment and technology) Tj ET Q q 0 0 0 rg BT 168.43 134.25 Td (.) 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 60.35 Td (19) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (The impact of electronic media and similar technological changes including the substitution of printed products for ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 710.25 Td (digital content may continue to adversely af) Tj ET Q q 0 0 0 rg BT 242.25 710.25 Td (fect the results of the Company's operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.25 Td (The media landscape is experiencing rapid change due to the impact of electronic media and digital content on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (printed products. Improvements in the accessibility and quality of digital media through the online distribution and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (hosting of media content, mobile technologies, e-reader technologies, electronic retailing and the digital distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (documents and data has resulted and may continue to result in increased consumer substitution. Continued consumer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (acceptance of such digital media, as an alternative to print materials, is uncertain and dif) Tj ET Q q 0 0 0 rg BT 416.01 638.25 Td (ficult to predict and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (decrease the demand for the Company's printed products, result in reduced pricing for its printing services and additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (excess capacity in the printing industry and adversely af) Tj ET Q q 0 0 0 rg BT 287.19 614.25 Td (fect the results of the Company's operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 590.25 Td (Future declines in economic conditions may adversely af) Tj ET Q q 0 0 0 rg BT 296.97 590.25 Td (fect the Company's results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.25 Td (In general, demand for the Company's products and services is highly related to general economic conditions in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (the markets our clients serve. Declines in economic conditions in the U.S. or in other countries in which the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (operates may adversely impact the Company's financial results and these impacts may be material. Because such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td (declines in demand are dif) Tj ET Q q 0 0 0 rg BT 168.33 530.25 Td (ficult to predict, the Company or the industry may have increased excess capacity as a result. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.25 Td (An increase in excess capacity has resulted and may continue to result in declines in prices for the Company's products ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.25 Td (and services. In addition, a prolonged decline in the global economy and an uncertain economic outlook has and could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.25 Td (further reduce the demand in the printing industry) Tj ET Q q 0 0 0 rg BT 262.01 494.25 Td (. Economic weakness and constrained advertising spending have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.25 Td (resulted, and may in the future result, in decreased revenue, operating mar) Tj ET Q q 0 0 0 rg BT 359.37 482.25 Td (gin, earnings and growth rates and dif) Tj ET Q q 0 0 0 rg BT 510.53 482.25 Td (ficulty in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.25 Td (managing inventory levels and collecting accounts receivable. ) Tj ET Q q 0 0 0 rg BT 316.33 470.25 Td (The Company has experienced, and expects to experience ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.25 Td (in the future, excess capacity and lower demand due to economic factors af) Tj ET Q q 0 0 0 rg BT 363.53 458.25 Td (fecting consumers' and businesses' spending ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.25 Td (behavior) Tj ET Q q 0 0 0 rg BT 97.43 446.25 Td (. Uncertainty about future economic conditions makes it dif) Tj ET Q q 0 0 0 rg BT 338.30 446.25 Td (ficult for the Company to predict results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.25 Td (operations, financial position and cash flows and to make strategic decisions regarding the allocation and deployment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (capital.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 398.25 Td (A) Tj ET Q q 0 0 0 rg BT 69.12 398.25 Td ( significant portion of Quad/Graphics' revenues are derived from long-term contracts with clients, which may not be ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (renewed on similar terms and conditions, or may not be renewed at all. In addition, clients may not perform under ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (such contracts for their duration due to financial or other reasons or due to client consolidation. The failure to renew ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 362.25 Td (such contracts on similar terms or at all or the failure of clients to perform under such contracts could materially ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 350.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 111.96 350.25 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 99.00 326.25 Td (The Company has historically derived a significant portion of its revenue from long-term contracts with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.25 Td (significant clients. If the Company loses significant clients, is unable to renew such contracts on similar terms and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.25 Td (conditions, or at all, or is not awarded new long-term contracts with important clients in the future, its results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.25 Td (operations, financial condition and cash flows may be adversely af) Tj ET Q q 0 0 0 rg BT 329.40 290.25 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 266.25 Td (The Company is exposed to risks of loss in the event of nonperformance by its clients. Some of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.25 Td (clients are highly leveraged or otherwise subject to their own operating and regulatory risks. Even if the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.25 Td (credit review and analysis mechanisms work properly) Tj ET Q q 0 0 0 rg BT 277.84 242.25 Td (, the Company may experience financial losses and loss of future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.25 Td (business if its clients become bankrupt, insolvent or otherwise are unable to pay the Company for its work performed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.25 Td (Any increase in the nonpayment or nonperformance by clients could adversely af) Tj ET Q q 0 0 0 rg BT 387.98 218.25 Td (fect the Company's results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.25 Td (and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 182.25 Td (Certain of the industries in which the Company's clients operate are seeing consolidation. ) Tj ET Q q 0 0 0 rg BT 461.36 182.25 Td (When client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.25 Td (consolidation occurs, it is possible that the volume of work performed by the Company for a client after the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.25 Td (consolidation will be less than it was before the consolidation or that the client's work will be completely moved to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.25 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 117.16 146.25 Td (Any such reduction or loss of work could adversely af) Tj ET Q q 0 0 0 rg BT 333.87 146.25 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 63.00 134.25 Td (condition.) 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 60.35 Td (20) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (If Quad/Graphics fails to identify) Tj ET Q q 0 0 0 rg BT 199.86 722.25 Td (, manage, complete and integrate acquisitions, investment opportunities or other ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 710.25 Td (significant transactions, it may adversely af) Tj ET Q q 0 0 0 rg BT 241.71 710.25 Td (fect the Company's future results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.25 Td (As part of Quad/Graphics growth strategy) Tj ET Q q 0 0 0 rg BT 266.36 686.25 Td (, the Company may pursue acquisitions of, investment opportunities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (in or other significant transactions with companies that are complementary to the Company's business. In order to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (pursue this strategy successfully) Tj ET Q q 0 0 0 rg BT 191.49 662.25 Td (, the Company must identify attractive acquisition or investment opportunities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (successfully complete the transaction, some of which may be lar) Tj ET Q q 0 0 0 rg BT 320.51 650.25 Td (ge and complex, and manage post-closing issues such as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (integration of the acquired company or employees. Quad/Graphics may not be able to identify or complete appealing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (acquisition or investment opportunities given the intense competition for these transactions. Even if the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (identifies and completes suitable corporate transactions, the Company may not be able to successfully address inherent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.25 Td (risks in a timely manner) Tj ET Q q 0 0 0 rg BT 159.25 602.25 Td (, or at all. ) Tj ET Q q 0 0 0 rg BT 202.11 602.25 Td (These inherent risks include, among other things: \(1\)failure to successfully integrate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.25 Td (the purchased operations, technologies, products or services and maintain uniform standard controls, policies and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.25 Td (procedures; \(2\)substantial unanticipated integration costs; \(3\)loss of key employees including those of the acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.25 Td (business; \(4\)diversion of management's attention from other operations; \(5\)failure to retain the clients of the acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (business; \(6\)failure to achieve any projected syner) Tj ET Q q 0 0 0 rg BT 266.35 554.25 Td (gies and performance tar) Tj ET Q q 0 0 0 rg BT 365.29 554.25 Td (gets; \(7\)additional debt and/or assumption of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (known or unknown liabilities; \(8\)potential dilutive issuances of equity securities; and \(9\)a write-of) Tj ET Q q 0 0 0 rg BT 462.17 542.25 Td (f of goodwill, client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td (lists, other intangibles and amortization of expenses. If the Company fails to successfully integrate an acquisition, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.25 Td (Company may not realize all or any of the anticipated benefits of the acquisition, and our future results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.25 Td (could be adversely af) Tj ET Q q 0 0 0 rg BT 148.06 506.25 Td (fected. In addition, the diversion of management's attention from the Company's other operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.25 Td (due to these acquisitions and integration ef) Tj ET Q q 0 0 0 rg BT 233.88 494.25 Td (fort could adversely af) Tj ET Q q 0 0 0 rg BT 323.94 494.25 Td (fect its business and have a negative financial impact.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 470.25 Td (For example, the success of the January 2013 acquisition of ) Tj ET Q q 0 0 0 rg BT 340.15 470.25 Td (V) Tj ET Q q 0 0 0 rg BT 346.26 470.25 Td (ertis will depend, in part, on Quad/Graphics' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.25 Td (ability to realize the syner) Tj ET Q q 0 0 0 rg BT 166.67 458.25 Td (gies expected to be produced from integrating ) Tj ET Q q 0 0 0 rg BT 352.81 458.25 Td (V) Tj ET Q q 0 0 0 rg BT 358.92 458.25 Td (ertis' businesses with Quad/Graphics' pre-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.25 Td (acquisition business. In such integration, the Company may incur more costs than currently expected in order to realize ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.25 Td (the anticipated syner) Tj ET Q q 0 0 0 rg BT 145.56 434.25 Td (gies. ) Tj ET Q q 0 0 0 rg BT 168.99 434.25 Td (While management believes that certain syner) Tj ET Q q 0 0 0 rg BT 353.45 434.25 Td (gies are achievable, the Company may be unable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (to realize all of the syner) Tj ET Q q 0 0 0 rg BT 161.94 422.25 Td (gies within the time frame expected or at all.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 398.25 Td (Changes in postal rates, postal regulations and postal services may adversely impact demand for Quad/Graphics' ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (products and services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 362.25 Td (Postal costs are a significant component of the cost structures of many of the Company's clients, and potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.25 Td (clients, and postal rate changes can influence the number of pieces that these clients will be willing to mail. ) Tj ET Q q 0 0 0 rg BT 496.75 350.25 Td (Any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.25 Td (resulting decline in print volumes mailed could have an adverse ef) Tj ET Q q 0 0 0 rg BT 328.29 338.25 Td (fect on the Company's business. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.25 Td (integrated distribution with the postal service is an important component of the Company's business. ) Tj ET Q q 0 0 0 rg BT 469.18 326.25 Td (Any material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.25 Td (change in the current service levels provided by the postal service could impact the demand that clients have for print ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 102.53 302.25 Td (The United States Postal Service has reported net losses in the last five fiscal years and has estimated a net loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.25 Td (for its current fiscal year and, as a result, may come under increased pressure to adjust its postal rates and service levels.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 266.25 Td (Quad/Graphics may be adversely af) Tj ET Q q 0 0 0 rg BT 209.46 266.25 Td (fected by increases in its operating costs, including the cost and availability of raw ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 254.25 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 99.00 230.25 Td (Paper) Tj ET Q q 0 0 0 rg BT 121.37 230.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 175.61 230.25 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 527.01 230.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.25 Td (price of such raw materials has fluctuated over time and has caused fluctuations in the Company's net sales and cost of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.25 Td (sales. ) Tj ET Q q 0 0 0 rg BT 89.76 206.25 Td (This volatility may continue and Quad/Graphics may experience increases in the costs of its raw materials in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.25 Td (future as prices in the overall paper) Tj ET Q q 0 0 0 rg BT 203.65 194.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 257.89 194.25 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 99.00 170.25 Td (In general, the Company has been able to pass along increases in the cost of paper to many of its clients. If the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.25 Td (Company is unable to continue to pass along increases in the cost of paper to its clients, future increases in paper costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.25 Td (would adversely af) Tj ET Q q 0 0 0 rg BT 138.90 146.25 Td (fect its mar) Tj ET Q q 0 0 0 rg BT 183.70 146.25 Td (gins and profits. If Quad/Graphics passes along increases in the cost of paper and the price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.25 Td (of the Company's products and services increases as a result, client demand could be adversely af) Tj ET Q q 0 0 0 rg BT 452.27 134.25 Td (fected and thereby ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.25 Td (negatively impact Quad/Graphics' financial performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 98.25 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 508.48 98.25 Td (. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.25 Td (periods of high demand, certain paper grades have been in short supply) Tj ET Q q 0 0 0 rg BT 347.26 86.25 Td (, including grades used in the Company's ) 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 60.35 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (business. In addition, during periods of tight supply) Tj ET Q q 0 0 0 rg BT 271.23 722.10 Td (, many paper producers allocate shipments of paper based upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (historical purchase levels of customers. ) Tj ET Q q 0 0 0 rg BT 224.90 710.10 Td (Although Quad/Graphics generally has not experienced significant dif) Tj ET Q q 0 0 0 rg BT 505.47 710.10 Td (ficulty in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (obtaining adequate quantities of paper) Tj ET Q q 0 0 0 rg BT 215.32 698.10 Td (, unforeseen developments in the overall paper markets could result in a decrease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (in the supply of paper and could adversely af) Tj ET Q q 0 0 0 rg BT 242.76 686.10 Td (fect the Company's revenues or profits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (In addition, the Company may not be able to resell waste paper and other by-products or the prices received for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (their sale may decline substantially) Tj ET Q q 0 0 0 rg BT 202.86 650.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 626.10 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 473.43 626.10 Td (gy to its clients. If ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 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 354.97 614.10 Td (gy) Tj ET Q q 0 0 0 rg BT 364.32 614.10 Td (, future increases in these items would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 111.40 602.10 Td (fect its mar) Tj ET Q q 0 0 0 rg BT 156.20 602.10 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 527.87 602.10 Td (gy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (and the price of the Company's products and services increases as a result, client demand could be adversely af) Tj ET Q q 0 0 0 rg BT 506.41 590.10 Td (fected and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (thereby negatively impact Quad/Graphics' financial performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 554.10 Td (Labor represents a significant component of the cost structure of Quad/Graphics. Increases in wages, salaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (and benefits, such as medical, dental, pension and other post-retirement benefits, may impact the Company's financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (performance. Changes in interest rates, investment returns or the regulatory environment may impact the amounts the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (Company will be required to contribute to the pension plans that it sponsors and may af) Tj ET Q q 0 0 0 rg BT 413.03 518.10 Td (fect the solvency of these pension ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 482.10 Td (Freight rates and fuel costs also represent a significant component of the Company's cost structure. In general, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (the Company has been able to pass along increases in the cost of freight and fuel to many of its clients. If the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (is not able to pass along a substantial portion of increases in freight rates or in the price of fuel, future increases in these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (items would adversely impact the Company's mar) Tj ET Q q 0 0 0 rg BT 262.36 446.10 Td (gin and profits. If Quad/Graphics passes along increases in the cost of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (freight and fuel and the price of the Company's products and services increases as a result, client demand could be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 111.40 422.10 Td (fected and thereby negatively impact Quad/Graphics' financial performance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (Quad/Graphics entry into additional markets increases the complexity of the Company's business, and if the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (Company is unable to successfully adapt its business processes as required by these new markets, the Company will be ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (at a competitive disadvantage and its ability to grow will be adversely af) Tj ET Q q 0 0 0 rg BT 356.12 374.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 350.10 Td (As the Company expands its product line to provide additional marketing and publishing channels, the overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (complexity of the Company's business increases at an accelerated rate and the Company becomes subject to dif) Tj ET Q q 0 0 0 rg BT 507.81 338.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (market dynamics. ) Tj ET Q q 0 0 0 rg BT 138.91 326.10 Td (The new markets into which Quad/Graphics is expanding, or may expand, may have dif) Tj ET Q q 0 0 0 rg BT 490.57 326.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (characteristics from the markets in which the Company currently competes. ) Tj ET Q q 0 0 0 rg BT 370.50 314.10 Td (These dif) Tj ET Q q 0 0 0 rg BT 407.80 314.10 Td (ferent characteristics may include, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (among other things, demand volume requirements, demand seasonality) Tj ET Q q 0 0 0 rg BT 347.00 302.10 Td (, product generation development rates, client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (concentrations and performance and compatibility requirements. ) Tj ET Q q 0 0 0 rg BT 326.06 290.10 Td (The Company's failure to make the necessary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (adaptations to its business model to address these dif) Tj ET Q q 0 0 0 rg BT 273.90 278.10 Td (ferent characteristics, complexities and new market dynamics could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 111.40 266.10 Td (fect the Company's operating results.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (Quad/Graphics and its facilities are subject to various consumer protection and privacy laws and regulations, and will ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (become subject to additional laws and regulations in the future, which may subject the Company to material liability) Tj ET Q q 0 0 0 rg BT 540.99 230.10 Td (, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (require it to incur material costs or otherwise adversely af) Tj ET Q q 0 0 0 rg BT 300.31 218.10 Td (fect its results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 194.10 Td (Quad/Graphics and its clients may be subject to various United States and foreign consumer protection, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (information security) Tj ET Q q 0 0 0 rg BT 143.72 182.10 Td (, data privacy and "do not mail" requirements at the federal, states, provincial and local levels. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (Regulatory authorities around the world are considering a number of legislative and regulatory proposals concerning data ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (protection and privacy) Tj ET Q q 0 0 0 rg BT 152.32 158.10 Td (. In addition, the interpretation and application of consumer and data protection laws in the U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.10 Td (and elsewhere are often fluid and uncertain. ) Tj ET Q q 0 0 0 rg BT 243.01 146.10 Td (T) Tj ET Q q 0 0 0 rg BT 248.42 146.10 Td (o the extent that the Company or its clients become subject to additional or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 Td (more stringent requirements, demand for the Company's services may decrease, which could adversely af) Tj ET Q q 0 0 0 rg BT 484.75 134.10 Td (fect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (Company's results of operations. In addition, such laws may be interpreted and applied in a manner inconsistent with our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (internal policies. If so, in addition to the possibility of fines, this could result in an order requiring that we change our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (data practices, which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 248.28 98.10 Td (fect on our business and results of operations. Complying with these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (various laws could cause us to incur substantial costs or require us to change our business practices in a manner adverse ) 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 60.35 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (to our business.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (If Quad/Graphics is not able to take advantage of technological developments in the printing industry on a timely ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (basis, the Company may experience a decline in the demand for its services, be unable to implement its business ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (strategy and experience reduced profits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 650.10 Td (The printing industry is experiencing rapid change as new technologies are developed that of) Tj ET Q q 0 0 0 rg BT 470.64 650.10 Td (fer clients an array ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (of choices for their marketing and publication needs. In order to grow and remain competitive, the Company will need ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (to adapt to future changes in technology) Tj ET Q q 0 0 0 rg BT 222.86 626.10 Td (, enhance the Company's existing of) Tj ET Q q 0 0 0 rg BT 367.22 626.10 Td (ferings and introduce new of) Tj ET Q q 0 0 0 rg BT 482.00 626.10 Td (ferings to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (address the changing demands of clients. If Quad/Graphics is unable to meet future challenges from competing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (technologies on a timely basis or at an acceptable cost, the Company could lose clients to competitors. In general, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (development of new communication channels inside and outside the printing and media solutions industry requires the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (Company to anticipate and respond to the varied and continually changing demands of clients. ) Tj ET Q q 0 0 0 rg BT 445.50 578.10 Td (The Company may not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (be able to accurately predict technological trends or the success of new services in the market.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (Quad/Graphics may be required to make capital expenditures to maintain its platform and processes and to remain ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 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 99.00 506.10 Td (The Company may need to make significant capital expenditures as it develops and continues to maintain its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (platform and processes. ) Tj ET Q q 0 0 0 rg BT 162.51 494.10 Td (The Company also may be required to make capital expenditures to develop and integrate new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (technologies to remain technologically and economically competitive. In order to accomplish this ef) Tj ET Q q 0 0 0 rg BT 466.03 482.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 500.36 482.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (Company will need to deploy its resources ef) Tj ET Q q 0 0 0 rg BT 243.61 470.10 Td (ficiently) Tj ET Q q 0 0 0 rg BT 276.28 470.10 Td (, maintain ef) Tj ET Q q 0 0 0 rg BT 326.36 470.10 Td (fective cost controls and bear potentially significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (market and raw material risks. If the Company's revenues decline, it may impact the Company's ability to expend the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (capital necessary to develop and implement new technology and be economically competitive. Debt or equity financing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (or cash generated from operations, may not be available or suf) Tj ET Q q 0 0 0 rg BT 312.45 434.10 Td (ficient for these requirements or for other corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (purposes or) Tj ET Q q 0 0 0 rg BT 108.98 422.10 Td (, if debt or equity financing is available, it may not be on terms favorable to the Company) Tj ET Q q 0 0 0 rg BT 466.85 422.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (Currently) Tj ET Q q 0 0 0 rg BT 102.64 398.10 Td (, there is a limited active market for Quad/Graphics' class ) Tj ET Q q 0 0 0 rg BT 341.98 398.10 Td (A) Tj ET Q q 0 0 0 rg BT 348.10 398.10 Td ( common stock and, as a result, shareholders ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (may be unable to sell their class ) Tj ET Q q 0 0 0 rg BT 196.24 386.10 Td (A) Tj ET Q q 0 0 0 rg BT 202.36 386.10 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 99.00 362.10 Td (The Company's class ) Tj ET Q q 0 0 0 rg BT 185.51 362.10 Td (A) Tj ET Q q 0 0 0 rg BT 192.18 362.10 Td ( common stock has been traded on ) Tj ET Q q 0 0 0 rg BT 332.80 362.10 Td (The New ) Tj ET Q q 0 0 0 rg BT 371.86 362.10 Td (Y) Tj ET Q q 0 0 0 rg BT 378.08 362.10 Td (ork Stock Exchange, LLC \("NYSE"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (under the symbol "QUAD" since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.53 350.10 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.70 350.10 Td (. However) Tj ET Q q 0 0 0 rg BT 290.45 350.10 Td (, there is currently a limited active market for the class ) Tj ET Q q 0 0 0 rg BT 510.37 350.10 Td (A) Tj ET Q q 0 0 0 rg BT 517.04 350.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (common shares. ) Tj ET Q q 0 0 0 rg BT 132.80 338.10 Td (The Company cannot predict the extent to which investor interest in the Company will lead to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (development of an active trading market for its class ) Tj ET Q q 0 0 0 rg BT 274.88 326.10 Td (A) Tj ET Q q 0 0 0 rg BT 281.54 326.10 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 63.00 314.10 Td (become. If a more active trading market does not develop, shareholders may have dif) Tj ET Q q 0 0 0 rg BT 406.02 314.10 Td (ficulty selling any class ) Tj ET Q q 0 0 0 rg BT 502.12 314.10 Td (A) Tj ET Q q 0 0 0 rg BT 508.79 314.10 Td ( common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (stock without negatively af) Tj ET Q q 0 0 0 rg BT 171.40 302.10 Td (fecting the stock price and thereby losing a significant portion of their investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (Changes in the legal and regulatory environment could limit the Company's business activities, increase its operating ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (costs, reduce demand for its products or result in litigation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 242.10 Td (The conduct of the Company's businesses is subject to various laws and regulations administered by federal, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (state and local government agencies in the United States, as well as to foreign laws and regulations administered by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (government entities and agencies in markets in which the Company operates. ) Tj ET Q q 0 0 0 rg BT 376.90 218.10 Td (These laws and regulations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (interpretations thereof may change, sometimes dramatically) Tj ET Q q 0 0 0 rg BT 301.71 206.10 Td (, as a result of political, economic or social events. Such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (regulatory environment changes may include changes in environmental laws, requirements of United States and foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (occupational health and safety laws, accounting standards and taxation requirements. Changes in laws, regulations or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (governmental policy and the related interpretations may alter the environment in which Quad/Graphics does business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (and, therefore, may impact its results or increase its costs or liabilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 134.10 Td (In addition, the Company and its subsidiaries are party to a variety of legal and environmental remediation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (obligations arising in the normal course of business, as well as environmental remediation and related indemnification ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (proceedings in connection with certain historical activities, former facilities and contractual obligations of acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (businesses. Permits are required for the operation of certain parts of the Company's business, and these permits are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (subject to renewal, modification and, in some circumstances, revocation. Due to regulatory complexities, uncertainties ) 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 60.35 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (inherent in litigation and the risk of unidentified contaminants on current and former properties, the potential exists for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (remediation, liability and indemnification costs to dif) Tj ET Q q 0 0 0 rg BT 275.83 710.10 Td (fer materially from the costs the Company has estimated. Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (Graphics cannot assure you that the Company's costs in relation to these matters will not exceed its established liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (or otherwise have an adverse ef) Tj ET Q q 0 0 0 rg BT 189.15 686.10 Td (fect on its results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.11 662.10 Td (arious laws and regulations addressing climate change are being considered at the federal and state levels. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (Proposals under consideration include limitations on the amount of greenhouse gas that can be emitted \(so-called "caps"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (together with systems of trading allowed emissions capacities. ) Tj ET Q q 0 0 0 rg BT 317.21 638.10 Td (The impacts of such proposals could have a material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (adverse impact on the Company's financial condition and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (An other than temporary decline in operating results and enterprise value could lead to non-cash impairment charges ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (due to the impairment of goodwill, other intangible assets and property) Tj ET Q q 0 0 0 rg BT 354.04 590.10 Td (, plant and equipment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 Td (The Company has a material amount of goodwill, other intangible assets and property) Tj ET Q q 0 0 0 rg BT 441.88 566.10 Td (, plant and equipment on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (its balance sheet, due in part to acquisitions. ) Tj ET Q q 0 0 0 rg BT 243.79 554.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.23 554.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.82 554.10 Td (, the Company had the following long-lived assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.45 542.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.03 542.10 Td (, balance sheet:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 518.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 518.10 Td (Goodwill, representing the excess of the total purchase price for its acquisitions over the fair value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 506.10 Td (net assets acquired, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.80 506.10 Td ($768.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.69 506.10 Td (; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 482.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 482.10 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 117.00 470.10 Td ($229.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.89 470.10 Td (; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 446.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 446.10 Td (Property) Tj ET Q q 0 0 0 rg BT 150.79 446.10 Td (, plant and equipment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.76 446.10 Td ($1,926.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.16 446.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 422.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 422.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 422.10 Td (, these assets represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.75 422.10 Td (71%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.08 422.10 Td ( of the Company's total assets. ) Tj ET Q q 0 0 0 rg BT 509.13 422.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (Company evaluates goodwill for impairment on an annual basis or more frequently if impairment indicators are present ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (based on the estimated fair value of each reporting unit. ) Tj ET Q q 0 0 0 rg BT 290.51 398.10 Td (The Company assesses impairment of other intangible assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (and property) Tj ET Q q 0 0 0 rg BT 113.17 386.10 Td (, plant and equipment based upon the expected future cash flows of the respective assets. ) Tj ET Q q 0 0 0 rg BT 473.42 386.10 Td (These valuations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (include management's estimates of sales, profitability) Tj ET Q q 0 0 0 rg BT 276.32 374.10 Td (, cash flow generation, capital structure, cost of debt, interest rates, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (capital expenditures and other assumptions. ) Tj ET Q q 0 0 0 rg BT 242.13 362.10 Td (A) Tj ET Q q 0 0 0 rg BT 248.80 362.10 Td ( decline in expected profitability) Tj ET Q q 0 0 0 rg BT 378.10 362.10 Td (, significant negative industry or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (economic trends, inability to ef) Tj ET Q q 0 0 0 rg BT 187.51 350.10 Td (fectively integrate acquired businesses, unexpected significant changes or planned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (changes in use of the assets or in entity structure, and divestitures may adversely impact the assumptions used in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 111.05 326.10 Td (As a result, the recoverability of these assets could be called into question and the Company could be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (required to write down or write of) Tj ET Q q 0 0 0 rg BT 198.89 314.10 Td (f these assets. Such an occurrence could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 468.30 314.10 Td (fect on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (Company's results of operations and financial position and could result in the Company being in non-compliance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (certain of its debt facility covenants \(see ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 227.10 290.10 Td ("Quad/Graphics' debt facilities include various covenants imposing r) Tj ET Q q 0 0 0 rg BT 504.43 290.10 Td (estrictions ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (that may affect the Company's ability to operate its business") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.92 278.10 Td ( below\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (The Company has significant liabilities with respect to defined benefit pension plans and other postretirement benefits ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (that could grow in the future and cause the Company to incur additional costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 218.10 Td (As a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 226.85 218.10 Td (W) Tj ET Q q 0 0 0 rg BT 235.48 218.10 Td (orld Color Press, the Company sponsors defined benefit pension plans for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (certain of its employees in the United States. ) Tj ET Q q 0 0 0 rg BT 246.66 206.10 Td (The majority of the plans' assets are held in North ) Tj ET Q q 0 0 0 rg BT 447.86 206.10 Td (American and global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (equities and fixed income or debt securities. ) Tj ET Q q 0 0 0 rg BT 244.15 194.10 Td (The asset allocation as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.73 194.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.31 194.10 Td (, was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.62 194.10 Td (64%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.95 194.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (equities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.10 182.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.43 182.10 Td ( debt securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.85 182.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.18 182.10 Td ( other) Tj ET Q q 0 0 0 rg BT 232.68 182.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 158.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 158.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 158.10 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 63.00 146.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 146.10 Td ($291million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.65 146.10 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 63.00 134.10 Td (current United States pension law) Tj ET Q q 0 0 0 rg BT 197.32 134.10 Td (, pension funding deficits are generally required to be funded over a seven-year period. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 122.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.83 122.10 Td (, under current pension law) Tj ET Q q 0 0 0 rg BT 202.31 122.10 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 63.00 110.10 Td ($43million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.39 110.10 Td ( \(not including benefit payments\). ) Tj ET Q q 0 0 0 rg BT 250.01 110.10 Td (These pension deficits may increase or decrease depending on changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (the levels of interest rates, pension plan investment performance, pension legislation and other factors. Declines in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (global, and in particular North ) Tj ET Q q 0 0 0 rg BT 186.30 86.10 Td (American, equity markets would increase the Company's potential pension funding ) 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 60.35 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 114.39 722.10 Td (Any significant increase in the Company's required contributions could have a material adverse impact on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (its business, financial condition, results of operations and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.10 Td (In addition to the single employer defined benefit plans described above, the Company participates in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (multiemployer pension plans \("MEPPs"\) in the United States. Prior to the acquisition of ) Tj ET Q q 0 0 0 rg BT 419.56 674.10 Td (W) Tj ET Q q 0 0 0 rg BT 428.20 674.10 Td (orld Color Press by Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (Graphics, ) Tj ET Q q 0 0 0 rg BT 103.92 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.56 662.10 Td (orld Color Press received notice that certain plans in which it participated were in critical status, as defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (in Section 432 of the Internal Revenue Code of 1986, as amended \(the "Internal Revenue Code"\). ) Tj ET Q q 0 0 0 rg BT 457.44 650.10 Td (As a result, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (Company could have been subject to increased contribution rates associated with these plans or other MEPP's suf) Tj ET Q q 0 0 0 rg BT 516.74 638.10 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (from declines in their funding levels. ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.12549019607843137 0.3764705882352941 rg BT 213.24 626.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 215.74 626.10 Td (Due to the significantly underfunded status of the United States multiemployer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (plans and the potential increased contribution rates, the Company withdrew from participation in these multiemployer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (plans and has replaced 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 63.00 590.10 Td (which is historically the form of retirement benefit provided to the Company's employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 Td (As of December 31, 2012, the Company estimates and has recorded in its financial statements a pre-tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (withdrawal liability for all United States multiemployer plans of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.93 554.10 Td ($87.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.82 554.10 Td ( in the aggregate. Until ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (discussions with the multiemployer plans' trustees are concluded, the exact amount of the withdrawal liability will not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (known, and, as such, a dif) Tj ET Q q 0 0 0 rg BT 166.69 530.10 Td (ference from the recorded estimate could have an adverse ef) Tj ET Q q 0 0 0 rg BT 407.21 530.10 Td (fect on the Company's results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (operations, financial position and cash flows. Further) Tj ET Q q 0 0 0 rg BT 277.83 518.10 Td (, if there was a mass withdrawal from any of the multiemployer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (plans over the next two years, the Company may be subject to additional withdrawal liabilities with respect to that plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (under applicable law) Tj ET Q q 0 0 0 rg BT 145.65 494.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (Quad/Graphics' debt facilities include various covenants imposing restrictions that may af) Tj ET Q q 0 0 0 rg BT 433.95 470.10 Td (fect the Company's ability ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (to operate its business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.10 Td (On September 1, 1995, and as last amended on January 26, 2006, Quad/Graphics entered into a Senior Secured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 84.39 422.10 Td (Agreement \(the "Master Note and Security ) Tj ET Q q 0 0 0 rg BT 257.86 422.10 Td (Agreement"\) pursuant to which the Company has issued over time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (senior notes in an aggregate principal amount of $1.13 billion in various tranches. ) Tj ET Q q 0 0 0 rg BT 394.59 410.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.03 410.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.61 410.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (borrowings outstanding under the Master Note and Security ) Tj ET Q q 0 0 0 rg BT 304.62 398.10 Td (Agreement were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.47 398.10 Td ($553.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.37 398.10 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.59 398.10 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 503.39 398.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.39 398.10 Td (, and as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (last amended on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.48 386.10 Td (December19, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.06 386.10 Td (, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.09 386.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.20 386.10 Td ( debt financing agreement with certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 99.20 374.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.24 374.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.36 374.10 Td ( debt financing agreement includes three dif) Tj ET Q q 0 0 0 rg BT 339.22 374.10 Td (ferent loan facilities, a ) Tj ET Q q 0 0 0 rg BT 430.93 374.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.34 374.10 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 476.89 374.10 Td (A, a ) Tj ET Q q 0 0 0 rg BT 495.87 374.10 Td (T) Tj ET Q q 0 0 0 rg BT 501.28 374.10 Td (erm Loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (B, and a revolving credit facility) Tj ET Q q 0 0 0 rg BT 192.31 362.10 Td (. ) Tj ET Q q 0 0 0 rg BT 199.63 362.10 Td (The revolving credit facility in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.90 362.10 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.79 362.10 Td ( and the ) Tj ET Q q 0 0 0 rg BT 475.77 362.10 Td (T) Tj ET Q q 0 0 0 rg BT 481.18 362.10 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 521.72 362.10 Td (A) Tj ET Q q 0 0 0 rg BT 528.39 362.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (the aggregate amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.40 350.10 Td ($450.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.30 350.10 Td ( each had an initial term of five years that was extended an additional year as part ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.55 338.10 Td (December19, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.13 338.10 Td ( amendment to mature on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.82 338.10 Td (July25, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.99 338.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.31 338.10 Td (The ) Tj ET Q q 0 0 0 rg BT 351.18 338.10 Td (T) Tj ET Q q 0 0 0 rg BT 356.59 338.10 Td (erm Loan B in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.17 338.10 Td ($200.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.06 338.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (has a term of seven years and matures on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.88 326.10 Td (July25, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.05 326.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 302.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 302.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 302.10 Td (, the Company's various lending arrangements included certain financial covenants. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (In addition to the financial covenants, the debt facilities also include certain limitations on acquisitions, indebtedness, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (liens, dividends and repurchases of capital stock. If the Company's total leverage ratio is greater than 3.00 to 1.00 \(total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (leverage ratio as defined in the debt financing agreement\), the Company is prohibited from making greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td ($120.0million of annual dividend payments, capital stock repurchases and certain other payments. If the total leverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (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 99.00 218.10 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 281.72 218.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.31 218.10 Td (, the Company was in compliance with all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (financial covenants in its debt agreements. ) Tj ET Q q 0 0 0 rg BT 237.76 206.10 Td (While the Company currently expects to be in compliance in future periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (with all of the financial covenants, there can be no assurance that these covenants will continue to be met. ) Tj ET Q q 0 0 0 rg BT 491.00 194.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (Company's failure to maintain compliance with the covenants could prevent the Company from borrowing additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (amounts and could result in a default under any of the debt agreements. Such default could cause the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (indebtedness to become immediately due and payable, by virtue of cross-acceleration or cross-default provisions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 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 99.00 110.10 Td (The Company's business is seasonal, with Quad/Graphics recognizing the majority of its operating income in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.72 98.10 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.60 98.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.04 98.10 Td (fourth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.48 98.10 Td ( quarters of the financial year) Tj ET Q q 0 0 0 rg BT 257.52 98.10 Td (, primarily as a result of the increased magazine advertising page counts ) 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 60.35 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (and retail inserts, catalogs and books from back-to-school and holiday promotions. ) Tj ET Q q 0 0 0 rg BT 398.85 722.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.89 722.10 Td (ithin any year) Tj ET Q q 0 0 0 rg BT 462.47 722.10 Td (, this seasonality ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 136.12 710.10 Td (fect the Company's cash flows and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 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 99.00 662.10 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 496.26 662.10 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.59 662.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.59 662.10 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.92 662.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.94 650.10 Td (1) Tj ET Q q 0 0 0 rg BT 84.57 650.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.90 650.10 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 351.43 650.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.02 650.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.02 650.10 Td (201) Tj ET Q q 0 0 0 rg BT 449.65 650.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.65 650.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.08 650.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.08 650.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 638.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.61 638.10 Td (As a result, the Company is subject to the risks inherent in conducting business outside of the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (States, including the impact of economic and political instability and being subject to dif) Tj ET Q q 0 0 0 rg BT 417.18 626.10 Td (ferent legal and regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (regimes that may preclude or make more costly certain initiatives or the implementation of certain elements of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (business strategy) Tj ET Q q 0 0 0 rg BT 130.40 602.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (Holders of class ) Tj ET Q q 0 0 0 rg BT 131.24 578.10 Td (A) Tj ET Q q 0 0 0 rg BT 137.36 578.10 Td ( common stock are not able to independently elect directors of Quad/Graphics or control any of the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (Company's management policies or business decisions or its decisions to issue additional shares, declare and pay ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (dividends or enter into corporate transactions because the holders of class ) Tj ET Q q 0 0 0 rg BT 369.58 554.10 Td (A) Tj ET Q q 0 0 0 rg BT 375.70 554.10 Td ( common stock have substantially less ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (voting power than the holders of the Company's class B common stock, all of which is owned by certain members of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (the Quadracci family) Tj ET Q q 0 0 0 rg BT 149.84 530.10 Td (, trusts for their benefit or other af) Tj ET Q q 0 0 0 rg BT 291.34 530.10 Td (filiates of Quad/Graphics, whose interests may be dif) Tj ET Q q 0 0 0 rg BT 508.38 530.10 Td (ferent ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (from the holders of class ) Tj ET Q q 0 0 0 rg BT 166.80 518.10 Td (A) Tj ET Q q 0 0 0 rg BT 172.92 518.10 Td ( common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 494.10 Td (The Company's stock is divided into three classes of common stock: class ) Tj ET Q q 0 0 0 rg BT 396.31 494.10 Td (A) Tj ET Q q 0 0 0 rg BT 402.98 494.10 Td ( common stock \("class ) Tj ET Q q 0 0 0 rg BT 495.38 494.10 Td (A) Tj ET Q q 0 0 0 rg BT 502.05 494.10 Td ( stock"\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (class B common stock \("class B stock"\) and class C common stock \("class C stock"\). In ) Tj ET Q q 0 0 0 rg BT 418.72 482.10 Td (August 2012, all outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (shares of class C stock were converted into shares of class ) Tj ET Q q 0 0 0 rg BT 297.65 470.10 Td (A) Tj ET Q q 0 0 0 rg BT 304.32 470.10 Td ( stock. ) Tj ET Q q 0 0 0 rg BT 335.25 470.10 Td (The class B stock has ten votes per share on all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (matters and the class ) Tj ET Q q 0 0 0 rg BT 147.98 458.10 Td (A) Tj ET Q q 0 0 0 rg BT 154.65 458.10 Td ( stock is entitled to one vote per share. ) Tj ET Q q 0 0 0 rg BT 312.66 458.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.11 458.10 Td (March4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.71 458.10 Td (, the class B stock constitutes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (approximately 81% of Quad/Graphics' total voting power) Tj ET Q q 0 0 0 rg BT 292.53 446.10 Td (. ) Tj ET Q q 0 0 0 rg BT 299.47 446.10 Td (As a result, holders of class B stock are able to exercise a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (controlling influence over the Company's business, have the power to elect its directors and indirectly control decisions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (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 487.59 422.10 Td (All of the class ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (B stock is owned by certain members of the Quadracci family or trusts for their benefit, whose interests may dif) Tj ET Q q 0 0 0 rg BT 510.47 410.10 Td (fer from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (the interests of the holders of class ) Tj ET Q q 0 0 0 rg BT 203.24 398.10 Td (A) Tj ET Q q 0 0 0 rg BT 209.91 398.10 Td ( stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 374.10 Td (Approximately 88% of the outstanding class B stock is held of record by the Quad/Graphics ) Tj ET Q q 0 0 0 rg BT 470.13 374.10 Td (V) Tj ET Q q 0 0 0 rg BT 476.06 374.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 498.94 374.10 Td (T) Tj ET Q q 0 0 0 rg BT 504.69 374.10 Td (rust, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (that constitutes about 71% of the Company's total voting power) Tj ET Q q 0 0 0 rg BT 316.71 362.10 Td (. ) Tj ET Q q 0 0 0 rg BT 324.03 362.10 Td (The trustees of the Quad/Graphics ) Tj ET Q q 0 0 0 rg BT 463.53 362.10 Td (V) Tj ET Q q 0 0 0 rg BT 469.46 362.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 492.34 362.10 Td (T) Tj ET Q q 0 0 0 rg BT 498.09 362.10 Td (rust have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (the authority to vote the stock held by the Quad/Graphics ) Tj ET Q q 0 0 0 rg BT 294.43 350.10 Td (V) Tj ET Q q 0 0 0 rg BT 300.36 350.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 323.24 350.10 Td (T) Tj ET Q q 0 0 0 rg BT 329.00 350.10 Td (rust. ) Tj ET Q q 0 0 0 rg BT 350.94 350.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 400.28 350.10 Td (, the trustees of the Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (V) Tj ET Q q 0 0 0 rg BT 68.93 338.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 91.81 338.10 Td (T) Tj ET Q q 0 0 0 rg BT 97.57 338.10 Td (rust are able to exercise a controlling influence over the Company's business, have the power to elect its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (directors and indirectly control decisions such as whether to issue additional shares, declare and pay dividends or enter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (into corporate transactions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 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 /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (exemptions from certain corporate governance requirements that provide protection to shareholders of other ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 242.10 Td (Since the Quad/Graphics ) Tj ET Q q 0 0 0 rg BT 201.29 242.10 Td (V) Tj ET Q q 0 0 0 rg BT 207.22 242.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 230.10 242.10 Td (T) Tj ET Q q 0 0 0 rg BT 235.86 242.10 Td (rust owns more than 50% of the total voting power of the Company's stock, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (the Company is considered a controlled company under the corporate governance listing standards of the NYSE. ) Tj ET Q q 0 0 0 rg BT 518.43 230.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (controlled company) Tj ET Q q 0 0 0 rg BT 142.05 218.10 Td (, an exception under the NYSE listing standards exempts the Company from the obligation to comply ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (with certain of the NYSE's corporate governance requirements, including the requirements: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 182.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 182.10 Td (that a majority of the Company's board of directors consist of independent directors, as defined under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 170.10 Td (rules of the NYSE;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 146.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 146.10 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 117.00 134.10 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 99.00 110.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 110.10 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 117.00 98.10 Td (written charter addressing the committee's purpose and responsibilities.) 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 60.35 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 148.34 722.10 Td (, for so long as Quad/Graphics is a controlled company) Tj ET Q q 0 0 0 rg BT 368.19 722.10 Td (, holders of class ) Tj ET Q q 0 0 0 rg BT 437.34 722.10 Td (A) Tj ET Q q 0 0 0 rg BT 444.01 722.10 Td ( stock will not have the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (same protections af) Tj ET Q q 0 0 0 rg BT 140.57 710.10 Td (forded to shareholders of companies that are subject to all of the corporate governance requirements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (of the NYSE.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (The Company is heavily dependent on its Chief Executive Of) Tj ET Q q 0 0 0 rg BT 313.08 674.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 331.40 674.10 Td (, its management team and key personnel.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 650.10 Td (The Company's continued success depends, in part, on the retention, recruitment and continued contributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (key management, finance, sales and marketing personnel, some of whom could be dif) Tj ET Q q 0 0 0 rg BT 405.77 638.10 Td (ficult to replace. ) Tj ET Q q 0 0 0 rg BT 475.83 638.10 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (success is lar) Tj ET Q q 0 0 0 rg BT 115.03 626.10 Td (gely dependent upon its senior management team, led by its Chief Executive Of) Tj ET Q q 0 0 0 rg BT 434.48 626.10 Td (ficer and other key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (managers. ) Tj ET Q q 0 0 0 rg BT 108.63 614.10 Td (The loss of any one or more of such persons could have an adverse ef) Tj ET Q q 0 0 0 rg BT 386.70 614.10 Td (fect on the Company's business and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (financial condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (The Company may not be able to utilize deferred tax assets to of) Tj ET Q q 0 0 0 rg BT 325.58 578.10 Td (fset future taxable income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 554.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 554.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 554.10 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 484.43 554.10 Td ($416.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.33 554.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (on the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 204.16 542.10 Td (The Company expects to utilize the deferred tax assets to reduce consolidated income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (tax liabilities over a period of time not to exceed 20 years. However) Tj ET Q q 0 0 0 rg BT 336.95 530.10 Td (, the Company may not be able to fully utilize the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (deferred tax assets if its future taxable income and related income tax liability is insuf) Tj ET Q q 0 0 0 rg BT 405.48 518.10 Td (ficient to permit their use. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (addition, in the future, the Company may be required to record a valuation allowance against the deferred tax assets if the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (Company believes it is unable to utilize them, which would have an adverse ef) Tj ET Q q 0 0 0 rg BT 377.17 494.10 Td (fect on the Company's results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (operations and financial position.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (Quad/Graphics may be adversely af) Tj ET Q q 0 0 0 rg BT 209.46 458.10 Td (fected by interest rates and foreign exchange rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 434.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 434.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.03 434.10 Td (57%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.36 434.10 Td ( of the Company's borrowings were subject to variable interest rates. ) Tj ET Q q 0 0 0 rg BT 504.03 434.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (result, the Company is exposed to market risks associated with fluctuations in interest rates, and increases in interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (rates could adversely af) Tj ET Q q 0 0 0 rg BT 157.50 410.10 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 227.94 410.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 386.10 Td (Because a portion of the Company's operations are outside of the United States, significant revenues and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (expenses are denominated in local currencies. ) Tj ET Q q 0 0 0 rg BT 250.70 374.10 Td (Although operating in local currencies may limit the impact of currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (rate fluctuations on the results of operations of the Company's non-U.S. subsidiaries and business units, fluctuations in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (such rates may af) Tj ET Q q 0 0 0 rg BT 132.51 350.10 Td (fect the translation of these results into the Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 491.82 350.10 Td (T) Tj ET Q q 0 0 0 rg BT 497.23 350.10 Td (o the extent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (revenues and expenses are not in the applicable local currency) Tj ET Q q 0 0 0 rg BT 311.40 338.10 Td (, the Company may enter into foreign exchange forward ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (contracts to hedge the currency risk. ) Tj ET Q q 0 0 0 rg BT 212.76 326.10 Td (There can be no assurance, however) Tj ET Q q 0 0 0 rg BT 357.29 326.10 Td (, that the Company's ef) Tj ET Q q 0 0 0 rg BT 449.17 326.10 Td (forts at hedging will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (successful. ) Tj ET Q q 0 0 0 rg BT 111.42 314.10 Td (There is always a possibility that attempts to hedge currency risks will lead to greater losses than predicted.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (Quad/Graphics may be adversely af) Tj ET Q q 0 0 0 rg BT 209.46 290.10 Td (fected by strikes and other labor protests.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 266.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 266.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 266.10 Td (, Quad/Graphics had a total of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.30 266.10 Td (21,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 266.10 Td ( employees, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 254.10 Td (2,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.76 254.10 Td ( were covered by a collective bar) Tj ET Q q 0 0 0 rg BT 277.73 254.10 Td (gaining agreement. ) Tj ET Q q 0 0 0 rg BT 358.81 254.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.25 254.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.84 254.10 Td (, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (ten) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.22 242.10 Td ( collective bar) Tj ET Q q 0 0 0 rg BT 131.67 242.10 Td (gaining agreements in the United States and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.24 242.10 Td (eight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.23 242.10 Td ( agreements outside of the United States that are either ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (industry-wide individual collective bar) Tj ET Q q 0 0 0 rg BT 218.05 230.10 Td (gaining agreements or works councils or similar arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 206.10 Td (While the Company believes its employee relations are good and that the Company maintains an employee-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (centric culture, and there has not been any material disruption in operations resulting from labor disputes, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (cannot be certain that it will be able to maintain a productive and ef) Tj ET Q q 0 0 0 rg BT 333.00 182.10 Td (ficient labor environment. ) Tj ET Q q 0 0 0 rg BT 441.95 182.10 Td (The Company cannot ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (predict the outcome of any future negotiations relating to the renewal of the collective bar) Tj ET Q q 0 0 0 rg BT 422.13 170.10 Td (gaining agreements, nor can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (there be any assurance that work stoppages, strikes or other forms of labor protests pending the outcome of any future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.10 Td (negotiations will not occur) Tj ET Q q 0 0 0 rg BT 169.37 146.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.32 146.10 Td (A) Tj ET Q q 0 0 0 rg BT 182.99 146.10 Td ( strike or other forms of labor protest af) Tj ET Q q 0 0 0 rg BT 341.10 146.10 Td (fecting a series of major plants in the future could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 Td (materially disrupt the Company's operations and result in a material adverse impact on its financial condition, results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (operations and cash flows, which could force the Company to reassess its strategic alternatives involving certain of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (operations.) 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 60.35 Td (27) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.15 722.25 Td (orld Color Press' bankruptcy may have lingering negative ef) Tj ET Q q 0 0 0 rg BT 319.29 722.25 Td (fects.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (In connection with the ongoing insolvency proceedings of Quebecor ) Tj ET Q q 0 0 0 rg BT 375.13 698.25 Td (W) Tj ET Q q 0 0 0 rg BT 383.77 698.25 Td (orld \(USA\) Inc., Quebecor ) Tj ET Q q 0 0 0 rg BT 493.00 698.25 Td (W) Tj ET Q q 0 0 0 rg BT 501.64 698.25 Td (orld, Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (and certain of their af) Tj ET Q q 0 0 0 rg BT 148.88 686.25 Td (filiates, currently pending in the United States Bankruptcy Court for the Southern District of New ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (Y) Tj ET Q q 0 0 0 rg BT 69.22 674.25 Td (ork and the Quebec Superior Court, the Company) Tj ET Q q 0 0 0 rg BT 267.41 674.25 Td (, as successor in interest to the debtors, is currently engaged in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (resolving the claims filed in each of the insolvency proceedings. ) Tj ET Q q 0 0 0 rg BT 324.96 662.25 Td (This ongoing claims resolution process and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (legal issues may adversely af) Tj ET Q q 0 0 0 rg BT 179.45 650.25 Td (fect the Company's financial condition. ) Tj ET Q q 0 0 0 rg BT 341.30 650.25 Td (The debtors formulated plans of reor) Tj ET Q q 0 0 0 rg BT 488.01 650.25 Td (ganization that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (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 485.29 638.25 Td (, and became ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (ef) Tj ET Q q 0 0 0 rg BT 70.59 626.25 Td (fective on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.79 626.25 Td (July21, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.96 626.25 Td (. ) Tj ET Q q 0 0 0 rg BT 174.28 626.25 Td (The holders of such claims are entitled to recovery based upon the type and classification of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (such claims. Most types of claims are subject to liability limitations pursuant to the plans of reor) Tj ET Q q 0 0 0 rg BT 450.52 614.25 Td (ganization. However) Tj ET Q q 0 0 0 rg BT 535.92 614.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.25 Td (some claims are entitled to a 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 477.31 602.25 Td ($9.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.20 602.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.25 Td (such priority claims have yet to be paid as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.62 590.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.20 590.25 Td (. ) Tj ET Q q 0 0 0 rg BT 330.52 590.25 Td (These types of priority claims are not limited by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.25 Td (reor) Tj ET Q q 0 0 0 rg BT 78.92 578.25 Td (ganization plans and may be significantly higher than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.52 578.25 Td ($9.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.42 578.25 Td (. In addition, certain other unsecured claims were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.25 Td (to be paid under the reor) Tj ET Q q 0 0 0 rg BT 160.84 566.25 Td (ganization plans by unsecured notes. In connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 461.97 566.25 Td (W) Tj ET Q q 0 0 0 rg BT 470.61 566.25 Td (orld Color Press, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (such unsecured notes were defeased and then redeemed resulting in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.67 554.25 Td ($89.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.56 554.25 Td ( deposited in 2010 with the indenture ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (trustee. Upon the allowance of each claim, such creditors will receive cash in lieu of receiving a note. ) Tj ET Q q 0 0 0 rg BT 476.27 542.25 Td (Through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 530.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.58 530.25 Td ($28.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.48 530.25 Td ( was paid to Class 3 claim creditors, therefore ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.97 530.25 Td ($60.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.87 530.25 Td ( remains deposited as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 518.25 Td (. ) Tj ET Q q 0 0 0 rg BT 148.90 518.25 Td (The Company has estimated its liability under such claims to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.46 518.25 Td ($23.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.35 518.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.51 518.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 506.25 Td (, but this liability could be as high as the full remaining deposit. ) Tj ET Q q 0 0 0 rg BT 342.78 506.25 Td (The Company retained responsibility for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.25 Td (Canadian insolvency proceedings after the sale of the Canadian operations to ) Tj ET Q q 0 0 0 rg BT 373.55 494.25 Td (T) Tj ET Q q 0 0 0 rg BT 379.30 494.25 Td (ranscontinental on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.39 494.25 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.99 494.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 470.25 Td (Failure to maintain ef) Tj ET Q q 0 0 0 rg BT 154.22 470.25 Td (fective internal controls in accordance with Section 404 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 479.67 470.25 Td (Act could have a ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 458.25 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 141.13 458.25 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 99.00 434.25 Td (The Company is subject to the requirements of Section 404 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 430.31 434.25 Td (Act of 2002, and in order to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (ensure compliance with the various provisions of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 342.65 422.25 Td (Act, Quad/Graphics has evaluated its internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.25 Td (controls over financial reporting to allow management to report on the internal controls systems. ) Tj ET Q q 0 0 0 rg BT 453.45 410.25 Td (Among other things, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.25 Td (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 372.18 398.25 Td (fective internal controls over financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (reporting in accordance with Section 404. ) Tj ET Q q 0 0 0 rg BT 234.62 386.25 Td (Any failure to comply with the various requirements of the Sarbanes-Oxley ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (Act may require significant management time and expenses, and divert attention or resources away from the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.25 Td (core business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 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 117 337.68505859375 m 236.8046875 337.68505859375 l s q 0 0 0 rg BT 117.00 339.25 Td (Unr) Tj ET Q q 0 0 0 rg BT 134.04 339.25 Td (esolved Staff Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 315.25 Td (The Company has no unresolved staf) Tj ET Q q 0 0 0 rg BT 247.40 315.25 Td (f comments to report pursuant to this item.) 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 60.35 Td (28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 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 117 720.68505859375 m 161.2431640625 720.68505859375 l s q 0 0 0 rg BT 117.00 722.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 127.37 722.25 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (Quad/Graphics' corporate of) Tj ET Q q 0 0 0 rg BT 212.24 698.25 Td (fice is located in owned of) Tj ET Q q 0 0 0 rg BT 317.86 698.25 Td (fice space in Sussex, ) Tj ET Q q 0 0 0 rg BT 402.93 698.25 Td (W) Tj ET Q q 0 0 0 rg BT 411.97 698.25 Td (isconsin. In addition, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.60 686.25 Td (, the day of the ) Tj ET Q q 0 0 0 rg BT 193.62 686.25 Td (V) Tj ET Q q 0 0 0 rg BT 199.73 686.25 Td (ertis closing, the Company leased or owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.92 686.25 Td (120) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.92 686.25 Td ( facilities in the United States, some of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (which have multiple buildings and warehouses, and these United States facilities encompassed approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (26,150,000 square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.08 662.25 Td (. ) Tj ET Q q 0 0 0 rg BT 161.03 662.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.48 662.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.07 662.25 Td (, the Company leased or owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 662.25 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 662.25 Td ( international facilities encompassing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 650.25 Td (2,629,000 square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.34 650.25 Td ( in Canada, Latin ) Tj ET Q q 0 0 0 rg BT 280.16 650.25 Td (America and Europe. Of the facilities, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.85 650.25 Td (21,283,000 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.58 638.25 Td ( of space is owned, while the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.93 638.25 Td (7,496,000 square feet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.01 638.25 Td ( is leased. ) Tj ET Q q 0 0 0 rg BT 397.99 638.25 Td (The following table lists, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.60 626.25 Td (, the Company's principal manufacturing facilities, all of which are 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 63.5 603.75 m 445.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 603.75 m 549.5 603.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.85 607.83 Td (Location) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.95 607.83 Td (Size \(Square Feet\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 595.83 Td (United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 584.75 Td (Lomira, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 584.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 584.75 Td (2,173,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 574.75 Td (Sussex, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 574.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 574.75 Td (1,970,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 564.75 Td (Martinsburg, Virginia, United States++) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.00 564.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 564.75 Td (1,953,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 554.75 Td (Hartford, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 554.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 554.75 Td (1,571,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 544.75 Td (Versailles, Kentucky, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 544.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 544.75 Td (1,066,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 534.75 Td (Saratoga Springs, New York, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 534.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 534.75 Td (1,025,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 524.75 Td (Oklahoma City, Oklahoma, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.00 524.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 524.75 Td (1,010,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 514.75 Td (West Allis, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 514.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 514.75 Td (911,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 504.75 Td (The Rock, Georgia, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 504.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 504.75 Td (788,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 494.75 Td (Evans, Georgia, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.00 494.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 494.75 Td (652,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 484.75 Td (Franklin, Kentucky, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 484.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 484.75 Td (623,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 474.75 Td (Effingham, Illinois, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 474.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 474.75 Td (579,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 464.75 Td (Merced, California, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 464.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 464.75 Td (508,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 454.75 Td (Taunton, Massachusetts, United States++) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.00 454.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 454.75 Td (504,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 444.75 Td (Atlanta, Georgia, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.00 444.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 444.75 Td (433,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 434.75 Td (Atglen, Pennsylvania, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 434.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 434.75 Td (427,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 424.75 Td (Fernley, Nevada, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.00 424.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 424.75 Td (410,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 414.75 Td (Fairfield, Pennsylvania, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 414.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 414.75 Td (337,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 404.75 Td (Dickson, Tennessee, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 404.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 404.75 Td (318,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 394.75 Td (Pewaukee, Wisconsin, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 394.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 394.75 Td (303,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 384.75 Td (Chalfont, Pennsylvania, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.00 384.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 384.75 Td (299,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 374.75 Td (Dubuque, Iowa, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.00 374.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 374.75 Td (278,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 364.75 Td (Hazleton, Pennsylvania, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.00 364.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 364.75 Td (250,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 354.75 Td (St. Cloud, Minnesota, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 354.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 354.75 Td (237,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 344.75 Td (Dallas, Texas, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 168.00 344.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 344.75 Td (222,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 334.75 Td (Midland, Michigan, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.00 334.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 334.75 Td (205,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 324.75 Td (Y) Tj ET Q q 0 0 0 rg BT 83.38 324.75 Td (ork, Pennsylvania, United States+*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 324.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 324.75 Td (203,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 314.75 Td (Riverside, California, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 314.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 314.75 Td (196,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 304.75 Td (Lufkin, Texas, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.00 304.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 304.75 Td (170,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 294.75 Td (Shakopee, Minnesota, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 294.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 294.75 Td (165,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 284.75 Td (Pittsburg, California, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 284.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 284.75 Td (162,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 274.75 Td (Westampton, New Jersey, United States+*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 274.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 274.75 Td (160,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 264.75 Td (East Longmeadow, Massachusetts, United States+*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.00 264.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 264.75 Td (159,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 254.75 Td (Loveland, Colorado, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 254.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 254.75 Td (150,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 244.75 Td (Burlington, Wisconsin, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.00 244.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 244.75 Td (145,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 234.75 Td (Cranbury, New Jersey, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 234.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 234.75 Td (145,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 224.75 Td (Marengo, Iowa, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.00 224.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 224.75 Td (145,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 214.75 Td (Pomona, California, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 214.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 214.75 Td (145,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 204.75 Td (Columbus, Ohio, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.00 204.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 204.75 Td (141,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 194.75 Td (Greenville, Michigan, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 194.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 194.75 Td (138,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 184.75 Td (Portland, Oregon, United States+*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 184.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 184.75 Td (125,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 174.75 Td (Bristol, Pennsylvania, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 174.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 174.75 Td (120,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 164.75 Td (Waukee, Iowa, United States) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.00 164.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 164.75 Td (118,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 154.75 Td (Riverside, California, United States*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 154.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 154.75 Td (113,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 144.75 Td (Manassas, Virginia, United States+*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 144.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 144.75 Td (108,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 134.75 Td (Nashville, Tennessee, United States+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 134.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 134.75 Td (107,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 124.75 Td (Charlotte, North Carolina, United States+*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 124.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 124.75 Td (106,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 114.75 Td (Salt Lake City, Utah, United States+*) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 114.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 114.75 Td (104,000) Tj ET Q BT /F2 10.00 Tf ET 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 60.35 Td (29) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 716.5 m 444.5 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 716.5 m 548.5 716.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 237.85 720.58 Td (Location) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.95 720.58 Td (Size \(Square Feet\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 708.58 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 697.50 Td (Wyszkow, Poland) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 135.00 697.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 697.50 Td (616,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 687.50 Td (Buenos Aires, Argentina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 159.00 687.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 687.50 Td (270,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 677.50 Td (Lima, Peru) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 115.00 677.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 677.50 Td (207,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 667.50 Td (Ipojuca \(Recife\), Brazil) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 155.00 667.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 667.50 Td (173,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 657.50 Td (Santiago, Chile) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 127.00 657.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 657.50 Td (162,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 647.50 Td (Xochimilco, Mexico) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 147.00 647.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 647.50 Td (156,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 637.50 Td (Pilar, Argentina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 131.00 637.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 637.50 Td (116,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 627.50 Td (Bogota, Colombia+) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 143.00 627.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 627.50 Td (114,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 617.50 Td (Azcapotzalco, Mexico) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 151.00 617.50 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.30 617.50 Td (106,000) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 603.40 Td (______________________________) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 590.80 Td (+ ) Tj ET Q q 0 0 0 rg BT 81.00 590.80 Td (Leased facility) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 581.20 Td (++ ) Tj ET Q q 0 0 0 rg BT 81.00 581.20 Td (Includes both owned and leased facilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 571.60 Td (* ) Tj ET Q q 0 0 0 rg BT 81.00 571.60 Td (Former ) Tj ET Q q 0 0 0 rg BT 106.41 571.60 Td (V) Tj ET Q q 0 0 0 rg BT 111.30 571.60 Td (ertis location acquired by Quad/Graphics on ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.81 571.60 Td (January16, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.69 571.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 549.25 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 117 547.68505859375 m 194.861328125 547.68505859375 l s q 0 0 0 rg BT 117.00 549.25 Td (Legal Pr) Tj ET Q q 0 0 0 rg BT 153.75 549.25 Td (oceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 525.25 Td (Quad/Graphics is subject to various legal actions, administrative proceedings and claims arising out of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 513.25 Td (ordinary course of business. Quad/Graphics believes that such unresolved legal actions, proceedings and claims will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 501.25 Td (materially adversely af) Tj ET Q q 0 0 0 rg BT 154.44 501.25 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 63.00 478.25 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 117 476.68505859375 m 219.0263671875 476.68505859375 l s q 0 0 0 rg BT 117.00 478.25 Td (Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 210.70 478.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 454.25 Td (Not applicable.) 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 60.35 Td (30) 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 287.85 720.68505859375 m 324.08046875 720.68505859375 l s q 0 0 0 rg BT 287.85 722.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 722.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 722.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 722.25 Td ( II) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 699.25 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 112.5 697.68505859375 m 536.73828125 697.68505859375 l s q 0 0 0 rg BT 112.50 699.25 Td (Market for) Tj ET Q q 0 0 0 rg BT 159.79 699.25 Td ( the Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 302.58 699.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 394.34 699.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 477.76 699.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 496.19 699.25 Td (chases of ) 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 112.5 685.68505859375 m 185.556640625 685.68505859375 l s q 0 0 0 rg BT 112.50 687.25 Td (Equity Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 664.25 Td (Capital Stock and Dividends) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 640.25 Td (Quad/Graphics' authorized capital stock consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.30 640.25 Td (80.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.19 640.25 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 417.40 640.25 Td (A) Tj ET Q q 0 0 0 rg BT 424.07 640.25 Td ( stock; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.96 640.25 Td (80.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.85 640.25 Td ( shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 628.25 Td (class B stock; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.50 628.25 Td (20.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.39 628.25 Td ( shares of class C stock; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.64 628.25 Td (0.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.53 628.25 Td ( shares of preferred stock. ) Tj ET Q q 0 0 0 rg BT 436.92 628.25 Td (The Company's outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (capital stock as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.42 616.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.00 616.25 Td (, consisted of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.55 616.25 Td (33.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.44 616.25 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 382.65 616.25 Td (A) Tj ET Q q 0 0 0 rg BT 389.32 616.25 Td ( stock; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.21 616.25 Td (14.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.10 616.25 Td ( shares of class B ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 604.25 Td (stock; no shares of class C stock; and no shares of preferred stock. ) Tj ET Q q 0 0 0 rg BT 332.65 604.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.10 604.25 Td (March4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.70 604.25 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.11 604.25 Td (1,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.61 604.25 Td ( record holders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 592.25 Td (of the class ) Tj ET Q q 0 0 0 rg BT 109.93 592.25 Td (A) Tj ET Q q 0 0 0 rg BT 116.60 592.25 Td ( stock, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.21 592.25 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.21 592.25 Td ( record holders of the class B stock, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.39 592.25 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.39 592.25 Td ( record holders of the class C stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 568.25 Td (The Company's class ) Tj ET Q q 0 0 0 rg BT 185.51 568.25 Td (A) Tj ET Q q 0 0 0 rg BT 192.18 568.25 Td ( stock is listed on the NYSE under the symbol "QUAD". ) Tj ET Q q 0 0 0 rg BT 423.76 568.25 Td (The class ) Tj ET Q q 0 0 0 rg BT 463.19 568.25 Td (A) Tj ET Q q 0 0 0 rg BT 469.86 568.25 Td ( stock is entitled to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 556.25 Td (one vote per share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 532.25 Td (The Company's class B stock is held by certain members of the Quadracci family or trusts for their benefit \(and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 520.25 Td (can only be voluntarily transferred to the Company or to a member of the Quadracci "family group," as defined in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 508.25 Td (Company's amended and restated articles of incorporation; and any transfer in violation of the Company's amended and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 496.25 Td (restated articles of incorporation results in the automatic conversion of such class B stock into class ) Tj ET Q q 0 0 0 rg BT 462.90 496.25 Td (A) Tj ET Q q 0 0 0 rg BT 469.57 496.25 Td ( stock\). ) Tj ET Q q 0 0 0 rg BT 503.83 496.25 Td (The class ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 484.25 Td (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 358.11 484.25 Td (, at the option of the holder) Tj ET Q q 0 0 0 rg BT 466.29 484.25 Td (, be converted at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 472.25 Td (any time into one share of class ) Tj ET Q q 0 0 0 rg BT 191.02 472.25 Td (A) Tj ET Q q 0 0 0 rg BT 197.69 472.25 Td ( stock. ) Tj ET Q q 0 0 0 rg BT 228.62 472.25 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 99.00 448.25 Td (The Company's class C stock was held by the Quad/Graphics Employee Stock Ownership Plan \("ESOP"\) \(and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 436.25 Td (can only be owned by) Tj ET Q q 0 0 0 rg BT 150.10 436.25 Td (, or transferred to, a Company employee benefit plan which is intended to satisfy the qualification ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (requirements of Section 401 of the Internal Revenue Code\). In ) Tj ET Q q 0 0 0 rg BT 317.37 424.25 Td (August 2012, all outstanding shares of class C stock were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 412.25 Td (converted into shares of class ) Tj ET Q q 0 0 0 rg BT 182.69 412.25 Td (A) Tj ET Q q 0 0 0 rg BT 189.36 412.25 Td ( stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 388.25 Td (Pursuant to the Company's amended and restated articles of incorporation, each class of common stock has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (equal 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 350.04 376.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 376.25 Td ( debt financing agreement, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (Company is subject to limitations on dividends and repurchases of capital stock. If the Company's total leverage ratio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 352.25 Td (\(as defined in the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.72 352.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.83 352.25 Td ( debt financing agreement\) is greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.93 352.25 Td (3.00 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.70 352.25 Td (, the Company is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 340.25 Td (prohibited from making greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.01 340.25 Td ($120.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.90 340.25 Td ( of annual dividend payments, capital stock repurchases and certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 328.25 Td (other payments. If the total leverage ratio is less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 328.25 Td (3.00 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.38 328.25 Td (, there are no such restrictions. For the twelve months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 316.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 316.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 316.25 Td (, there were no such restrictions as the Company's leverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.50 316.25 Td (2.37 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.28 316.25 Td ( under its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 304.25 Td (most restrictive covenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 280.25 Td (The high and low closing sales prices of the Company's class ) Tj ET Q q 0 0 0 rg BT 345.48 280.25 Td (A) Tj ET Q q 0 0 0 rg BT 352.15 280.25 Td ( stock during each quarter and the quarterly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 268.25 Td (dividends paid per share of each class of common stock then outstanding during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.67 268.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.25 268.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 256.25 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 256.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 256.25 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 336.5 233.75 m 386.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 233.75 m 390.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 233.75 m 440.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 233.75 m 444.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 233.75 m 494.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 233.75 m 498.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 233.75 m 548.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 221.75 m 278.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 221.75 m 282.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 221.75 m 332.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 233.75 m 386.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 221.75 m 386.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 221.75 m 390.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 221.75 m 440.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 233.75 m 494.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 221.75 m 494.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 221.75 m 498.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 221.75 m 548.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 221.75 m 278.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 209.75 m 278.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 209.75 m 282.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 221.75 m 332.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 209.75 m 332.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 209.75 m 386.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 209.75 m 440.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 209.75 m 494.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 209.75 m 548.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 209.75 m 278.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 209.75 m 282.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 209.75 m 332.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 209.75 m 386.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 209.75 m 440.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 209.75 m 494.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 209.75 m 548.5 209.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.45 237.15 Td (Class A Closing Stock Prices) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 225.15 Td (Dividends Paid) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 305.72 229.23 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.00 225.15 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.20 225.15 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.00 213.15 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.20 213.15 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.45 213.15 Td (High) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 213.15 Td (Low) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 213.15 Td (High) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 213.15 Td (Low) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 201.01 Td (First Quarter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 115.25 201.01 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.00 201.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.25 201.01 Td (0.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.95 201.01 Td ($ N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.00 201.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 201.01 Td (16.22) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.00 201.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 201.01 Td (11.75) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 201.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 201.01 Td (45.12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 201.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 201.01 Td (41.75) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 189.01 Td (Second Quarter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 124.25 189.01 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.25 189.01 Td (0.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.25 189.01 Td (0.20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 189.01 Td (14.38) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 189.01 Td (11.91) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 189.01 Td (42.78) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 189.01 Td (38.01) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 177.01 Td (Third Quarter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 115.25 177.01 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.25 177.01 Td (0.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.25 177.01 Td (0.20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 177.01 Td (19.89) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 177.01 Td (14.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 177.01 Td (39.10) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 177.01 Td (18.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 165.01 Td (Fourth Quarter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.75 165.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.25 165.01 Td (2.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.25 165.01 Td (0.20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 165.01 Td (20.65) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 165.01 Td (14.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 165.01 Td (20.70) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 165.01 Td (12.63) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 151.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 137.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 137.65 Td (Includes a special dividend of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.71 137.65 Td ($2.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.96 137.65 Td ( per share which was declared and paid in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.65 137.65 Td (December 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.88 137.65 Td (. Does not include aggregate tax ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 126.85 Td (distributions declared to Quad/Graphics' S corporation shareholders of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.06 126.85 Td ($2.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.06 126.85 Td ( in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.56 126.85 Td (201) Tj ET Q q 0 0 0 rg BT 405.73 126.85 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.23 126.85 Td (. ) Tj ET Q q 0 0 0 rg BT 416.81 126.85 Td (There were no tax distributions ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 116.05 Td (declared to S corporation shareholders for the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.16 116.05 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.89 116.05 Td (. See ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.88 116.05 Td (Note15) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.63 116.05 Td (, "Income ) Tj ET Q q 0 0 0 rg BT 447.88 116.05 Td (T) Tj ET Q q 0 0 0 rg BT 452.75 116.05 Td (axes," to the consolidated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 105.25 Td (financial statements in Item8, "Financial Statements and Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 394.77 105.25 Td (Annual Report on Form 10-K for a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 94.45 Td (discussion of the Company's former S corporation status.) 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 60.35 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 106.60 722.25 Td (Authorized For) Tj ET Q q 0 0 0 rg BT 172.80 722.25 Td ( Issuance Under) Tj ET Q q 0 0 0 rg BT 241.52 722.25 Td ( Equity Compensation Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (See Item12, "Security Ownership of Certain Beneficial Owners and Management and Related Shareholder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (Matters," of this ) Tj ET Q q 0 0 0 rg BT 129.86 686.25 Td (Annual Report on Form 10-K for certain information regarding the Company's equity compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (plans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 651.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 88.93 651.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 107.36 651.25 Td (chases of Equity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 627.25 Td (September6, 201) Tj ET Q q 0 0 0 rg BT 183.61 627.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.61 627.25 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 63.00 615.25 Td ($100.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 615.25 Td ( of the Company's outstanding class ) Tj ET Q q 0 0 0 rg BT 267.57 615.25 Td (A) Tj ET Q q 0 0 0 rg BT 274.24 615.25 Td ( stock. Under the authorization, share repurchases may be made at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (the Company's discretion, from time to time, in the open market and/or in privately negotiated transactions as permitted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (by federal securities laws and other legal requirements. ) Tj ET Q q 0 0 0 rg BT 288.29 591.25 Td (The timing, manner) Tj ET Q q 0 0 0 rg BT 367.03 591.25 Td (, price and amount of any repurchase will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (depend on economic and market conditions, share price, trading volume, applicable legal requirements and other factors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (The program may be suspended or discontinued at any time. ) Tj ET Q q 0 0 0 rg BT 309.42 567.25 Td (There were no stock repurchases made during the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 555.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 555.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 555.25 Td (. ) Tj ET Q q 0 0 0 rg BT 174.91 555.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.35 555.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.94 555.25 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.35 555.25 Td ($91.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.24 555.25 Td ( of authorized repurchases remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (under the program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 520.25 Td (Stock Performance Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 496.25 Td (The following graph compares cumulative shareholder return on Quad/Graphics' class ) Tj ET Q q 0 0 0 rg BT 445.69 496.25 Td (A) Tj ET Q q 0 0 0 rg BT 452.36 496.25 Td ( stock since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.52 496.25 Td (July6, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 484.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 484.25 Td (, \(the date on which Quad/Graphics' class ) Tj ET Q q 0 0 0 rg BT 250.87 484.25 Td (A) Tj ET Q q 0 0 0 rg BT 257.54 484.25 Td ( stock was first publicly traded\) as compared to the Standard & Poor's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 472.25 Td (MidCap 400 Index and Standard & Poor's 1500 Commercial Printing Index over the same period. ) Tj ET Q q 0 0 0 rg BT 458.72 472.25 Td (The graph assumes a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 460.25 Td ($100.00 investment in our common stock at $48.00, which was the closing market price per share on the first day of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 448.25 Td (trading. It also assumes that all dividends are reinvested. ) Tj ET Q q 0 0 0 rg BT 296.37 448.25 Td (The comparison in the graph below is based upon historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 436.25 Td (stock performance and should not be considered indicative of future stockholder returns.) Tj ET Q /GS0 gs q 451.00 0 0 268.00 80.50 163.25 cm /I19 Do Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 151.25 Td (Indexed Returns) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 118.75 m 340.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 118.75 m 409.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 118.75 m 478.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 118.75 m 548.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 118.75 m 340.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 118.75 m 409.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 118.75 m 478.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 118.75 m 548.5 118.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.60 132.20 Td (Base Period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 121.20 Td (7/6/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 121.20 Td (12/31/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.20 121.20 Td (12/31/2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.45 121.20 Td (12/31/2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 110.01 Td (Quad/Graphics, Inc.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 139.75 110.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.00 110.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.25 110.01 Td (100.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.00 110.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.75 110.01 Td (85.96) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.00 110.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.75 110.01 Td (30.69) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 110.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 110.01 Td (51.13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 98.01 Td (S&P MidCap 400 Index) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 153.25 98.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.25 98.01 Td (100.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.25 98.01 Td (130.51) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 98.01 Td (128.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.25 98.01 Td (151.18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 86.01 Td (S&P 1500 Commercial Printing Index) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 86.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.25 86.01 Td (100.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.25 86.01 Td (116.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 86.01 Td (108.04) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 86.01 Td (97.66) Tj ET Q BT /F2 10.00 Tf ET 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 60.35 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 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 117 720.68505859375 m 217.5419921875 720.68505859375 l s q 0 0 0 rg BT 117.00 722.25 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The selected consolidated statements of operations data for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.50 698.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.08 698.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.08 698.25 Td (201) Tj ET Q q 0 0 0 rg BT 500.71 698.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.71 698.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 698.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 698.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (and the selected consolidated balance sheets data at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.24 686.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.83 686.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.26 686.25 Td (201) Tj ET Q q 0 0 0 rg BT 383.89 686.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.89 686.25 Td (, are derived from the audited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (consolidated financial statements of the Company included in Item 8, "Financial Statements and Supplementary Data," ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (of this ) Tj ET Q q 0 0 0 rg BT 90.23 662.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 216.42 662.25 Td (The selected consolidated statements of operations data for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (December31, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 650.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.02 650.25 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.02 650.25 Td (, and the consolidated balance sheets data at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.56 650.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 650.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 650.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 650.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.58 650.25 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.58 650.25 Td (, are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (derived from audited consolidated financial statements not included herein.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 594.75 m 334.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 594.75 m 387.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 594.75 m 440.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 594.75 m 495.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 594.75 m 548.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 594.75 m 440.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 594.75 m 495.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 594.75 m 548.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 521.75 m 334.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 521.75 m 387.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 521.75 m 440.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 521.75 m 495.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 521.75 m 548.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 521.75 m 334.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 470.75 m 334.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 470.75 m 387.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 470.75 m 440.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 470.75 m 495.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 470.75 m 548.5 470.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 248.65 619.83 Td (SELECTED FINANCIAL DATA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.55 608.83 Td (\(In millions, except per share data\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.50 597.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.70 597.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.50 597.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.50 597.83 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.50 597.83 Td (2008) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 586.83 Td (Consolidated Statements of Operations Data:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 575.70 Td (Net sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 98.00 575.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 575.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.25 575.70 Td (4,094.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 575.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.25 575.70 Td (4,324.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 575.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 575.70 Td (3,185.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 575.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 575.70 Td (1,788.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.00 575.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 575.70 Td (2,266.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 564.70 Td (Operating income) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 122.54 568.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 130.00 564.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.25 564.70 Td (106.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.25 564.70 Td (156.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.25 564.70 Td (61.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.25 564.70 Td (112.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 564.70 Td (174.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 553.70 Td (Net earnings \(loss\) attributable to Quad/Graphics common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 545.75 Td (shareholders:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 535.70 Td (From continuing operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 165.88 539.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 174.00 535.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 535.70 Td (56.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 535.70 Td (\(8.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 535.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.60 535.70 Td (\(245.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.30 535.70 Td (\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 443.00 537.09 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 535.70 Td (52.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 535.70 Td (109.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 524.70 Td (From discontinued operations) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 172.54 528.33 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.00 524.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 524.70 Td (30.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 524.70 Td (\(38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 524.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.60 524.70 Td (\(4.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.30 524.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 524.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 524.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 513.70 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 149.43 517.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 513.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 513.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 513.70 Td (87.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 513.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 513.70 Td (\(46.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 513.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 513.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.60 513.70 Td (\(250.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.30 513.70 Td (\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 443.00 515.09 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 513.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 513.70 Td (52.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.00 513.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 513.70 Td (109.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 502.70 Td (Earnings \(loss\) per diluted share attributable to Quad/Graphics) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 494.75 Td (common shareholders:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 484.70 Td (From continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.00 484.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 484.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 484.70 Td (1.13) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 484.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 484.70 Td (\(0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 484.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 484.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.60 484.70 Td (\(6.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.30 484.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 484.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 484.70 Td (1.81) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.00 484.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 484.70 Td (3.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 473.70 Td (From discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 174.00 473.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 473.70 Td (0.65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 473.70 Td (\(0.82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 473.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.60 473.70 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.30 473.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 473.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 473.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 462.70 Td (Earnings \(loss\) per diluted share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 462.70 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 462.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 462.70 Td (1.78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 462.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 462.70 Td (\(1.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 462.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 462.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.60 462.70 Td (\(6.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.30 462.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 462.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 462.70 Td (1.81) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.00 462.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 462.70 Td (3.67) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 440.83 Td (Consolidated Balance Sheets Data:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 429.70 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 102.00 429.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 429.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.25 429.70 Td (4,098.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 429.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.25 429.70 Td (4,735.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 429.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 429.70 Td (4,947.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 429.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 429.70 Td (2,109.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.00 429.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 429.70 Td (2,326.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 418.70 Td (Long-term debt and capital lease obligations \(excluding current) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 410.75 Td (portion\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.00 410.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.25 413.00 Td (1,227.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.25 413.00 Td (1,367.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 413.00 Td (1,461.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.25 413.00 Td (765.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 413.00 Td (967.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 389.83 Td (Other Financial Data:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 378.70 Td (Dividends per share of common stock) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 186.53 382.33 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 378.70 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 378.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 378.70 Td (3.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 378.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.25 378.70 Td (0.60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 378.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.25 378.70 Td (0.50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 378.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 378.70 Td (0.50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.00 378.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 378.70 Td (0.50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 367.70 Td (Cash distributions per share of common stock in connection with the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 359.75 Td (acquisition of World Color Press) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.00 359.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.30 362.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.30 362.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.25 362.00 Td (4.98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 362.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 362.00 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 347.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 330.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 330.65 Td (Includes restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 307.74 330.65 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.74 330.65 Td ($1) Tj ET Q q 0 0 0 rg BT 340.40 330.65 Td (18.3million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.41 330.65 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.91 330.65 Td ($1) Tj ET Q q 0 0 0 rg BT 397.57 330.65 Td (14.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.58 330.65 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.08 330.65 Td ($147.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.08 330.65 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 319.85 Td ($1) Tj ET Q q 0 0 0 rg BT 89.67 319.85 Td (1.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.17 319.85 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 146.66 319.85 Td ($10.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.17 319.85 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.38 319.85 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.11 319.85 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.61 319.85 Td (201) Tj ET Q q 0 0 0 rg BT 356.77 319.85 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.27 319.85 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.77 319.85 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.77 319.85 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.27 319.85 Td (2009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.27 319.85 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.77 319.85 Td (2008) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.77 319.85 Td (, respectively) Tj ET Q q 0 0 0 rg BT 489.16 319.85 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 303.05 Td (\(2\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 303.05 Td (In connection with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.98 303.05 Td (July2, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.23 303.05 Td (, acquisition of ) Tj ET Q q 0 0 0 rg BT 264.06 303.05 Td (W) Tj ET Q q 0 0 0 rg BT 271.83 303.05 Td (orld Color Press and the public registration of the Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 528.03 303.05 Td (A) Tj ET Q q 0 0 0 rg BT 534.03 303.05 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 292.25 Td (stock, the Company changed the tax status of certain entities within the Quad/Graphics legal structure to C corporation status ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 281.45 Td (under the provisions of the Internal Revenue Code. From that point forward, these entities are subject to federal and state income ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 270.65 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 106.08 270.65 Td (The impact from the conversion to C corporation status resulted in the recognition of net short-term deferred tax assets of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 259.85 Td ($23.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.50 259.85 Td (, net long-term deferred tax liabilities of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.95 259.85 Td ($223.3million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.95 259.85 Td (, an increase in accumulated other comprehensive loss due to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 249.05 Td (the impact of foreign currency translation of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.69 249.05 Td ($0.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.69 249.05 Td (, and recognition of income tax expense for the year ended December ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 238.25 Td (31, 2010 of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 124.50 238.25 Td ($200.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.50 238.25 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 221.45 Td (\(3\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 221.45 Td (Dividends per share of common stock in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 229.22 221.45 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 247.22 221.45 Td ( includes a special dividend of $) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.19 221.45 Td (2.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.94 221.45 Td ( per share, which was declared and paid in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 210.65 Td (December 2012. Excludes aggregate tax distributions declared to S corporation shareholders of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.39 210.65 Td ($2.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.39 210.65 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.89 210.65 Td ($5.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.89 210.65 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 199.85 Td ($18.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.50 199.85 Td (, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.25 199.85 Td ($37.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.75 199.85 Td ( for the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 336.86 199.85 Td (1, 2010, 2009 and 2008, respectively) Tj ET Q q 0 0 0 rg BT 469.25 199.85 Td (. ) Tj ET Q q 0 0 0 rg BT 475.84 199.85 Td (There were no tax ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 189.05 Td (distributions declared to S corporation shareholders for the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.42 189.05 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.14 189.05 Td (. ) Tj ET Q q 0 0 0 rg BT 413.40 189.05 Td (Amounts also exclude the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.88 189.05 Td (July2, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 178.25 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 178.25 Td ( cash distribution of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.99 178.25 Td ($4.98) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.24 178.25 Td ( per share of class ) Tj ET Q q 0 0 0 rg BT 259.47 178.25 Td (A) Tj ET Q q 0 0 0 rg BT 265.47 178.25 Td ( stock, class B stock and class C stock to the pre-W) Tj ET Q q 0 0 0 rg BT 449.71 178.25 Td (orld Color Press ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 167.45 Td (acquisition shareholders of Quad/Graphics.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 150.65 Td (\(4\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 150.65 Td (The results of operations of the Company's Canadian operations have been reported as discontinued operations for all periods ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 139.85 Td (presented. Loss from discontinued operations, net of tax, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.95 139.85 Td (decreased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.42 139.85 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.67 139.85 Td ($35.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.18 139.85 Td ( during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.89 139.85 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.62 139.85 Td (, to a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 129.05 Td ($3.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 125.00 129.05 Td ( loss, which primarily reflects the sale of the Company's Canadian operations on March 1, 2012, and the ef) Tj ET Q q 0 0 0 rg BT 509.11 129.05 Td (fect of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 118.25 Td (reporting two months of activity as opposed to twelve months for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 439.33 118.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 450.41 118.25 Td (This ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.66 118.25 Td ($3.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.67 118.25 Td ( loss was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 107.45 Td (of) Tj ET Q q 0 0 0 rg BT 88.33 107.45 Td (fset by a gain on disposal of discontinued operations, net of tax, of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.03 107.45 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.54 107.45 Td (, resulting in a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.28 107.45 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.00 107.45 Td (, gain on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 96.65 Td (discontinued operations of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.73 96.65 Td ($30.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.23 96.65 Td (.) 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 60.35 Td (33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 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 117 720.68505859375 m 495.9501953125 720.68505859375 l s q 0 0 0 rg BT 117.00 722.25 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 247.85 722.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The following discussion of the financial condition and results of operations of Quad/Graphics should be read ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (together 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 63.00 674.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 674.25 Td (, including the notes thereto, included in Item 8, "Financial Statements and Supplementary Data," of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (this ) Tj ET Q q 0 0 0 rg BT 79.40 662.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 205.59 662.25 Td (This discussion contains forward-looking statements that reflect the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (plans, estimates and beliefs. ) Tj ET Q q 0 0 0 rg BT 179.73 650.25 Td (The Company's actual results could dif) Tj ET Q q 0 0 0 rg BT 335.49 650.25 Td (fer materially from those discussed in these forward-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (looking statements. Factors that could cause or contribute to these dif) Tj ET Q q 0 0 0 rg BT 342.75 638.25 Td (ferences include, but are not limited to, those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (discussed in "Forward-Looking Statements" and Item 1A, "Risk Factors," earlier within this ) Tj ET Q q 0 0 0 rg BT 433.17 626.25 Td (Annual Report on Form 10-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 590.25 Td (Management's discussion and analysis of financial condition and results of operations is provided as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.25 Td (supplement to the Company's consolidated financial statements and accompanying notes to help provide an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.25 Td (understanding of the Company's financial condition, the changes in the Company's financial condition and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (Company's results of operations. ) Tj ET Q q 0 0 0 rg BT 198.49 554.25 Td (This discussion and analysis is or) Tj ET Q q 0 0 0 rg BT 331.92 554.25 Td (ganized as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 530.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 530.25 Td (Overview) Tj ET Q q 0 0 0 rg BT 154.57 530.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.07 530.25 Td (This section includes a general description of the Company's business and segments, an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 518.25 Td (overview of key performance metrics the Company's management measures and utilizes to evaluate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 506.25 Td (business performance, and an overview of trends af) Tj ET Q q 0 0 0 rg BT 322.85 506.25 Td (fecting the Company) Tj ET Q q 0 0 0 rg BT 406.07 506.25 Td (, including management's actions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 494.25 Td (related to the trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 470.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 470.25 Td (Results of Operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.17 470.25 Td (This section contains an analysis of the Company's results of operations by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 458.25 Td (comparing the results for \(1\)the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.71 458.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.29 458.25 Td (, to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.37 458.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 522.59 458.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.59 458.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 446.25 Td (\(2\)the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.96 446.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 265.17 446.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.17 446.25 Td (, to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.25 446.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.84 446.25 Td (. ) Tj ET Q q 0 0 0 rg BT 432.16 446.25 Td (The comparability of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 434.25 Td (Company's results of operations between periods was significantly impacted by acquisitions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 422.25 Td (dispositions. ) Tj ET Q q 0 0 0 rg BT 172.11 422.25 Td (The results of operations for ) Tj ET Q q 0 0 0 rg BT 287.73 422.25 Td (W) Tj ET Q q 0 0 0 rg BT 296.37 422.25 Td (orld Color Press are included in the Company's consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 410.25 Td (results prospectively from the date of acquisition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.50 410.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.67 410.25 Td (. In addition, the Company entered into an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 398.25 Td (definitive agreement with ) Tj ET Q q 0 0 0 rg BT 222.06 398.25 Td (T) Tj ET Q q 0 0 0 rg BT 227.82 398.25 Td (ranscontinental in 201) Tj ET Q q 0 0 0 rg BT 316.31 398.25 Td (1 to, among other things, acquire ) Tj ET Q q 0 0 0 rg BT 450.54 398.25 Td (T) Tj ET Q q 0 0 0 rg BT 456.30 398.25 Td (ranscontinental's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 386.25 Td (Mexican operations in exchange for the Company's Canadian operations. ) Tj ET Q q 0 0 0 rg BT 414.37 386.25 Td (The results of operations for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 374.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.76 374.25 Td (ranscontinental's Mexican operations are included in the Company's consolidated results prospectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 362.25 Td (from the date of acquisition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.52 362.25 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 302.42 362.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.42 362.25 Td (. ) Tj ET Q q 0 0 0 rg BT 314.73 362.25 Td (The results of the Company's Canadian operations have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 350.25 Td (been reported as discontinued operations for all periods presented. Forward-looking statements providing a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 338.25 Td (general description of recent and projected industry and company developments that are important to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 326.25 Td (understanding the Company's results of operations are included in this section. ) Tj ET Q q 0 0 0 rg BT 436.06 326.25 Td (This section also provides a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 314.25 Td (discussion of EBITDA) Tj ET Q q 0 0 0 rg BT 208.11 314.25 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 263.66 314.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 281.52 314.25 Td (gin, non-GAAP) Tj ET Q q 0 0 0 rg BT 344.49 314.25 Td ( financial measures that the Company uses to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 302.25 Td (assess the performance of its business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 278.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 278.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 233.58 278.25 Td (ces. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.85 278.25 Td (This section provides an analysis of the Company's capitalization, cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 266.25 Td (flows, a statement about of) Tj ET Q q 0 0 0 rg BT 224.85 266.25 Td (f-balance sheet arrangements, and a discussion and table of outstanding debt and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 254.25 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 178.76 254.25 Td (The cash flows of the Company's Canadian operations have not been reported as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 242.25 Td (discontinued operations and thus are included in all cash flow analysis. Forward-looking statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 230.25 Td (important to understanding the Company's financial condition are also included in this section. ) Tj ET Q q 0 0 0 rg BT 500.49 230.25 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 218.25 Td (section also provides a discussion of Free Cash Flow) Tj ET Q q 0 0 0 rg BT 327.99 218.25 Td (, a non-GAAP) Tj ET Q q 0 0 0 rg BT 385.12 218.25 Td ( financial measure the Company uses to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 206.25 Td (assess liquidity and capital allocation and deployment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 182.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 182.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 150.43 182.25 Td (Accounting Policies and Estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.07 182.25 Td ( ) Tj ET Q q 0 0 0 rg BT 296.89 182.25 Td (This section contains a discussion of the accounting policies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 170.25 Td (that the Company's management believes are important to the Company's financial condition and results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 158.25 Td (operations, as well as allowances and reserves that require significant judgment and estimates on the part of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 146.25 Td (the Company's management. In addition, all of the Company's significant accounting policies, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 134.25 Td (critical accounting policies, are summarized in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.09 134.25 Td (Note1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.03 134.25 Td (, "Basis of Presentation and Summary of Significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 122.25 Td (Accounting Policies," to the consolidated financial statements in Item 8, "Financial Statements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 110.25 Td (Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 235.23 110.25 Td (Annual Report on Form 10-K.) 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 60.35 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 722.10 Td (New ) Tj ET Q q 0 0 0 rg BT 137.10 722.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 194.77 722.10 Td (onouncements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.48 722.10 Td (This section provides a discussion of new accounting pronouncements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 710.10 Td (and the anticipated impact of those accounting pronouncements to the Company's consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 698.10 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 675.25 Td (Overview) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 652.25 Td (Business Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 628.25 Td (Quad/Graphics is a leading global printer and media channel integrator) Tj ET Q q 0 0 0 rg BT 382.52 628.25 Td (. ) Tj ET Q q 0 0 0 rg BT 389.83 628.25 Td (The Company believes it is well-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (positioned to help its clients integrate new) Tj ET Q q 0 0 0 rg BT 231.20 616.25 Td (, emer) Tj ET Q q 0 0 0 rg BT 256.01 616.25 Td (ging media with proven channels such as print as part of an overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 604.25 Td (multichannel marketing strategy) Tj ET Q q 0 0 0 rg BT 191.75 604.25 Td (. ) Tj ET Q q 0 0 0 rg BT 199.07 604.25 Td (W) Tj ET Q q 0 0 0 rg BT 208.11 604.25 Td (ith consultative ideas, worldwide capabilities, leading-edge technology and single-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 592.25 Td (source simplicity) Tj ET Q q 0 0 0 rg BT 130.95 592.25 Td (, the Company believes it has the resources and knowledge to help its clients maximize the revenue they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 580.25 Td (derive from their marketing spend and minimize their total cost of print production and distribution. ) Tj ET Q q 0 0 0 rg BT 467.45 580.25 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 568.25 Td (print and related products and services in North ) Tj ET Q q 0 0 0 rg BT 255.17 568.25 Td (America, Latin ) Tj ET Q q 0 0 0 rg BT 317.64 568.25 Td (America and Europe primarily include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 544.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 544.25 Td (Print Solutions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.78 544.25 Td ( Includes consumer magazines, catalogs, retail inserts, special interest publications, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 532.25 Td (journals, direct mail, books, directories, in-store marketing, packaging and other commercial and specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 520.25 Td (printed products.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 496.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 496.25 Td (Media Solutions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.77 496.25 Td ( Includes marketing strategy) Tj ET Q q 0 0 0 rg BT 300.20 496.25 Td (, media planing and placement, data insights, creative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 484.25 Td (services, videography) Tj ET Q q 0 0 0 rg BT 203.54 484.25 Td (, photography) Tj ET Q q 0 0 0 rg BT 258.44 484.25 Td (, workflow solutions, digital imaging, digital publishing, interactive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 472.25 Td (print solutions and augmented reality triggered by image recognition, near field communication and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 460.25 Td (response data analytics services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 436.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 436.25 Td (Logistics Services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.43 436.25 Td ( Includes mailing, distribution, logistics and data optimization and hygiene services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 412.25 Td (Quad/Graphics remains focused on four primary strategic goals, which it believes will allow the Company to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 400.25 Td (successful despite ongoing economic and industry challenges. ) Tj ET Q q 0 0 0 rg BT 315.81 400.25 Td (These goals are as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 376.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.01 376.25 Td (ransform the Industry) Tj ET Q q 0 0 0 rg BT 208.68 376.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.18 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.00 376.25 Td (The Company believes it is well-positioned to transform the industry in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 364.25 Td (following three ways: \(1\)Maximize the revenue clients derive from their marketing spend through media ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 352.25 Td (channel integration. ) Tj ET Q q 0 0 0 rg BT 200.86 352.25 Td (As a printer and media channel integrator) Tj ET Q q 0 0 0 rg BT 366.51 352.25 Td (, Quad/Graphics uses a client-centric ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 340.25 Td (approach to help marketers and publishers connect strategy and content with multiple media channels to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 328.25 Td (create measurable client value. ) Tj ET Q q 0 0 0 rg BT 245.08 328.25 Td (Through its full range of integrated solutions, Quad/Graphics' clients ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 316.25 Td (benefit from better end user engagement, improved response and increased revenue derived from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 304.25 Td (multichannel marketing campaigns. \(2\)Minimize clients' total cost of production and distribution by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 292.25 Td (utilizing an ef) Tj ET Q q 0 0 0 rg BT 172.36 292.25 Td (ficient, innovative and fully-integrated U.S. national distribution network to provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 280.25 Td (enhanced value to clients through increased ef) Tj ET Q q 0 0 0 rg BT 301.74 280.25 Td (ficiency and postal cost-savings. \(3\)Create opportunity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 268.25 Td (through disciplined, value-driven industry consolidation that adds complementary capabilities, allowing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 256.25 Td (Company to provide an enhanced range of products and services, and create significant ef) Tj ET Q q 0 0 0 rg BT 476.13 256.25 Td (ficiencies in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 244.25 Td (overall print production and distribution processes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 220.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 220.25 Td (Maximize Operational and T) Tj ET Q q 0 0 0 rg BT 231.91 220.25 Td (echnological Excellence.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.85 220.25 Td ( Quad/Graphics utilizes a disciplined return on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 208.25 Td (capital framework to make significant investments in its print manufacturing platform, research and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 196.25 Td (development, technological innovation and data management capabilities, resulting in what it believes is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 184.25 Td (one of the most integrated, automated, ef) Tj ET Q q 0 0 0 rg BT 280.65 184.25 Td (ficient and modern platforms in the industry) Tj ET Q q 0 0 0 rg BT 456.63 184.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 160.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 160.25 Td (Empower) Tj ET Q q 0 0 0 rg BT 154.22 160.25 Td (, Engage and Develop Employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.40 160.25 Td ( Quad/Graphics believes that its distinct corporate culture ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 148.25 Td (encourages an or) Tj ET Q q 0 0 0 rg BT 184.56 148.25 Td (ganization-wide entrepreneurial spirit and an opportunistic mentality) Tj ET Q q 0 0 0 rg BT 458.83 148.25 Td (, where employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 136.25 Td (embrace responsibility) Tj ET Q q 0 0 0 rg BT 207.16 136.25 Td (, take ownership of projects and are encouraged to create solutions that advance the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 124.25 Td (Company's strategic goals.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 100.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 100.25 Td (Enhance Financial Str) Tj ET Q q 0 0 0 rg BT 207.17 100.25 Td (ength.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.88 100.25 Td ( Given current economic and industry challenges, Quad/Graphics believes that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 88.25 Td (its strategy to enhance financial strength will contribute to its long-term success. Key components of this ) 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 60.35 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 722.10 Td (strategy are centered on the Company's disciplined financial approach to maximize earnings and free cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 710.10 Td (flow; use of consistent financial policies to ensure it maintains a strong balance sheet and liquidity levels; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 698.10 Td (and ability to retain the financial flexibility needed to strategically allocate and deploy capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td (As a result of the divestiture of the Company's Canadian operations to ) Tj ET Q q 0 0 0 rg BT 381.67 674.10 Td (T) Tj ET Q q 0 0 0 rg BT 387.43 674.10 Td (ranscontinental on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.52 674.10 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.12 674.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (former North ) Tj ET Q q 0 0 0 rg BT 117.99 662.10 Td (America Print and Related Services segment is now referred to as the United States Print and Related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (Services segment. ) Tj ET Q q 0 0 0 rg BT 139.65 650.10 Td (All United States Print and Related Services segment amounts have been restated to exclude the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (Canadian discontinued operations. ) Tj ET Q q 0 0 0 rg BT 205.84 638.10 Td (The Company's operating and reportable segments are aligned with how the chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (operating decision maker of the Company currently manages the business. ) Tj ET Q q 0 0 0 rg BT 365.51 626.10 Td (The Company has three reportable segments: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (United States Print and Related Services, International and Corporate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 590.10 Td (The United States Print and Related Services segment is predominantly comprised of the Company's United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (States printing operations. ) Tj ET Q q 0 0 0 rg BT 172.53 578.10 Td (This segment is managed as one integrated platform and includes all of the product and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (related service of) Tj ET Q q 0 0 0 rg BT 131.67 566.10 Td (ferings described above. ) Tj ET Q q 0 0 0 rg BT 233.95 566.10 Td (The United States Print and Related Services segment accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 554.10 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.59 554.10 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 395.82 554.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.41 554.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 530.10 Td (The International segment consists of the Company's printing operations in Europe and Latin ) Tj ET Q q 0 0 0 rg BT 473.22 530.10 Td (America, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (including the acquired ) Tj ET Q q 0 0 0 rg BT 154.73 518.10 Td (T) Tj ET Q q 0 0 0 rg BT 160.49 518.10 Td (ranscontinental Mexican operations. ) Tj ET Q q 0 0 0 rg BT 310.54 518.10 Td (This segment produces and delivers all of Quad/Graphics' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (product and service of) Tj ET Q q 0 0 0 rg BT 151.95 506.10 Td (ferings in Europe and Latin ) Tj ET Q q 0 0 0 rg BT 263.86 506.10 Td (America, with the exception of printing-related auxiliary equipment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (which is included in the United States Print and Related Services segment. ) Tj ET Q q 0 0 0 rg BT 366.09 494.10 Td (The International segment accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.26 482.10 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.59 482.10 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 395.82 482.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.41 482.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 458.10 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 63.00 446.10 Td (including, in part, executive, legal, finance, information technology and human resources.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 423.25 Td (Key Performance Metrics Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 399.25 Td (The Company's management believes the ability to generate net sales growth, profit increases and positive cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 387.25 Td (flow are key indicators of the successful execution of the Company's business strategy and will increase shareholder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 91.97 375.25 Td (The Company uses period over period net sales growth, EBITDA, EBITDA) Tj ET Q q 0 0 0 rg BT 395.25 375.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 413.11 375.25 Td (gin, net cash provided by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 363.25 Td (operating activities and Free Cash Flow as metrics to measure operating performance, financial condition and liquidity) Tj ET Q q 0 0 0 rg BT 537.21 363.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (EBITDA, EBITDA) Tj ET Q q 0 0 0 rg BT 140.77 351.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 158.63 351.25 Td (gin and Free Cash Flow are non-GAAP) Tj ET Q q 0 0 0 rg BT 316.57 351.25 Td ( financial measures \(see the definitions of EBITDA, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 99.11 339.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 116.97 339.25 Td (gin and the reconciliation of net earnings \(loss\) attributable to Quad/Graphics common shareholders to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 99.11 327.25 Td ( in the "Results of Operations" section below) Tj ET Q q 0 0 0 rg BT 278.54 327.25 Td (, and see the definition of Free Cash Flow and the reconciliation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 315.25 Td (net cash provided by operating activities to Free Cash Flow in the "Liquidity and Capital Resources" section below\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 291.25 Td (Net sales gr) Tj ET Q q 0 0 0 rg BT 146.41 291.25 Td (owth. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.36 291.25 Td (The Company uses period over period net sales growth as a key performance metric. ) Tj ET Q q 0 0 0 rg BT 516.95 291.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 279.25 Td (Company's management assesses net sales growth based on the ability to generate increased net sales through increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 267.25 Td (sales to existing clients, sales to new clients, sales of new or expanded solutions to existing and new clients and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 255.25 Td (opportunities to expand sales through strategic investments, including acquisitions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 231.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 133.26 231.25 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 187.52 231.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 205.76 231.25 Td (gin. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.04 231.25 Td (The Company uses EBITDA) Tj ET Q q 0 0 0 rg BT 341.30 231.25 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 396.85 231.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 414.71 231.25 Td (gin as metrics to assess operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 219.25 Td (performance. ) Tj ET Q q 0 0 0 rg BT 120.84 219.25 Td (The Company's management assesses EBITDA) Tj ET Q q 0 0 0 rg BT 310.94 219.25 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 366.49 219.25 Td ( mar) Tj ET Q q 0 0 0 rg BT 384.35 219.25 Td (gin based on the ability to increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 207.25 Td (revenues while controlling variable expense growth.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 183.25 Td (Net cash pr) Tj ET Q q 0 0 0 rg BT 144.74 183.25 Td (ovided by operating activities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.82 183.25 Td (The Company uses net cash provided by operating activities as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 171.25 Td (metric to assess liquidity) Tj ET Q q 0 0 0 rg BT 161.51 171.25 Td (. ) Tj ET Q q 0 0 0 rg BT 168.83 171.25 Td (The Company's management assesses net cash provided by operating activities based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 159.25 Td (ability to meet recurring cash obligations while increasing available cash to fund integration and restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 147.25 Td (requirements related to the acquired ) Tj ET Q q 0 0 0 rg BT 209.14 147.25 Td (V) Tj ET Q q 0 0 0 rg BT 215.26 147.25 Td (ertis and ) Tj ET Q q 0 0 0 rg BT 251.73 147.25 Td (T) Tj ET Q q 0 0 0 rg BT 257.49 147.25 Td (ranscontinental Mexican operations, as well as to fund capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 135.25 Td (expenditures, debt service requirements, ) Tj ET Q q 0 0 0 rg BT 226.65 135.25 Td (W) Tj ET Q q 0 0 0 rg BT 235.29 135.25 Td (orld Color Press single employer pension plan contributions, ) Tj ET Q q 0 0 0 rg BT 480.35 135.25 Td (W) Tj ET Q q 0 0 0 rg BT 488.99 135.25 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 123.25 Td (Press MEPP's withdrawal liabilities, acquisitions and other investments in future growth and shareholder dividends. Net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 111.25 Td (cash provided by operating activities can be significantly impacted by the timing of non-recurring or infrequent receipts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 99.25 Td (or expenditures.) 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 60.35 Td (36) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 108.63 722.10 Td (ee Cash Flow) Tj ET Q q 0 0 0 rg BT 162.88 722.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.38 722.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.20 722.10 Td (The Company uses Free Cash Flow as a metric to assess liquidity and capital allocation and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (deployment. ) Tj ET Q q 0 0 0 rg BT 117.53 710.10 Td (The Company's management assesses Free Cash Flow as a measure to quantify cash available for strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (capital allocation and deployment through investments in the business, including acquisitions, strengthening the balance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (sheet, including debt and pension repayment, and returning cash to the shareholders, including dividends and share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (repurchases. ) Tj ET Q q 0 0 0 rg BT 117.52 674.10 Td (The priorities for capital allocation and deployment will change as circumstances dictate for the business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (and Free Cash Flow can be significantly impacted by the Company's restructuring activities and other unusual items, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (such as payments related to completing the ) Tj ET Q q 0 0 0 rg BT 237.49 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 246.13 650.10 Td (orld Color Press bankruptcy process.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td (Overview of T) Tj ET Q q 0 0 0 rg BT 156.38 627.25 Td (rends ) Tj ET Q q 0 0 0 rg BT 181.29 627.25 Td (Af) Tj ET Q q 0 0 0 rg BT 191.11 627.25 Td (fecting Quad/Graphics) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 603.25 Td (Competition in the highly fragmented printing industry remains intense as the industry is consolidating and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (excess manufacturing capacity) Tj ET Q q 0 0 0 rg BT 185.07 591.25 Td (, causing the printing industry to face continued downward pricing pressures. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (digital delivery of documents and data, including the online distribution and hosting of media content and mobile ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (technologies, of) Tj ET Q q 0 0 0 rg BT 126.69 567.25 Td (fer alternatives to traditional delivery of printed documents. Increasing consumer acceptance of digital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 555.25 Td (delivery of content has resulted in marketers and publishers allocating their marketing and advertising spend across the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (expanding selection of digital delivery options, which further reduces demand and contributes to industry overcapacity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (In addition, the Company faces competition from print management firms, which look to streamline processes and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (reduce the overall print spend of the Company's clients, as well as from strategic marketing firms focused on helping ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (businesses integrate multiple channels into their marketing campaigns.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 483.25 Td (The Company believes that a disciplined approach for capital management and a strong balance sheet are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 471.25 Td (critical to be able to invest in profitable growth opportunities and technological advances, thereby providing the highest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (return for shareholders. Management currently is balancing the use of cash between deleveraging the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 447.25 Td (balance sheet through reduction in debt and pension and postretirement obligations, compelling investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 435.25 Td (opportunities, and returns to shareholders including a quarterly shareholder dividend of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.57 435.25 Td ($0.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.07 435.25 Td ( per share \(increasing 20% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 423.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.28 423.25 Td ($0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.78 423.25 Td ( per share in 2013\), a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.69 423.25 Td ($2.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.19 423.25 Td (per share special dividend \(totaling approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.96 423.25 Td ($93.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.85 423.25 Td (\) paid in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.68 423.25 Td (December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 411.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 411.25 Td (, and a share repurchase program approved in the third quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.39 411.25 Td (201) Tj ET Q q 0 0 0 rg BT 360.02 411.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.02 411.25 Td ( \(there were no purchases under this program ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 399.25 Td (during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.41 399.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.99 399.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 241.64 399.25 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 492.95 399.25 Td ($120million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.34 399.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 387.25 Td (during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.41 387.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.99 387.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.93 387.25 Td ($445million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.32 387.25 Td ( since the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.59 387.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.76 387.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.08 387.25 Td (W) Tj ET Q q 0 0 0 rg BT 404.71 387.25 Td (orld Color Press acquisition date, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.25 Td (despite incurring significant costs related to acquisition integration and restructuring programs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 351.25 Td (The Company has been working diligently to lower its cost structure by consolidating its manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (platform into its most ef) Tj ET Q q 0 0 0 rg BT 159.47 339.25 Td (ficient facilities, as well as realizing purchasing, mailing and logistics ef) Tj ET Q q 0 0 0 rg BT 448.09 339.25 Td (ficiencies by centralizing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.25 Td (and consolidating print manufacturing volumes and eliminating redundancies in its administrative and corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 315.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 111.97 315.25 Td (These ef) Tj ET Q q 0 0 0 rg BT 145.94 315.25 Td (forts include the deployment of the Company's Smartools platform to streamline workflows and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (improve data visibility across the consolidated platform. In addition, restructuring actions initiated by the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.25 Td (beginning in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.77 291.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.77 291.25 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.88 291.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.47 291.25 Td ( have resulted in the announcement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.13 291.25 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.13 291.25 Td ( plant closures and have reduced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 279.25 Td (headcount by approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.35 279.25 Td (6,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.85 279.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 255.25 Td (The Company has substantially completed the ) Tj ET Q q 0 0 0 rg BT 286.00 255.25 Td (W) Tj ET Q q 0 0 0 rg BT 294.64 255.25 Td (orld Color Press integration as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.62 255.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.20 255.25 Td (. ) Tj ET Q q 0 0 0 rg BT 515.52 255.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.25 Td (Company achieved approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.68 243.25 Td ($285million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.07 243.25 Td ( in annual syner) Tj ET Q q 0 0 0 rg BT 317.48 243.25 Td (gy savings from the ) Tj ET Q q 0 0 0 rg BT 398.96 243.25 Td (W) Tj ET Q q 0 0 0 rg BT 407.59 243.25 Td (orld Color Press integration, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.94 231.25 Td ($272million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.33 231.25 Td ( was recognized through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.85 231.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.44 231.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.38 231.25 Td ($13million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.77 231.25 Td ( is expected be recognized in 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 219.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 219.25 Td (otal costs incurred to achieve the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.25 219.25 Td ($285million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.64 219.25 Td ( in syner) Tj ET Q q 0 0 0 rg BT 287.90 219.25 Td (gy savings were approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.08 219.25 Td ($215million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.48 219.25 Td (. ) Tj ET Q q 0 0 0 rg BT 473.80 219.25 Td (T) Tj ET Q q 0 0 0 rg BT 479.21 219.25 Td (otal syner) Tj ET Q q 0 0 0 rg BT 518.18 219.25 Td (gy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 207.25 Td (savings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.33 207.25 Td ($285million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.72 207.25 Td ( exceeded the Company's original tar) Tj ET Q q 0 0 0 rg BT 305.68 207.25 Td (get of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.23 207.25 Td ($225million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.62 207.25 Td ( by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.62 207.25 Td ($60million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.01 207.25 Td (, with costs to achieve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 195.25 Td (such syner) Tj ET Q q 0 0 0 rg BT 105.31 195.25 Td (gies staying within the original tar) Tj ET Q q 0 0 0 rg BT 242.05 195.25 Td (geted range of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.74 195.25 Td ($195million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.13 195.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.91 195.25 Td ($240million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 195.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 171.25 Td (In addition to cost savings through acquisition-related syner) Tj ET Q q 0 0 0 rg BT 338.49 171.25 Td (gies, the Company continues its focus on cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 159.25 Td (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 63.00 147.25 Td (ef) Tj ET Q q 0 0 0 rg BT 70.59 147.25 Td (ficiencies, reduce waste, lower overall operating costs, enhance quality and timeliness and create a safer work ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 135.25 Td (environment for the Company's employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 111.25 Td (In this increasingly multichannel marketplace, the Company believes that the printing industry will need to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 99.25 Td (make capital investments in new technologies, such as those to deliver tar) Tj ET Q q 0 0 0 rg BT 357.74 99.25 Td (geted and customized print solutions and to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 87.25 Td (deploy multichannel marketing campaigns through the integration of new media. ) Tj ET Q q 0 0 0 rg BT 391.62 87.25 Td (The Company believes its ongoing ) 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 60.35 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (commitment to technology has been paramount in delivering high-quality and relevant of) Tj ET Q q 0 0 0 rg BT 420.22 722.10 Td (ferings to its customers. ) Tj ET Q q 0 0 0 rg BT 520.58 722.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (Company invested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.21 710.10 Td ($104million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.60 710.10 Td ( in capital projects in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.97 710.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.97 710.10 Td (, and intends to invest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.96 710.10 Td ($150million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.35 710.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.13 710.10 Td ($175million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.52 710.10 Td ( in new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (capital projects in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.58 698.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.58 698.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td (When making capital investment decisions, management undertakes a thorough process aimed at driving the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (strongest contribution to long-term profitability) Tj ET Q q 0 0 0 rg BT 252.32 662.10 Td (, whether those are fixed asset additions as discussed above, or) Tj ET Q q 0 0 0 rg BT 503.18 662.10 Td (ganic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (growth opportunities, acquisitions or divestitures. Some recent examples of the Company's acquisition and divestiture ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (activity is as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 614.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 614.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.72 614.10 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.32 614.10 Td (, the Company and ) Tj ET Q q 0 0 0 rg BT 268.18 614.10 Td (T) Tj ET Q q 0 0 0 rg BT 273.94 614.10 Td (ranscontinental completed a business exchange transaction pursuant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 602.10 Td (to which Quad/Graphics acquired ) Tj ET Q q 0 0 0 rg BT 254.00 602.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.75 602.10 Td (ranscontinental's Mexican operations in exchange for the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 590.10 Td (Canadian operations. ) Tj ET Q q 0 0 0 rg BT 205.87 590.10 Td (As part of the Canadian transaction, ) Tj ET Q q 0 0 0 rg BT 352.03 590.10 Td (T) Tj ET Q q 0 0 0 rg BT 357.79 590.10 Td (ranscontinental assumed pension and post-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 578.10 Td (retirement obligations pertaining to the Canadian employees. ) Tj ET Q q 0 0 0 rg BT 365.92 578.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.95 578.10 Td (ith the acquisition of ) Tj ET Q q 0 0 0 rg BT 459.76 578.10 Td (T) Tj ET Q q 0 0 0 rg BT 465.52 578.10 Td (rancontinental's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 566.10 Td (Mexican operations, the Company believes it will be able to create an industry-leading print platform in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 554.10 Td (economy with a higher growth rate than that of Canada, and also achieve beneficial syner) Tj ET Q q 0 0 0 rg BT 474.74 554.10 Td (gy savings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 542.10 Td (through operational consolidation. ) Tj ET Q q 0 0 0 rg BT 259.29 542.10 Td (The Company completed the acquisition of ) Tj ET Q q 0 0 0 rg BT 434.62 542.10 Td (T) Tj ET Q q 0 0 0 rg BT 440.38 542.10 Td (ranscontinental's Mexican ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 530.10 Td (operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.66 530.10 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 243.55 530.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.55 530.10 Td (, and completed the sale of its Canadian operations to ) Tj ET Q q 0 0 0 rg BT 464.70 530.10 Td (T) Tj ET Q q 0 0 0 rg BT 470.45 530.10 Td (ranscontinental on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 518.10 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.60 518.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 494.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 494.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.72 494.10 Td (March 28, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.32 494.10 Td (, the Company entered into a strategic partnership with India-based Manipal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 482.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.41 482.10 Td (echnologies Limited \("ManipalT) Tj ET Q q 0 0 0 rg BT 252.98 482.10 Td (ech"\) through the purchase of a minority equity ownership interest. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 470.10 Td (ManipalT) Tj ET Q q 0 0 0 rg BT 155.74 470.10 Td (ech is on of India's lar) Tj ET Q q 0 0 0 rg BT 243.72 470.10 Td (gest providers of printing services and supports clients' marketing, branding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 458.10 Td (and communication needs through print services and technology solutions. ) Tj ET Q q 0 0 0 rg BT 420.93 458.10 Td (The strategic investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 446.10 Td (expanded Quad/Graphics' geographic reach to ) Tj ET Q q 0 0 0 rg BT 303.45 446.10 Td (Asia and broadened its product and service scope.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 422.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 422.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.72 422.10 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.32 422.10 Td (, the Company completed its acquisition of substantially all of the assets of ) Tj ET Q q 0 0 0 rg BT 502.31 422.10 Td (V) Tj ET Q q 0 0 0 rg BT 508.42 422.10 Td (ertis, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 410.10 Td (provider of retail advertising inserts, direct marketing and in-store marketing solutions, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.90 410.10 Td ($267.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.79 410.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 398.10 Td (which includes the payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.24 398.10 Td ($97.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.14 398.10 Td ( for current assets that are in excess of normalized working ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 386.10 Td (capital requirements, for a net purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.52 386.10 Td ($170.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.41 386.10 Td (. ) Tj ET Q q 0 0 0 rg BT 376.73 386.10 Td (The Company believes the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 374.10 Td (V) Tj ET Q q 0 0 0 rg BT 123.11 374.10 Td (ertis will strengthen and expand its client of) Tj ET Q q 0 0 0 rg BT 298.17 374.10 Td (fering with an enhanced range of products and services within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 362.10 Td (its United States commercial printing segment and increased manufacturing flexibility and distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 350.10 Td (ef) Tj ET Q q 0 0 0 rg BT 124.59 350.10 Td (ficiencies from an extended geographic footprint in the United States. For additional information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 338.10 Td (regarding this acquisition, see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.91 338.10 Td (Note26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.85 338.10 Td (, "Subsequent Events," to the consolidated financial statements in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 326.10 Td (Item 8, "Financial Statements and Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 373.17 326.10 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 302.10 Td (The Company is subject to seasonality in its quarterly results as net sales and operating income are typically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (higher in the third and fourth quarters of the calendar year as compared to the first and second quarters. Seasonality is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (driven by increased magazine advertising pagecounts, retail advertising inserts, catalogs and books primarily due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (back-to-school and holiday related advertising and promotions. ) Tj ET Q q 0 0 0 rg BT 320.81 266.10 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.93 266.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.93 266.10 Td ( net sales followed the typical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (industry seasonality) Tj ET Q q 0 0 0 rg BT 142.06 254.10 Td (, and management anticipates this same impact of seasonality in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.60 254.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.60 254.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 230.10 Td (The Company's market capitalization can be af) Tj ET Q q 0 0 0 rg BT 286.66 230.10 Td (fected by) Tj ET Q q 0 0 0 rg BT 322.93 230.10 Td (, among other things, changes in industry or market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (conditions, changes in results of operations and changes in forecasts or market expectations related to future results. ) Tj ET Q q 0 0 0 rg BT 531.56 218.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (Company's management believes continued weak macroeconomic conditions globally and in the print industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (contributed to volatility in the Company's market capitalization over the last 12 months. However) Tj ET Q q 0 0 0 rg BT 455.70 194.10 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (believes that volatility in the Company's market capitalization may not necessarily reflect the Company's actual operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (performance, cash flows, financial condition and/or liquidity) Tj ET Q q 0 0 0 rg BT 305.06 170.10 Td (. ) Tj ET Q q 0 0 0 rg BT 312.38 170.10 Td (The Company's market capitalization remained below the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (Company's carrying value of its equity for approximately one year) Tj ET Q q 0 0 0 rg BT 328.49 158.10 Td (, which is considered by the Company to be a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.10 Td (sustained period of time. ) Tj ET Q q 0 0 0 rg BT 166.32 146.10 Td (As a result, the Company conducted an interim goodwill impairment assessment during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 Td (third quarter of 2012 for the United States and Latin ) Tj ET Q q 0 0 0 rg BT 273.50 134.10 Td (American reporting units which included comparing the carrying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (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 446.51 122.10 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.68 122.10 Td (, the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (the interim assessment. ) Tj ET Q q 0 0 0 rg BT 160.86 110.10 Td (The European reporting unit does not have goodwill associated with it. Management concluded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.08 98.10 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.25 98.10 Td (, because the estimated fair value of each of the Company's United States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (and Latin ) Tj ET Q q 0 0 0 rg BT 102.99 86.10 Td (American reporting units exceeded the respective carrying amounts. In addition to an interim goodwill ) 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 60.35 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (impairment assessment, the Company performed its required annual assessment of goodwill impairment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.71 710.10 Td (. Management concluded, similar to the interim goodwill impairment assessment, that no impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.49 698.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.19 698.10 Td (. No additional indicators of impairment have been identified between the date of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (annual assessment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.03 686.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.62 686.10 Td (.) 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 60.35 Td (39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (Results of Operations for) Tj ET Q q 0 0 0 rg BT 170.31 722.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 188.27 722.25 Td (Y) Tj ET Q q 0 0 0 rg BT 194.38 722.25 Td (ear) Tj ET Q q 0 0 0 rg BT 208.08 722.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.87 722.25 Td (December) Tj ET Q q 0 0 0 rg BT 284.00 722.25 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.50 722.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 359.37 722.25 Td (ed to the ) Tj ET Q q 0 0 0 rg BT 398.16 722.25 Td (Y) Tj ET Q q 0 0 0 rg BT 404.27 722.25 Td (ear) Tj ET Q q 0 0 0 rg BT 417.97 722.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.76 722.25 Td (December) Tj ET Q q 0 0 0 rg BT 493.88 722.25 Td (31, 201) Tj ET Q q 0 0 0 rg BT 525.83 722.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.83 722.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 699.25 Td (Summary Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 675.25 Td (The Company's operating income from continuing operations, operating mar) Tj ET Q q 0 0 0 rg BT 405.82 675.25 Td (gin, net earnings \(loss\) attributable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 663.25 Td (to Quad/Graphics common shareholders and diluted earnings \(loss\) per share attributable to Quad/Graphics common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 651.25 Td (shareholders for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.00 651.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.58 651.25 Td (, changed from the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.14 651.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 466.35 651.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.35 651.25 Td (, as follows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 639.25 Td (\(dollars in millions, except per share data\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 548.75 m 310.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 548.75 m 391.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 548.75 m 465.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 548.75 m 549.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 548.75 m 310.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 548.75 m 465.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 548.75 m 549.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 386.75 m 549.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 386.75 m 310.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 373.75 m 310.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 371.75 m 310.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 386.75 m 391.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 373.75 m 391.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 371.75 m 391.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 386.75 m 465.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 373.75 m 465.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 371.75 m 465.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 386.75 m 549.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 373.75 m 549.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 371.75 m 549.5 371.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.35 571.20 Td (OperatingIncome) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.20 562.20 Td (from Continuing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.95 553.20 Td (Operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.10 553.20 Td (OperatingMargin) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.60 598.20 Td (Net Earnings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.20 589.20 Td (\(Loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.10 580.20 Td (Attributable to) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.20 571.20 Td (Quad/Graphics) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.25 562.20 Td (Common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.55 553.20 Td (Shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.45 607.20 Td (Earnings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.15 598.20 Td (\(Loss\)Per) Tj ET Q q 0 0 0 rg BT 516.23 598.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 536.82 598.20 Td (e) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.10 589.20 Td (Attributableto) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.95 580.20 Td (Quad/) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.35 571.20 Td (GraphicsCommon) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.05 562.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 497.39 562.20 Td (eholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.70 553.20 Td (Diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 539.21 Td (For theYear EndedDecember 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.75 539.01 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.00 539.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 539.21 Td (156.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 539.21 Td (3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 539.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 539.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.25 539.21 Td (\(46.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 539.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 539.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 539.21 Td (\(1.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 539.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 525.21 Td (2012 Restructuring,Impairment and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 516.21 Td (T) Tj ET Q q 0 0 0 rg BT 71.34 516.21 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 158.31 516.21 Td (ges) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 170.23 520.29 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 516.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.75 516.21 Td (\(118.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.00 516.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.25 516.21 Td (\(2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 516.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.25 516.21 Td (\(71.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 516.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 516.21 Td (\(1.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 516.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 502.21 Td (201) Tj ET Q q 0 0 0 rg BT 79.33 502.21 Td (1 Restructuring,Impairment and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 493.21 Td (T) Tj ET Q q 0 0 0 rg BT 71.34 493.21 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 158.31 493.21 Td (ges) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 170.23 497.29 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 493.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 493.21 Td (114.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 493.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 493.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 493.21 Td (68.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 493.21 Td (1.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 479.21 Td (Decrease in Interest Expense) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 170.20 483.29 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 479.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 479.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 479.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 479.21 Td (14.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 479.21 Td (0.31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 465.21 Td (Loss on Debt Extinguishment in 201) Tj ET Q q 0 0 0 rg BT 198.08 465.21 Td (1) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 202.41 469.29 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.75 465.01 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 465.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 465.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 465.21 Td (20.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 465.21 Td (0.43) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 451.21 Td (Decrease in Income ) Tj ET Q q 0 0 0 rg BT 139.63 451.21 Td (T) Tj ET Q q 0 0 0 rg BT 144.73 451.21 Td (ax Expense) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 185.65 455.29 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.25 451.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 451.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 451.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 451.21 Td (57.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 451.21 Td (1.22) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 437.21 Td (Decrease in Loss from Discontinued ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 428.21 Td (Operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 143.98 432.29 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 151.25 428.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 428.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 428.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 428.21 Td (35.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 428.21 Td (0.75) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 414.21 Td (Gain on Disposal of Discontinued ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 405.21 Td (Operations in 2012, net of tax) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 173.48 409.29 Td (\(7\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.75 405.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 405.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 405.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 405.21 Td (34.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 405.21 Td (0.72) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 391.21 Td (Decrease in Operating Income) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 175.70 395.29 Td (\(8\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.75 391.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.25 391.21 Td (\(46.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.00 391.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.25 391.21 Td (\(0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 391.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.25 391.21 Td (\(24.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 391.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 391.21 Td (\(0.60) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 391.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 377.21 Td (For theYear EndedDecember 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.75 377.01 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.00 377.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 377.21 Td (106.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 377.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 377.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 377.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 377.21 Td (87.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 377.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 377.21 Td (1.78) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 362.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 345.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 345.65 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 278.01 345.65 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.01 345.65 Td ($1) Tj ET Q q 0 0 0 rg BT 310.67 345.65 Td (18.3million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.67 345.65 Td ( incurred during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.63 345.65 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.35 345.65 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 334.85 Td (included:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 313.25 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 313.25 Td ($27.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 313.25 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 273.80 313.25 Td (ges related to workforce reductions through facility consolidations and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 302.45 Td (involuntary separation programs;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 280.85 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 280.85 Td ($23.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 280.85 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 236.56 280.85 Td (ges for certain buildings and equipment no longer being utilized in production as a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 270.05 Td (result of facility consolidations;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 248.45 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 248.45 Td ($4.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.00 248.45 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 257.54 248.45 Td (ges consisting of professional service fees related to business acquisition and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 237.65 Td (divestiture activities;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 216.05 Td (d. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 216.05 Td ($44.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 216.05 Td ( of acquisition-related integration costs; and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 194.45 Td (e. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 194.45 Td ($19.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 194.45 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 290.54 194.45 Td (ges, including costs to maintain and exit closed facilities, as well as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 183.65 Td (lease exit char) Tj ET Q q 0 0 0 rg BT 168.31 183.65 Td (ges, presented net of a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.77 183.65 Td ($12.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.28 183.65 Td ( curtailment gain as a result of the amendment to postretirement ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 172.85 Td (medical benefit plans and a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.71 172.85 Td ($2.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.71 172.85 Td ( gain on the collection of a note receivable related to a settlement of a disputed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 162.05 Td (pre-acquisition ) Tj ET Q q 0 0 0 rg BT 173.07 162.05 Td (W) Tj ET Q q 0 0 0 rg BT 180.84 162.05 Td (orld Color Press note receivable.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 140.45 Td ( ) Tj ET Q q 0 0 0 rg BT 81.00 140.45 Td (The Company expects to incur additional restructuring and integration costs in future reporting periods in connection with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 129.65 Td (restructuring program that began in 2010 related to eliminating excess manufacturing capacity and properly aligning its cost ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 118.85 Td (structure as part of the integration of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.95 118.85 Td (July2, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.20 118.85 Td ( ) Tj ET Q q 0 0 0 rg BT 274.29 118.85 Td (W) Tj ET Q q 0 0 0 rg BT 282.06 118.85 Td (orld Color Press acquisition, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.05 118.85 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 462.96 118.85 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.46 118.85 Td ( ) Tj ET Q q 0 0 0 rg BT 469.54 118.85 Td (T) Tj ET Q q 0 0 0 rg BT 474.72 118.85 Td (ranscontinental ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 108.05 Td (Mexico acquisition, the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.98 108.05 Td (January16, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 229.72 108.05 Td ( ) Tj ET Q q 0 0 0 rg BT 231.81 108.05 Td (V) Tj ET Q q 0 0 0 rg BT 237.31 108.05 Td (ertis acquisition and other cost reduction programs.) 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 60.35 Td (40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 722.80 Td (\(2\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 722.80 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 278.01 722.80 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.01 722.80 Td ($1) Tj ET Q q 0 0 0 rg BT 310.67 722.80 Td (14.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.67 722.80 Td ( incurred during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.63 722.80 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 535.52 722.80 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.02 722.80 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 712.00 Td (included:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 690.40 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 690.40 Td ($29.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 690.40 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 273.80 690.40 Td (ges related to workforce reductions through facility consolidations and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 679.60 Td (involuntary separation programs;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 658.00 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 658.00 Td ($13.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 658.00 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 236.56 658.00 Td (ges for certain buildings and equipment no longer being utilized in production as a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 647.20 Td (result of facility consolidations;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 625.60 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 625.60 Td ($2.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.00 625.60 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 257.54 625.60 Td (ges incurred primarily in connection with the ) Tj ET Q q 0 0 0 rg BT 422.08 625.60 Td (T) Tj ET Q q 0 0 0 rg BT 427.26 625.60 Td (ranscontinental transaction;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 604.00 Td (d. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 604.00 Td ($45.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 604.00 Td ( of acquisition-related integration costs, net of a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.70 604.00 Td ($15.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.20 604.00 Td ( gain on the collection of a note receivable ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 593.20 Td (for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 207.81 593.20 Td (W) Tj ET Q q 0 0 0 rg BT 215.59 593.20 Td (orld Color Press' European operations; and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 571.60 Td (e. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 571.60 Td ($22.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 571.60 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 290.54 571.60 Td (ges including costs to maintain and exit closed facilities, as well as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 560.80 Td (lease exit char) Tj ET Q q 0 0 0 rg BT 168.31 560.80 Td (ges.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 539.20 Td (\(3\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 539.20 Td (Interest expense ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.47 539.20 Td (decreased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.95 539.20 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.20 539.20 Td ($24.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.70 539.20 Td ( \() Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.95 539.20 Td ($14.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.45 539.20 Td ( net of tax\) during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.40 539.20 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.13 539.20 Td (, to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.88 539.20 Td ($84.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.38 539.20 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 528.40 Td (This change was due to a reduction in debt in 2012 and lower interest rates as a result of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.90 528.40 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.40 528.40 Td ( debt financing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 517.60 Td (agreement entered into on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.96 517.60 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 220.88 517.60 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.38 517.60 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 496.00 Td (\(4\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 496.00 Td (A) Tj ET Q q 0 0 0 rg BT 87.00 496.00 Td ( non-recurring ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.98 496.00 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 189.48 496.00 Td ( loss on debt extinguishment \() Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.73 496.00 Td ($20.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.23 496.00 Td ( net of tax\) was recognized as part of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.67 496.00 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.17 496.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 485.20 Td (debt financing agreement entered into on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.94 485.20 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 274.86 485.20 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.36 485.20 Td (. ) Tj ET Q q 0 0 0 rg BT 285.95 485.20 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.19 485.20 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.69 485.20 Td ( loss represents certain debt issuance costs that were ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 474.40 Td (expensed.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 452.80 Td (\(5\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 452.80 Td (Income tax expense decreased ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.44 452.80 Td ($57.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.94 452.80 Td ( due primarily to the reversal of $43.5million of income tax provisions related to a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 442.00 Td ($30million settlement of a IRS audit of pre-acquisition tax years for ) Tj ET Q q 0 0 0 rg BT 329.78 442.00 Td (W) Tj ET Q q 0 0 0 rg BT 337.55 442.00 Td (orld Color Press and $13.5million in reserves that are no ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 431.20 Td (longer required due to lapses of applicable statutes of limitations. See ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.68 431.20 Td (Note15) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.43 431.20 Td (, "Income ) Tj ET Q q 0 0 0 rg BT 401.67 431.20 Td (T) Tj ET Q q 0 0 0 rg BT 406.54 431.20 Td (axes," to the consolidated financial ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 420.40 Td (statements in Item 8, "Financial Statements and Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 361.04 420.40 Td (Annual Report on Form 10-K for additional ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 409.60 Td (information.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 388.00 Td (\(6\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 388.00 Td (Loss on discontinued operations, net of tax, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.22 388.00 Td (decreased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.70 388.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.95 388.00 Td ($35.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.45 388.00 Td ( during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.17 388.00 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.89 388.00 Td (, to a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.89 388.00 Td ($3.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.89 388.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 377.20 Td (loss primarily due to 10 fewer months of results from Canadian operations in 2012, as the Canadian discontinued operations were ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 366.40 Td (sold on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.50 366.40 Td (March1, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.24 366.40 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 344.80 Td (\(7\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 344.80 Td (Gain on disposal of discontinued operations, net of tax, was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 298.46 344.80 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.96 344.80 Td ( during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.68 344.80 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.41 344.80 Td (, due to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 334.00 Td (completion of the sale of the Company's Canadian operations to ) Tj ET Q q 0 0 0 rg BT 313.40 334.00 Td (T) Tj ET Q q 0 0 0 rg BT 318.59 334.00 Td (ranscontinental on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.07 334.00 Td (March1, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.80 334.00 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 312.40 Td (\(8\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 312.40 Td (Operating income ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.98 312.40 Td (decreased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.45 312.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.70 312.40 Td ($46.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 234.20 312.40 Td ( primarily due to the mar) Tj ET Q q 0 0 0 rg BT 323.76 312.40 Td (gin impact of a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.25 312.40 Td ($230.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.25 312.40 Td (, or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 312.40 Td (5.3%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.24 312.40 Td (, decline in net sales, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 301.60 Td (partially of) Tj ET Q q 0 0 0 rg BT 120.57 301.60 Td (fset by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.07 301.60 Td ($76million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 188.82 301.60 Td ( in incremental syner) Tj ET Q q 0 0 0 rg BT 264.38 301.60 Td (gy savings from the integration of ) Tj ET Q q 0 0 0 rg BT 388.69 301.60 Td (W) Tj ET Q q 0 0 0 rg BT 396.47 301.60 Td (orld Color Press' operations, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 290.80 Td ($59.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.50 290.80 Td ( in reduced selling, general and administrative costs and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.44 290.80 Td ($6.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.44 290.80 Td ( in reduced depreciation and amortization ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 280.00 Td (expense. ) Tj ET Q q 0 0 0 rg BT 116.57 280.00 Td (The following discussion provides additional details.) 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 60.35 Td (41) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 722.25 Td (Operating Results from Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The following table sets forth certain information from the Company's consolidated statements of operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (an absolute dollar basis and as a relative percentage of total net sales for each noted period, together with the relative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (percentage change in such information between the periods set forth below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 637.75 m 293.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 637.75 m 297.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 637.75 m 342.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 637.75 m 346.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 637.75 m 391.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 637.75 m 395.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 637.75 m 440.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 637.75 m 293.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 623.75 m 293.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 623.75 m 297.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 623.75 m 342.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 637.75 m 391.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 623.75 m 391.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 623.75 m 395.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 623.75 m 440.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 609.75 m 293.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 609.75 m 297.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 609.75 m 342.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 609.75 m 346.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 609.75 m 391.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 609.75 m 395.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 609.75 m 440.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 609.75 m 444.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 609.75 m 489.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 586.75 m 293.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 609.75 m 342.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 586.75 m 342.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 609.75 m 391.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 586.75 m 391.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 609.75 m 440.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 586.75 m 440.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 609.75 m 489.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 586.75 m 489.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 586.75 m 549.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 544.75 m 293.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 544.75 m 342.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 544.75 m 391.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 544.75 m 440.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 544.75 m 489.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 488.75 m 293.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 488.75 m 342.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 488.75 m 391.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 488.75 m 440.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 488.75 m 489.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 423.75 m 293.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 423.75 m 342.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 423.75 m 391.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 423.75 m 440.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 423.75 m 489.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 409.75 m 293.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 409.75 m 342.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 409.75 m 391.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 409.75 m 440.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 409.75 m 489.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 409.75 m 293.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 396.75 m 293.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 394.75 m 293.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 396.75 m 342.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 394.75 m 342.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 409.75 m 391.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 396.75 m 391.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 394.75 m 391.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 396.75 m 440.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 394.75 m 440.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 409.75 m 489.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 396.75 m 489.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 394.75 m 489.5 394.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.15 642.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.00 628.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.20 628.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.95 614.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.70 591.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.10 600.20 Td (%of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.70 591.20 Td (Sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.70 591.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.10 600.20 Td (%of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.70 591.20 Td (Sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.35 591.20 Td ($Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.50 600.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.20 591.20 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 577.21 Td (Net Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 563.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 112.25 563.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.00 563.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 563.21 Td (3,638.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.75 563.21 Td (88.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 563.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 563.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 563.21 Td (3,825.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 563.21 Td (88.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 563.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 563.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 563.21 Td (\(187.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 563.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 563.21 Td (\(4.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 563.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 549.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 112.25 549.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.75 549.21 Td (455.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.75 549.21 Td (11.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 549.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 549.21 Td (499.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 549.21 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 549.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.25 549.21 Td (\(43.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 549.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 549.21 Td (\(8.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 549.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 535.21 Td (Total Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 148.25 535.01 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 535.21 Td (4,094.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.25 535.21 Td (100.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 535.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 535.21 Td (4,324.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.25 535.21 Td (100.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 535.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 535.21 Td (\(230.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 535.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 535.21 Td (\(5.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 535.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 521.21 Td (Cost of Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.00 507.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 116.75 507.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 507.21 Td (2,848.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.75 507.21 Td (69.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 507.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 507.21 Td (2,921.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 507.21 Td (67.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 507.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.25 507.21 Td (\(73.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 507.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 507.21 Td (\(2.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 507.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.00 493.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 116.75 493.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.75 493.21 Td (335.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 493.21 Td (8.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 493.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 493.21 Td (380.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.25 493.21 Td (8.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 493.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.25 493.21 Td (\(45.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 493.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 493.21 Td (\(11.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 493.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 96.00 479.21 Td (Total Cost of Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.25 479.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 479.21 Td (3,183.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.75 479.21 Td (77.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 479.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 479.21 Td (3,302.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 479.21 Td (76.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 479.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 479.21 Td (\(118.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 479.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 479.21 Td (\(3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 479.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 465.21 Td (Selling, General& Administrative Expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 238.25 465.01 Td (. .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.75 465.21 Td (347.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 465.21 Td (8.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 465.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 465.21 Td (407.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.25 465.21 Td (9.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 465.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.25 465.21 Td (\(59.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 465.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 465.21 Td (\(14.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 465.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 451.21 Td (Restructuring,Impairment and Transaction-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 442.21 Td (Related Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 139.25 442.01 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.75 442.21 Td (118.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 442.21 Td (2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 442.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 442.21 Td (114.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.25 442.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 442.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 442.21 Td (4.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 442.21 Td (3.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 442.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 428.21 Td (Depreciation and Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.25 428.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.75 428.21 Td (338.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 428.21 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 428.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 428.21 Td (344.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.25 428.21 Td (8.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 428.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.75 428.21 Td (\(6.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 428.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 428.21 Td (\(1.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 428.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 414.21 Td (Total Operating Expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.25 414.01 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 414.21 Td (3,987.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.75 414.21 Td (97.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 414.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 414.21 Td (4,167.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 414.21 Td (96.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 414.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 414.21 Td (\(180.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 414.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 414.21 Td (\(4.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 414.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 400.21 Td (Operating Income From Continuing Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 238.25 400.01 Td (. .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.75 400.21 Td (106.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 400.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.50 400.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 400.21 Td (156.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.25 400.21 Td (3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 400.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.25 400.21 Td (\(50.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 400.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 400.21 Td (\(32.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 400.21 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 372.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 348.25 Td (Product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.55 348.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.96 348.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.46 348.25 Td ($187.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.35 348.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.18 348.25 Td (4.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.01 348.25 Td (, for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.97 348.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.56 348.25 Td (, compared to the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 336.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 336.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.59 336.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.59 336.25 Td (, primarily due to a 4% reduction in sales from the combination of lower print volumes and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 324.25 Td (lower pricing as a result of continued pricing pressure from excess manufacturing capacity in the printing industry and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 312.25 Td (1% reduction in sales from lower paper and byproduct sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 288.25 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 440.05 288.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.46 288.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.96 288.25 Td ($43.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.86 288.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 276.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 276.25 Td (8.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.66 276.25 Td (, for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.62 276.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.21 276.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.21 276.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 444.42 276.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.42 276.25 Td (, primarily due to lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 264.25 Td (sales on logistics and distribution services and media solutions due primarily due to lower related print volumes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 240.25 Td (Cost of Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 216.25 Td (Cost of product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.66 216.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.07 216.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.57 216.25 Td ($73.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.46 216.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.92 216.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.51 216.25 Td (, compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 204.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 204.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.59 204.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.59 204.25 Td (, primarily due to decreased print volumes and syner) Tj ET Q q 0 0 0 rg BT 377.62 204.25 Td (gy savings related to labor) Tj ET Q q 0 0 0 rg BT 482.75 204.25 Td (, purchasing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 192.25 Td (other manufacturing expenses as a result of the Company's ) Tj ET Q q 0 0 0 rg BT 300.39 192.25 Td (W) Tj ET Q q 0 0 0 rg BT 309.03 192.25 Td (orld Color Press integration restructuring programs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 168.25 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 358.90 168.25 Td (67.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.73 168.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.19 168.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 535.41 168.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.41 168.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 156.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.28 156.25 Td (69.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.11 156.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.57 156.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 156.25 Td (, primarily due to lower print pricing as a result of continued pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 144.25 Td (pressure from excess manufacturing capacity in the printing industry and lower pricing on byproduct recoveries. ) Tj ET Q q 0 0 0 rg BT 517.40 144.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 132.25 Td (increase in cost of product sales as a percentage of net sales was partially of) Tj ET Q q 0 0 0 rg BT 366.03 132.25 Td (fset by syner) Tj ET Q q 0 0 0 rg BT 416.95 132.25 Td (gy cost savings related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 120.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 120.25 Td (orld Color Press integration.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 96.25 Td (Cost of service sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.42 96.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.84 96.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.34 96.25 Td ($45.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.23 96.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.69 96.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.27 96.25 Td (, compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 84.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 84.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.59 84.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.59 84.25 Td (, primarily due to lower sales on logistics and distribution services and media solutions. ) 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 60.35 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 710.10 Td (Cost of service sales as a percentage of net sales decreased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.33 710.10 Td (8.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.16 710.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.62 710.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 529.83 710.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.83 710.10 Td (, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (8.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.83 698.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.29 698.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.88 698.10 Td (, primarily due to lower labor costs related to cost reduction activities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 184.36 674.10 Td (Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 650.10 Td (Selling, general and administrative expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.50 650.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.92 650.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.42 650.10 Td ($59.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.31 650.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.77 650.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.35 650.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.00 638.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 259.22 638.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.22 638.10 Td (, primarily due to $1) Tj ET Q q 0 0 0 rg BT 345.77 638.10 Td (1million in syner) Tj ET Q q 0 0 0 rg BT 416.42 638.10 Td (gy savings from the ) Tj ET Q q 0 0 0 rg BT 497.90 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 506.54 638.10 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (Press integration, $1) Tj ET Q q 0 0 0 rg BT 144.56 626.10 Td (1million in lower employee related costs associated with non-integration cost reduction activities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td ($10million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.39 614.10 Td ( in lower bad debt expense \(mostly related to a change in payment terms for an existing customer\), a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td ($8million decrease in legal and environmental reserves \(primarily related to the sale of vacant facilities\), $4million in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (lower information technology related expenses and $3million in lower professional fee expense and other net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (miscellaneous spending reductions. Selling, general and administrative expenses as a percentage of net sales decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.94 566.10 Td (9.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.77 566.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.55 566.10 Td (8.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.38 566.10 Td ( between years due to the items discussed in the preceding sentence.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 542.10 Td (Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 230.67 542.10 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 330.01 542.10 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 518.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 518.10 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.73 518.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.49 518.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.99 518.10 Td ($4.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.88 518.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 506.10 Td (, compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.59 506.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 342.80 506.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.80 506.10 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.67 506.10 Td ($9.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.56 506.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.06 506.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.81 506.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 128.63 494.10 Td (ges and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.33 494.10 Td ($1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.22 494.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.72 494.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.48 494.10 Td ( in transaction-related char) Tj ET Q q 0 0 0 rg BT 359.19 494.10 Td (ges, partially of) Tj ET Q q 0 0 0 rg BT 421.49 494.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.86 494.10 Td ($2.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.75 494.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.25 494.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.67 494.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (in other restructuring char) Tj ET Q q 0 0 0 rg BT 166.95 482.10 Td (ges, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.21 482.10 Td ($2.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.11 482.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.61 482.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.02 482.10 Td ( in employee termination char) Tj ET Q q 0 0 0 rg BT 397.79 482.10 Td (ges and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.56 482.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.46 482.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.96 482.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.37 482.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (acquisition-related integration costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 446.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 446.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.56 446.10 Td ($1) Tj ET Q q 0 0 0 rg BT 354.19 446.10 Td (18.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.08 446.10 Td ( incurred in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 434.10 Td (, included: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.46 434.10 Td ($27.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.35 434.10 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 374.67 434.10 Td (ges related to workforce reductions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (through facility consolidations and involuntary separation programs, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.77 422.10 Td ($23.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.66 422.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 486.61 422.10 Td (ges for certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (buildings and equipment no longer being utilized in production as a result of facility consolidations, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.30 410.10 Td ($4.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.20 410.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (transaction-related char) Tj ET Q q 0 0 0 rg BT 156.93 398.10 Td (ges incurred consisting of professional service fees related to business acquisition and divestiture ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (activities, \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.26 386.10 Td ($44.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.15 386.10 Td ( of integration costs primarily related to preparing existing facilities to meet new production ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (requirements resulting from work transferring from closed plants, as well as other costs related to the integration of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (acquired companies, and \(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.79 362.10 Td ($19.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.68 362.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 371.61 362.10 Td (ges, including costs to maintain and exit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (closed facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 228.86 350.10 Td (ges, presented net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.49 350.10 Td ($12.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.38 350.10 Td ( curtailment gain resulting from an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (amendment to the postretirement medical benefit plan and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.41 338.10 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.30 338.10 Td ( gain on the collection of a note receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (related to a settlement of a disputed pre-acquisition ) Tj ET Q q 0 0 0 rg BT 269.97 326.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.61 326.10 Td (orld Color Press note receivable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 302.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 302.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.56 302.10 Td ($1) Tj ET Q q 0 0 0 rg BT 354.19 302.10 Td (14.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.08 302.10 Td ( incurred in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 290.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 290.10 Td (, included: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.08 290.10 Td ($29.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.98 290.10 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 374.30 290.10 Td (ges related to workforce reductions through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (facility consolidations and involuntary separation programs, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.16 278.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.05 278.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 453.00 278.10 Td (ges related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (machinery and equipment, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.01 266.10 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.90 266.10 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 342.17 266.10 Td (ges incurred primarily in connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.76 254.10 Td (ranscontinental transaction, \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.38 254.10 Td ($45.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.27 254.10 Td ( of acquisition-related integration costs, net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.82 254.10 Td ($15.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.71 254.10 Td ( gain on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (collection of a note receivable for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 286.90 242.10 Td (W) Tj ET Q q 0 0 0 rg BT 295.53 242.10 Td (orld Color Press' European operations and \(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.91 242.10 Td ($22.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 242.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (various other restructuring char) Tj ET Q q 0 0 0 rg BT 188.61 230.10 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 517.77 230.10 Td (ges.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 206.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 119.18 206.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 171.21 206.10 Td (Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 182.10 Td (Depreciation and amortization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.12 182.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.53 182.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.03 182.10 Td ($6.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.92 182.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.75 182.10 Td (1.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.58 182.10 Td (, for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.54 182.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.13 182.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.00 170.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 259.22 170.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.22 170.10 Td (, primarily due to decreased capital expenditures for property) Tj ET Q q 0 0 0 rg BT 508.19 170.10 Td (, plant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (and equipment, and the impact of the Company's restructuring activities.) 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 60.35 Td (43) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 133.26 722.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 187.52 722.10 Td ( Mar) Tj ET Q q 0 0 0 rg BT 206.87 722.10 Td (ginConsolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 135.11 698.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 190.66 698.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 208.52 698.10 Td (gin for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.76 698.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.34 698.10 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 686.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 686.10 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 277.5 650.6 m 342.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 650.6 m 346.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 650.6 m 411.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 650.6 m 415.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 650.6 m 480.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 650.6 m 484.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 650.6 m 549.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 650.6 m 342.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 637.6 m 342.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 637.6 m 346.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 637.6 m 411.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 650.6 m 480.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 637.6 m 480.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 637.6 m 484.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 637.6 m 549.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 624.6 m 342.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 624.6 m 411.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 624.6 m 480.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 624.6 m 549.5 624.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.15 655.00 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 642.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 642.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 629.00 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.35 629.00 Td (%ofNetSales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.70 629.00 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.35 629.00 Td (%ofNetSales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.45 616.00 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 602.86 Td (EBITDA and EBITDA margin) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.25 602.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.00 602.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.75 602.86 Td (478.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 602.86 Td (11.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 602.86 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 602.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 602.86 Td (431.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 602.86 Td (10.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 602.86 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 575.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 135.11 575.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.61 575.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.36 575.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.86 575.10 Td ($46.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.75 575.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.21 575.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.80 575.10 Td (, primarily due to: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.67 575.10 Td ($76.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.56 575.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 563.10 Td (incremental syner) Tj ET Q q 0 0 0 rg BT 134.18 563.10 Td (gy savings from integrating ) Tj ET Q q 0 0 0 rg BT 246.75 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.39 563.10 Td (orld Color Press' operations, \(2\)$59.9million of decreased selling, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 551.10 Td (general and administrative expenses, \(3\)a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.77 551.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.66 551.10 Td ( gain on the disposal of the Canadian discontinued operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 539.10 Td (recorded on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.98 539.10 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.57 539.10 Td (, \(4\)a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.67 539.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.56 539.10 Td ( loss on debt extinguishment recorded in 201) Tj ET Q q 0 0 0 rg BT 430.89 539.10 Td (1 related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.08 539.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.20 539.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 527.10 Td (debt financing agreement that did not recur in 2012 and \(5\)a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.03 527.10 Td ($35.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.92 527.10 Td ( reduction in loss from discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 515.10 Td (operations due to the sale of the Canadian operations to ) Tj ET Q q 0 0 0 rg BT 287.20 515.10 Td (T) Tj ET Q q 0 0 0 rg BT 292.96 515.10 Td (ranscontinental on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.04 515.10 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.64 515.10 Td (. ) Tj ET Q q 0 0 0 rg BT 434.96 515.10 Td (These impacts were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 503.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 106.97 503.10 Td (fset by mar) Tj ET Q q 0 0 0 rg BT 151.77 503.10 Td (gin impact of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.53 503.10 Td ($230.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.42 503.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.25 503.10 Td (5.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.08 503.10 Td (, decline in net sales and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.33 503.10 Td ($4.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.22 503.10 Td ( of increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 491.10 Td (restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 278.56 491.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 299.21 491.10 Td (The results of these impacts also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.96 491.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.71 491.10 Td ( EBITDA) Tj ET Q q 0 0 0 rg BT 508.32 491.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 526.18 491.10 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 479.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.28 479.10 Td (1) Tj ET Q q 0 0 0 rg BT 77.91 479.10 Td (1.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.74 479.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.20 479.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.78 479.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.98 479.10 Td (10.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.81 479.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.28 479.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 488.49 479.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.49 479.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 455.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 135.11 455.10 Td ( represents net earnings \(loss\) attributable to Quad/Graphics common shareholders, plus \(i\) interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 443.10 Td (expense, \(ii\) income tax expense \(if applicable\) and \(iii\) depreciation and amortization, and less income tax benefit \(if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 431.10 Td (applicable\). EBITDA) Tj ET Q q 0 0 0 rg BT 151.03 431.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 168.89 431.10 Td (gin represents EBITDA) Tj ET Q q 0 0 0 rg BT 263.32 431.10 Td ( as a percentage of net sales. EBITDA) Tj ET Q q 0 0 0 rg BT 417.98 431.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 473.53 431.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 491.39 431.10 Td (gin are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 419.10 Td (presented to provide additional information regarding Quad/Graphics' performance and because both are important ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 407.10 Td (measures by which Quad/Graphics gauges the profitability and assesses the performance of its business. EBITDA) Tj ET Q q 0 0 0 rg BT 520.67 407.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 395.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 99.11 395.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 116.97 395.10 Td (gin are not measures of financial performance in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 407.41 395.10 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 451.02 395.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 506.57 395.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 524.44 395.10 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 383.10 Td (should not be considered alternatives to net earnings \(loss\) 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 63.00 371.10 Td (provided by operating activities as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 290.07 371.10 Td (. Quad/Graphics' calculation of EBITDA) Tj ET Q q 0 0 0 rg BT 455.71 371.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 511.26 371.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 529.12 371.10 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 359.10 Td (may be dif) Tj ET Q q 0 0 0 rg BT 105.58 359.10 Td (ferent from the calculations used by other companies and therefore comparability may be limited. ) Tj ET Q q 0 0 0 rg BT 500.45 359.10 Td (A) Tj ET Q q 0 0 0 rg BT 507.12 359.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 347.10 Td (reconciliation of EBITDA) Tj ET Q q 0 0 0 rg BT 167.41 347.10 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 405.5 311.6 m 475.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 311.6 m 479.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 311.6 m 549.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 311.6 m 475.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 298.6 m 475.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 311.6 m 549.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 298.6 m 549.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 233.60000000000002 m 475.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 233.60000000000002 m 549.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 233.60000000000002 m 475.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 221.60000000000002 m 475.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 219.60000000000002 m 475.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 233.60000000000002 m 549.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 221.60000000000002 m 549.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 219.60000000000002 m 549.5 219.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.15 316.00 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 303.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.20 303.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 290.00 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 276.86 Td (Net Earnings \(Loss\) ) Tj ET Q q 0 0 0 rg BT 140.48 276.86 Td (Attributable to Quad/Graphics Common Shareholders) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 334.70 280.94 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.75 276.86 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 276.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 276.86 Td (87.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 276.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 276.86 Td (\(46.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 276.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 263.86 Td (Interest Expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.75 263.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 263.86 Td (84.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 263.86 Td (108.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 250.86 Td (Income Tax Expense \(Benefit\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.25 250.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.25 250.86 Td (\(31.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 250.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 250.86 Td (26.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 237.86 Td (Depreciation and Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.25 237.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.75 237.86 Td (338.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 237.86 Td (344.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 224.86 Td (EBITDA) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 102.75 224.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 224.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.75 224.86 Td (478.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 224.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 224.86 Td (431.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 210.30 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 193.50 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 193.50 Td (Net earnings \(loss\) attributable to Quad/Graphics common shareholders includes the ef) Tj ET Q q 0 0 0 rg BT 394.25 193.50 Td (fects of:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 176.70 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 176.70 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 314.01 176.70 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.01 176.70 Td ($1) Tj ET Q q 0 0 0 rg BT 346.67 176.70 Td (18.3million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.67 176.70 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.17 176.70 Td ($1) Tj ET Q q 0 0 0 rg BT 416.83 176.70 Td (14.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.84 176.70 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 165.90 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.73 165.90 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.22 165.90 Td (201) Tj ET Q q 0 0 0 rg BT 218.39 165.90 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.89 165.90 Td (, respectively;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 149.10 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 149.10 Td (Loss on debt extinguishment of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.74 149.10 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.24 149.10 Td ( for the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.96 149.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 416.85 149.10 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.35 149.10 Td (;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 132.30 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 132.30 Td (Loss from discontinued operations, net of tax, was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.96 132.30 Td ($3.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.97 132.30 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.46 132.30 Td ($38.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.96 132.30 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.18 132.30 Td (December31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 121.50 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 135.00 121.50 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.49 121.50 Td (201) Tj ET Q q 0 0 0 rg BT 165.66 121.50 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.16 121.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 217.56 121.50 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 256.80 121.50 Td ( from discontinued operations was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.03 121.50 Td ($\(3.2\)million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.02 121.50 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.52 121.50 Td ($\(25.6\)million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 505.02 121.50 Td ( for the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 110.70 Td (years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.98 110.70 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.70 110.70 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.20 110.70 Td (201) Tj ET Q q 0 0 0 rg BT 263.36 110.70 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.86 110.70 Td (, respectively) Tj ET Q q 0 0 0 rg BT 315.26 110.70 Td (, and include restructuring, impairment and transaction-related ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 99.90 Td (char) Tj ET Q q 0 0 0 rg BT 132.32 99.90 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 156.32 99.90 Td ($1.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.32 99.90 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.81 99.90 Td ($45.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.32 99.90 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.53 99.90 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.26 99.90 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.75 99.90 Td (201) Tj ET Q q 0 0 0 rg BT 440.92 99.90 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.42 99.90 Td (, respectively; and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 83.10 Td (d. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 83.10 Td (Gain on disposal of discontinued operations, net of tax of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.71 83.10 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.21 83.10 Td ( for the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.93 83.10 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.65 83.10 Td (.) 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 60.35 Td (44) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 722.25 Td (United States Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The following table summarizes net sales, operating income, operating mar) Tj ET Q q 0 0 0 rg BT 400.11 698.25 Td (gin and certain items impacting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (comparability within the United States Print and Related Services segment:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 649.75 m 351.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 649.75 m 355.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 649.75 m 421.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 649.75 m 351.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 635.75 m 351.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 649.75 m 421.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 635.75 m 421.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 621.75 m 351.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 621.75 m 355.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 621.75 m 421.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 621.75 m 425.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 621.75 m 485.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 607.75 m 351.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 621.75 m 421.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 607.75 m 421.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 621.75 m 485.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 607.75 m 485.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 607.75 m 549.5 607.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.15 654.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.00 640.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.20 640.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.45 626.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.20 612.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.20 612.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.85 612.20 Td ($Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.60 612.20 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 598.21 Td (Net Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 584.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 113.25 584.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.00 584.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.50 584.21 Td (3,151.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.00 584.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.50 584.21 Td (3,338.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 584.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 584.21 Td (\(186.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 584.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 584.21 Td (\(5.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 584.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 570.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 108.75 570.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 570.21 Td (446.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 570.21 Td (488.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 570.21 Td (\(41.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 570.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 570.21 Td (\(8.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 570.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 556.21 Td (Operating Income \(including Restructuring, Impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 547.21 Td (and Transaction-Related Charges\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 189.75 547.01 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 547.21 Td (216.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 547.21 Td (271.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 547.21 Td (\(55.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 547.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 547.21 Td (\(20.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 547.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 533.21 Td (Operating Margin) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.25 533.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.25 533.21 Td (6.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.50 533.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.25 533.21 Td (7.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.50 533.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 533.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.95 533.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 519.21 Td (Restructuring,Impairment and Transaction-Related) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 510.21 Td (Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.75 510.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.75 510.21 Td (48.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 510.21 Td (55.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 510.21 Td (\(6.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 510.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 510.21 Td (\(12.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 510.21 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 482.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 458.25 Td (Product sales for the United States Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.66 458.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.07 458.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.57 458.25 Td ($186.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.46 458.25 Td (, or 5.6%, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.25 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.80 446.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.38 446.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.39 446.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 393.60 446.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 446.25 Td (, primarily due to 4% reduction in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.25 Td (sales from the combination of lower print volumes and lower pricing as a result of continued pricing pressure from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (excess manufacturing capacity in the printing industry and a 1% net reduction in sales from lower paper and byproduct ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.25 Td (sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 386.25 Td (Service sales for the United States Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.54 386.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.95 386.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.45 386.25 Td ($41.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.34 386.25 Td (, or 8.5%, for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.08 374.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.67 374.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.67 374.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 378.88 374.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.88 374.25 Td (, primarily due to lower sales on logistics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.25 Td (and distribution services and media solutions due primarily due to lower related print volumes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 338.25 Td (Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 314.25 Td (Operating income for the United States Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.53 314.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.94 314.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.44 314.25 Td ($55.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.34 314.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 302.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 302.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.96 302.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 359.18 302.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.18 302.25 Td (, primarily due to the mar) Tj ET Q q 0 0 0 rg BT 466.19 302.25 Td (gin impact of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.25 Td ($228.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 290.25 Td ( decrease in net sales, partially of) Tj ET Q q 0 0 0 rg BT 254.71 290.25 Td (fset by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.15 290.25 Td ($76million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.54 290.25 Td ( in syner) Tj ET Q q 0 0 0 rg BT 364.80 290.25 Td (gy savings from the ) Tj ET Q q 0 0 0 rg BT 446.27 290.25 Td (W) Tj ET Q q 0 0 0 rg BT 454.91 290.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.25 Td (integration, $50.2million in lower Selling, General and ) Tj ET Q q 0 0 0 rg BT 287.13 278.25 Td (Administrative expenses and $6.8 million decrease in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.25 Td (Restructuring, Impairment and ) Tj ET Q q 0 0 0 rg BT 188.34 266.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.10 266.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 290.82 266.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 242.25 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 156.85 242.25 Td (gin for the United States Print and Related Services segment decreased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.09 242.25 Td (7.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.92 242.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 230.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.59 230.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.59 230.25 Td (, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.87 230.25 Td (6.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.70 230.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.16 230.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.74 230.25 Td (, primarily due to the reasons discussed in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.25 Td (preceding paragraph.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 194.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 230.67 194.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 330.01 194.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 170.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 170.25 Td (ges for the United States Print and Related Services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.25 Td (segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.79 158.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.37 158.25 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.30 158.25 Td ($48.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.19 158.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.02 158.25 Td ($20.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.91 158.25 Td ( of employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.25 Td (termination char) Tj ET Q q 0 0 0 rg BT 128.63 146.25 Td (ges related to workforce reductions through facility consolidations and involuntary separation programs, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.25 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 134.25 Td ($1) Tj ET Q q 0 0 0 rg BT 86.79 134.25 Td (1.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.68 134.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 209.64 134.25 Td (ges for certain buildings and equipment no longer being utilized in production as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.25 Td (result of facility consolidations and \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.74 122.25 Td ($16.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.63 122.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 413.57 122.25 Td (ges, including costs to maintain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.25 Td (and exit closed facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 263.29 110.25 Td (ges, presented net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.92 110.25 Td ($12.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.82 110.25 Td ( curtailment gain resulting from an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.25 Td (amendment to the postretirement medical benefit plan and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.41 98.25 Td ($2.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.30 98.25 Td ( gain on the collection of a note receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.25 Td (related to a settlement of a disputed pre-acquisition ) Tj ET Q q 0 0 0 rg BT 269.97 86.25 Td (W) Tj ET Q q 0 0 0 rg BT 278.61 86.25 Td (orld Color Press note receivable.) 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 60.35 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 710.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 710.10 Td (ges for the United States Print and Related Services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.79 698.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 247.00 698.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.00 698.10 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.93 698.10 Td ($55.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.82 698.10 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.64 698.10 Td ($23.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.54 698.10 Td ( of employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (termination char) Tj ET Q q 0 0 0 rg BT 128.63 686.10 Td (ges related to workforce reductions through facility consolidations and involuntary separation programs, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 674.10 Td ($12.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.05 674.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 210.01 674.10 Td (ges for machinery and equipment, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.01 674.10 Td ($0.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 674.10 Td ( of acquisition-related integration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (costs and \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.60 662.10 Td ($18.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.49 662.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 309.43 662.10 Td (ges including costs to maintain and exit closed facilities, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (well as lease exit char) Tj ET Q q 0 0 0 rg BT 150.55 650.10 Td (ges.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 603.25 Td (The following table summarizes net sales, operating loss, operating mar) Tj ET Q q 0 0 0 rg BT 386.24 603.25 Td (gin, certain items impacting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (comparability and 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 285.5 554.75 m 351.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 554.75 m 355.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 554.75 m 421.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 554.75 m 351.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 540.75 m 351.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 554.75 m 421.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 540.75 m 421.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 526.75 m 351.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 526.75 m 355.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 526.75 m 421.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 526.75 m 425.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 526.75 m 485.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 512.75 m 351.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 526.75 m 421.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 512.75 m 421.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 526.75 m 485.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 512.75 m 485.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 512.75 m 549.5 512.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.15 559.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.00 545.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.20 545.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.45 531.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.20 517.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.20 517.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.85 517.20 Td ($Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.60 517.20 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 503.21 Td (Net Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 489.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 104.25 489.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.00 489.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.25 489.21 Td (487.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.00 489.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.25 489.21 Td (487.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 489.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 489.21 Td (\(0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 489.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.50 489.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 489.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 475.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 104.25 475.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.25 475.21 Td (8.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.75 475.21 Td (11.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 475.21 Td (\(2.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 475.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 475.21 Td (\(20.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 475.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 461.21 Td (Operating Loss \(including Restructuring,Impairment and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 452.21 Td (Transaction-Related Charges\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.25 452.01 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.75 452.21 Td (\(24.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.50 452.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 452.21 Td (\(19.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.50 452.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 452.21 Td (\(5.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 452.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 452.21 Td (\(27.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 452.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 438.21 Td (Operating Margin) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.25 438.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.25 438.21 Td (\(5.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.50 438.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 438.21 Td (\(3.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.50 438.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 438.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.95 438.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 424.21 Td (Restructuring,Impairment and Transaction-Related) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 415.21 Td (Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.75 415.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 324.75 415.21 Td (26.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.25 415.21 Td (7.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 415.21 Td (19.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.25 415.21 Td (260.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 415.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 401.21 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 234.75 401.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.25 401.21 Td (2.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.25 401.21 Td (3.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 401.21 Td (\(0.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 401.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 401.21 Td (\(25.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 401.21 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 373.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 349.25 Td (Product sales for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.84 349.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.25 349.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.75 349.25 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.64 349.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.10 349.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.69 349.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 337.25 Td (compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 337.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 249.22 337.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.22 337.25 Td (, primarily due to a $22million increase in net sales in Mexico as a result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 325.25 Td (of the acquisition of the ) Tj ET Q q 0 0 0 rg BT 160.29 325.25 Td (T) Tj ET Q q 0 0 0 rg BT 166.05 325.25 Td (ranscontinental Mexico operations, partially of) Tj ET Q q 0 0 0 rg BT 353.31 325.25 Td (fset by a $22million, or 5%, negative impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 313.25 Td (from foreign exchange.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 289.25 Td (Operating Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 265.25 Td (Operating loss for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.84 265.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.59 265.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.09 265.25 Td ($5.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.98 265.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.44 265.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.03 265.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 253.25 Td (compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 253.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 249.22 253.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.22 253.25 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.08 253.25 Td ($19.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.97 253.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.47 253.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.23 253.25 Td ( in restructuring, impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 241.25 Td (and integration expenses primarily related to the ) Tj ET Q q 0 0 0 rg BT 258.59 241.25 Td (T) Tj ET Q q 0 0 0 rg BT 264.34 241.25 Td (ranscontinental Mexico acquisition, partially of) Tj ET Q q 0 0 0 rg BT 453.83 241.25 Td (fset by mar) Tj ET Q q 0 0 0 rg BT 498.63 241.25 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 229.25 Td (improvement in Poland as a result of the restructuring actions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 205.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 230.67 205.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 330.01 205.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 181.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 181.25 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 63.00 169.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 169.25 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.51 169.25 Td ($26.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.40 169.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.23 169.25 Td ($7.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.12 169.25 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 467.45 169.25 Td (ges related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 157.25 Td (workforce reductions through facility consolidations and involuntary separation programs, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.51 157.25 Td ($1) Tj ET Q q 0 0 0 rg BT 451.14 157.25 Td (1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.03 157.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 145.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 128.63 145.25 Td (ges for certain buildings and equipment no longer being utilized in production as a result of facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 133.25 Td (consolidations, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.93 133.25 Td ($5.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.83 133.25 Td ( of integration costs primarily related to the integration of the acquired companies and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 121.25 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 121.25 Td ($2.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.05 121.25 Td ( of other restructuring char) Tj ET Q q 0 0 0 rg BT 233.05 121.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 97.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 97.25 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 63.00 85.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 85.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 85.25 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.14 85.25 Td ($7.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.03 85.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.86 85.25 Td ($3.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.75 85.25 Td ( of employee termination costs related to various ) 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 60.35 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (workforce reduction initiatives, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.45 722.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.34 722.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 333.30 722.10 Td (ges for machinery and equipment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 710.10 Td ($3.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.05 710.10 Td ( of other restructuring char) Tj ET Q q 0 0 0 rg BT 233.05 710.10 Td (ges.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 686.10 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (Investments in entities where Quad/Graphics has the ability to exert significant influence but not control are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (accounted for using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 281.09 650.10 Td (The Company holds a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.63 650.10 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.96 650.10 Td ( ownership interest in Plural Editora e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (Grafica \("Plural"\), a commercial printer based in So Paulo, Brazil, as well as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.55 638.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.88 638.10 Td ( interest in a joint venture in Chile ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (that was acquired as part of the ) Tj ET Q q 0 0 0 rg BT 189.71 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 198.35 626.10 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 317.05 626.10 Td (The equity in earnings of unconsolidated entities in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.41 614.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.83 614.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.33 614.10 Td ($0.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.22 614.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.68 614.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.26 614.10 Td (, primarily due to lower earnings at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (Plural due to a decline in volumes related to economic slowdown in Brazil.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 579.25 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 555.25 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 405.5 518.75 m 475.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 518.75 m 479.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 518.75 m 549.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 518.75 m 475.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 504.75 m 475.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 518.75 m 549.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 504.75 m 549.5 504.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.15 523.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 509.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.20 509.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 495.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 481.21 Td (Operating Expenses \(including Restructuring,Impairment and Transaction-Related Charges\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 481.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 481.21 Td (85.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 481.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 481.21 Td (95.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 467.21 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 467.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 467.21 Td (43.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 467.21 Td (51.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 439.25 Td (Corporate operating expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.35 439.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.76 439.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.26 439.25 Td ($10.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.15 439.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.61 439.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.20 439.25 Td (, compared with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 427.25 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.80 427.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 197.01 427.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.01 427.25 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.88 427.25 Td ($7.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.77 427.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.27 427.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.69 427.25 Td ( in restructuring, impairment and transaction-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 415.25 Td (related char) Tj ET Q q 0 0 0 rg BT 109.73 415.25 Td (ges, and cost reduction activities which resulted lower in lower labor and professional service costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 391.25 Td (Corporate restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 357.05 391.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.84 391.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.42 391.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 379.25 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.93 379.25 Td ($43.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.82 379.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.65 379.25 Td ($4.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.54 379.25 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 370.80 379.25 Td (ges consisting of professional service fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 367.25 Td (related to business acquisition and divestiture activities, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.66 367.25 Td ($39.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.55 367.25 Td ( of acquisition-related integration costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 355.25 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 355.25 Td ($0.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.05 355.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 264.99 355.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 331.25 Td (Corporate restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 357.05 331.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.84 331.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 521.05 331.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.05 331.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 319.25 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.93 319.25 Td ($51.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.82 319.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.65 319.25 Td ($3.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.54 319.25 Td ( of employee termination costs related to workforce reduction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 307.25 Td (initiatives, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.60 307.25 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.49 307.25 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 277.75 307.25 Td (ges incurred primarily in connection with the ) Tj ET Q q 0 0 0 rg BT 460.57 307.25 Td (T) Tj ET Q q 0 0 0 rg BT 466.33 307.25 Td (ranscontinental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 295.25 Td (transaction, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.03 295.25 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.92 295.25 Td ( of acquisition-related integration costs, net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.47 295.25 Td ($15.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.37 295.25 Td ( gain on the collection of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 283.25 Td (note receivable for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 227.20 283.25 Td (W) Tj ET Q q 0 0 0 rg BT 235.84 283.25 Td (orld Color Press' European operations and \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.21 283.25 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.10 283.25 Td ( of various other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.25 Td (restructuring char) Tj ET Q q 0 0 0 rg BT 133.62 271.25 Td (ges.) 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 60.35 Td (47) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (Results of Operations for) Tj ET Q q 0 0 0 rg BT 170.31 722.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 188.27 722.25 Td (Y) Tj ET Q q 0 0 0 rg BT 194.38 722.25 Td (ear) Tj ET Q q 0 0 0 rg BT 208.08 722.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.87 722.25 Td (December) Tj ET Q q 0 0 0 rg BT 284.00 722.25 Td (31, 201) Tj ET Q q 0 0 0 rg BT 315.94 722.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.94 722.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 358.82 722.25 Td (ed to the ) Tj ET Q q 0 0 0 rg BT 397.60 722.25 Td (Y) Tj ET Q q 0 0 0 rg BT 403.72 722.25 Td (ear) Tj ET Q q 0 0 0 rg BT 417.41 722.25 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.21 722.25 Td (December) Tj ET Q q 0 0 0 rg BT 493.33 722.25 Td (31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.83 722.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 699.25 Td (Summary Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 675.25 Td (The Company's operating income from continuing operations, operating mar) Tj ET Q q 0 0 0 rg BT 405.82 675.25 Td (gin, net earnings \(loss\) attributable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 663.25 Td (to Quad/Graphics common shareholders and diluted earnings \(loss\) per share attributable to Quad/Graphics common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 651.25 Td (shareholders for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.00 651.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 264.21 651.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.21 651.25 Td (, changed from the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.77 651.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.35 651.25 Td (, as follows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 639.25 Td (\(dollars in millions, except per share data\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 548.75 m 310.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 548.75 m 391.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 548.75 m 465.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 548.75 m 549.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 548.75 m 310.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 548.75 m 465.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 548.75 m 549.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 409.75 m 310.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 409.75 m 391.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 409.75 m 465.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 409.75 m 549.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 409.75 m 310.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 396.75 m 310.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 394.75 m 310.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 396.75 m 391.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 394.75 m 391.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 409.75 m 465.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 396.75 m 465.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 394.75 m 465.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 409.75 m 549.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 396.75 m 549.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 394.75 m 549.5 394.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.35 571.20 Td (OperatingIncome) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.20 562.20 Td (from Continuing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.95 553.20 Td (Operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.10 553.20 Td (OperatingMargin) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.60 598.20 Td (Net Earnings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.20 589.20 Td (\(Loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.10 580.20 Td (Attributable to) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.20 571.20 Td (Quad/Graphics) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.25 562.20 Td (Common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.55 553.20 Td (Shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.45 607.20 Td (Earnings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.15 598.20 Td (\(Loss\)Per) Tj ET Q q 0 0 0 rg BT 516.23 598.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 536.82 598.20 Td (e) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.10 589.20 Td (Attributableto) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.95 580.20 Td (Quad/) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.35 571.20 Td (GraphicsCommon) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.05 562.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 497.39 562.20 Td (eholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.70 553.20 Td (Diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 539.21 Td (For theYear EndedDecember 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.75 539.01 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.00 539.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.25 539.21 Td (61.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 539.21 Td (1.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 539.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 539.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.75 539.21 Td (\(250.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 539.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 539.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 539.21 Td (\(6.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 539.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 525.21 Td (201) Tj ET Q q 0 0 0 rg BT 79.33 525.21 Td (1 Restructuring,Impairment and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 516.21 Td (T) Tj ET Q q 0 0 0 rg BT 71.34 516.21 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 158.31 516.21 Td (ges) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 170.23 520.29 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 516.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.75 516.21 Td (\(114.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.00 516.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.25 516.21 Td (\(2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 516.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.25 516.21 Td (\(68.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 516.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 516.21 Td (\(1.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 516.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 502.21 Td (2010 Restructuring, Impairment and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 493.21 Td (T) Tj ET Q q 0 0 0 rg BT 71.34 493.21 Td (ransaction- Related Char) Tj ET Q q 0 0 0 rg BT 160.56 493.21 Td (ges) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 172.48 497.29 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.75 493.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 493.21 Td (147.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 493.21 Td (4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 493.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 493.21 Td (90.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 493.21 Td (2.40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 479.21 Td (Increase in Interest Expense) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 167.20 483.29 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 479.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 479.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 479.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.75 479.21 Td (\(8.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 479.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 479.21 Td (\(0.17) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 479.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 465.21 Td (Decrease in Income ) Tj ET Q q 0 0 0 rg BT 139.63 465.21 Td (T) Tj ET Q q 0 0 0 rg BT 144.73 465.21 Td (ax Expense) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 185.65 469.29 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.25 465.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 465.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 465.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.75 465.21 Td (200.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 465.21 Td (5.35) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 451.21 Td (Loss on Debt Extinguishment) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 173.24 455.29 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.75 451.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 451.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 451.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.25 451.21 Td (\(20.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 451.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 451.21 Td (\(0.43) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 451.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 437.21 Td (Increase in Loss from Discontinued ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 428.21 Td (Operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 143.98 432.29 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 151.25 428.01 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 428.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 428.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.25 428.21 Td (\(34.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 428.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 428.21 Td (\(0.72) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 428.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 414.21 Td (Increase in Operating Income) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 172.70 418.29 Td (\(7\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.75 414.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.25 414.21 Td (61.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.25 414.21 Td (\(0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 414.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 414.21 Td (43.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 414.21 Td (0.69) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 400.21 Td (For theYear EndedDecember 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.75 400.01 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 400.21 Td (156.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 400.21 Td (3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 400.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.25 400.21 Td (\(46.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 400.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 400.21 Td (\(1.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 400.21 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 385.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 368.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 368.65 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 278.01 368.65 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.01 368.65 Td ($1) Tj ET Q q 0 0 0 rg BT 310.67 368.65 Td (14.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.67 368.65 Td ( incurred during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.63 368.65 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 535.52 368.65 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.02 368.65 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 357.85 Td (included:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 336.25 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 336.25 Td ($29.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 336.25 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 273.80 336.25 Td (ges for plant closures and other workforce reductions initiatives;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 314.65 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 314.65 Td ($13.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 314.65 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 236.56 314.65 Td (ges related to the closure of the Stillwater) Tj ET Q q 0 0 0 rg BT 385.90 314.65 Td (, Oklahoma plant as well as for machinery ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 303.85 Td (and equipment at other facilities;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 282.25 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 282.25 Td ($2.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.00 282.25 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 257.54 282.25 Td (ges incurred primarily in connection with the ) Tj ET Q q 0 0 0 rg BT 422.08 282.25 Td (T) Tj ET Q q 0 0 0 rg BT 427.26 282.25 Td (ranscontinental transaction;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 260.65 Td (d. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 260.65 Td ($45.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 260.65 Td ( of ) Tj ET Q q 0 0 0 rg BT 177.34 260.65 Td (W) Tj ET Q q 0 0 0 rg BT 185.11 260.65 Td (orld Color Press integration costs net of a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.59 260.65 Td ($15.6 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.09 260.65 Td ( gain on the collection of a note receivable ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 249.85 Td (for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 207.81 249.85 Td (W) Tj ET Q q 0 0 0 rg BT 215.59 249.85 Td (orld Color Press' European operations; and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 228.25 Td (e. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 228.25 Td ($22.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 228.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 290.54 228.25 Td (ges including costs to maintain and exit closed facilities, as well as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 217.45 Td (lease exit char) Tj ET Q q 0 0 0 rg BT 168.31 217.45 Td (ges.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 195.85 Td (In connection with the integration of ) Tj ET Q q 0 0 0 rg BT 214.80 195.85 Td (W) Tj ET Q q 0 0 0 rg BT 222.57 195.85 Td (orld Color Press' operations and ) Tj ET Q q 0 0 0 rg BT 339.77 195.85 Td (T) Tj ET Q q 0 0 0 rg BT 344.95 195.85 Td (ranscontinental's Mexican operations into Quad/) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 185.05 Td (Graphics, the Company expects to incur additional restructuring and integration costs in future reporting periods.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 163.45 Td (\(2\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 163.45 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 278.01 163.45 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.01 163.45 Td ($147.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.01 163.45 Td ( incurred during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.96 163.45 Td (December31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.69 163.45 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 152.65 Td (included:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 131.05 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 131.05 Td ($26.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 131.05 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 273.80 131.05 Td (ges related to plant closures and other various workforce reduction ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 120.25 Td (initiatives;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 98.65 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 98.65 Td ($32.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 98.65 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 236.56 98.65 Td (ges on assets primarily related to the Pila, Poland, Fredericksbur) Tj ET Q q 0 0 0 rg BT 468.10 98.65 Td (g, ) Tj ET Q q 0 0 0 rg BT 476.93 98.65 Td (V) Tj ET Q q 0 0 0 rg BT 482.89 98.65 Td (ir) Tj ET Q q 0 0 0 rg BT 488.23 98.65 Td (ginia and Reno, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 87.85 Td (Nevada plant closures;) 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 60.35 Td (48) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 712.00 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 712.00 Td ($41.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 712.00 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 262.04 712.00 Td (ges incurred primarily in connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 478.07 712.00 Td (W) Tj ET Q q 0 0 0 rg BT 485.84 712.00 Td (orld Color Press ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 701.20 Td (\(and to a much lesser extent the 2010 acquisition of HGI Company) Tj ET Q q 0 0 0 rg BT 357.61 701.20 Td (, LLC \("HGI"\)\);) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 679.60 Td (d. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 679.60 Td ($27.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 679.60 Td ( of ) Tj ET Q q 0 0 0 rg BT 177.34 679.60 Td (W) Tj ET Q q 0 0 0 rg BT 185.11 679.60 Td (orld Color Press acquisition integration costs; and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 658.00 Td (e. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 658.00 Td ($19.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 658.00 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 290.54 658.00 Td (ges including costs to maintain and exit closed facilities, as well as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 647.20 Td (lease exit char) Tj ET Q q 0 0 0 rg BT 168.31 647.20 Td (ges.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 625.60 Td (\(3\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 625.60 Td (Interest expense ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.47 625.60 Td (increased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.45 625.60 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.70 625.60 Td ($15.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.20 625.60 Td ( \() Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.45 625.60 Td ($8.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.45 625.60 Td ( net of tax\) during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.41 625.60 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 463.30 625.60 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.80 625.60 Td (, to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.55 625.60 Td ($108.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.55 625.60 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 614.80 Td (This change was due to the increased average debt levels following the ) Tj ET Q q 0 0 0 rg BT 338.74 614.80 Td (W) Tj ET Q q 0 0 0 rg BT 346.52 614.80 Td (orld Color Press acquisition on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.26 614.80 Td (July2, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.51 614.80 Td (, partially ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 604.00 Td (of) Tj ET Q q 0 0 0 rg BT 88.33 604.00 Td (fset by lower interest rates as a result of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.78 604.00 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.28 604.00 Td ( debt financing agreement entered into on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.47 604.00 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 484.39 604.00 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.89 604.00 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 582.40 Td (\(4\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 582.40 Td (Income tax expense decreased due to the Company's change to C corporation status in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.53 582.40 Td (July 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.78 582.40 Td (, pursuant to which the Company ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 571.60 Td (recognized income tax expense of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.69 571.60 Td ($200.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.70 571.60 Td (. In connection with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.42 571.60 Td (July2, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.68 571.60 Td (, acquisition of ) Tj ET Q q 0 0 0 rg BT 448.51 571.60 Td (W) Tj ET Q q 0 0 0 rg BT 456.28 571.60 Td (orld Color Press and the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 560.80 Td (public registration of the Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 247.96 560.80 Td (A) Tj ET Q q 0 0 0 rg BT 253.96 560.80 Td ( stock, the Company changed the tax status of certain entities within the Quad/) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 550.00 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 9.00 Tf ET q 0 0 0 rg BT 81.00 539.20 Td (these entities will be subject to federal and state income taxes.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 517.60 Td (\(5\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 517.60 Td (The Company recognized a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.46 517.60 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.96 517.60 Td ( loss on debt extinguishment in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.46 517.60 Td (July 201) Tj ET Q q 0 0 0 rg BT 375.88 517.60 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.38 517.60 Td ( \() Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.62 517.60 Td ($20.3million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.13 517.60 Td ( net of tax\), as part of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 506.80 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.50 506.80 Td ( debt financing agreement. ) Tj ET Q q 0 0 0 rg BT 222.80 506.80 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.04 506.80 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.54 506.80 Td ( loss represents certain debt issuance costs associated with the new and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 496.00 Td (refinanced debt that were expensed.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 474.40 Td (\(6\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 474.40 Td (Loss on discontinued operations, net of tax, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.22 474.40 Td (increased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.20 474.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.45 474.40 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 324.95 474.40 Td ( during the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.67 474.40 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 473.56 474.40 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.06 474.40 Td (, to a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.06 474.40 Td ($38.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.56 474.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 463.60 Td (loss primarily due to a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.74 463.60 Td ($30.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.24 463.60 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.49 463.60 Td (increase) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.97 463.60 Td ( in restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 449.47 463.60 Td (ges recognized during ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 452.80 Td (201) Tj ET Q q 0 0 0 rg BT 94.17 452.80 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 98.67 452.80 Td (. ) Tj ET Q q 0 0 0 rg BT 105.25 452.80 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.50 452.80 Td (201) Tj ET Q q 0 0 0 rg BT 134.66 452.80 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 139.16 452.80 Td ( restructuring, impairment and transaction-related expenses included a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.32 452.80 Td ($17.9 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.82 452.80 Td ( char) Tj ET Q q 0 0 0 rg BT 460.39 452.80 Td (ge to recognize a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 442.00 Td (pension curtailment loss and a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.23 442.00 Td ($13.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.73 442.00 Td ( goodwill impairment char) Tj ET Q q 0 0 0 rg BT 336.29 442.00 Td (ge in the third quarter of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.26 442.00 Td (201) Tj ET Q q 0 0 0 rg BT 439.43 442.00 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.93 442.00 Td ( for the pending sale of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 431.20 Td (Canadian discontinued operations due to the carrying value of the Canadian net assets exceeding the estimated fair value of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 420.40 Td (Mexican net assets acquired from ) Tj ET Q q 0 0 0 rg BT 204.04 420.40 Td (T) Tj ET Q q 0 0 0 rg BT 209.22 420.40 Td (ranscontinental.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 398.80 Td (\(7\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 398.80 Td (Operating income ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.98 398.80 Td (increased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 181.96 398.80 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.21 398.80 Td ($61.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.71 398.80 Td ( primarily due to the acquisition of ) Tj ET Q q 0 0 0 rg BT 359.77 398.80 Td (W) Tj ET Q q 0 0 0 rg BT 367.54 398.80 Td (orld Color Press and the syner) Tj ET Q q 0 0 0 rg BT 476.11 398.80 Td (gy savings from the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 388.00 Td (integration of ) Tj ET Q q 0 0 0 rg BT 131.82 388.00 Td (W) Tj ET Q q 0 0 0 rg BT 139.60 388.00 Td (orld Color Press. ) Tj ET Q q 0 0 0 rg BT 204.68 388.00 Td (While operating income increased, operating mar) Tj ET Q q 0 0 0 rg BT 382.45 388.00 Td (gin decreased due to lower operating mar) Tj ET Q q 0 0 0 rg BT 531.22 388.00 Td (gins ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 377.20 Td (in the acquired ) Tj ET Q q 0 0 0 rg BT 136.56 377.20 Td (W) Tj ET Q q 0 0 0 rg BT 144.34 377.20 Td (orld Color Press business than that of the Company's pre-acquisition business. ) Tj ET Q q 0 0 0 rg BT 429.68 377.20 Td (As part of the integration of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 366.40 Td (W) Tj ET Q q 0 0 0 rg BT 88.77 366.40 Td (orld Color Press, the Company implemented a significant two-year restructuring program to reduce the operating and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 355.60 Td (administrative cost structure of the combined company) Tj ET Q q 0 0 0 rg BT 278.36 355.60 Td (. ) Tj ET Q q 0 0 0 rg BT 284.95 355.60 Td (The following discussion provides additional details.) 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 60.35 Td (49) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 722.25 Td (Operating Results from Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The following table sets forth certain information from the Company's consolidated statements of operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (an absolute dollar basis and as a relative percentage of total net sales for each noted period, together with the relative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (percentage change in such information between the periods set forth below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 637.75 m 301.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 637.75 m 305.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 637.75 m 350.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 637.75 m 354.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 637.75 m 399.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 637.75 m 403.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 637.75 m 448.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 637.75 m 301.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 623.75 m 301.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 623.75 m 305.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 623.75 m 350.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 637.75 m 399.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 623.75 m 399.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 623.75 m 403.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 623.75 m 448.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 609.75 m 301.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 609.75 m 305.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 609.75 m 350.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 609.75 m 354.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 609.75 m 399.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 609.75 m 403.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 609.75 m 448.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 609.75 m 452.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 609.75 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 256.5 586.75 m 301.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 609.75 m 350.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 586.75 m 350.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 609.75 m 399.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 586.75 m 399.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 609.75 m 448.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 586.75 m 448.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 609.75 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 452.5 586.75 m 497.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 586.75 m 549.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 544.75 m 301.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 544.75 m 350.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 544.75 m 399.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 544.75 m 448.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 544.75 m 497.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 488.75 m 301.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 488.75 m 350.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 488.75 m 399.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 488.75 m 448.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 488.75 m 497.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 423.75 m 301.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 423.75 m 350.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 423.75 m 399.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 423.75 m 448.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 423.75 m 497.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 409.75 m 301.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 409.75 m 350.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 409.75 m 399.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 409.75 m 448.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 409.75 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 256.5 409.75 m 301.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 396.75 m 301.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 394.75 m 301.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 396.75 m 350.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 394.75 m 350.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 409.75 m 399.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 396.75 m 399.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 394.75 m 399.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 396.75 m 448.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 394.75 m 448.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 409.75 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 452.5 396.75 m 497.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 394.75 m 497.5 394.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.15 642.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.20 628.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 628.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.95 614.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.70 591.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.10 600.20 Td (%of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.70 591.20 Td (Sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.70 591.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.10 600.20 Td (%of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.70 591.20 Td (Sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.35 591.20 Td ($Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.50 600.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.20 591.20 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 577.21 Td (Net Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 563.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.25 563.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.00 563.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 563.21 Td (3,825.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 563.21 Td (88.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 563.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 563.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 563.21 Td (2,813.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 563.21 Td (88.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 563.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 563.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 563.21 Td (1,011.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 563.21 Td (36.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 563.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 549.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.25 549.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.75 549.21 Td (499.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 549.21 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 549.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.75 549.21 Td (372.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 549.21 Td (11.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 549.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.75 549.21 Td (126.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 549.21 Td (34.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 549.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 535.21 Td (Total Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.25 535.01 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 535.21 Td (4,324.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 535.21 Td (100.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 535.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 535.21 Td (3,185.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 535.21 Td (100.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 535.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 535.21 Td (1,138.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 535.21 Td (35.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 535.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 521.21 Td (Cost of Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.00 507.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 115.75 507.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 507.21 Td (2,921.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 507.21 Td (67.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 507.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 507.21 Td (2,131.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 507.21 Td (66.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 507.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.75 507.21 Td (790.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 507.21 Td (37.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 507.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.00 493.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 115.75 493.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.75 493.21 Td (380.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.25 493.21 Td (8.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 493.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.75 493.21 Td (275.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 493.21 Td (8.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 493.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.75 493.21 Td (105.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 493.21 Td (38.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 493.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 96.00 479.21 Td (Total Cost of Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.25 479.01 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 479.21 Td (3,302.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 479.21 Td (76.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 479.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 479.21 Td (2,406.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 479.21 Td (75.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 479.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.75 479.21 Td (895.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 479.21 Td (37.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 479.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 465.21 Td (Selling, General& Administrative Expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.75 465.01 Td (. . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.75 465.21 Td (407.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.25 465.21 Td (9.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 465.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.75 465.21 Td (303.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 465.21 Td (9.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 465.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.75 465.21 Td (104.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 465.21 Td (34.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 465.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 451.21 Td (Restructuring,Impairment and Transaction-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 442.21 Td (Related Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 138.25 442.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.75 442.21 Td (114.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.25 442.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 442.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.75 442.21 Td (147.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 442.21 Td (4.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 442.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 442.21 Td (\(33.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 442.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 442.21 Td (\(22.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 442.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 428.21 Td (Depreciation and Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.25 428.01 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.75 428.21 Td (344.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.25 428.21 Td (8.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 428.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.75 428.21 Td (267.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 428.21 Td (8.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 428.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.25 428.21 Td (77.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 428.21 Td (28.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 428.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 414.21 Td (Total Operating Expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.25 414.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 414.21 Td (4,167.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 414.21 Td (96.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 414.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.00 414.21 Td (3,124.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 414.21 Td (98.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 414.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 414.21 Td (1,043.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 414.21 Td (33.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 414.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 400.21 Td (Operating Income From Continuing Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.75 400.01 Td (. . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.75 400.21 Td (156.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.25 400.21 Td (3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 400.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.25 400.21 Td (61.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 400.21 Td (1.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 400.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 400.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.25 400.21 Td (95.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.25 400.21 Td (154.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 400.21 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 372.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 348.25 Td (Product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.55 348.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.30 348.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.80 348.25 Td ($1,01) Tj ET Q q 0 0 0 rg BT 216.93 348.25 Td (1.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.82 348.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 348.25 Td (36.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.48 348.25 Td (, for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.44 348.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 455.66 348.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.66 348.25 Td (, compared to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 336.25 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.08 336.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.67 336.25 Td (, primarily due to $1,061million in additional net sales related to the ) Tj ET Q q 0 0 0 rg BT 464.93 336.25 Td (W) Tj ET Q q 0 0 0 rg BT 473.57 336.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 324.25 Td (acquisition, and higher paper and byproduct sales. Partially of) Tj ET Q q 0 0 0 rg BT 313.03 324.25 Td (fsetting these increases were $49million in net decreases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 312.25 Td (primarily related to: \(1\) lower pricing due to continued pricing pressure from excess manufacturing capacity in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 300.25 Td (printing industry and \(2\) lower volumes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 276.25 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 440.05 276.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 276.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 276.25 Td ($126.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.20 276.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 264.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 264.25 Td (34.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.66 264.25 Td (, for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.62 264.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 252.83 264.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.83 264.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.84 264.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.42 264.25 Td (, primarily due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 252.25 Td ($1) Tj ET Q q 0 0 0 rg BT 72.63 252.25 Td (18million in additional net sales related to the ) Tj ET Q q 0 0 0 rg BT 260.46 252.25 Td (W) Tj ET Q q 0 0 0 rg BT 269.10 252.25 Td (orld Color Press acquisition and $9million in higher sales on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 240.25 Td (imaging and logistics and distribution services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 216.25 Td (Cost of Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 192.25 Td (Cost of product sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.66 192.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.41 192.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.91 192.25 Td ($790.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.80 192.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.26 192.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 435.47 192.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.47 192.25 Td (, compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 180.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 180.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 180.25 Td (, primarily due to the ) Tj ET Q q 0 0 0 rg BT 254.43 180.25 Td (W) Tj ET Q q 0 0 0 rg BT 263.06 180.25 Td (orld Color Press acquisition and increased material and freight costs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 168.25 Td (These cost increases were partially of) Tj ET Q q 0 0 0 rg BT 213.03 168.25 Td (fset by acquisition syner) Tj ET Q q 0 0 0 rg BT 310.33 168.25 Td (gy savings related to purchasing ef) Tj ET Q q 0 0 0 rg BT 449.27 168.25 Td (ficiencies realized, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 156.25 Td (well as labor cost reductions as a result of plant closures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 132.25 Td (Cost of product sales as a percentage of product sales increased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.23 132.25 Td (66.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.06 132.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.52 132.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 120.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 120.25 Td (, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.28 120.25 Td (67.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.11 120.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.57 120.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 274.78 120.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.78 120.25 Td (, primarily due to increased paper sales, which are generally billed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 108.25 Td (to customers at pass-through rates, and thus represent minimal mar) Tj ET Q q 0 0 0 rg BT 330.53 108.25 Td (gin, and increased labor costs. Partially of) Tj ET Q q 0 0 0 rg BT 500.58 108.25 Td (fsetting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 96.25 Td (these increases was higher pricing on byproduct recoveries and syner) Tj ET Q q 0 0 0 rg BT 339.67 96.25 Td (gy cost savings related to the ) Tj ET Q q 0 0 0 rg BT 457.79 96.25 Td (W) Tj ET Q q 0 0 0 rg BT 466.43 96.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 84.25 Td (acquisition integration.) 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 60.35 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 710.10 Td (Cost of service sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.42 710.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.18 710.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.68 710.10 Td ($105.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.57 710.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.03 710.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 433.24 710.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.24 710.10 Td (, compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 698.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 698.10 Td (, primarily due to the ) Tj ET Q q 0 0 0 rg BT 254.43 698.10 Td (W) Tj ET Q q 0 0 0 rg BT 263.06 698.10 Td (orld Color Press acquisition and higher freight and fuel costs on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (logistics services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 184.36 662.10 Td (Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 638.10 Td (Selling, general and administrative expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.50 638.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.26 638.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.76 638.10 Td ($104.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.65 638.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.11 638.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 529.32 638.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.32 638.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.00 626.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.59 626.10 Td (, primarily due to the ) Tj ET Q q 0 0 0 rg BT 351.05 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 359.69 626.10 Td (orld Color Press acquisition, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (compliance and support costs associated with the Company's status as a publicly reporting entity starting on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.94 614.10 Td (May27, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 602.10 Td (. In addition, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.04 602.10 Td ($9.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.93 602.10 Td ( increase in provisions for doubtful accounts was recorded related to increased accounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (receivable write-of) Tj ET Q q 0 0 0 rg BT 138.61 590.10 Td (fs, and a $7.1million insurance gain recognized in 2010 that did not recur in 201) Tj ET Q q 0 0 0 rg BT 461.76 590.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 474.08 590.10 Td (These increases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (were partially of) Tj ET Q q 0 0 0 rg BT 128.90 578.10 Td (fset by syner) Tj ET Q q 0 0 0 rg BT 179.82 578.10 Td (gy savings from the integration of ) Tj ET Q q 0 0 0 rg BT 317.94 578.10 Td (W) Tj ET Q q 0 0 0 rg BT 326.58 578.10 Td (orld Color Press. Selling, general and administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (expenses as a percentage of net sales decreased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.51 566.10 Td (9.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.34 566.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.11 566.10 Td (9.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.94 566.10 Td ( between years due to syner) Tj ET Q q 0 0 0 rg BT 441.55 566.10 Td (gy savings from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (integration of ) Tj ET Q q 0 0 0 rg BT 119.47 554.10 Td (W) Tj ET Q q 0 0 0 rg BT 128.11 554.10 Td (orld Color Press.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 530.10 Td (Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 230.67 530.10 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 330.01 530.10 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 506.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 506.10 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.73 506.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 506.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.65 506.10 Td ($33.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.54 506.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 494.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 494.10 Td (, compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.22 494.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.80 494.10 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.67 494.10 Td ($38.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.56 494.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.06 494.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.47 494.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (transaction-related char) Tj ET Q q 0 0 0 rg BT 156.93 482.10 Td (ges related to the acquisition of ) Tj ET Q q 0 0 0 rg BT 284.49 482.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.13 482.10 Td (orld Color Press, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 482.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.90 482.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.40 482.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.81 482.10 Td ( in impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (char) Tj ET Q q 0 0 0 rg BT 80.03 470.10 Td (ges related to plant closures, partially of) Tj ET Q q 0 0 0 rg BT 240.07 470.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.45 470.10 Td ($17.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.34 470.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.84 470.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.59 470.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 378.19 470.10 Td (W) Tj ET Q q 0 0 0 rg BT 386.83 470.10 Td (orld Color Press integration costs, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td ($3.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 458.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.39 458.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.15 458.10 Td ( in other restructuring char) Tj ET Q q 0 0 0 rg BT 253.59 458.10 Td (ges and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.30 458.10 Td ($2.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.19 458.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.69 458.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.44 458.10 Td ( in employee termination char) Tj ET Q q 0 0 0 rg BT 497.22 458.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 434.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.56 434.10 Td ($1) Tj ET Q q 0 0 0 rg BT 354.19 434.10 Td (14.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.08 434.10 Td ( incurred in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 422.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 422.10 Td (, included: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.08 422.10 Td ($29.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.98 422.10 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 374.30 422.10 Td (ges for plant closures and other workforce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (reduction initiatives, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.86 410.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 410.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 294.71 410.10 Td (ges related to the closure of the Stillwater) Tj ET Q q 0 0 0 rg BT 460.64 410.10 Td (, Oklahoma plant as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (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 300.41 398.10 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.30 398.10 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 456.56 398.10 Td (ges incurred primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (in connection with the ) Tj ET Q q 0 0 0 rg BT 154.46 386.10 Td (T) Tj ET Q q 0 0 0 rg BT 160.22 386.10 Td (ranscontinental transaction, \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.84 386.10 Td ($45.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.73 386.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 353.88 386.10 Td (W) Tj ET Q q 0 0 0 rg BT 362.52 386.10 Td (orld Color Press integration costs \(net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td ($15.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 374.10 Td ( gain on the collection of a note receivable for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 390.22 374.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.86 374.10 Td (orld Color Press' European ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (operations\), and \(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.08 362.10 Td ($22.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.98 362.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 336.91 362.10 Td (ges including costs to maintain and exit closed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 200.81 350.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 326.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 326.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.56 326.10 Td ($147.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.45 326.10 Td ( incurred in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 314.10 Td (, included: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.46 314.10 Td ($26.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.35 314.10 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 374.67 314.10 Td (ges for plant closures and other workforce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (reduction initiatives, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.86 302.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 302.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 294.71 302.10 Td (ges on assets related to the Pila, Poland, Fredericksbur) Tj ET Q q 0 0 0 rg BT 512.26 302.10 Td (g, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.62 290.10 Td (ir) Tj ET Q q 0 0 0 rg BT 75.55 290.10 Td (ginia and Reno, Nevada plant closures, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.55 290.10 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.44 290.10 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 409.70 290.10 Td (ges incurred primarily in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 201.40 278.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.04 278.10 Td (orld Color Press, \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.20 278.10 Td ($27.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.09 278.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 361.24 278.10 Td (W) Tj ET Q q 0 0 0 rg BT 369.88 278.10 Td (orld Color Press integration costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 266.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.05 266.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 269.99 266.10 Td (ges including costs to maintain and exit closed facilities, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (lease exit char) Tj ET Q q 0 0 0 rg BT 120.01 254.10 Td (ges.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 230.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 119.18 230.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 171.21 230.10 Td (Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 206.10 Td (Depreciation and amortization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.12 206.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.87 206.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.37 206.10 Td ($77.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.26 206.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.72 206.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 467.94 206.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.94 206.10 Td (, compared with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.80 194.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.38 194.10 Td (, due to the ) Tj ET Q q 0 0 0 rg BT 249.14 194.10 Td (W) Tj ET Q q 0 0 0 rg BT 257.78 194.10 Td (orld Color Press acquisition and increased capital expenditures related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (primarily to the integration of ) Tj ET Q q 0 0 0 rg BT 184.18 182.10 Td (W) Tj ET Q q 0 0 0 rg BT 192.81 182.10 Td (orld Color Press.) 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 60.35 Td (51) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 133.26 722.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 187.52 722.10 Td ( Mar) Tj ET Q q 0 0 0 rg BT 206.87 722.10 Td (ginConsolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 135.11 698.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 190.66 698.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 208.52 698.10 Td (gin for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.76 698.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 371.97 698.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.97 698.10 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 686.10 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 277.5 649.6 m 342.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 649.6 m 346.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 649.6 m 411.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 649.6 m 415.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 649.6 m 480.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 649.6 m 484.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 649.6 m 549.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 649.6 m 342.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 635.6 m 342.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 649.6 m 346.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 635.6 m 346.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 649.6 m 411.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 635.6 m 411.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 649.6 m 415.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 649.6 m 480.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 635.6 m 480.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 649.6 m 484.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 635.6 m 484.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 649.6 m 549.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 635.6 m 549.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 621.6 m 342.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 621.6 m 411.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 621.6 m 480.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 621.6 m 549.5 621.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.15 654.05 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.20 640.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.00 640.05 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 626.05 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.35 626.05 Td (%ofNetSales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.70 626.05 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.35 626.05 Td (%ofNetSales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.45 612.05 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 598.06 Td (EBITDA and EBITDA margin) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.25 597.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.00 598.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.75 598.06 Td (431.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 598.06 Td (10.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 598.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 598.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 598.06 Td (333.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 598.06 Td (10.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 598.06 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 570.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 135.11 570.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.61 570.10 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.36 570.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.86 570.10 Td ($98.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.75 570.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.21 570.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 382.43 570.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.43 570.10 Td (, primarily due to the ) Tj ET Q q 0 0 0 rg BT 473.89 570.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.53 570.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 558.10 Td (acquisition and the related syner) Tj ET Q q 0 0 0 rg BT 192.22 558.10 Td (gy savings from integrating ) Tj ET Q q 0 0 0 rg BT 304.80 558.10 Td (W) Tj ET Q q 0 0 0 rg BT 313.43 558.10 Td (orld Color Press' operations. ) Tj ET Q q 0 0 0 rg BT 431.71 558.10 Td (These increases were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 546.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 106.97 546.10 Td (fset by continued pricing pressure. EBITDA) Tj ET Q q 0 0 0 rg BT 286.10 546.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 303.96 546.10 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.24 546.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 546.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.12 546.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 509.33 546.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.33 546.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 534.10 Td (compared with the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.00 534.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.59 534.10 Td (, primarily due to lower relative operating mar) Tj ET Q q 0 0 0 rg BT 449.89 534.10 Td (gins at the acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 522.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 522.10 Td (orld Color Press business as compared to the pre-acquisition Quad/Graphics business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 498.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 135.11 498.10 Td ( represents net loss attributable to Quad/Graphics common shareholders, plus \(i\) interest expense, \(ii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 486.10 Td (income tax expense and \(iii\) depreciation and amortization. EBITDA) Tj ET Q q 0 0 0 rg BT 341.79 486.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 359.66 486.10 Td (gin represents EBITDA) Tj ET Q q 0 0 0 rg BT 454.08 486.10 Td ( as a percentage of net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 474.10 Td (sales. EBITDA) Tj ET Q q 0 0 0 rg BT 126.05 474.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 181.59 474.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 199.46 474.10 Td (gin are presented to provide additional information regarding Quad/Graphics' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 462.10 Td (performance and because both are important measures by which Quad/Graphics gauges the profitability and assesses the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 450.10 Td (performance of its business. EBITDA) Tj ET Q q 0 0 0 rg BT 216.30 450.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 271.85 450.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 289.71 450.10 Td (gin are not measures of financial performance in accordance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 438.10 Td (with GAAP) Tj ET Q q 0 0 0 rg BT 109.40 438.10 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 153.00 438.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 208.55 438.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 226.42 438.10 Td (gin should not be considered alternatives to net loss as a measure of operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 426.10 Td (performance or to cash flows provided by operating activities as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 409.19 426.10 Td (. Quad/Graphics' calculation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 99.11 414.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 154.66 414.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 172.52 414.10 Td (gin may be dif) Tj ET Q q 0 0 0 rg BT 230.38 414.10 Td (ferent from the calculations used by other companies and therefore ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 402.10 Td (comparability may be limited. ) Tj ET Q q 0 0 0 rg BT 187.97 402.10 Td (A) Tj ET Q q 0 0 0 rg BT 194.64 402.10 Td ( reconciliation of EBITDA) Tj ET Q q 0 0 0 rg BT 301.55 402.10 Td ( to net loss attributable to Quad/Graphics common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 390.10 Td (shareholders follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 353.6 m 475.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 353.6 m 479.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 353.6 m 549.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 353.6 m 475.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 339.6 m 475.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 353.6 m 549.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 339.6 m 549.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 269.6 m 475.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 269.6 m 549.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 269.6 m 475.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 256.6 m 475.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 254.60000000000002 m 475.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 269.6 m 549.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 256.6 m 549.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 254.60000000000002 m 549.5 254.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.15 358.05 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.20 344.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.00 344.05 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 330.05 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 316.06 Td (Net Loss ) Tj ET Q q 0 0 0 rg BT 100.25 316.06 Td (Attributable to Quad/Graphics Common Shareholders) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 294.46 320.14 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.25 315.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 316.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.25 316.06 Td (\(46.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 316.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 316.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 316.06 Td (\(250.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 316.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 302.06 Td (Interest Expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.75 301.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.75 302.06 Td (108.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 302.06 Td (92.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 288.06 Td (Income Tax Expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 143.25 287.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 288.06 Td (26.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 288.06 Td (223.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 274.06 Td (Depreciation and Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.25 273.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.75 274.06 Td (344.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 274.06 Td (267.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 260.06 Td (EBITDA) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 102.75 259.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 260.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.75 260.06 Td (431.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 260.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 260.06 Td (333.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 245.30 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 228.50 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 228.50 Td (Net loss attributable to Quad/Graphics common shareholders includes the ef) Tj ET Q q 0 0 0 rg BT 355.51 228.50 Td (fects of:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 211.70 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 211.70 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 314.01 211.70 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.01 211.70 Td ($1) Tj ET Q q 0 0 0 rg BT 346.67 211.70 Td (14.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.67 211.70 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.17 211.70 Td ($147.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.17 211.70 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 200.90 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 182.89 200.90 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.39 200.90 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.89 200.90 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.89 200.90 Td (, respectively;) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 184.10 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 184.10 Td (Loss on debt extinguishment of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.74 184.10 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.24 184.10 Td ( for the year ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.96 184.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 416.85 184.10 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.35 184.10 Td (; and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 167.30 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 167.30 Td (Loss from discontinued operations, net of tax, was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.96 167.30 Td ($38.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.47 167.30 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.96 167.30 Td ($4.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.96 167.30 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.18 167.30 Td (December31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 156.50 Td (201) Tj ET Q q 0 0 0 rg BT 130.17 156.50 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.67 156.50 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.16 156.50 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.16 156.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 217.56 156.50 Td (. EBITDA) Tj ET Q q 0 0 0 rg BT 256.80 156.50 Td ( from discontinued operations was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.03 156.50 Td ($\(25.6\) million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.52 156.50 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.02 156.50 Td ($2.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.02 156.50 Td ( for the years ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 145.70 Td (ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.74 145.70 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 206.63 145.70 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.13 145.70 Td (, and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.88 145.70 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.88 145.70 Td (, respectively) Tj ET Q q 0 0 0 rg BT 296.27 145.70 Td (, and includes restructuring, impairment and transaction-related ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 134.90 Td (char) Tj ET Q q 0 0 0 rg BT 132.32 134.90 Td (ges of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 156.32 134.90 Td ($45.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.82 134.90 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.31 134.90 Td ($15.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.82 134.90 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.03 134.90 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 409.93 134.90 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.43 134.90 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.92 134.90 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.92 134.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 497.32 134.90 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 60.35 Td (52) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 722.25 Td (United States Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The following table summarizes net sales, operating income, operating mar) Tj ET Q q 0 0 0 rg BT 400.11 698.25 Td (gin and certain items impacting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (comparability within the United States Print and Related Services segment:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 649.75 m 354.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 649.75 m 358.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 649.75 m 419.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 649.75 m 354.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 635.75 m 354.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 649.75 m 419.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 635.75 m 419.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 621.75 m 354.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 621.75 m 358.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 621.75 m 419.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 621.75 m 423.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 621.75 m 484.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 607.75 m 354.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 621.75 m 419.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 607.75 m 419.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 621.75 m 484.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 607.75 m 484.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 607.75 m 549.5 607.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.15 654.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.70 640.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.50 640.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.95 626.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.70 612.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.70 612.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.35 612.20 Td ($Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.10 612.20 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 598.21 Td (Net Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 584.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 112.25 584.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 584.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.50 584.21 Td (3,338.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 584.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.50 584.21 Td (2,470.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.00 584.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 584.21 Td (867.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 584.21 Td (35.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 584.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 570.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 112.25 570.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.25 570.21 Td (488.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 570.21 Td (361.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 570.21 Td (127.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 570.21 Td (35.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 570.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 556.21 Td (Operating Income \(including Restructuring, Impairment and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 547.21 Td (Transaction-Related Charges\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.25 547.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.25 547.21 Td (271.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 547.21 Td (205.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 547.21 Td (66.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 547.21 Td (32.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 547.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 533.21 Td (Operating Margin) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.75 533.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.25 533.21 Td (7.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.50 533.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.25 533.21 Td (7.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.50 533.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.95 533.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.95 533.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 519.21 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.25 519.01 Td (. .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.75 519.21 Td (55.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 519.21 Td (55.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 519.21 Td (\(0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 519.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 519.21 Td (\(0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 519.21 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 491.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 467.25 Td (Product sales for the United States Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.66 467.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.41 467.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.91 467.25 Td ($867.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.80 467.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 455.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 455.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.59 455.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.59 455.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.59 455.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.18 455.25 Td (, primarily due to $927million in net sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 443.25 Td (related to the ) Tj ET Q q 0 0 0 rg BT 117.52 443.25 Td (W) Tj ET Q q 0 0 0 rg BT 126.15 443.25 Td (orld Color Press acquisition and increased paper and byproduct sales. Partially of) Tj ET Q q 0 0 0 rg BT 453.39 443.25 Td (fsetting these increases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 431.25 Td (were $59million in net decreases primarily related to: \(1\)continued pricing pressure from excess manufacturing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 419.25 Td (capacity in the printing industry) Tj ET Q q 0 0 0 rg BT 190.10 419.25 Td (, and \(2\)lower volumes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 395.25 Td (Service sales for the United States Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.54 395.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.29 395.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.79 395.25 Td ($127.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.68 395.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 383.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 383.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.59 383.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.59 383.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.59 383.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.18 383.25 Td (, primarily due to $1) Tj ET Q q 0 0 0 rg BT 445.73 383.25 Td (18million in net sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 371.25 Td (related to the ) Tj ET Q q 0 0 0 rg BT 117.52 371.25 Td (W) Tj ET Q q 0 0 0 rg BT 126.15 371.25 Td (orld Color Press acquisition, and $9million in higher sales on imaging and logistics and distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 359.25 Td (services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 335.25 Td (Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 311.25 Td (Operating income for the United States Print and Related Services segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.53 311.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.28 311.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.78 311.25 Td ($66.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.68 311.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 299.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 299.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.59 299.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.59 299.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.59 299.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.18 299.25 Td (, primarily due to the ) Tj ET Q q 0 0 0 rg BT 450.64 299.25 Td (W) Tj ET Q q 0 0 0 rg BT 459.28 299.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 287.25 Td (acquisition and syner) Tj ET Q q 0 0 0 rg BT 147.80 287.25 Td (gy savings from the integration of ) Tj ET Q q 0 0 0 rg BT 285.92 287.25 Td (W) Tj ET Q q 0 0 0 rg BT 294.56 287.25 Td (orld Color Press \(from restructuring activities described ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 275.25 Td (below\). ) Tj ET Q q 0 0 0 rg BT 98.09 275.25 Td (This increase was partially of) Tj ET Q q 0 0 0 rg BT 215.64 275.25 Td (fset by increased material and freight costs, and increased selling, general and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 263.25 Td (administrative costs related to the lar) Tj ET Q q 0 0 0 rg BT 210.27 263.25 Td (ger post-W) Tj ET Q q 0 0 0 rg BT 254.18 263.25 Td (orld Color Press acquisition company) Tj ET Q q 0 0 0 rg BT 404.06 263.25 Td (, compliance and support costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 251.25 Td (associated with the Company's public company status \(the Company became a publicly reporting company on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.09 251.25 Td (May27, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 239.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 239.25 Td (\). In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.43 239.25 Td ($9.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.33 239.25 Td ( increase in provisions for doubtful accounts was recorded related to an increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 227.25 Td (accounts receivable write-of) Tj ET Q q 0 0 0 rg BT 176.09 227.25 Td (fs, and a $7.1million insurance gain recognized in 2010 that did not recur in 201) Tj ET Q q 0 0 0 rg BT 499.25 227.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 203.25 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 156.85 203.25 Td (gin for the United States Print and Related Services segment decreased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.09 203.25 Td (7.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.92 203.25 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 191.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 191.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 191.25 Td (, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.24 191.25 Td (7.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.07 191.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.53 191.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 354.74 191.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.74 191.25 Td (, primarily due to the reasons discussed in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 179.25 Td (preceding paragraph.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 155.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 230.67 155.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 330.01 155.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 131.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 131.25 Td (ges for the United States Print and Related Services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 119.25 Td (segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.79 119.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 247.00 119.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.00 119.25 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.93 119.25 Td ($55.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.82 119.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.64 119.25 Td ($23.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.54 119.25 Td ( of employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 107.25 Td (termination char) Tj ET Q q 0 0 0 rg BT 128.63 107.25 Td (ges for plant closures and other workforce reduction initiatives, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.82 107.25 Td ($12.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.71 107.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 531.66 107.25 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 95.25 Td (related to the closure of the Stillwater) Tj ET Q q 0 0 0 rg BT 213.10 95.25 Td (, Oklahoma plant as well as for machinery and equipment at other facilities, ) 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 60.35 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 722.10 Td ($0.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.05 722.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 139.20 722.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.84 722.10 Td (orld Color Press integration-related char) Tj ET Q q 0 0 0 rg BT 308.72 722.10 Td (ges and \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 722.10 Td ($18.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.54 722.10 Td ( of various other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (char) Tj ET Q q 0 0 0 rg BT 80.03 710.10 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 406.69 710.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.10 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 686.10 Td (ges for the United States Print and Related Services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (segment for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.79 674.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.37 674.10 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.30 674.10 Td ($55.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.19 674.10 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.02 674.10 Td ($20.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.91 674.10 Td ( of employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (termination char) Tj ET Q q 0 0 0 rg BT 128.63 662.10 Td (ges for plant closures and various workforce reduction initiatives, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.71 662.10 Td ($8.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.60 662.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 535.55 662.10 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (primarily related to the closures of the Reno, Nevada and Fredericksbur) Tj ET Q q 0 0 0 rg BT 349.67 650.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 359.48 650.10 Td (V) Tj ET Q q 0 0 0 rg BT 366.11 650.10 Td (ir) Tj ET Q q 0 0 0 rg BT 372.03 650.10 Td (ginia plants, \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.58 650.10 Td ($10.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.47 650.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 504.62 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.25 650.10 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (Color Press integration-related char) Tj ET Q q 0 0 0 rg BT 205.27 638.10 Td (ges and \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.20 638.10 Td ($16.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.09 638.10 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 445.03 638.10 Td (ges including costs to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (maintain and exit closed facilities, as well as lease exit char) Tj ET Q q 0 0 0 rg BT 300.78 626.10 Td (ges.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 603.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 579.25 Td (The following table summarizes net sales, operating loss, operating mar) Tj ET Q q 0 0 0 rg BT 386.24 579.25 Td (gin, certain items impacting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (comparability and 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 293.5 530.75 m 354.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 530.75 m 358.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 530.75 m 419.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 530.75 m 354.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 516.75 m 354.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 530.75 m 419.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 516.75 m 419.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 502.75 m 354.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 502.75 m 358.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 502.75 m 419.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 502.75 m 423.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 502.75 m 484.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 488.75 m 354.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 502.75 m 419.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 488.75 m 419.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 502.75 m 484.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 488.75 m 484.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 488.75 m 549.5 488.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.15 535.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.70 521.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.50 521.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.95 507.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.70 493.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.70 493.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.35 493.20 Td ($Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.10 493.20 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 479.21 Td (Net Sales:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 465.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 107.75 465.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 465.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 465.21 Td (487.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 465.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 465.21 Td (343.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.00 465.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 465.21 Td (144.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 465.21 Td (42.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 465.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 451.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 103.25 451.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.75 451.21 Td (11.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 451.21 Td (11.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 451.21 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 451.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.25 451.21 Td (\(0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 451.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 437.21 Td (Operating Loss \(including Restructuring,Impairment and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 428.21 Td (Transaction-Related Charges\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.25 428.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 324.75 428.21 Td (\(19.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.50 428.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.75 428.21 Td (\(53.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 428.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 428.21 Td (33.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 428.21 Td (63.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 428.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 414.21 Td (Operating Margin) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.75 414.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.25 414.21 Td (\(3.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.50 414.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.75 414.21 Td (\(15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 414.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.95 414.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.95 414.21 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 400.21 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.25 400.01 Td (. .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.25 400.21 Td (7.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 400.21 Td (33.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 400.21 Td (\(26.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 400.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 400.21 Td (\(78.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 400.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 386.21 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 233.75 386.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.25 386.21 Td (3.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.25 386.21 Td (8.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 386.21 Td (\(5.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 386.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.75 386.21 Td (\(64.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.50 386.21 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 358.25 Td (Net Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 334.25 Td (Product sales for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.84 334.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.59 334.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.09 334.25 Td ($144.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.98 334.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.44 334.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 522.66 334.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.66 334.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 322.25 Td (compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 322.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.59 322.25 Td (, primarily due to $134million in net sales related to the ) Tj ET Q q 0 0 0 rg BT 481.86 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 490.50 322.25 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 310.25 Td (Press acquisition and $14million in net sales related to the ) Tj ET Q q 0 0 0 rg BT 300.28 310.25 Td (T) Tj ET Q q 0 0 0 rg BT 306.03 310.25 Td (ranscontinental Mexican acquisition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 286.25 Td (Operating Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 262.25 Td (Operating loss for the International segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.84 262.25 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.25 262.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.75 262.25 Td ($33.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.64 262.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.10 262.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 524.32 262.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.32 262.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 250.25 Td (compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.00 250.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.59 250.25 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.45 250.25 Td ($26.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.35 250.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.85 250.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.26 250.25 Td ( in restructuring, impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 238.25 Td (and integration 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 352.65 238.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 238.25 Td ( restructuring actions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 214.25 Td (Restructuring,Impairment and T) Tj ET Q q 0 0 0 rg BT 230.67 214.25 Td (ransaction-Related Char) Tj ET Q q 0 0 0 rg BT 330.01 214.25 Td (ges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 190.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 190.25 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 63.00 178.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 178.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 178.25 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.14 178.25 Td ($7.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.03 178.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.86 178.25 Td ($3.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.75 178.25 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 462.08 178.25 Td (ges related to various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 166.25 Td (workforce reduction initiatives, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.45 166.25 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.34 166.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 333.30 166.25 Td (ges for machinery and equipment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 154.25 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 154.25 Td ($3.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.05 154.25 Td ( of other restructuring char) Tj ET Q q 0 0 0 rg BT 233.05 154.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 130.25 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 130.25 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 63.00 118.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 118.25 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.51 118.25 Td ($33.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.40 118.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.23 118.25 Td ($3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.12 118.25 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 467.45 118.25 Td (ges related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 106.25 Td (Pila, Poland plant closure, \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.37 106.25 Td ($24.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.26 106.25 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 317.21 106.25 Td (ges related to the closure of the Pila, Poland plant, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 94.25 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 94.25 Td ($3.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.05 94.25 Td ( of integration costs and \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.80 94.25 Td ($1.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.69 94.25 Td ( of other restructuring char) Tj ET Q q 0 0 0 rg BT 394.69 94.25 Td (ges.) 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 60.35 Td (54) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 710.10 Td (Equity in Earnings of Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.10 Td (Investments in entities where Quad/Graphics has both the ability to exert significant influence but not control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (and has an ownership interest of 50% or less but more than 20% are accounted for using the equity method of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 114.19 662.10 Td (The Company holds a 49% ownership interest in Plural, a commercial printer based in So Paulo, Brazil, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (well as a 50% interest in a joint venture in Chile that was acquired as part of the ) Tj ET Q q 0 0 0 rg BT 384.94 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 393.58 650.10 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 512.28 650.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 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 356.81 638.10 Td (decreased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.23 638.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.73 638.10 Td ($5.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.62 638.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 626.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 626.10 Td (, primarily due to lower earnings at Plural lar) Tj ET Q q 0 0 0 rg BT 321.26 626.10 Td (gely attributed to start up activities associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (recently added press capacity to meet growing demand.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 591.25 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 567.25 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 405.5 530.75 m 475.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 530.75 m 479.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 530.75 m 549.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 530.75 m 475.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 516.75 m 475.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 530.75 m 549.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 516.75 m 549.5 516.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.15 535.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.20 521.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.00 521.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 507.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 493.21 Td (Operating Expenses \(including Restructuring,Impairment and Transaction-Related Charges\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 493.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 493.21 Td (95.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 493.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 493.21 Td (90.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 479.21 Td (Restructuring,Impairment and Transaction-Related Charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 479.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 479.21 Td (51.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 479.21 Td (58.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 451.25 Td (Corporate operating expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.35 451.25 Td (increased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.10 451.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.60 451.25 Td ($5.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.49 451.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.95 451.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 460.17 451.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.17 451.25 Td (, compared with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 439.25 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.08 439.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.67 439.25 Td (, primarily due to the ) Tj ET Q q 0 0 0 rg BT 274.13 439.25 Td (W) Tj ET Q q 0 0 0 rg BT 282.77 439.25 Td (orld Color Press acquisition, partially of) Tj ET Q q 0 0 0 rg BT 443.12 439.25 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.50 439.25 Td ($7.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.39 439.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 427.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.41 427.25 Td ( in restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 325.75 427.25 Td (ges. ) Tj ET Q q 0 0 0 rg BT 346.03 427.25 Td (Additional corporate expenses were incurred in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 415.25 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 415.25 Td (1 due to the 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 520.35 415.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 403.25 Td (which includes increased levels of administrative staf) Tj ET Q q 0 0 0 rg BT 276.64 403.25 Td (f \(information technology) Tj ET Q q 0 0 0 rg BT 379.29 403.25 Td (, finance, legal, human resources, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 391.25 Td (treasury) Tj ET Q q 0 0 0 rg BT 94.56 391.25 Td (, internal audit and other administrative labor\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 367.25 Td (Corporate restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 357.05 367.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.84 367.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 521.05 367.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.05 367.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 355.25 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.93 355.25 Td ($51.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.82 355.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.65 355.25 Td ($3.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.54 355.25 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 383.86 355.25 Td (ges for workforce reduction initiatives, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 343.25 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 343.25 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.05 343.25 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 233.31 343.25 Td (ges incurred primarily in connection with the ) Tj ET Q q 0 0 0 rg BT 416.13 343.25 Td (T) Tj ET Q q 0 0 0 rg BT 421.89 343.25 Td (ranscontinental transaction, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 331.25 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 331.25 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.05 331.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 144.20 331.25 Td (W) Tj ET Q q 0 0 0 rg BT 152.84 331.25 Td (orld Color Press integration costs \(net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.47 331.25 Td ($15.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.37 331.25 Td ( gain on the collection of a note receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 319.25 Td (for the June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 163.90 319.25 Td (W) Tj ET Q q 0 0 0 rg BT 172.54 319.25 Td (orld Color Press' European operations\) and \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.24 319.25 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.13 319.25 Td ( of various other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 307.25 Td (char) Tj ET Q q 0 0 0 rg BT 80.03 307.25 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 283.25 Td (Corporate restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 357.05 283.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.84 283.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.42 283.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.25 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.93 271.25 Td ($58.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.82 271.25 Td (, consisting of: \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.65 271.25 Td ($2.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.54 271.25 Td ( of employee termination char) Tj ET Q q 0 0 0 rg BT 383.86 271.25 Td (ges for workforce reduction initiatives, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 259.25 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 259.25 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.05 259.25 Td ( of transaction-related char) Tj ET Q q 0 0 0 rg BT 238.31 259.25 Td (ges related primarily to the acquisition of ) Tj ET Q q 0 0 0 rg BT 405.58 259.25 Td (W) Tj ET Q q 0 0 0 rg BT 414.22 259.25 Td (orld Color Press, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 247.25 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.16 247.25 Td ($13.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.05 247.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 144.20 247.25 Td (W) Tj ET Q q 0 0 0 rg BT 152.84 247.25 Td (orld Color Press integration costs and \(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.76 247.25 Td ($1.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 247.25 Td ( of various other restructuring char) Tj ET Q q 0 0 0 rg BT 507.58 247.25 Td (ges.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 224.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 188.68 224.25 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 200.25 Td (The Company utilizes cash flows from operating activities and borrowings under its credit facilities to satisfy its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 188.25 Td (liquidity and capital requirements. ) Tj ET Q q 0 0 0 rg BT 205.00 188.25 Td (The Company believes its expected future cash flows from operating activities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 176.25 Td (unused available capacity under its revolving credit facilities, net of issued letters of credit, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.37 176.25 Td ($754.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.26 176.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 164.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 164.25 Td (, provide suf) Tj ET Q q 0 0 0 rg BT 191.67 164.25 Td (ficient resources to fund the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.80 164.25 Td ($267.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.69 164.25 Td ( purchase price for the acquisition of ) Tj ET Q q 0 0 0 rg BT 513.62 164.25 Td (V) Tj ET Q q 0 0 0 rg BT 519.73 164.25 Td (ertis, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 152.25 Td (ongoing operating requirements and the integration and restructuring requirements related to the acquired ) Tj ET Q q 0 0 0 rg BT 487.39 152.25 Td (V) Tj ET Q q 0 0 0 rg BT 493.51 152.25 Td (ertis and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 140.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.76 140.25 Td (ranscontinental Mexican operations, as well as future capital expenditures, debt service requirements, ) Tj ET Q q 0 0 0 rg BT 477.04 140.25 Td (W) Tj ET Q q 0 0 0 rg BT 485.68 140.25 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 128.25 Td (Press single employer pension plan contributions, ) Tj ET Q q 0 0 0 rg BT 264.18 128.25 Td (W) Tj ET Q q 0 0 0 rg BT 272.82 128.25 Td (orld Color Press MEPPs withdrawal payments, investments in future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 116.25 Td (growth to create value for its shareholders and shareholder dividends. Borrowings under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.95 116.25 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.84 116.25 Td ( revolving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 104.25 Td (credit facility were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.01 104.25 Td ($50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.90 104.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.06 104.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 104.25 Td (, and peak borrowings were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.94 104.25 Td ($104.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.84 104.25 Td ( during the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 92.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 92.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 92.25 Td (. ) Tj ET Q q 0 0 0 rg BT 175.28 92.25 Td (The Company's borrowing capacity increased, and its ongoing cost of borrowings reduced ) 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 60.35 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (with the execution of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.14 722.10 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.25 722.10 Td ( debt financing agreement on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.37 722.10 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 371.17 722.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.17 722.10 Td ( \(see ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.27 722.10 Td ("Description of Significant ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (Outstanding Debt Obligations as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 208.28 710.10 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 286.87 710.10 Td (") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.07 710.10 Td ( below\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 687.25 Td (Net Cash Provided by Operating ) Tj ET Q q 0 0 0 rg BT 234.45 687.25 Td (Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 663.25 Td (Y) Tj ET Q q 0 0 0 rg BT 103.64 663.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 147.52 663.25 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 226.11 663.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 261.02 663.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 287.88 663.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 331.76 663.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 404.61 663.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.61 663.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 639.25 Td (Net cash provided by operating activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.67 639.25 Td ($354.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.56 639.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.02 639.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.60 639.25 Td (, compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 627.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.28 627.25 Td ($371.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.17 627.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.63 627.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 282.84 627.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.84 627.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.56 627.25 Td ($16.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.45 627.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 627.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.36 627.25 Td ( in cash provided by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 615.25 Td (operating activities. ) Tj ET Q q 0 0 0 rg BT 146.68 615.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.73 615.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.14 615.25 Td ( was primarily due to a decrease in cash flows from the discontinued Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (operations, which were sold on March 1, 2012, partially of) Tj ET Q q 0 0 0 rg BT 297.76 603.25 Td (fset by lower working capital of $1) Tj ET Q q 0 0 0 rg BT 437.91 603.25 Td (1 million.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 579.25 Td (Y) Tj ET Q q 0 0 0 rg BT 103.64 579.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 147.52 579.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 220.37 579.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.37 579.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 260.28 579.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 287.14 579.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 331.02 579.25 Td (December31, 2010) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.61 579.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 555.25 Td (Net cash provided by operating activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.67 555.25 Td ($371.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.56 555.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.02 555.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 493.23 555.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.23 555.25 Td (, compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.28 543.25 Td ($152.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.17 543.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.63 543.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.21 543.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.93 543.25 Td ($218.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.82 543.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.32 543.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.07 543.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.39 543.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.44 543.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.19 543.25 Td ( in net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (provided by operating activities was primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.33 531.25 Td ($203.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.22 531.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.72 531.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.13 531.25 Td ( in net loss and lower working capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (uses of cash.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 496.25 Td (Net Cash Used in Investing ) Tj ET Q q 0 0 0 rg BT 213.92 496.25 Td (Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 472.25 Td (Y) Tj ET Q q 0 0 0 rg BT 103.64 472.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 147.52 472.25 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 226.11 472.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 261.02 472.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 287.88 472.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 331.76 472.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 404.61 472.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 448.25 Td (Net cash used in investing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.13 448.25 Td ($70.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.02 448.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.48 448.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.07 448.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 436.25 Td ($184.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 436.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.35 436.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 272.57 436.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.57 436.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.28 436.25 Td ($1) Tj ET Q q 0 0 0 rg BT 346.91 436.25 Td (14.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 436.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.30 436.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.71 436.25 Td ( in cash used in investing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 106.42 424.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.46 424.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.88 424.25 Td ( was primarily due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.08 424.25 Td ($50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.97 424.25 Td ( deposit related to the ) Tj ET Q q 0 0 0 rg BT 403.37 424.25 Td (T) Tj ET Q q 0 0 0 rg BT 409.13 424.25 Td (ranscontinental Mexico ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 412.25 Td (acquisition \(as further discussed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.36 412.25 Td (Note3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.30 412.25 Td ( to the consolidated financial statements\). ) Tj ET Q q 0 0 0 rg BT 401.80 412.25 Td (As the deposit was made in 201) Tj ET Q q 0 0 0 rg BT 528.63 412.25 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 400.25 Td (and was refunded back to the Company in 2012, the impact to cash used in investing activities was a $100.8 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 388.25 Td (improvement. In addition, there was a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.90 388.25 Td ($64.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.79 388.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.29 388.25 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.71 388.25 Td ( in capital expenditures related primarily to the integration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 73.65 376.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.29 376.25 Td (orld Color Press operations. ) Tj ET Q q 0 0 0 rg BT 198.76 376.25 Td (These decreased uses of cash were partially of) Tj ET Q q 0 0 0 rg BT 383.77 376.25 Td (fset by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.93 376.25 Td ($18.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.82 376.25 Td ( ManipalT) Tj ET Q q 0 0 0 rg BT 523.05 376.25 Td (ech ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (cost method investment entered into on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.97 364.25 Td (March 28, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.56 364.25 Td ( and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.72 364.25 Td ($25.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.61 364.25 Td ( deposit made in 2012 related to the ) Tj ET Q q 0 0 0 rg BT 519.95 364.25 Td (V) Tj ET Q q 0 0 0 rg BT 526.06 364.25 Td (ertis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 352.25 Td (agreement to be held in escrow and applied to the purchase price upon closure of the deal.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 328.25 Td (Y) Tj ET Q q 0 0 0 rg BT 103.64 328.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 147.52 328.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 220.37 328.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.37 328.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 260.28 328.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 287.14 328.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 331.02 328.25 Td (December31, 2010) Tj ET Q BT /F4 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 304.25 Td (Net cash used in investing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.13 304.25 Td ($184.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.02 304.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.48 304.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 472.70 304.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.70 304.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 292.25 Td ($1) Tj ET Q q 0 0 0 rg BT 72.63 292.25 Td (18.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.52 292.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.98 292.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.57 292.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.28 292.25 Td ($66.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.17 292.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.67 292.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.42 292.25 Td (. ) Tj ET Q q 0 0 0 rg BT 433.74 292.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.79 292.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.54 292.25 Td ( in net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 280.25 Td (used in investing activities was primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.79 280.25 Td ($50.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.68 280.25 Td ( deposit made in 201) Tj ET Q q 0 0 0 rg BT 400.63 280.25 Td (1 on the ) Tj ET Q q 0 0 0 rg BT 435.17 280.25 Td (T) Tj ET Q q 0 0 0 rg BT 440.92 280.25 Td (ranscontinental Mexico ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 268.25 Td (acquisition \(as further discussed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.36 268.25 Td (Note3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.30 268.25 Td ( to the consolidated financial statements\), a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.79 268.25 Td ($55.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.69 268.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.19 268.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.94 268.25 Td ( in capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 256.25 Td (expenditures related primarily to the integration of ) Tj ET Q q 0 0 0 rg BT 267.47 256.25 Td (W) Tj ET Q q 0 0 0 rg BT 276.11 256.25 Td (orld Color Press operations and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.64 256.25 Td ($15.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.53 256.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.03 256.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.79 256.25 Td ( in cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 244.25 Td (used for acquisitions. ) Tj ET Q q 0 0 0 rg BT 153.08 244.25 Td (These impacts were partially of) Tj ET Q q 0 0 0 rg BT 278.96 244.25 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.34 244.25 Td ($63.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.23 244.25 Td ( benefit generated from reducing restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 232.25 Td (cash balances.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 209.25 Td (Net Cash Used in Financing ) Tj ET Q q 0 0 0 rg BT 218.93 209.25 Td (Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 185.25 Td (Y) Tj ET Q q 0 0 0 rg BT 103.64 185.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 147.52 185.25 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 226.11 185.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 261.02 185.25 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 287.88 185.25 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 331.76 185.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 404.61 185.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.61 185.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 161.25 Td (Net cash used in financing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.23 161.25 Td ($285.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.12 161.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.58 161.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.17 161.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.25 Td ($173.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 149.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.35 149.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 272.57 149.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.57 149.25 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.28 149.25 Td ($1) Tj ET Q q 0 0 0 rg BT 346.91 149.25 Td (12.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 149.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.30 149.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.05 149.25 Td ( in cash used in financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 137.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 106.42 137.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.46 137.25 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.22 137.25 Td ( was primarily due to $123.6 million increase in dividend payments due primarily to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 125.25 Td ($93.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 125.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.72 125.25 Td ($2.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.22 125.25 Td ( per share special dividend paid in December 2012. In addition, debt payments in 2012 increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 113.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 113.25 Td ($1) Tj ET Q q 0 0 0 rg BT 85.13 113.25 Td (1.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.02 113.25 Td ( versus 201) Tj ET Q q 0 0 0 rg BT 174.20 113.25 Td (1, as part of the Company's ef) Tj ET Q q 0 0 0 rg BT 293.29 113.25 Td (fort to reduce debt in 2012 \(reduced total debt by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.12 113.25 Td ($120 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.51 113.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.25 Td (in 2012\). ) Tj ET Q q 0 0 0 rg BT 103.93 101.25 Td (These increases in net cash used in financing activities were partially of) Tj ET Q q 0 0 0 rg BT 390.58 101.25 Td (fset by reduced debt issuance costs of ) 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 60.35 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td ($9.4million associated with the Company's $1.5billion debt financing agreement completed on July26, 201) Tj ET Q q 0 0 0 rg BT 498.24 722.10 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td ($8.2million in reduced purchases of class ) Tj ET Q q 0 0 0 rg BT 232.96 710.10 Td (A) Tj ET Q q 0 0 0 rg BT 239.63 710.10 Td ( stock under the Company's $100 million share repurchase program.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 686.10 Td (Y) Tj ET Q q 0 0 0 rg BT 103.64 686.10 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 147.52 686.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 220.37 686.10 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.37 686.10 Td ( Compar) Tj ET Q q 0 0 0 rg BT 260.28 686.10 Td (ed to Y) Tj ET Q q 0 0 0 rg BT 287.14 686.10 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 331.02 686.10 Td (December31, 2010) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.61 686.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (Net cash used in financing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.23 662.10 Td ($173.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.12 662.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.58 662.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 473.79 662.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.79 662.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td ($30.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 650.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.35 650.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.94 650.10 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.65 650.10 Td ($143.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.54 650.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.04 650.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.79 650.10 Td (. ) Tj ET Q q 0 0 0 rg BT 434.11 650.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.16 650.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.91 650.10 Td ( in net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (used in financing activities was due primarily to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.95 638.10 Td ($109.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.84 638.10 Td ( in net debt repayments in 201) Tj ET Q q 0 0 0 rg BT 437.56 638.10 Td (1, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td ($178.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 626.10 Td ( in net cash borrowings in 2010, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.70 626.10 Td ($288.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.59 626.10 Td ( increase in net cash used in financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (activities between years. ) Tj ET Q q 0 0 0 rg BT 165.46 614.10 Td (Also, net cash used in financing activities increased due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.72 614.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.61 614.10 Td ( reduction in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (liability for unsecured notes to be issued in connection with the ) Tj ET Q q 0 0 0 rg BT 318.60 602.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.23 602.10 Td (orld Color Press bankruptcy) Tj ET Q q 0 0 0 rg BT 439.07 602.10 Td (. ) Tj ET Q q 0 0 0 rg BT 446.39 602.10 Td (These increases in net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (cash used in financing activities were partially of) Tj ET Q q 0 0 0 rg BT 259.14 590.10 Td (fset by reduced shareholder cash distributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.47 590.10 Td ($131.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.36 590.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td ($34.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 578.10 Td ( in lower debt issuance cost payments. Shareholder cash distributions decreased in 201) Tj ET Q q 0 0 0 rg BT 465.88 578.10 Td (1 due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td ($140.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 566.10 Td ( cash distribution made in 2010 to the Company's pre-acquisition common shareholders as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 554.10 Td (orld Color press acquisition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 531.25 Td (Free Cash Flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 507.25 Td (Free Cash Flow is defined as cash flows provided by operating activities less purchases of property) Tj ET Q q 0 0 0 rg BT 495.20 507.25 Td (, plant and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 495.25 Td (equipment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 471.25 Td (The Company's management assesses Free Cash Flow as a measure to quantify cash available for \(1\)strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (capital allocation and deployment through investments in the business, including acquisitions, \(2\)strengthening the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 447.25 Td (balance sheet, including debt and pension repayment, and \(3\)returning value to the shareholders, including dividends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 435.25 Td (and share repurchases. ) Tj ET Q q 0 0 0 rg BT 158.05 435.25 Td (The priorities for capital allocation and deployment will change as circumstances dictate for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 423.25 Td (business, and Free Cash Flow can be significantly impacted by the Company's restructuring activities and other unusual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 411.25 Td (items, such as payments related to completing the ) Tj ET Q q 0 0 0 rg BT 264.16 411.25 Td (W) Tj ET Q q 0 0 0 rg BT 272.79 411.25 Td (orld Color Press bankruptcy process. Free Cash Flow is a non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 399.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 89.86 399.25 Td ( measure. Free Cash Flow should not be considered an alternative to cash flows provided by operating activities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 387.25 Td (as a measure of liquidity) Tj ET Q q 0 0 0 rg BT 160.66 387.25 Td (. Quad/Graphics' calculation of Free Cash Flow may be dif) Tj ET Q q 0 0 0 rg BT 398.61 387.25 Td (ferent from similar calculations used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.25 Td (by other companies and, therefore, comparability may be limited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 351.25 Td (Free Cash Flow for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.79 351.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.38 351.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.38 351.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 509.59 351.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.59 351.25 Td (, was as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 302.75 m 480.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 302.75 m 484.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 302.75 m 549.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 302.75 m 480.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 288.75 m 480.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 302.75 m 549.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 288.75 m 549.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 246.75 m 480.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 246.75 m 549.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 246.75 m 480.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 233.75 m 480.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 231.75 m 480.5 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 246.75 m 549.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 233.75 m 549.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 231.75 m 549.5 231.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.15 307.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 293.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.70 293.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.45 279.20 Td (\(dollarsinmillions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 265.21 Td (Net Cash Provided by Operating ) Tj ET Q q 0 0 0 rg BT 185.48 265.21 Td (Activities) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 220.23 269.29 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.25 265.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 265.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 265.21 Td (354.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 265.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 265.21 Td (371.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 251.21 Td (Less: Purchases of Property, Plant and Equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.25 251.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 251.21 Td (\(103.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 251.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 251.21 Td (\(168.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 251.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 237.21 Td (Free Cash Flow) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.75 237.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 237.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 237.21 Td (250.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 237.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 237.21 Td (202.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 222.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 205.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 205.65 Td (Net cash provided by operating activities includes:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 184.05 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 184.05 Td (Net restructuring payments of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.97 184.05 Td ($1) Tj ET Q q 0 0 0 rg BT 235.63 184.05 Td (13.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.64 184.05 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.13 184.05 Td ($125.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.13 184.05 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.35 184.05 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.08 184.05 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.57 184.05 Td (201) Tj ET Q q 0 0 0 rg BT 524.74 184.05 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.24 184.05 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 173.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 159.90 173.25 Td (. Net restructuring payments include total restructuring payments, less restructuring cash receipts of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 162.45 Td ($14.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.50 162.45 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.00 162.45 Td ($15.6million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.50 162.45 Td ( related to collections of disputed pre-acquisition ) Tj ET Q q 0 0 0 rg BT 409.54 162.45 Td (W) Tj ET Q q 0 0 0 rg BT 417.31 162.45 Td (orld Color Press notes receivable ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 151.65 Td (for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.97 151.65 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.69 151.65 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.19 151.65 Td (201) Tj ET Q q 0 0 0 rg BT 289.35 151.65 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.85 151.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 341.25 151.65 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 130.05 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 130.05 Td (Bankruptcy payments of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.73 130.05 Td ($10.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.23 130.05 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.73 130.05 Td ($12.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.23 130.05 Td ( for the years ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.45 130.05 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.17 130.05 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.67 130.05 Td (201) Tj ET Q q 0 0 0 rg BT 496.83 130.05 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.33 130.05 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 119.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 159.90 119.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 95.25 Td (Free Cash Flow increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.08 95.25 Td ($47.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.98 95.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.44 95.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.02 95.25 Td (, compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 83.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 83.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 83.25 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.08 83.25 Td ($64.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.97 83.25 Td ( decrease in capital expenditures, partially of) Tj ET Q q 0 0 0 rg BT 452.88 83.25 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.25 83.25 Td ($16.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 83.25 Td ( ) 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 60.35 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.41 722.10 Td ( in cash flows provided by operating activities. See the Net Cash Provided by Operating ) Tj ET Q q 0 0 0 rg BT 453.73 722.10 Td (Activities section ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (above for further explanations of the decrease in operating cash flows.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 687.25 Td (Description of Significant Outstanding Debt Obligations as of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 356.26 687.25 Td (December31, 2012) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 435.40 687.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 663.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 663.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 663.25 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 63.00 651.25 Td (including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 627.25 Td ($1.5 Billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.78 627.25 Td ( Debt Financing ) Tj ET Q q 0 0 0 rg BT 231.17 627.25 Td (Agreement discussed further below which includes:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 135.00 601.09 cm /I20 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 603.25 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.89 603.25 Td ( revolving credit facility \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.63 603.25 Td ($50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.52 603.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.85 603.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.43 603.25 Td (\); ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 135.00 577.09 cm /I21 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 579.25 Td ($450.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.89 579.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.21 579.25 Td (T) Tj ET Q q 0 0 0 rg BT 219.62 579.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 260.16 579.25 Td (A) Tj ET Q q 0 0 0 rg BT 266.83 579.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.66 579.25 Td ($444.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.55 579.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.88 579.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.46 579.25 Td (\); and) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 135.00 553.09 cm /I22 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 555.25 Td ($200.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.89 555.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.21 555.25 Td (T) Tj ET Q q 0 0 0 rg BT 219.62 555.25 Td (erm Loan B \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.21 555.25 Td ($196.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.11 555.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.43 555.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.02 555.25 Td (\); ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 531.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 531.25 Td (Master Note and Security ) Tj ET Q q 0 0 0 rg BT 221.42 531.25 Td (Agreement \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.67 531.25 Td ($553.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.56 531.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.89 531.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.47 531.25 Td (\); and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 507.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 507.25 Td (Facilities ) Tj ET Q q 0 0 0 rg BT 155.61 507.25 Td (Agreement a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.97 507.25 Td ($91.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.86 507.25 Td ( foreign currency denominated facilities agreement including both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 495.25 Td (term loan and revolving credit facility components \(total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 495.25 Td ($70.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.54 495.25 Td ( outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.87 495.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 483.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 483.25 Td (\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 459.25 Td ($1.5 Billion) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 146.22 459.25 Td ( Debt Financing ) Tj ET Q q 0 0 0 rg BT 214.08 459.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 228.71 459.25 Td (eement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 435.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 435.25 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 162.52 435.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.52 435.25 Td (, and as last amended on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.77 435.25 Td (December19, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.35 435.25 Td (, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.38 435.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.49 435.25 Td ( debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 423.25 Td (financing agreement with certain lenders to reduce the Company's borrowing costs with lower interest rates and to create ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 411.25 Td (more flexibility with a higher revolving credit capacity and improvement in financial terms. ) Tj ET Q q 0 0 0 rg BT 435.20 411.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.25 411.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.36 411.25 Td ( debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 399.25 Td (financing agreement includes three dif) Tj ET Q q 0 0 0 rg BT 216.64 399.25 Td (ferent loan facilities, a ) Tj ET Q q 0 0 0 rg BT 308.36 399.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.77 399.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 354.31 399.25 Td (A, a ) Tj ET Q q 0 0 0 rg BT 373.29 399.25 Td (T) Tj ET Q q 0 0 0 rg BT 378.70 399.25 Td (erm Loan B, and a revolving credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 387.25 Td (facility) Tj ET Q q 0 0 0 rg BT 90.67 387.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 363.25 Td (The revolving credit facility in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.28 363.25 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.17 363.25 Td ( and the ) Tj ET Q q 0 0 0 rg BT 375.14 363.25 Td (T) Tj ET Q q 0 0 0 rg BT 380.55 363.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 421.09 363.25 Td (A) Tj ET Q q 0 0 0 rg BT 427.76 363.25 Td ( in the aggregate amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td ($450.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 351.25 Td ( each had an initial term of five years that was extended an additional year as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.92 351.25 Td (December19, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 339.25 Td ( amendment to mature on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.69 339.25 Td (July25, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.86 339.25 Td (. ) Tj ET Q q 0 0 0 rg BT 249.18 339.25 Td (The ) Tj ET Q q 0 0 0 rg BT 267.05 339.25 Td (T) Tj ET Q q 0 0 0 rg BT 272.46 339.25 Td (erm Loan B in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.04 339.25 Td ($200.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.93 339.25 Td ( has a term of seven ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.25 Td (years maturing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.70 327.25 Td (July25, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.87 327.25 Td (, subject to certain required amortization. ) Tj ET Q q 0 0 0 rg BT 360.98 327.25 Td (At any time when the Company's total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 315.25 Td (leverage is 3.00 to 1.00 or greater) Tj ET Q q 0 0 0 rg BT 196.99 315.25 Td (, the Company is obligated to prepay the two term loan facilities from the net proceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (of asset sales, casualty losses, and certain indebtedness for borrowed money) Tj ET Q q 0 0 0 rg BT 366.71 303.25 Td (, or from a portion of its excess cash flow) Tj ET Q q 0 0 0 rg BT 532.13 303.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.25 Td (subject to certain exceptions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 267.25 Td (Borrowings under the revolving facility and ) Tj ET Q q 0 0 0 rg BT 277.11 267.25 Td (T) Tj ET Q q 0 0 0 rg BT 282.52 267.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 323.06 267.25 Td (A) Tj ET Q q 0 0 0 rg BT 329.73 267.25 Td ( loans made under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.98 267.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.09 267.25 Td ( debt financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 255.25 Td (agreement bear interest at London Interbank Of) Tj ET Q q 0 0 0 rg BT 253.29 255.25 Td (fered Rate \("LIBOR"\) plus 2.25%, or 1.25% in excess of an alternate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.25 Td (base rate, and ) Tj ET Q q 0 0 0 rg BT 120.01 243.25 Td (T) Tj ET Q q 0 0 0 rg BT 125.42 243.25 Td (erm Loan B loans bear interest at 3.00% in excess of LIBOR, with a LIBOR floor of 1.00%, or 2.00% in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (excess of an alternative base rate at the Company's option.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 207.25 Td (The proceeds from the ) Tj ET Q q 0 0 0 rg BT 191.56 207.25 Td (T) Tj ET Q q 0 0 0 rg BT 196.97 207.25 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 237.51 207.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 249.55 207.25 Td (T) Tj ET Q q 0 0 0 rg BT 254.96 207.25 Td (erm Loan B and revolving credit facility were used to repay all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 195.25 Td (outstanding balances and terminate the Company's previous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.02 195.25 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.13 195.25 Td ( debt financing agreement \(which included the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 183.25 Td ($700.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 183.25 Td ( term loan and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.59 183.25 Td ($530.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.48 183.25 Td ( revolving credit facility\), as well as to pay the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.03 183.25 Td ($1) Tj ET Q q 0 0 0 rg BT 453.66 183.25 Td (1.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.55 183.25 Td ( of debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 171.25 Td (issuance costs incurred for the refinancing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 147.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.05 147.25 Td ($1.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.16 147.25 Td ( debt financing agreement is secured by substantially all of the unencumbered assets of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 135.25 Td (Company) Tj ET Q q 0 0 0 rg BT 101.24 135.25 Td (. ) Tj ET Q q 0 0 0 rg BT 108.56 135.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.60 135.25 Td ($1.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.72 135.25 Td ( debt financing agreement also requires the Company to provide additional collateral to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 123.25 Td (lenders in certain limited circumstances.) 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 60.35 Td (58) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 722.10 Td (Master Note and Security ) Tj ET Q q 0 0 0 rg BT 203.80 722.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 218.43 722.10 Td (eement \(sometimes r) Tj ET Q q 0 0 0 rg BT 300.25 722.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 319.32 722.10 Td (ed to as senior notes\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.10 Td (On September1, 1995, and as last amended on January 26, 2006, the Company entered into the Master Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (and Security ) Tj ET Q q 0 0 0 rg BT 115.21 686.10 Td (Agreement pursuant to which the Company has issued over time senior notes in an aggregate principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (amount of $1.13billion in various tranches. ) Tj ET Q q 0 0 0 rg BT 242.79 674.10 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 481.85 674.10 Td (7.49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.68 674.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 662.10 Td (, which is fixed to maturity) Tj ET Q q 0 0 0 rg BT 249.25 662.10 Td (, and interest is payable semiannually) Tj ET Q q 0 0 0 rg BT 398.56 662.10 Td (. Principal payments commenced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (September 1997 and extend through ) Tj ET Q q 0 0 0 rg BT 209.91 650.10 Td (April 2036. ) Tj ET Q q 0 0 0 rg BT 260.84 650.10 Td (The notes are collateralized by certain United States land, buildings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (press and finishing equipment under the terms of the Master Note and Security ) Tj ET Q q 0 0 0 rg BT 380.43 638.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 431.80 638.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 638.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.88 638.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (borrowings outstanding were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.15 626.10 Td ($553.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.04 626.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 602.10 Td (Facilities ) Tj ET Q q 0 0 0 rg BT 139.09 602.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 153.72 602.10 Td (eement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 578.10 Td (On December16, 2008, Quad/W) Tj ET Q q 0 0 0 rg BT 230.78 578.10 Td (inkowski Sp. z o.o. \("Quad/W) Tj ET Q q 0 0 0 rg BT 350.84 578.10 Td (inkowski"\) entered into a secured facilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (agreement \(the "Facilities ) Tj ET Q q 0 0 0 rg BT 167.88 566.10 Td (Agreement"\). ) Tj ET Q q 0 0 0 rg BT 227.03 566.10 Td (The Facilities ) Tj ET Q q 0 0 0 rg BT 283.69 566.10 Td (Agreement includes a Euro denominated term loan of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td ($75.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 554.10 Td ( that expires on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.76 554.10 Td (December 16, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.35 554.10 Td ( \(which was used to refinance Quad/W) Tj ET Q q 0 0 0 rg BT 414.45 554.10 Td (inkowski's then existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (indebtedness\) and a multicurrency revolving credit facility for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.02 542.10 Td ($16.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.91 542.10 Td ( that was renewed in 2012 and will expire on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (December13, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 530.10 Td (, \(which is used for Quad/W) Tj ET Q q 0 0 0 rg BT 254.49 530.10 Td (inkowski's working capital and general business needs\). ) Tj ET Q q 0 0 0 rg BT 482.63 530.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 518.10 Td (, the borrowings outstanding on the Euro denominated term loan were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.29 518.10 Td ($63.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.19 518.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.13 518.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 506.10 Td (, the borrowings outstanding on the multicurrency revolving credit facility were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.16 506.10 Td ($6.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 506.10 Td (, leaving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td ($9.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 494.10 Td ( available for future borrowings. ) Tj ET Q q 0 0 0 rg BT 246.39 494.10 Td (The terms of the Facilities ) Tj ET Q q 0 0 0 rg BT 353.31 494.10 Td (Agreement include a guarantee by Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (Graphics and a security agreement that includes collateralizing substantially all of the Quad/W) Tj ET Q q 0 0 0 rg BT 441.35 482.10 Td (inkowski assets. ) Tj ET Q q 0 0 0 rg BT 511.17 482.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (facilities bear interest at the aggregate of the Euro Interbank Of) Tj ET Q q 0 0 0 rg BT 316.04 470.10 Td (fered Rate \("EURIBOR"\) or the ) Tj ET Q q 0 0 0 rg BT 446.48 470.10 Td (W) Tj ET Q q 0 0 0 rg BT 455.12 470.10 Td (arsaw Interbank ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (Of) Tj ET Q q 0 0 0 rg BT 73.37 458.10 Td (fered Rate \("WIBOR"\) and mar) Tj ET Q q 0 0 0 rg BT 200.19 458.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 220.29 458.10 Td (The weighted-average interest rate of the Euro denominated term loan was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.55 458.10 Td (2.61%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.38 458.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.72 446.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.30 446.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.62 446.10 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 498.75 446.10 Td (4.37%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.58 446.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 434.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 411.25 Td (Covenants and Compliance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 387.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 387.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 387.25 Td (, the Company's various lending arrangements included certain financial covenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.25 Td (\(all financial terms, numbers and ratios in this ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 249.34 375.25 Td (Covenants and Compliance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.88 375.25 Td ( section are as defined in the Company's debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 363.25 Td (agreements\). ) Tj ET Q q 0 0 0 rg BT 118.81 363.25 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 454.85 363.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.43 363.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (\(for each covenant, the most restrictive measurement has been included below\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 327.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 327.25 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 117.00 315.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 153.11 315.25 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 404.12 315.25 Td (3.50 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.90 315.25 Td ( \(for the twelve months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 303.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.38 303.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.96 303.25 Td (, the Company's leverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 303.25 Td (2.37 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.78 303.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 279.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 279.25 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 533.28 279.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 267.25 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 345.27 267.25 Td (3.50 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.05 267.25 Td ( \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 255.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 255.25 Td (, the Company's interest coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.78 255.25 Td (7.27 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.55 255.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 231.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 231.25 Td (On a rolling twelve-month basis, the fixed char) Tj ET Q q 0 0 0 rg BT 305.66 231.25 Td (ge coverage ratio, defined as consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 511.97 231.25 Td ( and rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 219.25 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 351.93 219.25 Td (1.50 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.71 219.25 Td ( \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 207.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 207.25 Td (, the Company's fixed char) Tj ET Q q 0 0 0 rg BT 302.45 207.25 Td (ge coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.85 207.25 Td (4.35 to 1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.63 207.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 183.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 183.25 Td (Consolidated net worth of at least ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.19 183.25 Td ($745.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.08 183.25 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.75 183.25 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.08 183.25 Td ( of positive consolidated net income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 171.25 Td (cumulatively for each year \(as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.38 171.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.96 171.25 Td (, the Company's consolidated net worth under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 159.25 Td (most restrictive covenant per the various debt agreements was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.75 159.25 Td ($1.16billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.86 159.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 135.25 Td (In addition to those covenants, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.69 135.25 Td ($1.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.81 135.25 Td ( debt financing agreement also includes certain limitations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 123.25 Td (acquisitions, indebtedness, liens, dividends and repurchases of capital stock. If the Company's total leverage ratio is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 111.25 Td (greater than 3.00 to 1.00 \(total leverage ratio as defined in the debt financing agreement\), the Company is prohibited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 99.25 Td (from making greater than $120.0million of annual dividend payments, capital stock repurchases and certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 87.25 Td (payments. If the total leverage ratio is less than 3.00 to 1.00, there are no such restrictions.) 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 60.35 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 710.10 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 281.72 710.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.31 710.10 Td (, the Company was in compliance with all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (financial covenants in its debt agreements. ) Tj ET Q q 0 0 0 rg BT 237.76 698.10 Td (While the Company currently expects to be in compliance in future periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (with all of the financial covenants, there can be no assurance that these covenants will continue to be met. ) Tj ET Q q 0 0 0 rg BT 491.00 686.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (Company's failure to maintain compliance with the covenants could prevent the Company from borrowing additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (amounts and could result in a default under any of the debt agreements. Such default could cause the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (indebtedness to become immediately due and payable, by virtue of cross-acceleration or cross-default provisions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td (Pension and Postretirement Benefit Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 603.25 Td (The pension, postretirement and MEPPs benefit obligations were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 603.25 Td ($377.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.89 603.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.33 603.25 Td ($407.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.22 603.25 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 591.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.02 591.25 Td (201) Tj ET Q q 0 0 0 rg BT 175.65 591.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.65 591.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 233.31 591.25 Td (. ) Tj ET Q q 0 0 0 rg BT 240.63 591.25 Td (The Company is focused on reducing its benefit obligation by making cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (contributions to these plans, and, in 2012, made cash contributions to the pension and postretirement plans of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td ($51.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 567.25 Td ( and required monthly payments to the MEPPs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.15 567.25 Td ($1) Tj ET Q q 0 0 0 rg BT 326.77 567.25 Td (1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.67 567.25 Td (. ) Tj ET Q q 0 0 0 rg BT 377.99 567.25 Td (The Company also announced the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 555.25 Td (elimination of life insurance coverage for all current and future retirees in all locations and elimination of postretirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (medical benefit coverage for all future retirees who will retire after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.14 543.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.73 543.25 Td (, which resulted in a reduction in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (postretirement benefit obligations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.30 531.25 Td ($22.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.19 531.25 Td (. Partially of) Tj ET Q q 0 0 0 rg BT 317.22 531.25 Td (fsetting these items was a $51.1million increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (unfunded liabilities due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.92 519.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.50 519.25 Td ( valuation \(as a result of a decrease in the liability discount rate, net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.37 507.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.37 507.25 Td ( asset returns\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 484.25 Td (Share Repurchase Program) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 460.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 460.25 Td (September6, 201) Tj ET Q q 0 0 0 rg BT 183.61 460.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.61 460.25 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 63.00 448.25 Td ($100.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 448.25 Td ( of the Company's outstanding class ) Tj ET Q q 0 0 0 rg BT 267.57 448.25 Td (A) Tj ET Q q 0 0 0 rg BT 274.24 448.25 Td ( stock. Under the authorization, share repurchases may be made at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 436.25 Td (the Company's discretion, from time to time, in the open market and/or in privately negotiated transactions as permitted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (by federal securities laws and other legal requirements. ) Tj ET Q q 0 0 0 rg BT 288.29 424.25 Td (The timing, manner) Tj ET Q q 0 0 0 rg BT 367.03 424.25 Td (, price and amount of any repurchase will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 412.25 Td (depend on economic and market conditions, share price, trading volume, applicable legal requirements and other factors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 400.25 Td (The program may be suspended or discontinued at any time. ) Tj ET Q q 0 0 0 rg BT 309.42 400.25 Td (There were no stock repurchases made during the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 388.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 388.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 388.25 Td (. ) Tj ET Q q 0 0 0 rg BT 174.91 388.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.35 388.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.94 388.25 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.35 388.25 Td ($91.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.24 388.25 Td ( of authorized repurchases remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (under the program.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 353.25 Td (Risk Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 329.25 Td (For a discussion of the Company's exposure to market risks and management of those market risks, see Item ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.25 Td (7A, "Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 248.71 317.25 Td (About Market Risk," of this ) Tj ET Q q 0 0 0 rg BT 362.23 317.25 Td (Annual Report on Form10-K.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 294.25 Td (Of) Tj ET Q q 0 0 0 rg BT 109.37 294.25 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 177.33 294.25 Td (Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 270.25 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 476.42 270.25 Td (Note17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.36 270.25 Td (, "Lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (Obligations," to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data," of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (Annual Report on Form10-K \(including operating leases and future interest on debt and capital leases to be incurred\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 234.25 Td (the Company has no of) Tj ET Q q 0 0 0 rg BT 155.58 234.25 Td (f-balance sheet arrangements, financings or special purpose entities that the Company expects to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 222.25 Td (have a material current or future ef) Tj ET Q q 0 0 0 rg BT 202.18 222.25 Td (fect on financial condition, changes in financial condition, results of operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 210.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 96.24 210.25 Td (, capital expenditures, capital resources or significant components of sales or expenses.) 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 60.35 Td (60) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 722.25 Td (Contractual Obligations and Other Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.25 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 353.90 698.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.49 698.25 Td (, were as follows \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (millions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 649.75 m 256.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 649.75 m 260.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 649.75 m 304.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 649.75 m 308.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 649.75 m 352.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 649.75 m 356.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 649.75 m 400.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 649.75 m 404.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 649.75 m 448.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 649.75 m 452.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 649.75 m 496.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 649.75 m 500.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 649.75 m 548.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 649.75 m 256.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 635.75 m 256.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 649.75 m 304.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 635.75 m 304.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 649.75 m 352.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 635.75 m 352.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 649.75 m 400.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 635.75 m 400.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 649.75 m 448.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 635.75 m 448.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 649.75 m 496.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 635.75 m 496.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 649.75 m 548.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 635.75 m 548.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 635.75 m 448.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 635.75 m 496.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 635.75 m 548.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 551.75 m 256.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 551.75 m 304.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 551.75 m 352.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 551.75 m 400.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 551.75 m 448.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 551.75 m 496.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 551.75 m 548.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 538.75 m 256.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 536.75 m 256.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 538.75 m 304.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 536.75 m 304.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 538.75 m 352.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 536.75 m 352.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 538.75 m 400.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 536.75 m 400.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 538.75 m 448.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 536.75 m 448.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 538.75 m 496.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 536.75 m 496.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 538.75 m 548.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 536.75 m 548.5 536.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.60 654.20 Td (Payments Due by Period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.15 640.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.00 640.20 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.00 640.20 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.00 640.20 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.00 640.20 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.00 640.20 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.40 640.20 Td (Thereafter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 626.21 Td (Debt Obligations) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 126.74 630.29 Td ( \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 135.25 626.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.00 626.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.00 626.21 Td (1,677.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 626.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.75 626.21 Td (175.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 626.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.75 626.21 Td (176.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.00 626.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.75 626.21 Td (207.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 626.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 626.21 Td (155.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 626.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 626.21 Td (403.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.00 626.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 626.21 Td (559.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 612.21 Td (Pension and Postretirement Benefits ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 197.98 616.29 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.75 612.21 Td (211.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 612.21 Td (45.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.25 612.21 Td (48.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.25 612.21 Td (46.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 612.21 Td (38.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 612.21 Td (31.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 612.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 598.21 Td (Operating Lease Obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.25 598.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.75 598.21 Td (168.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 598.21 Td (31.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.25 598.21 Td (31.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.25 598.21 Td (24.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 598.21 Td (21.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 598.21 Td (17.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 598.21 Td (41.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 584.21 Td (Capital Lease Obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.25 584.01 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.25 584.21 Td (27.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 584.21 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.25 584.21 Td (10.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.75 584.21 Td (2.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.75 584.21 Td (2.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 584.21 Td (1.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 584.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 570.21 Td (Purchase Obligations ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 143.99 574.29 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 153.25 570.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.25 570.21 Td (13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 570.21 Td (13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.00 570.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 570.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.00 570.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 570.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 570.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 556.21 Td (Acquisitions of Businesses ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 164.25 560.29 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.25 556.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.75 556.21 Td (241.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.75 556.21 Td (241.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.00 556.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 556.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.00 556.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 556.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 556.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 542.21 Td (T) Tj ET Q q 0 0 0 rg BT 70.18 542.21 Td (otal) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 83.36 546.29 Td ( \(5\)\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.25 542.01 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.00 542.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.00 542.21 Td (2,339.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 542.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.75 542.21 Td (519.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 542.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.75 542.21 Td (266.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.00 542.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.75 542.21 Td (281.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 542.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 542.21 Td (217.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 542.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 542.21 Td (454.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.00 542.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 542.21 Td (600.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 527.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 510.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 510.65 Td (Debt obligations include ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.73 510.65 Td ($352.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.74 510.65 Td ( for anticipated future interest payments. ) Tj ET Q q 0 0 0 rg BT 375.02 510.65 Td (W) Tj ET Q q 0 0 0 rg BT 383.15 510.65 Td (ith respect to the variable interest rate ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 499.85 Td (portions of the debt, the interest amounts were calculated by applying the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.17 499.85 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.90 499.85 Td (, weighted-average interest rate to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 489.05 Td (determine the value of future interest payments. For the Master Note and Security ) Tj ET Q q 0 0 0 rg BT 379.66 489.05 Td (Agreement, the weighted-average interest rate ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 478.25 Td (of the notes was applied to the average principal balance outstanding for each time period. ) Tj ET Q q 0 0 0 rg BT 410.13 478.25 Td (Amounts included in "Thereafter" ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 467.45 Td (include principal payments and estimated interest expense through ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.93 467.45 Td (2036) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.93 467.45 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 445.85 Td (\(2\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 445.85 Td (For the pension and postretirement benefits, contributions and benefit payments to be funded from Company assets included in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 435.05 Td (the table have been actuarially estimated over a five year period. ) Tj ET Q q 0 0 0 rg BT 317.47 435.05 Td (While benefit payments under these benefit plans are expected ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 424.25 Td (to continue beyond 2017, the Company believes that an estimate beyond this period is unreasonable. ) Tj ET Q q 0 0 0 rg BT 447.25 424.25 Td (The contractual obligations ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 413.45 Td (table above does not include a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.96 413.45 Td ($87.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.46 413.45 Td ( estimated withdrawal liability for the U.S. ) Tj ET Q q 0 0 0 rg BT 396.52 413.45 Td (W) Tj ET Q q 0 0 0 rg BT 404.29 413.45 Td (orld Color Press MEPPs due to the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 402.65 Td (uncertainty with the amount and timing of any potential withdrawal liability payment. See the "Pension and Postretirement ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 391.85 Td (Benefit Obligations" section above for further discussion of the withdrawal from the MEPPs.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 370.25 Td (\(3\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 370.25 Td (Purchase obligations consist primarily of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.73 370.25 Td ($12.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.23 370.25 Td ( in firm commitments to purchase press and finishing equipment and other ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 359.45 Td (operational purchase requirements.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 337.85 Td (\(4\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 337.85 Td (Acquisition of businesses represents the purchase price to be paid upon closure of the acquisition of ) Tj ET Q q 0 0 0 rg BT 442.24 337.85 Td (V) Tj ET Q q 0 0 0 rg BT 447.75 337.85 Td (ertis. On ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.24 337.85 Td (October10, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.98 337.85 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 327.05 Td (the Company and ) Tj ET Q q 0 0 0 rg BT 146.58 327.05 Td (V) Tj ET Q q 0 0 0 rg BT 152.08 327.05 Td (ertis announced the execution of an ) Tj ET Q q 0 0 0 rg BT 281.53 327.05 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 338.02 327.05 Td (Agreement pursuant to which the Company acquired ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 316.25 Td (substantially all of the assets comprising ) Tj ET Q q 0 0 0 rg BT 228.81 316.25 Td (V) Tj ET Q q 0 0 0 rg BT 234.32 316.25 Td (ertis' businesses. In accordance with the ) Tj ET Q q 0 0 0 rg BT 381.89 316.25 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 438.39 316.25 Td (Agreement, the Company ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 305.45 Td (made a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 108.98 305.45 Td ($25.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.49 305.45 Td ( deposit to be held in escrow and applied to the purchase price upon closure of the deal. ) Tj ET Q q 0 0 0 rg BT 476.72 305.45 Td (The acquisition was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 294.65 Td (completed on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.99 294.65 Td (January16, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.72 294.65 Td (, subsequent to year end, and the remaining purchase price of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.40 294.65 Td ($241.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.40 294.65 Td ( was paid to ) Tj ET Q q 0 0 0 rg BT 514.73 294.65 Td (V) Tj ET Q q 0 0 0 rg BT 520.23 294.65 Td (ertis.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 273.05 Td (\(5\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 273.05 Td (The contractual obligations table above does not include reserves for uncertain tax positions recorded in accordance with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 262.25 Td (accounting guidance on uncertainties in income taxes. ) Tj ET Q q 0 0 0 rg BT 280.02 262.25 Td (The Company has taken tax positions for which the ultimate amount and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 251.45 Td (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 429.24 251.45 Td (The reserve for uncertain tax ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 240.65 Td (positions prior to interest and penalties is ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.23 240.65 Td ($46.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.73 240.65 Td ( as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.47 240.65 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.20 240.65 Td (. ) Tj ET Q q 0 0 0 rg BT 378.79 240.65 Td (The Company has also recorded accruals for ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 229.85 Td (interest and penalties related to uncertain tax positions of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.69 229.85 Td ($5.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.69 229.85 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.18 229.85 Td ($0.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.19 229.85 Td (, respectively) Tj ET Q q 0 0 0 rg BT 441.58 229.85 Td (, as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.57 229.85 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.30 229.85 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 208.25 Td (\(6\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 208.25 Td (The contractual obligations table above does not include the share repurchase program as no repurchases are required under the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 197.45 Td (program. See the "Share Repurchase Program" section above for further discussion, including the maximum potential cash ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 186.65 Td (payments under the program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 165.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 97.71 165.25 Td (Accounting Policies and Estimates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 141.25 Td (The Company's consolidated financial statements are prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 455.68 141.25 Td (. ) Tj ET Q q 0 0 0 rg BT 463.00 141.25 Td (The Company's most ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 129.25 Td (critical accounting policies are those that are most important to the portrayal of its financial condition and results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 117.25 Td (operations, and which require the Company to make its most dif) Tj ET Q q 0 0 0 rg BT 319.71 117.25 Td (ficult and subjective estimates. Management is required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 105.25 Td (to make judgments and estimates that af) Tj ET Q q 0 0 0 rg BT 223.33 105.25 Td (fect the reported amounts of assets and liabilities, the disclosure of contingent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 93.25 Td (assets and liabilities at the date of the statements, and the reported amounts of revenues and expenses during the ) 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 60.35 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (reporting period. ) Tj ET Q q 0 0 0 rg BT 135.02 722.10 Td (The Company bases its estimates on historical experience and on various other assumptions that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (believed to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 270.79 710.10 Td (The Company's management believes that such judgments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (estimates are made with consistent and appropriate methods based on information available at the time, and that any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (reasonable deviation from those judgments and estimates would not have a material impact on the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (consolidated financial position or results of operations. ) Tj ET Q q 0 0 0 rg BT 287.12 674.10 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 375.53 674.10 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 510.02 674.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (assumptions or conditions. ) Tj ET Q q 0 0 0 rg BT 174.76 662.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.17 662.10 Td (o the extent that the estimates used dif) Tj ET Q q 0 0 0 rg BT 333.00 662.10 Td (fer from actual results, adjustments to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (consolidated statements of operations and corresponding consolidated balance sheets would be necessary) Tj ET Q q 0 0 0 rg BT 483.05 650.10 Td (. ) Tj ET Q q 0 0 0 rg BT 490.37 650.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (adjustments would be made in future statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 614.10 Td (The Company has identified the following as its critical accounting policies and estimates.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 590.10 Td (Revenue Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 Td (The Company recognizes its printing revenues upon transfer of title and the passage of risk of loss, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (generally upon shipment to the customer) Tj ET Q q 0 0 0 rg BT 225.47 554.10 Td (. Under agreements with certain customers, products may be stored by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (Company for future delivery) Tj ET Q q 0 0 0 rg BT 177.04 542.10 Td (. In these situations, the Company may receive warehouse management fees for the services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (it provides. In certain of these cases, delivery and billing schedules are outlined in the customer agreement and product ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (revenue is recognized when manufacturing is complete, title and risk of loss transfer to the customer) Tj ET Q q 0 0 0 rg BT 464.14 518.10 Td (, and there is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (reasonable assurance as to collectability) Tj ET Q q 0 0 0 rg BT 222.28 506.10 Td (. Product returns are not significant because the majority of products are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (customized; however) Tj ET Q q 0 0 0 rg BT 147.85 494.10 Td (, the Company accrues for the estimated amount of customer allowances at the time of sale based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (on historical experience and known trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 458.10 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 63.00 446.10 Td (operations, which include digital content management, photography) Tj ET Q q 0 0 0 rg BT 334.50 446.10 Td (, color services and page production, are recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (customer) Tj ET Q q 0 0 0 rg BT 99.10 422.10 Td (. ) Tj ET Q q 0 0 0 rg BT 106.42 422.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.46 422.10 Td (ith respect to the Company's logistics operations, which include the delivery of printed material, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (Company recognizes revenue upon completion of the delivery of services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 386.10 Td (The Company also manufactures printing-related auxiliary equipment to ensure industry leading technology for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (its own printing operations as well as to sell to other businesses. Revenue is generally recognized for the equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (sales at time of shipment. Revenue from services related to the installation of equipment at customer sites are recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (upon completion of the installation. Payments can be received from customers during the manufacture of equipment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (prior to shipment, or in the case of the installation services prior to completion of the installation. In all cases when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (payments are received in advance of meeting the applicable revenue recognition criteria, deferred revenue is recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (until the revenue recognition criteria are subsequently met.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 290.10 Td (Services account for greater than 10% of the Company's consolidated net sales; therefore, net sales and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (costs of sales of products and services have been included as separate line items in the consolidated statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (operations in Item8, "Financial Statements and Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 373.60 266.10 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 242.10 Td (Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (a principal or net of related costs as an agent. Billings for third-party shipping and handling costs, primarily in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (Company's logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (consolidated statements of operations in Item 8, "Financial Statements and Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 482.18 206.10 Td (Annual Report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (on Form 10-K. Many of the Company's operations process materials, primarily paper) Tj ET Q q 0 0 0 rg BT 405.99 194.10 Td (, that may be supplied directly by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 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 509.62 182.10 Td (-supplied ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (paper) Tj ET Q q 0 0 0 rg BT 84.66 170.10 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 99.00 146.10 Td (Impairment of Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 122.10 Td (The allocation of the purchase price for business combinations requires management estimates and judgment as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (to expectations for future cash flows of the acquired business and the allocation of those cash flows to identifiable assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (and liabilities assumed, including valuations performed by third-party appraisers when appropriate, in determining the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (estimated fair value for purchase price allocation purposes. Goodwill is measured as the excess of the purchase price ) 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 60.35 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (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 63.00 710.10 Td (estimates or judgments, including changes based on actual results dif) Tj ET Q q 0 0 0 rg BT 338.86 710.10 Td (fering from the estimates and) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 456.05 710.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.55 710.10 Td (judgments used in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (purchase price allocation process, could result in an impairment char) Tj ET Q q 0 0 0 rg BT 337.72 698.10 Td (ge, and such a char) Tj ET Q q 0 0 0 rg BT 413.89 698.10 Td (ge could have a material adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (ef) Tj ET Q q 0 0 0 rg BT 70.59 686.10 Td (fect on the Company's results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (Accounting guidance requires that goodwill impairment is to be tested at the reporting unit level on at least an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (annual basis. ) Tj ET Q q 0 0 0 rg BT 119.47 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 128.51 650.10 Td (ithin its three reportable segments, the Company has identified three reporting units: \(1\) United States, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (\(2\) Latin ) Tj ET Q q 0 0 0 rg BT 100.21 638.10 Td (America and \(3\) Europe. ) Tj ET Q q 0 0 0 rg BT 204.06 638.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.50 638.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.09 638.10 Td (, the amount of goodwill included in continuing operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.71 626.10 Td ($768.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.60 626.10 Td (, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.37 626.10 Td ($738.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.26 626.10 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 467.65 626.10 Td ($30.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.54 626.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (allocated to the Latin ) Tj ET Q q 0 0 0 rg BT 149.64 614.10 Td (America reporting unit. ) Tj ET Q q 0 0 0 rg BT 248.59 614.10 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 99.00 590.10 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 362.84 590.10 Td (October31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.54 590.10 Td (, or more frequently if an event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (carrying value. ) Tj ET Q q 0 0 0 rg BT 127.42 566.10 Td (A) Tj ET Q q 0 0 0 rg BT 134.09 566.10 Td ( multi-step method is used for determining goodwill impairment, which includes the option of first ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (performing a qualitative assessment to determine whether the existence of events or circumstances leads to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. ) Tj ET Q q 0 0 0 rg BT 526.04 542.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (Company did not apply this optional qualitative assessment in its annual goodwill impairment test. In the first step, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (Company compares the estimated fair value of each reporting unit with goodwill allocated to it to its carrying amount, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (including the goodwill. Fair value is determined using an equal weighting of both the income and market approaches. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (estimated weighted-average cost of capital, which reflects the overall level of inherent risk and the rate of return an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (outside investor would expect to earn. Under the market approach, the Company derives the fair value of the reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (units based on market multiples of comparable publicly-traded companies. ) Tj ET Q q 0 0 0 rg BT 366.34 458.10 Td (This fair value determination is categorized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (as Level 3 in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 209.23 446.10 Td (. If the carrying amount of such reporting unit exceeds the estimated fair value, step ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (two is completed to determine the amount of the impairment char) Tj ET Q q 0 0 0 rg BT 324.96 434.10 Td (ge. Step two requires the allocation of the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (fair value of the reporting unit to the assets, including any unrecognized intangible assets, and liabilities in a hypothetical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (purchase price allocation. ) Tj ET Q q 0 0 0 rg BT 169.90 410.10 Td (Any remaining unallocated fair value represents the implied fair value of the goodwill, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (is then compared to the corresponding carrying value of the goodwill to compute the goodwill impairment char) Tj ET Q q 0 0 0 rg BT 507.70 398.10 Td (ge. ) Tj ET Q q 0 0 0 rg BT 524.46 398.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (Company's methodologies for valuing goodwill are applied consistently on a year) Tj ET Q q 0 0 0 rg BT 389.53 386.10 Td (-over) Tj ET Q q 0 0 0 rg BT 410.43 386.10 Td (-year basis. ) Tj ET Q q 0 0 0 rg BT 460.79 386.10 Td (The assumptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (used in performing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.31 374.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.31 374.10 Td ( impairment calculations were evaluated in light of market and business conditions. ) Tj ET Q q 0 0 0 rg BT 514.93 374.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (Company continues to believe that the discounted cash flow model and market multiples model provide a reasonable and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (meaningful fair value estimate based upon the reporting units' projections of future operating results and cash flows and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (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 99.00 314.10 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 63.00 302.10 Td (circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (One of these indicators is a change in business climate, which may be evidenced by) Tj ET Q q 0 0 0 rg BT 396.97 290.10 Td (, among other things, a decline in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (company's market capitalization below book value for a sustained period of time. During certain periods in 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 266.10 Td (1, the Company's market capitalization was below its book value. ) Tj ET Q q 0 0 0 rg BT 344.09 266.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 393.43 266.10 Td (, the Company monitors changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (the share price between annual impairment tests to ensure that the estimated fair value of the reporting units continues to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (exceed the carrying value of the net assets of the reporting units. ) Tj ET Q q 0 0 0 rg BT 325.13 242.10 Td (A) Tj ET Q q 0 0 0 rg BT 331.80 242.10 Td ( decline in market capitalization that corresponds to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (an overall deterioration in stock market conditions is considered to be less of an indicator of goodwill impairment than a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (unilateral decline in the Company market capitalization, which would reflect adverse changes in the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (underlying operating performance, cash flows, financial condition and/or liquidity) Tj ET Q q 0 0 0 rg BT 391.14 206.10 Td (. In the event that the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (market capitalization declines below its book value, the reason for the decline is considered when assessing whether a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (potential goodwill impairment exists. ) Tj ET Q q 0 0 0 rg BT 217.24 182.10 Td (The Company believes that fluctuations in share price may not necessarily reflect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (underlying values.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 146.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 146.10 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.61 146.10 Td (, the Company's market capitalization remained below the Company's carrying value of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 Td (equity for approximately one year) Tj ET Q q 0 0 0 rg BT 198.66 134.10 Td (, which is considered by the Company to be a sustained period of time. ) Tj ET Q q 0 0 0 rg BT 486.66 134.10 Td (As a result, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (Company conducted an interim goodwill impairment assessment of the United States and Latin ) Tj ET Q q 0 0 0 rg BT 446.54 122.10 Td (American reporting units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (which included comparing the carrying amount of net assets, including goodwill, of each reporting unit to its respective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (fair value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.19 98.10 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.36 98.10 Td (, the date of the interim assessment. ) Tj ET Q q 0 0 0 rg BT 326.92 98.10 Td (The European reporting unit does not have any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (goodwill associated with it.) 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 60.35 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 710.10 Td (In performing the interim impairment assessment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.61 710.10 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.78 710.10 Td (, fair value was determined using an equal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (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 63.00 686.10 Td (included: estimated future cash flows including expected future revenue growth, profit mar) Tj ET Q q 0 0 0 rg BT 427.14 686.10 Td (gins, capital expenditures, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 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 306.23 674.10 Td (9.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.06 674.10 Td ( for the United States reporting unit and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.69 674.10 Td (13.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.52 674.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 86.05 662.10 Td (America reporting unit and terminal value multiples. Estimated future cash flows were based on the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (internal projection models, industry projections and other assumptions deemed reasonable by management. Significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (assumptions used under the market approach included: a control premium based on similar transactions, selection of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (guideline public companies and selected market multiples. Management concluded that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.17 614.10 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 452.75 614.10 Td (American reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (units exceeded its carrying amount.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 578.10 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 365.46 578.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.17 578.10 Td (, fair value was determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (using an equal weighting of both the income and market approaches. Significant assumptions used under the income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (approach included: estimated future cash flows including expected future revenue growth, profit mar) Tj ET Q q 0 0 0 rg BT 466.29 554.10 Td (gins, capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (expenditures, and 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 378.43 542.10 Td (9.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.26 542.10 Td ( for the United States reporting unit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.94 530.10 Td (13.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.77 530.10 Td ( for the Latin ) Tj ET Q q 0 0 0 rg BT 160.20 530.10 Td (America reporting unit and terminal value multiples. Estimated future cash flows were based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (the Company's internal projection models, industry projections and other assumptions deemed reasonable by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (management. Significant assumptions used under the market approach included: a control premium based on similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (transactions, selection of the guideline public companies and selected market multiples. Management concluded that no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.08 482.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.79 482.10 Td (, because the estimated fair value of each of the Company's United States and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 86.05 470.10 Td (American reporting units exceeded its carrying amount. No additional indications of impairment have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (identified between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.64 458.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.34 458.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.28 458.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.87 458.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 434.10 Td (In addition, the Company performed a sensitivity analysis as of both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.06 434.10 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.23 434.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.17 434.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.88 434.10 Td (, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (the material assumptions used in the discounted cash flow valuation models for the two reporting units to which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (goodwill has been allocated. Further) Tj ET Q q 0 0 0 rg BT 210.89 410.10 Td (, in performing both the interim and annual goodwill impairment assessments, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (percentage by which estimated fair value exceeded carrying value was more than 10% in both the United States and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 86.05 386.10 Td (America reporting units. Based on the goodwill impairment assessments performed, no goodwill impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (char) Tj ET Q q 0 0 0 rg BT 80.03 374.10 Td (ge pertaining to goodwill from continuing operations has been required to be recorded during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 362.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.91 362.10 Td (201) Tj ET Q q 0 0 0 rg BT 169.54 362.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.54 362.10 Td (. However) Tj ET Q q 0 0 0 rg BT 218.29 362.10 Td (, the Company recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.81 362.10 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.70 362.10 Td ( goodwill impairment char) Tj ET Q q 0 0 0 rg BT 483.88 362.10 Td (ge during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.89 350.10 Td ( quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.03 350.10 Td (201) Tj ET Q q 0 0 0 rg BT 140.66 350.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.66 350.10 Td ( for the pending sale of the Canadian discontinued operations due to the carrying value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (Canadian net assets exceeding the estimated fair value of the Mexican assets acquired from ) Tj ET Q q 0 0 0 rg BT 430.46 338.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.21 338.10 Td (ranscontinental. ) Tj ET Q q 0 0 0 rg BT 504.62 338.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (goodwill impairment loss is included in the loss from discontinued operations in the consolidated statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (operations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.12 314.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 255.33 314.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.33 314.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 290.10 Td (Impairment of Property) Tj ET Q q 0 0 0 rg BT 196.40 290.10 Td (, Plant and Equipment and Finite-lived Intangible ) Tj ET Q q 0 0 0 rg BT 405.50 290.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 266.10 Td (The Company performs impairment evaluations of its long-lived assets, of which the most significant are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (property) Tj ET Q q 0 0 0 rg BT 96.23 254.10 Td (, plant and equipment and the customer relationship intangible assets recorded with the ) Tj ET Q q 0 0 0 rg BT 446.51 254.10 Td (W) Tj ET Q q 0 0 0 rg BT 455.14 254.10 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (acquisition, whenever business conditions, events or circumstances indicate that those assets may be impaired, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (whether the estimated useful life of such long-lived assets may warrant revision or whether the remaining balance of an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (asset may not be recoverable. ) Tj ET Q q 0 0 0 rg BT 185.45 218.10 Td (Assessing the impairment of long-lived assets requires the Company to make important ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (estimates and assumptions, including, but not limited to, the expected future cash flows that the assets will generate, how ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (the assets will be used based on the strategic direction, their remaining useful life and their residual value, if any) Tj ET Q q 0 0 0 rg BT 511.37 194.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (Considerable judgment is also applied in incorporating the potential impact of the current economic climate on customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (demand and selling prices, the cost of production and the limited activity on secondary markets for the assets and on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (cost of capital. ) Tj ET Q q 0 0 0 rg BT 126.41 158.10 Td (When the estimated future undiscounted cash flows to be generated by the assets are less than the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.10 Td (carrying value of the long-lived assets, the assets are written down to fair value and a char) Tj ET Q q 0 0 0 rg BT 422.97 146.10 Td (ge is recorded to current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 111.97 134.10 Td (The Company uses internal undiscounted cash flow estimates, quoted market prices when available and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (independent appraisals, as appropriate, to determine fair value. Based on the assessments completed during the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 110.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 110.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.96 110.10 Td (201) Tj ET Q q 0 0 0 rg BT 187.59 110.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.59 110.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.03 110.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.03 110.10 Td ( the Company recognized total fixed asset impairment char) Tj ET Q q 0 0 0 rg BT 467.88 110.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td ($23.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 98.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 98.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.78 98.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.22 98.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.11 98.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 301.77 98.10 Td (, primarily related to the Company's closure and exit from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.01 98.10 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.01 98.10 Td ( ) Tj ET Q 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 60.35 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (manufacturing facilities. ) Tj ET Q q 0 0 0 rg BT 165.56 722.10 Td (There were no impairment char) Tj ET Q q 0 0 0 rg BT 291.43 722.10 Td (ges recorded during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.34 722.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.34 722.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.34 722.10 Td (201) Tj ET Q q 0 0 0 rg BT 412.97 722.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.97 722.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.30 722.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.30 722.10 Td ( for the customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (relationship intangibles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.10 Td (The Company continues to monitor groups of assets to identify any new events or changes in circumstances that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (could indicate that their carrying values are not recoverable, particularly in light of potential declines in profitability that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (may result from the highly competitive industry landscape and continued uncertainty in the global economy) Tj ET Q q 0 0 0 rg BT 493.90 662.10 Td (. In the event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (that there are significant and unanticipated changes in circumstances, such as significant adverse changes in business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (climate, adverse actions by regulators, unanticipated competition, loss of key customers and/or changes in technology or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (markets, or that actual results dif) Tj ET Q q 0 0 0 rg BT 193.89 626.10 Td (fer from management's estimates, a provision for impairment could be required in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (future period.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 590.10 Td (Pension and Postretirement Benefit Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.10 Td (As a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 226.85 566.10 Td (W) Tj ET Q q 0 0 0 rg BT 235.48 566.10 Td (orld Color Press, the Company acquired multiple pension and postretirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (defined benefit plans. Pension plan costs are determined using actuarial methods and are funded through contributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (determined in accordance with the projected benefit method pro-rated on service. ) Tj ET Q q 0 0 0 rg BT 392.96 542.10 Td (The Company records amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.10 Td (relating to its pension and postretirement benefit plans based on calculations which include various actuarial assumptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.10 Td (including discount rates, mortality) Tj ET Q q 0 0 0 rg BT 199.55 518.10 Td (, assumed rates of return, compensation increases, turnover rates and health care cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (trend rates. ) Tj ET Q q 0 0 0 rg BT 112.24 506.10 Td (The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (current rates and trends when it is appropriate to do so. ) Tj ET Q q 0 0 0 rg BT 287.48 494.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 313.11 494.10 Td (fects of modifications are recognized immediately on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (consolidated balance sheet, but are generally amortized into operating earnings over future periods, with the deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (amount recorded in accumulated other comprehensive income \(loss\) on the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 480.17 470.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.10 Td (believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.10 Td (market conditions and input from its actuaries and investment advisors. ) Tj ET Q q 0 0 0 rg BT 353.31 446.10 Td (When an event gives rise to both a curtailment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (and a settlement, the curtailment is accounted for prior to the settlement. ) Tj ET Q q 0 0 0 rg BT 357.44 434.10 Td (The Company's measurement date to measure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (the defined benefit plan assets and the projected benefit obligation is December 31. For the purposes of calculating the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (expected return on plan assets, those assets are valued at fair value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 386.10 Td (The Company determines its assumption for the discount rate to be used for purposes of computing annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.10 Td (service and interest costs for each pension plan based on an index of high-quality corporate bond yields and matched-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (funding yield curve analysis as of that date. ) Tj ET Q q 0 0 0 rg BT 241.66 362.10 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 482.96 362.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 350.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.05 350.10 Td (3.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.88 350.10 Td (, and for the postretirement benefit plans was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.88 350.10 Td (2.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.71 350.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 326.10 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 63.00 314.10 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 447.17 314.10 Td (The intent of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (strategy is to outperform the growth in plan liabilities over the long run, such that plan contributions can be decreased, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (balanced with maintaining a lower degree of investment risk. Risk tolerance is established through careful consideration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (of plan liabilities, plan funded status, and corporate financial condition. Equity investments are diversified across ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (geography and market capitalization through investments in U.S. lar) Tj ET Q q 0 0 0 rg BT 336.08 266.10 Td (ge-capitalization stocks, U.S. small-capitalization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (stocks and international securities. Investment risk is measured and monitored on an ongoing basis through annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 242.10 Td (liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. ) Tj ET Q q 0 0 0 rg BT 458.00 242.10 Td (The expected long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.10 Td (term rate of return for plan assets is based upon many factors including expected asset allocations, historical asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (returns, current and expected future market conditions and risk. ) Tj ET Q q 0 0 0 rg BT 321.62 218.10 Td (The tar) Tj ET Q q 0 0 0 rg BT 350.03 218.10 Td (get asset allocation is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.79 218.10 Td (65%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.12 218.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 482.96 218.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.96 218.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.29 218.10 Td ( fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 99.75 206.10 Td (The actual asset allocation as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 206.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.28 206.10 Td (, was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.59 206.10 Td (64%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.92 206.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 436.77 206.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.77 206.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.10 206.10 Td ( debt securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.33 194.10 Td ( other) Tj ET Q q 0 0 0 rg BT 98.83 194.10 Td (. ) Tj ET Q q 0 0 0 rg BT 106.14 194.10 Td (The expected return on plan assets assumption at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.42 194.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.00 194.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.44 194.10 Td (201) Tj ET Q q 0 0 0 rg BT 417.07 194.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.07 194.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.62 194.10 Td (6.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.45 194.10 Td ( for the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (funded U.S. pension plans. Certain pension plans and all postretirement benefit plans are unfunded \(those plans do not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (hold plan assets\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 146.10 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 63.00 134.10 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 494.25 134.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 122.10 Td (, the current weighted average health care cost trend rate assumption for the U.S. postretirement plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.05 110.10 Td (7.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.88 110.10 Td ( for both pre-age and post-age 65 participants. ) Tj ET Q q 0 0 0 rg BT 291.08 110.10 Td (The current trend rate gradually decreases to an ultimate trend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.32 98.10 Td (5.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.15 98.10 Td (. ) Tj ET Q q 0 0 0 rg BT 119.09 98.10 Td (A) Tj ET Q q 0 0 0 rg BT 125.76 98.10 Td ( one percentage point increase in the assumed health care cost trend rate would increase the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (postretirement benefit obligation by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.07 86.10 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.97 86.10 Td ( and increase the postretirement benefit service and interest cost ) 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 60.35 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (components, net by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.54 722.10 Td ($0.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.43 722.10 Td (. ) Tj ET Q q 0 0 0 rg BT 199.38 722.10 Td (A) Tj ET Q q 0 0 0 rg BT 206.05 722.10 Td ( one percentage point decrease in the assumed health care cost trend rate would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (decrease the postretirement benefit obligation by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.71 710.10 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.60 710.10 Td ( and decrease the postretirement benefit service and interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (cost components, net by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.15 698.10 Td ($0.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.04 698.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 674.10 Td (In addition, as a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 272.67 674.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.30 674.10 Td (orld Color Press, the Company participates in MEPPs. ) Tj ET Q q 0 0 0 rg BT 503.61 674.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.10 Td (Company records the required cash contributions to the MEPPs as expenses in the period incurred and a liability is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (recognized for any contributions due and unpaid, consistent with the accounting for defined contribution plans. In 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (due to the significantly underfunded status of the MEPPs, the Company withdrew from all significant MEPPs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (replace these benefits with a Company sponsored "pay as you go" defined contribution plan. ) Tj ET Q q 0 0 0 rg BT 437.18 626.10 Td (As a result of the decision ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (to withdraw) Tj ET Q q 0 0 0 rg BT 110.40 614.10 Td (, the Company recorded an estimated withdrawal liability for the MEPPs as part of the purchase price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (allocation process based on information received from the MEPP's trustees. ) Tj ET Q q 0 0 0 rg BT 370.10 602.10 Td (The estimated withdrawal liability will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (updated as new withdrawal liability projections are provided from each plan's trustees until the final withdrawal liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (is determined. ) Tj ET Q q 0 0 0 rg BT 124.47 578.10 Td (The exact amount of its withdrawal liability could be higher or lower than the estimate depending on, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.10 Td (among other things, the nature and timing of any triggering events and the funded status of the plans at that time.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 99.00 542.10 Td (Accounting for Income T) Tj ET Q q 0 0 0 rg BT 202.81 542.10 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 518.10 Td (In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.20 518.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.37 518.10 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 299.90 518.10 Td (W) Tj ET Q q 0 0 0 rg BT 308.54 518.10 Td (orld Color Press and the public registration of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.10 Td (Company's class ) Tj ET Q q 0 0 0 rg BT 131.47 506.10 Td (A) Tj ET Q q 0 0 0 rg BT 138.14 506.10 Td ( stock, the Company changed the tax status of any S corporation entities within the Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.10 Td (legal structure to C corporation status under the provisions of the Internal Revenue Code. From that point forward, all of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.10 Td (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 99.00 458.10 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 63.00 446.10 Td (deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (Under this method, deferred tax assets and liabilities are measured based on the dif) Tj ET Q q 0 0 0 rg BT 394.38 434.10 Td (ferences between the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.10 Td (statement and tax basis of assets and liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 362.45 422.10 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 491.38 422.10 Td (ferences are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.10 Td (expected to reverse. ) Tj ET Q q 0 0 0 rg BT 147.50 410.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 173.13 410.10 Td (fect of a change in tax rates on deferred tax assets and liabilities is recognized in income in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.10 Td (the period that includes the ef) Tj ET Q q 0 0 0 rg BT 181.39 398.10 Td (fective date of enactment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 374.10 Td (The Company records net deferred tax assets to the extent the Company believes these assets will more likely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.10 Td (than not be realized. ) Tj ET Q q 0 0 0 rg BT 148.89 362.10 Td (This determination is based upon all available positive and negative evidence, including future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.10 Td (reversals of existing taxable temporary dif) Tj ET Q q 0 0 0 rg BT 231.93 350.10 Td (ferences, projected future taxable income, tax planning strategies, and recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.10 Td (financial operations. ) Tj ET Q q 0 0 0 rg BT 149.46 338.10 Td (The realization of deferred tax assets depends upon the Company's ability to generate future taxable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 99.75 326.10 Td (The Company has recorded deferred tax assets related to domestic and foreign tax loss and credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 126.40 314.10 Td (The Company evaluates these deferred tax assets by tax jurisdiction. ) Tj ET Q q 0 0 0 rg BT 405.02 314.10 Td (The utilization of these tax assets is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.10 Td (limited by the amount of taxable income expected to be generated within the allowable carryforward period, and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 97.16 290.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 146.49 290.10 Td (, management has provided a valuation allowance to reduce certain of these deferred tax assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (when management has concluded that, based on the weight of available evidence, it is more likely than not that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (deferred tax assets will not be fully realized. If actual results dif) Tj ET Q q 0 0 0 rg BT 320.22 266.10 Td (fer from these estimates, or the estimates are adjusted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (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 99.00 230.10 Td (The Company is regularly audited by foreign and domestic tax authorities. ) Tj ET Q q 0 0 0 rg BT 401.80 230.10 Td (These audits occasionally result in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.10 Td (proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 206.10 Td (some cases, penalties and interest. ) Tj ET Q q 0 0 0 rg BT 204.44 206.10 Td (The Company recognizes a tax position in its consolidated financial statements when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.10 Td (it is more likely than not that the position would be sustained upon examination by tax authorities. ) Tj ET Q q 0 0 0 rg BT 460.81 194.10 Td (This recognized tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.10 Td (position is then measured at the lar) Tj ET Q q 0 0 0 rg BT 202.23 182.10 Td (gest amount of benefit that is greater than fifty-percent likely of being recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.10 Td (upon ultimate settlement. ) Tj ET Q q 0 0 0 rg BT 169.19 170.10 Td (The Company recognizes interest and penalties related to unrecognized tax benefits in income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 158.10 Td (tax expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 134.10 Td (The determination of the Company's worldwide tax provision and related tax assets and liabilities requires the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.10 Td (use of significant judgment, estimates, and the interpretation of complex tax laws. In the ordinary course of business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.10 Td (there are transactions and calculations where the final tax outcome is uncertain. ) Tj ET Q q 0 0 0 rg BT 385.47 110.10 Td (While the Company believes it has the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 98.10 Td (appropriate support for the positions taken, certain positions may be successfully challenged by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 524.37 98.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 86.10 Td (Company applies the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the ) 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 60.35 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (appropriate amount of tax benefits to be recognized with respect to uncertain tax positions. ) Tj ET Q q 0 0 0 rg BT 431.04 722.10 Td (The consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (statements as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.37 710.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.96 710.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.39 710.10 Td (201) Tj ET Q q 0 0 0 rg BT 242.02 710.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.02 710.10 Td ( reflect these tax positions. ) Tj ET Q q 0 0 0 rg BT 358.76 710.10 Td (The determination of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (worldwide tax provision includes the impact of any changes to the amount of tax benefits recognized with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (uncertain tax positions. ) Tj ET Q q 0 0 0 rg BT 160.49 686.10 Td (Although management believes that its estimates are reasonable, the final outcome of uncertain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (tax positions may be materially dif) Tj ET Q q 0 0 0 rg BT 201.96 674.10 Td (ferent from that which is reflected in the Company's historical financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 650.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.63 650.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.21 650.10 Td (, the Company recorded an adjustment to correct deferred tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (liabilities related to property) Tj ET Q q 0 0 0 rg BT 175.92 638.10 Td (, plant and equipment associated with the 2010 acquisition of ) Tj ET Q q 0 0 0 rg BT 423.19 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 431.83 638.10 Td (orld Color Press. ) Tj ET Q q 0 0 0 rg BT 504.15 638.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (Company believes that this correction was not material to its consolidated financial statements for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 614.10 Td (, or prior period consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 347.45 614.10 Td (The impact was to decrease long-term deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (income tax liabilities and goodwill by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.86 602.10 Td ($42.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.75 602.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.19 602.10 Td ($19.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.08 602.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 396.75 602.10 Td (, and to increase other long-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (liabilities by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.22 590.10 Td ($23.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.11 590.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.43 590.10 Td (There was no impact to the consolidated statements of operations, the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (statements of comprehensive income and the consolidated statements of cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 557.25 Td (New ) Tj ET Q q 0 0 0 rg BT 83.83 557.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 145.59 557.25 Td (onouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 533.25 Td (In May 201) Tj ET Q q 0 0 0 rg BT 145.29 533.25 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 209.17 533.25 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 339.43 533.25 Td (ASB"\) issued new guidance on fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.25 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 127.52 521.25 Td (This new guidance amends the definition of fair value measurement principles and disclosure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.25 Td (requirements to eliminate dif) Tj ET Q q 0 0 0 rg BT 178.62 509.25 Td (ferences between GAAP) Tj ET Q q 0 0 0 rg BT 277.09 509.25 Td ( and International Financial Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 479.08 509.25 Td (This new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.25 Td (guidance requires new quantitative and qualitative disclosures about the sensitivity of recurring Level 3 measurement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.25 Td (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 412.21 485.25 Td (. ) Tj ET Q q 0 0 0 rg BT 419.53 485.25 Td (The Company adopted this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.25 Td (guidance ef) Tj ET Q q 0 0 0 rg BT 109.18 473.25 Td (fective January 1, 2012. ) Tj ET Q q 0 0 0 rg BT 209.80 473.25 Td (The adoption of this guidance impacted the Company's disclosures and had no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.25 Td (impact on the Company's consolidated financial position, results of operations or cash flows.) 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 60.35 Td (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 Td (Item 7A.) Tj ET Q BT /F3 3.00 Tf ET q 0 0 0 rg BT 100.21 722.25 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 117 720.68505859375 m 375.7158203125 720.68505859375 l s q 0 0 0 rg BT 117.00 722.25 Td (Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 282.10 722.25 Td (es ) Tj ET Q q 0 0 0 rg BT 292.38 722.25 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (The Company is exposed to a variety of market risks which may adversely impact the Company's results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (operations and financial condition, including changes in interest and foreign currency exchange rates, changes in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (economic environment that would impact credit positions and changes in the prices of certain commodities. ) Tj ET Q q 0 0 0 rg BT 498.53 674.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (Company's management takes an active role in the risk management process and has developed policies and procedures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td (that require specific administrative and business functions to assist in the identification, assessment and control of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (various risks. ) Tj ET Q q 0 0 0 rg BT 121.15 638.25 Td (These risk management strategies may not fully insulate the Company from adverse impacts due to market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (risks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 84.48 603.25 Td (est Rate Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 579.25 Td (The Company is exposed to interest rate risk on variable rate debt obligations and price risk on fixed rate debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (and capital leases. ) Tj ET Q q 0 0 0 rg BT 139.91 567.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.36 567.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.94 567.25 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 63.00 555.25 Td ($579.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 555.25 Td ( at a current weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.85 555.25 Td (7.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.68 555.25 Td ( and variable rate debt outstanding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.02 555.25 Td ($771.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.91 555.25 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (a current weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.74 543.25 Td (3.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.57 543.25 Td (. ) Tj ET Q q 0 0 0 rg BT 261.89 543.25 Td (The variable rate debt outstanding at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.72 543.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.31 543.25 Td (, is primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (comprised of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.70 531.25 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.82 531.25 Td ( variable rate debt financing agreement entered into in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.88 531.25 Td (July 201) Tj ET Q q 0 0 0 rg BT 431.68 531.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.68 531.25 Td (, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.96 531.25 Td ($444.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.85 531.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (outstanding on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.38 519.25 Td ($450.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.27 519.25 Td ( term loan ) Tj ET Q q 0 0 0 rg BT 240.76 519.25 Td (A, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.99 519.25 Td ($196.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.88 519.25 Td ( outstanding on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.76 519.25 Td ($200.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 519.25 Td ( term loan B and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td ($50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 507.25 Td ( outstanding on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.77 507.25 Td ($850.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.67 507.25 Td ( revolving credit facility) Tj ET Q q 0 0 0 rg BT 350.92 507.25 Td (, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.30 507.25 Td ($70.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.19 507.25 Td ( of international ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 495.25 Td (variable rate debt. ) Tj ET Q q 0 0 0 rg BT 139.72 495.25 Td (The term loan B bears interest primarily based on LIBOR; however) Tj ET Q q 0 0 0 rg BT 409.80 495.25 Td (, it is subject to a 1.0% LIBOR ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 483.25 Td (minimum rate and thus the interest rate on the term loan B will not begin to fluctuate until LIBOR exceeds that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 471.25 Td (percentage. ) Tj ET Q q 0 0 0 rg BT 113.25 471.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 471.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.33 471.25 Td (, LIBOR was significantly lower than that 1.0% LIBOR minimum rate, and as a result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (the interest on the term loan B would not fluctuate with a 10% increase in the market interest rate. Excluding the term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 447.25 Td (loan B, a hypothetical change in the interest rate of 10% from the Company's current weighted average interest rate on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 435.25 Td (variable rate debt obligations of 3.0% would not have a material impact on the Company's interest expense. ) Tj ET Q q 0 0 0 rg BT 497.46 435.25 Td (A) Tj ET Q q 0 0 0 rg BT 504.13 435.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 423.25 Td (hypothetical 10% change in market interest rates would change the fair value of fixed rate debt at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.79 423.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.37 423.25 Td (, by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 411.25 Td (approximately $17.4million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 388.25 Td (For) Tj ET Q q 0 0 0 rg BT 78.37 388.25 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 120.12 388.25 Td (ency Risk and ) Tj ET Q q 0 0 0 rg BT 182.46 388.25 Td (T) Tj ET Q q 0 0 0 rg BT 188.39 388.25 Td (ranslation Exposur) Tj ET Q q 0 0 0 rg BT 270.17 388.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 364.25 Td (The Company is exposed to the impact of foreign currency fluctuations in certain countries in which it operates. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 352.25 Td (The exposure to foreign currency movements is limited in most countries because the operating revenues and expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 340.25 Td (of its various subsidiaries and business units are substantially in the local currency of the country in which they operate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 328.25 Td (Although operating in local currencies may limit the impact of currency rate fluctuations on the results of operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 316.25 Td (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 420.41 316.25 Td (fect the translation of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 304.25 Td (results into the Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 311.52 304.25 Td (T) Tj ET Q q 0 0 0 rg BT 316.93 304.25 Td (o the extent revenues and expenses are not in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 292.25 Td (applicable local currency) Tj ET Q q 0 0 0 rg BT 162.85 292.25 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 99.00 268.25 Td (The Company's hedging operations have historically not been material, and gains or losses from these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 256.25 Td (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 491.46 256.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 244.25 Td (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 99.00 220.25 Td (These international operations are subject to risks typical of international operations, including, but not limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 208.25 Td (to, dif) Tj ET Q q 0 0 0 rg BT 86.71 208.25 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 521.13 208.25 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 196.25 Td (tax structures, and other regulations and restrictions. ) Tj ET Q q 0 0 0 rg BT 276.83 196.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 326.17 196.25 Td (, future results could be adversely impacted by changes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 184.25 Td (in these or other factors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 161.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 74.48 161.25 Td (edit Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 137.25 Td (Credit risk is the possibility of loss from a customer's failure to make payments according to contract terms. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 125.25 Td (Prior to granting credit, each customer is evaluated in an underwriting process, taking into consideration the prospective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 113.25 Td (customer's financial condition, past payment experience, credit bureau information and other financial and qualitative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.25 Td (factors that may af) Tj ET Q q 0 0 0 rg BT 137.51 101.25 Td (fect the customer's ability to pay) Tj ET Q q 0 0 0 rg BT 266.68 101.25 Td (. Specific credit reviews and standard industry credit scoring models ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.25 Td (are used in performing this evaluation. Customers' financial condition is continuously monitored as part of the normal ) 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 60.35 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 722.10 Td (course of business. Some of the Company's customers are highly leveraged or otherwise subject to their own operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td (and regulatory risks. Based on those customer account reviews and due to the continued uncertainty of the global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td (economy) Tj ET Q q 0 0 0 rg BT 99.01 698.10 Td (, the Company has established an allowance for doubtful accounts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.71 698.10 Td ($70.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.60 698.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.76 698.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.34 698.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td (and during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.35 686.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.93 686.10 Td (, the Company recorded provisions for doubtful accounts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.54 686.10 Td ($3.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.43 686.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.10 Td (The Company had a lar) Tj ET Q q 0 0 0 rg BT 192.68 662.10 Td (ge, diverse customer base prior to the acquisition of ) Tj ET Q q 0 0 0 rg BT 401.88 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 410.52 662.10 Td (orld Color Press; however) Tj ET Q q 0 0 0 rg BT 514.83 662.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.10 Td (credit risk from customer concentration further decreased after the acquisition with the addition of new customers, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.10 Td (geographies and products the Company now produces. ) Tj ET Q q 0 0 0 rg BT 286.94 638.10 Td (The Company does not have a high degree of concentration with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.10 Td (any single customer account. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.71 626.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.29 626.10 Td (, the Company's lar) Tj ET Q q 0 0 0 rg BT 431.45 626.10 Td (gest customer accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.10 Td (less than 5% of the 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 538.62 614.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.10 Td (the Company may experience financial losses in its dealings with customers and other parties. ) Tj ET Q q 0 0 0 rg BT 443.46 602.10 Td (Any increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.10 Td (nonpayment or nonperformance by customers could adversely impact the Company's results of operations and financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.10 Td (condition. Economic disruptions could result in significant future char) Tj ET Q q 0 0 0 rg BT 346.09 578.10 Td (ges.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 555.25 Td (Commodity Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 531.25 Td (The primary raw materials used by the Company are paper) Tj ET Q q 0 0 0 rg BT 333.79 531.25 Td (, ink and ener) Tj ET Q q 0 0 0 rg BT 388.03 531.25 Td (gy) Tj ET Q q 0 0 0 rg BT 397.38 531.25 Td (. ) Tj ET Q q 0 0 0 rg BT 404.33 531.25 Td (At this time, the Company's supply ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (of raw materials is readily available from numerous suppliers; however) Tj ET Q q 0 0 0 rg BT 347.79 519.25 Td (, based on market conditions, that could change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (the future. ) Tj ET Q q 0 0 0 rg BT 108.91 507.25 Td (The Company generally buys these raw materials based upon market prices that are established with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 495.25 Td (vendor as part of the purchase process.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 471.25 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 63.00 459.25 Td (customers that do not supply paper) Tj ET Q q 0 0 0 rg BT 202.30 459.25 Td (, the Company generally includes price adjustment clauses in sales contracts. ) Tj ET Q q 0 0 0 rg BT 514.80 459.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 447.25 Td (Company produces the majority of ink used in its print production. Raw materials for the ink manufacturing process are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 435.25 Td (purchased externally from a variety of suppliers. ) Tj ET Q q 0 0 0 rg BT 261.92 435.25 Td (The Company generally includes price adjustment clauses for ink and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 423.25 Td (other critical raw materials in the printing process in its sales contracts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 399.25 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 508.12 399.25 Td (gy prices ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 387.25 Td (on its manufacturing costs, and increases in ener) Tj ET Q q 0 0 0 rg BT 256.65 387.25 Td (gy prices result in higher manufacturing costs for certain of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 111.97 375.25 Td (The Company mitigates its risk through natural gas hedges when appropriate. In its logistic operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 363.25 Td (however) Tj ET Q q 0 0 0 rg BT 97.03 363.25 Td (, the Company is 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 99.00 339.25 Td (As a result, management believes a hypothetical 10% change in the price of paper and other raw materials ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.25 Td (would not have a significant direct impact on the Company's consolidated annual results of operations or cash flows; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 315.25 Td (however) Tj ET Q q 0 0 0 rg BT 97.03 315.25 Td (, significant increases in commodity pricing or tight supply could influence future customers' demand for printed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.25 Td (products. Inflation has not had a significant impact on the Company historically) Tj ET Q q 0 0 0 rg BT 384.23 303.25 Td (.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (69) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 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 117 720.68505859375 m 316.453125 720.68505859375 l s q 0 0 0 rg BT 117.00 722.25 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 699.25 Td (Quarterly Financial Data \(Unaudited\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 675.25 Td (The following table sets forth selected financial information for each of the eight quarters in the two-year period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 663.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 663.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 663.25 Td (. ) Tj ET Q q 0 0 0 rg BT 175.28 663.25 Td (This unaudited information has been prepared by the Company on the same basis as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 651.25 Td (consolidated financial statements and includes all normal recurring adjustments necessary to present this information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 639.25 Td (fairly when read in 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 327.5 592.75 m 368.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 592.75 m 372.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 592.75 m 413.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 592.75 m 417.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 592.75 m 458.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 592.75 m 462.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 592.75 m 503.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 592.75 m 507.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 592.75 m 548.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 574.75 m 368.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 574.75 m 413.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 574.75 m 458.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 574.75 m 503.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 574.75 m 548.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 498.75 m 368.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 498.75 m 413.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 498.75 m 458.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 498.75 m 503.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 498.75 m 548.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 433.75 m 368.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 433.75 m 413.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 433.75 m 458.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 433.75 m 503.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 433.75 m 548.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 303.75 m 368.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 303.75 m 413.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 303.75 m 458.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 303.75 m 503.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 303.75 m 548.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 238.75 m 368.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 238.75 m 413.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 238.75 m 458.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 238.75 m 503.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 238.75 m 548.5 238.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.70 620.15 Td (UNAUDITED INTERIM FINANCIAL INFORMATION) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.15 608.15 Td (\(In millions, except per share data\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.20 596.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.25 584.83 Td (First) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.55 576.88 Td (Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.25 584.83 Td (Second) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.55 576.88 Td (Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.45 584.83 Td (Third) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.55 576.88 Td (Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.50 584.83 Td (Fourth) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.55 576.88 Td (Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.80 578.98 Td (Full Year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 566.83 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 555.70 Td (Net sales) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 94.10 559.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 102.00 555.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.00 555.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 555.70 Td (989.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.00 555.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 555.70 Td (934.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.00 555.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.25 555.70 Td (1,039.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.00 555.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.25 555.70 Td (1,130.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.00 555.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 555.70 Td (4,094.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 544.70 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 231.41 548.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.00 544.70 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.25 544.70 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.60 544.70 Td (\(9.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 544.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 544.70 Td (59.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 544.70 Td (55.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 544.70 Td (106.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 524.70 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 214.52 528.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.00 524.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 524.70 Td (15.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 524.70 Td (\(20.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 524.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 524.70 Td (39.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 524.70 Td (22.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 524.70 Td (56.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 513.70 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 210.08 517.33 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.00 513.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.60 513.70 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.30 513.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 513.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.30 513.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 513.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 513.70 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 513.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 502.70 Td (Gain \(loss\) on disposal of 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 259.63 506.33 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.00 502.70 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 502.70 Td (35.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 502.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.30 502.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.60 502.70 Td (\(1.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 502.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 502.70 Td (34.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 490.70 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.00 490.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 490.70 Td (47.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 490.70 Td (\(20.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 490.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 490.70 Td (39.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 490.70 Td (20.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 490.70 Td (87.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 478.70 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 294.94 482.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 478.70 Td (. . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 478.70 Td (47.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 478.70 Td (\(20.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 478.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 478.70 Td (39.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 478.70 Td (21.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 478.70 Td (87.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 467.70 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 65.00 459.70 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 448.70 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 150.00 448.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 448.70 Td (0.33) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 448.70 Td (\(0.44) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 448.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 448.70 Td (0.84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 448.70 Td (0.42) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 448.70 Td (1.13) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 437.70 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 437.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 437.70 Td (0.68) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 437.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.30 437.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.60 437.70 Td (\(0.03) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 437.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 437.70 Td (0.65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 425.70 Td (Loss per diluted share attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.00 425.70 Td (. .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 425.70 Td (1.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 425.70 Td (\(0.44) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 425.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 425.70 Td (0.84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 425.70 Td (0.39) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.25 425.70 Td (1.78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 404.70 Td (Closing stock price high) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.00 404.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 404.70 Td (16.22) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 404.70 Td (14.38) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.25 404.70 Td (19.89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 404.70 Td (20.65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 404.70 Td (20.65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 393.70 Td (Closing stock price low) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.00 393.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 393.70 Td (11.75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 393.70 Td (11.91) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.25 393.70 Td (14.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 393.70 Td (14.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 393.70 Td (11.75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 381.70 Td (Closing stock price at quarter-end) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 174.00 381.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 381.70 Td (13.90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 381.70 Td (14.38) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.25 381.70 Td (16.96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 381.70 Td (20.39) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 381.70 Td (20.39) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 360.83 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 349.70 Td (Net sales) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 94.10 353.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 102.00 349.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.00 349.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.25 349.70 Td (1,022.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.00 349.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 349.70 Td (977.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.00 349.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.25 349.70 Td (1,109.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.00 349.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.25 349.70 Td (1,215.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.00 349.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 349.70 Td (4,324.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 338.70 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 211.63 342.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.00 338.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 338.70 Td (24.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 338.70 Td (10.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 338.70 Td (56.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 338.70 Td (65.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 338.70 Td (156.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 318.70 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 214.52 322.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.00 318.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.25 318.70 Td (3.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 318.70 Td (\(14.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 318.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.60 318.70 Td (\(5.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.30 318.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.25 318.70 Td (8.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 318.70 Td (\(8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 318.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 307.70 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 243.18 311.33 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.00 307.70 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.60 307.70 Td (\(10.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.30 307.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.25 307.70 Td (4.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 307.70 Td (\(16.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.30 307.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.60 307.70 Td (\(15.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 307.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 307.70 Td (\(38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 307.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 295.70 Td (Net loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.00 295.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.60 295.70 Td (\(7.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.30 295.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 295.70 Td (\(10.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 295.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 295.70 Td (\(22.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.30 295.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.60 295.70 Td (\(6.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 295.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 295.70 Td (\(46.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 295.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 283.70 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 260.51 287.33 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 283.70 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.60 283.70 Td (\(7.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.30 283.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 283.70 Td (\(10.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 283.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 283.70 Td (\(22.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.30 283.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.60 283.70 Td (\(6.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 283.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 283.70 Td (\(46.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 283.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 272.70 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 65.00 264.70 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 253.70 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 150.00 253.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 253.70 Td (0.06) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 253.70 Td (\(0.31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 253.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 253.70 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.30 253.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.25 253.70 Td (0.19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 253.70 Td (\(0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 253.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 242.70 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 242.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.60 242.70 Td (\(0.21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.30 242.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 242.70 Td (0.09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 242.70 Td (\(0.36) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.30 242.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.60 242.70 Td (\(0.34) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 242.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 242.70 Td (\(0.82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 242.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 230.70 Td (Loss per diluted share attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.00 230.70 Td (. .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.60 230.70 Td (\(0.15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.30 230.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 230.70 Td (\(0.22) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 230.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 230.70 Td (\(0.48) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.30 230.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.60 230.70 Td (\(0.15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 230.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 230.70 Td (\(1.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 230.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 209.70 Td (Closing stock price high) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.00 209.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 209.70 Td (45.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 209.70 Td (42.78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.25 209.70 Td (39.10) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 209.70 Td (20.70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 209.70 Td (45.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 198.70 Td (Closing stock price low) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.00 198.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 198.70 Td (41.75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 198.70 Td (38.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.25 198.70 Td (18.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 198.70 Td (12.63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 198.70 Td (12.63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 187.70 Td (Closing stock price at quarter) Tj ET Q q 0 0 0 rg BT 159.12 187.70 Td (-end) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 174.00 187.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 187.70 Td (42.54) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.25 187.70 Td (38.86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.25 187.70 Td (18.07) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 187.70 Td (14.34) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 187.70 Td (14.34) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 174.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 159.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 159.65 Td (Reflects results of acquired businesses from the relevant acquisition dates.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 144.85 Td (\(2\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 144.85 Td (The results of operations of the Company's Canadian operations are included in the loss from discontinued operations \(see ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 134.05 Td (Note4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 105.24 134.05 Td (, "Discontinued Operations," to the consolidated financial statements in Item 8 of this ) Tj ET Q q 0 0 0 rg BT 414.78 134.05 Td (Annual Report on Form 10-K\). ) Tj ET Q q 0 0 0 rg BT 531.35 134.05 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 123.25 Td (Company's Canadian operations were originally acquired by the Company as part of the ) Tj ET Q q 0 0 0 rg BT 400.12 123.25 Td (W) Tj ET Q q 0 0 0 rg BT 407.90 123.25 Td (orld Color Press acquisition on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.64 123.25 Td (July2, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 112.45 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.00 112.45 Td (. On ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.00 112.45 Td (March1, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.74 112.45 Td (, the Company completed the sale of its Canadian operations to ) Tj ET Q q 0 0 0 rg BT 401.52 112.45 Td (T) Tj ET Q q 0 0 0 rg BT 406.70 112.45 Td (ranscontinental resulting in a gain on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 101.65 Td (disposal of discontinued operations \(see ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.22 101.65 Td (Note3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.46 101.65 Td ( for a description of the business exchange transaction\).) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (70) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.40 722.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 722.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 722.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 722.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 722.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 722.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 698.25 Td (o the Board of Directors and Shareholders of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (Quad/Graphics, Inc. and subsidiaries:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 662.25 Td (e have audited the accompanying consolidated balance sheets of Quad/Graphics, Inc. and subsidiaries \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td ("Company"\) as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.54 650.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.13 650.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.56 650.25 Td (201) Tj ET Q q 0 0 0 rg BT 250.19 650.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.19 650.25 Td (, and the related consolidated statements of operations, comprehensive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (income \(loss\), redeemable equity) Tj ET Q q 0 0 0 rg BT 195.08 638.25 Td (, common stock and other equity and non-controlling interests, and cash flows for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.05 626.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.63 626.25 Td (. ) Tj ET Q q 0 0 0 rg BT 299.95 626.25 Td (These financial statements are the responsibility of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (Company's management. 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 99.00 590.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 590.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 427.83 590.25 Td (Accounting Oversight Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 578.25 Td (\(United States\). ) Tj ET Q q 0 0 0 rg BT 130.58 578.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.25 Td (whether the financial statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 333.17 566.25 Td (An audit includes examining, on a test basis, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (evidence supporting the amounts and disclosures in the financial statements. ) Tj ET Q q 0 0 0 rg BT 372.93 554.25 Td (An audit also includes assessing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (accounting principles used and significant estimates made by management, as well as evaluating the overall financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td (statement presentation. ) Tj ET Q q 0 0 0 rg BT 160.01 530.25 Td (W) Tj ET Q q 0 0 0 rg BT 168.65 530.25 Td (e believe that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 506.25 Td (In our opinion, such consolidated financial statements present fairly) Tj ET Q q 0 0 0 rg BT 369.66 506.25 Td (, in all material respects, the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.25 Td (position of Quad/Graphics, Inc. and subsidiaries at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.23 494.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.82 494.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.26 494.25 Td (201) Tj ET Q q 0 0 0 rg BT 380.89 494.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.89 494.25 Td (, and the results of their operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 482.25 Td (their cash flows 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 314.84 482.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.42 482.25 Td (, in conformity with accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.25 Td (principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 273.48 470.25 Td (America.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 446.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 446.25 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 416.44 446.25 Td (Accounting Oversight Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.25 Td (\(United States\), 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 372.49 434.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.08 434.25 Td (, based on the criteria ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (established in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 120.21 422.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 177.90 422.25 Td (olIntegrated Framework) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.38 422.25 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 458.80 422.25 Td (ganizations of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.76 410.25 Td (readway Commission and our report dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.49 410.25 Td (March8, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.09 410.25 Td ( expressed an unqualified opinion on the Company's internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.25 Td (control over financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (/s/ Deloitte & ) Tj ET Q q 0 0 0 rg BT 119.76 374.25 Td (T) Tj ET Q q 0 0 0 rg BT 125.17 374.25 Td (ouche LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.25 Td (Milwaukee, ) Tj ET Q q 0 0 0 rg BT 112.80 350.25 Td (W) Tj ET Q q 0 0 0 rg BT 121.84 350.25 Td (isconsin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.25 Td (March8, 2013) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 151 0 obj <> endobj 152 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 60.35 Td (71) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.40 722.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 722.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 722.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 722.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 722.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 722.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 698.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 698.25 Td (o the Board of Directors and Shareholders of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (Quad/Graphics, Inc. and subsidiaries:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 662.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 662.25 Td (e have audited the internal control over financial reporting of Quad/Graphics, Inc. and subsidiaries \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 650.25 Td ("Company"\) as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.54 650.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.13 650.25 Td (, based on criteria established in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 346.92 650.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 404.60 650.25 Td (olIntegrated Framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.59 650.25 Td (issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 638.25 Td (by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 206.42 638.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 279.83 638.25 Td (T) Tj ET Q q 0 0 0 rg BT 285.58 638.25 Td (readway Commission. ) Tj ET Q q 0 0 0 rg BT 379.84 638.25 Td (The Company's management is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.25 Td (responsible for maintaining ef) Tj ET Q q 0 0 0 rg BT 183.06 626.25 Td (fective internal control over financial reporting and for its assessment of the ef) Tj ET Q q 0 0 0 rg BT 496.66 626.25 Td (fectiveness ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 614.25 Td (of internal control over financial reporting, included in the accompanying Management's Report on Internal Control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.25 Td (Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 590.25 Td (reporting based on our audit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 566.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 566.25 Td (e conducted our audit in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 423.94 566.25 Td (Accounting Oversight Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 554.25 Td (\(United States\). ) Tj ET Q q 0 0 0 rg BT 130.58 554.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (whether ef) Tj ET Q q 0 0 0 rg BT 105.29 542.25 Td (fective internal control over financial reporting was maintained in all material respects. Our audit included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 530.25 Td (obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.25 Td (testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 261.37 518.25 Td (fectiveness of internal control based on the assessed risk, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.25 Td (performing such other procedures as we considered necessary in the circumstances. ) Tj ET Q q 0 0 0 rg BT 401.86 506.25 Td (W) Tj ET Q q 0 0 0 rg BT 410.50 506.25 Td (e believe that our audit provides a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 494.25 Td (reasonable basis for our opinion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 470.25 Td (A) Tj ET Q q 0 0 0 rg BT 105.67 470.25 Td ( company's internal control over financial reporting is a process designed by) Tj ET Q q 0 0 0 rg BT 409.79 470.25 Td (, or under the supervision of, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 458.25 Td (company's principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 287.31 458.25 Td (ficers, or persons performing similar functions, and ef) Tj ET Q q 0 0 0 rg BT 502.90 458.25 Td (fected by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 446.25 Td (the company's board of directors, management, and other personnel to provide reasonable assurance regarding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.25 Td (reliability of financial reporting and the preparation of financial statements for external purposes in accordance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (generally accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 232.93 422.25 Td (A) Tj ET Q q 0 0 0 rg BT 239.60 422.25 Td ( company's internal control over financial reporting includes those policies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 410.25 Td (and procedures that \(1\)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 398.25 Td (transactions and dispositions of the assets of the company; \(2\)provide reasonable assurance that transactions are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.25 Td (management and directors of the company; and \(3\)provide reasonable assurance regarding prevention or timely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 350.25 Td (detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 501.72 350.25 Td (fect on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 338.25 Td (financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 314.25 Td (Because of the inherent limitations of internal control over financial reporting, including the possibility of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 302.25 Td (collusion or improper management override of controls, material misstatements due to error or fraud may not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.25 Td (prevented or detected on a timely basis. ) Tj ET Q q 0 0 0 rg BT 226.00 290.25 Td (Also, projections of any evaluation of the ef) Tj ET Q q 0 0 0 rg BT 401.88 290.25 Td (fectiveness of the internal control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.25 Td (over financial reporting to future periods are subject to the risk that the controls may become inadequate because of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.25 Td (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 99.00 242.25 Td (In our opinion, the Company maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 369.58 242.25 Td (fective internal control over financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 230.25 Td (reporting as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.82 230.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.40 230.25 Td (, based on the criteria established in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 347.91 230.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 405.59 230.25 Td (olIntegrated Framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.58 230.25 Td (issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 218.25 Td (by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 206.42 218.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 279.83 218.25 Td (T) Tj ET Q q 0 0 0 rg BT 285.58 218.25 Td (readway Commission.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 194.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 194.25 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 416.44 194.25 Td (Accounting Oversight Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 182.25 Td (\(United States\), 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 391.77 182.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.36 182.25 Td ( of the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 170.25 Td (and our report dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.30 170.25 Td (March8, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.90 170.25 Td ( expressed an unqualified opinion on those consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 146.25 Td (/s/ Deloitte & ) Tj ET Q q 0 0 0 rg BT 119.76 146.25 Td (T) Tj ET Q q 0 0 0 rg BT 125.17 146.25 Td (ouche LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 122.25 Td (Milwaukee, ) Tj ET Q q 0 0 0 rg BT 112.80 122.25 Td (W) Tj ET Q q 0 0 0 rg BT 121.84 122.25 Td (isconsin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.25 Td (March8, 2013) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 153 0 obj <> endobj 154 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 60.35 Td (72) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 722.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.15 710.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.97 710.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.52 710.25 Td (A) Tj ET Q q 0 0 0 rg BT 290.00 710.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.92 710.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 391.68 710.25 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.25 698.25 Td (\(in millions, except per) Tj ET Q q 0 0 0 rg BT 329.28 698.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 350.49 698.25 Td (e data\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 674.75 m 430.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 674.75 m 434.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 674.75 m 489.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 674.75 m 493.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 674.75 m 548.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 661.75 m 430.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 661.75 m 489.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 674.75 m 548.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 661.75 m 548.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 661.75 m 430.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 622.75 m 430.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 622.75 m 489.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 622.75 m 548.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 570.75 m 430.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 570.75 m 489.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 570.75 m 548.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 505.75 m 430.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 505.75 m 489.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 505.75 m 548.5 505.75 l s 0 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355.75 m 430.5 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 355.75 m 489.5 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 355.75 m 548.5 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 329.75 m 430.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 329.75 m 489.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 329.75 m 548.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 317.75 m 430.5 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 315.75 m 430.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 317.75 m 489.5 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 315.75 m 489.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 317.75 m 548.5 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 315.75 m 548.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 251.75 m 430.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 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(2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 653.00 Td (Net sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 640.00 Td (Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 106.00 639.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 640.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.25 640.00 Td (3,638.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 640.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.25 640.00 Td (3,825.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 640.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 640.00 Td (2,813.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 627.00 Td (Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 106.00 626.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 627.00 Td (455.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 627.00 Td (499.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 627.00 Td (372.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 614.00 Td (Total net sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 138.00 613.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.25 614.00 Td (4,094.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.25 614.00 Td (4,324.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 614.00 Td (3,185.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 601.00 Td (Cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 588.00 Td (Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 106.00 587.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.25 588.00 Td (2,848.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.25 588.00 Td (2,921.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 588.00 Td (2,131.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 575.00 Td (Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 106.00 574.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 575.00 Td (335.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 575.00 Td (380.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 575.00 Td (275.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 562.00 Td (Total cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 150.00 561.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.25 562.00 Td (3,183.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.25 562.00 Td (3,302.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 562.00 Td (2,406.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 549.00 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 536.00 Td (Selling, general and administrative expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.00 535.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 536.00 Td (347.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 536.00 Td (407.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 536.00 Td (303.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 523.00 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 178.00 522.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 523.00 Td (338.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 523.00 Td (344.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 523.00 Td (267.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 510.00 Td (Restructuring, impairment and transaction-related charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.00 509.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 510.00 Td (118.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 510.00 Td (114.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 510.00 Td (147.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 497.00 Td (Total operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.00 496.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.25 497.00 Td (3,987.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.25 497.00 Td (4,167.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.25 497.00 Td (3,124.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 483.98 Td (Operating income from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.00 483.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.00 483.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.30 483.98 Td (106.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.00 483.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.30 483.98 Td (156.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.00 483.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.30 483.98 Td (61.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 471.00 Td (Interest expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 130.00 470.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 471.00 Td (84.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 471.00 Td (108.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 471.00 Td (92.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 458.00 Td (Loss on debt extinguishment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.00 457.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.30 458.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 458.00 Td (34.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 458.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 445.70 Td (Earnings \(loss\) from continuing operations before income taxes and equity in earnings of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 437.70 Td (unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.00 437.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 438.00 Td (22.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 438.00 Td (14.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 438.00 Td (\(31.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 438.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 425.00 Td (Income tax expense \(benefit\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 174.00 424.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.60 425.00 Td (\(31.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.30 425.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 425.00 Td (26.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 425.00 Td (223.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 412.00 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 370.00 411.70 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 412.00 Td (54.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 412.00 Td (\(11.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 412.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 412.00 Td (\(254.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 412.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 399.00 Td (Equity in earnings of unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.00 398.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 399.00 Td (2.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 399.00 Td (3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 399.00 Td (9.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 385.98 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 385.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.00 385.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.30 385.98 Td (56.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.00 385.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.60 385.98 Td (\(8.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 385.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.00 385.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 385.98 Td (\(245.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.30 385.98 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 373.00 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 372.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.60 373.00 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.30 373.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 373.00 Td (\(38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 373.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 373.00 Td (\(4.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 373.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 360.00 Td (Gain on disposal of discontinued operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.00 359.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 360.00 Td (34.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 360.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 360.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 346.98 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 130.00 346.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.00 346.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.30 346.98 Td (87.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.00 346.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.60 346.98 Td (\(46.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 346.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.00 346.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 346.98 Td (\(250.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.30 346.98 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 334.00 Td (Net \(earnings\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.00 333.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 334.00 Td (0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.60 334.00 Td (\(0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 334.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 334.00 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 334.00 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 320.98 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 314.00 320.70 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.00 320.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.30 320.98 Td (87.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.00 320.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.60 320.98 Td (\(46.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 320.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.00 320.98 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 320.98 Td (\(250.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.30 320.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 294.98 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 77.00 282.00 Td (Basic:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 269.00 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.00 268.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 269.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 269.00 Td (1.14) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 269.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 269.00 Td (\(0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 269.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 269.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 269.00 Td (\(6.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 269.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 256.00 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.00 255.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 256.00 Td (0.66) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 256.00 Td (\(0.82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 256.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 256.00 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 256.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 101.00 243.00 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 350.00 242.70 Td (. . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 243.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 243.00 Td (1.80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 243.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 243.00 Td (\(1.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 243.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 243.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 243.00 Td (\(6.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 243.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 230.00 Td (Diluted:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 217.00 Td (Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.00 216.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 217.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 217.00 Td (1.13) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 217.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 217.00 Td (\(0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 217.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 217.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 217.00 Td (\(6.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 217.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 204.00 Td (Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.00 203.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 204.00 Td (0.65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 204.00 Td (\(0.82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 204.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 204.00 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 204.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 101.00 191.00 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 350.00 190.70 Td (. . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 191.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 191.00 Td (1.78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 191.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 191.00 Td (\(1.00) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 191.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 191.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 191.00 Td (\(6.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 191.00 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 177.98 Td (Weighted average number of common shares outstanding:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 165.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 98.00 164.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 165.00 Td (46.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 165.00 Td (47.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 165.00 Td (37.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 152.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 102.00 151.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 152.00 Td (47.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 152.00 Td (47.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 152.00 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 127.25 Td (See accompanying Notes to Consolidated Financial Statements.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (73) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 722.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.40 710.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 197.22 710.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 231.78 710.25 Td (A) Tj ET Q q 0 0 0 rg BT 238.25 710.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 303.17 710.25 Td ( COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.30 698.25 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 360.5 674.75 m 420.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 674.75 m 424.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 674.75 m 484.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 674.75 m 488.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 674.75 m 548.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 661.75 m 420.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 661.75 m 484.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 661.75 m 548.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 661.75 m 420.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 661.75 m 484.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 661.75 m 548.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 531.75 m 420.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 531.75 m 484.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 531.75 m 548.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 505.75 m 420.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 505.75 m 484.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 505.75 m 548.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 466.75 m 420.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 466.75 m 484.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 466.75 m 548.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 440.75 m 420.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 440.75 m 484.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 440.75 m 548.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 375.75 m 420.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 363.75 m 420.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 361.75 m 420.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 375.75 m 484.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 363.75 m 484.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 361.75 m 484.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 375.75 m 548.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 363.75 m 548.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 361.75 m 548.5 361.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.70 678.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.00 665.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.20 665.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.00 665.98 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 653.00 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 127.00 652.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.00 653.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 653.00 Td (87.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.00 653.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.60 653.00 Td (\(46.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 653.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.00 653.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 653.00 Td (\(250.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 653.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 640.00 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 627.00 Td (Currency translation adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.00 626.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.30 627.00 Td (6.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.60 627.00 Td (\(26.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 627.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 627.00 Td (\(2.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 627.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 614.00 Td (Translation of long-term loans to foreign subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.00 613.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.60 614.00 Td (\(1.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 614.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 614.00 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 614.00 Td (7.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 601.00 Td (Pension and other postretirement benefit plans:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 588.00 Td (Prior service credit arising during period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.00 587.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 588.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.30 588.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 588.00 Td (19.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 575.00 Td (Net gain \(loss\) arising during period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.00 574.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 575.00 Td (\(28.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 575.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.60 575.00 Td (\(110.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 575.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 575.00 Td (62.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 562.00 Td (Amortization of prior service credit included in net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.00 561.70 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.60 562.00 Td (\(3.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 562.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 562.00 Td (\(3.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 562.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 562.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 549.00 Td (Amortization of net actuarial loss included in net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.00 548.70 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.60 549.00 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 549.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 549.00 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 549.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 536.00 Td (Plan curtailments/settlements included in net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.00 535.70 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 536.00 Td (\(12.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 536.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.30 536.00 Td (11.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 536.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 523.00 Td (Pension and other postretirement benefit plans, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 522.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 523.00 Td (\(44.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 523.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.60 523.00 Td (\(101.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 523.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 523.00 Td (82.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 497.00 Td (Other comprehensive income \(loss\), before tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.00 496.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 497.00 Td (\(40.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 497.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.60 497.00 Td (\(127.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 497.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 497.00 Td (86.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 471.00 Td (Income tax benefit \(expense\) related to items of other comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.00 470.70 Td (. . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 471.00 Td (17.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.30 471.00 Td (37.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 471.00 Td (\(30.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 471.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 445.00 Td (Other comprehensive income \(loss\), net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.00 444.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 445.00 Td (\(22.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.60 445.00 Td (\(90.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 445.00 Td (56.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 419.00 Td (Total comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 179.00 418.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 419.00 Td (64.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.60 419.00 Td (\(137.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 419.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 419.00 Td (\(193.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 419.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 393.00 Td (Less: comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.00 392.70 Td (. . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.30 393.00 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.30 393.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 393.00 Td (\(0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 393.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 367.00 Td (Comprehensive income \(loss\) attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.00 366.70 Td (. . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.00 367.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 367.00 Td (64.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.00 367.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.60 367.00 Td (\(137.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 367.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.00 367.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 367.00 Td (\(194.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 367.00 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 345.25 Td (See accompanying Notes to Consolidated Financial Statements.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (74) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 722.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.40 710.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 710.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.25 698.25 Td (\(in millions, except per) Tj ET Q q 0 0 0 rg BT 329.28 698.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 350.49 698.25 Td (e data\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 669.75 m 487.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 669.75 m 548.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 580.75 m 487.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 580.75 m 548.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 569.75 m 487.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 569.75 m 548.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 491.75 m 487.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 491.75 m 548.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 481.75 m 487.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 479.75 m 487.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 481.75 m 548.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 479.75 m 548.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 392.75 m 487.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 392.75 m 548.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 381.75 m 487.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 381.75 m 548.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 313.75 m 487.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 313.75 m 548.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 146.75 m 487.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 146.75 m 548.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 125.75 m 487.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 125.75 m 548.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 114.75 m 487.5 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 114.75 m 548.5 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 104.75 m 487.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 102.75 m 487.5 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 104.75 m 548.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 102.75 m 548.5 102.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.25 679.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.50 671.88 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.25 679.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.70 671.88 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 661.88 Td (ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 651.75 Td (Cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.00 651.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.00 651.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 651.75 Td (16.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 651.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 651.75 Td (25.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 641.70 Td (Receivables, less allowances for doubtful accounts of $70.8 at December 31, 2012 and $73.7 at December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 633.75 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 81.00 633.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 636.00 Td (585.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 636.00 Td (656.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 623.75 Td (Inventories) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 101.00 623.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 623.75 Td (242.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 623.75 Td (249.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 613.75 Td (Prepaid expenses and other current assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.00 613.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 613.75 Td (74.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 613.75 Td (142.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 603.75 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.00 603.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 603.75 Td (55.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 603.75 Td (86.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 593.75 Td (Short-term restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.00 593.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 593.75 Td (14.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 593.75 Td (8.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 583.70 Td (Current assets of discontinued operations\(Note4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.00 583.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 583.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 583.70 Td (72.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 572.70 Td (Total current assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.00 572.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 572.70 Td (990.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 572.70 Td (1,241.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 554.75 Td (Property, plant and equipmentnet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 554.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 554.75 Td (1,926.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 554.75 Td (2,123.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 544.75 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.00 544.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 544.75 Td (768.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 544.75 Td (787.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 534.75 Td (Other intangible assetsnet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.00 534.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 534.75 Td (229.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 534.75 Td (295.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 524.75 Td (Long-term restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.00 524.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 524.75 Td (45.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 524.75 Td (67.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 514.75 Td (Equity method investments in unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.00 514.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 514.75 Td (72.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 514.75 Td (69.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 504.75 Td (Other long-term assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.00 504.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 504.75 Td (66.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 504.75 Td (46.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 494.70 Td (Long-term assets of discontinued operations\(Note4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.00 494.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 494.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 494.70 Td (104.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 483.70 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 129.00 483.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.00 483.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 483.70 Td (4,098.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 483.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 483.70 Td (4,735.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 465.88 Td (LIABILITIES AND SHAREHOLDERS' EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 455.75 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 125.00 455.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.00 455.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 455.75 Td (285.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 455.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 455.75 Td (301.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 445.75 Td (Amounts owing in satisfaction of bankruptcy claims) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 445.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.30 445.75 Td (9.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 445.75 Td (19.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 435.75 Td (Accrued liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 125.00 435.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 435.75 Td (334.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 435.75 Td (393.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 425.75 Td (Purchase price payable on business exchange transaction\(Note3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.00 425.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 425.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 425.75 Td (62.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 415.75 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 237.00 415.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 415.75 Td (113.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 415.75 Td (82.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 405.75 Td (Current portion of capital lease obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.00 405.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 405.75 Td (10.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 405.75 Td (20.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 395.70 Td (Current liabilities of discontinued operations\(Note4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.00 395.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 395.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 395.70 Td (48.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 384.70 Td (Total current liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 384.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 384.70 Td (752.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 384.70 Td (928.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 366.75 Td (Long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 117.00 366.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 366.75 Td (1,211.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 366.75 Td (1,342.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 356.75 Td (Unsecured notes to be issued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 356.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 356.75 Td (23.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 356.75 Td (38.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 346.75 Td (Capital lease obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.00 346.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 346.75 Td (15.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 346.75 Td (24.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 336.75 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.00 336.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 336.75 Td (363.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 336.75 Td (471.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 326.75 Td (Other long-term liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.00 326.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 326.75 Td (495.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 326.75 Td (521.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 316.70 Td (Long-term liabilities of discontinued operations\(Note4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.00 316.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 316.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 316.70 Td (99.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 305.75 Td (Total liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.00 305.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 305.75 Td (2,863.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 305.75 Td (3,428.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 288.75 Td (Commitments and contingencies\(Note13\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 271.75 Td (Redeemable equity\(Note23\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 271.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 271.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 271.75 Td (3.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 261.75 Td (Quad/Graphics common stock and other equity\(Note23\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 251.75 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 329.00 251.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 251.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 251.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 241.70 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 77.00 233.75 Td (atDecember 31, 2012and 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 233.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.30 236.00 Td (1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 236.00 Td (1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 223.70 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 77.00 215.75 Td (atDecember 31, 2012and 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 215.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.30 218.00 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 218.00 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 205.70 Td (Common stock, Class C,$0.025par value; Authorized:20.0million shares; Issued:0.5million shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 197.75 Td (atDecember 31, 2012and 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 197.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 200.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 200.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 187.75 Td (Additional paid-in capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.00 187.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 187.75 Td (985.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 187.75 Td (984.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 177.70 Td (Treasury stock, at cost,8.3million shares atDecember 31, 2012and8.6million shares atDecember 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 169.75 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.00 169.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.60 172.00 Td (\(279.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 172.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 172.00 Td (\(295.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 172.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 159.75 Td (Retained earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 137.00 159.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 159.75 Td (588.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 159.75 Td (650.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 149.70 Td (Accumulated other comprehensive loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.00 149.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.60 149.70 Td (\(60.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 149.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 149.70 Td (\(37.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 149.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 138.75 Td (Quad/Graphics common stock and other equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 241.00 138.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 138.75 Td (1,235.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 138.75 Td (1,302.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 128.70 Td (Noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 128.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.30 128.70 Td (0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 128.70 Td (0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 117.70 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 301.00 117.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 117.70 Td (1,235.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 117.70 Td (1,303.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 106.70 Td (Total liabilities and shareholders' equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.00 106.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.00 106.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 106.70 Td (4,098.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 106.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.30 106.70 Td (4,735.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 86.25 Td (See accompanying Notes to Consolidated Financial Statements.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (75) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 722.25 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.65 710.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 710.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 710.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 710.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 710.25 Td ( CASH FLOWS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.30 698.25 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 354.5 677.75 m 416.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 677.75 m 420.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 677.75 m 482.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 677.75 m 486.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 677.75 m 548.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 667.75 m 416.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 667.75 m 482.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 677.75 m 548.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 667.75 m 548.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 456.75 m 416.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 456.75 m 482.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 456.75 m 548.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 445.75 m 416.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 445.75 m 482.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 445.75 m 548.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 338.75 m 416.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 338.75 m 482.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 338.75 m 548.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 327.75 m 416.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 327.75 m 482.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 327.75 m 548.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 170.75 m 416.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 170.75 m 482.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 170.75 m 548.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 159.75 m 416.5 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 159.75 m 482.5 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 159.75 m 548.5 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 148.75 m 416.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 148.75 m 482.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 148.75 m 548.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 137.75 m 416.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 137.75 m 482.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 137.75 m 548.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 126.75 m 416.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 126.75 m 482.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 126.75 m 548.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 116.75 m 416.5 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 114.75 m 416.5 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 116.75 m 482.5 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 114.75 m 482.5 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 116.75 m 548.5 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 114.75 m 548.5 114.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.70 679.88 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.00 669.88 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.20 669.88 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.00 669.88 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 659.88 Td (OPERATING ACTIVITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 649.75 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 129.00 649.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.00 649.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 649.75 Td (87.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.00 649.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 649.75 Td (\(46.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 649.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.00 649.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 649.75 Td (\(250.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 649.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 639.75 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 77.00 629.75 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 629.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.30 629.75 Td (338.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.30 629.75 Td (353.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 629.75 Td (274.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 619.75 Td (Impairment and other non-cash integration charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 241.00 619.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 619.75 Td (23.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 619.75 Td (27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 619.75 Td (44.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 609.75 Td (Amortization of debt issuance costs and original issue discount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.00 609.75 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 609.75 Td (4.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 609.75 Td (8.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 609.75 Td (5.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 599.75 Td (Loss on debt extinguishment) 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 405.30 599.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 599.75 Td (34.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 599.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 589.75 Td (Stock-based compensation charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 589.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 589.75 Td (13.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 589.75 Td (14.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 589.75 Td (5.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 579.75 Td (Curtailment/settlement gain on pension/postretirement benefit plans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 579.75 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 579.75 Td (\(12.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 579.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 579.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 579.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 569.75 Td (Gain on disposal of discontinued operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.00 569.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 569.75 Td (\(34.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 569.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 569.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 569.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 559.75 Td (Gain on casualty insurance claim) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 559.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.30 559.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 559.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 559.75 Td (\(7.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 559.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 549.75 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 285.00 549.75 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 549.75 Td (\(0.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 549.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 549.75 Td (\(0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 549.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 549.75 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 539.75 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.00 539.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 539.75 Td (\(13.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 539.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 539.75 Td (36.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 539.75 Td (192.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 529.75 Td (Equity in earnings of unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.00 529.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 529.75 Td (\(2.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 529.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 529.75 Td (\(3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 529.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 529.75 Td (\(9.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 529.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 519.75 Td (Dividends from unconsolidated entities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.00 519.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 519.75 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 519.75 Td (7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 519.75 Td (4.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 509.75 Td (Changes in operating assets and liabilitiesnet of acquisitions:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 499.75 Td (Receivables) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 117.00 499.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.30 499.75 Td (103.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 499.75 Td (82.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 499.75 Td (\(116.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 499.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 489.75 Td (Inventories) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 113.00 489.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 489.75 Td (8.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 489.75 Td (\(2.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 489.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 489.75 Td (\(16.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 489.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 479.75 Td (Prepaid expenses and other current assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.00 479.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 479.75 Td (33.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 479.75 Td (\(33.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 479.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 479.75 Td (17.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 469.75 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.00 469.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.60 469.75 Td (\(105.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 469.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 469.75 Td (\(96.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 469.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 469.75 Td (\(11.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 469.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 459.70 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.00 459.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 459.70 Td (\(90.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 459.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 459.70 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 459.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 459.70 Td (18.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 448.70 Td (Net cash provided by operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 448.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.30 448.70 Td (354.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.30 448.70 Td (371.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 448.70 Td (152.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 431.88 Td (INVESTING ACTIVITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 421.75 Td (Purchases of property, plant and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.00 421.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.60 421.75 Td (\(103.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 421.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.60 421.75 Td (\(168.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 421.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 421.75 Td (\(112.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 421.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 411.75 Td (Investment in ManipalTech \(Note 3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 411.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 411.75 Td (\(18.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 411.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 411.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 411.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 401.75 Td (Net proceeds from casualty insurance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.00 401.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.30 401.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 401.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 401.75 Td (3.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 391.75 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 257.00 391.75 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 391.75 Td (23.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 391.75 Td (16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 391.75 Td (19.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 381.75 Td (Transfers from \(to\) restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 381.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 381.75 Td (15.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 381.75 Td (24.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 381.75 Td (\(38.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 381.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 371.75 Td (Deposit paid related to Vertis acquisition \(Note 3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.00 371.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 371.75 Td (\(25.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 371.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 371.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 371.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 361.75 Td (Deposit refunded \(paid\) related to business exchange transaction \(Note 3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 361.75 Td (. . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 361.75 Td (50.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 361.75 Td (\(50.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 361.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 361.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 351.75 Td (Purchase price payments on business exchange transaction \(Note 3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 351.75 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 351.75 Td (\(4.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 351.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 351.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 351.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 341.70 Td (Acquisition of businessesnet of cash acquired) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 341.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 341.70 Td (\(6.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 341.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 341.70 Td (\(5.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 341.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 341.70 Td (10.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 330.70 Td (Net cash used in investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 330.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 330.70 Td (\(70.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 330.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.60 330.70 Td (\(184.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 330.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 330.70 Td (\(118.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 330.70 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 313.88 Td (FINANCING ACTIVITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 303.75 Td (Proceeds from issuance of long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.00 303.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.30 303.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.30 303.75 Td (649.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 303.75 Td (689.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 293.75 Td (Payments of long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 293.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 293.75 Td (\(74.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 293.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.60 293.75 Td (\(759.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 293.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 293.75 Td (\(514.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 293.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 283.75 Td (Payments of capital lease obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 283.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 283.75 Td (\(21.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 283.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 283.75 Td (\(15.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 283.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 283.75 Td (\(26.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 283.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 273.75 Td (Borrowings on revolving credit facilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.00 273.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.30 273.75 Td (270.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.30 273.75 Td (896.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 273.75 Td (837.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 263.75 Td (Payments on revolving credit facilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.00 263.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.60 263.75 Td (\(295.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 263.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.60 263.75 Td (\(879.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 263.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 263.75 Td (\(806.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 263.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 253.75 Td (Payment of debt issuance costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 253.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 253.75 Td (\(2.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 253.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 253.75 Td (\(11.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 253.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 253.75 Td (\(45.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 253.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 243.75 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 273.00 243.75 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.60 243.75 Td (\(14.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 243.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 243.75 Td (\(13.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 243.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 243.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 233.75 Td (Proceeds from issuance of common stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.00 233.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 233.75 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 233.75 Td (1.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 233.75 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 223.75 Td (Purchase of treasury stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 223.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.30 223.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 223.75 Td (\(8.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 223.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 223.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 213.75 Td (Tax benefit on exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.00 213.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.30 213.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 213.75 Td (0.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 213.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 203.75 Td (Tax benefit on dividends paid on outstanding stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.00 203.75 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 203.75 Td (4.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 203.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 203.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 193.75 Td (Payment of cash distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.00 193.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.30 193.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 193.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 193.75 Td (\(140.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 193.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 183.75 Td (Payment of cash dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.00 183.75 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.60 183.75 Td (\(151.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 183.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.60 183.75 Td (\(28.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 183.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 183.75 Td (\(14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 183.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 173.70 Td (Payment of tax distributions) 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 405.30 173.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 173.70 Td (\(4.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 173.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 173.70 Td (\(10.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 173.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 162.70 Td (Net cash used in financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.00 162.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.60 162.70 Td (\(285.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 162.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.60 162.70 Td (\(173.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 162.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 162.70 Td (\(30.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 162.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 151.70 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 237.00 151.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 151.70 Td (\(7.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 151.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 151.70 Td (\(8.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 151.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 151.70 Td (7.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 140.70 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 140.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.60 140.70 Td (\(8.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 140.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 140.70 Td (5.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 140.70 Td (11.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 129.70 Td (Cash and cash equivalents at beginning of year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.00 129.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 129.70 Td (25.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 129.70 Td (20.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 129.70 Td (8.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 65.00 118.70 Td (Cash and cash equivalents at end of year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 118.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.00 118.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.30 118.70 Td (16.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.00 118.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 118.70 Td (25.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.00 118.70 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 118.70 Td (20.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 101.25 Td (See accompanying Notes to Consolidated Financial Statements.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (76) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 722.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.15 710.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 179.97 710.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 214.53 710.25 Td (A) Tj ET Q q 0 0 0 rg BT 221.00 710.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 285.92 710.25 Td ( REDEEMABLE EQUITY) Tj ET Q q 0 0 0 rg BT 400.58 710.25 Td (, COMMON ST) Tj ET Q q 0 0 0 rg BT 469.01 710.25 Td (OCK ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.50 698.25 Td (AND OTHER EQUITY) Tj ET Q q 0 0 0 rg BT 265.37 698.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.31 698.25 Td (AND NONCONTROLLING INTERESTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.30 686.25 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 203.5 664.75 m 231.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 664.75 m 235.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 664.75 m 263.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 664.75 m 267.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 664.75 m 301.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 664.75 m 305.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 664.75 m 333.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 664.75 m 337.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 664.75 m 365.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 664.75 m 369.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 664.75 m 399.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 664.75 m 403.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 664.75 m 449.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 664.75 m 453.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 664.75 m 499.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 641.75 m 167.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 641.75 m 171.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 641.75 m 199.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 641.75 m 231.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 641.75 m 235.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 641.75 m 263.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 641.75 m 333.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 641.75 m 337.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 641.75 m 365.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 630.75 m 167.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 630.75 m 199.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 630.75 m 231.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 630.75 m 263.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 630.75 m 301.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 630.75 m 333.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 630.75 m 365.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 630.75 m 399.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 630.75 m 449.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 630.75 m 499.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 630.75 m 548.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 630.75 m 167.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 611.75 m 167.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 630.75 m 199.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 611.75 m 199.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 630.75 m 231.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 611.75 m 231.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 630.75 m 263.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 611.75 m 263.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 630.75 m 301.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 611.75 m 301.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 630.75 m 333.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 611.75 m 333.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 630.75 m 365.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 611.75 m 365.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 630.75 m 399.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 611.75 m 399.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 630.75 m 449.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 611.75 m 449.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 611.75 m 499.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 630.75 m 548.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 611.75 m 548.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 380.75 m 167.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 380.75 m 199.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 380.75 m 231.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 380.75 m 263.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 380.75 m 301.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 380.75 m 333.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 380.75 m 365.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 380.75 m 399.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 380.75 m 449.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 380.75 m 499.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 380.75 m 548.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 380.75 m 167.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 361.75 m 167.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 380.75 m 199.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 361.75 m 199.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 380.75 m 231.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 361.75 m 231.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 380.75 m 263.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 361.75 m 263.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 380.75 m 301.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 361.75 m 301.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 380.75 m 333.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 361.75 m 333.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 380.75 m 365.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 361.75 m 365.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 380.75 m 399.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 361.75 m 399.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 380.75 m 449.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 361.75 m 449.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 380.75 m 499.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 361.75 m 499.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 380.75 m 548.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 361.75 m 548.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 361.75 m 167.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 361.75 m 199.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 361.75 m 231.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 361.75 m 263.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 361.75 m 301.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 361.75 m 333.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 361.75 m 365.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 361.75 m 399.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 361.75 m 449.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 361.75 m 548.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 137.75 m 167.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 137.75 m 199.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 137.75 m 231.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 137.75 m 263.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 137.75 m 301.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 137.75 m 333.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 137.75 m 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0 J 0 j 3 M 267.5 118.75 m 301.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 137.75 m 333.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 118.75 m 333.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 137.75 m 365.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 118.75 m 365.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 137.75 m 399.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 118.75 m 399.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 137.75 m 449.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 118.75 m 449.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 137.75 m 499.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 118.75 m 499.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 137.75 m 548.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 118.75 m 548.5 118.75 l s BT /F3 6.00 Tf ET q 0 0 0 rg BT 287.25 668.59 Td (Quad/Graphics Common Stock and Other Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 409.00 652.59 Td (Accumulated) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 418.35 646.59 Td (Other) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 406.05 640.59 Td (Comprehensive) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 407.90 634.59 Td (Income \(Loss\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 456.15 652.59 Td (Quad/Graphics) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 456.20 646.59 Td (Common Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 462.80 640.59 Td (and Other) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 467.30 634.59 Td (Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 143.90 645.59 Td (Redeemable Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 213.20 645.59 Td (Common Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 270.30 646.19 Td (Additional) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 274.65 640.19 Td (Paid-in) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 274.45 634.19 Td (Capital) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 315.50 645.59 Td (Treasury Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 372.50 640.59 Td (Retained) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 372.30 634.59 Td (Earnings) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 506.20 640.59 Td (Noncontrolling) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 514.35 634.59 Td (Interests) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 144.35 634.59 Td (Shares) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 174.45 634.59 Td (Amount) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 208.35 634.59 Td (Shares) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 238.45 634.59 Td (Amount) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 310.35 634.59 Td (Shares) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 340.45 634.59 Td (Amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 622.81 Td (Balance atJanuary 1,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 615.81 Td (2010) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 81.75 615.40 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.90 615.81 Td (3.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 174.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 180.85 615.81 Td (141.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 216.35 615.81 Td (33.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 238.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 251.90 615.81 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 270.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.40 615.81 Td (77.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 319.55 615.86 Td (\(8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 615.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.55 615.86 Td (\(304.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.65 615.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.60 615.81 Td (1,011.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 615.86 Td (\(3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 615.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 480.90 615.81 Td (781.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.00 615.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.90 615.81 Td (0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 603.80 Td (Net earnings \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 120.25 603.40 Td (. . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.55 603.85 Td (\(250.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 603.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 603.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 478.55 603.85 Td (\(250.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 603.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 536.90 603.80 Td (0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 591.80 Td (Foreign currency) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 584.80 Td (translation adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 130.75 584.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 584.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 437.90 584.80 Td (4.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 584.80 Td (4.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 536.90 584.80 Td (0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 573.40 Td (Cash distribution from) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 566.40 Td (World Color Press) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 559.40 Td (acquisition) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 95.75 559.40 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.55 560.80 Td (\(3.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.65 560.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.55 560.85 Td (\(136.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 560.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 478.55 560.85 Td (\(136.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 560.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 560.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 548.80 Td (Cash dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 134.25 548.40 Td (.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.55 548.80 Td (\(1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.65 548.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.05 548.85 Td (\(12.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 548.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.05 548.85 Td (\(12.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 548.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 548.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 536.80 Td (Tax distributions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 529.80 Td (dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 120.25 529.40 Td (. . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.55 529.85 Td (\(5.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 529.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.55 529.85 Td (\(5.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 529.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 529.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 517.80 Td (Elimination of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 510.80 Td (redemption features) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 123.75 510.40 Td (. . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 153.55 510.80 Td (\(3.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 164.65 510.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 178.55 510.80 Td (\(129.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.65 510.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 219.90 510.80 Td (3.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.40 510.80 Td (14.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.85 510.80 Td (115.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.90 510.80 Td (129.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 498.80 Td (Stock-based) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 491.80 Td (compensation charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 127.25 491.40 Td (. . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 187.90 491.80 Td (2.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.90 491.80 Td (2.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 491.80 Td (2.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 491.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 479.80 Td (Sale of stock for options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 472.80 Td (exercised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 472.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 472.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 187.90 472.80 Td (0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 472.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 472.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.55 472.80 Td (\(3.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.65 472.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.90 472.80 Td (0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.90 472.80 Td (3.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.55 472.85 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 472.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 472.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.55 472.85 Td (\(0.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 472.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 472.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 461.40 Td (Increase \(decrease\) in) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 454.40 Td (redemption value of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 447.40 Td (redeemable equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 116.75 447.40 Td (. . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 187.90 448.80 Td (1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.55 448.85 Td (\(1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 448.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.55 448.85 Td (\(1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 448.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 448.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 436.80 Td (Tax benefit from stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 429.80 Td (options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 88.75 429.40 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.90 429.80 Td (0.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 429.80 Td (0.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 429.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 417.80 Td (Issuance of stock for) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 410.80 Td (acquisition of businesses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 410.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 410.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.35 410.80 Td (18.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 251.90 410.80 Td (0.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 282.85 410.80 Td (909.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.90 410.80 Td (0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.90 410.80 Td (5.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 410.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 410.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.90 410.80 Td (916.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 410.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 398.80 Td (Pension and other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 391.80 Td (postretirement benefit) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 384.80 Td (liability adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 123.75 384.40 Td (. . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 384.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.40 384.80 Td (52.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 484.40 384.80 Td (52.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 384.80 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 372.81 Td (Balance atDecember) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 365.81 Td (31, 2010) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 365.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.90 365.81 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 174.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 184.35 365.81 Td (10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 216.35 365.81 Td (55.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 238.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 251.90 365.81 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 270.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 277.60 365.81 Td (1,002.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 319.55 365.86 Td (\(8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 365.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.55 365.86 Td (\(295.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.65 365.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.85 365.81 Td (720.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.40 365.81 Td (52.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 475.65 365.81 Td (1,481.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.00 365.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.90 365.81 Td (0.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 353.80 Td (Net earnings \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 120.25 353.40 Td (. . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.05 353.85 Td (\(46.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 353.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 353.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.05 353.85 Td (\(46.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 353.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 536.90 353.80 Td (0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 341.80 Td (Foreign currency) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 334.80 Td (translation adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 130.75 334.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 334.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.05 334.85 Td (\(26.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 446.65 334.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.05 334.85 Td (\(26.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 334.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 534.55 334.85 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 334.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 322.80 Td (Cash dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 134.25 322.40 Td (.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.55 322.80 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.65 322.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.05 322.85 Td (\(27.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 322.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.05 322.85 Td (\(27.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 322.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 322.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 310.80 Td (Tax distributions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 303.80 Td (dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 120.25 303.40 Td (. . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.55 303.85 Td (\(2.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 303.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.55 303.85 Td (\(2.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 303.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 303.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 291.80 Td (Stock option termination) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 284.05 291.80 Td (\(25.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.65 291.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.05 291.85 Td (\(25.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 291.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 291.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 279.80 Td (Stock-based) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 272.80 Td (compensation charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 127.25 272.40 Td (. . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.40 272.80 Td (14.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 484.40 272.80 Td (14.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 272.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 260.80 Td (Sale of stock for options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 253.80 Td (exercised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 253.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.55 253.80 Td (\(3.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.65 253.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.90 253.80 Td (0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.90 253.80 Td (3.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 253.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 242.40 Td (Issuance of restricted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 235.40 Td (stock and deferred stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 228.40 Td (units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 81.75 228.40 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.55 229.80 Td (\(4.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.65 229.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.90 229.80 Td (0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.90 229.80 Td (4.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 229.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 217.80 Td (Purchase of treasury) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 210.80 Td (stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 81.75 210.40 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.55 210.85 Td (\(0.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 330.65 210.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 351.55 210.85 Td (\(8.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 362.65 210.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.55 210.85 Td (\(8.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 210.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 210.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 199.40 Td (Decrease in redemption) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 192.40 Td (value of redeemable) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 185.40 Td (equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 85.25 185.40 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.55 186.80 Td (\(6.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.65 186.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 387.90 186.80 Td (6.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 186.80 Td (6.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 186.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 174.80 Td (Tax benefit from stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 167.80 Td (options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 88.75 167.40 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.90 167.80 Td (0.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 167.80 Td (0.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 167.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 155.80 Td (Pension and other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 148.80 Td (postretirement benefit) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 141.80 Td (liability adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 123.75 141.40 Td (. . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 141.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.05 141.85 Td (\(64.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 446.65 141.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.05 141.85 Td (\(64.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 141.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 141.80 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 129.81 Td (Balance atDecember) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 122.81 Td (31, 2011) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 122.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.90 122.81 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 174.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 187.90 122.81 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 216.35 122.81 Td (55.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 238.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 251.90 122.81 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 270.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 282.85 122.81 Td (984.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 319.55 122.86 Td (\(8.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 122.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.55 122.86 Td (\(295.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.65 122.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.85 122.81 Td (650.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.05 122.86 Td (\(37.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 122.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 475.65 122.81 Td (1,302.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.00 122.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.90 122.81 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 98.25 Td (See accompanying Notes to Consolidated Financial Statements.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (77) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 722.25 Td (QUAD/GRAPHICS,INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.15 710.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 179.97 710.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 214.53 710.25 Td (A) Tj ET Q q 0 0 0 rg BT 221.00 710.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 285.92 710.25 Td ( REDEEMABLE EQUITY) Tj ET Q q 0 0 0 rg BT 400.58 710.25 Td (, COMMON ST) Tj ET Q q 0 0 0 rg BT 469.01 710.25 Td (OCK ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.80 698.25 Td (AND OTHER EQUITY) Tj ET Q q 0 0 0 rg BT 239.67 698.25 Td ( ) Tj ET Q q 0 0 0 rg BT 241.61 698.25 Td (AND NONCONTROLLING INTERESTS \(continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.30 686.25 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 203.5 664.75 m 231.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 664.75 m 235.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 664.75 m 263.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 664.75 m 267.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 664.75 m 301.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 664.75 m 305.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 664.75 m 333.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 664.75 m 337.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 664.75 m 365.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 664.75 m 369.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 664.75 m 399.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 664.75 m 403.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 664.75 m 449.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 664.75 m 453.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 664.75 m 499.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 638.75 m 167.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 638.75 m 171.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 638.75 m 199.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 638.75 m 231.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 638.75 m 235.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 638.75 m 263.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 638.75 m 333.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 638.75 m 337.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 638.75 m 365.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 627.75 m 167.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 627.75 m 199.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 627.75 m 231.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 627.75 m 263.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 627.75 m 301.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 627.75 m 333.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 627.75 m 365.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 627.75 m 399.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 627.75 m 449.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 627.75 m 499.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 627.75 m 548.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 627.75 m 167.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 608.75 m 167.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 627.75 m 199.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 608.75 m 199.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 627.75 m 231.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 608.75 m 231.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 627.75 m 263.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 608.75 m 263.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 627.75 m 301.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 608.75 m 301.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 627.75 m 333.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 608.75 m 333.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 627.75 m 365.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 608.75 m 365.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 627.75 m 399.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 608.75 m 399.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 627.75 m 449.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 608.75 m 449.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 608.75 m 499.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 608.75 m 548.5 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499.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 392.75 m 499.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 390.75 m 499.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 410.75 m 548.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 392.75 m 548.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 390.75 m 548.5 390.75 l s BT /F3 6.00 Tf ET q 0 0 0 rg BT 287.25 668.59 Td (Quad/Graphics Common Stock and Other Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 409.00 649.59 Td (Accumulated) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 418.35 643.59 Td (Other) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 406.05 637.59 Td (Comprehensive) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 407.90 631.59 Td (Income \(Loss\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 456.15 649.59 Td (Quad/Graphics) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 456.20 643.59 Td (Common Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 462.80 637.59 Td (and Other) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 467.30 631.59 Td (Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 143.90 642.59 Td (Redeemable Equity) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 213.20 642.59 Td (Common Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 270.30 643.19 Td (Additional ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 274.65 637.19 Td (Paid-in ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 274.45 631.19 Td (Capital) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 315.50 642.59 Td (Treasury Stock) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 372.50 637.59 Td (Retained) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 372.30 631.59 Td (Earnings) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 506.20 637.59 Td (Noncontrolling) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 514.35 631.59 Td (Interests) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 144.35 631.59 Td (Shares) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 174.45 631.59 Td (Amount) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 208.35 631.59 Td (Shares) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 238.45 631.59 Td (Amount) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 310.35 631.59 Td (Shares) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 340.45 631.59 Td (Amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 619.81 Td (Balance atDecember) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 612.81 Td (31, 2011) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 612.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.90 612.81 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 174.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 187.90 612.81 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 216.35 612.81 Td (55.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 238.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 251.90 612.81 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 270.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 282.85 612.81 Td (984.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 319.55 612.86 Td (\(8.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 612.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.55 612.86 Td (\(295.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.65 612.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.85 612.81 Td (650.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.05 612.86 Td (\(37.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 612.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 475.65 612.81 Td (1,302.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.00 612.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.90 612.81 Td (0.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 600.80 Td (Net earnings \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 120.25 600.40 Td (. . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 384.35 600.80 Td (87.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 600.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 484.40 600.80 Td (87.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 534.55 600.85 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 600.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 588.80 Td (Foreign currency) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 581.80 Td (translation adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 130.75 581.40 Td (. .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 581.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 437.90 581.80 Td (4.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 581.80 Td (4.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 534.55 581.85 Td (\(0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 581.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 569.80 Td (Cash dividends declared) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 134.25 569.40 Td (.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.55 569.80 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.65 569.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.55 569.85 Td (\(152.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 569.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 478.55 569.85 Td (\(152.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 569.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 569.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 557.80 Td (Redeemable equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 550.80 Td (exchange) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 550.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 153.55 550.80 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 164.65 550.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.55 550.80 Td (\(4.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.65 550.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 219.90 550.80 Td (0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 550.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.55 550.80 Td (\(4.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.65 550.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 550.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.90 550.80 Td (4.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 387.90 550.80 Td (4.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 550.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 550.80 Td (4.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 538.80 Td (Stock-based) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 531.80 Td (compensation charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 127.25 531.40 Td (. . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.40 531.80 Td (13.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 484.40 531.80 Td (13.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 531.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 519.80 Td (Sale of stock for options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 512.80 Td (exercised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 512.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.55 512.80 Td (\(0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.65 512.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.90 512.80 Td (0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 512.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 501.40 Td (Issuance of restricted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 494.40 Td (stock and deferred stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 487.40 Td (units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 81.75 487.40 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 284.05 488.80 Td (\(11.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.65 488.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.90 488.80 Td (0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.35 488.80 Td (11.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 488.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 477.40 Td (Increase in redemption) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 470.40 Td (value of redeemable) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 463.40 Td (equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 85.25 463.40 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 187.90 464.80 Td (1.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.55 464.85 Td (\(1.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.65 464.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.55 464.85 Td (\(1.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 464.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 464.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 453.40 Td (Tax benefit from) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 446.40 Td (dividends paid on stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 439.40 Td (options) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 88.75 439.40 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.90 440.80 Td (4.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.90 440.80 Td (4.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 440.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 428.80 Td (Pension and other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 421.80 Td (postretirement benefit) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.00 414.80 Td (liability adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 123.75 414.40 Td (. . . .) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 157.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.65 414.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.05 414.85 Td (\(27.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 446.65 414.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.05 414.85 Td (\(27.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.65 414.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.65 414.80 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 402.81 Td (Balance atDecember) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 395.81 Td (31, 2012) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 92.25 395.40 Td (. . . . . . . . . . . . .) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 157.65 395.81 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 174.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 189.65 395.81 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 216.35 395.81 Td (55.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 238.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 251.90 395.81 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 270.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 282.85 395.81 Td (985.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 319.55 395.86 Td (\(8.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 395.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.55 395.86 Td (\(279.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.65 395.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.85 395.81 Td (588.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.05 395.86 Td (\(60.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 395.81 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 475.65 395.81 Td (1,235.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.00 395.81 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.90 395.81 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 371.25 Td (See accompanying Notes to Consolidated Financial Statements.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 666.25 Td (Note 1. Basis of Pr) Tj ET Q q 0 0 0 rg BT 143.92 666.25 Td (esentation and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 311.99 666.25 Td (Accounting Policies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 642.25 Td (Natur) Tj ET Q q 0 0 0 rg BT 121.97 642.25 Td (e of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.19 642.25 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 63.00 630.25 Td (primarily in the commercial print portion of the printing industry as a printer of catalogs, consumer magazines, retail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 618.25 Td (inserts, books, directories, special interest publications and direct marketing materials. ) Tj ET Q q 0 0 0 rg BT 413.00 618.25 Td (The Company also provides ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 606.25 Td (imaging and logistics services for its customers. ) Tj ET Q q 0 0 0 rg BT 259.73 606.25 Td (The Company's products and services are sold primarily throughout the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 594.25 Td (United States, Europe and Latin ) Tj ET Q q 0 0 0 rg BT 192.97 594.25 Td (America to catalogers, publishers and retailers. ) Tj ET Q q 0 0 0 rg BT 385.40 594.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 435.30 594.25 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 582.25 Td (manufactures printing-related auxiliary equipment that is sold to original equipment manufacturers and printing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 570.25 Td (companies throughout the world.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 546.25 Td (Principles of Consolidation and Basis of Pr) Tj ET Q q 0 0 0 rg BT 273.63 546.25 Td (esentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.74 546.25 Td (The accompanying consolidated financial statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 534.25 Td (include the accounts of the Company and its wholly-owned and majority-owned controlled subsidiaries and have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 522.25 Td (prepared in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 435.35 522.25 Td (America \("GAAP"\). ) Tj ET Q q 0 0 0 rg BT 521.64 522.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 510.25 Td (results of operations and accounts of businesses acquired are included in the consolidated financial statements from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 498.25 Td (dates of acquisition \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.86 498.25 Td (Note3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.80 498.25 Td (\). Investments in entities where the Company has both the ability to exert significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 486.25 Td (influence but not control and an ownership interest of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.88 486.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.21 486.25 Td ( or less but more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.09 486.25 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.42 486.25 Td ( are accounted for using the equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 474.25 Td (method of accounting. Investments in entities where the Company does not exert significant influence or control and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 462.25 Td (an ownership interest of less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.08 462.25 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.41 462.25 Td ( are accounted for using the cost method of accounting. Intercompany ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 450.25 Td (transactions and balances have been eliminated in consolidation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 426.25 Td (Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.72 426.25 Td (The results of operations of the Company's Canadian operations have been reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.25 Td (as discontinued operations for all periods presented. ) Tj ET Q q 0 0 0 rg BT 275.45 414.25 Td (As the sale of the Canadian operations was completed on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.49 414.25 Td (March1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 402.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 402.25 Td (, the corresponding Canadian assets and liabilities are no longer included in the consolidated balance sheet at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 390.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 390.25 Td (. ) Tj ET Q q 0 0 0 rg BT 148.53 390.25 Td (At December 31, 201) Tj ET Q q 0 0 0 rg BT 234.25 390.25 Td (1, the Canadian assets and liabilities were presented in accordance with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (authoritative literature on assets held for sale. In accordance with the authoritative literature, the Company has elected to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 366.25 Td (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 430.39 366.25 Td (Note4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.33 366.25 Td ( for information about ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 354.25 Td (the Company's sale of the Canadian operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 330.25 Td (For) Tj ET Q q 0 0 0 rg BT 113.63 330.25 Td (eign Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 330.25 Td (Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 318.25 Td (the exchange rate existing at the respective balance sheet dates. Income and expense items are translated at the average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 306.25 Td (rates during the respective periods. ) Tj ET Q q 0 0 0 rg BT 207.49 306.25 Td (T) Tj ET Q q 0 0 0 rg BT 213.25 306.25 Td (ranslation adjustments resulting from fluctuations in exchange rates are recorded as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 294.25 Td (a separate component of accumulated other comprehensive income \(loss\) on the consolidated statements of redeemable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 282.25 Td (equity) Tj ET Q q 0 0 0 rg BT 87.35 282.25 Td (, common stock and other equity and noncontrolling interests while transaction gains and losses are recorded in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 270.25 Td (selling, general and administrative expenses on the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 426.61 270.25 Td (The Company's international ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (operations are conducted in Europe through Quad/W) Tj ET Q q 0 0 0 rg BT 274.20 258.25 Td (inkowski Sp. Z o.o. \("Quad/W) Tj ET Q q 0 0 0 rg BT 395.92 258.25 Td (inkowski"\), as well as in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (following Latin ) Tj ET Q q 0 0 0 rg BT 127.44 246.25 Td (American countries: ) Tj ET Q q 0 0 0 rg BT 210.74 246.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 221.12 246.25 Td (gentina, Brazil, Chile, Colombia, Mexico and Peru. ) Tj ET Q q 0 0 0 rg BT 431.73 246.25 Td (The Company owns ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.77 246.25 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.10 246.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 234.25 Td (certain operations in ) Tj ET Q q 0 0 0 rg BT 146.58 234.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 156.96 234.25 Td (gentina, consolidates those amounts into the Company's consolidated financial statements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 222.25 Td (presents the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.99 222.25 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.32 222.25 Td ( not owned by the Company as noncontrolling interest. ) Tj ET Q q 0 0 0 rg BT 355.82 222.25 Td (The Company owns ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.87 222.25 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.20 222.25 Td ( of certain operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 210.25 Td (in Brazil and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.15 210.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.48 210.25 Td ( of the operations in Chile, and accounts for those entities using the equity method of accounting \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 198.25 Td (Note1) Tj ET Q q 0 0 0 rg BT 89.57 198.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.57 198.25 Td ( for further discussion\). ) Tj ET Q q 0 0 0 rg BT 193.25 198.25 Td (There are no other significant noncontrolling interests or unconsolidated entities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 174.25 Td (Use of Estimates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.22 174.25 Td (The preparation of consolidated financial statements requires the use of management's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 162.25 Td (estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 196.68 162.25 Td (fect the reported assets and liabilities, disclosure of contingent assets and liabilities at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 150.25 Td (the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 138.25 Td (periods. ) Tj ET Q q 0 0 0 rg BT 99.39 138.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 192.79 138.25 Td (fer from these estimates. Estimates are used when accounting for items and matters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 126.25 Td (including, but not limited to: allowances for doubtful accounts, inventory obsolescence, asset valuations and useful lives, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 114.25 Td (goodwill, pension and postretirement benefits, self-insurance reserves, stock-based compensation, taxes, restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 102.25 Td (and other provisions and contingencies.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (79) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (Revenue Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.68 677.10 Td (The Company recognizes its printing revenues upon transfer of title and the passage of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (risk of loss, which is generally upon shipment to the customer) Tj ET Q q 0 0 0 rg BT 310.47 665.10 Td (. Under agreements with certain customers, products may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (be stored by the Company for future delivery) Tj ET Q q 0 0 0 rg BT 243.13 653.10 Td (. In these situations, the Company may receive warehouse management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (fees for the services it provides. In certain of these cases, delivery and billing schedules are outlined in the customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (agreement and product revenue is recognized when manufacturing is complete, title and risk of loss transfer to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (customer) Tj ET Q q 0 0 0 rg BT 99.25 617.10 Td (, and there is a reasonable assurance as to collectibility) Tj ET Q q 0 0 0 rg BT 317.41 617.10 Td (. Product returns are not significant because the majority ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (of products are customized; however) Tj ET Q q 0 0 0 rg BT 210.32 605.10 Td (, the Company accrues for the estimated amount of customer allowances at the time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (of sale based on historical experience and known trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 569.10 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 63.00 557.10 Td (operations, which include digital content management, photography) Tj ET Q q 0 0 0 rg BT 334.50 557.10 Td (, color services and page production, are recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (in accordance with the terms of the contract, typically upon completion of the performed service and acceptance by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (customer) Tj ET Q q 0 0 0 rg BT 99.10 533.10 Td (. Revenues related to the Company's logistics operations, which includes the delivery of printed material, are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td (recognized upon completion of the delivery of services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 497.10 Td (The Company also manufactures printing-related auxiliary equipment to ensure industry leading technology for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (its own printing operations, as well as to sell to other businesses. Revenue is generally recognized for the equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.10 Td (sales at time of shipment. Revenue from services related to the installation of equipment at customer sites are recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.10 Td (upon completion of the installation. Payments can be received from customers during the manufacture of equipment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 449.10 Td (prior to shipment or in the case of the installation services prior to completion of the installation. In all cases when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.10 Td (payments are received in advance of meeting the applicable revenue recognition criteria, deferred revenue is recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.10 Td (until the criteria for revenue recognition are subsequently met.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 401.10 Td (Services account for greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.10 401.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.43 401.10 Td ( of the Company's consolidated net sales; therefore, net sales and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (costs of sales of products and services have been included as separate line items in the consolidated statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 353.10 Td (Certain revenues earned by the Company require judgment to determine if revenue should be recorded gross as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.10 Td (a principal or net of related costs as an agent. Billings for third-party shipping and handling costs, primarily in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.10 Td (Company's logistics operations, and out-of-pocket expenses are recorded gross in net sales and cost of sales in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.10 Td (consolidated statements of operations. Many of the Company's operations process materials, primarily paper) Tj ET Q q 0 0 0 rg BT 499.01 317.10 Td (, that may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td (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 63.00 293.10 Td (recognized for customer) Tj ET Q q 0 0 0 rg BT 159.98 293.10 Td (-supplied paper) Tj ET Q q 0 0 0 rg BT 221.35 293.10 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 99.00 269.10 Td (Bypr) Tj ET Q q 0 0 0 rg BT 118.07 269.10 Td (oduct Recoveries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.65 269.10 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 63.00 257.10 Td (statements of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 233.10 Td (Financial Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.60 233.10 Td (The Company uses derivative financial instruments for the purpose of hedging ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (commodity and foreign exchange exposures that exist as part of ongoing business operations, including natural gas ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (forward purchase contracts and foreign exchange contracts. ) Tj ET Q q 0 0 0 rg BT 305.39 209.10 Td (As a policy) Tj ET Q q 0 0 0 rg BT 350.29 209.10 Td (, the Company does not engage in speculative or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.10 Td (leveraged transactions, 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 99.00 173.10 Td (Derivative instruments are recorded on the consolidated balance sheets as either assets or liabilities measured at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.10 Td (their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.10 Td (the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 137.10 Td (hedge, the ef) Tj ET Q q 0 0 0 rg BT 114.18 137.10 Td (fective portion of the changes in the fair value of the derivative are recorded as a component of accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 125.10 Td (other comprehensive income \(loss\) and recognized in the consolidated statements of operations when the hedged item ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 113.10 Td (af) Tj ET Q q 0 0 0 rg BT 70.59 113.10 Td (fects earnings.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (The inef) Tj ET Q q 0 0 0 rg BT 132.41 677.10 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 63.00 665.10 Td (derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (flows in the same category as the item being hedged.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 629.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 124.28 629.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 174.18 629.10 Td (ement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.05 629.10 Td (The Company applies fair value accounting for all assets and liabilities that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (recognized or disclosed at fair value in its consolidated financial statements on a recurring basis. Fair value represents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 246.63 593.10 Td (When determining the fair value measurements for assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (that are required to be recorded at fair value, the Company considers the principal or most advantageous market and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (market-based risk measurements or assumptions that market participants would use in pricing the asset or liability) Tj ET Q q 0 0 0 rg BT 518.63 569.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 545.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 126.40 545.10 Td (ch and development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.37 545.10 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 63.00 533.10 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 437.88 533.10 Td ($13.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.77 533.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td ($16.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 521.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.33 521.10 Td ($17.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.22 521.10 Td ( during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.02 521.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.61 521.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.61 521.10 Td (201) Tj ET Q q 0 0 0 rg BT 384.24 521.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.24 521.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.67 521.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.67 521.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 481.33 521.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 497.10 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.93 497.10 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 63.00 485.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.99 485.10 Td ( months or less to be cash equivalents.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 461.10 Td (Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.75 461.10 Td (Receivables are stated net of allowances for doubtful accounts. No single customer comprised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 449.10 Td (more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.76 449.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.09 449.10 Td ( of the Company's consolidated net sales in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.20 449.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.20 449.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.20 449.10 Td (201) Tj ET Q q 0 0 0 rg BT 338.83 449.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.83 449.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.16 449.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.16 449.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.49 449.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.82 449.10 Td ( of the Company's consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.10 Td (accounts receivable as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.72 437.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.31 437.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.64 437.10 Td (201) Tj ET Q q 0 0 0 rg BT 272.27 437.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.27 437.10 Td (. Specific customer provisions are made when a review of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.10 Td (significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.10 Td (indicates that collection is doubtful. In addition, provisions are made at dif) Tj ET Q q 0 0 0 rg BT 363.30 413.10 Td (fering rates, based upon the age of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td (receivable and the Company's historical collection experience.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 377.10 Td (Inventories) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.99 377.10 Td (Inventories include material, labor) Tj ET Q q 0 0 0 rg BT 291.31 377.10 Td (, and plant overhead and are stated at the lower of cost or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 98.08 365.10 Td (The Company also maintains inventory reserves for excess and obsolete inventories determined in part by future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.10 Td (demand forecasts. ) Tj ET Q q 0 0 0 rg BT 139.64 353.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.14 353.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.72 353.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.16 353.10 Td (201) Tj ET Q q 0 0 0 rg BT 264.79 353.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.79 353.10 Td (, all inventories were valued using the first-in, first-out \("FIFO"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.10 Td (method.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 317.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 108.63 317.10 Td (operty) Tj ET Q q 0 0 0 rg BT 133.62 317.10 Td (, plant and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.84 317.10 Td (Property) Tj ET Q q 0 0 0 rg BT 264.63 317.10 Td (, plant and equipment are recorded at cost, and are depreciated over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td (the estimated useful lives of the assets using the straight-line method for financial reporting purposes. Major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (improvements that extend the useful lives of existing assets are capitalized and char) Tj ET Q q 0 0 0 rg BT 397.71 293.10 Td (ged to the asset accounts. Repairs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 281.10 Td (and maintenance, which do not significantly improve or extend the useful lives of the respective assets, are expensed as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 269.10 Td (incurred. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 257.10 Td (respective asset.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 232.60000000000002 m 444.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 232.60000000000002 m 548.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 232.60000000000002 m 548.5 232.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.85 237.05 Td (Asset Category) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.10 237.05 Td (Range of Useful Lives) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 223.06 Td (Buildings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.25 222.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.20 223.06 Td (10 to 40 Years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 209.06 Td (Machinery and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 208.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.45 209.06 Td (5 to 15 Years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 195.06 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.75 194.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.45 195.06 Td (3 to 10 Years) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 167.10 Td (Other Intangible ) Tj ET Q q 0 0 0 rg BT 168.25 167.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.25 167.10 Td (Identifiable intangible assets, except for those intangible assets with indefinite lives, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 155.10 Td (are recognized apart from goodwill and are amortized over their estimated useful lives. Identifiable intangible assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 143.10 Td (with indefinite lives are not amortized.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 119.10 Td (Impairment of Long-Lived and Other Intangible ) Tj ET Q q 0 0 0 rg BT 293.80 119.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.80 119.10 Td (The Company evaluates long-lived assets and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 107.10 Td (intangible assets \(of which the most significant are property) Tj ET Q q 0 0 0 rg BT 301.73 107.10 Td (, plant and equipment and customer relationship intangible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 95.10 Td (assets\) whenever events and circumstances have occurred that indicate the carrying value of an asset may not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 83.10 Td (recoverable. Determining whether impairment has occurred typically requires various estimates and assumptions, ) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (including determining which cash flows are directly related to the potentially impaired asset, the useful life over which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (cash flows will occur) Tj ET Q q 0 0 0 rg BT 147.85 665.10 Td (, their amount and the asset's residual value, if any) Tj ET Q q 0 0 0 rg BT 348.67 665.10 Td (. In turn, measurement of an impairment loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (requires a determination of recoverability) Tj ET Q q 0 0 0 rg BT 228.39 653.10 Td (, which is generally estimated by the ability to recover the balance of the assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (from expected future operating cash flows on an undiscounted basis. If impairment is determined to exist, any related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (impairment loss is calculated based on the dif) Tj ET Q q 0 0 0 rg BT 245.27 629.10 Td (ference in the fair value and carrying value of the asset.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 605.10 Td (Goodwill and Indefinite-lived Intangible ) Tj ET Q q 0 0 0 rg BT 263.23 605.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.23 605.10 Td (Goodwill and indefinite-lived intangible assets are reviewed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (annually for impairment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.35 593.10 Td (October31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.06 593.10 Td ( or more frequently if events or changes in circumstances indicate that it is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (more likely than not that the fair value of a reporting unit is below its carrying value. In performing this analysis, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (Company compares each reporting unit's fair value estimated based on comparable company market valuations and/or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (expected future discounted cash flows to be generated by the reporting unit to its carrying value. If the carrying value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (exceeds the reporting unit's fair value, the Company performs a fair value measurement calculation to determine the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (impairment loss, which would be char) Tj ET Q q 0 0 0 rg BT 215.56 533.10 Td (ged to operations in the period identified. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.74 533.10 Td (Note6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.67 533.10 Td ( for further discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 509.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 135.57 509.10 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.34 509.10 Td (In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.54 509.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.71 509.10 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 364.24 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 372.88 509.10 Td (orld Color Press Inc. \("W) Tj ET Q q 0 0 0 rg BT 474.20 509.10 Td (orld Color Press"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.10 Td (and the public registration of the Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 280.16 497.10 Td (A) Tj ET Q q 0 0 0 rg BT 286.83 497.10 Td ( stock, the Company changed the tax status of remaining entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (within the Quad/Graphics legal structure to C corporation status under the provisions of the Internal Revenue Code of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.10 Td (1986, as amended \("Internal Revenue Code"\). From that point forward, the Company is subject to federal and state ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.10 Td (income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 437.10 Td (Prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.78 437.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.95 437.10 Td (, the majority of entities within the Company's structure were an S corporation. ) Tj ET Q q 0 0 0 rg BT 501.57 437.10 Td (As an S ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.10 Td (corporation, the Company was contractually required under a shareholders' agreement to pay tax distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.10 Td (shareholders in connection with the Company's election to be taxed as an S corporation. Certain entities, representing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td (less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 401.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.55 401.10 Td ( of the Company's book and taxable income, were C corporations for administrative and legal purposes. ) Tj ET Q q 0 0 0 rg BT 533.11 401.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (C corporations are taxable at a legal entity level. ) Tj ET Q q 0 0 0 rg BT 260.98 389.10 Td (Also, certain states impose entity level taxes on the S corporations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (The Company has recorded deferred income taxes on temporary dif) Tj ET Q q 0 0 0 rg BT 333.55 377.10 Td (ferences in the financial reporting and income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (basis of certain assets and liabilities at applicable income tax rates for those entities which are subject to tax at the entity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.10 Td (level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 329.10 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 63.00 317.10 Td (deferred tax assets and liabilities for the expected future tax consequences of items reported in the financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td (Under this method, deferred tax assets and liabilities are measured based on the dif) Tj ET Q q 0 0 0 rg BT 394.38 305.10 Td (ferences between the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (statement and tax basis of assets and liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 362.45 293.10 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 491.38 293.10 Td (ferences are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 281.10 Td (expected to reverse. ) Tj ET Q q 0 0 0 rg BT 147.50 281.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 173.13 281.10 Td (fect of a change in tax rates on deferred tax assets and liabilities is recognized in income in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 269.10 Td (the period that includes the ef) Tj ET Q q 0 0 0 rg BT 181.39 269.10 Td (fective date of enactment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 245.10 Td (The Company records net deferred tax assets to the extent the Company believes these assets will more likely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.10 Td (than not be realized. ) Tj ET Q q 0 0 0 rg BT 148.89 233.10 Td (This determination is based upon all available positive and negative evidence, including future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (reversals of existing taxable temporary dif) Tj ET Q q 0 0 0 rg BT 231.93 221.10 Td (ferences, projected future taxable income, tax planning strategies, and recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (financial operations. If the Company determines the deferred income tax assets will be realized in the future in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.10 Td (their net recorded amount, then an adjustment to a valuation allowance will be made, which would reduce the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.10 Td (provision for income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 161.10 Td (The Company is regularly audited by foreign and domestic tax authorities. ) Tj ET Q q 0 0 0 rg BT 399.30 161.10 Td (These audits occasionally result in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.10 Td (proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 137.10 Td (some cases, penalties and interest. ) Tj ET Q q 0 0 0 rg BT 204.44 137.10 Td (The Company recognizes a tax position in its consolidated financial statements when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 125.10 Td (it is more likely than not that the position would be sustained upon examination by tax authorities. ) Tj ET Q q 0 0 0 rg BT 460.81 125.10 Td (This recognized tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 113.10 Td (position is then measured at the lar) Tj ET Q q 0 0 0 rg BT 202.23 113.10 Td (gest amount of benefit that is greater than fifty-percent likely of being recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.10 Td (upon ultimate settlement. ) Tj ET Q q 0 0 0 rg BT 169.19 101.10 Td (The Company recognizes interest and penalties related to unrecognized tax benefits in income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.10 Td (tax expense.) Tj ET Q endstream endobj 173 0 obj <> endobj 174 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 665.10 Td (The determination of the Company's worldwide tax provision and related tax assets and liabilities requires the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (use of significant judgment, estimates, and the interpretation of complex tax laws. In the ordinary course of business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (there are transactions and calculations where the final tax outcome is uncertain. ) Tj ET Q q 0 0 0 rg BT 385.47 641.10 Td (While the Company believes it has the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (appropriate support for the positions taken, certain positions may be successfully challenged by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 524.37 629.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (Company applies the provisions of the authoritative guidance on accounting for uncertain tax positions to determine the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (appropriate amount of tax benefits to be recognized with respect to uncertain tax positions. ) Tj ET Q q 0 0 0 rg BT 431.04 605.10 Td (The determination of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (Company's worldwide tax provision includes the impact of any changes to the amount of tax benefits recognized with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (respect to uncertain tax positions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 557.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.63 557.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.21 557.10 Td (, the Company recorded an adjustment to correct deferred tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (liabilities related to property) Tj ET Q q 0 0 0 rg BT 175.92 545.10 Td (, plant and equipment associated with the 2010 acquisition of ) Tj ET Q q 0 0 0 rg BT 423.19 545.10 Td (W) Tj ET Q q 0 0 0 rg BT 431.83 545.10 Td (orld Color Press. ) Tj ET Q q 0 0 0 rg BT 504.15 545.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (Company believes that this correction was not material to its consolidated financial statements for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 521.10 Td (, or prior period consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 347.45 521.10 Td (The impact of this adjustment was to decrease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.10 Td (long-term deferred income tax liabilities and goodwill by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.60 509.10 Td ($42.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.49 509.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.93 509.10 Td ($19.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.82 509.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 474.48 509.10 Td (, and to increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.10 Td (other long-term liabilities by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.20 497.10 Td ($23.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.09 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 241.41 497.10 Td (There was no impact to the consolidated statements of operations, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (consolidated statements of comprehensive income, the consolidated statements of cash flows and the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.10 Td (statements of redeemable equity) Tj ET Q q 0 0 0 rg BT 191.47 473.10 Td (, common stock and other equity and noncontrolling interests.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 449.10 Td (Pension and Postr) Tj ET Q q 0 0 0 rg BT 172.52 449.10 Td (etir) Tj ET Q q 0 0 0 rg BT 186.03 449.10 Td (ement Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.19 449.10 Td (The Company assumed certain defined benefit pension and postretirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.10 Td (benefit plans as part of the ) Tj ET Q q 0 0 0 rg BT 171.12 437.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.75 437.10 Td (orld Color Press acquisition. Pension plan costs are determined using actuarial methods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.10 Td (and are funded through contributions. ) Tj ET Q q 0 0 0 rg BT 218.62 425.10 Td (The Company records amounts relating to its pension and postretirement benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.10 Td (plans based on calculations which include various actuarial assumptions including discount rates, mortality) Tj ET Q q 0 0 0 rg BT 490.86 413.10 Td (, assumed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td (rates of return, compensation increases, turnover rates and health care cost trend rates. ) Tj ET Q q 0 0 0 rg BT 412.39 401.10 Td (The Company reviews its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (actuarial assumptions on an annual basis and modifies the assumptions based on current rates and trends when it is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (appropriate to do so. ) Tj ET Q q 0 0 0 rg BT 150.02 377.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 175.66 377.10 Td (fects of modifications are recognized immediately on the consolidated balance sheet, but are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (generally amortized into operating income over future periods, with the deferred amount recorded in accumulated other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.10 Td (comprehensive income \(loss\) on the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 323.84 353.10 Td (The Company believes that the assumptions utilized in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.10 Td (recording its obligations under its plans are reasonable based on its experience, market conditions and input from its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.10 Td (actuaries and investment advisors. For the purposes of calculating the expected return on plan assets, those assets are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.10 Td (valued at fair value. ) Tj ET Q q 0 0 0 rg BT 147.22 317.10 Td (When an event gives rise to both a curtailment and a settlement, the curtailment is accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td (prior to the settlement. ) Tj ET Q q 0 0 0 rg BT 158.35 305.10 Td (The Company's measurement date to measure the defined benefit plan assets and the projected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (benefit obligation is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.49 293.10 Td (December31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.07 293.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 269.10 Td (In addition, as a result of the acquisition of ) Tj ET Q q 0 0 0 rg BT 272.67 269.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.30 269.10 Td (orld Color Press, the Company participated in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.38 269.10 Td (six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.05 269.10 Td ( union ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 257.10 Td (multiemployer pension plans \("MEPPs"\). ) Tj ET Q q 0 0 0 rg BT 233.75 257.10 Td (The Company records the required cash contributions to the MEPPs as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 245.10 Td (expenses in the period incurred and a liability is recognized for any contributions due and unpaid, consistent with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.10 Td (accounting for defined contribution plans. Due to the significantly underfunded status of the MEPPs, at the time of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 221.10 Td (orld Color Press acquisition the Company withdrew from all significant MEPPs and replaced these benefits with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (Company sponsored "pay as you go" defined contribution plan, which is historically the form of retirement benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.10 Td (provided to Quad/Graphics employees. ) Tj ET Q q 0 0 0 rg BT 224.07 197.10 Td (As a result of the decision to withdraw) Tj ET Q q 0 0 0 rg BT 378.11 197.10 Td (, the Company recorded an estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.10 Td (withdrawal liability for the MEPPs as part of the purchase price allocation process based on information received from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.10 Td (the MEPP's trustees. ) Tj ET Q q 0 0 0 rg BT 149.90 173.10 Td (The estimated withdrawal liability will be updated as new withdrawal liability projections are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.10 Td (provided from each plan's trustees until the final withdrawal liability is determined and paid. ) Tj ET Q q 0 0 0 rg BT 437.85 161.10 Td (The exact amount of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.10 Td (withdrawal liability could be higher or lower than the estimate depending on, among other things, the nature and timing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 137.10 Td (of any triggering events and the funded status of the plans at that time. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.53 137.10 Td (Note20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.47 137.10 Td ( for further discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 113.10 Td (Stock-Based Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.70 113.10 Td (The Company recognizes stock-based compensation expense over the vesting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.10 Td (period for all stock-based awards made to employees and directors based on the fair value of the instrument at the time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.10 Td (of grant.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (83) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 665.10 Td (Accumulated Other Compr) Tj ET Q q 0 0 0 rg BT 206.94 665.10 Td (ehensive Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.80 665.10 Td (Accumulated other comprehensive income \(loss\) consists ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (of unrecognized actuarial gains and losses and prior service costs for pension and postretirement plans and foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (currency translation adjustments and is presented in the consolidated statements of redeemable equity) Tj ET Q q 0 0 0 rg BT 468.89 641.10 Td (, common stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (and other equity and noncontrolling interests. ) Tj ET Q q 0 0 0 rg BT 249.45 629.10 Td (The components of accumulated other comprehensive income \(loss\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (consist of the following at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.93 617.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.51 617.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.51 617.10 Td (201) Tj ET Q q 0 0 0 rg BT 268.14 617.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.14 617.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.58 617.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.58 617.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 579.6 m 410.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 579.6 m 479.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 579.6 m 548.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 579.6 m 410.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 579.6 m 479.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 579.6 m 548.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 532.6 m 410.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 532.6 m 479.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 532.6 m 548.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 518.6 m 410.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 516.6 m 410.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 518.6 m 479.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 516.6 m 479.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 518.6 m 548.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 516.6 m 548.5 516.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 584.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 584.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 584.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 569.06 Td (Translation adjustments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 151.25 568.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 569.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 569.06 Td (\(20.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 569.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 569.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 569.06 Td (\(25.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 569.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 569.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 569.06 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 555.06 Td (Pension and other postretirement benefit liability adjustments, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 546.06 Td (of$24.8million,$7.5million and$\(30.0\)million at December 31, 2012,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 537.06 Td (2011 and 2010, respectively) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.25 536.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 537.06 Td (\(39.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 537.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 537.06 Td (\(12.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 537.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 537.06 Td (52.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 522.06 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.75 521.86 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 522.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 522.06 Td (\(60.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 522.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 522.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 522.06 Td (\(37.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 522.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 522.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 522.06 Td (52.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 494.10 Td (T) Tj ET Q q 0 0 0 rg BT 104.76 494.10 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 63.00 482.10 Td (statements of operations. Foreign exchange transactions resulted in \(gains\)losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.25 482.10 Td ($\(0.4\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 482.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.58 482.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.58 482.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.58 482.10 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.47 482.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 470.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.28 470.10 Td (201) Tj ET Q q 0 0 0 rg BT 87.91 470.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.91 470.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.35 470.10 Td ($6.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.24 470.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.02 470.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.02 470.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 446.10 Td (Supplemental Cash Flow Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.83 446.10 Td (Certain supplemental cash flow information related to the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.10 Td (consists of the following at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.82 434.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.40 434.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.40 434.10 Td (201) Tj ET Q q 0 0 0 rg BT 272.03 434.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.03 434.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.47 434.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.47 434.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 396.6 m 410.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 396.6 m 479.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 396.6 m 548.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 396.6 m 410.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 396.6 m 479.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 396.6 m 548.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 270.6 m 548.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 270.6 m 410.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 257.6 m 410.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 255.60000000000002 m 410.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 270.6 m 479.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 257.6 m 479.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 255.60000000000002 m 479.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 270.6 m 548.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 257.6 m 548.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 255.60000000000002 m 548.5 255.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 401.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 401.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 401.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 387.06 Td (Interest paid, net of amounts capitalized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.75 386.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 387.06 Td (75.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 387.06 Td (94.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 387.06 Td (80.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 373.06 Td (Income taxes paid \(refunded\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.75 372.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 373.06 Td (\(34.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 373.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 373.06 Td (18.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 373.06 Td (13.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 359.06 Td (Acquisitions of businesses \(Note 3\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 345.06 Td (Fair value of assets acquired, net of cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.25 344.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 345.06 Td (8.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 345.06 Td (68.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 345.06 Td (2,009.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 331.06 Td (Liabilities assumed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 146.75 330.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 331.06 Td (\(2.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 331.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 331.06 Td (\(15.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 331.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.00 331.06 Td (\(1,877.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 331.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 317.06 Td (Goodwill) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 115.25 316.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 317.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 317.06 Td (11.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 317.06 Td (773.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 303.06 Td (Net equity issued for acquisition of businesses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.75 302.86 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 303.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 303.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 303.06 Td (\(916.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 303.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 289.06 Td (Purchase price payable on business exchange transaction) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.25 288.86 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 289.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 289.06 Td (\(62.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 289.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 289.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 275.06 Td (Fair value of assets acquired, net of cash, other acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.25 274.86 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 275.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 275.06 Td (4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 275.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 261.06 Td (Acquisition of businessesnet of cash acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.25 260.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 261.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 261.06 Td (6.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 261.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 261.06 Td (5.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 261.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 261.06 Td (\(10.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 261.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 234.25 Td (Note 2. New ) Tj ET Q q 0 0 0 rg BT 118.82 234.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 180.58 234.25 Td (onouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 210.25 Td (In May 201) Tj ET Q q 0 0 0 rg BT 145.29 210.25 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 209.17 210.25 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 339.43 210.25 Td (ASB"\) issued new guidance on fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 198.25 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 127.52 198.25 Td (This new guidance amends the definition of fair value measurement principles and disclosure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 186.25 Td (requirements to eliminate dif) Tj ET Q q 0 0 0 rg BT 178.62 186.25 Td (ferences between GAAP) Tj ET Q q 0 0 0 rg BT 277.09 186.25 Td ( and International Financial Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 479.08 186.25 Td (This new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 174.25 Td (guidance requires new quantitative and qualitative disclosures about the sensitivity of recurring Level 3 measurement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 162.25 Td (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 412.21 162.25 Td (. ) Tj ET Q q 0 0 0 rg BT 419.53 162.25 Td (The Company adopted this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 150.25 Td (guidance ef) Tj ET Q q 0 0 0 rg BT 109.18 150.25 Td (fective January 1, 2012. ) Tj ET Q q 0 0 0 rg BT 209.80 150.25 Td (The adoption of this guidance impacted the Company's disclosures and had no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 138.25 Td (impact on the Company's consolidated financial position, results of operations or cash flows.) Tj ET Q 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 3. ) Tj ET Q q 0 0 0 rg BT 97.44 677.25 Td (Acquisitions and Strategic Investments) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 653.25 Td (2012) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 83.00 653.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.13 653.25 Td (Acquisitions and Strategic Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 629.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 629.25 Td (March28, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.32 629.25 Td (, the Company entered into a strategic partnership with India-based Manipal ) Tj ET Q q 0 0 0 rg BT 484.27 629.25 Td (T) Tj ET Q q 0 0 0 rg BT 489.68 629.25 Td (echnologies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (Limited \("ManipalT) Tj ET Q q 0 0 0 rg BT 143.31 617.25 Td (ech"\) whereby Quad/Graphics paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.78 617.25 Td ($18.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.67 617.25 Td ( for a minority equity ownership interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.25 Td (ManipalT) Tj ET Q q 0 0 0 rg BT 101.74 605.25 Td (ech. ManipalT) Tj ET Q q 0 0 0 rg BT 161.85 605.25 Td (ech is one of India's lar) Tj ET Q q 0 0 0 rg BT 254.27 605.25 Td (gest providers of printing services and supports clients' marketing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.25 Td (branding and communication needs through print services and technology solutions. ) Tj ET Q q 0 0 0 rg BT 404.97 593.25 Td (The Company's investment in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.25 Td (ManipalT) Tj ET Q q 0 0 0 rg BT 101.74 581.25 Td (ech is accounted for as a cost method investment and is recorded within other long-term assets in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.25 Td (consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 545.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 545.25 Td (October10, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.43 545.25 Td (, the Company and ) Tj ET Q q 0 0 0 rg BT 261.29 545.25 Td (V) Tj ET Q q 0 0 0 rg BT 267.40 545.25 Td (ertis Holdings, Inc. \(V) Tj ET Q q 0 0 0 rg BT 360.44 545.25 Td (ertis\) announced the execution of an ) Tj ET Q q 0 0 0 rg BT 512.05 545.25 Td (Asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 101.05 533.25 Td (Agreement \(the "Asset ) Tj ET Q q 0 0 0 rg BT 194.27 533.25 Td (Agreement"\) pursuant to which Quad/Graphics Marketing, LLC, a wholly owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.25 Td (subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 170.39 521.25 Td (, would acquire substantially all of the assets comprising ) Tj ET Q q 0 0 0 rg BT 399.05 521.25 Td (V) Tj ET Q q 0 0 0 rg BT 405.17 521.25 Td (ertis' businesses. ) Tj ET Q q 0 0 0 rg BT 476.23 521.25 Td (V) Tj ET Q q 0 0 0 rg BT 482.34 521.25 Td (ertis is a leading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.25 Td (provider of retail advertising inserts, direct marketing and in-store marketing solutions. In accordance with the terms of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.17 497.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 101.33 497.25 Td (Agreement, the Company made a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.96 497.25 Td ($25.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.85 497.25 Td ( deposit to be held in escrow and applied to the purchase price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.25 Td (upon closure of the deal. ) Tj ET Q q 0 0 0 rg BT 166.03 485.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.47 485.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.05 485.25 Td (, the deposit was classified in prepaid expenses and other current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.25 Td (assets in the consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 449.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.41 449.25 Td (o facilitate the intended sale, ) Tj ET Q q 0 0 0 rg BT 221.40 449.25 Td (V) Tj ET Q q 0 0 0 rg BT 227.52 449.25 Td (ertis, along with its subsidiaries, filed voluntary petitions for relief under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.25 Td (Chapter1) Tj ET Q q 0 0 0 rg BT 101.78 437.25 Td (1 of the United States Bankruptcy Code and, at the same time, filed documents seeking the U.S. Bankruptcy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.25 Td (Court's approval of the proposed ) Tj ET Q q 0 0 0 rg BT 195.61 425.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 219.78 425.25 Td (Agreement to the Company) Tj ET Q q 0 0 0 rg BT 329.94 425.25 Td (. Completion of the acquisition was subject to such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.25 Td (U.S. Bankruptcy Court approval as well as customary conditions and regulatory approvals, including the expiration or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.25 Td (termination of the applicable waiting period under the Hart-Scott-Rodino ) Tj ET Q q 0 0 0 rg BT 357.64 401.25 Td (Antitrust Improvements ) Tj ET Q q 0 0 0 rg BT 455.41 401.25 Td (Act of 1976.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 377.25 Td (The ) Tj ET Q q 0 0 0 rg BT 116.50 377.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 140.67 377.25 Td (Agreement with the Company comprised the initial stalking horse bid in the U.S. Bankruptcy Court-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.25 Td (supervised auction process under Section 363 of the United States Bankruptcy Code. ) Tj ET Q q 0 0 0 rg BT 407.19 365.25 Td (V) Tj ET Q q 0 0 0 rg BT 413.30 365.25 Td (ertis and its advisors evaluated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.25 Td (any competing bids that were submitted in order to ensure it received the highest and best of) Tj ET Q q 0 0 0 rg BT 432.16 353.25 Td (fer for its assets. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.25 Td (November26, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.71 341.25 Td (, ) Tj ET Q q 0 0 0 rg BT 147.53 341.25 Td (V) Tj ET Q q 0 0 0 rg BT 153.64 341.25 Td (ertis filed a notice with the U.S. Bankruptcy Court naming Quad/Graphics as the successful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.25 Td (bidder) Tj ET Q q 0 0 0 rg BT 88.00 329.25 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.22 329.25 Td (December6, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.80 329.25 Td (, the U.S. Bankruptcy Court approved the sale agreement with ) Tj ET Q q 0 0 0 rg BT 434.94 329.25 Td (V) Tj ET Q q 0 0 0 rg BT 441.06 329.25 Td (ertis. ) Tj ET Q q 0 0 0 rg BT 465.59 329.25 Td (The acquisition was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.25 Td (completed on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.65 317.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.25 317.25 Td (. For more information regarding the acquisition, see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.58 317.25 Td (Note26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.52 317.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 293.25 Td (201) Tj ET Q q 0 0 0 rg BT 77.45 293.25 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 82.45 293.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.58 293.25 Td (Acquisitions and Strategic Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 269.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 269.25 Td (July12, 201) Tj ET Q q 0 0 0 rg BT 162.52 269.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.52 269.25 Td (, the Company and ) Tj ET Q q 0 0 0 rg BT 245.38 269.25 Td (T) Tj ET Q q 0 0 0 rg BT 251.14 269.25 Td (ranscontinental Inc. \("T) Tj ET Q q 0 0 0 rg BT 345.67 269.25 Td (ranscontinental"\) entered into a definitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 257.25 Td (agreement whereby Quad/Graphics acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.03 257.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.36 257.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 280.51 257.25 Td (T) Tj ET Q q 0 0 0 rg BT 286.27 257.25 Td (ranscontinental's Mexican operations in exchange for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 245.25 Td (Company's Canadian operations. ) Tj ET Q q 0 0 0 rg BT 199.32 245.25 Td (T) Tj ET Q q 0 0 0 rg BT 205.08 245.25 Td (ranscontinental's Mexican operations printed magazines, catalogs, retail inserts, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.25 Td (books and other printed materials, and employed approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.98 233.25 Td (900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.98 233.25 Td ( people among its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 233.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.29 233.25 Td ( facilities in ) Tj ET Q q 0 0 0 rg BT 478.44 233.25 Td (Azcapotzalco, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 221.25 Td (oluca and Xochimilco, Mexico. ) Tj ET Q q 0 0 0 rg BT 199.58 221.25 Td (The ) Tj ET Q q 0 0 0 rg BT 217.45 221.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.21 221.25 Td (ranscontinental Mexican operations are included within the International ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.25 Td (segment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 185.25 Td (The Company completed the acquisition of ) Tj ET Q q 0 0 0 rg BT 274.33 185.25 Td (T) Tj ET Q q 0 0 0 rg BT 280.09 185.25 Td (ranscontinental's Mexican operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.51 185.25 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 513.40 185.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.40 185.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.25 Td (completed the sale of the Company's Canadian operations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.46 173.25 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.06 173.25 Td (. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.50 173.25 Td (Note4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.44 173.25 Td ( for further discussion of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.25 Td (sale of the Canadian discontinued operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 137.25 Td (In connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 248.23 137.25 Td (T) Tj ET Q q 0 0 0 rg BT 253.99 137.25 Td (ranscontinental's Mexican operations, the definitive agreement required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 125.25 Td (the Company to deposit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.77 125.25 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.66 125.25 Td ( Canadian dollars with ) Tj ET Q q 0 0 0 rg BT 302.24 125.25 Td (T) Tj ET Q q 0 0 0 rg BT 308.00 125.25 Td (ranscontinental until the Canadian operations sale was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 113.25 Td (completed. ) Tj ET Q q 0 0 0 rg BT 109.47 113.25 Td (The Company elected to hedge the foreign currency exchange rate exposure related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.97 113.25 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.87 113.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.25 Td (Canadian dollar deposit by entering into short-term foreign currency forward exchange contracts. ) Tj ET Q q 0 0 0 rg BT 457.12 101.25 Td (The Company hedged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.25 Td (this foreign currency exposure until the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.95 89.25 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.55 89.25 Td (, sale of Canadian net assets and refund of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.32 89.25 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.21 89.25 Td ( ) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (Canadian dollar deposit occurred. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 677.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.08 677.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.58 677.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.17 677.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.17 677.10 Td ($1.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.06 677.10 Td ( of realized mark-to-market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (losses on the derivative contracts were of) Tj ET Q q 0 0 0 rg BT 227.76 665.10 Td (fset by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.20 665.10 Td ($1.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.09 665.10 Td ( of transaction gains on translation of the foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (denominated deposit within selling, general and administrative expenses. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.06 653.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 525.27 653.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.27 653.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td ($0.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 641.10 Td ( of unrealized mark-to-market loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.61 641.10 Td ($2.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.50 641.10 Td ( of realized mark-to-market gain on the derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (contracts were of) Tj ET Q q 0 0 0 rg BT 131.67 629.10 Td (fset by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.83 629.10 Td ($1.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.72 629.10 Td ( transaction losses on translation of the foreign currency denominated deposit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (within selling, general and administrative expenses. ) Tj ET Q q 0 0 0 rg BT 274.71 617.10 Td (The fair value determination of the foreign currency forward ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (exchange contracts was categorized as Level 2 in the fair value hierarchy \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.45 605.10 Td (Note18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.39 605.10 Td ( for the definition of Level 2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (inputs\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 569.10 Td (The Company's determination of the Mexican acquired operations' fair value was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.66 569.10 Td ($63.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.55 569.10 Td (. Of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td ($63.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 557.10 Td ( purchase price, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.41 557.10 Td ($6.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.31 557.10 Td ( was paid in cash \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.45 557.10 Td ($1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.34 557.10 Td ( was paid in 201) Tj ET Q q 0 0 0 rg BT 419.52 557.10 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.96 557.10 Td ($4.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.85 557.10 Td ( was paid in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 93.65 545.10 Td (The remaining purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.09 545.10 Td ($57.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.98 545.10 Td ( was satisfied by the exchange transaction of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (Canadian business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 509.10 Td (This acquisition was accounted for using the acquisition method of accounting. ) Tj ET Q q 0 0 0 rg BT 420.69 509.10 Td (The Company recorded the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.10 Td (allocation of the purchase price to the acquired tangible and identifiable intangible assets and liabilities assumed based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (on their fair values as of the acquisition date. Goodwill has been recorded based on the amount by which the purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.10 Td (price exceeds the fair value of the net assets acquired. ) Tj ET Q q 0 0 0 rg BT 282.72 473.10 Td (The final purchase price allocation is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 429.6 m 548.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 429.6 m 548.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 325.6 m 548.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 325.6 m 548.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 313.6 m 548.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 311.6 m 548.5 311.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.20 442.00 Td (Purchase Price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.25 433.00 Td (Allocation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 420.86 Td (Accounts receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.75 420.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 420.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 420.86 Td (15.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 407.86 Td (Other current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.25 407.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 407.86 Td (11.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 394.86 Td (Property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.75 394.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 394.86 Td (35.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 381.86 Td (Identifiable intangible assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.75 381.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 381.86 Td (4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 368.86 Td (Other long-term assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 150.75 368.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 368.86 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 355.86 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.75 355.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 355.86 Td (\(14.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 355.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 342.86 Td (Other long-term liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 342.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 342.86 Td (\(0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 342.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 329.86 Td (Goodwill) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.25 329.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 329.86 Td (11.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 316.86 Td (Purchase price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 316.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 316.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 316.86 Td (63.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 289.10 Td (The purchase price allocation 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 63.00 277.10 Td (the acquisition date. ) Tj ET Q q 0 0 0 rg BT 148.07 277.10 Td (The purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.47 277.10 Td ($63.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.36 277.10 Td ( was estimated by utilizing a discounted cash flow model, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 265.10 Td (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 63.00 253.10 Td (mar) Tj ET Q q 0 0 0 rg BT 78.37 253.10 Td (gins, capital expenditures, working capital levels and a weighted-average cost of capital. ) Tj ET Q q 0 0 0 rg BT 436.94 253.10 Td (The nonrecurring fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 241.10 Td (measurement was classified as Level 3 in the valuation hierarchy \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.28 241.10 Td (Note18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.22 241.10 Td ( for the definition of Level 3 inputs\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 229.10 Td (Purchased 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 408.46 229.10 Td (six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.13 229.10 Td ( years. ) Tj ET Q q 0 0 0 rg BT 451.05 229.10 Td (The results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 217.10 Td (operations of the acquired businesses have been included since the respective dates of acquisition in the accompanying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 205.10 Td (consolidated financial statements. Pro forma information related to the acquisition is not included because the impact on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 193.10 Td (the Company's consolidated results of operations is considered to be immaterial.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 169.10 Td (2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 83.00 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.13 169.10 Td (Acquisitions and Strategic Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 145.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 145.10 Td (February28, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.32 145.10 Td (, the Company acquired a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.29 145.10 Td (47%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.62 145.10 Td ( interest in HGI Company) Tj ET Q q 0 0 0 rg BT 413.84 145.10 Td (, LLC \("HGI"\), a ) Tj ET Q q 0 0 0 rg BT 484.58 145.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.62 145.10 Td (isconsin-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 133.10 Td (based commercial printer for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.28 133.10 Td ($10.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.17 133.10 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.39 133.10 Td (October29, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.10 133.10 Td (, the Company purchased the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 133.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.33 133.10 Td ( of HGI's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 121.10 Td (equity to increase the Company's ownership to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.26 121.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.59 121.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.25 121.10 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.14 121.10 Td ( in cash and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.13 121.10 Td ($7.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.02 121.10 Td ( in Company stock. ) Tj ET Q q 0 0 0 rg BT 522.61 121.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 109.10 Td (total purchase price for HGI was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.28 109.10 Td ($22.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.17 109.10 Td (. ) Tj ET Q q 0 0 0 rg BT 257.49 109.10 Td (The Company also assumed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.47 109.10 Td ($12.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.36 109.10 Td ( of debt. ) Tj ET Q q 0 0 0 rg BT 464.23 109.10 Td (This acquisition was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 97.10 Td (accounted for using the acquisition method of accounting. HGI specializes in short to medium-run books, manuals, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 85.10 Td (directories, publications, marketing collateral and in-store/point-of-purchase materials. HGI is included within the ) Tj ET Q 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (United States Print and 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 63.00 665.10 Td (February28, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.60 665.10 Td (, until ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.43 665.10 Td (October29, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.14 665.10 Td (, and was then consolidated subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.11 665.10 Td (October29, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.81 665.10 Td (, upon acquiring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.33 653.10 Td ( ownership.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 629.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 629.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.89 629.10 Td (, the Company acquired ) Tj ET Q q 0 0 0 rg BT 260.74 629.10 Td (W) Tj ET Q q 0 0 0 rg BT 269.38 629.10 Td (orld Color Press, a provider of comprehensive print, digital and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (related services to retailers, catalogers, publishers, branded-goods companies and other businesses in North ) Tj ET Q q 0 0 0 rg BT 493.99 617.10 Td (America and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 86.05 605.10 Td (American countries. ) Tj ET Q q 0 0 0 rg BT 171.95 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 180.59 605.10 Td (orld Color Press' products include advertising inserts, catalogs, direct mail products, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (magazines, books, directories, digital pre-media, logistics, and mail list technologies. ) Tj ET Q q 0 0 0 rg BT 408.01 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 425.88 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 434.52 593.10 Td (orld Color Press operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (are included within the United States Print and Related Services and International segments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 557.10 Td (In connection with the closing of the acquisition, the Company registered its class ) Tj ET Q q 0 0 0 rg BT 428.38 557.10 Td (A) Tj ET Q q 0 0 0 rg BT 435.04 557.10 Td ( stock with the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (States Securities and Exchange Commission \(the "SEC"\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 416.92 545.10 Td (Act of 1934, as amended, and on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.17 533.10 Td (, Quad/Graphics' class ) Tj ET Q q 0 0 0 rg BT 203.40 533.10 Td (A) Tj ET Q q 0 0 0 rg BT 210.07 533.10 Td ( stock commenced trading on ) Tj ET Q q 0 0 0 rg BT 330.13 533.10 Td (The New ) Tj ET Q q 0 0 0 rg BT 369.19 533.10 Td (Y) Tj ET Q q 0 0 0 rg BT 375.41 533.10 Td (ork Stock Exchange, LLC \("NYSE"\) under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td (the symbol "QUAD".) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 497.10 Td (At the completion of the acquisition, each outstanding ) Tj ET Q q 0 0 0 rg BT 317.94 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 326.57 497.10 Td (orld Color Press common share, including the common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (shares issued upon conversion of certain ) Tj ET Q q 0 0 0 rg BT 227.22 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 235.86 485.10 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 63.00 473.10 Td (0.2154) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 473.10 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 152.71 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.38 473.10 Td ( stock of Quad/Graphics. ) Tj ET Q q 0 0 0 rg BT 264.17 473.10 Td (The former ) Tj ET Q q 0 0 0 rg BT 311.75 473.10 Td (W) Tj ET Q q 0 0 0 rg BT 320.38 473.10 Td (orld Color Press common shareholders received a total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 461.10 Td (18,734,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.83 461.10 Td ( shares of Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 244.07 461.10 Td (A) Tj ET Q q 0 0 0 rg BT 250.74 461.10 Td ( stock \(subject to fractional share cash-outs\). Immediately following the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 449.10 Td (completion of the acquisition, the shareholders of Quad/Graphics who were shareholders prior to completion of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.10 Td (acquisition owned approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.80 437.10 Td (60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.13 437.10 Td ( of the outstanding common stock of Quad/Graphics and former common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.10 Td (shareholders of ) Tj ET Q q 0 0 0 rg BT 126.69 425.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.32 425.10 Td (orld Color Press owned approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.24 425.10 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.57 425.10 Td ( of the outstanding common stock of Quad/Graphics. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.10 Td (addition to the share consideration, former holders of ) Tj ET Q q 0 0 0 rg BT 278.03 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.67 413.10 Td (orld Color Press common shares received aggregate cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td (consideration of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.20 401.10 Td ($48.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.09 401.10 Td (, or approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.18 401.10 Td ($0.56 per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.55 401.10 Td (. Quad/Graphics also provided ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.74 401.10 Td ($44.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.63 401.10 Td ( of cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (consideration to purchase all outstanding ) Tj ET Q q 0 0 0 rg BT 229.17 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.80 389.10 Td (orld Color Press warrants and to fund redemptions of or payments due on any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (other equity securities not converted to common shares, including dividends on preferred shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 353.10 Td (Based on this consideration, the total purchase price to consummate the acquisition of ) Tj ET Q q 0 0 0 rg BT 444.84 353.10 Td (W) Tj ET Q q 0 0 0 rg BT 453.48 353.10 Td (orld Color Press was as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 304.6 m 548.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 304.6 m 548.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 276.6 m 548.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 248.60000000000002 m 548.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 248.60000000000002 m 548.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 235.60000000000002 m 548.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 233.60000000000002 m 548.5 233.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.20 309.05 Td (Purchase Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 295.06 Td (New Quad/Graphics class A common shares issued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.75 294.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.75 295.06 Td (18.734045) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 281.06 Td (Average Quad/Graphics class A common share price on July 6, 2010 \(first day of trading\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.25 280.86 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 281.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 281.06 Td (48.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 267.06 Td (Stock consideration) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.25 266.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 267.06 Td (908.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 253.06 Td (Cash consideration) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.25 252.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 253.06 Td (93.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 239.06 Td (Purchase price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 238.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 239.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 239.06 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 99.00 211.10 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 393.63 211.10 Td ($250.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.53 211.10 Td ( advance from its then ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 199.10 Td (existing revolving credit facility and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.01 199.10 Td ($689.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.90 199.10 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 483.32 199.10 Td ($1.23billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.44 199.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 187.10 Td (debt financing agreement. ) Tj ET Q q 0 0 0 rg BT 171.94 187.10 Td (These amounts, as well as Quad/Graphics and ) Tj ET Q q 0 0 0 rg BT 358.38 187.10 Td (W) Tj ET Q q 0 0 0 rg BT 367.01 187.10 Td (orld Color Press cash, were used on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.54 187.10 Td (July2, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 175.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 175.10 Td (, to fund: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 151.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 151.10 Td (Replacement of Quad/Graphics' former revolving credit facility) Tj ET Q q 0 0 0 rg BT 370.83 151.10 Td (, which had outstanding borrowings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 139.10 Td ($106.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.89 139.10 Td ( \(including interest owed and payment of debt issuance costs due upon the transaction for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 127.10 Td (new debt financing agreement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.11 127.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 127.10 Td (\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 103.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 103.10 Td (Satisfaction of certain ) Tj ET Q q 0 0 0 rg BT 207.06 103.10 Td (W) Tj ET Q q 0 0 0 rg BT 215.70 103.10 Td (orld Color Press debt obligations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.69 103.10 Td ($580.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.58 103.10 Td (, which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.46 103.10 Td ($8.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.35 103.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 91.10 Td (early repayment premiums and funding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.06 91.10 Td ($123.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.95 91.10 Td ( to defease the ) Tj ET Q q 0 0 0 rg BT 406.74 91.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.38 91.10 Td (orld Color Press' unsecured notes ) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 677.10 Td (\(of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.10 677.10 Td ($34.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.99 677.10 Td ( was returned to the Company on ) Tj ET Q q 0 0 0 rg BT 346.69 677.10 Td (August 2, 2010, upon the unsecured notes being ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 665.10 Td (called by the Company) Tj ET Q q 0 0 0 rg BT 208.83 665.10 Td (, resulting in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.60 665.10 Td ($89.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.49 665.10 Td ( of restricted cash related to the unsecured notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 653.10 Td (remaining\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 629.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 629.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.76 629.10 Td (ransaction costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.68 629.10 Td ($45.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.57 629.10 Td ( were paid on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.22 629.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.39 629.10 Td (, \(excluding debt issuance costs\); any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 617.10 Td (transaction costs incurred by Quad/Graphics were expensed as incurred in accordance with the acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 605.10 Td (method of accounting and are classified as restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 505.00 605.10 Td (ges on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 593.10 Td (consolidated statements of operations;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 569.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 569.10 Td (Redemption of outstanding ) Tj ET Q q 0 0 0 rg BT 228.20 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 236.83 569.10 Td (orld Color Press equity securities \(consisting of preferred shares, warrants, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 557.10 Td (deferred share units and restricted share units\) and the cash consideration paid to the former ) Tj ET Q q 0 0 0 rg BT 486.40 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 495.04 557.10 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 545.10 Td (Press common shareholders described above, which in total were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.26 545.10 Td ($88.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 545.10 Td ( \(in addition to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.81 545.10 Td ($4.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.70 545.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 533.10 Td (of preferred dividends, which had been paid after the January 25, 2010, execution of the arrangement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 521.10 Td (agreement but prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.64 521.10 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.81 521.10 Td (\); ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 497.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 497.10 Td (Distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.67 497.10 Td ($140.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.56 497.10 Td ( to Quad/Graphics' then existing common shareholders;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 473.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 473.10 Td (Collateralization of letters of credit of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.83 473.10 Td ($32.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.72 473.10 Td (;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 449.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 449.10 Td (Payment to settle a capital lease of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.78 449.10 Td ($17.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.67 449.10 Td (; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 425.10 Td (\(8\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 425.10 Td (Other obligations arising from the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.80 425.10 Td ($14.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.69 425.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 401.10 Td (The following unaudited pro forma combined financial information presents the Company's results as though ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (Quad/Graphics and ) Tj ET Q q 0 0 0 rg BT 142.79 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 151.43 389.10 Td (orld Color Press had combined at January1, 2010. ) Tj ET Q q 0 0 0 rg BT 358.44 389.10 Td (The pro forma information has been prepared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (with the following considerations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 353.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 353.10 Td (The unaudited pro forma consolidated financial information has been prepared using the acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 341.10 Td (method of accounting. Quad/Graphics is the acquirer for accounting purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 317.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 317.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.64 317.10 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 117.00 305.10 Td (principles to GAAP) Tj ET Q q 0 0 0 rg BT 195.33 305.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 281.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 281.10 Td (The pro forma combined financial information does not reflect any operating syner) Tj ET Q q 0 0 0 rg BT 449.20 281.10 Td (gy savings that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 269.10 Td (combined company may achieve as a result of the acquisition, the costs necessary to achieve these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 257.10 Td (operating syner) Tj ET Q q 0 0 0 rg BT 178.74 257.10 Td (gy savings or additional char) Tj ET Q q 0 0 0 rg BT 294.09 257.10 Td (ges necessary as a result of the integration, or the tax ef) Tj ET Q q 0 0 0 rg BT 515.49 257.10 Td (fects for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 245.10 Td (the Company's transition to a C corporation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 221.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 221.10 Td (The pro forma amounts were restated to exclude the Canadian discontinued operations \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.37 221.10 Td (Note4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.31 221.10 Td (\).) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 184.60000000000002 m 411.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 184.60000000000002 m 415.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 184.60000000000002 m 480.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 184.60000000000002 m 484.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 184.60000000000002 m 549.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 184.60000000000002 m 411.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 184.60000000000002 m 480.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 184.60000000000002 m 484.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 184.60000000000002 m 549.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 160.60000000000002 m 411.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 160.60000000000002 m 480.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 160.60000000000002 m 549.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 160.60000000000002 m 480.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 160.60000000000002 m 549.5 160.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.65 189.05 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 176.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.70 176.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.50 176.00 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.75 164.00 Td (\(actual\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.75 164.00 Td (\(actual\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.95 164.00 Td (\(pro forma\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 151.86 Td (Pro forma net sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 138.75 151.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 151.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 151.06 Td (4,094.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 151.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 151.06 Td (4,324.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 151.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 151.06 Td (4,398.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 137.86 Td (Pro forma net earnings \(loss\) from continuing operations attributable to) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 128.86 Td (common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 128.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 128.06 Td (56.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 128.06 Td (\(8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 128.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 128.06 Td (\(212.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 128.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 114.86 Td (Pro forma diluted earnings \(loss\) per share from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 105.86 Td (attributable to common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 201.75 105.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 105.06 Td (1.13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 105.06 Td (\(0.18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 105.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 105.06 Td (\(4.54) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 105.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (88) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 4. Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 653.25 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.32 653.25 Td (, the Company completed the sale of its Canadian operations to ) Tj ET Q q 0 0 0 rg BT 427.63 653.25 Td (T) Tj ET Q q 0 0 0 rg BT 433.39 653.25 Td (ranscontinental \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.58 653.25 Td (Note3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.52 653.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (for a description of the business exchange transaction\). ) Tj ET Q q 0 0 0 rg BT 287.75 641.25 Td (T) Tj ET Q q 0 0 0 rg BT 293.50 641.25 Td (ranscontinental assumed pension and post-retirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.25 Td (obligations pertaining to approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.52 629.25 Td (1,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.02 629.25 Td ( Canadian employees, located among the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.36 629.25 Td (seven) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.12 629.25 Td ( facilities sold to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.76 617.25 Td (ranscontinental. ) Tj ET Q q 0 0 0 rg BT 137.17 617.25 Td (The gain on disposal of discontinued operations, net of tax, was finalized in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.37 617.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.37 617.25 Td (, and determined as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 554.75 m 548.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 526.75 m 548.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 484.75 m 548.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 471.75 m 548.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 469.75 m 548.5 469.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.10 573.20 Td (As of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.70 559.20 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 545.21 Td (Fair value of the acquired Transcontinental Mexican operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.75 545.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 545.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 545.21 Td (63.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 531.21 Td (Cash paid to Transcontinental) 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 530.75 531.21 Td (\(6.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 531.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 517.21 Td (Net proceeds) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 114.75 517.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 517.21 Td (57.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 503.21 Td (Net assets of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.25 503.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 503.21 Td (\(27.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 503.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 489.21 Td (Cumulative translation adjustment of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.25 489.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 489.21 Td (3.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 475.21 Td (Gain on disposal of discontinued operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 261.71 479.29 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.25 475.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 475.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 475.21 Td (34.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 460.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 443.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 443.65 Td (For tax purposes the disposal of discontinued operations resulted in a long-term capital loss, for which a deferred tax asset was ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 432.85 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 118.73 432.85 Td (An of) Tj ET Q q 0 0 0 rg BT 139.32 432.85 Td (fsetting valuation allowance against the deferred tax asset was recorded to reflect the expected value at which the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 422.05 Td (asset will be recovered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 398.05 Td (The following table summarizes the results of operations of the Canadian operations, which are included in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 386.05 Td (loss 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 457.35 386.05 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.93 386.05 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 374.05 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 374.05 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 374.05 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.07 374.05 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.07 374.05 Td ( \(the results for 2010 are only from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.81 374.05 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.98 374.05 Td ( to December31, 2010, as that is the period of time the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 362.05 Td (Company owned the Canadian operations\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 325.54999999999995 m 410.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 325.54999999999995 m 479.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 325.54999999999995 m 548.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 325.54999999999995 m 548.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 269.54999999999995 m 410.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 269.54999999999995 m 479.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 269.54999999999995 m 548.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 269.54999999999995 m 410.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 256.54999999999995 m 410.5 256.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 254.54999999999995 m 410.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 269.54999999999995 m 479.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 256.54999999999995 m 479.5 256.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 254.54999999999995 m 479.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 269.54999999999995 m 548.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 256.54999999999995 m 548.5 256.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 254.54999999999995 m 548.5 254.54999999999995 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 330.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 330.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 330.00 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 316.01 Td (Total net sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.75 315.81 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 316.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 316.01 Td (32.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 316.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 316.01 Td (343.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 316.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 316.01 Td (205.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 288.01 Td (Loss from discontinued operations before income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.25 287.81 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 288.01 Td (\(3.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 288.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 288.01 Td (\(34.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 288.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 288.01 Td (\(4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 288.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 274.01 Td (Income tax expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.75 273.81 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 274.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 274.01 Td (4.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 274.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 260.01 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.25 259.81 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 260.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 260.01 Td (\(3.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 260.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 260.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 260.01 Td (\(38.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 260.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 260.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 260.01 Td (\(4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 260.01 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 232.05 Td (Prior to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.50 232.05 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.09 232.05 Td ( closing, the Company continued to execute restructuring events related to plant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 220.05 Td (closures, workforce reductions and other restructuring initiatives, as well as transaction costs related to the sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 208.05 Td (Canadian operations. Due to these initiatives, the Company has recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.64 208.05 Td ($1.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.53 208.05 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.53 208.05 Td ($45.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.42 208.05 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.86 208.05 Td ($15.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.75 208.05 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 196.05 Td (in restructuring, impairment and transaction-related costs for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.17 196.05 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.75 196.05 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.75 196.05 Td (201) Tj ET Q q 0 0 0 rg BT 471.38 196.05 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.38 196.05 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.82 196.05 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.82 196.05 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 184.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 184.05 Td (, within discontinued operations in the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 424.03 184.05 Td (The 201) Tj ET Q q 0 0 0 rg BT 456.71 184.05 Td (1 restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 172.05 Td (expense included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 172.05 Td ($17.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.47 172.05 Td ( char) Tj ET Q q 0 0 0 rg BT 215.00 172.05 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 409.10 172.05 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.99 172.05 Td ( goodwill ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 160.05 Td (impairment char) Tj ET Q q 0 0 0 rg BT 128.63 160.05 Td (ge in the third quarter of 201) Tj ET Q q 0 0 0 rg BT 243.22 160.05 Td (1 for the pending sale of the Canadian discontinued operations due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 148.05 Td (carrying value of the Canadian net assets exceeding the estimated fair value of the Mexican net assets acquired from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 136.05 Td (T) Tj ET Q q 0 0 0 rg BT 68.76 136.05 Td (ranscontinental.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 112.05 Td (Due to the year) Tj ET Q q 0 0 0 rg BT 160.16 112.05 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 471.99 112.05 Td ($34.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.88 112.05 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 100.05 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 100.05 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 100.05 Td (, and as a result the net assets of the Canadian operations to be sold decreased below the fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 88.05 Td (the Mexican operations acquired.) Tj ET Q 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 665.10 Td (The following table summarized the current and non-current assets and liabilities held for sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (discontinued Canadian operations included in the consolidated balance sheet at December31, 201) Tj ET Q q 0 0 0 rg BT 455.00 653.10 Td (1:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 628.6 m 548.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 592.6 m 548.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 532.6 m 548.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 520.6 m 548.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 496.6 m 548.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 460.6 m 548.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 424.6 m 548.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 412.6 m 548.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 388.6 m 548.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 365.6 m 548.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 363.6 m 548.5 363.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 633.05 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 619.86 Td (Receivablesnet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 132.75 619.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 619.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 619.86 Td (64.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 607.86 Td (Inventories) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 105.75 607.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 607.86 Td (7.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 595.86 Td (Prepaid expenses and other current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.25 595.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 595.86 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 583.86 Td (Current assets of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.25 583.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 583.86 Td (72.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 559.86 Td (Property, plant and equipmentnet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.75 559.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 559.86 Td (71.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 547.86 Td (Goodwill) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.25 547.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 547.86 Td (20.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 535.86 Td (Other intangible assetsnet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.75 535.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 535.86 Td (12.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 523.86 Td (Long-term assets of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.75 523.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 523.86 Td (104.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 499.86 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.25 499.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 499.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 499.86 Td (177.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 475.86 Td (Accounts payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 132.75 475.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 475.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 475.86 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 463.86 Td (Accrued liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 132.75 463.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 463.86 Td (33.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 451.86 Td (Current liabilities of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.75 451.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 451.86 Td (48.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 427.86 Td (Other long-term liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 427.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 427.86 Td (99.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 415.86 Td (Long-term liabilities of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.75 415.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 415.86 Td (99.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 391.86 Td (Total liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 391.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 391.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 391.86 Td (148.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 367.86 Td (Net assets of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.25 367.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 367.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 367.86 Td (29.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 342.25 Td (Note 5. Restructuring,Impairment and ) Tj ET Q q 0 0 0 rg BT 235.58 342.25 Td (T) Tj ET Q q 0 0 0 rg BT 241.51 342.25 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 318.25 Td (The Company recorded restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 411.47 318.25 Td (ges for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 306.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 306.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.58 306.25 Td (201) Tj ET Q q 0 0 0 rg BT 161.21 306.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.21 306.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.65 306.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.65 306.25 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 346.5 269.75 m 411.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 269.75 m 480.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 269.75 m 549.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 269.75 m 411.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 269.75 m 480.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 269.75 m 549.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 199.75 m 411.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 199.75 m 480.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 199.75 m 549.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 199.75 m 411.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 186.75 m 411.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 184.75 m 411.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 199.75 m 480.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 186.75 m 480.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 184.75 m 480.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 199.75 m 549.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 186.75 m 549.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 184.75 m 549.5 184.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 274.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.70 274.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.50 274.20 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 260.21 Td (Employee termination char) Tj ET Q q 0 0 0 rg BT 163.88 260.21 Td (ges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.25 260.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 260.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 260.21 Td (27.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 260.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 260.21 Td (29.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 260.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 260.21 Td (26.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 246.21 Td (Impairment charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 138.75 246.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 246.21 Td (23.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 246.21 Td (13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 246.21 Td (32.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 232.21 Td (Transaction-related charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.75 232.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 232.21 Td (4.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 232.21 Td (2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 232.21 Td (41.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 218.21 Td (Integration costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.75 218.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 218.21 Td (44.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 218.21 Td (45.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 218.21 Td (27.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 204.21 Td (Other restructuring char) Tj ET Q q 0 0 0 rg BT 152.38 204.21 Td (ges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.75 204.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 204.21 Td (19.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 204.21 Td (22.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 204.21 Td (19.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 190.21 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.75 190.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 190.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 190.21 Td (118.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 190.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 190.21 Td (114.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 190.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 190.21 Td (147.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 162.25 Td (The costs related to these activities have been recorded on the consolidated statements of operations as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 150.25 Td (restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 278.56 150.25 Td (ges. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.33 150.25 Td (Note24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.27 150.25 Td ( for restructuring, impairment and transaction-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 138.25 Td (related char) Tj ET Q q 0 0 0 rg BT 109.73 138.25 Td (ges by segment.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (90) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Restructuring Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 Td (The Company began a restructuring program in 2010 related to eliminating excess manufacturing capacity and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (properly aligning its cost structure as part of the integration of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.48 641.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 379.97 641.25 Td (W) Tj ET Q q 0 0 0 rg BT 388.61 641.25 Td (orld Color Press acquisition. ) Tj ET Q q 0 0 0 rg BT 507.31 641.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.25 Td (Company has since expanded its restructuring program to include the cost reduction programs associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (September8, 201) Tj ET Q q 0 0 0 rg BT 132.89 617.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.89 617.25 Td ( ) Tj ET Q q 0 0 0 rg BT 140.21 617.25 Td (T) Tj ET Q q 0 0 0 rg BT 145.97 617.25 Td (ranscontinental acquisition as well as other cost reduction programs. Since 2010, the Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.25 Td (announced a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.86 605.25 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.86 605.25 Td ( plant closures and has reduced headcount by approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.39 605.25 Td (6,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.89 605.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 581.25 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.63 581.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.21 581.25 Td (, the Company announced the closures of Dubuque, Iowa; Jonesboro, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.25 Td (Arkansas; Limerick, Ireland, and two plants in Mexico City) Tj ET Q q 0 0 0 rg BT 301.18 569.25 Td (, Mexico. ) Tj ET Q q 0 0 0 rg BT 343.68 569.25 Td (As a result of these and other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.25 Td (programs, the Company recorded the following char) Tj ET Q q 0 0 0 rg BT 272.48 557.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.27 557.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.85 557.25 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 533.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 533.25 Td (Employee termination char) Tj ET Q q 0 0 0 rg BT 225.67 533.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.33 533.25 Td ($27.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.22 533.25 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 521.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 521.25 Td (. ) Tj ET Q q 0 0 0 rg BT 202.90 521.25 Td (The Company reduced its workforce through facility consolidations and involuntary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 509.25 Td (separation programs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 485.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 485.25 Td (Integration costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.70 485.25 Td ($44.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.59 485.25 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.51 485.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 473.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 473.25 Td (. Integration costs were primarily related to preparing existing facilities to meet new production ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 461.25 Td (requirements resulting from work transferring from closed plants, as well as other costs related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 449.25 Td (integration of the acquired companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 425.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 425.25 Td (Other restructuring char) Tj ET Q q 0 0 0 rg BT 212.89 425.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.55 425.25 Td ($19.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.44 425.25 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 413.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 413.25 Td (, which consisted of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.01 413.25 Td ($19.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.90 413.25 Td ( of vacant facility carrying costs, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.62 413.25 Td ($7.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.51 413.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 401.25 Td (of equipment and infrastructure removal costs from closed plants and \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.08 401.25 Td ($8.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.97 401.25 Td ( of lease exit char) Tj ET Q q 0 0 0 rg BT 530.31 401.25 Td (ges. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 389.25 Td (Other restructuring char) Tj ET Q q 0 0 0 rg BT 212.89 389.25 Td (ges are presented net of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.73 389.25 Td ($12.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.62 389.25 Td ( curtailment gain resulting from an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 377.25 Td (amendment to the postretirement medical benefit plan and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.41 377.25 Td ($2.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.30 377.25 Td ( gain on the collection of a note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 365.25 Td (receivable related to a settlement of a disputed pre-acquisition ) Tj ET Q q 0 0 0 rg BT 367.55 365.25 Td (W) Tj ET Q q 0 0 0 rg BT 376.19 365.25 Td (orld Color Press note receivable during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 353.25 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.08 353.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.67 353.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 329.25 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.63 329.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 263.84 329.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.84 329.25 Td (, the Company announced the closures of the Richmond, ) Tj ET Q q 0 0 0 rg BT 497.78 329.25 Td (V) Tj ET Q q 0 0 0 rg BT 504.40 329.25 Td (ir) Tj ET Q q 0 0 0 rg BT 510.33 329.25 Td (ginia; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.25 Td (Stillwater) Tj ET Q q 0 0 0 rg BT 101.48 317.25 Td (, Oklahoma; Buf) Tj ET Q q 0 0 0 rg BT 168.23 317.25 Td (falo, New ) Tj ET Q q 0 0 0 rg BT 209.79 317.25 Td (Y) Tj ET Q q 0 0 0 rg BT 216.01 317.25 Td (ork, and Mt. Morris, Illinois plants. ) Tj ET Q q 0 0 0 rg BT 361.84 317.25 Td (As a result of these and other restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.25 Td (programs, the Company recorded the following char) Tj ET Q q 0 0 0 rg BT 272.48 305.25 Td (ges for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.27 305.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 436.48 305.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.48 305.25 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 281.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 281.25 Td (Employee termination char) Tj ET Q q 0 0 0 rg BT 225.67 281.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.33 281.25 Td ($29.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.22 281.25 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 269.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 190.21 269.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.21 269.25 Td (. ) Tj ET Q q 0 0 0 rg BT 202.53 269.25 Td (The Company reduced its workforce through facility consolidations and involuntary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 257.25 Td (separation programs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 233.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 233.25 Td (Integration costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.70 233.25 Td ($45.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.59 233.25 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.51 233.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 221.25 Td (201) Tj ET Q q 0 0 0 rg BT 131.63 221.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.63 221.25 Td (. Integration costs were primarily related to preparing existing facilities to meet new production ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 209.25 Td (requirements resulting from work transferring from closed plants, as well as other costs related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 197.25 Td (integration of the acquired companies. Integration costs include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.36 197.25 Td ($6.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.25 197.25 Td ( of stock-based compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 185.25 Td (expense related to the termination and liquidation of stock options and the grant of new options \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 173.25 Td (Note22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.94 173.25 Td (\). Included in integration costs is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.96 173.25 Td ($15.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.85 173.25 Td ( gain on the collection of a note receivable for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 161.25 Td (June 2008 sale of ) Tj ET Q q 0 0 0 rg BT 189.03 161.25 Td (W) Tj ET Q q 0 0 0 rg BT 197.66 161.25 Td (orld Color Press' European operations during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.54 161.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 453.76 161.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.76 161.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 137.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 137.25 Td (Other restructuring char) Tj ET Q q 0 0 0 rg BT 212.89 137.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.55 137.25 Td ($22.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.44 137.25 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 125.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 190.21 125.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.21 125.25 Td (, which consisted of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.64 125.25 Td ($15.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.53 125.25 Td ( of vacant facility carrying costs, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.25 125.25 Td ($7.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.14 125.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 113.25 Td (of equipment and infrastructure removal costs from closed plants and \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.08 113.25 Td ($6.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.97 113.25 Td ( of lease exit char) Tj ET Q q 0 0 0 rg BT 530.31 113.25 Td (ges. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 101.25 Td (Other restructuring char) Tj ET Q q 0 0 0 rg BT 212.89 101.25 Td (ges are presented net of a postretirement benefit obligation curtailment gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 89.25 Td ($7.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.89 89.25 Td ( during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.80 89.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 331.01 89.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.01 89.25 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 665.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.63 665.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.21 665.10 Td (, the Company announced the closures of Dyersbur) Tj ET Q q 0 0 0 rg BT 473.98 665.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 483.80 665.10 Td (T) Tj ET Q q 0 0 0 rg BT 489.21 665.10 Td (ennessee; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (Fredericksbur) Tj ET Q q 0 0 0 rg BT 118.36 653.10 Td (g, ) Tj ET Q q 0 0 0 rg BT 128.18 653.10 Td (V) Tj ET Q q 0 0 0 rg BT 134.80 653.10 Td (ir) Tj ET Q q 0 0 0 rg BT 140.72 653.10 Td (ginia; Reno, Nevada; Clarksville, ) Tj ET Q q 0 0 0 rg BT 276.62 653.10 Td (T) Tj ET Q q 0 0 0 rg BT 282.03 653.10 Td (ennessee; Corinth, Mississippi; Cincinnati \(Lebanon\), Ohio, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (Pila, Poland. ) Tj ET Q q 0 0 0 rg BT 118.28 641.10 Td (As a result of these and other restructuring programs, the Company recorded the following char) Tj ET Q q 0 0 0 rg BT 500.49 641.10 Td (ges for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.08 629.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.67 629.10 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 605.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 605.10 Td (Employee termination char) Tj ET Q q 0 0 0 rg BT 225.67 605.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.33 605.10 Td ($26.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.22 605.10 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 593.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 593.10 Td (. ) Tj ET Q q 0 0 0 rg BT 202.90 593.10 Td (The Company reduced its workforce through facility consolidations and involuntary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 581.10 Td (separation programs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 557.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 557.10 Td (Integration costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.70 557.10 Td ($27.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.59 557.10 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.51 557.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 545.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 545.10 Td (. Integration costs were primarily related to preparing existing facilities to meet new production ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 533.10 Td (requirements resulting from work transferring from closed plants, as well as other costs related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 521.10 Td (acquisition of ) Tj ET Q q 0 0 0 rg BT 174.03 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.67 521.10 Td (orld Color Press.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 497.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 497.10 Td (Other restructuring char) Tj ET Q q 0 0 0 rg BT 212.89 497.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.55 497.10 Td ($19.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.44 497.10 Td ( were recorded by the Company during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 485.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 485.10 Td (, which consisted of: \(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.01 485.10 Td ($13.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.90 485.10 Td ( of vacant facility carrying costs, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.62 485.10 Td ($1.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.51 485.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 473.10 Td (of equipment and infrastructure removal costs from closed plants and \(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.08 473.10 Td ($7.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.97 473.10 Td ( of lease exit char) Tj ET Q q 0 0 0 rg BT 530.31 473.10 Td (ges. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 461.10 Td (Other restructuring char) Tj ET Q q 0 0 0 rg BT 212.89 461.10 Td (ges are presented net of a pension curtailment gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.92 461.10 Td ($3.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.81 461.10 Td ( during the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 449.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.38 449.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.96 449.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 425.10 Td (The restructuring char) Tj ET Q q 0 0 0 rg BT 187.67 425.10 Td (ges recorded are based on plans that have been committed to by management and are, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.10 Td (part, based upon management's best estimates of future events. Changes to the estimates may require future restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td (char) Tj ET Q q 0 0 0 rg BT 80.03 401.10 Td (ges and adjustments to the restructuring liabilities. ) Tj ET Q q 0 0 0 rg BT 286.19 401.10 Td (The Company expects to incur additional restructuring char) Tj ET Q q 0 0 0 rg BT 524.55 401.10 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (related to these and other initiatives.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (Impairment Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 341.10 Td (As a result of plant closures related to capacity reduction restructuring initiatives, certain buildings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.10 Td (equipment are no longer utilized in production. ) Tj ET Q q 0 0 0 rg BT 256.38 329.10 Td (The Company recognized impairment char) Tj ET Q q 0 0 0 rg BT 427.80 329.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.46 329.10 Td ($23.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.35 329.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.10 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 317.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.33 317.10 Td ($32.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.22 317.10 Td ( during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.02 317.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.61 317.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.61 317.10 Td (201) Tj ET Q q 0 0 0 rg BT 384.24 317.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.24 317.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.67 317.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.67 317.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 481.33 317.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.65 317.10 Td (The fair values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td (of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy and were estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (based on broker quotes and internal expertise related to current marketplace conditions \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.47 293.10 Td (Note18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.41 293.10 Td ( for the definition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 281.10 Td (Level 3 inputs\). ) Tj ET Q q 0 0 0 rg BT 130.86 281.10 Td (These assets were written down to their estimated fair values at the time of impairment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 257.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.74 257.10 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 233.10 Td (The Company incurs transaction-related char) Tj ET Q q 0 0 0 rg BT 279.30 233.10 Td (ges primarily consisting of professional service fees related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (business acquisition and divestiture activities including the acquisition of ) Tj ET Q q 0 0 0 rg BT 358.04 221.10 Td (V) Tj ET Q q 0 0 0 rg BT 364.16 221.10 Td (ertis, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.09 221.10 Td (201) Tj ET Q q 0 0 0 rg BT 415.72 221.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.72 221.10 Td ( business exchange transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 83.10 209.10 Td (T) Tj ET Q q 0 0 0 rg BT 88.85 209.10 Td (ranscontinental and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.10 209.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.10 209.10 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 263.63 209.10 Td (W) Tj ET Q q 0 0 0 rg BT 272.27 209.10 Td (orld Color Press. ) Tj ET Q q 0 0 0 rg BT 344.59 209.10 Td (The Company recognized transaction-related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.10 Td (char) Tj ET Q q 0 0 0 rg BT 80.03 197.10 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.69 197.10 Td ($4.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.58 197.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.58 197.10 Td ($2.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.47 197.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.91 197.10 Td ($41.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.80 197.10 Td ( during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.60 197.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.18 197.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.18 197.10 Td (201) Tj ET Q q 0 0 0 rg BT 476.81 197.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.81 197.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.25 197.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.25 197.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 185.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.98 185.10 Td (The transaction costs are expensed as incurred in accordance with the applicable accounting guidance on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.10 Td (business combinations.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (92) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Reserves for Restructuring, Impairment and T) Tj ET Q q 0 0 0 rg BT 253.76 677.25 Td (ransaction-Related Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 Td (Activity impacting the Company's reserves for restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 503.54 653.25 Td (ges for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.98 641.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.56 641.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.00 641.25 Td (201) Tj ET Q q 0 0 0 rg BT 225.63 641.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.63 641.25 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 183.5 577.75 m 243.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 577.75 m 307.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 577.75 m 371.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 577.75 m 435.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 577.75 m 499.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 577.75 m 549.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 577.75 m 243.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 577.75 m 307.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 577.75 m 371.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 577.75 m 435.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 577.75 m 499.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 480.75 m 243.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 480.75 m 307.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 480.75 m 371.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 480.75 m 435.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 480.75 m 499.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 480.75 m 549.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 415.75 m 243.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 415.75 m 307.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 415.75 m 371.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 415.75 m 435.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 415.75 m 499.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 415.75 m 549.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 402.75 m 243.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 400.75 m 243.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 402.75 m 307.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 400.75 m 307.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 402.75 m 371.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 400.75 m 371.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 402.75 m 435.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 400.75 m 435.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 402.75 m 499.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 400.75 m 499.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 402.75 m 549.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 400.75 m 549.5 400.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.00 600.20 Td (Employee) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.15 591.20 Td (T) Tj ET Q q 0 0 0 rg BT 194.33 591.20 Td (ermination) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.00 582.20 Td (Charges) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.75 591.20 Td (Impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.00 582.20 Td (Charges) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.55 600.20 Td (T) Tj ET Q q 0 0 0 rg BT 321.88 600.20 Td (ransaction-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.25 591.20 Td (Related) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 582.20 Td (Charges) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.25 591.20 Td (Integration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.45 582.20 Td (Costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.55 600.20 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 591.20 Td (Restructuring) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.00 582.20 Td (Charges) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.15 582.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 568.21 Td (Balance atJanuary 1, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.25 568.01 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 186.00 568.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.25 568.21 Td (24.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.00 568.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 568.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.00 568.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.00 568.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.00 568.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 568.21 Td (1.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 568.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 568.21 Td (42.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 568.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 568.21 Td (68.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 554.21 Td (Reclassify Canadian) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 545.21 Td (restructuring reserves to) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 536.21 Td (discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.25 536.01 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.75 536.21 Td (\(1.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.00 536.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 536.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.00 536.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 536.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 536.21 Td (\(1.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 536.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 536.21 Td (\(3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 536.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 522.21 Td (Expense from continuing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 513.21 Td (operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 513.01 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.25 513.21 Td (29.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.25 513.21 Td (13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.75 513.21 Td (2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 513.21 Td (45.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 513.21 Td (22.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 513.21 Td (114.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 499.21 Td (Cash payments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 132.75 499.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 221.25 499.21 Td (\(43.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.00 499.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 499.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.75 499.21 Td (\(2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 499.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 499.21 Td (\(21.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 499.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 499.21 Td (\(42.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 499.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 499.21 Td (\(110.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 499.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 485.21 Td (Non-cash adjustments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 485.01 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.00 485.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 485.21 Td (\(13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 485.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.00 485.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.75 485.21 Td (\(7.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 485.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 485.21 Td (6.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 485.21 Td (\(14.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 485.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 471.21 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.75 471.01 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 186.00 471.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 228.75 471.21 Td (9.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.00 471.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 471.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.00 471.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.00 471.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.00 471.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 471.21 Td (18.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 471.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 471.21 Td (26.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 471.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 471.21 Td (54.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 457.21 Td (Expense from continuing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 448.21 Td (operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 448.01 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.25 448.21 Td (27.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.25 448.21 Td (23.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.75 448.21 Td (4.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 448.21 Td (44.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 448.21 Td (19.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 448.21 Td (118.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 434.21 Td (Cash payments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 132.75 434.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 221.25 434.21 Td (\(30.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.00 434.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 434.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.75 434.21 Td (\(3.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 434.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 434.21 Td (\(59.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 434.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 434.21 Td (\(34.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 434.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 434.21 Td (\(127.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 434.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 420.21 Td (Non-cash adjustments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 420.01 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.00 420.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 420.21 Td (\(23.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 420.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.00 420.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 420.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 420.21 Td (11.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 420.21 Td (\(12.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 420.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 406.21 Td (Balance atDecember 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.75 406.01 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 186.00 406.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 228.75 406.21 Td (6.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.00 406.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 406.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.00 406.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.75 406.21 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.00 406.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 406.21 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 406.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 406.21 Td (22.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 406.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 406.21 Td (33.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 378.25 Td (These reserves are classified as current 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 63.00 366.25 Td (reserves to be paid within the next twelve months.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 343.25 Td (Note 6. Goodwill and Other) Tj ET Q q 0 0 0 rg BT 183.38 343.25 Td ( Intangible ) Tj ET Q q 0 0 0 rg BT 231.73 343.25 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 319.25 Td (Goodwill is tested annually for impairment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.63 319.25 Td (October31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.33 319.25 Td ( or more frequently if events or changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 307.25 Td (circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 295.25 Td (One of these indicators is a change in business climate, which may be evidenced by) Tj ET Q q 0 0 0 rg BT 396.97 295.25 Td (, among other things, a decline in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 283.25 Td (company's market capitalization below book value for a sustained period of time. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.58 283.25 Td (third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.47 283.25 Td ( quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.61 283.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.61 283.25 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.25 Td (Company's market capitalization remained below the Company's carrying value of its equity for approximately one year) Tj ET Q q 0 0 0 rg BT 543.55 271.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 259.25 Td (which the Company considered to be a sustained period of time. ) Tj ET Q q 0 0 0 rg BT 324.33 259.25 Td (As a result, the Company conducted an interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 247.25 Td (goodwill impairment assessment of the United States and Latin ) Tj ET Q q 0 0 0 rg BT 318.23 247.25 Td (American reporting units which included comparing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 235.25 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 482.33 235.25 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.50 235.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 223.25 Td (the date of the interim assessment. ) Tj ET Q q 0 0 0 rg BT 205.56 223.25 Td (The European reporting unit does not have goodwill associated with it.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 199.25 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 487.31 199.25 Td (This fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 187.25 Td (determination was categorized as Level 3 in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 333.89 187.25 Td (. Under the income approach, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 175.25 Td (determined fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 163.25 Td (which reflects the overall level of inherent risk and the rate of return an outside investor would expect to earn. Under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 151.25 Td (market approach, the Company derived the fair value of the reporting units based on market multiples of comparable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 139.25 Td (publicly-traded companies. Management concluded that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.23 139.25 Td (July31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 139.25 Td (, because the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 127.25 Td (estimated fair value of each of the Company's United States and Latin ) Tj ET Q q 0 0 0 rg BT 344.72 127.25 Td (American reporting units exceeded the respective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 115.25 Td (carrying amounts.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 398.94 677.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.65 677.10 Td (, utilizing the same ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (approach that was performed during the interim impairment assessment. ) Tj ET Q q 0 0 0 rg BT 356.90 665.10 Td (The estimated fair value of each of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (Company's United States and Latin ) Tj ET Q q 0 0 0 rg BT 206.17 653.10 Td (American reporting units exceeded the respective carrying amounts, and as a result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (management concluded that no impairment existed as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.26 641.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.97 641.10 Td (. ) Tj ET Q q 0 0 0 rg BT 368.29 641.10 Td (The fair value of the reporting units exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (their respective carrying values by greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.19 629.10 Td (ten percent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.33 629.10 Td (. No additional indications of impairment have been identified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.82 617.10 Td (October31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.52 617.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.46 617.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.04 617.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 593.10 Td (Goodwill related to the continuing operations at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.12 593.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.71 593.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.14 593.10 Td (201) Tj ET Q q 0 0 0 rg BT 405.77 593.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.77 593.10 Td ( did not include any accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 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 63.00 569.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 569.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.91 569.10 Td (201) Tj ET Q q 0 0 0 rg BT 169.54 569.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.54 569.10 Td (. However) Tj ET Q q 0 0 0 rg BT 218.29 569.10 Td (, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.23 569.10 Td ($13.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.12 569.10 Td ( goodwill impairment was recorded related to the Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (discontinued operations in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.84 557.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 305.05 557.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.05 557.10 Td ( \(see Note 4\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 533.10 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 355.47 533.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.05 533.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.49 533.10 Td (201) Tj ET Q q 0 0 0 rg BT 468.12 533.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.12 533.10 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 316.5 469.6 m 391.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 469.6 m 470.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 469.6 m 549.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 469.6 m 391.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 469.6 m 470.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 469.6 m 549.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 399.6 m 391.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 399.6 m 470.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 399.6 m 549.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 357.6 m 391.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 344.6 m 391.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 342.6 m 391.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 357.6 m 470.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 344.6 m 470.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 342.6 m 470.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 357.6 m 549.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 344.6 m 549.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 342.6 m 549.5 342.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.85 492.05 Td (United States ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.25 483.05 Td (PrintandRelated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.75 474.05 Td (Services) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 474.05 Td (International) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.65 474.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 460.86 Td (Balance atJanuary 1, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.75 460.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.00 460.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 460.06 Td (796.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 460.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 460.06 Td (18.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 460.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 460.06 Td (814.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 446.86 Td (Reclassify Canadian goodwill to discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.75 446.86 Td (. . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 446.06 Td (\(35.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 446.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.00 446.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 446.06 Td (\(35.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 446.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 432.86 Td (World Color Press acquisition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 189.25 432.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.75 432.06 Td (\(3.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 432.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.00 432.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 432.06 Td (\(3.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 432.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 418.86 Td (Transcontinental Mexico acquisition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.75 418.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.00 418.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 418.06 Td (11.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 418.06 Td (11.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 404.86 Td (Translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.25 404.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.00 404.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 404.06 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 404.06 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 390.86 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 180.25 390.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.00 390.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 390.06 Td (757.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 390.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 390.06 Td (29.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 390.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 390.06 Td (787.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 376.86 Td (World Color Press acquisition \(See Note 1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 234.25 376.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.25 376.06 Td (\(19.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 376.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.00 376.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 376.06 Td (\(19.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 376.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 362.86 Td (Translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.25 362.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.00 362.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 362.06 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 362.06 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 348.86 Td (Balance atDecember 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 180.25 348.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.00 348.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 348.06 Td (738.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 348.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 348.06 Td (30.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 348.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 348.06 Td (768.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 320.10 Td (The components of other intangible assets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.79 320.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.37 320.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.81 320.10 Td (201) Tj ET Q q 0 0 0 rg BT 392.44 320.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.44 320.10 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 137.5 286.6 m 180.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 286.6 m 184.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 286.6 m 219.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 286.6 m 223.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 286.6 m 264.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 286.6 m 268.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 286.6 m 305.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 286.6 m 309.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 286.6 m 341.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 286.6 m 388.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 286.6 m 392.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 286.6 m 427.5 286.6 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 431.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 286.6 m 472.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 286.6 m 476.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 286.6 m 513.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 286.6 m 517.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 286.6 m 549.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 257.6 m 180.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 257.6 m 219.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 257.6 m 264.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 257.6 m 305.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 257.6 m 341.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 257.6 m 388.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 257.6 m 427.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 257.6 m 472.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 257.6 m 513.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 257.6 m 549.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 168.60000000000002 m 219.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 168.60000000000002 m 264.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 168.60000000000002 m 305.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 168.60000000000002 m 341.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 168.60000000000002 m 427.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 168.60000000000002 m 472.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 168.60000000000002 m 513.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 168.60000000000002 m 549.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 108.60000000000002 m 219.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 108.60000000000002 m 264.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 108.60000000000002 m 305.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 108.60000000000002 m 341.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 108.60000000000002 m 427.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 108.60000000000002 m 472.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 108.60000000000002 m 513.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 108.60000000000002 m 549.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 108.60000000000002 m 219.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 96.60000000000002 m 219.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 94.60000000000002 m 219.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 108.60000000000002 m 264.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 96.60000000000002 m 264.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 94.60000000000002 m 264.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 108.60000000000002 m 305.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 96.60000000000002 m 305.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 94.60000000000002 m 305.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 108.60000000000002 m 341.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 96.60000000000002 m 341.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 94.60000000000002 m 341.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 108.60000000000002 m 427.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 96.60000000000002 m 427.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 94.60000000000002 m 427.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 108.60000000000002 m 472.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 96.60000000000002 m 472.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 94.60000000000002 m 472.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 108.60000000000002 m 513.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 96.60000000000002 m 513.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 94.60000000000002 m 513.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 108.60000000000002 m 549.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 96.60000000000002 m 549.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 94.60000000000002 m 549.5 94.60000000000002 l s BT /F3 6.00 Tf ET q 0 0 0 rg BT 214.80 290.44 Td (December 31, 2012) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 422.95 290.44 Td (December 31, 2011) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 146.30 279.44 Td (W) Tj ET Q q 0 0 0 rg BT 151.97 279.44 Td (eighted) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 148.05 273.44 Td (A) Tj ET Q q 0 0 0 rg BT 151.94 273.44 Td (verage) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 141.30 267.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 140.05 261.44 Td (Period\(Y) Tj ET Q q 0 0 0 rg BT 164.21 261.44 Td (ears\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 194.05 273.44 Td (Gr) Tj ET Q q 0 0 0 rg BT 201.27 273.44 Td (oss) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 189.65 267.44 Td (Carrying) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 190.95 261.44 Td (Amount) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 226.50 279.44 Td (Accumulated) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 226.30 273.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 227.95 267.44 Td (andFor) Tj ET Q q 0 0 0 rg BT 248.34 267.44 Td (eign) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 230.95 261.44 Td (Exchange) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 271.00 261.44 Td (Impairment) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 313.05 267.44 Td (NetBook) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 317.75 261.44 Td (V) Tj ET Q q 0 0 0 rg BT 321.53 261.44 Td (alue) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 354.30 279.44 Td (W) Tj ET Q q 0 0 0 rg BT 359.97 279.44 Td (eighted) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 356.05 273.44 Td (A) Tj ET Q q 0 0 0 rg BT 359.94 273.44 Td (verage) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 349.30 267.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 348.05 261.44 Td (Period\(Y) Tj ET Q q 0 0 0 rg BT 372.21 261.44 Td (ears\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 402.05 273.44 Td (Gr) Tj ET Q q 0 0 0 rg BT 409.27 273.44 Td (oss) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 397.65 267.44 Td (Carrying) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 398.95 261.44 Td (Amount) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 434.50 279.44 Td (Accumulated) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 434.30 273.44 Td (Amortization) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 435.95 267.44 Td (andFor) Tj ET Q q 0 0 0 rg BT 456.34 267.44 Td (eign) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 438.95 261.44 Td (Exchange) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 479.00 261.44 Td (Impairment) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 521.05 267.44 Td (NetBook) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 525.75 261.44 Td (V) Tj ET Q q 0 0 0 rg BT 529.53 261.44 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 248.85 Td (Finite-lived intangible assets:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 235.85 Td (Trademarks, patents,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 227.85 Td (licenses and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 219.85 Td (agreements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 104.00 219.55 Td (. . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.50 219.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.30 219.85 Td (10.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.60 219.85 Td (\(9.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 219.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.30 219.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.30 219.85 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.50 219.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 219.85 Td (10.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.60 219.85 Td (\(9.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 219.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.30 219.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.00 219.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.30 219.85 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 206.85 Td (Customer) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 198.85 Td (relationships) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 108.00 198.55 Td (. . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.50 198.85 Td (6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.30 198.85 Td (383.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.60 198.85 Td (\(158.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 198.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.30 198.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.30 198.85 Td (224.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.50 198.85 Td (6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 198.85 Td (383.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.60 198.85 Td (\(95.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 198.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.30 198.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.30 198.85 Td (287.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 185.85 Td (Capitalized software) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 132.00 185.55 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.50 185.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.30 185.85 Td (4.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.60 185.85 Td (\(2.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 185.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.30 185.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.30 185.85 Td (1.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.50 185.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.30 185.85 Td (4.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.60 185.85 Td (\(1.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 185.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.30 185.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.30 185.85 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 172.85 Td (Acquired technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.50 172.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.30 172.85 Td (8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.60 172.85 Td (\(5.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 172.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.30 172.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.30 172.85 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.50 172.85 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.30 172.85 Td (8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.60 172.85 Td (\(4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 172.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.30 172.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.30 172.85 Td (4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 146.85 Td (Total finite-lived intangible assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.00 146.55 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.30 146.85 Td (406.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.60 146.85 Td (\(176.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 146.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.30 146.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.30 146.85 Td (229.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 146.85 Td (406.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.60 146.85 Td (\(111.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 146.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.30 146.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.30 146.85 Td (295.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 120.85 Td (Other indefinite-lived intangible) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 112.85 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 87.00 112.55 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.30 112.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.30 112.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.30 112.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.30 112.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.30 112.85 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.30 112.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.30 112.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.30 112.85 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 99.85 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 83.00 99.55 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.30 99.85 Td (406.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.60 99.85 Td (\(176.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 99.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.30 99.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.30 99.85 Td (229.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 99.85 Td (406.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.60 99.85 Td (\(111.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 99.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.30 99.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.00 99.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.30 99.85 Td (295.6) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (Amortization expense for other intangible assets was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.11 677.10 Td ($66.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.00 677.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.00 677.10 Td ($65.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.89 677.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.33 677.10 Td ($34.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.22 677.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.98 665.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.56 665.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.56 665.10 Td (201) Tj ET Q q 0 0 0 rg BT 211.19 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.19 665.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.63 665.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.63 665.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 308.29 665.10 Td (. ) Tj ET Q q 0 0 0 rg BT 315.61 665.10 Td (The following table outlines the estimated future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (amortization expense related to intangible assets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.71 653.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.29 653.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 615.6 m 549.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 540.6 m 549.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 526.6 m 549.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 524.6 m 549.5 524.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.10 620.05 Td (Amortization Expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 606.86 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.25 606.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 605.06 Td (66.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 591.86 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.25 591.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 590.06 Td (65.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 576.86 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.25 576.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 575.06 Td (64.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 561.86 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.25 561.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 560.06 Td (33.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 546.86 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 84.25 546.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 545.06 Td (0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 531.86 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 88.75 531.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 530.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 530.06 Td (229.9) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 503.25 Td (Note 7. Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 479.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.76 479.25 Td (ransactions af) Tj ET Q q 0 0 0 rg BT 159.83 479.25 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 429.18 479.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.76 479.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.76 479.25 Td (201) Tj ET Q q 0 0 0 rg BT 527.39 479.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.39 479.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 467.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.94 467.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.94 467.25 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 345.5 429.75 m 410.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 429.75 m 479.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 429.75 m 548.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 429.75 m 410.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 429.75 m 479.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 429.75 m 548.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 339.75 m 410.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 325.75 m 410.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 323.75 m 410.5 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 339.75 m 479.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 325.75 m 479.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 323.75 m 479.5 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 339.75 m 548.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 325.75 m 548.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 323.75 m 548.5 323.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 434.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 434.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 434.20 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 419.21 Td (Balance at beginning of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.25 419.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 419.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 419.21 Td (73.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 419.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 419.21 Td (85.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 419.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 419.21 Td (22.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 404.21 Td (Reclassify Canadian allowance to discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.75 404.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 404.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 404.21 Td (\(4.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 404.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 404.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 389.21 Td (Acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 124.25 389.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 389.21 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 389.21 Td (2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 389.21 Td (63.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 374.21 Td (Provisions charged to expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.25 374.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 374.21 Td (3.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 374.21 Td (13.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 374.21 Td (3.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 359.21 Td (Write-offs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 115.25 359.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 359.21 Td (\(6.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 359.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 359.21 Td (\(19.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 359.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 359.21 Td (\(4.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 359.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 344.21 Td (Translation and other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.75 344.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 344.21 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 344.21 Td (\(3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 344.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 344.21 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 344.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 329.21 Td (Balance at end of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 146.75 329.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 329.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 329.21 Td (70.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 329.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 329.21 Td (73.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 329.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 329.21 Td (85.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 302.25 Td (Note 8. Inventories) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 278.25 Td (The components of the Company's inventories at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.15 278.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.73 278.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.17 278.25 Td (201) Tj ET Q q 0 0 0 rg BT 409.80 278.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.80 278.25 Td ( were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 241.75 m 480.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 241.75 m 549.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 241.75 m 480.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 241.75 m 549.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 199.75 m 480.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 199.75 m 549.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 199.75 m 480.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 186.75 m 480.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 184.75 m 480.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 199.75 m 549.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 186.75 m 549.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 184.75 m 549.5 184.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 246.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.70 246.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 233.01 Td (Raw materials and manufacturing supplies) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 221.25 233.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 232.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 232.21 Td (154.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 232.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 232.21 Td (124.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 219.01 Td (Work in process) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.75 219.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 218.21 Td (45.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 218.21 Td (72.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 205.01 Td (Finished goods) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.25 205.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 204.21 Td (43.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 204.21 Td (52.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 191.01 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.25 191.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 190.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 190.21 Td (242.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 190.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 190.21 Td (249.5) Tj ET Q BT /F2 10.00 Tf ET 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (95) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 9. Pr) Tj ET Q q 0 0 0 rg BT 108.36 677.25 Td (operty) Tj ET Q q 0 0 0 rg BT 135.57 677.25 Td (, Plant and Equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 Td (The components of the Company's property) Tj ET Q q 0 0 0 rg BT 273.73 653.25 Td (, plant and equipment at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.59 653.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.17 653.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.61 653.25 Td (201) Tj ET Q q 0 0 0 rg BT 485.24 653.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.24 653.25 Td ( were as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 604.75 m 480.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 604.75 m 549.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 604.75 m 480.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 604.75 m 549.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 534.75 m 480.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 534.75 m 549.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 506.75 m 480.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 506.75 m 549.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 506.75 m 480.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 493.75 m 480.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 491.75 m 480.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 506.75 m 549.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 493.75 m 549.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 491.75 m 549.5 491.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 609.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.70 609.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 596.01 Td (Land) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.25 596.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 595.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 595.21 Td (136.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 595.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 595.21 Td (140.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 582.01 Td (Buildings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 104.25 582.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 581.21 Td (904.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 581.21 Td (930.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 568.01 Td (Machinery and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.75 568.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 567.21 Td (3,415.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 567.21 Td (3,398.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 554.01 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.75 554.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 553.21 Td (208.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 553.21 Td (201.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 540.01 Td (Construction in progress) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.25 540.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 539.21 Td (28.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 539.21 Td (23.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 525.21 Td (4,692.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 525.21 Td (4,693.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 512.01 Td (Less: Accumulated depreciation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.25 512.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 511.21 Td (\(2,766.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 511.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 511.21 Td (\(2,570.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 511.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 498.01 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.25 498.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 497.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 497.21 Td (1,926.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 497.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 497.21 Td (2,123.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 469.25 Td (Other consists of computer equipment, vehicles, furniture and fixtures, leasehold improvements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 457.25 Td (communication related equipment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 433.25 Td (The Company recorded impairment char) Tj ET Q q 0 0 0 rg BT 261.53 433.25 Td (ges of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.19 433.25 Td ($23.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.09 433.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.09 433.25 Td ($13.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.98 433.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.42 433.25 Td ($30.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.31 433.25 Td ( during the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 421.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 421.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 421.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.96 421.25 Td (201) Tj ET Q q 0 0 0 rg BT 187.59 421.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.59 421.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.03 421.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.03 421.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.69 421.25 Td (, to reduce the carrying amounts of certain buildings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 409.25 Td (production equipment no longer utilized to fair value \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.98 409.25 Td (Note5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.92 409.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 385.25 Td (For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.19 385.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.78 385.25 Td (, the Company received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.24 385.25 Td ($3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.13 385.25 Td ( from the insurance carrier for repair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 373.25 Td (costs on damaged equipment and other property related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.37 373.25 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.37 373.25 Td ( fire at the Company's ) Tj ET Q q 0 0 0 rg BT 422.58 373.25 Td (W) Tj ET Q q 0 0 0 rg BT 431.21 373.25 Td (est ) Tj ET Q q 0 0 0 rg BT 444.64 373.25 Td (V) Tj ET Q q 0 0 0 rg BT 451.26 373.25 Td (ir) Tj ET Q q 0 0 0 rg BT 457.19 373.25 Td (ginia facility) Tj ET Q q 0 0 0 rg BT 507.36 373.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 361.25 Td (Casualty gains of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.93 361.25 Td ($7.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.83 361.25 Td ( were recorded in selling, general and administrative expenses in the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 349.25 Td (statements of operations for this equipment during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.93 349.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.51 349.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 325.25 Td (The Company recognized depreciation expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.25 325.25 Td ($272.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.14 325.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.14 325.25 Td ($278.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.04 325.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.47 325.25 Td ($233.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.37 325.25 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 313.25 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.98 313.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.56 313.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.56 313.25 Td (201) Tj ET Q q 0 0 0 rg BT 211.19 313.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.19 313.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.63 313.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.63 313.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 308.29 313.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 289.25 Td (Assets Held for Sale from Continuing Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 265.25 Td (Certain closed facilities are considered held for sale. ) Tj ET Q q 0 0 0 rg BT 313.17 265.25 Td (The net book value of the assets held for sale from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 253.25 Td (continuing operations was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.48 253.25 Td ($4.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.37 253.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.81 253.25 Td ($14.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.70 253.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.86 253.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.45 253.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.88 253.25 Td (201) Tj ET Q q 0 0 0 rg BT 429.51 253.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.51 253.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 487.17 253.25 Td (. ) Tj ET Q q 0 0 0 rg BT 494.49 253.25 Td (These assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 241.25 Td (were valued at their fair value, less the estimated costs to sell. ) Tj ET Q q 0 0 0 rg BT 314.68 241.25 Td (The fair values were determined by the Company to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 229.25 Td (Level 3 under the fair value hierarchy and were estimated based on broker quotes and internal expertise related to current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 217.25 Td (marketplace conditions. ) Tj ET Q q 0 0 0 rg BT 162.97 217.25 Td (Assets held for sale from continuing operations are included in prepaid expenses and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 205.25 Td (current assets in the consolidated balance sheets.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (96) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 10. Restricted Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 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 310.19 653.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.77 653.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.21 653.25 Td (201) Tj ET Q q 0 0 0 rg BT 422.84 653.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.84 653.25 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 415.5 616.75 m 480.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 616.75 m 549.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 616.75 m 480.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 616.75 m 549.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 588.75 m 480.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 588.75 m 549.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 588.75 m 480.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 588.75 m 549.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 560.75 m 480.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 560.75 m 549.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 560.75 m 480.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 547.75 m 480.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 545.75 m 480.5 545.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 560.75 m 549.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 547.75 m 549.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 545.75 m 549.5 545.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 621.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.70 621.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 608.01 Td (Defeasance of unsecured notes to be issued \(see Note 14\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.25 608.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 607.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 607.21 Td (60.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 607.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 607.21 Td (75.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 594.01 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.75 594.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 593.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 593.21 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 580.01 Td (Total restricted cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.25 580.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 579.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 579.21 Td (60.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 579.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 579.21 Td (75.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 566.01 Td (Less: short-term restricted cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 194.25 566.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 565.21 Td (\(14.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 565.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 565.21 Td (\(8.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 565.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 552.01 Td (Long-term restricted cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.75 552.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 551.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 551.21 Td (45.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 551.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 551.21 Td (67.4) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 524.25 Td (Note 1) Tj ET Q q 0 0 0 rg BT 89.94 524.25 Td (1. Equity Method Investments in Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 500.25 Td (The Company has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.20 500.25 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.53 500.25 Td ( ownership interest in Plural Editora e Grfica \("Plural"\), a commercial printer based in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 488.25 Td (So Paulo, Brazil, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.59 488.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.92 488.25 Td ( ownership interest in ) Tj ET Q q 0 0 0 rg BT 268.61 488.25 Td (W) Tj ET Q q 0 0 0 rg BT 277.25 488.25 Td (orld Color Chile S.A. \("Chile"\), a commercial printer based in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 476.25 Td (Santiago, Chile. ) Tj ET Q q 0 0 0 rg BT 131.98 476.25 Td (The Company's ownership interest in Plural is accounted for using the equity method of accounting for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 464.25 Td (all periods presented. ) Tj ET Q q 0 0 0 rg BT 153.07 464.25 Td (The Company's ownership interest in Chile is accounted for using the equity method of accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 452.25 Td (since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.05 452.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.22 452.25 Td (, when the Company acquired its ownership interest in Chile as part of the ) Tj ET Q q 0 0 0 rg BT 434.13 452.25 Td (W) Tj ET Q q 0 0 0 rg BT 442.77 452.25 Td (orld Color Press ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 440.25 Td (acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 416.25 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 63.00 404.25 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 63.00 392.25 Td (International segment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 368.25 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 355.03 368.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.61 368.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.05 368.25 Td (201) Tj ET Q q 0 0 0 rg BT 467.68 368.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.68 368.25 Td ( are presented ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 356.25 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 319.75 m 479.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 319.75 m 548.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 291.75 m 479.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 291.75 m 548.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 291.75 m 479.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 278.75 m 479.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 276.75 m 479.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 291.75 m 548.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 278.75 m 548.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 276.75 m 548.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 234.75 m 479.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 234.75 m 548.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 234.75 m 479.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 221.75 m 479.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 219.75 m 479.5 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 234.75 m 548.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 221.75 m 548.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 219.75 m 548.5 219.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 324.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 324.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 310.21 Td (Current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 116.75 310.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 310.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 310.21 Td (79.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 310.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 310.21 Td (63.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 296.21 Td (Long-term assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 130.25 296.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 296.21 Td (91.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 296.21 Td (109.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 282.21 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 107.75 282.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 282.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 282.21 Td (170.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 282.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 282.21 Td (173.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 253.21 Td (Current liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 130.25 253.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 253.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 253.21 Td (42.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 253.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 253.21 Td (57.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 239.21 Td (Long-term liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 139.25 239.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 239.21 Td (35.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 239.21 Td (21.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 225.21 Td (Total liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.25 225.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 225.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 225.21 Td (78.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 225.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 225.21 Td (78.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 197.25 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 449.17 197.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.75 197.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.25 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 185.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 185.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.07 185.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.07 185.25 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 346.5 148.75 m 411.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 148.75 m 480.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 148.75 m 549.5 148.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 153.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.70 153.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.50 153.20 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 140.01 Td (Net sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 102.75 140.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 139.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 139.21 Td (200.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 139.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 139.21 Td (221.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 139.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 139.21 Td (166.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 126.01 Td (Operating income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.25 126.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 125.21 Td (9.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 125.21 Td (12.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 125.21 Td (22.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 112.01 Td (Net earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.75 112.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 111.21 Td (4.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 111.21 Td (6.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 111.21 Td (16.9) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (97) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 12. ) Tj ET Q q 0 0 0 rg BT 102.44 677.25 Td (Accrued Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 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 323.52 653.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.10 653.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.54 653.25 Td (201) Tj ET Q q 0 0 0 rg BT 436.17 653.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.17 653.25 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 414.5 616.75 m 479.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 616.75 m 548.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 546.75 m 479.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 533.75 m 479.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 531.75 m 479.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 546.75 m 548.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 533.75 m 548.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 531.75 m 548.5 531.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 621.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 621.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 607.21 Td (Employee-related liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.25 607.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 607.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 607.21 Td (152.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 607.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 607.21 Td (183.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 593.21 Td (Restructuring reserves) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 148.25 593.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 593.21 Td (33.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 593.21 Td (54.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 579.21 Td (Taxes and income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.75 579.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 579.21 Td (43.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 579.21 Td (45.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 565.21 Td (Interest and rent) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 125.75 565.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 565.21 Td (15.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 565.21 Td (17.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 551.21 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 89.75 551.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 551.21 Td (90.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 551.21 Td (93.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 537.21 Td (Total accrued liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.75 537.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 537.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 537.21 Td (334.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 537.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 537.21 Td (393.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 509.25 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 63.00 497.25 Td (compensation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 474.25 Td (Note 13. Commitments and Contingencies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 450.25 Td (Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 426.25 Td (The Company had firm commitments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.86 426.25 Td ($12.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.75 426.25 Td ( to purchase press and finishing equipment at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 414.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 390.25 Td (Litigation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 366.25 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 63.00 354.25 Td (asserted against the Company) Tj ET Q q 0 0 0 rg BT 181.49 354.25 Td (. In the opinion of management, the liabilities, if any) Tj ET Q q 0 0 0 rg BT 393.84 354.25 Td (, which ultimately result from such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 342.25 Td (lawsuits 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 496.10 342.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 318.25 Td (Environmental Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 294.25 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 522.13 294.25 Td (, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 282.25 Td (the generation, storage, transportation, and disposal of hazardous substances, and to environment protection in general. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 270.25 Td (The Company provides for expenses associated with environmental remediation obligations when such amounts are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (probable and can be reasonably estimated. Such reserves are adjusted as new information develops or circumstances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (change. ) Tj ET Q q 0 0 0 rg BT 98.63 246.25 Td (The environmental reserves are not discounted. ) Tj ET Q q 0 0 0 rg BT 292.83 246.25 Td (The Company believes it is in compliance with such laws, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 234.25 Td (regulations and government policies in all material respects. Furthermore, the Company does not anticipate that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 222.25 Td (maintaining compliance with such environmental statutes will have a material impact upon the Company's competitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 210.25 Td (or consolidated financial position.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 187.25 Td (Note 14. ) Tj ET Q q 0 0 0 rg BT 102.81 187.25 Td (W) Tj ET Q q 0 0 0 rg BT 112.26 187.25 Td (orld Color) Tj ET Q q 0 0 0 rg BT 156.79 187.25 Td ( Pr) Tj ET Q q 0 0 0 rg BT 169.66 187.25 Td (ess Insolvency Pr) Tj ET Q q 0 0 0 rg BT 242.81 187.25 Td (oceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 163.25 Td (The Company continues to manage the bankruptcy claim settlement process for the Quebecor ) Tj ET Q q 0 0 0 rg BT 476.20 163.25 Td (W) Tj ET Q q 0 0 0 rg BT 484.83 163.25 Td (orld Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 151.25 Td (\("QWI"\) bankruptcy proceedings in the United States and Canada \(QWI changed its name to "W) Tj ET Q q 0 0 0 rg BT 449.88 151.25 Td (orld Color Press Inc." ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 139.25 Td (upon emer) Tj ET Q q 0 0 0 rg BT 105.30 139.25 Td (ging from bankruptcy on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.51 139.25 Td (July21, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.68 139.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 272.33 139.25 Td (T) Tj ET Q q 0 0 0 rg BT 277.74 139.25 Td (o the extent claims are allowed, the holders of such claims are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 127.25 Td (entitled to receive recovery) Tj ET Q q 0 0 0 rg BT 171.46 127.25 Td (, with the nature of such recovery dependent upon the type and classification of such claims. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 115.25 Td (In this regard, with respect to certain types of claims, the holders thereof are entitled to receive cash and/or unsecured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 103.25 Td (notes, while the holders of certain other types of claims are entitled to receive a combination of Quad/Graphics common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 91.25 Td (stock and cash, in accordance with the terms of the ) Tj ET Q q 0 0 0 rg BT 269.13 91.25 Td (W) Tj ET Q q 0 0 0 rg BT 277.77 91.25 Td (orld Color Press acquisition agreement.) Tj ET Q 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.04 665.10 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 487.81 665.10 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (has estimated that approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.40 653.10 Td ($9.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.30 653.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.73 653.10 Td ($19.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.63 653.10 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 63.00 641.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 641.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.52 641.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 236.74 641.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.74 641.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 294.40 641.10 Td (, and this obligation is classified as amounts owing in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (satisfaction of bankruptcy claims in the consolidated balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.04 605.10 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 496.91 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 505.54 605.10 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (\(USA\) Inc. \(the "Class 3 Claims"\), each allowed Class 3 Claim will be entitled to receive an unsecured note in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (amount not to exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.31 581.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.64 581.10 Td ( of such creditor's allowed Class 3 Claim, provided, however) Tj ET Q q 0 0 0 rg BT 412.93 581.10 Td (, that the aggregate principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (amount of all such unsecured notes cannot exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.71 569.10 Td ($75.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 569.10 Td (. In the event that the total of all allowed Class 3 Claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (exceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.15 557.10 Td ($150.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.04 557.10 Td (, each 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 482.32 557.10 Td ($75.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.21 557.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (the unsecured notes issued, together with accrued interest and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.30 545.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.63 545.10 Td ( prepayment redemption premium thereon \(the total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (of which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.94 533.10 Td ($89.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.83 533.10 Td (\). In connection with the ) Tj ET Q q 0 0 0 rg BT 266.68 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 275.31 533.10 Td (orld Color Press acquisition, the Company was required to deposit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td (the maximum potential payout to the Class 3 Claim creditors of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.90 521.10 Td ($89.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.79 521.10 Td ( with a trustee, and that amount will remain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.10 Td (with the trustee until either \(1\)it is paid to a creditor for an allowed Class 3 Claim or \(2\) upon all Class 3 Claims being ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.10 Td (resolved any excess amount will revert to the Company) Tj ET Q q 0 0 0 rg BT 284.51 497.10 Td (. In the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.64 497.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.23 497.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.23 497.10 Td ($14.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.12 497.10 Td ( was paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (to Class 3 Claim creditors. ) Tj ET Q q 0 0 0 rg BT 173.83 485.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.33 485.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.91 485.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.91 485.10 Td ($60.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 485.10 Td ( remains and is classified as restricted cash in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.10 Td (consolidated balance sheets \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.61 473.10 Td (Note10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.55 473.10 Td (\). Based on the Company's analysis of the outstanding claims, the Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.10 Td (recorded a liability) Tj ET Q q 0 0 0 rg BT 137.87 461.10 Td (, classified as unsecured notes to be issued in the consolidated balance sheet, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.78 461.10 Td ($23.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.67 461.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 449.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 449.10 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 403.6 m 445.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 403.6 m 549.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 403.6 m 445.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 403.6 m 549.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 375.6 m 445.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 375.6 m 549.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 375.6 m 445.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 347.6 m 445.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 347.6 m 549.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 347.6 m 445.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 334.6 m 445.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 332.6 m 445.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 347.6 m 549.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 334.6 m 549.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 332.6 m 549.5 332.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.35 408.05 Td (RestrictedCash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.70 417.05 Td (Unsecur) Tj ET Q q 0 0 0 rg BT 498.53 417.05 Td (edNotes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.20 408.05 Td (tobeIssued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 394.86 Td (Balance at January 1, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.75 394.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 394.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.25 394.06 Td (89.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 394.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 394.06 Td (52.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 380.86 Td (Class 3 Claim payments during 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.75 380.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 380.06 Td (\(13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 380.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 380.06 Td (\(13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 380.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 366.86 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 366.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 366.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.25 366.06 Td (75.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 366.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 366.06 Td (38.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 352.86 Td (Class 3 Claim payments during 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.75 352.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 352.06 Td (\(14.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 352.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 352.06 Td (\(14.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 352.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 338.86 Td (Balance atDecember 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 338.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 338.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.25 338.06 Td (60.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 338.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 338.06 Td (23.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 310.10 Td (While the liabilities recorded for any bankruptcy matters are based on management's current assessment of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 298.10 Td (amount likely to be paid, it is not possible to identify the final amount of priority cash claims or the amount of Class 3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 286.10 Td (Claims that will ultimately be allowed by the U.S. Bankruptcy Court. ) Tj ET Q q 0 0 0 rg BT 345.28 286.10 Td (Therefore, amounts owing in satisfaction of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 274.10 Td (bankruptcy claims on the consolidated balance sheet could be materially higher than the amounts estimated, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 262.10 Td (would require additional cash payments to be made for the amount exceeding the Company's estimate. ) Tj ET Q q 0 0 0 rg BT 477.74 262.10 Td (Amounts payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 250.10 Td (related to the unsecured notes could reach the maximum aggregate principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.70 250.10 Td ($75.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.59 250.10 Td (, which would not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 238.10 Td (require an additional cash payment as the maximum potential exposure has already been funded in trust, but would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 226.10 Td (require additional liability and expense to be recorded as the Company's estimate of total Class 3 Claim payments to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 214.10 Td (made is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.33 214.10 Td ($52.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.22 214.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.05 214.10 Td ($28.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.94 214.10 Td ( paid out and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.37 214.10 Td ($23.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.26 214.10 Td ( remaining estimated liability as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.89 214.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.48 214.10 Td (\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 202.10 Td (In light of the substantial number and amount of claims filed, the claims resolution process will take considerable time to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 190.10 Td (complete.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 167.25 Td (Note 15. Income ) Tj ET Q q 0 0 0 rg BT 136.97 167.25 Td (T) Tj ET Q q 0 0 0 rg BT 142.72 167.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 143.25 Td (In connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.20 143.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.37 143.25 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 299.90 143.25 Td (W) Tj ET Q q 0 0 0 rg BT 308.54 143.25 Td (orld Color Press \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.63 143.25 Td (Note3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.57 143.25 Td (\) and the public registration of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 131.25 Td (the Quad/Graphics class ) Tj ET Q q 0 0 0 rg BT 162.14 131.25 Td (A) Tj ET Q q 0 0 0 rg BT 168.81 131.25 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 63.00 119.25 Td (structure to C corporation status under the provisions of the Internal Revenue Code. From that point forward, these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 107.25 Td (entities are subject to federal and state income taxes. ) Tj ET Q q 0 0 0 rg BT 275.51 107.25 Td (The impact from the conversion to C corporation status resulted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 95.25 Td (the recognition of net short-term deferred tax assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.64 95.25 Td ($23.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.54 95.25 Td (, net long-term deferred tax liabilities of ) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 60.35 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td ($223.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 677.10 Td (, an increase in 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 63.00 665.10 Td ($0.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 665.10 Td (, and recognition of income tax expense for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.02 665.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.60 665.10 Td (, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.43 665.10 Td ($200.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.33 665.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 641.10 Td (From ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.17 641.10 Td (January1, 2005) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.77 641.10 Td (, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.05 641.10 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.22 641.10 Td (, Quad/Graphics was contractually required under a shareholders' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (agreement to pay tax distributions to shareholders in connection with the Company's election to be taxed as an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (Scorporation. ) Tj ET Q q 0 0 0 rg BT 124.10 617.10 Td (As a result of the Company's issuance of shares of class ) Tj ET Q q 0 0 0 rg BT 348.91 617.10 Td (A) Tj ET Q q 0 0 0 rg BT 355.58 617.10 Td ( stock pursuant to the acquisition of ) Tj ET Q q 0 0 0 rg BT 500.66 617.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.29 617.10 Td (orld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (Color Press and the termination of the Scorporation election, the shareholders' agreement was amended to terminate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (obligation to pay tax distributions for periods following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.98 593.10 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 593.10 Td ( and to revise certain provisions concerning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (adjustments to tax distributions related to the S corporation periods prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.28 581.10 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.45 581.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.77 581.10 Td (The shareholders during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (Scorporation years will receive adjusting payments if there is ultimately an increased tax liability or will be required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (reimburse the Company if the tax liability decreases from what was previously estimated and distributed for such prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 99.39 545.10 Td (Adjustments could be required for audits or other necessary adjustments of prior periods. ) Tj ET Q q 0 0 0 rg BT 460.13 545.10 Td (All such adjustments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (made will be recorded to retained earnings on the consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 509.10 Td (Income taxes have been based on the following components of earnings \(loss\) from continuing operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.10 Td (before income taxes and equity in earnings of unconsolidated entities for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.21 497.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 497.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.80 497.10 Td (201) Tj ET Q q 0 0 0 rg BT 519.43 497.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.43 497.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 485.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 448.6 m 410.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 448.6 m 479.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 448.6 m 548.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 448.6 m 410.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 448.6 m 479.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 448.6 m 548.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 420.6 m 410.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 420.6 m 479.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 420.6 m 548.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 420.6 m 410.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 407.6 m 410.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 405.6 m 410.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 420.6 m 479.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 407.6 m 479.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 405.6 m 479.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 420.6 m 548.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 407.6 m 548.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 405.6 m 548.5 405.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 453.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 453.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 453.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 439.06 Td (U.S.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.75 438.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 439.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 439.06 Td (69.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 439.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 439.06 Td (41.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 439.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 439.06 Td (59.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 425.06 Td (Foreign) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 97.25 424.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 425.06 Td (\(46.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 425.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 425.06 Td (\(26.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 425.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 425.06 Td (\(90.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 425.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 411.06 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.75 410.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 411.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 411.06 Td (22.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 411.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 411.06 Td (14.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 411.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 411.06 Td (\(31.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 411.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 383.10 Td (The components of income tax expense \(benefit\) consists of the following for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.94 383.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 371.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 371.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 371.10 Td (201) Tj ET Q q 0 0 0 rg BT 102.63 371.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.63 371.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.07 371.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.07 371.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 334.6 m 410.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 334.6 m 479.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 334.6 m 548.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 208.60000000000002 m 410.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 208.60000000000002 m 479.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 208.60000000000002 m 548.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 208.60000000000002 m 410.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 195.60000000000002 m 410.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 193.60000000000002 m 410.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 208.60000000000002 m 479.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 195.60000000000002 m 479.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 193.60000000000002 m 479.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 208.60000000000002 m 548.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 195.60000000000002 m 548.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 193.60000000000002 m 548.5 193.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 339.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 339.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 339.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 325.06 Td (Federal:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 311.06 Td (Current) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 106.25 310.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 311.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 311.06 Td (\(23.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 311.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 311.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 311.06 Td (\(15.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 311.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 311.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 311.06 Td (23.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 297.06 Td (Deferred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.75 296.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 297.06 Td (\(4.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 297.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 297.06 Td (24.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 297.06 Td (185.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 283.06 Td (State:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 269.06 Td (Current) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 106.25 268.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 269.06 Td (3.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 269.06 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 269.06 Td (3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 255.06 Td (Deferred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.75 254.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 255.06 Td (\(6.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 255.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 255.06 Td (9.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 255.06 Td (11.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 241.06 Td (Foreign:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 227.06 Td (Current) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 106.25 226.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 227.06 Td (2.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 227.06 Td (4.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 227.06 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 213.06 Td (Deferred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.75 212.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 213.06 Td (\(2.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 213.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 213.06 Td (2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 213.06 Td (\(3.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 213.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 199.06 Td (Total income tax expense \(benefit\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.75 198.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 199.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 199.06 Td (\(31.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 199.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 199.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 199.06 Td (26.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 199.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 199.06 Td (223.2) Tj ET Q BT /F2 10.00 Tf ET 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (The following table outlines the reconciliation of dif) Tj ET Q q 0 0 0 rg BT 308.48 677.10 Td (ferences between the Federal statutory tax rate and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (Company's ef) Tj ET Q q 0 0 0 rg BT 117.67 665.10 Td (fective tax rate for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.42 665.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.01 665.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.01 665.10 Td (201) Tj ET Q q 0 0 0 rg BT 356.64 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.64 665.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.08 665.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.08 665.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 630.6 m 410.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 630.6 m 479.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 630.6 m 548.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 630.6 m 410.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 630.6 m 479.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 630.6 m 548.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 475.6 m 410.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 464.6 m 410.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 462.6 m 410.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 475.6 m 479.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 464.6 m 479.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 462.6 m 479.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 475.6 m 548.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 464.6 m 548.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 462.6 m 548.5 462.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 634.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 634.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 634.00 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 621.86 Td (Federal statutory rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.75 621.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 621.86 Td (35.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 621.86 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 621.86 Td (35.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.50 621.86 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 621.86 Td (35.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 621.86 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 609.86 Td (Foreign rate differential) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.75 609.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 609.86 Td (19.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 609.86 Td (21.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.75 609.86 Td (\(35.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 609.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 597.86 Td (State taxes, net of federal benefit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.25 597.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 597.86 Td (3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 597.86 Td (12.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.25 597.86 Td (\(6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 597.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 585.86 Td (Nondeductible transaction costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.25 585.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 585.86 Td (3.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 585.86 Td (5.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.75 585.86 Td (\(13.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 585.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 573.86 Td (Tax adjustment due to S corporation status) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.25 573.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.50 573.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.50 573.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.75 573.86 Td (\(52.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 573.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 561.86 Td (Expiration of deferred tax assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.25 561.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.50 561.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 561.86 Td (18.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 561.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 549.06 Td (Establish net deferred tax liabilities due to S corporation status) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 540.06 Td (termination) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.75 539.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.50 540.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.50 540.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.25 540.06 Td (\(640.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 540.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 526.86 Td (Adjustment to valuation allowances) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.75 526.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 526.86 Td (\(3.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.50 526.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 526.86 Td (48.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.75 526.86 Td (\(33.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 526.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 514.86 Td (Adjustment of deferred tax liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.25 514.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.75 514.86 Td (\(14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.50 514.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 514.86 Td (52.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 514.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 502.86 Td (Loss from foreign branches) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 502.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.75 502.86 Td (\(30.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.50 502.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 502.86 Td (\(54.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.50 502.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 502.86 Td (70.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 490.86 Td (Adjustment of uncertain tax positions) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 212.48 494.94 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.25 490.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.25 490.86 Td (\(145.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.50 490.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 490.86 Td (19.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 490.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 478.86 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.75 478.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 478.86 Td (\(7.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.50 478.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 478.86 Td (17.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.75 478.86 Td (\(36.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 478.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 466.86 Td (Effective income tax rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.75 466.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.25 466.86 Td (\(140.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.50 466.86 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 466.86 Td (174.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.50 466.86 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.25 466.86 Td (\(713.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 466.86 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 453.30 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 436.50 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 436.50 Td (During ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 108.75 436.50 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.75 436.50 Td (, the Company settled pre-acquisition ) Tj ET Q q 0 0 0 rg BT 263.55 436.50 Td (W) Tj ET Q q 0 0 0 rg BT 271.33 436.50 Td (orld Color Press income tax examinations with the Internal Revenue Service ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 425.70 Td (resulting in a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 130.24 425.70 Td ($30.0 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.74 425.70 Td ( income tax benefit.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (101) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 665.25 Td (Deferred Income T) Tj ET Q q 0 0 0 rg BT 140.95 665.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 641.25 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 316.43 641.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.01 641.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.45 641.25 Td (201) Tj ET Q q 0 0 0 rg BT 429.08 641.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.08 641.25 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 414.5 607.75 m 479.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 607.75 m 548.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 511.75 m 479.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 511.75 m 548.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 476.75 m 479.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 476.75 m 548.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 453.75 m 479.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 453.75 m 548.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 382.75 m 479.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 382.75 m 548.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 359.75 m 479.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 359.75 m 548.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 336.75 m 479.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 334.75 m 479.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 336.75 m 548.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 334.75 m 548.5 334.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 610.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 610.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 599.01 Td (Deferred tax assets:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 587.01 Td (Accrued liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 143.75 587.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 587.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 587.01 Td (31.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 587.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 587.01 Td (44.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 575.01 Td (Accrued compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.75 575.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 575.01 Td (31.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 575.01 Td (41.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 563.01 Td (Allowance for doubtful accounts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.75 563.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 563.01 Td (20.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 563.01 Td (23.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 551.01 Td (Interest limitation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 143.75 551.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 551.01 Td (154.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 551.01 Td (102.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 539.01 Td (Pension, postretirement and workers compensation benefits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 292.25 539.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 539.01 Td (153.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 539.01 Td (160.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 527.01 Td (Net operating loss and other tax carry forwards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 247.25 527.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 527.01 Td (172.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 527.01 Td (112.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 515.01 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 98.75 515.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 515.01 Td (26.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 515.01 Td (36.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 492.01 Td (Total deferred tax assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.75 492.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 492.01 Td (590.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 492.01 Td (521.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 480.01 Td (Valuation allowance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 139.25 480.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 480.01 Td (\(174.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 480.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 480.01 Td (\(125.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 480.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 457.01 Td (Net deferred tax assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 148.25 457.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 457.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 457.01 Td (416.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 457.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 457.01 Td (396.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 434.01 Td (Deferred tax liabilities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 422.01 Td (Property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 188.75 422.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 422.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 422.01 Td (\(379.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 422.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 422.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 422.01 Td (\(468.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 422.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 410.01 Td (Goodwill and intangible assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 188.75 410.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 410.01 Td (\(83.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 410.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 410.01 Td (\(106.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 410.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 398.01 Td (Investment in U.S. subsidiaries) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.25 398.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 398.01 Td (\(243.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 398.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 398.01 Td (\(178.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 398.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 386.01 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 98.75 386.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 386.01 Td (\(17.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 386.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 386.01 Td (\(28.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 386.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 363.01 Td (Total deferred tax liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.25 363.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 363.01 Td (\(724.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 363.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 363.01 Td (\(781.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 363.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 340.01 Td (Net deferred tax liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.75 340.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 340.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 340.01 Td (\(308.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 340.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 340.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 340.01 Td (\(385.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 340.01 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 312.25 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 485.79 312.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 300.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 300.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.44 300.25 Td (201) Tj ET Q q 0 0 0 rg BT 117.07 300.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.07 300.25 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 414.5 263.75 m 479.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 263.75 m 548.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 263.75 m 479.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 263.75 m 548.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 235.75 m 479.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 235.75 m 548.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 235.75 m 479.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 222.75 m 479.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 220.75 m 479.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 235.75 m 548.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 222.75 m 548.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 220.75 m 548.5 220.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 268.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 268.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 254.21 Td (Current net deferred tax asset) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.25 254.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 254.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 254.21 Td (55.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 254.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 254.21 Td (86.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 240.21 Td (Non-current net deferred tax liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.25 240.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 240.21 Td (\(363.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 240.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 240.21 Td (\(471.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 240.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 226.21 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 226.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 226.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 226.21 Td (\(308.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 226.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 226.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 226.21 Td (\(385.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 226.21 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 198.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.50 198.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.08 198.25 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 443.33 198.25 Td ($3.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.22 198.25 Td (, foreign net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 186.25 Td (operating loss carry forwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.23 186.25 Td ($190.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.13 186.25 Td ( and state net operating loss carry forwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.34 186.25 Td ($626.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.23 186.25 Td (. ) Tj ET Q q 0 0 0 rg BT 503.55 186.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 174.25 Td (federal net operating loss carry forward expires in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.14 174.25 Td (2029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.14 174.25 Td (. Of the foreign net operating loss carry forwards, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.41 174.25 Td ($105.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.30 174.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 162.25 Td (are available without expiration, while the remainder expire through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.45 162.25 Td (2027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.45 162.25 Td (. ) Tj ET Q q 0 0 0 rg BT 365.77 162.25 Td (The state net operating loss carry forwards ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 150.25 Td (expire in varying amounts through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.81 150.25 Td (2032) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.81 150.25 Td (. ) Tj ET Q q 0 0 0 rg BT 231.13 150.25 Td (The Company also has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.00 150.25 Td ($49.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.89 150.25 Td ( of various state credit carry forwards, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 138.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.94 138.25 Td ($30.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.83 138.25 Td ( are available without expiration, while the remainder expire through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.78 138.25 Td (2027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.78 138.25 Td (. ) Tj ET Q q 0 0 0 rg BT 448.73 138.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.23 138.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.82 138.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 126.25 Td (the Company has recorded a valuation allowance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.92 126.25 Td ($174.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.81 126.25 Td ( against deferred tax assets that are not expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 114.25 Td (realized.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (The Company considers its foreign earnings to be indefinitely invested. ) Tj ET Q q 0 0 0 rg BT 389.49 677.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 438.83 677.10 Td (, the Company does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (currently provide for the additional United States and foreign income taxes which would become payable upon remission ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (of undistributed earnings of foreign subsidiaries. ) Tj ET Q q 0 0 0 rg BT 262.22 653.10 Td (The cumulative undistributed earnings of such subsidiaries at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 641.10 Td (, are not material.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (Uncertain T) Tj ET Q q 0 0 0 rg BT 112.36 617.10 Td (ax Provisions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 593.10 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 63.00 581.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 581.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.58 581.10 Td (201) Tj ET Q q 0 0 0 rg BT 161.21 581.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.21 581.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.65 581.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.65 581.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 544.6 m 410.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 544.6 m 479.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 544.6 m 548.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 418.6 m 410.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 418.6 m 479.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 418.6 m 548.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 405.6 m 410.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 403.6 m 410.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 405.6 m 479.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 403.6 m 479.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 405.6 m 548.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 403.6 m 548.5 403.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 549.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 549.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 549.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 535.06 Td (Balance at beginning of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 534.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 535.06 Td (106.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 535.06 Td (129.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 535.06 Td (7.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 521.06 Td (Additions due to acquisitions \(see Note 1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.75 520.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 521.06 Td (22.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 521.06 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 521.06 Td (122.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 507.06 Td (Additions for tax positions of the current year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.25 506.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 507.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 507.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 507.06 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 493.06 Td (Additions for tax positions of prior years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.25 492.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 493.06 Td (15.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 493.06 Td (5.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 493.06 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 479.06 Td (Reductions for tax positions of prior years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.75 478.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 479.06 Td (\(76.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 479.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 479.06 Td (\(1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 479.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 479.06 Td (\(0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 479.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 465.06 Td (Settlements during the period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.75 464.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 465.06 Td (\(7.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 465.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 465.06 Td (\(1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 465.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 465.06 Td (\(1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 465.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 451.06 Td (Lapses of applicable statutes of limitations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.75 450.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 451.06 Td (\(13.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 451.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 451.06 Td (\(1.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 451.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 451.06 Td (\(0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 451.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 437.06 Td (Foreign exchange and other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.25 436.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 437.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 437.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 437.06 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 423.06 Td (Reclassify Canadian uncertain tax positions to discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 422.86 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 423.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 423.06 Td (\(25.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 423.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 423.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 409.06 Td (Balance at end of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.75 408.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 409.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 409.06 Td (46.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 409.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 409.06 Td (106.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 409.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 409.06 Td (129.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 381.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 381.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 381.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.03 381.10 Td ($46.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.92 381.10 Td ( of unrecognized tax benefits would impact the Company's ef) Tj ET Q q 0 0 0 rg BT 506.08 381.10 Td (fective tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 369.10 Td (rate, if recognized. Of that amount, it is reasonably possible that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.31 369.10 Td ($4.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.21 369.10 Td ( of the total amount of unrecognized tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 357.10 Td (benefits 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 87.00 333.10 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.83 333.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.83 333.10 Td (, the Company settled pre-acquisition ) Tj ET Q q 0 0 0 rg BT 289.84 333.10 Td (W) Tj ET Q q 0 0 0 rg BT 298.47 333.10 Td (orld Color Press income tax examinations with the Internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 321.10 Td (Revenue Service resulting in a net income tax benefit of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.14 321.10 Td ($30.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.04 321.10 Td (. Included in this net benefit is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.40 321.10 Td ($75.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.29 321.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 309.10 Td (related to a reduction for uncertain tax positions of prior years. In addition to the impact on the Company's uncertain tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 297.10 Td (positions, settlement of the examinations required an adjustment to certain tax attributes of the Company) Tj ET Q q 0 0 0 rg BT 481.41 297.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.73 297.10 Td (The impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 285.10 Td (the adjustments to these tax attributes resulted in a net income tax expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.02 285.10 Td ($46.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.91 285.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 261.10 Td (The Company classifies interest expense and any related penalties related to income tax uncertainties as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 249.10 Td (component of income tax expense. ) Tj ET Q q 0 0 0 rg BT 206.94 249.10 Td (The total interest \(income\) expense related to tax uncertainties recognized in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 237.10 Td (consolidated statements of operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.59 237.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.18 237.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.18 237.10 Td (201) Tj ET Q q 0 0 0 rg BT 392.80 237.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.80 237.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.24 237.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.24 237.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.79 237.10 Td ($\(1.1\)million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.35 237.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 225.10 Td ($\(0.7\)million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.55 225.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.99 225.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.99 225.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 200.65 225.10 Td (. Penalties in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.08 225.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.08 225.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.08 225.10 Td ($\(0.1\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.63 225.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.07 225.10 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.07 225.10 Td ( were recognized for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 213.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 213.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 213.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.96 213.10 Td (201) Tj ET Q q 0 0 0 rg BT 187.59 213.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.59 213.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.03 213.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.03 213.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.69 213.10 Td (. ) Tj ET Q q 0 0 0 rg BT 291.64 213.10 Td (Accrued interest of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.77 213.10 Td ($2.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.66 213.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.10 213.10 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.99 213.10 Td ( related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 201.10 Td (income tax uncertainties was reported as a component of other current liabilities and accrued interest of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.50 201.10 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.40 201.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 189.10 Td ($4.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 189.10 Td ( related to income tax uncertainties was reported as a component of other long-term liabilities on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 177.10 Td (consolidated balance sheets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.73 177.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.31 177.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.75 177.10 Td (201) Tj ET Q q 0 0 0 rg BT 298.38 177.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.38 177.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 356.04 177.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.99 177.10 Td (Accrued penalties of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.23 177.10 Td ($0.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.12 177.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 165.10 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 165.10 Td ( related to income tax uncertainties were reported in other current liabilities and accrued penalties of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 153.10 Td ($0.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 153.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.33 153.10 Td ($0.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.22 153.10 Td ( related to income tax uncertainties were reported in other long-term liabilities on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 141.10 Td (consolidated balance sheets at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.73 141.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.31 141.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.75 141.10 Td (201) Tj ET Q q 0 0 0 rg BT 298.38 141.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.38 141.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 356.04 141.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 117.10 Td (The Company has tax years from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.52 117.10 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.52 117.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.63 117.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.63 117.10 Td ( that remain open and subject to examination by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 105.10 Td (Internal Revenue Service. ) Tj ET Q q 0 0 0 rg BT 171.38 105.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.79 105.10 Td (ax years from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.27 105.10 Td (2003) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.27 105.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.38 105.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.38 105.10 Td ( remain open and subject to examination in the Company's ) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (various major state jurisdictions within the United States. In Poland, the Company is no longer subject to income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (examinations by tax authorities for years prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.72 665.10 Td (2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.72 665.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 642.25 Td (Note 16. Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 618.25 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 292.29 618.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.88 618.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.31 618.25 Td (201) Tj ET Q q 0 0 0 rg BT 404.94 618.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.94 618.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 563.75 m 411.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 563.75 m 480.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 563.75 m 549.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 563.75 m 411.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 563.75 m 480.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 563.75 m 549.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 465.75 m 415.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 465.75 m 480.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 465.75 m 549.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 465.75 m 415.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 465.75 m 480.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 465.75 m 549.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 437.75 m 415.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 437.75 m 480.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 437.75 m 549.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 437.75 m 415.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 424.75 m 415.5 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 422.75 m 415.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 437.75 m 480.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 424.75 m 480.5 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 422.75 m 480.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 437.75 m 549.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 424.75 m 549.5 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 422.75 m 549.5 422.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.20 586.20 Td (Weighted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.80 577.20 Td (Average) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.45 568.20 Td (Interest Rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 568.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.70 568.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 555.01 Td (Master note and security agreement) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 194.45 559.09 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 201.75 555.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 554.21 Td (7.49) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 554.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 554.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 554.21 Td (553.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 554.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 554.21 Td (616.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 541.01 Td (T) Tj ET Q q 0 0 0 rg BT 71.18 541.01 Td (erm loan ) Tj ET Q q 0 0 0 rg BT 104.61 541.01 Td (A$450.0 million) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 172.86 545.09 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.75 541.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 540.21 Td (2.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 540.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 540.21 Td (444.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 540.21 Td (450.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 527.01 Td (T) Tj ET Q q 0 0 0 rg BT 71.18 527.01 Td (erm loan B$200.0 million) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 172.86 531.09 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.75 527.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 526.21 Td (4.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 526.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 526.21 Td (196.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 526.21 Td (198.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 513.01 Td (Revolving credit facility$850.0 million) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 215.98 517.09 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.25 513.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 512.21 Td (2.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 512.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 512.21 Td (50.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 512.21 Td (85.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 499.01 Td (International term loan$75.1 million) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 205.97 503.09 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.25 499.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 498.21 Td (2.61) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 498.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 498.21 Td (63.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 498.21 Td (65.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 485.01 Td (International revolving credit facility$16.2 million) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 256.70 489.09 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.75 485.01 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 484.21 Td (4.37) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 484.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 484.21 Td (6.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 484.21 Td (6.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 471.01 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 89.25 471.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.25 470.21 Td (14.80) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 470.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 470.21 Td (9.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 470.21 Td (2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 457.01 Td (Total debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 102.75 457.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 456.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 456.21 Td (1,325.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 456.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 456.21 Td (1,424.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 443.01 Td (Less: short-term debt and current portion of long-term debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.75 443.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 442.21 Td (\(113.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 442.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 442.21 Td (\(82.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 442.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 429.01 Td (Long-term debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.25 429.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 428.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 428.21 Td (1,211.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 428.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 428.21 Td (1,342.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 413.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 396.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 396.65 Td (These senior notes have a weighted-average interest rate of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.15 396.65 Td (7.49%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.40 396.65 Td (, which is fixed to maturity) Tj ET Q q 0 0 0 rg BT 416.30 396.65 Td (, with interest payable semiannually) Tj ET Q q 0 0 0 rg BT 545.43 396.65 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 385.85 Td (Principal payments commenced September 1997 and extend through ) Tj ET Q q 0 0 0 rg BT 330.44 385.85 Td (April 2036 in various tranches. ) Tj ET Q q 0 0 0 rg BT 446.50 385.85 Td (The notes are collateralized ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 375.05 Td (by certain U.S. land, buildings and press and finishing equipment under the terms of the master note and security agreement.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 353.45 Td (\(2\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 353.45 Td (On ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 94.25 353.45 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 138.17 353.45 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.67 353.45 Td (, and as last amended on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.89 353.45 Td (December19, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.62 353.45 Td (, the Company entered into a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.84 353.45 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.34 353.45 Td ( debt financing agreement ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 342.65 Td (with certain lenders to reduce the Company's borrowing costs with lower interest rates and to create more flexibility with a higher ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 331.85 Td (revolving credit capacity and improvement in financial terms. ) Tj ET Q q 0 0 0 rg BT 307.76 331.85 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 324.00 331.85 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.50 331.85 Td ( debt financing agreement includes three dif) Tj ET Q q 0 0 0 rg BT 523.78 331.85 Td (ferent ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 321.05 Td (loan facilities, a ) Tj ET Q q 0 0 0 rg BT 140.31 321.05 Td (T) Tj ET Q q 0 0 0 rg BT 145.18 321.05 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 181.67 321.05 Td (A, a ) Tj ET Q q 0 0 0 rg BT 198.75 321.05 Td (T) Tj ET Q q 0 0 0 rg BT 203.62 321.05 Td (erm Loan B, and a revolving credit facility) Tj ET Q q 0 0 0 rg BT 356.98 321.05 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 299.45 Td (The revolving credit facility in the amount of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.95 299.45 Td ($850.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 298.95 299.45 Td ( and the ) Tj ET Q q 0 0 0 rg BT 329.53 299.45 Td (T) Tj ET Q q 0 0 0 rg BT 334.40 299.45 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 370.89 299.45 Td (A) Tj ET Q q 0 0 0 rg BT 376.89 299.45 Td ( in the aggregate amount of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.85 299.45 Td ($450.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.85 299.45 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 288.65 Td (each had an initial term of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.46 288.65 Td (five years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.69 288.65 Td ( that was extended an additional year as part of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.37 288.65 Td (December19, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.10 288.65 Td ( amendment to mature ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 277.85 Td (on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 92.25 277.85 Td (July25, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.00 277.85 Td (. ) Tj ET Q q 0 0 0 rg BT 147.59 277.85 Td (The ) Tj ET Q q 0 0 0 rg BT 163.67 277.85 Td (T) Tj ET Q q 0 0 0 rg BT 168.54 277.85 Td (erm Loan B in the amount of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.26 277.85 Td ($200.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.27 277.85 Td ( \(net of a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 277.85 Td ($1.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.75 277.85 Td ( original issue discount\) has a term of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 267.05 Td (seven years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.73 267.05 Td ( maturing on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.97 267.05 Td (July25, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.73 267.05 Td (, subject to certain required amortization.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 245.45 Td (Borrowings under the revolving facility and ) Tj ET Q q 0 0 0 rg BT 241.30 245.45 Td (T) Tj ET Q q 0 0 0 rg BT 246.17 245.45 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 282.66 245.45 Td (A) Tj ET Q q 0 0 0 rg BT 288.66 245.45 Td ( loans made under the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.88 245.45 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.39 245.45 Td ( debt financing agreement bear ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 234.65 Td (interest at London Interbank Of) Tj ET Q q 0 0 0 rg BT 194.80 234.65 Td (fered Rate \("LIBOR"\) plus ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.12 234.65 Td (2.25%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.37 234.65 Td (, or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.62 234.65 Td (1.25%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.86 234.65 Td ( in excess of an alternate base rate, and ) Tj ET Q q 0 0 0 rg BT 497.13 234.65 Td (T) Tj ET Q q 0 0 0 rg BT 502.00 234.65 Td (erm Loan B ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 223.85 Td (loans bear interest at LIBOR plus ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.97 223.85 Td (3.00%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.22 223.85 Td (, with a LIBOR floor of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.96 223.85 Td (1.00%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.20 223.85 Td (, or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.45 223.85 Td (2.00%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.70 223.85 Td ( in excess of an alternative base rate at the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 213.05 Td (Company's option. ) Tj ET Q q 0 0 0 rg BT 152.63 213.05 Td (At ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.88 213.05 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 234.60 213.05 Td (, the Company had borrowings of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.83 213.05 Td ($50.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.34 213.05 Td ( on the revolving credit agreement, as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 202.25 Td (well as ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 108.49 202.25 Td ($45.3million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 156.99 202.25 Td ( of issued letters of credit, leaving ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.46 202.25 Td ($754.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.46 202.25 Td ( available for future borrowings.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 180.65 Td (The proceeds from the ) Tj ET Q q 0 0 0 rg BT 164.30 180.65 Td (T) Tj ET Q q 0 0 0 rg BT 169.17 180.65 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 205.66 180.65 Td (A, ) Tj ET Q q 0 0 0 rg BT 216.50 180.65 Td (T) Tj ET Q q 0 0 0 rg BT 221.37 180.65 Td (erm Loan B and revolving credit facility were used to repay all outstanding balances and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 169.85 Td (terminate the Company's previous ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 206.09 169.85 Td ($1.23billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.10 169.85 Td ( debt financing agreement \(which included the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.78 169.85 Td ($700.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.79 169.85 Td ( term loan and the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 159.05 Td ($530.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.00 159.05 Td ( revolving credit facility\), as well as to pay the new debt issuance costs incurred for the refinancing. ) Tj ET Q q 0 0 0 rg BT 497.47 159.05 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 148.25 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.50 148.25 Td ( debt financing agreement is secured by substantially all of the assets in the United States that are not encumbered ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 137.45 Td (under the Company's other financing agreements.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 115.85 Td (\(3\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 115.85 Td (On ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 94.25 115.85 Td (December16, 2008) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.98 115.85 Td (, debt related to the Company's international operations was refinanced by entering into a secured credit ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 105.05 Td (agreement \("Facilities ) Tj ET Q q 0 0 0 rg BT 162.15 105.05 Td (Agreement"\). ) Tj ET Q q 0 0 0 rg BT 215.38 105.05 Td (The Facilities ) Tj ET Q q 0 0 0 rg BT 266.37 105.05 Td (Agreement includes a Euro denominated term loan and a multicurrency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 94.25 Td (revolving credit facility) Tj ET Q q 0 0 0 rg BT 165.38 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 171.97 94.25 Td (The term loan principal payments commenced in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.66 94.25 Td (December 2009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.89 94.25 Td ( and it matures on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.62 94.25 Td (December 16, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.35 94.25 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 83.45 Td (The multicurrency revolving credit facility used for financing working capital and general business needs, was renewed in 2012 ) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (104) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 677.80 Td (and will expire on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 148.48 677.80 Td (December13, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.21 677.80 Td (. ) Tj ET Q q 0 0 0 rg BT 225.46 677.80 Td (At ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.71 677.80 Td (December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.44 677.80 Td (, the Company's international operations had borrowings of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 667.00 Td ($6.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 125.00 667.00 Td ( under the multicurrency revolving credit facility) Tj ET Q q 0 0 0 rg BT 300.35 667.00 Td (, leaving ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.59 667.00 Td ($9.4million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.60 667.00 Td ( available for future borrowing. ) Tj ET Q q 0 0 0 rg BT 495.14 667.00 Td (The terms of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 656.20 Td (the Facilities ) Tj ET Q q 0 0 0 rg BT 128.99 656.20 Td (Agreement include certain financial covenants, a guarantee of the Facilities ) Tj ET Q q 0 0 0 rg BT 402.13 656.20 Td (Agreement by the Company and a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 645.40 Td (security agreement that includes collateralizing substantially all of the Quad/W) Tj ET Q q 0 0 0 rg BT 365.29 645.40 Td (inkowski assets. ) Tj ET Q q 0 0 0 rg BT 428.13 645.40 Td (The facilities bear interest at the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 634.60 Td (aggregate of the ) Tj ET Q q 0 0 0 rg BT 141.06 634.60 Td (W) Tj ET Q q 0 0 0 rg BT 148.83 634.60 Td (arsaw Interbank Of) Tj ET Q q 0 0 0 rg BT 218.14 634.60 Td (fered Rate \("WIBOR"\) or the Euro Interbank Of) Tj ET Q q 0 0 0 rg BT 392.01 634.60 Td (fered Rate \("EURIBOR"\) and mar) Tj ET Q q 0 0 0 rg BT 515.65 634.60 Td (gin.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 611.80 Td (Based upon the interest rates available to the Company for borrowings with similar terms and maturities, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 599.80 Td (fair value of the Company's total debt was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.46 599.80 Td ($1.3billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.57 599.80 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.01 599.80 Td ($1.4billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.13 599.80 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.34 599.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.93 599.80 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.36 599.80 Td (201) Tj ET Q q 0 0 0 rg BT 530.99 599.80 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.99 599.80 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 587.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 587.80 Td (. ) Tj ET Q q 0 0 0 rg BT 117.98 587.80 Td (The fair value determination of the Company's total debt was categorized as Level 2 in the fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 575.80 Td (hierarchy \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.85 575.80 Td (Note18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.79 575.80 Td ( for the definition of Level 2 inputs\). ) Tj ET Q q 0 0 0 rg BT 304.87 575.80 Td (As of December 31, 2012, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.16 575.80 Td ($2.9billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.27 575.80 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 563.80 Td (Company's assets were pledged as security under various loans and other agreements.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 539.80 Td (Debt Issuance Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 515.80 Td (Activity impacting the Company's debt issuance costs for the years ended December 31, 2012, and 201) Tj ET Q q 0 0 0 rg BT 511.16 515.80 Td (1, was as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 503.80 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 460.3 m 548.5 460.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 460.3 m 548.5 460.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 390.3 m 548.5 390.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 348.3 m 548.5 348.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 335.3 m 548.5 335.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 333.3 m 548.5 333.3 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.60 473.75 Td (Capitalized Debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.85 464.75 Td (Issuance Costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 450.76 Td (Balance at January 1, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.25 450.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 450.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 450.76 Td (41.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 436.76 Td (Debt issuance costs paid from July 201) Tj ET Q q 0 0 0 rg BT 217.81 436.76 Td (1 refinancing) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 265.37 440.84 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.25 436.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 436.76 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 422.76 Td (Loss on debt extinguishment from $1.5 billion debt agreement) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 301.71 426.84 Td (\(1\)\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 422.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 422.76 Td (\(4.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 422.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 408.76 Td (Loss on debt extinguishment from $1.23 billion debt agreement) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 306.21 412.84 Td (\(2\)\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.75 408.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 408.76 Td (\(20.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 408.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 394.76 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 128.25 394.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 394.76 Td (\(7.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 394.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 380.76 Td (Balance at December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.75 380.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 380.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 380.76 Td (20.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 366.76 Td (Debt issuance costs paid from December 2012 amendment) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 288.68 370.84 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.25 366.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 366.76 Td (2.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 352.76 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 128.25 352.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 352.76 Td (\(4.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 352.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 338.76 Td (Balance at December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.75 338.56 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 338.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 338.76 Td (17.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 324.00 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 307.20 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 307.20 Td (The Company incurred ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.72 307.20 Td ($1) Tj ET Q q 0 0 0 rg BT 175.39 307.20 Td (1.5million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.89 307.20 Td ( of debt issuance costs in connection with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.10 307.20 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 424.02 307.20 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.52 307.20 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.77 307.20 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.28 307.20 Td ( debt financing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 296.40 Td (agreement. In accordance with the accounting guidance for the treatment of debt issuance costs in a debt extinguishment, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 285.60 Td ($7.3million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 125.00 285.60 Td ( of the costs have been accounted for as capitalized debt issuance costs and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.40 285.60 Td ($4.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.40 285.60 Td ( was recorded as a loss on ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 274.80 Td (debt extinguishment. ) Tj ET Q q 0 0 0 rg BT 160.83 274.80 Td (The capitalized debt issuance costs are classified as other long-term assets in the consolidated balance ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 264.00 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 106.08 264.00 Td (The costs are being amortized on a straight-line basis over the five and seven year lives of the related debt instruments. In ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 253.20 Td (addition, a new original issue discount of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.47 253.20 Td ($1.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.48 253.20 Td ( related to the ) Tj ET Q q 0 0 0 rg BT 326.79 253.20 Td (T) Tj ET Q q 0 0 0 rg BT 331.66 253.20 Td (erm Loan B was classified as a reduction of long-term debt.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 231.60 Td (\(2\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 231.60 Td (Prior to the execution of the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.97 231.60 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.47 231.60 Td ( debt financing agreement, there were ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.66 231.60 Td ($35.7million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.16 231.60 Td ( of remaining unamortized debt ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 220.80 Td (issuance costs from the terminated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.71 220.80 Td ($1.23billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.71 220.80 Td ( debt financing agreement. In accordance with the accounting guidance for the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 210.00 Td (treatment of debt issuance costs in a debt extinguishment, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.95 210.00 Td ($14.8million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.45 210.00 Td ( of the remaining unamortized debt issuance costs has ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 199.20 Td (been accounted for as capitalized debt issuance costs and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.66 199.20 Td ($20.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.17 199.20 Td ( was recorded as a loss on debt extinguishment. ) Tj ET Q q 0 0 0 rg BT 512.71 199.20 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 188.40 Td (capitalized debt issuance costs are classified as other long-term assets in the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 458.95 188.40 Td (The costs are being ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 177.60 Td (amortized on a straight-line basis over the five and seven year lives of the related debt instruments.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 154.80 Td (\(3\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 154.80 Td (The Company recognized a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.46 154.80 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.96 154.80 Td ( loss on debt extinguishment during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.68 154.80 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 489.89 154.80 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.89 154.80 Td (, in connection ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 144.00 Td (with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 112.50 144.00 Td (July26, 201) Tj ET Q q 0 0 0 rg BT 156.41 144.00 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.91 144.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.16 144.00 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.67 144.00 Td ( debt financing agreement. ) Tj ET Q q 0 0 0 rg BT 304.96 144.00 Td (The loss was comprised of: \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.44 144.00 Td ($20.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.94 144.00 Td ( of debt issuance costs ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 133.20 Td (from the terminated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 154.72 133.20 Td ($1.23billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.72 133.20 Td ( debt financing agreement, \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.68 133.20 Td ($8.9million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.68 133.20 Td ( of remaining original issue discount from the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 122.40 Td (terminated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.73 122.40 Td ($1.23billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.73 122.40 Td ( debt financing agreement and \(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.68 122.40 Td ($4.2million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.69 122.40 Td ( of debt issuance costs from the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.41 122.40 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.91 122.40 Td ( debt financing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 111.60 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 125.06 111.60 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.31 111.60 Td ($34.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 189.81 111.60 Td ( loss was classified as loss on debt extinguishment in the consolidated statements of operations.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (105) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 677.80 Td (\(4\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 677.80 Td (The Company incurred ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.72 677.80 Td ($2.1million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.73 677.80 Td ( of debt issuance costs in connection with the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.94 677.80 Td (December19, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.66 677.80 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.16 677.80 Td ($1.5billion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.67 677.80 Td ( debt financing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 667.00 Td (agreement amendment for the extension of the maturity dates on the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.67 667.00 Td ($850.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.67 667.00 Td ( revolving credit facility and the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 656.20 Td ($450.0million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.00 656.20 Td ( ) Tj ET Q q 0 0 0 rg BT 136.09 656.20 Td (T) Tj ET Q q 0 0 0 rg BT 140.96 656.20 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 177.45 656.20 Td (A. ) Tj ET Q q 0 0 0 rg BT 190.53 656.20 Td (These debt issuance costs have been accounted for as capitalized debt issuance costs and were ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 645.40 Td (classified as other long-term assets in the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 333.76 645.40 Td (The costs are being amortized on a straight-line basis over ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 634.60 Td (the five year lives of the related debt instruments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 611.80 Td (Amortization expense for debt issuance costs was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.33 611.80 Td ($4.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.22 611.80 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.22 611.80 Td ($7.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.12 611.80 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.55 611.80 Td ($4.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.45 611.80 Td ( for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 599.80 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 599.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 599.80 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.96 599.80 Td (201) Tj ET Q q 0 0 0 rg BT 187.59 599.80 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.59 599.80 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.03 599.80 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.03 599.80 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.69 599.80 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 575.80 Td (Covenants and Compliance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 551.80 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.44 551.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 551.80 Td (, the Company's various lending arrangements included certain financial covenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 539.80 Td (\(all financial terms, numbers and ratios are as defined in the Company's debt agreements\). ) Tj ET Q q 0 0 0 rg BT 427.74 539.80 Td (Among these covenants, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 527.80 Td (Company was required to maintain the following as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.79 527.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.37 527.80 Td ( \(for each covenant, the most restrictive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 515.80 Td (measurement has been included below\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 491.80 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 491.80 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 117.00 479.80 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 153.11 479.80 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 363.86 479.80 Td (3.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.36 479.80 Td ( to 1.00 \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 467.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 467.80 Td (, the Company's leverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.62 467.80 Td (2.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.12 467.80 Td ( to 1.00\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 443.80 Td ( ) Tj ET Q BT /F2 3.00 Tf ET q 0 0 0 rg BT 117.00 443.80 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.75 443.80 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 534.03 443.80 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 431.80 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 345.27 431.80 Td (3.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.77 431.80 Td ( to 1.00 \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 419.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 419.80 Td (, the Company's interest coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.78 419.80 Td (7.27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.28 419.80 Td ( to 1.00\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 395.80 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 395.80 Td (On a rolling twelve-month basis, the fixed char) Tj ET Q q 0 0 0 rg BT 305.66 395.80 Td (ge coverage ratio, defined as consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 511.97 395.80 Td ( and rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 383.80 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 351.93 383.80 Td (1.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.43 383.80 Td ( to 1.00 \(for the twelve months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 371.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 371.80 Td (, the Company's fixed char) Tj ET Q q 0 0 0 rg BT 302.45 371.80 Td (ge coverage ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.85 371.80 Td (4.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.35 371.80 Td ( to 1.00\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 347.80 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 347.80 Td (Consolidated net worth of at least ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.19 347.80 Td ($745.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.08 347.80 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.75 347.80 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.08 347.80 Td ( of positive consolidated net income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 335.80 Td (cumulatively for each year \(as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.38 335.80 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.96 335.80 Td (, the Company's consolidated net worth under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 323.80 Td (most restrictive covenant per the various debt agreements was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.75 323.80 Td ($1.16billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.86 323.80 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 299.80 Td (In addition to those covenants, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.69 299.80 Td ($1.5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.81 299.80 Td ( debt financing agreement also includes certain limitations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 287.80 Td (acquisitions, indebtedness, liens, dividends and repurchases of capital stock. If the Company's total leverage ratio is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 275.80 Td (greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.97 275.80 Td (3.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.47 275.80 Td ( to 1.00 \(total leverage ratio as defined in the debt financing agreement\), the Company is prohibited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 263.80 Td (from making greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.40 263.80 Td ($120.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.30 263.80 Td ( of annual dividend payments, capital stock repurchases and certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 251.80 Td (payments. If the total leverage ratio is less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.55 251.80 Td (3.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.05 251.80 Td ( to 1.00, there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.52 251.80 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.52 251.80 Td ( such restrictions.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 63.00 665.10 Td (December31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.58 665.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 514.6 m 548.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 501.6 m 548.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 499.6 m 548.5 499.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 645.06 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 644.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 645.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 645.06 Td (113.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 631.06 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 630.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 631.06 Td (120.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 617.06 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 616.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 617.06 Td (158.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 603.06 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 602.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 603.06 Td (112.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 589.06 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 588.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 589.06 Td (369.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 575.06 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 574.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 575.06 Td (225.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 561.06 Td (2019 2023) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.25 560.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 561.06 Td (130.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 547.06 Td (2024 2028) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.25 546.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 547.06 Td (59.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 533.06 Td (2029 2033) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.25 532.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 533.06 Td (27.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 519.06 Td (2034 2036) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.25 518.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 519.06 Td (9.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 505.06 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.75 504.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 505.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 505.06 Td (1,325.0) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 478.25 Td (Note 17. Lease Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 454.25 Td (The Company entered into various master lease agreements for press and finishing equipment. ) Tj ET Q q 0 0 0 rg BT 481.76 454.25 Td (These leases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 442.25 Td (provide the Company with options to purchase the related equipment at the termination value, as defined, and at various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 430.25 Td (early buyout dates during the term of the lease. ) Tj ET Q q 0 0 0 rg BT 255.81 430.25 Td (These leases are accounted for as capital leases on the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 394.25 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 325.58 394.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.17 394.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 394.25 Td (201) Tj ET Q q 0 0 0 rg BT 438.23 394.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.23 394.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 357.75 m 479.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 357.75 m 548.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 357.75 m 479.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 357.75 m 548.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 329.75 m 479.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 329.75 m 548.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 329.75 m 479.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 316.75 m 479.5 316.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 314.75 m 479.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 329.75 m 548.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 316.75 m 548.5 316.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 314.75 m 548.5 314.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 362.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 362.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 348.21 Td (Presses and equipmentleased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.75 348.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 348.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 348.21 Td (78.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 348.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 348.21 Td (85.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 334.21 Td (Less: accumulated depreciation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.75 334.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 334.21 Td (\(58.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 334.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 334.21 Td (\(54.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 334.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 320.21 Td (Net presses and equipmentleased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.25 320.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 320.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 320.21 Td (19.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 320.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 320.21 Td (30.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 292.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.50 292.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.08 292.25 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 448.5 211.75 m 548.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 183.75 m 548.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 141.75 m 548.5 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 141.75 m 548.5 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 114.75 m 548.5 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 112.75 m 548.5 112.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 272.21 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 272.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 272.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 272.21 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 258.21 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 258.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 258.21 Td (10.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 244.21 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 244.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 244.21 Td (2.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 230.21 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 230.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 230.21 Td (2.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 216.21 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 216.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 216.21 Td (1.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 202.21 Td (Total minimum payments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 202.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 202.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 202.21 Td (27.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 188.21 Td (Less: amounts representing interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.75 188.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 188.21 Td (\(2.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 188.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 160.21 Td (Present value of minimum payments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.25 160.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 160.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 160.21 Td (25.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 146.21 Td (Less: current portion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.75 146.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 146.21 Td (\(10.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 146.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 118.21 Td (Long-term capital lease obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.75 118.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 118.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 118.21 Td (15.3) Tj ET Q BT /F2 10.00 Tf ET 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (The Company has various operating lease agreements. Future minimum rental commitments under non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (cancelable 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 448.5 558.6 m 548.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 558.6 m 548.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 545.6 m 548.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 543.6 m 548.5 543.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 633.06 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 632.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 633.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 633.06 Td (31.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 619.06 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 618.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 619.06 Td (31.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 605.06 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 604.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 605.06 Td (24.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 591.06 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 590.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 591.06 Td (21.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 577.06 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 83.25 576.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 577.06 Td (17.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 563.06 Td (2018 and thereafter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.25 562.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 563.06 Td (41.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 549.06 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.75 548.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 549.06 Td (168.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 521.10 Td (Rent expense under these operating lease agreements totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.90 521.10 Td ($33.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.79 521.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.79 521.10 Td ($22.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.69 521.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.12 521.10 Td ($25.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.02 521.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.10 Td (during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.30 509.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.88 509.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.88 509.10 Td (201) Tj ET Q q 0 0 0 rg BT 254.51 509.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.51 509.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.95 509.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.95 509.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 351.61 509.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 486.25 Td (Note 18. Financial Instruments and Fair) Tj ET Q q 0 0 0 rg BT 236.99 486.25 Td ( ) Tj ET Q q 0 0 0 rg BT 239.31 486.25 Td (V) Tj ET Q q 0 0 0 rg BT 245.61 486.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 298.48 486.25 Td (ements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 462.25 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 63.00 450.25 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 523.48 450.25 Td (ges. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 438.25 Td (Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability \(an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 426.25 Td (exit price\) in the principal or most advantageous market for the asset or liability in an orderly transaction between market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.25 Td (participants. GAAP) Tj ET Q q 0 0 0 rg BT 144.01 414.25 Td ( also classifies the inputs used to measure fair value into the following hierarchy:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 390.25 Td (Level 1: ) Tj ET Q q 0 0 0 rg BT 153.00 390.25 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 99.00 366.25 Td (Level 2: ) Tj ET Q q 0 0 0 rg BT 153.00 366.25 Td (Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 354.25 Td (similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 342.25 Td (observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 290.92 342.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 318.25 Td (Level 3: ) Tj ET Q q 0 0 0 rg BT 153.00 318.25 Td (Unobservable inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 330.09 318.25 Td (. ) Tj ET Q q 0 0 0 rg BT 337.41 318.25 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 153.00 306.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.58 306.25 Td (, measured on a recurring basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 282.25 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 523.13 282.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 270.25 Td (fair value of cash and cash equivalents, receivables, inventories, restricted cash, accounts payable, accrued liabilities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (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 430.95 258.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.54 258.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 246.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 246.25 Td (. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.07 246.25 Td (Note16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.01 246.25 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 406.57 246.25 Td (Note20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.51 246.25 Td ( for the details of Level 1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 234.25 Td (and Level 2 inputs related to Employee Retirement Plans. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 210.25 Td (In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 198.25 Td (to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 186.25 Td (remeasurement of assets resulting in impairment char) Tj ET Q q 0 0 0 rg BT 276.64 186.25 Td (ges. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.41 186.25 Td (Note5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.34 186.25 Td ( for further discussion on impairment char) Tj ET Q q 0 0 0 rg BT 510.01 186.25 Td (ges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 174.25 Td (recorded as a result of the remeasurement of certain long-lived assets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.71 174.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.30 174.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.74 174.25 Td (201) Tj ET Q q 0 0 0 rg BT 476.36 174.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.36 174.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 150.25 Td (The Company has operations in countries that have transactions outside their functional currencies and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 138.25 Td (periodically enters into foreign exchange contracts. ) Tj ET Q q 0 0 0 rg BT 272.74 138.25 Td (These contracts are used to hedge the net exposures of changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 126.25 Td (foreign currency exchange rates and are designated as either cash flow hedges or fair value hedges. Gains or losses on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 114.25 Td (net foreign currency hedges are intended to of) Tj ET Q q 0 0 0 rg BT 246.91 114.25 Td (fset losses or gains on the underlying net exposures in an ef) Tj ET Q q 0 0 0 rg BT 484.73 114.25 Td (fort to reduce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 102.25 Td (the earnings volatility resulting from fluctuating foreign currency exchange rates.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (108) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (The Company periodically enters into natural gas forward purchase contracts to hedge against increases in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (commodity costs. During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.07 665.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.66 665.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.10 665.10 Td (201) Tj ET Q q 0 0 0 rg BT 346.73 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.73 665.10 Td (, the Company's commodity contracts qualified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (for the exception 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 99.00 629.10 Td (The Company held open short-term foreign currency forward exchange contracts to hedge exchange rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (exposure on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.82 617.10 Td (50.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.71 617.10 Td ( Canadian dollars deposit related to the ) Tj ET Q q 0 0 0 rg BT 336.09 617.10 Td (T) Tj ET Q q 0 0 0 rg BT 341.85 617.10 Td (ranscontinental Mexico acquisition as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 136.21 605.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.21 605.10 Td (, that was settled on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.86 605.10 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.46 605.10 Td ( \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.56 605.10 Td (Note3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.50 605.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 340.15 605.10 Td (There were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.89 605.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.89 605.10 Td ( open foreign currency exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (contracts as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.25 593.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.84 593.10 Td (. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.42 593.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.01 593.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.01 593.10 Td (201) Tj ET Q q 0 0 0 rg BT 388.63 593.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.63 593.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.07 593.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.07 593.10 Td (, there was no impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (hedge inef) Tj ET Q q 0 0 0 rg BT 104.74 581.10 Td (fectiveness on the consolidated statements of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 558.25 Td (Note 19. Other) Tj ET Q q 0 0 0 rg BT 128.36 558.25 Td ( Long-T) Tj ET Q q 0 0 0 rg BT 162.17 558.25 Td (erm Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 534.25 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 334.23 534.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.81 534.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 534.25 Td (201) Tj ET Q q 0 0 0 rg BT 446.88 534.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.88 534.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 497.75 m 480.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 497.75 m 549.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 497.75 m 480.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 497.75 m 549.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 427.75 m 480.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 427.75 m 549.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 427.75 m 480.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 414.75 m 480.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 412.75 m 480.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 427.75 m 549.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 414.75 m 549.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 412.75 m 549.5 412.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 502.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.70 502.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 489.01 Td (Single employer pension and postretirement obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.75 489.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 488.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 488.21 Td (288.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 488.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 488.21 Td (300.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 475.01 Td (Multiemployer pension planswithdrawal liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.75 475.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 474.21 Td (74.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 474.21 Td (83.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 461.01 Td (Tax-related liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 144.75 461.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 460.21 Td (22.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 460.21 Td (30.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 447.01 Td (Employee-related liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.25 447.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 446.21 Td (53.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 446.21 Td (45.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 433.01 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.75 433.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 432.21 Td (57.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 432.21 Td (61.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 419.01 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 86.25 419.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 418.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 418.21 Td (495.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 418.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 418.21 Td (521.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 391.25 Td (Note 20. Employee Retir) Tj ET Q q 0 0 0 rg BT 169.73 391.25 Td (ement Plans) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 367.25 Td (Defined Contribution Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 343.25 Td (The Quad/Graphics Diversified Plan is comprised of participant directed 401\(k\) contributions, Company match ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 331.25 Td (and profit sharing-contributions. Company 401\(k\) matching contributions were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.16 331.25 Td ($1) Tj ET Q q 0 0 0 rg BT 394.79 331.25 Td (1.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.68 331.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.68 331.25 Td ($12.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.57 331.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 319.25 Td ($6.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 319.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.24 319.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.83 319.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.83 319.25 Td (201) Tj ET Q q 0 0 0 rg BT 291.46 319.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.46 319.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.90 319.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.90 319.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 388.56 319.25 Td (. ) Tj ET Q q 0 0 0 rg BT 395.88 319.25 Td (The Quad/Graphics Employee Stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 307.25 Td (Ownership Plan holds profit sharing contributions of Company stock, which are made at the discretion of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 295.25 Td (Board of Directors. ) Tj ET Q q 0 0 0 rg BT 145.29 295.25 Td (There were no profit sharing contributions for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.43 295.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.01 295.25 Td (. ) Tj ET Q q 0 0 0 rg BT 478.33 295.25 Td (The annual profit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 283.25 Td (sharing contributions totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.92 283.25 Td ($13.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.82 283.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.25 283.25 Td ($14.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.15 283.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.50 283.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 461.71 283.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.71 283.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 283.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.15 283.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 271.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 247.25 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 498.45 247.25 Td (W) Tj ET Q q 0 0 0 rg BT 507.09 247.25 Td (orld Color ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 235.25 Td (Press. ) Tj ET Q q 0 0 0 rg BT 91.43 235.25 Td (That plan was comprised of participant directed 401\(k\) contributions, and, in prior years, also included employer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 223.25 Td (match contributions. ) Tj ET Q q 0 0 0 rg BT 150.03 223.25 Td (The employer match was frozen by ) Tj ET Q q 0 0 0 rg BT 293.68 223.25 Td (W) Tj ET Q q 0 0 0 rg BT 302.32 223.25 Td (orld Color Press prior to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.75 223.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.92 223.25 Td ( acquisition, and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 211.25 Td (Company made no cash contributions to this plan in 2010. ) Tj ET Q q 0 0 0 rg BT 301.13 211.25 Td (This plan was mer) Tj ET Q q 0 0 0 rg BT 374.54 211.25 Td (ged with the Company's defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 199.25 Td (contribution plan referred to as the Personal Enrichment Plan \(the "PEP) Tj ET Q q 0 0 0 rg BT 349.42 199.25 Td ( Plan"\) on January 1, 201) Tj ET Q q 0 0 0 rg BT 450.33 199.25 Td (1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 175.25 Td (Defined Benefit Plans and Other Postretirement Benefit Plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 151.25 Td (The Company sponsors various funded and unfunded pension plans for a portion of its full-time employees in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 139.25 Td (the U.S. and Canada. Benefits are generally based upon years of service and compensation. ) Tj ET Q q 0 0 0 rg BT 432.97 139.25 Td (These plans are funded in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 127.25 Td (conformity with the applicable government regulations. ) Tj ET Q q 0 0 0 rg BT 290.53 127.25 Td (The Company funds at least the minimum amount required for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 115.25 Td (all qualified plans using actuarial cost methods and assumptions acceptable under government regulations. In addition to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 103.25 Td (pension benefits, the Company provides certain healthcare and life insurance benefits for some retired employees.) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 63.00 665.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 665.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.02 665.10 Td (201) Tj ET Q q 0 0 0 rg BT 175.65 665.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.65 665.10 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 276.5 629.6 m 341.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 629.6 m 345.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 629.6 m 410.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 629.6 m 479.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 629.6 m 483.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 629.6 m 548.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 629.6 m 341.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 616.6 m 341.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 629.6 m 410.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 616.6 m 410.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 629.6 m 479.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 616.6 m 479.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 629.6 m 548.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 616.6 m 548.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 616.6 m 341.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 616.6 m 410.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 616.6 m 479.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 616.6 m 548.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 551.6 m 341.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 551.6 m 410.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 551.6 m 479.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 551.6 m 548.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 525.6 m 341.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 525.6 m 410.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 525.6 m 479.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 525.6 m 548.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 525.6 m 341.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 513.6 m 341.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 511.6 m 341.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 525.6 m 410.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 513.6 m 410.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 511.6 m 410.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 525.6 m 479.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 513.6 m 479.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 511.6 m 479.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 525.6 m 548.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 513.6 m 548.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 511.6 m 548.5 511.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.35 634.00 Td (Pension Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 634.00 Td (Postretirement Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.50 621.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.70 621.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 621.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 621.00 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 607.86 Td (Service cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.25 607.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 607.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 607.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 607.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 607.86 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 607.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 607.86 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 607.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 607.86 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 594.86 Td (Interest cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.25 594.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 594.86 Td (31.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 594.86 Td (34.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 594.86 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 594.86 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 581.86 Td (Expected return on plan assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.75 581.86 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.25 581.86 Td (\(27.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 581.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 581.86 Td (\(27.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 581.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 581.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 581.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 568.86 Td (Amortization of prior service credit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 194.75 568.86 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 568.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 568.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 568.86 Td (\(3.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 568.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 568.86 Td (\(3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 568.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 555.86 Td (Amortization of actuarial \(gain\) / loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.75 555.86 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 555.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 555.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 555.86 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 555.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 555.86 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 542.86 Td (Net periodic benefit cost \(income\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.25 542.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 542.86 Td (4.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 542.86 Td (6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 542.86 Td (\(2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 542.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 542.86 Td (\(1.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 542.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 529.86 Td (Curtailment/settlement \(gain\) / loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 194.75 529.86 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 529.86 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 529.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 529.86 Td (\(12.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 529.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 529.86 Td (\(7.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 529.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 516.86 Td (Total expense \(income\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.75 516.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 516.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 516.86 Td (4.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 516.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 516.86 Td (6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 516.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 516.86 Td (\(15.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 516.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 516.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 516.86 Td (\(8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 516.86 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 489.10 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 63.00 477.10 Td (measured as of December 31. ) Tj ET Q q 0 0 0 rg BT 186.38 477.10 Td (The following provides a reconciliation of the projected benefit obligation, fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 465.10 Td (plan 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 377.37 465.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.95 465.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.39 465.10 Td (201) Tj ET Q q 0 0 0 rg BT 490.02 465.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.02 465.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 429.6 m 341.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 429.6 m 345.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 429.6 m 410.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 429.6 m 479.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 429.6 m 483.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 429.6 m 548.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 429.6 m 341.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 416.6 m 341.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 429.6 m 410.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 416.6 m 410.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 429.6 m 479.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 416.6 m 479.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 429.6 m 548.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 416.6 m 548.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 265.6 m 341.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 265.6 m 410.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 265.6 m 479.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 265.6 m 548.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 265.6 m 341.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 252.60000000000002 m 341.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 265.6 m 410.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 252.60000000000002 m 410.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 265.6 m 479.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 252.60000000000002 m 479.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 265.6 m 548.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 252.60000000000002 m 548.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 140.60000000000002 m 341.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 140.60000000000002 m 410.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 140.60000000000002 m 479.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 140.60000000000002 m 548.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 140.60000000000002 m 341.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 127.60000000000002 m 341.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 140.60000000000002 m 410.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 127.60000000000002 m 410.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 140.60000000000002 m 479.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 127.60000000000002 m 479.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 140.60000000000002 m 548.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 127.60000000000002 m 548.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 115.60000000000002 m 341.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 113.60000000000002 m 341.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 115.60000000000002 m 410.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 113.60000000000002 m 410.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 115.60000000000002 m 479.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 113.60000000000002 m 479.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 115.60000000000002 m 548.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 113.60000000000002 m 548.5 113.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.35 434.00 Td (Pension Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 434.00 Td (Postretirement Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.50 421.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.70 421.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 421.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 421.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 408.00 Td (Changes in benefit obligation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 394.86 Td (Projected benefit obligation, beginning of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.75 394.86 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 394.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.75 394.86 Td (692.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 394.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 394.86 Td (962.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 394.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 394.86 Td (27.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 394.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 394.86 Td (48.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 381.86 Td (Reclassify Canadian benefit obligation to) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 372.86 Td (discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.25 372.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 374.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 374.06 Td (\(282.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 374.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 374.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 374.06 Td (\(12.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 374.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 360.86 Td (Valuation of acquired obligation benefit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 221.75 360.86 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 360.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 360.86 Td (\(20.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 360.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 360.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 360.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 347.86 Td (Service cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.75 347.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 347.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 347.86 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 347.86 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 347.86 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 334.86 Td (Interest cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.75 334.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 334.86 Td (31.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 334.86 Td (34.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 334.86 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 334.86 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 321.86 Td (Plan participants contributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.25 321.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 321.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 321.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 321.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 321.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 308.86 Td (Plan amendments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.75 308.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 308.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 308.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 308.86 Td (\(22.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 308.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 308.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 295.86 Td (Curtailments and settlements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.75 295.86 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 295.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 295.86 Td (\(0.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 295.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 295.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 295.86 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 282.86 Td (Actuarial \(gain\) / loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.75 282.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 282.86 Td (75.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 282.86 Td (46.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 282.86 Td (0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 282.86 Td (\(8.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 282.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 269.86 Td (Benefits paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 269.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.25 269.86 Td (\(55.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 269.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 269.86 Td (\(46.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 269.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 269.86 Td (\(1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 269.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 269.86 Td (\(2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 269.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 256.86 Td (Projected benefit obligation, end of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.25 256.86 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 256.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.75 256.86 Td (744.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 256.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 256.86 Td (692.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 256.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 256.86 Td (5.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 256.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 256.86 Td (27.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 231.00 Td (Changes in plan assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 217.86 Td (Fair value of plan assets, beginning of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.25 217.86 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 217.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.75 217.86 Td (412.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 217.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 217.86 Td (672.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 217.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 217.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 217.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 217.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 204.86 Td (Reclassify Canadian pension plan assets to) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 195.86 Td (discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.25 195.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 197.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 197.06 Td (\(247.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 197.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 197.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 197.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 183.86 Td (Actual return on plan assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 181.25 183.86 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 183.86 Td (52.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 183.86 Td (\(9.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 183.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 183.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 183.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 170.86 Td (Employer contributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.25 170.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 170.86 Td (49.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 170.86 Td (43.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 170.86 Td (1.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 170.86 Td (2.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 157.86 Td (Plan participants contributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.25 157.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.00 157.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 157.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 157.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 157.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 144.86 Td (Benefits paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 144.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.25 144.86 Td (\(55.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 144.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 144.86 Td (\(46.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 144.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 144.86 Td (\(1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 144.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 144.86 Td (\(2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 144.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 131.86 Td (Fair value of plan assets, end of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.75 131.86 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 131.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.75 131.86 Td (458.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 131.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 131.86 Td (412.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 131.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 131.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 131.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 131.86 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 119.00 Td (Funded status) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 122.75 118.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 118.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 118.86 Td (\(285.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 118.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 118.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 118.86 Td (\(280.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 118.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 118.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 118.86 Td (\(5.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 118.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 118.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 118.86 Td (\(27.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 118.86 Td (\)) Tj ET Q BT /F2 10.00 Tf ET 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 346.42 677.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.01 677.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.44 677.10 Td (201) Tj ET Q q 0 0 0 rg BT 459.07 677.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.07 677.10 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 276.5 640.6 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 341.5 640.6 m 345.5 640.6 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 410.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 640.6 m 479.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 640.6 m 483.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 640.6 m 548.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 640.6 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 276.5 626.6 m 341.5 626.6 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 410.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 626.6 m 410.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 640.6 m 479.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 626.6 m 479.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 640.6 m 548.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 626.6 m 548.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 626.6 m 341.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 626.6 m 410.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 626.6 m 479.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 626.6 m 548.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 598.6 m 341.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 598.6 m 410.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 598.6 m 479.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 598.6 m 548.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 598.6 m 341.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 585.6 m 341.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 583.6 m 341.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 598.6 m 410.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 585.6 m 410.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 583.6 m 410.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 598.6 m 479.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 585.6 m 479.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 583.6 m 479.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 598.6 m 548.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 585.6 m 548.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 583.6 m 548.5 583.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.35 645.05 Td (Pension Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 645.05 Td (Postretirement Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.50 631.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.70 631.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 631.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 631.05 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 617.06 Td (Current liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.75 616.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 617.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.75 617.06 Td (\(1.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 617.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 617.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 617.06 Td (\(4.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 617.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 617.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 617.06 Td (\(1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 617.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 617.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 617.06 Td (\(3.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 617.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 603.06 Td (Noncurrent liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 145.25 602.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 603.06 Td (\(283.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 603.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 603.06 Td (\(276.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 603.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 603.06 Td (\(4.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 603.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 603.06 Td (\(24.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 603.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 589.06 Td (Total amount recognized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.75 588.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 589.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 589.06 Td (\(285.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 589.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 589.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 589.06 Td (\(280.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 589.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 589.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 589.06 Td (\(5.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 589.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 589.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 589.06 Td (\(27.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 589.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 561.10 Td (The following table provides a reconciliation of the Company's accumulated other comprehensive income \(loss\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 549.10 Td (prior to any deferred tax ef) Tj ET Q q 0 0 0 rg BT 170.27 549.10 Td (fects at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.36 549.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.94 549.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.38 549.10 Td (201) Tj ET Q q 0 0 0 rg BT 314.01 549.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.01 549.10 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 256.5 512.6 m 326.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 512.6 m 400.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 512.6 m 404.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 512.6 m 474.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 512.6 m 478.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 512.6 m 548.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 489.6 m 326.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 489.6 m 400.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 489.6 m 474.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 489.6 m 548.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 424.6 m 326.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 424.6 m 400.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 424.6 m 474.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 424.6 m 548.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 424.6 m 326.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 411.6 m 326.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 409.6 m 326.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 424.6 m 400.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 411.6 m 400.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 409.6 m 400.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 424.6 m 474.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 411.6 m 474.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 409.6 m 474.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 411.6 m 548.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 409.6 m 548.5 409.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.35 517.05 Td (Pension Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.80 517.05 Td (Postretirement Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.75 503.05 Td (Actuarial Gain /) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.00 494.05 Td (\(Loss\), net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.75 503.05 Td (Actuarial Gain /) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 494.05 Td (\(Loss\), net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.70 503.05 Td (Prior Service) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.55 494.05 Td (Credit/\(Cost\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.15 494.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 480.06 Td (As of December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.25 479.86 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.00 480.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.25 480.06 Td (\(29.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.00 480.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 480.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.75 480.06 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 480.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.75 480.06 Td (9.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 480.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 480.06 Td (10.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 466.06 Td (Amount arising during the period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 201.75 465.86 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.25 466.06 Td (\(50.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.00 466.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.75 466.06 Td (\(0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.00 466.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.25 466.06 Td (22.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 466.06 Td (22.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 452.06 Td (Amortization included in net loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.25 451.86 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.00 452.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.75 452.06 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.00 452.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 452.06 Td (\(3.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.00 452.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 452.06 Td (\(3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 452.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 438.06 Td (Plan curtailments/settlements included in net ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 429.06 Td (earnings \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.75 428.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 429.06 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.25 429.06 Td (\(12.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.00 429.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 429.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 429.06 Td (\(12.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 429.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 415.06 Td (As of December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.25 414.86 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.25 415.06 Td (\(80.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.00 415.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.25 415.06 Td (\(12.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.00 415.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.25 415.06 Td (28.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 415.06 Td (15.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 387.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.83 387.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.83 387.10 Td (, the Company announced the elimination of life insurance coverage for all current and future retirees in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 375.10 Td (all locations and the elimination of reimbursement of medical costs for certain retirees, which resulted in the reduction of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 363.10 Td (plan obligations by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.16 363.10 Td ($5.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.05 363.10 Td (. In addition, the Company also announced the elimination of postretirement medical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 351.10 Td (benefit coverage for all future retirees who will retire after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.99 351.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.58 351.10 Td (, which resulted in the reduction of plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 339.10 Td (obligations by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.44 339.10 Td ($16.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.33 339.10 Td ( and a recognition of curtailment gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.17 339.10 Td ($12.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.06 339.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.38 339.10 Td (The curtailment gain was recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 327.10 Td (in restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 288.84 327.10 Td (ges in the consolidated statement of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 303.10 Td (Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the market-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.10 Td (related value of plan assets are recognized as a component of net periodic benefit costs over the average remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 279.10 Td (service period of a plan's active employees. Unrecognized prior service costs or credit are also recognized as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 267.10 Td (component of net periodic benefit cost over the average remaining service period of a plan's active employees. ) Tj ET Q q 0 0 0 rg BT 509.72 267.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 255.10 Td (amounts in accumulated other comprehensive income \(loss\) that are expected to be recognized as components of net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.10 Td (periodic pension and postretirement benefit expense over 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 414.5 211.60000000000002 m 479.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 211.60000000000002 m 548.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 169.60000000000002 m 479.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 169.60000000000002 m 548.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 169.60000000000002 m 479.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 156.60000000000002 m 479.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 154.60000000000002 m 479.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 169.60000000000002 m 548.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 156.60000000000002 m 548.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 154.60000000000002 m 548.5 154.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 224.00 Td (Pension) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 215.00 Td (Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.90 224.00 Td (Postretirement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 215.00 Td (Benefits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 202.06 Td (Amortization of:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 188.06 Td (Net actuarial loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 143.75 187.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 188.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 188.06 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 188.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 188.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 174.06 Td (Net prior service credit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.75 173.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 174.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 174.06 Td (\(5.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 174.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 160.06 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 159.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 160.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 160.06 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 160.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 160.06 Td (\(5.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 160.06 Td (\)) 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.85 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.48 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 308.11 60.35 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 276.5 641.6 m 341.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 641.6 m 345.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 641.6 m 410.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 641.6 m 479.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 641.6 m 483.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 641.6 m 548.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 641.6 m 341.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 628.6 m 341.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 641.6 m 410.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 628.6 m 410.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 641.6 m 479.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 628.6 m 479.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 641.6 m 548.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 628.6 m 548.5 628.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.35 646.00 Td (Pension Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 646.00 Td (Postretirement Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.50 633.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.70 633.00 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.50 633.00 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.70 633.00 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 619.06 Td (Weighted-average assumptions used to determine) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 610.06 Td (benefit obligations at December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 596.06 Td (Discount rate \(end of year rate\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.25 595.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 596.06 Td (3.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.50 596.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 596.06 Td (4.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 596.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 596.06 Td (2.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.50 596.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 596.06 Td (3.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 596.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 582.06 Td (Rate of compensation increase) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.25 581.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.95 582.06 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 582.06 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 582.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.95 582.06 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 582.06 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 582.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 553.06 Td (Weighted-average assumptions used to determine net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 544.06 Td (periodic benefit cost for the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 530.06 Td (Discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 529.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 530.06 Td (4.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.50 530.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 530.06 Td (5.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 530.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 530.06 Td (3.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.50 530.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 530.06 Td (4.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 530.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 516.06 Td (Rate of compensation increase) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.25 515.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.95 516.06 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 516.06 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 516.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.95 516.06 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 516.06 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 516.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 502.06 Td (Expected long-term return on plan assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.25 501.86 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 502.06 Td (6.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.50 502.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 502.06 Td (6.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 502.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.95 502.06 Td (N/A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.95 502.06 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 474.10 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 63.00 462.10 Td (matched-funding yield curve analysis as of the measurement date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 438.10 Td (The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 426.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.05 426.10 Td (7.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.88 426.10 Td ( at the end of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.58 426.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.58 426.10 Td (, and is expected to gradually decline through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.25 426.10 Td (2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.25 426.10 Td ( to an ultimate trend rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.59 426.10 Td (5.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.42 426.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.37 426.10 Td (A) Tj ET Q q 0 0 0 rg BT 527.04 426.10 Td ( one-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.10 Td (percentage point change in assumed health care cost trend rates would have the following ef) Tj ET Q q 0 0 0 rg BT 431.57 414.10 Td (fects:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 377.6 m 479.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 377.6 m 548.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 377.6 m 479.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 377.6 m 548.5 377.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.45 382.05 Td (1% Increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.45 382.05 Td (1% Decrease) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 368.06 Td (T) Tj ET Q q 0 0 0 rg BT 70.18 368.06 Td (otal postretirement benefits income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.75 367.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 368.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 368.06 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 368.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 368.06 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 368.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 354.06 Td (Postretirement benefits obligation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 188.75 353.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 354.06 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 354.06 Td (\(0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 354.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 326.10 Td (Estimated Company Contributions and Benefit Payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 302.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.83 302.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.83 302.10 Td (, the Company expects to make cash contributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.22 302.10 Td ($43.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.12 302.10 Td ( to its qualified defined benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 290.10 Td (pension plans and make estimated benefit payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.05 290.10 Td ($2.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.94 290.10 Td ( to its non-qualified defined benefit pension and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.10 Td (postretirement plans. ) Tj ET Q q 0 0 0 rg BT 151.69 278.10 Td (The actual pension contributions may dif) Tj ET Q q 0 0 0 rg BT 315.63 278.10 Td (fer based on the funding calculations, and the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 266.10 Td (may choose to make additional discretionary contributions. ) Tj ET Q q 0 0 0 rg BT 304.70 266.10 Td (The estimated benefit payments may dif) Tj ET Q q 0 0 0 rg BT 465.30 266.10 Td (fer based on actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.10 Td (claim experience.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (12) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 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 99.00 653.25 Td (An estimate of future benefit payments on qualified, non-qualified and postretirement plans to be made are as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 607.75 m 479.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 607.75 m 548.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 607.75 m 479.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 607.75 m 548.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 523.75 m 479.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 523.75 m 548.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 523.75 m 479.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 510.75 m 479.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 508.75 m 479.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 523.75 m 548.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 510.75 m 548.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 508.75 m 548.5 508.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 621.20 Td (Pension) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 612.20 Td (Benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.90 621.20 Td (Postretirement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 612.20 Td (Benefits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 598.21 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 598.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 598.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 598.21 Td (40.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 598.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 598.21 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 584.21 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 584.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 584.21 Td (39.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 584.21 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 570.21 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 570.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 570.21 Td (39.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 570.21 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 556.21 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 556.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 556.21 Td (39.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 556.21 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 542.21 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 542.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 542.21 Td (40.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 542.21 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 528.21 Td (2018 2022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 112.25 528.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 528.21 Td (209.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 528.21 Td (1.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 514.21 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.25 514.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 514.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 514.21 Td (409.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 514.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 514.21 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 486.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 84.58 486.25 Td (Assets and Investment Strategy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 462.25 Td (The Company follows a disciplined investment strategy) Tj ET Q q 0 0 0 rg BT 321.64 462.25 Td (, which provides diversification of investments by asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 450.25 Td (class, foreign currency) Tj ET Q q 0 0 0 rg BT 153.14 450.25 Td (, sector and company) Tj ET Q q 0 0 0 rg BT 237.46 450.25 Td (. ) Tj ET Q q 0 0 0 rg BT 244.78 450.25 Td (The Pension Committee has approved investment policies for the dif) Tj ET Q q 0 0 0 rg BT 519.26 450.25 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 438.25 Td (pension plans that establish long-term asset mix tar) Tj ET Q q 0 0 0 rg BT 267.50 438.25 Td (gets based on several factors including: historical returns achieved by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 426.25 Td (worldwide investment markets, the time horizon of the pension plans' obligations and the investment risk. For each of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.25 Td (the plans, an allocation range by asset class is developed whereby a mix of equities and fixed-income investments is used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 402.25 Td (to provide an appropriate risk-adjusted long-term return on plan assets. ) Tj ET Q q 0 0 0 rg BT 351.63 402.25 Td (Third party investment managers are employed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 390.25 Td (to invest assets in both passively-indexed and actively-managed strategies and investment returns and risks are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (monitored on an ongoing basis. Derivatives are used to hedge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.61 378.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.94 378.25 Td ( of the exposure to the US dollar) Tj ET Q q 0 0 0 rg BT 462.79 378.25 Td (, the Euro, the British ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 366.25 Td (pound and the Japanese yen. Gains or losses on the derivatives are of) Tj ET Q q 0 0 0 rg BT 341.63 366.25 Td (fset by a corresponding change in the Canadian ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 354.25 Td (dollar value of the hedged assets. Derivatives are strictly used for hedging purposes and not speculative purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 330.25 Td (The tar) Tj ET Q q 0 0 0 rg BT 127.41 330.25 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 377.87 330.25 Td (65%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.20 330.25 Td ( equity securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.40 330.25 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.73 330.25 Td ( fixed-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 318.25 Td (income, including cash and cash equivalents. ) Tj ET Q q 0 0 0 rg BT 248.04 318.25 Td (The actual asset allocation as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.99 318.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.57 318.25 Td (, was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 306.25 Td (64%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.33 306.25 Td ( for equity) Tj ET Q q 0 0 0 rg BT 122.34 306.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.34 306.25 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.67 306.25 Td ( debt securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.08 306.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.42 306.25 Td ( other) Tj ET Q q 0 0 0 rg BT 260.91 306.25 Td (. Equity investments are diversified by country) Tj ET Q q 0 0 0 rg BT 450.22 306.25 Td (, issuer and industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 294.25 Td (sector) Tj ET Q q 0 0 0 rg BT 86.33 294.25 Td (. Fixed income securities consist of government bonds and corporate bonds from diversified industries. Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 282.25 Td (types of investments consist of 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 99.00 258.25 Td (The expected long-term rate of return on assets assumption is selected by first identifying the expected range of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (long-term rates of return for each major asset class. Expected long-term rates of return are developed based on long-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 234.25 Td (historical averages, current expectations of future returns and anticipated inflation rates. ) Tj ET Q q 0 0 0 rg BT 419.34 234.25 Td (The expected long-term rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 222.25 Td (return on plan assets is then calculated by weighting each asset class. ) Tj ET Q q 0 0 0 rg BT 343.84 222.25 Td (T) Tj ET Q q 0 0 0 rg BT 349.25 222.25 Td (o the extent that individual pension plans have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 210.25 Td (dif) Tj ET Q q 0 0 0 rg BT 73.93 210.25 Td (ferent tar) Tj ET Q q 0 0 0 rg BT 110.11 210.25 Td (get asset mixes, the expected long-term rate of return on assets may dif) Tj ET Q q 0 0 0 rg BT 394.00 210.25 Td (fer across plans.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 322.97 677.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.55 677.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.99 677.10 Td (201) Tj ET Q q 0 0 0 rg BT 435.62 677.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.62 677.10 Td ( by asset category are as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 628.6 m 240.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 628.6 m 244.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 628.6 m 284.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 628.6 m 288.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 628.6 m 328.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 628.6 m 332.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 628.6 m 372.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 628.6 m 416.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 628.6 m 420.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 628.6 m 460.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 628.6 m 464.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 628.6 m 504.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 628.6 m 508.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 628.6 m 548.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 614.6 m 196.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 614.6 m 240.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 614.6 m 284.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 614.6 m 328.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 614.6 m 372.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 614.6 m 416.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 614.6 m 460.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 614.6 m 504.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 614.6 m 548.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 614.6 m 284.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 614.6 m 328.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 614.6 m 372.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 614.6 m 460.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 614.6 m 504.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 614.6 m 548.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 558.6 m 284.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 558.6 m 328.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 558.6 m 372.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 558.6 m 460.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 558.6 m 504.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 558.6 m 548.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 558.6 m 240.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 545.6 m 240.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 543.6 m 240.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 558.6 m 284.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 545.6 m 284.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 543.6 m 284.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 558.6 m 328.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 545.6 m 328.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 543.6 m 328.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 558.6 m 372.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 545.6 m 372.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 543.6 m 372.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 558.6 m 416.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 545.6 m 416.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 543.6 m 416.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 558.6 m 460.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 545.6 m 460.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 543.6 m 460.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 558.6 m 504.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 545.6 m 504.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 543.6 m 504.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 558.6 m 548.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 545.6 m 548.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 543.6 m 548.5 543.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.70 633.05 Td (December 31, 2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.95 633.05 Td (December 31, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.85 619.05 Td (Asset Category) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.15 619.05 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.10 619.05 Td (Level 1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.10 619.05 Td (Level 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.10 619.05 Td (Level 3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.15 619.05 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.10 619.05 Td (Level 1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.10 619.05 Td (Level 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.10 619.05 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 605.06 Td (Cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.75 604.86 Td (. . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.75 605.06 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 247.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.75 605.06 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.00 605.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 605.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.75 605.06 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.75 605.06 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 605.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 605.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 591.06 Td (Fixed income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 114.25 590.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 216.75 591.06 Td (162.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 591.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.75 591.06 Td (162.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 591.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 591.06 Td (145.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 591.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 591.06 Td (145.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 591.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 577.06 Td (Equities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 96.25 576.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 216.75 577.06 Td (295.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.75 577.06 Td (270.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.25 577.06 Td (24.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 577.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 577.06 Td (264.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.75 577.06 Td (223.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.25 577.06 Td (41.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 577.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 563.06 Td (Others) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 91.75 562.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.75 563.06 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 563.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.75 563.06 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 563.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.75 563.06 Td (1.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 563.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.75 563.06 Td (1.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 563.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 549.06 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.25 548.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 216.75 549.06 Td (458.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 247.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.75 549.06 Td (271.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.75 549.06 Td (187.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 549.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.75 549.06 Td (412.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.75 549.06 Td (224.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 549.06 Td (187.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 549.06 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 521.10 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 282.82 521.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.41 521.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.85 521.10 Td (201) Tj ET Q q 0 0 0 rg BT 395.47 521.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.47 521.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 497.10 Td (The Company segregated its plan assets by the following major categories and levels for determining their fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.82 485.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.40 485.10 Td (: ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 461.10 Td (Cash and cash equivalents. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.43 461.10 Td (Carrying value approximates fair value and these assets are classified as Level 1.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 437.10 Td (Fixed Income. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.19 437.10 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 99.00 425.10 Td (compilation of primarily observable market information or broker quotes in over) Tj ET Q q 0 0 0 rg BT 421.49 425.10 Td (-the-counter markets and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 413.10 Td (classified as Level 2.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 389.10 Td (Equities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.27 389.10 Td (This category consists of equity investments and equity pooled funds and these assets are classified as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 377.10 Td (Level 1 or Level 2. ) Tj ET Q q 0 0 0 rg BT 180.18 377.10 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 514.06 377.10 Td (The fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 365.10 Td (value of the equity pooled funds is based on the funds' Net ) Tj ET Q q 0 0 0 rg BT 335.20 365.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 359.74 365.10 Td (V) Tj ET Q q 0 0 0 rg BT 365.86 365.10 Td (alue \("NA) Tj ET Q q 0 0 0 rg BT 405.58 365.10 Td (V"\) established by the funds' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 353.10 Td (administrator) Tj ET Q q 0 0 0 rg BT 151.77 353.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 329.10 Td (Others. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.72 329.10 Td (This category consists mainly of currency forward contracts and is classified as Level 1 or Level 2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 317.10 Td (The 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 99.00 305.10 Td (information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 281.10 Td (The valuation methodologies described above may generate a fair value calculation that may not be indicative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 269.10 Td (of net realizable value or future fair values. ) Tj ET Q q 0 0 0 rg BT 240.51 269.10 Td (While the Company believes the valuation methodologies used are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 257.10 Td (appropriate, the use of dif) Tj ET Q q 0 0 0 rg BT 165.84 257.10 Td (ferent methodologies or assumptions in calculating fair value could result in dif) Tj ET Q q 0 0 0 rg BT 483.63 257.10 Td (ferent amounts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 245.10 Td (The Company invests in various assets in which valuation is determined by NA) Tj ET Q q 0 0 0 rg BT 379.99 245.10 Td (V) Tj ET Q q 0 0 0 rg BT 385.92 245.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.24 245.10 Td (The Company believes that NA) Tj ET Q q 0 0 0 rg BT 518.59 245.10 Td (V) Tj ET Q q 0 0 0 rg BT 525.63 245.10 Td ( is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.10 Td (representative of fair value at the reporting date, as there are no significant restrictions on redemption on these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (investments or other reasons to indicate that the investment would be redeemed at an amount dif) Tj ET Q q 0 0 0 rg BT 448.54 221.10 Td (ferent than NA) Tj ET Q q 0 0 0 rg BT 507.23 221.10 Td (V) Tj ET Q q 0 0 0 rg BT 513.16 221.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 197.10 Td (Risk Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 173.10 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 63.00 161.10 Td (manager mandates. ) Tj ET Q q 0 0 0 rg BT 145.01 161.10 Td (The investment manager mandates were developed by the Company's external investment advisor) Tj ET Q q 0 0 0 rg BT 536.56 161.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.10 Td (and specify diversification standards such as the maximum exposure per issuer) Tj ET Q q 0 0 0 rg BT 378.07 149.10 Td (, and concentration limits per type of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 137.10 Td (security) Tj ET Q q 0 0 0 rg BT 94.01 137.10 Td (, industry and country when applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 113.10 Td (For the investments made through pooled funds, the investment mandates of the funds were again reviewed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.10 Td (the Company's external investment advisor) Tj ET Q q 0 0 0 rg BT 234.92 101.10 Td (, to determine that the investment objectives and guidelines were consistent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.10 Td (with the Company's overall pension plan risk management objectives. In managing the plan assets, we review and ) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (operational risk. Liability management and asset class diversification are central to our risk management approach and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (are integral to the overall investment strategy) Tj ET Q q 0 0 0 rg BT 243.40 653.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 629.10 Td (Given the process in place to ensure a proper diversification of the portfolio, management believes that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (Company pension plan assets are not exposed to significant concentration risk.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (Multiemployer Pension Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 569.10 Td (The Company participates in a number of MEPPs under terms of Collective Bar) Tj ET Q q 0 0 0 rg BT 419.30 569.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 451.25 569.10 Td (Agreements that cover a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (number of its employees. ) Tj ET Q q 0 0 0 rg BT 168.91 557.10 Td (The risks of participating in these MEPPs are dif) Tj ET Q q 0 0 0 rg BT 363.69 557.10 Td (ferent from single employer plans in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (following aspects:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 521.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 521.10 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 117.00 509.10 Td (participating companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 485.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 485.10 Td (If a participating company stops contributing to the plan, the unfunded obligations of the plan may be borne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 473.10 Td (by the remaining participating companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 449.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 449.10 Td (If the Company stops participating in some or all of its MEPPs, and continues in business, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 437.10 Td (would be required to pay an amount, referred to as withdrawal liability) Tj ET Q q 0 0 0 rg BT 399.59 437.10 Td (, based on the unfunded status of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 425.10 Td (plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 401.10 Td (The Company has withdrawn from all significant MEPPs and, during 201) Tj ET Q q 0 0 0 rg BT 393.87 401.10 Td (1, replaced these union sponsored ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (promise to pay in the future defined benefit plans with a Company sponsored pay as you go defined contribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 87.54 377.10 Td (The two MEPPs, the Graphic Communications International Union - Employer Retirement Fund \(GCIU\) and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (Graphic Communications Conference of the International Brotherhood of ) Tj ET Q q 0 0 0 rg BT 359.95 365.10 Td (T) Tj ET Q q 0 0 0 rg BT 365.36 365.10 Td (eamsters National Pension Fund \(GCC\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.10 Td (are significantly underfunded, and will require the Company to pay a withdrawal liability to fund its pro rata share of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.10 Td (underfunding as of the plan year the full withdrawal was completed. ) Tj ET Q q 0 0 0 rg BT 340.42 341.10 Td (As a result of the decision to withdraw) Tj ET Q q 0 0 0 rg BT 494.46 341.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.10 Td (Company accrued a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.91 329.10 Td ($98.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.80 329.10 Td ( estimated withdrawal liability based on information provided by each plan's trustee, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.10 Td (part of the purchase price allocation for ) Tj ET Q q 0 0 0 rg BT 223.02 317.10 Td (W) Tj ET Q q 0 0 0 rg BT 231.66 317.10 Td (orld Color Press. ) Tj ET Q q 0 0 0 rg BT 303.61 317.10 Td (As of the respective withdrawal dates from the GCIU and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td (GCC the Company is no longer making cash contributions to the MEPPs, with the exception of required interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (payments being made for the Company's liability for withdrawal from the GCIU and the GCC. Prior to withdrawing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 281.10 Td (from the MEPPs in 201) Tj ET Q q 0 0 0 rg BT 157.08 281.10 Td (1, the Company made cash contributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.71 281.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.60 281.10 Td ( to the GCIU and made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.13 281.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.13 281.10 Td ( cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 269.10 Td (contributions to the GCC during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.74 269.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 328.95 269.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.95 269.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 245.10 Td (The GCIU Plan is a defined benefit plan that provides retirement benefits, total and permanent disability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.10 Td (benefits, and pre-retirement death benefits for the participating union employees of the Company) Tj ET Q q 0 0 0 rg BT 450.83 233.10 Td (. ) Tj ET Q q 0 0 0 rg BT 458.15 233.10 Td (The funded status of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (the GCIU Plan is classified as critical based on the GCIU Plan's 201) Tj ET Q q 0 0 0 rg BT 335.49 221.10 Td (1 certification to the United States Department of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (Labor) Tj ET Q q 0 0 0 rg BT 86.48 209.10 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 288.07 209.10 Td (65%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.40 209.10 Td ( and is projected to have an accumulated funding deficit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.10 Td (over the next ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.70 197.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.36 197.10 Td ( plan years. ) Tj ET Q q 0 0 0 rg BT 184.63 197.10 Td (As a result, the GCIU Plan implemented a rehabilitation plan to improve the plan's funded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.10 Td (status, and the Company paid a surchar) Tj ET Q q 0 0 0 rg BT 219.72 185.10 Td (ge on contributions made to the GCIU Plan. ) Tj ET Q q 0 0 0 rg BT 400.63 185.10 Td (The Company estimates that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.10 Td (contributions made to the GCIU Plan by the Company \(and ) Tj ET Q q 0 0 0 rg BT 305.84 173.10 Td (W) Tj ET Q q 0 0 0 rg BT 314.47 173.10 Td (orld Color Press\) represent greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.42 173.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.75 173.10 Td ( of total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.10 Td (contributions made by all participating employers in the 2010 plan year \(the plan year ended December 31, 2010, is the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.10 Td (latest available financial information provided by the GCIU Plan\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 125.10 Td (The GCC Plan is a defined benefit plan that provides retirement benefits, disability benefits, and early ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 113.10 Td (retirement benefits for the participating union employees of the Company) Tj ET Q q 0 0 0 rg BT 356.98 113.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.30 113.10 Td (The funded status of the GCC Plan is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 101.10 Td (classified as critical based on the GCC Plan's 201) Tj ET Q q 0 0 0 rg BT 260.50 101.10 Td (1 certification to the United States Department of Labor) Tj ET Q q 0 0 0 rg BT 483.91 101.10 Td (, as the funded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 89.10 Td (percentage for the plan is less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.78 89.10 Td (65%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.11 89.10 Td ( and is projected to have an accumulated funding deficit over the next four plan ) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 91.05 677.10 Td (As a result, the GCC Plan implemented a rehabilitation plan to improve the plan's funded status, and the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (paid a surchar) Tj ET Q q 0 0 0 rg BT 118.90 665.10 Td (ge on contributions made to the GCC Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 641.10 Td (The Company has received notices of withdrawal and demand for payment letters for both the GCIU and GCC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (plans, which, in total are in excess of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.23 629.10 Td ($98.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.12 629.10 Td ( in reserves established by the Company for the withdrawals. ) Tj ET Q q 0 0 0 rg BT 530.77 629.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (Company is in the process of determining the final withdrawal payment with both MEPPs' administrators, and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (withdrawal liability reserved by the Company is within the range of the Company's estimated potential outcomes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (During this process the Company began making monthly payments totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.96 593.10 Td ($1) Tj ET Q q 0 0 0 rg BT 377.58 593.10 Td (1.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.48 593.10 Td ( in 2012, as requested by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (MEPPs and as required by the Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 344.04 581.10 Td (Act, although such payments do not waive the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (Company's rights to object to the withdrawal liabilities submitted by the GCIU and GCC plan administrators. ) Tj ET Q q 0 0 0 rg BT 504.75 569.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (December 31, 2012, the Company has reserved ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.88 557.10 Td ($87.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.78 557.10 Td ( as its estimate of the total MEPPs withdrawal liability) Tj ET Q q 0 0 0 rg BT 526.15 557.10 Td (, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.94 545.10 Td ($74.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.83 545.10 Td ( is recorded in other long-term liabilities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.45 545.10 Td ($7.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.34 545.10 Td ( is recorded in accrued liabilities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td ($5.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 533.10 Td ( is recorded in unsecured notes to be issued in the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 426.61 533.10 Td (This estimate may increase or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td (decrease depending on the final agreement with the MEPPs' administrators.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 498.25 Td (Note 21. Earnings \(Loss\) Per) Tj ET Q q 0 0 0 rg BT 187.81 498.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 210.69 498.25 Td (e ) Tj ET Q q 0 0 0 rg BT 217.08 498.25 Td (Attributable to Quad/Graphics Common Shar) Tj ET Q q 0 0 0 rg BT 414.69 498.25 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 474.25 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 63.00 462.25 Td (earnings \(loss\) attributable to Quad/Graphics common shareholders, which is income excluding the allocation to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 450.25 Td (participating securities, by the weighted average common shares outstanding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.74 450.25 Td (46.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.63 450.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.63 450.25 Td (47.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.52 450.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 438.25 Td (37.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 438.25 Td ( shares for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.73 438.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.32 438.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.32 438.25 Td (201) Tj ET Q q 0 0 0 rg BT 318.95 438.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.95 438.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.39 438.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.39 438.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 416.05 438.25 Td (. ) Tj ET Q q 0 0 0 rg BT 423.37 438.25 Td (The calculation of a diluted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 426.25 Td (earnings per share amount includes the ef) Tj ET Q q 0 0 0 rg BT 228.87 426.25 Td (fect of any dilutive equity incentive instruments. ) Tj ET Q q 0 0 0 rg BT 427.80 426.25 Td (The Company uses the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.25 Td (treasury stock method to calculate the ef) Tj ET Q q 0 0 0 rg BT 224.42 414.25 Td (fect of outstanding dilutive equity incentive instruments, which requires the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 402.25 Td (Company to compute total proceeds as the sum of \(1\) the amount the employee must pay upon exercise of the award, \(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 390.25 Td (the amount of unearned stock-based compensation costs attributed to future services and \(3\) the amount of tax benefits, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (if any) Tj ET Q q 0 0 0 rg BT 85.40 378.25 Td (, that would be credited to additional paid-in capital assuming exercise of the award. Equity incentive instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 366.25 Td (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 63.00 354.25 Td (instrument over the period have an anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 263.59 354.25 Td (fect on earnings per share with net earnings from continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 342.25 Td (operations, and accordingly) Tj ET Q q 0 0 0 rg BT 173.15 342.25 Td (, the Company excludes them from the calculation. ) Tj ET Q q 0 0 0 rg BT 381.70 342.25 Td (Anti-dilutive equity instruments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 330.25 Td (3.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.89 330.25 Td ( of class ) Tj ET Q q 0 0 0 rg BT 141.61 330.25 Td (A) Tj ET Q q 0 0 0 rg BT 148.28 330.25 Td ( common shares were excluded from the computations of diluted net earnings per share for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.55 330.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.55 330.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 318.25 Td (Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 306.25 Td (paid or unpaid, are required to be treated as participating securities and included in the computation of earnings per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 294.25 Td (pursuant to the two-class method. ) Tj ET Q q 0 0 0 rg BT 202.52 294.25 Td (The Company's participating securities are composed of unvested stock options ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 282.25 Td (granted on November 18, 201) Tj ET Q q 0 0 0 rg BT 182.32 282.25 Td (1 and reduced basic and diluted earnings per share attributable to Quad/Graphics common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 270.25 Td (shareholders by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.54 270.25 Td ($0.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.04 270.25 Td ( per diluted share. Due to the net loss from continuing operations attributable to Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (common shareholders incurred during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 258.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 355.86 258.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.86 258.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.30 258.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.30 258.25 Td (, the assumed exercise of all equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per share attributable to Quad/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 234.25 Td (Graphics common shareholders calculation.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 63.00 665.10 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 448.33 665.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.91 665.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 653.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 653.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.07 653.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.07 653.10 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 346.5 616.6 m 411.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 616.6 m 480.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 616.6 m 549.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 556.6 m 411.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 545.6 m 411.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 543.6 m 411.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 556.6 m 480.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 545.6 m 480.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 543.6 m 480.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 556.6 m 549.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 545.6 m 549.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 543.6 m 549.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 496.6 m 411.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 496.6 m 480.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 496.6 m 549.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 485.6 m 411.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 483.6 m 411.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 485.6 m 480.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 483.6 m 480.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 485.6 m 549.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 483.6 m 549.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 426.6 m 411.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 426.6 m 480.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 426.6 m 549.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 415.6 m 411.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 413.6 m 411.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 415.6 m 480.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 413.6 m 480.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 415.6 m 549.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 413.6 m 549.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 356.6 m 411.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 356.6 m 480.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 356.6 m 549.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 356.6 m 411.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 335.6 m 411.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 333.6 m 411.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 356.6 m 480.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 335.6 m 480.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 333.6 m 480.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 356.6 m 549.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 335.6 m 549.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 333.6 m 549.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 264.6 m 411.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 264.6 m 480.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 264.6 m 549.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 264.6 m 411.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 243.60000000000002 m 411.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 241.60000000000002 m 411.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 264.6 m 480.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 243.60000000000002 m 480.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 241.60000000000002 m 480.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 264.6 m 549.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 243.60000000000002 m 549.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 241.60000000000002 m 549.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 194.60000000000002 m 411.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 173.60000000000002 m 411.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 171.60000000000002 m 411.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 194.60000000000002 m 480.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 173.60000000000002 m 480.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 171.60000000000002 m 480.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 194.60000000000002 m 549.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 173.60000000000002 m 549.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 171.60000000000002 m 549.5 171.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 621.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.70 621.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.50 621.05 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 608.00 Td (Numerator:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 595.86 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.25 595.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 595.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 595.86 Td (56.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 595.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 595.86 Td (\(8.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 595.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 595.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 595.86 Td (\(245.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 595.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 583.86 Td (Adjustments to net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 571.86 Td (Net \(earnings\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.25 571.86 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 571.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 571.86 Td (\(0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 571.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 571.86 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 571.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 559.86 Td (Allocation to participating securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.75 559.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 559.86 Td (\(3.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 559.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 559.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 559.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 547.86 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.25 547.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 547.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 547.86 Td (53.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 547.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 547.86 Td (\(8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 547.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 547.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 547.86 Td (\(245.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 547.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 523.86 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.75 523.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 523.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 523.86 Td (\(3.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 523.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 523.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 523.86 Td (\(38.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 523.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 523.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 523.86 Td (\(4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 523.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 511.86 Td (Adjustments to loss from discontinued operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 499.86 Td (Gain on disposal of discontinued operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 499.86 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 499.86 Td (34.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 499.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 499.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 487.86 Td (Income \(loss\) from discontinued operations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.75 487.86 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 487.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 487.86 Td (30.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 487.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 487.86 Td (\(38.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 487.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 487.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 487.86 Td (\(4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 487.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 463.86 Td (Net earnings \(loss\) attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.75 463.86 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 463.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 463.86 Td (87.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 463.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 463.86 Td (\(46.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 463.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 463.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 463.86 Td (\(250.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 463.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 451.86 Td (Adjustments to net earnings \(loss\) attributable to Quad/Graphics) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 442.86 Td (common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 429.86 Td (Allocation to participating securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.75 429.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 429.86 Td (\(3.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 429.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 429.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 429.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 417.86 Td (Net earnings \(loss\) attributable to Quad/Graphics common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.25 417.86 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 417.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 417.86 Td (84.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 417.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 417.86 Td (\(46.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 417.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 417.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 417.86 Td (\(250.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 417.86 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 394.00 Td (Denominator:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 381.86 Td (Basic weighted average number of common shares outstanding for all) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 372.86 Td (classes of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 174.25 372.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 373.06 Td (46.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 373.06 Td (47.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 373.06 Td (37.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 359.86 Td (Plus: effect of dilutive equity incentive instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.25 359.86 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 359.86 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 359.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 359.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 347.86 Td (Diluted weighted average number of common shares outstanding for all) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 338.86 Td (classes of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 174.25 338.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 339.06 Td (47.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 339.06 Td (47.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 339.06 Td (37.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 314.00 Td (Net earnings \(loss\) per share attributable to Quad/Graphics common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 305.00 Td (shareholders:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 291.86 Td (Basic:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 279.86 Td (Continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 174.25 279.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 279.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 279.86 Td (1.14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 279.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 279.86 Td (\(0.18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 279.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 279.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 279.86 Td (\(6.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 279.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 267.86 Td (Discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.75 267.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 267.86 Td (0.66) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 267.86 Td (\(0.82) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 267.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 267.86 Td (\(0.12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 267.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 255.86 Td (Earnings \(loss\) per share attributable to Quad/Graphics common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 246.86 Td (shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 138.25 246.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 247.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 247.06 Td (1.80) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 247.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 247.06 Td (\(1.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 247.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 247.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 247.06 Td (\(6.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 247.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 221.86 Td (Diluted:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 209.86 Td (Continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 174.25 209.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 209.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 209.86 Td (1.13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 209.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 209.86 Td (\(0.18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 209.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 209.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 209.86 Td (\(6.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 209.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 197.86 Td (Discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.75 197.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 197.86 Td (0.65) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 197.86 Td (\(0.82) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 197.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 197.86 Td (\(0.12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 197.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 185.86 Td (Earnings \(loss\) per share attributable to Quad/Graphics common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.00 176.86 Td (shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 138.25 176.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 177.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 177.06 Td (1.78) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 177.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 177.06 Td (\(1.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.00 177.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 177.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 177.06 Td (\(6.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 177.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 151.86 Td (Cash dividends paid per common share for all classes of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.25 151.86 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 151.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 151.86 Td (3.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 151.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 151.86 Td (0.60) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 151.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 151.86 Td (0.50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 127.86 Td (Cash distributions paid per common share to Quad/Graphics pre-acquisition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 118.86 Td (common shareholders as part of the World Color Press acquisition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.75 118.86 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 119.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.00 119.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 119.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 119.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 119.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 119.06 Td (4.98) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 243 0 obj <> endobj 244 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 22. Stock and Incentive Pr) Tj ET Q q 0 0 0 rg BT 200.31 677.25 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 Td (Stock and incentive grants made prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.68 653.25 Td (January1, 201) Tj ET Q q 0 0 0 rg BT 321.91 653.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.91 653.25 Td ( were made under the Company's 1999 Nonqualified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (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 359.65 641.25 Td (January1, 201) Tj ET Q q 0 0 0 rg BT 417.88 641.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.88 641.25 Td (, the shareholders of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.25 Td (Company approved the Quad/Graphics Inc. 2010 Omnibus Incentive Plan \("Omnibus Plan"\) for two complimentary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (purposes: \(1\)to attract and retain outstanding individuals to serve as directors, of) Tj ET Q q 0 0 0 rg BT 386.90 617.25 Td (ficers and employees and \(2\)to increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.25 Td (shareholder value. Concurrent with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.78 605.25 Td (July2, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.95 605.25 Td ( closing of the ) Tj ET Q q 0 0 0 rg BT 332.20 605.25 Td (W) Tj ET Q q 0 0 0 rg BT 340.84 605.25 Td (orld Color Press acquisition, an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.25 Td (2,300,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.00 593.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 167.44 593.25 Td (A) Tj ET Q q 0 0 0 rg BT 174.11 593.25 Td ( stock were approved for issuance under the Company's Omnibus Plan. ) Tj ET Q q 0 0 0 rg BT 463.72 593.25 Td (The Omnibus Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.25 Td (replaced the 1999 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 496.99 581.25 Td (1, all equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.25 Td (grants are made from the Omnibus Plan. In May 2012, an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.99 569.25 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.99 569.25 Td ( shares were approved for issuance under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.25 Td (the Omnibus Plan, making ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.16 557.25 Td (5,871,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.16 557.25 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 276.60 557.25 Td (A) Tj ET Q q 0 0 0 rg BT 283.27 557.25 Td ( stock reserved for issuance under the Omnibus Plan. ) Tj ET Q q 0 0 0 rg BT 500.53 557.25 Td (W) Tj ET Q q 0 0 0 rg BT 509.57 557.25 Td (ithin the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.25 Td (framework of the Omnibus Plan, the Company's board of directors approved the form of a new stock option award ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.25 Td (agreement, a restricted stock award agreement, a restricted stock unit award agreement and a deferred stock unit award ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.25 Td (agreement. Each stock option granted has an exercise price of no less than 100% of the fair market value of the class ) Tj ET Q q 0 0 0 rg BT 533.94 521.25 Td (A) Tj ET Q q 0 0 0 rg BT 540.61 521.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.25 Td (stock on the date of grant. ) Tj ET Q q 0 0 0 rg BT 171.31 509.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.75 509.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.33 509.25 Td (, there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.53 509.25 Td (969,713) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.03 509.25 Td ( shares available for issuance under the Omnibus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.25 Td (Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 473.25 Td (The Company recognizes compensation expense, based on estimated grant date fair values, for all share-based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.25 Td (awards issued to employees and non-employee directors, including stock options, restricted stock, restricted stock units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 449.25 Td (and deferred stock units. ) Tj ET Q q 0 0 0 rg BT 166.12 449.25 Td (The Company recognizes these compensation costs for only those awards expected to vest, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.25 Td (a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.25 Td (years for restricted stock awards and stock options. ) Tj ET Q q 0 0 0 rg BT 272.20 425.25 Td (The Company estimated the number of awards expected to vest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.25 Td (based, in part, on historical forfeiture rates and also based on management's expectations of employee turnover within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.25 Td (the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 101.22 389.25 Td (, in subsequent periods, if actual forfeitures dif) Tj ET Q q 0 0 0 rg BT 287.93 389.25 Td (fer from those estimates.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 365.25 Td (Equity Incentive Compensation Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 341.25 Td (The total compensation expense recognized related to all equity incentive programs was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.87 341.25 Td ($13.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.76 341.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.25 Td ($14.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 329.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.33 329.25 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.22 329.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.57 329.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.16 329.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.16 329.25 Td (201) Tj ET Q q 0 0 0 rg BT 364.79 329.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.79 329.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.23 329.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.23 329.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 461.89 329.25 Td (, and was recorded in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.25 Td (selling, general and administrative expenses and restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 474.33 317.25 Td (ges in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.25 Td (consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 220.56 305.25 Td (T) Tj ET Q q 0 0 0 rg BT 225.97 305.25 Td (otal future compensation expense for all equity incentive related to the equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.25 Td (incentive program granted as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.67 293.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.26 293.25 Td (, is approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.69 293.25 Td ($24.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.58 293.25 Td (. Estimated future compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 281.25 Td (expense is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.88 281.25 Td ($13.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.77 281.25 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.43 281.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.43 281.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.43 281.25 Td ($1) Tj ET Q q 0 0 0 rg BT 212.06 281.25 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.95 281.25 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.61 281.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.61 281.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.55 281.25 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.44 281.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.10 281.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.10 281.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 257.25 Td (Stock Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 233.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 233.25 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 188.06 233.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.06 233.25 Td (, the Company announced that the Board of Directors had approved the termination of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.25 Td (the outstanding stock options under the Company's 1990 Stock Option Plan and 1999 Nonqualified Stock Option Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.25 Td (\(the 409A) Tj ET Q q 0 0 0 rg BT 107.16 209.25 Td ( Options\). In accordance with the authoritative literature for the termination and modification of stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.25 Td (options, as of December 31, 201) Tj ET Q q 0 0 0 rg BT 192.32 197.25 Td (1, the Company recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.84 197.25 Td ($20.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.73 197.25 Td ( liability for the termination payment, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.25 Td (was based on the number of 409A) Tj ET Q q 0 0 0 rg BT 199.08 185.25 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 63.00 173.25 Td (price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.32 173.25 Td ($13.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.82 173.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.98 173.25 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 222.31 173.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.31 173.25 Td (, and the exercise price of the 409A) Tj ET Q q 0 0 0 rg BT 368.92 173.25 Td ( Options. ) Tj ET Q q 0 0 0 rg BT 407.91 173.25 Td (The termination payment was paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.25 Td (in December 2012. In addition, in 201) Tj ET Q q 0 0 0 rg BT 217.87 161.25 Td (1, the Company recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.45 161.25 Td ($6.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.34 161.25 Td ( of incremental stock option expense, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.25 Td (is recorded in restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 335.49 149.25 Td (ges in the consolidated statements of operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 137.25 Td (The Company also recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.46 137.25 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.35 137.25 Td ( reduction to additional paid in capital to reduce the deferred tax asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 125.25 Td (associated with the termination of the 409A) Tj ET Q q 0 0 0 rg BT 237.40 125.25 Td ( Options.) Tj ET Q endstream endobj 245 0 obj <> endobj 246 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (The option holders were granted new options under the Omnibus Plan equal to the number of terminated 409A) Tj ET Q q 0 0 0 rg BT 541.95 677.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (Options held by them. ) Tj ET Q q 0 0 0 rg BT 156.33 665.10 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 63.00 653.10 Td (value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.99 653.10 Td ($13.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.49 653.10 Td ( per share, and if the exercise price of an option holders' 409A) Tj ET Q q 0 0 0 rg BT 373.59 653.10 Td ( Options was greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.28 653.10 Td ($13.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.78 653.10 Td (, then the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (new options were issued at such greater price. ) Tj ET Q q 0 0 0 rg BT 251.64 641.10 Td (Therefore, none of the new options were granted with an exercise price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (below fair market value and all of the new options were granted at an exercise price equal to or greater than the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (corresponding 409A) Tj ET Q q 0 0 0 rg BT 144.38 617.10 Td ( Option that was canceled.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 593.10 Td (Prior to their termination, 409A) Tj ET Q q 0 0 0 rg BT 225.37 593.10 Td ( Options granted prior to 201) Tj ET Q q 0 0 0 rg BT 341.37 593.10 Td (1 generally vested at a rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.59 593.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.92 593.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.70 593.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.03 593.10 Td ( per year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (and expired 90 days after the respective employee's termination from the Company) Tj ET Q q 0 0 0 rg BT 394.88 581.10 Td (. For new option grants beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (January) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.10 569.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.60 569.10 Td (1, 201) Tj ET Q q 0 0 0 rg BT 121.23 569.10 Td (1, options vest over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.05 569.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.71 569.10 Td ( years, with no vesting in the first year and one-third vesting upon the second, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (third and fourth anniversary dates. ) Tj ET Q q 0 0 0 rg BT 204.90 557.10 Td (As defined in the individual grant agreements, acceleration of vesting may occur ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td (under a change in control, death, disability or normal retirement of the grantee. For the new option grants beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (January1, 201) Tj ET Q q 0 0 0 rg BT 121.23 533.10 Td (1, options expire no later than the tenth anniversary of the grant date, twenty-four months after termination ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td (for death, thirty-six months after termination for normal retirement or disability and 90 days after termination of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.10 Td (employment for any other reason. ) Tj ET Q q 0 0 0 rg BT 200.55 509.10 Td (While stock options granted prior to 201) Tj ET Q q 0 0 0 rg BT 362.38 509.10 Td (1 were credited with dividend declarations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.10 Td (the new option grants after that time are not credited with dividend declarations, excluding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.88 497.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 517.21 497.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.21 497.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td (grants. Stock options are only to be granted to employees and will only be granted under the new option grant terms ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.10 Td (from January1, 201) Tj ET Q q 0 0 0 rg BT 143.17 473.10 Td (1 forward.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 449.10 Td (The Company granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.92 449.10 Td (448,154) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.42 449.10 Td ( stock options under the Omnibus plan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.63 449.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.63 449.10 Td (. Excluding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 449.10 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.45 449.10 Td ( new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.10 Td (options granted on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.93 437.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 214.27 437.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.27 437.10 Td (, the Company granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.86 437.10 Td (451,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.36 437.10 Td ( stock options under the Omnibus Plan during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.10 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 425.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 425.10 Td (. ) Tj ET Q q 0 0 0 rg BT 89.95 425.10 Td (The Company granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.87 425.10 Td (495,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.37 425.10 Td ( options under the pre-201) Tj ET Q q 0 0 0 rg BT 319.53 425.10 Td (1 stock option plans on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.80 425.10 Td (January1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.40 425.10 Td (, which were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 413.10 Td (since terminated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.81 413.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 218.14 413.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.14 413.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.46 413.10 Td (The grant date weighted average fair value of options was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.81 413.10 Td ($2.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.31 413.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.31 413.10 Td ($13.17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.81 413.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td ($18.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 401.10 Td ( for the grants during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.12 401.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.70 401.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.70 401.10 Td (201) Tj ET Q q 0 0 0 rg BT 340.33 401.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.33 401.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.77 401.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.77 401.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 437.43 401.10 Td (. Excluding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.25 401.10 Td (3,571,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.25 401.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (new options granted on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.09 389.10 Td (November18, 201) Tj ET Q q 0 0 0 rg BT 233.43 389.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.43 389.10 Td (, the fair value of each stock option grant is estimated on the date of grant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (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 342.92 377.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.51 377.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.51 377.10 Td (201) Tj ET Q q 0 0 0 rg BT 441.13 377.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.13 377.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.57 377.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.57 377.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 340.6 m 411.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 340.6 m 480.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 340.6 m 549.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 340.6 m 549.5 340.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 345.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.70 345.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.50 345.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 331.86 Td (Expected volatility) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.25 331.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 331.06 Td (36.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 331.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 331.06 Td (36.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.50 331.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 331.06 Td (27.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 331.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 317.86 Td (Risk-free interest rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 317.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 317.06 Td (1.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 317.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 317.06 Td (2.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.50 317.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 317.06 Td (3.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 317.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 303.86 Td (Expected life \(years\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 143.25 303.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 303.06 Td (7.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 303.06 Td (7.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 303.06 Td (9.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 289.86 Td (Dividend yield) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 120.75 289.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 289.06 Td (7.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 289.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 289.06 Td (2.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.50 289.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.50 289.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.50 289.06 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 261.10 Td (The Company determined expected volatility based on the volatility of comparable company stock. ) Tj ET Q q 0 0 0 rg BT 501.20 261.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 249.10 Td (average risk-free interest rate is based on the United States treasury security rate in ef) Tj ET Q q 0 0 0 rg BT 404.34 249.10 Td (fect as of the grant date over the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 237.10 Td (term of the expected life. ) Tj ET Q q 0 0 0 rg BT 168.05 237.10 Td (The expected life is based on the term and vesting period of each grant adjusted for historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 225.10 Td (experience in vesting. Prior to 201) Tj ET Q q 0 0 0 rg BT 202.87 225.10 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 99.00 201.10 Td (Compensation expense recognized related to stock options was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.93 201.10 Td ($10.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.82 201.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.82 201.10 Td ($12.7million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.71 201.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 201.10 Td ($5.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.04 201.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 189.10 Td (for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.85 189.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.44 189.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.44 189.10 Td (201) Tj ET Q q 0 0 0 rg BT 240.07 189.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.07 189.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.50 189.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.50 189.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 337.17 189.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.48 189.10 Td (T) Tj ET Q q 0 0 0 rg BT 349.89 189.10 Td (otal future compensation expense for all stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 177.10 Td (options granted as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.09 177.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.68 177.10 Td (, is approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.11 177.10 Td ($20.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 177.10 Td (. Estimated future compensation expense is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 165.10 Td ($10.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 165.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.55 165.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.55 165.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.55 165.10 Td ($10.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.44 165.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.10 165.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.10 165.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.04 165.10 Td ($0.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.93 165.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.59 165.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.59 165.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 141.10 Td (Cash received from option exercises was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.05 141.10 Td ($0.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.95 141.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.95 141.10 Td ($1.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.84 141.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.28 141.10 Td ($1.1million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.17 141.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 129.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 129.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.58 129.10 Td (201) Tj ET Q q 0 0 0 rg BT 161.21 129.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.21 129.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.65 129.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.65 129.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 258.31 129.10 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 /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 60.35 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 60.35 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 420.86 677.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.44 677.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 613.6 m 311.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 613.6 m 391.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 613.6 m 471.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 613.6 m 549.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 557.6 m 311.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 557.6 m 311.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 544.6 m 311.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 542.6 m 311.5 542.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.75 627.05 Td (Shar) Tj ET Q q 0 0 0 rg BT 265.09 627.05 Td (esUnder) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.45 618.05 Td (Option) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.20 636.05 Td (W) Tj ET Q q 0 0 0 rg BT 326.70 636.05 Td (eighted) Tj ET Q q 0 0 0 rg BT 356.45 636.05 Td (A) Tj ET Q q 0 0 0 rg BT 362.29 636.05 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.80 627.05 Td (Exer) Tj ET Q q 0 0 0 rg BT 355.13 627.05 Td (cise) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 618.05 Td (Price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.20 645.05 Td (W) Tj ET Q q 0 0 0 rg BT 406.70 645.05 Td (eighted) Tj ET Q q 0 0 0 rg BT 436.45 645.05 Td (A) Tj ET Q q 0 0 0 rg BT 442.29 645.05 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.95 636.05 Td (Remaining) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.35 627.05 Td (Contractual) Tj ET Q q 0 0 0 rg BT 446.93 627.05 Td (T) Tj ET Q q 0 0 0 rg BT 452.11 627.05 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.75 618.05 Td (\(years\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.30 636.05 Td (Aggr) Tj ET Q q 0 0 0 rg BT 511.63 636.05 Td (egate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.60 627.05 Td (Intrinsic) Tj ET Q q 0 0 0 rg BT 518.69 627.05 Td (V) Tj ET Q q 0 0 0 rg BT 524.36 627.05 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.70 618.05 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 604.86 Td (Outstanding at December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.75 604.86 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 604.06 Td (3,984,057) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 604.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 604.06 Td (21.09) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 604.06 Td (7.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 604.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 604.06 Td (1.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 590.86 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.25 590.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 590.06 Td (448,154) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 590.06 Td (14.14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 576.86 Td (Exercised) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 103.75 576.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.75 576.06 Td (\(3,481) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 576.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 576.06 Td (13.47) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 562.86 Td (Cancelled/forfeited/expired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.75 562.86 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.25 562.06 Td (\(21,605) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 562.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 562.06 Td (25.07) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 548.86 Td (Outstanding at December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.75 548.86 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 548.06 Td (4,407,125) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 548.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 548.06 Td (20.34) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 548.06 Td (6.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 548.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 548.06 Td (15.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 520.86 Td (Vested and expected to vest at December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 511.86 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 85.75 511.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 511.06 Td (4,351,913) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 511.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 511.06 Td (20.42) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 511.06 Td (6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 511.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 511.06 Td (14.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 497.86 Td (Exercisable at December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.75 497.86 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 497.06 Td (2,482,048) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 497.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.75 497.06 Td (18.66) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 497.06 Td (6.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 497.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 497.06 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 469.10 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 374.49 469.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.08 469.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.08 469.10 Td (201) Tj ET Q q 0 0 0 rg BT 472.71 469.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.71 469.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.14 469.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.14 469.10 Td ( is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 457.10 Td (based on the fair value of the stock price.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 433.10 Td (Share-based compensation activity for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.75 433.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.34 433.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.34 433.10 Td (201) Tj ET Q q 0 0 0 rg BT 417.96 433.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.96 433.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.40 433.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.40 433.10 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 346.5 396.6 m 411.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 396.6 m 480.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 396.6 m 549.5 396.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 401.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.70 401.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.50 401.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 387.86 Td (Total intrinsic value of stock options exercised) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.75 387.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.00 387.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 387.06 Td (3.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 387.06 Td (2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 373.86 Td (Cash received from stock option exercises) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.75 373.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 373.06 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 373.06 Td (1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 373.06 Td (1.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 359.86 Td (Total fair value of stock options vested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 206.25 359.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 359.06 Td (1.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 359.06 Td (5.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 359.06 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 331.10 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 99.00 307.10 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 63.00 295.10 Td (Company's class ) Tj ET Q q 0 0 0 rg BT 131.47 295.10 Td (A) Tj ET Q q 0 0 0 rg BT 138.14 295.10 Td ( stock which are awarded to employees of the Company) Tj ET Q q 0 0 0 rg BT 361.58 295.10 Td (. ) Tj ET Q q 0 0 0 rg BT 368.90 295.10 Td (The awards are restricted such that they are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 283.10 Td (subject to substantial risk of forfeiture and to restrictions on their sale or other transfer by the employee. RSU awards are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.10 Td (typically granted to eligible employees outside of the United States. ) Tj ET Q q 0 0 0 rg BT 338.49 271.10 Td (As defined in the individual grant agreements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 259.10 Td (acceleration of vesting may occur under a change in control, or death, disability or normal retirement of the grantee. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 247.10 Td (Grantees receiving RS grants are able to exercise full voting rights and receive full credit for dividends during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 235.10 Td (vesting period. ) Tj ET Q q 0 0 0 rg BT 126.88 235.10 Td (All such dividends will be paid to the RS grantee within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 235.10 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.80 235.10 Td ( days of full vesting. Grantees receiving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 223.10 Td (RSUs granted prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.55 223.10 Td (January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.15 223.10 Td ( are not entitled to vote and do not earn dividends. Grantees receiving RSUs on or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 211.10 Td (after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.82 211.10 Td (January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.41 211.10 Td ( are not entitled to vote but do earn dividends. Upon vesting, RSUs will be settled either through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 199.10 Td (cash payment equal to the fair market value of the RSUs on the vesting date or through issuance of Company class ) Tj ET Q q 0 0 0 rg BT 523.72 199.10 Td (A) Tj ET Q q 0 0 0 rg BT 530.39 199.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 187.10 Td (stock.) Tj ET Q endstream endobj 249 0 obj <> endobj 250 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (120) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 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 435.03 677.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.61 677.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 640.6 m 247.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 640.6 m 251.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 640.6 m 306.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 640.6 m 310.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 640.6 m 370.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 640.6 m 426.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 640.6 m 430.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 640.6 m 485.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 640.6 m 489.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 640.6 m 549.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 581.6 m 247.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 640.6 m 306.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 581.6 m 306.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 640.6 m 370.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 581.6 m 370.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 581.6 m 426.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 640.6 m 485.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 581.6 m 485.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 640.6 m 549.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 581.6 m 549.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 581.6 m 306.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 581.6 m 485.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 525.6 m 426.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 525.6 m 247.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 512.6 m 247.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 510.6 m 247.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 525.6 m 426.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 512.6 m 426.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 510.6 m 426.5 510.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.85 645.05 Td (RestrictedStock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.50 645.05 Td (RestrictedStockUnits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.05 586.05 Td (Shar) Tj ET Q q 0 0 0 rg BT 226.39 586.05 Td (es) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.75 622.05 Td (W) Tj ET Q q 0 0 0 rg BT 267.25 622.05 Td (eighted-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.80 613.05 Td (A) Tj ET Q q 0 0 0 rg BT 268.63 613.05 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.60 604.05 Td (GrantDate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.45 595.05 Td (Fair) Tj ET Q q 0 0 0 rg BT 274.78 595.05 Td () Tj ET Q q 0 0 0 rg BT 276.87 595.05 Td (V) Tj ET Q q 0 0 0 rg BT 282.54 595.05 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 586.05 Td (Per) Tj ET Q q 0 0 0 rg BT 272.82 586.05 Td ( Shar) Tj ET Q q 0 0 0 rg BT 293.42 586.05 Td (e) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.25 622.05 Td (W) Tj ET Q q 0 0 0 rg BT 328.75 622.05 Td (eighted-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.30 613.05 Td (A) Tj ET Q q 0 0 0 rg BT 330.13 613.05 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 604.05 Td (Remaining) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.75 595.05 Td (Contractual) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.75 586.05 Td (T) Tj ET Q q 0 0 0 rg BT 319.93 586.05 Td (erm\(Y) Tj ET Q q 0 0 0 rg BT 346.16 586.05 Td (ears\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.70 586.05 Td (Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.75 622.05 Td (W) Tj ET Q q 0 0 0 rg BT 446.25 622.05 Td (eighted-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.80 613.05 Td (A) Tj ET Q q 0 0 0 rg BT 447.63 613.05 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.60 604.05 Td (Grant Date) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.45 595.05 Td (Fair) Tj ET Q q 0 0 0 rg BT 453.78 595.05 Td () Tj ET Q q 0 0 0 rg BT 455.87 595.05 Td (V) Tj ET Q q 0 0 0 rg BT 461.54 595.05 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 586.05 Td (Per) Tj ET Q q 0 0 0 rg BT 451.82 586.05 Td ( Shar) Tj ET Q q 0 0 0 rg BT 472.42 586.05 Td (e) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.25 622.05 Td (W) Tj ET Q q 0 0 0 rg BT 507.75 622.05 Td (eighted-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.30 613.05 Td (A) Tj ET Q q 0 0 0 rg BT 509.13 613.05 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.95 604.05 Td (Remaining) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.75 595.05 Td (Contractual) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.75 586.05 Td (T) Tj ET Q q 0 0 0 rg BT 498.93 586.05 Td (erm\(Y) Tj ET Q q 0 0 0 rg BT 525.16 586.05 Td (ears\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 572.06 Td (Nonvested at December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 189.75 571.86 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.75 572.06 Td (110,181) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.00 572.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.75 572.06 Td (41.21) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.75 572.06 Td (2.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 572.06 Td (10,092) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 572.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 572.06 Td (37.81) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 572.06 Td (2.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 558.06 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 95.25 557.86 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.75 558.06 Td (310,651) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.75 558.06 Td (14.34) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 558.06 Td (15,760) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 558.06 Td (14.34) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 544.86 Td (Vested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 90.75 544.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.00 544.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.00 544.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.00 544.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 544.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 530.86 Td (Forfeited) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.75 530.86 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.75 530.06 Td (\(4,926) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.00 530.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.75 530.06 Td (32.65) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.75 530.06 Td (\(3,414) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 530.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 530.06 Td (38.86) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 516.86 Td (Nonvested at December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 189.75 516.86 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.75 516.06 Td (415,906) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.00 516.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.75 516.06 Td (21.24) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.75 516.06 Td (1.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 516.06 Td (22,438) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 516.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 516.06 Td (21.17) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 516.06 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 488.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 488.10 Td (January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.32 488.10 Td (, RS awards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.70 488.10 Td (310,651) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.20 488.10 Td ( shares and RSU awards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.73 488.10 Td (15,760) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.23 488.10 Td ( units were granted at a grant date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 476.10 Td (fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.36 476.10 Td ($14.34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.86 476.10 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.08 476.10 Td (January1, 201) Tj ET Q q 0 0 0 rg BT 222.31 476.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.31 476.10 Td (, RS awards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.69 476.10 Td (1) Tj ET Q q 0 0 0 rg BT 293.32 476.10 Td (19,315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.82 476.10 Td ( shares and RSU awards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.35 476.10 Td (14,625) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.85 476.10 Td ( units were granted at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 464.10 Td (a grant date fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.50 464.10 Td ($41.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.00 464.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.44 464.10 Td ($38.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.94 464.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 290.60 464.10 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.27 464.10 Td (August1, 201) Tj ET Q q 0 0 0 rg BT 368.29 464.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.29 464.10 Td (, RS awards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.67 464.10 Td (709) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.67 464.10 Td ( shares and RSU awards ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 452.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 452.10 Td (1,177) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.33 452.10 Td ( units were granted at a grant date fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.41 452.10 Td ($32.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.91 452.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.35 452.10 Td ($30.01) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.85 452.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 412.51 452.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.46 452.10 Td (All of the RS shares and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 440.10 Td (RSUs will vest on the third anniversary of the grant date, provided the holder of the share is continuously employed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 428.10 Td (the Company until the vesting date. Compensation expense recognized for RS and RSUs was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.27 428.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.16 428.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 416.10 Td ($1.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 416.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.24 416.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.83 416.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.27 416.10 Td (201) Tj ET Q q 0 0 0 rg BT 305.90 416.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.90 416.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 363.56 416.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.88 416.10 Td (T) Tj ET Q q 0 0 0 rg BT 376.29 416.10 Td (otal future compensation expense for all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 404.10 Td (RS and RSUs granted as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.66 404.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.24 404.10 Td (, is approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.67 404.10 Td ($4.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.56 404.10 Td (. Estimated future compensation expense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 392.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.17 392.10 Td ($3.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.06 392.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.72 392.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.72 392.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.16 392.10 Td ($1.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.05 392.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.71 392.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.71 392.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 368.10 Td (The Company granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.92 368.10 Td (31,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.42 368.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.86 368.10 Td (13,704) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.36 368.10 Td ( deferred stock units \("DSU"\) on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.05 368.10 Td (January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 368.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.09 368.10 Td (201) Tj ET Q q 0 0 0 rg BT 496.71 368.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.71 368.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 356.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 356.10 Td (, at a grant date fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.88 356.10 Td ($14.34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.38 356.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.82 356.10 Td ($41.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.32 356.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 352.98 356.10 Td (. ) Tj ET Q q 0 0 0 rg BT 360.30 356.10 Td (The deferred stock units are fully vested on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 344.10 Td (grant date. Each DSU entitles the grantee to receive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.86 344.10 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.29 344.10 Td ( share of class ) Tj ET Q q 0 0 0 rg BT 347.61 344.10 Td (A) Tj ET Q q 0 0 0 rg BT 354.28 344.10 Td ( stock upon the earlier of the separation date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 332.10 Td (the grantee or the second anniversary of the grant date, but could be subject to acceleration for a change in control or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 320.10 Td (death or disability as defined in the individual DSU grant agreement. Grantees of DSUs may not exercise voting rights, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 308.10 Td (but are credited with dividends and those dividends will be converted into additional DSUs based on the closing price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 296.10 Td (the class ) Tj ET Q q 0 0 0 rg BT 99.10 296.10 Td (A) Tj ET Q q 0 0 0 rg BT 105.77 296.10 Td ( stock. Dividend equivalents units of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.42 296.10 Td (7,440) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.92 296.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.36 296.10 Td (354) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.36 296.10 Td ( were granted for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.12 296.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.71 296.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 284.10 Td (201) Tj ET Q q 0 0 0 rg BT 77.63 284.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.63 284.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 135.29 284.10 Td (. ) Tj ET Q q 0 0 0 rg BT 142.24 284.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.68 284.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.27 284.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.70 284.10 Td (201) Tj ET Q q 0 0 0 rg BT 279.33 284.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.33 284.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.33 284.10 Td (50,705) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.83 284.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.27 284.10 Td (1) Tj ET Q q 0 0 0 rg BT 340.90 284.10 Td (1,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.40 284.10 Td ( deferred stock units were outstanding, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 272.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 272.10 Td (. Compensation expense recognized for DSUs was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.11 272.10 Td ($0.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.00 272.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.44 272.10 Td ($0.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.33 272.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 260.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 260.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.02 260.10 Td (201) Tj ET Q q 0 0 0 rg BT 175.65 260.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.65 260.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 233.31 260.10 Td (. ) Tj ET Q q 0 0 0 rg BT 237.76 260.10 Td (As these awards were fully vested on the grant date, all compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 248.10 Td (expense was recognized at the date of grant.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 224.10 Td (Other information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 200.10 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 63.00 188.10 Td (programs. ) Tj ET Q q 0 0 0 rg BT 108.09 188.10 Td (The Company intends to use treasury shares of its class ) Tj ET Q q 0 0 0 rg BT 331.38 188.10 Td (A) Tj ET Q q 0 0 0 rg BT 338.05 188.10 Td ( stock to meet the stock requirements of its awards ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 176.10 Td (in the future.) Tj ET Q endstream endobj 251 0 obj <> endobj 252 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (121) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 23. Shar) Tj ET Q q 0 0 0 rg BT 123.37 677.25 Td (eholders' Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 Td (The Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.26 653.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.25 653.25 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 245.5 628.75 m 300.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 628.75 m 304.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 628.75 m 354.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 628.75 m 358.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 628.75 m 424.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 587.75 m 241.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 587.75 m 300.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 587.75 m 354.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 587.75 m 424.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 587.75 m 496.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 587.75 m 548.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 587.75 m 241.5 587.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 633.20 Td (Issued Common Stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.25 601.20 Td (Authorized) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.05 592.20 Td (Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.45 592.20 Td (Outstanding) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.65 592.20 Td (Treasury) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.65 610.20 Td (Issued Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.10 601.20 Td (Classified as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.35 592.20 Td (Common Stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.65 619.20 Td (Issued Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.10 610.20 Td (Classified as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 601.20 Td (Redeemable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 592.20 Td (Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.15 610.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.70 601.20 Td (Issued) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.05 592.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 578.21 Td (Class A stock\($0.025par value\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.75 578.01 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.25 578.21 Td (80.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 564.21 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 564.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.25 564.21 Td (33.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 564.21 Td (7.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 564.21 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 564.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 564.21 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 550.21 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 550.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.25 550.21 Td (32.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 550.21 Td (7.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 550.21 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 550.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 550.21 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 536.21 Td (December 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 536.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.25 536.21 Td (32.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 536.21 Td (7.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 536.21 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 536.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 536.21 Td (40.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 510.21 Td (Class B stock\($0.025par value\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.75 510.01 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.25 510.21 Td (80.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 496.21 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 496.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.25 496.21 Td (14.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 496.21 Td (0.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 496.21 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 496.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 496.21 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 482.21 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 482.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.25 482.21 Td (14.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 482.21 Td (0.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 482.21 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 482.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 482.21 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 468.21 Td (December 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 468.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.25 468.21 Td (14.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 468.21 Td (0.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 468.21 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 468.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 468.21 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 442.21 Td (Class C stock\($0.025par value\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.75 442.01 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.25 442.21 Td (20.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 428.21 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 428.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.00 428.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 428.21 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.75 428.21 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 428.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 428.21 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 414.21 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 414.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.00 414.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 414.21 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.75 414.21 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 414.21 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 414.21 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 400.21 Td (December 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.75 400.01 Td (. . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.00 400.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 400.21 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.75 400.21 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 400.21 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 400.21 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 372.25 Td (In accordance with the ) Tj ET Q q 0 0 0 rg BT 191.73 372.25 Td (Articles of Incorporation, each class ) Tj ET Q q 0 0 0 rg BT 338.35 372.25 Td (A) Tj ET Q q 0 0 0 rg BT 345.02 372.25 Td ( common share has one vote per share and each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 360.25 Td (class B and class C common share has ten votes per share on all matters voted upon by the Company's shareholders. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 348.25 Td (Liquidation rights are the same for all three classes of stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 324.25 Td (The Company's class C stock was held by the Quad/Graphics Employee Ownership Plan \(and can only be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 312.25 Td (owned by) Tj ET Q q 0 0 0 rg BT 101.51 312.25 Td (, or transferred to, a Company employee benefit plan which is intended to satisfy the qualification requirements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 300.25 Td (of Section401 of the Internal Revenue Code\). In ) Tj ET Q q 0 0 0 rg BT 262.67 300.25 Td (August2012, all of the Company's outstanding class C common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 288.25 Td (shares, which were previously classified as redeemable equity) Tj ET Q q 0 0 0 rg BT 310.59 288.25 Td (, were converted into class ) Tj ET Q q 0 0 0 rg BT 418.89 288.25 Td (A) Tj ET Q q 0 0 0 rg BT 425.56 288.25 Td ( common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 264.25 Td (The Company also has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.87 264.25 Td (0.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.76 264.25 Td ( shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.58 264.25 Td ($0.01) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.08 264.25 Td ( par value preferred stock authorized, of which none were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 252.25 Td (issued at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.22 252.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.80 252.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.80 252.25 Td (201) Tj ET Q q 0 0 0 rg BT 198.43 252.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.43 252.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.87 252.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.87 252.25 Td (. ) Tj ET Q q 0 0 0 rg BT 250.19 252.25 Td (The Company has no present plans to issue any preferred stock.) Tj ET Q endstream endobj 253 0 obj <> endobj 254 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (In accordance with the ) Tj ET Q q 0 0 0 rg BT 191.73 677.10 Td (Articles of Incorporation, dividends are paid equally for class ) Tj ET Q q 0 0 0 rg BT 439.43 677.10 Td (A, class B and class C ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (common shares. ) Tj ET Q q 0 0 0 rg BT 132.80 665.10 Td (The following table details the dividend activity related to the Company's then outstanding shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (class ) Tj ET Q q 0 0 0 rg BT 84.39 653.10 Td (A, class B and class C stock for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.22 653.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.81 653.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.81 653.10 Td (201) Tj ET Q q 0 0 0 rg BT 376.44 653.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.44 653.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.88 653.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.88 653.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 607.6 m 284.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 607.6 m 372.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 607.6 m 460.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 607.6 m 548.5 607.6 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.35 612.05 Td (Declaration Date) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.85 612.05 Td (Record Date) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.85 612.05 Td (Payment Date) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.85 621.05 Td (Dividend Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.25 612.05 Td (per Share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 598.05 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 584.06 Td (Q4 Special Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 154.25 583.86 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.25 584.06 Td (December 14, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 298.25 584.06 Td (December 24, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.25 584.06 Td (December 28, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 584.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 584.06 Td (2.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 570.06 Td (Q4 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 569.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.75 570.06 Td (November 7, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.75 570.06 Td (December 3, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.25 570.06 Td (December 14, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 570.06 Td (0.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 556.06 Td (Q3 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 555.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.70 556.06 Td (August 7, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.75 556.06 Td (September 10, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.75 556.06 Td (September 21, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 556.06 Td (0.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 542.06 Td (Q2 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 541.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.25 542.06 Td (May 9, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.05 542.06 Td (June 11, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.75 542.06 Td (June 22, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 542.06 Td (0.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 528.06 Td (Q1 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 527.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.75 528.06 Td (February 28, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 528.06 Td (March 12, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.75 528.06 Td (March 23, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 528.06 Td (0.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 514.05 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 500.06 Td (Q4 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 499.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.55 500.06 Td (November 10, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.55 500.06 Td (November 30, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.60 500.06 Td (December 10, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 500.06 Td (0.20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 486.06 Td (Q3 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 485.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.05 486.06 Td (August 9, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.55 486.06 Td (August 29, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.55 486.06 Td (September 9, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 486.06 Td (0.20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 472.06 Td (Q2 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 471.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.05 472.06 Td (May 10, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.05 472.06 Td (May 27, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.05 472.06 Td (June 10, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 472.06 Td (0.20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 458.05 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 444.06 Td (Q1 Dividend) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 127.25 443.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.75 444.06 Td (January 2, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 444.06 Td (January 2, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 444.06 Td (January 22, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 444.06 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 416.10 Td (In addition, as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 416.10 Td (July 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.20 416.10 Td ( acquisition of ) Tj ET Q q 0 0 0 rg BT 300.73 416.10 Td (W) Tj ET Q q 0 0 0 rg BT 309.37 416.10 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 63.00 404.10 Td ($140.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 404.10 Td ( paid to Quad/Graphics' pre-acquisition common shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 380.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 380.10 Td (September6, 201) Tj ET Q q 0 0 0 rg BT 183.61 380.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.61 380.10 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 63.00 368.10 Td ($100.0million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.89 368.10 Td ( of the Company's outstanding class ) Tj ET Q q 0 0 0 rg BT 267.57 368.10 Td (A) Tj ET Q q 0 0 0 rg BT 274.24 368.10 Td ( stock. ) Tj ET Q q 0 0 0 rg BT 305.17 368.10 Td (The Company repurchased no shares during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 356.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 356.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.90 356.10 Td (The Company repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.14 356.10 Td (0.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.03 356.10 Td ( shares of class ) Tj ET Q q 0 0 0 rg BT 365.24 356.10 Td (A) Tj ET Q q 0 0 0 rg BT 371.91 356.10 Td ( stock in the open market for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.38 356.10 Td ($8.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.27 356.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 344.10 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.96 344.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 211.17 344.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.17 344.10 Td (, and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.94 344.10 Td ($91.8million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.83 344.10 Td ( in authorized repurchases remaining under the program as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 332.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 332.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.41 332.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 308.10 Td (Redeemable equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 284.10 Td (The Company followed the applicable GAAP) Tj ET Q q 0 0 0 rg BT 281.64 284.10 Td ( and SEC authoritative guidance for redeemable stock which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 272.10 Td (required the Company to record the class C stock at full redemption value at each balance sheet date to the extent the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 260.10 Td (redemption of those securities is not solely within the control of the Company) Tj ET Q q 0 0 0 rg BT 373.96 260.10 Td (. Under the terms of the ) Tj ET Q q 0 0 0 rg BT 473.38 260.10 Td (Articles of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 248.10 Td (Incorporation, the class C common shares are required to be owned by a qualified employee retirement plan of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 236.10 Td (Company and each holder of class C stock has a continuous right to have the class C stock repurchased by the Company) Tj ET Q q 0 0 0 rg BT 543.63 236.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 212.10 Td (There is no redemption value of class C qualified employee retirement plan shares at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.55 212.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.13 212.10 Td (. ) Tj ET Q q 0 0 0 rg BT 526.45 212.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 200.10 Td (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 371.78 200.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 444.99 200.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.99 200.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.43 200.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.43 200.10 Td ( totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 188.10 Td ($3.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.89 188.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.83 188.10 Td ($10.6million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.72 188.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 240.38 188.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 164.10 Td (In ) Tj ET Q q 0 0 0 rg BT 109.28 164.10 Td (August 2012, the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.43 164.10 Td (0.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.32 164.10 Td ( outstanding class C common shares owned by the Quad/Graphics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 152.10 Td (Employee Stock Ownership Plan were exchanged for class ) Tj ET Q q 0 0 0 rg BT 300.71 152.10 Td (A) Tj ET Q q 0 0 0 rg BT 307.38 152.10 Td ( common shares that were held as treasury stock. ) Tj ET Q q 0 0 0 rg BT 507.97 152.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 140.10 Td (exchange eliminated the redemption value of the class C common stock. ) Tj ET Q q 0 0 0 rg BT 357.45 140.10 Td (There were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.20 140.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.20 140.10 Td ( class C common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 128.10 Td (redeemed by the Company during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.27 128.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 339.48 128.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.48 128.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.92 128.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.92 128.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 104.10 Td (Prior to January 24, 2010, under the terms of the Company PEP) Tj ET Q q 0 0 0 rg BT 353.87 104.10 Td ( Plan, class ) Tj ET Q q 0 0 0 rg BT 400.54 104.10 Td (A) Tj ET Q q 0 0 0 rg BT 407.21 104.10 Td ( stock held in participant accounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 92.10 Td (associated with profit sharing contributions made prior to December 31, 1999 \("Pre-2000 ) Tj ET Q q 0 0 0 rg BT 422.28 92.10 Td (Accounts"\) could be ) Tj ET Q endstream endobj 255 0 obj <> endobj 256 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (distributed to the participant upon retirement or termination in the form of stock subject to an automatic call provision. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (The PEP) Tj ET Q q 0 0 0 rg BT 97.91 665.10 Td ( Plan was amended on January 24, 2010, to change the forms of distribution for the Pre-2000 ) Tj ET Q q 0 0 0 rg BT 472.00 665.10 Td (Accounts. ) Tj ET Q q 0 0 0 rg BT 516.72 665.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (result of this PEP) Tj ET Q q 0 0 0 rg BT 132.36 653.10 Td ( Plan amendment, the class ) Tj ET Q q 0 0 0 rg BT 242.89 653.10 Td (A) Tj ET Q q 0 0 0 rg BT 249.56 653.10 Td ( common shares in the Pre-2000 ) Tj ET Q q 0 0 0 rg BT 380.65 653.10 Td (Accounts are not required to be classified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (as redeemable. Further) Tj ET Q q 0 0 0 rg BT 156.45 641.10 Td (, through June 30, 2010, the class ) Tj ET Q q 0 0 0 rg BT 291.99 641.10 Td (A) Tj ET Q q 0 0 0 rg BT 298.66 641.10 Td ( stock resulting from exercised stock options and vested stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (options were also classified as redeemable equity) Tj ET Q q 0 0 0 rg BT 259.50 629.10 Td (. ) Tj ET Q q 0 0 0 rg BT 266.45 629.10 Td (As a result of commencement of the trading of the Company's class ) Tj ET Q q 0 0 0 rg BT 538.74 629.10 Td (A) Tj ET Q q 0 0 0 rg BT 545.41 629.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (stock on the NYSE on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.94 617.10 Td (July6, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.11 617.10 Td (, and the shares related to the Company's non-qualified stock option plans being ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (registered with the SEC during the third quarter of 2010, a readily tradable market now exists for the Company's class ) Tj ET Q q 0 0 0 rg BT 536.63 605.10 Td (A) Tj ET Q q 0 0 0 rg BT 543.30 605.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (common shares, thereby eliminating the put right under the applicable stock option agreements. ) Tj ET Q q 0 0 0 rg BT 450.49 593.10 Td (The combination of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (these events resulted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.53 581.10 Td ($129.9million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.42 581.10 Td ( being reclassified from redeemable equity to common stock and other equity on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (the consolidated balance sheet during 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 545.10 Td (There is no redemption value of the class ) Tj ET Q q 0 0 0 rg BT 265.62 545.10 Td (A) Tj ET Q q 0 0 0 rg BT 272.29 545.10 Td ( common shares at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.49 545.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.07 545.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.07 545.10 Td (201) Tj ET Q q 0 0 0 rg BT 447.70 545.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.70 545.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.14 545.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.14 545.10 Td ( as there is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (now a readily tradable market. ) Tj ET Q q 0 0 0 rg BT 189.71 533.10 Td (The redemption features were eliminated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.08 533.10 Td (3.3million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.97 533.10 Td ( redeemable class ) Tj ET Q q 0 0 0 rg BT 485.44 533.10 Td (A) Tj ET Q q 0 0 0 rg BT 492.11 533.10 Td ( common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td (shares held by former employees at a weighted average price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.39 521.10 Td ($39.36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.89 521.10 Td ( per share during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.66 521.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 509.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 485.10 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 63.00 473.10 Td (declarations are char) Tj ET Q q 0 0 0 rg BT 145.54 473.10 Td (ged to retained earnings, while decreases in redemption value due to elimination of redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.10 Td (features are 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 443.95 461.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.53 461.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 449.10 Td (balance of redeemable equity decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.35 449.10 Td ($3.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.24 449.10 Td ( as a result of the conversion of all outstanding class C common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.10 Td (shares into class ) Tj ET Q q 0 0 0 rg BT 129.93 437.10 Td (A) Tj ET Q q 0 0 0 rg BT 136.60 437.10 Td ( common shares. ) Tj ET Q q 0 0 0 rg BT 208.54 437.10 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 63.00 425.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.38 425.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.96 425.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.96 425.10 Td (201) Tj ET Q q 0 0 0 rg BT 187.59 425.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.59 425.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.03 425.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.03 425.10 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 274.5 388.6 m 323.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 388.6 m 327.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 388.6 m 380.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 388.6 m 433.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 388.6 m 437.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 388.6 m 490.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 367.6 m 323.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 367.6 m 380.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 367.6 m 433.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 367.6 m 490.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 367.6 m 549.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 367.6 m 490.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 367.6 m 549.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 253.60000000000002 m 323.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 253.60000000000002 m 380.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 253.60000000000002 m 433.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 253.60000000000002 m 490.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 253.60000000000002 m 549.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 200.60000000000002 m 323.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 200.60000000000002 m 380.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 200.60000000000002 m 433.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 200.60000000000002 m 490.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 200.60000000000002 m 549.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 135.60000000000002 m 323.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 135.60000000000002 m 380.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 135.60000000000002 m 433.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 135.60000000000002 m 490.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 135.60000000000002 m 549.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 123.60000000000002 m 323.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 121.60000000000002 m 323.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 123.60000000000002 m 380.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 121.60000000000002 m 380.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 123.60000000000002 m 433.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 121.60000000000002 m 433.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 123.60000000000002 m 490.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 121.60000000000002 m 490.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 123.60000000000002 m 549.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 121.60000000000002 m 549.5 121.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.10 393.05 Td (Class A Common Stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.60 393.05 Td (ClassCCommonStock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.65 390.05 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 381.05 Td (Redeemable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.45 372.05 Td (Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.55 372.05 Td (Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 380.00 Td (Redemption) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.65 371.00 Td (Value) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.55 372.05 Td (Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.00 380.00 Td (Redemption) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.65 371.00 Td (Value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 358.86 Td (Balance atJanuary 1, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.25 358.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.75 358.86 Td (3.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 358.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.75 358.86 Td (133.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.75 358.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 358.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 358.86 Td (8.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 358.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 358.86 Td (141.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 332.86 Td (Cash distribution from World Color Press acquisition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 332.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 332.86 Td (\(2.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.00 332.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 332.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 332.86 Td (\(1.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 332.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 332.86 Td (\(3.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 332.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 319.86 Td (Cash dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.75 319.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 319.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 319.86 Td (\(1.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.00 319.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 319.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 319.86 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 319.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 319.86 Td (\(1.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 319.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 306.86 Td (Elimination of redemption features) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.75 306.86 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.75 306.86 Td (\(3.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.00 306.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.75 306.86 Td (\(129.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.00 306.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 306.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 306.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 306.86 Td (\(129.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 306.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 293.86 Td (Stock-based compensation charges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.75 293.86 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 293.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.75 293.86 Td (2.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 293.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 293.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 293.86 Td (2.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 280.86 Td (Sale of stock for options exercised) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.75 280.86 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 280.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.75 280.86 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 280.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 280.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 280.86 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 267.06 Td (Increase \(decrease\) in redemption value of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 258.06 Td (redeemable equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.25 257.86 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 258.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 258.06 Td (\(1.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.00 258.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 258.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 258.06 Td (3.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 258.06 Td (1.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 244.86 Td (Balance atDecember 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.75 244.86 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 244.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 244.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 244.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.75 244.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 244.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.25 244.86 Td (10.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 244.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 244.86 Td (10.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 218.86 Td (Cash dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.75 218.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 218.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 218.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 218.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 218.86 Td (\(0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 218.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 218.86 Td (\(0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 218.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 205.06 Td (Decrease in redemption value of redeemable equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.25 204.86 Td (. .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 205.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 205.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 205.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 205.06 Td (\(6.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 205.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 205.06 Td (\(6.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 205.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 191.86 Td (Balance atDecember 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.75 191.86 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 191.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 191.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 191.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.75 191.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 191.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 191.86 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 191.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 191.86 Td (3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 165.86 Td (Cash dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.75 165.86 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 165.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 165.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 165.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 165.86 Td (\(0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 165.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 165.86 Td (\(0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 165.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 152.86 Td (Redeemable equity exchange) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.75 152.86 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 152.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 152.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.75 152.86 Td (\(0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 152.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 152.86 Td (\(4.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 152.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 152.86 Td (\(4.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.00 152.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.00 139.86 Td (Increase in redemption value of redeemable equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.25 139.86 Td (. .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 139.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 139.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 139.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 139.86 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 139.86 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 126.86 Td (Balance atDecember 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.75 126.86 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.00 126.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 126.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.00 126.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 126.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 126.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 126.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 126.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 126.86 Td () Tj ET Q BT /F2 10.00 Tf ET endstream endobj 257 0 obj <> endobj 258 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (124) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 24. Segment Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 Td (The Company operates primarily in the commercial print portion of the printing industry) Tj ET Q q 0 0 0 rg BT 453.27 653.25 Td (, with related product ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (and service of) Tj ET Q q 0 0 0 rg BT 118.90 641.25 Td (ferings designed to of) Tj ET Q q 0 0 0 rg BT 205.65 641.25 Td (fer customers complete solutions for communicating their messages to tar) Tj ET Q q 0 0 0 rg BT 500.67 641.25 Td (get ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.25 Td (audiences. ) Tj ET Q q 0 0 0 rg BT 109.37 629.25 Td (As a result of the divestiture of the Company's Canadian operations to ) Tj ET Q q 0 0 0 rg BT 392.04 629.25 Td (T) Tj ET Q q 0 0 0 rg BT 397.80 629.25 Td (ranscontinental on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.89 629.25 Td (March1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.49 629.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (\(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.60 617.25 Td (Note4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.54 617.25 Td (\), the former North ) Tj ET Q q 0 0 0 rg BT 186.57 617.25 Td (America Print and Related Services segment is now referred to as the United States Print ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.25 Td (and Related Services segment. ) Tj ET Q q 0 0 0 rg BT 189.63 605.25 Td (All United States Print and Related Services segment amounts have been restated to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.25 Td (exclude the Canadian discontinued operations, unless otherwise noted. ) Tj ET Q q 0 0 0 rg BT 350.25 593.25 Td (The Company's operating and reportable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.25 Td (segments are aligned with how the chief operating decision maker of the Company currently manages the business. ) Tj ET Q q 0 0 0 rg BT 529.07 581.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.25 Td (Company's reportable and operating segments and their product and service of) Tj ET Q q 0 0 0 rg BT 376.75 569.25 Td (ferings are summarized below:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 545.25 Td (United States Print and Related Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 521.25 Td (The United States Print and Related Services segment is predominantly comprised of the Company's United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.25 Td (States printing operations and is managed as one integrated platform. ) Tj ET Q q 0 0 0 rg BT 341.91 509.25 Td (This includes retail inserts, catalogs, consumer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.25 Td (magazines, special interest publications, journals, direct mail, books, directories, in-store marketing, packaging and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 485.25 Td (commercial and specialty printed products, together with the related service of) Tj ET Q q 0 0 0 rg BT 376.87 485.25 Td (ferings, including marketing strategy) Tj ET Q q 0 0 0 rg BT 523.96 485.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 473.25 Td (media planning and placement, data insights, creative services, videography) Tj ET Q q 0 0 0 rg BT 366.41 473.25 Td (, photography) Tj ET Q q 0 0 0 rg BT 421.31 473.25 Td (, workflow solutions, digital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 461.25 Td (imaging, digital publishing, interactive print solutions such as image recognition, augmented reality and near field ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 449.25 Td (communication, and response data analytics services, mailing, distribution, logistics and data optimization and hygiene ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 437.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 102.53 437.25 Td (This segment also includes the design, development, manufacture and service of printing-related auxiliary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 425.25 Td (equipment, as well as the manufacture of ink.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 401.25 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 377.25 Td (The International segment consists of the Company's printing operations in Europe and Latin ) Tj ET Q q 0 0 0 rg BT 473.22 377.25 Td (America, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.25 Td (including the acquired ) Tj ET Q q 0 0 0 rg BT 154.73 365.25 Td (T) Tj ET Q q 0 0 0 rg BT 160.49 365.25 Td (ranscontinental Mexican operations \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.32 365.25 Td (Note3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.26 365.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 361.91 365.25 Td (This segment provides printed products and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.25 Td (related services consistent with the United States Print and Related Services segment, with the exception of printing-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.25 Td (related auxiliary equipment, which is included in the United States Print and Related Services segment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 317.25 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 293.25 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 63.00 281.25 Td (including, in part, executive, legal, finance, information technology and human resources.) Tj ET Q endstream endobj 259 0 obj <> endobj 260 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (125) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 655.5 m 229.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 655.5 m 233.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 655.5 m 273.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 642.5 m 229.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 655.5 m 273.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 642.5 m 273.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 642.5 m 319.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 642.5 m 363.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 642.5 m 419.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 642.5 m 475.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 642.5 m 549.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 595.5 m 229.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 595.5 m 273.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 595.5 m 319.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 595.5 m 363.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 595.5 m 419.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 595.5 m 475.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 595.5 m 549.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 595.5 m 363.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 595.5 m 419.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 595.5 m 475.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 569.5 m 229.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 569.5 m 273.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 569.5 m 319.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 569.5 m 363.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 569.5 m 419.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 569.5 m 475.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 569.5 m 549.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 569.5 m 229.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 557.5 m 229.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 555.5 m 229.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 569.5 m 273.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 557.5 m 273.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 555.5 m 273.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 569.5 m 319.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 557.5 m 319.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 555.5 m 319.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 569.5 m 363.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 557.5 m 363.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 555.5 m 363.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 569.5 m 419.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 557.5 m 419.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 555.5 m 419.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 569.5 m 475.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 557.5 m 475.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 555.5 m 475.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 569.5 m 549.5 569.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 557.5 m 549.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 555.5 m 549.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 496.5 m 229.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 496.5 m 273.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 496.5 m 319.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 496.5 m 363.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 496.5 m 419.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 496.5 m 475.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 496.5 m 549.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 496.5 m 363.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 496.5 m 419.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 496.5 m 475.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 470.5 m 229.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 470.5 m 273.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 470.5 m 319.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 470.5 m 363.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 470.5 m 419.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 470.5 m 475.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 470.5 m 549.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 470.5 m 229.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 458.5 m 229.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 456.5 m 229.5 456.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 470.5 m 273.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 458.5 m 273.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 456.5 m 273.5 456.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 470.5 m 319.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 458.5 m 319.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 456.5 m 319.5 456.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 470.5 m 363.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 458.5 m 363.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 456.5 m 363.5 456.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 470.5 m 419.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 458.5 m 419.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 456.5 m 419.5 456.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 470.5 m 475.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 458.5 m 475.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 456.5 m 475.5 456.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 470.5 m 549.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 458.5 m 549.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 456.5 m 549.5 456.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 397.5 m 229.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 397.5 m 273.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 397.5 m 319.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 397.5 m 363.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 397.5 m 419.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 397.5 m 475.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 397.5 m 549.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 371.5 m 229.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 371.5 m 273.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 371.5 m 319.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 371.5 m 363.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 371.5 m 419.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 371.5 m 475.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 371.5 m 549.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 371.5 m 229.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 359.5 m 229.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 357.5 m 229.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 371.5 m 273.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 359.5 m 273.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 357.5 m 273.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 371.5 m 319.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 359.5 m 319.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 357.5 m 319.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 371.5 m 363.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 359.5 m 363.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 357.5 m 363.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 371.5 m 419.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 359.5 m 419.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 357.5 m 419.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 371.5 m 475.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 359.5 m 475.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 357.5 m 475.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 371.5 m 549.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 359.5 m 549.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 357.5 m 549.5 357.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.00 670.73 Td (Restructuring,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.85 662.73 Td (Impairment and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 492.25 654.73 Td (Transaction-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.65 646.73 Td (Related Charges) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 215.30 659.73 Td (NetSales) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 280.40 660.58 Td (Operating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 284.20 652.58 Td (Income/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.55 644.63 Td (\(Loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 334.25 654.73 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.30 646.73 Td (Assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.05 660.58 Td (Depreciation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.55 652.58 Td (and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.10 644.63 Td (Amortization) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.30 654.73 Td (Capital) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.15 646.73 Td (Expenditures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 193.70 646.73 Td (Products) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.00 646.73 Td (Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 634.58 Td (Year endedDecember 31, 2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 621.45 Td (United States Print and Related) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 613.45 Td (Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.00 613.45 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 612.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 612.75 Td (3,151.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.00 612.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 612.75 Td (446.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 612.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 612.75 Td (216.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 612.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 612.75 Td (3,411.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.00 612.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 612.75 Td (303.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 612.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 612.75 Td (79.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.00 612.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 612.75 Td (48.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 600.45 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 108.00 600.45 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.25 599.75 Td (487.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.25 599.75 Td (8.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.60 599.75 Td (\(24.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.30 599.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 599.75 Td (585.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 599.75 Td (33.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 599.75 Td (24.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 599.75 Td (26.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 587.45 Td (Total operating segments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.00 587.45 Td (. . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 586.75 Td (3,638.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 586.75 Td (455.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 586.75 Td (191.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 586.75 Td (3,997.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 586.75 Td (336.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 586.75 Td (103.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 586.75 Td (74.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 574.45 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 100.00 574.45 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.25 573.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.25 573.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.60 573.75 Td (\(85.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.30 573.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 573.75 Td (101.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 573.75 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.30 573.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 573.75 Td (43.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 561.45 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.00 561.45 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 560.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 560.75 Td (3,638.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.00 560.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 560.75 Td (455.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 560.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 560.75 Td (106.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 560.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 560.75 Td (4,098.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.00 560.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 560.75 Td (338.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 560.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 560.75 Td (103.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.00 560.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.30 560.75 Td (118.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 535.58 Td (Year endedDecember 31, 2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 522.45 Td (United States Print and Related) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 514.45 Td (Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.00 514.45 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 513.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 513.75 Td (3,338.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.00 513.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 513.75 Td (488.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 513.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 513.75 Td (271.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 513.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 513.75 Td (4,016.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.00 513.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 513.75 Td (308.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 513.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 513.75 Td (151.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.00 513.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 513.75 Td (55.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 501.45 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 108.00 501.45 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.25 500.75 Td (487.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.25 500.75 Td (11.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.60 500.75 Td (\(19.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.30 500.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 500.75 Td (589.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 500.75 Td (34.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 500.75 Td (16.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.30 500.75 Td (7.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 488.45 Td (Total operating segments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.00 488.45 Td (. . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 487.75 Td (3,825.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 487.75 Td (499.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 487.75 Td (252.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 487.75 Td (4,605.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 487.75 Td (342.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 487.75 Td (168.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 487.75 Td (62.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 475.45 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 100.00 475.45 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.25 474.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.25 474.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.60 474.75 Td (\(95.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.30 474.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 474.75 Td (129.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 474.75 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 474.75 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 474.75 Td (51.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 462.45 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.00 462.45 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 461.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 461.75 Td (3,825.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.00 461.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 461.75 Td (499.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 461.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 461.75 Td (156.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 461.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 461.75 Td (4,735.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.00 461.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 461.75 Td (344.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 461.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 461.75 Td (168.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.00 461.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.30 461.75 Td (114.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 436.58 Td (Year endedDecember 31, 2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 423.45 Td (United States Print and Related) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 415.45 Td (Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.00 415.45 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 414.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 414.75 Td (2,470.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.00 414.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 414.75 Td (361.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 414.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 414.75 Td (205.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 414.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 414.75 Td (4,200.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.00 414.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 414.75 Td (239.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 414.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 414.75 Td (73.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.00 414.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 414.75 Td (55.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 402.45 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 108.00 402.45 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.25 401.75 Td (343.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.25 401.75 Td (11.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.60 401.75 Td (\(53.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.30 401.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 401.75 Td (596.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 401.75 Td (25.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 401.75 Td (23.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 401.75 Td (33.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 389.45 Td (Total operating segments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.00 389.45 Td (. . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 388.75 Td (2,813.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 388.75 Td (372.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 388.75 Td (151.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 388.75 Td (4,796.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 388.75 Td (265.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 388.75 Td (96.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 388.75 Td (89.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 376.45 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 100.00 376.45 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.25 375.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.25 375.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.60 375.75 Td (\(90.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.30 375.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 375.75 Td (150.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 375.75 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 375.75 Td (16.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.30 375.75 Td (58.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.00 363.45 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.00 363.45 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.00 362.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.25 362.75 Td (2,813.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.00 362.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.25 362.75 Td (372.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 362.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.25 362.75 Td (61.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 362.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 362.75 Td (4,947.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.00 362.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 362.75 Td (267.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 362.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 362.75 Td (112.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.00 362.75 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.30 362.75 Td (147.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 335.00 Td (Restructuring, impairment and transaction-related char) Tj ET Q q 0 0 0 rg BT 317.90 335.00 Td (ges for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.58 335.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.17 335.00 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.17 335.00 Td (201) Tj ET Q q 0 0 0 rg BT 510.80 335.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 335.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 323.00 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 323.00 Td ( are further described in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.01 323.00 Td (Note5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.95 323.00 Td (, and are included in the Operating Income/\(Loss\) results by segment above. ) Tj ET Q q 0 0 0 rg BT 517.95 323.00 Td (T) Tj ET Q q 0 0 0 rg BT 523.36 323.00 Td (otal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 311.00 Td (assets of the Canadian discontinued operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.23 311.00 Td ($177.5million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.12 311.00 Td ( as of December 31, 201) Tj ET Q q 0 0 0 rg BT 419.49 311.00 Td (1, and capital expenditures of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 299.00 Td (the Canadian discontinued operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.57 299.00 Td ($7.2million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.46 299.00 Td ( for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 426.13 299.00 Td (1, are included in the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 287.00 Td (States Print and Related Services segment above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 263.00 Td (A) Tj ET Q q 0 0 0 rg BT 105.67 263.00 Td ( reconciliation of operating income to earnings \(loss\) from continuing operations before income taxes and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 251.00 Td (equity in 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 63.00 239.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.58 239.00 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.58 239.00 Td (201) Tj ET Q q 0 0 0 rg BT 161.21 239.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.21 239.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.65 239.00 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.65 239.00 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 345.5 214.5 m 410.5 214.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 214.5 m 479.5 214.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 214.5 m 548.5 214.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 172.5 m 410.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 150.5 m 410.5 150.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 148.5 m 410.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 172.5 m 479.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 150.5 m 479.5 150.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 148.5 m 479.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 172.5 m 548.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 150.5 m 548.5 150.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 148.5 m 548.5 148.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 218.95 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 218.95 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 218.95 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 204.96 Td (Operating income from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.25 204.76 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 204.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 204.96 Td (106.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 204.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 204.96 Td (156.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 204.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 204.96 Td (61.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 190.96 Td (Less: interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.25 190.76 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 190.96 Td (84.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 190.96 Td (108.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 190.96 Td (92.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 176.96 Td (Less: loss on debt extinguishment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.75 176.76 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 176.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 176.96 Td (34.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 176.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 89.00 162.96 Td (Earnings \(loss\) from continuing operations before income taxes and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 89.00 153.96 Td (equity in earnings of unconsolidated entities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.25 153.76 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 153.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 153.96 Td (22.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 153.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 153.96 Td (14.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 153.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 153.96 Td (\(31.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 153.96 Td (\)) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 261 0 obj <> endobj 262 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (126) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 25. Geographic ) Tj ET Q q 0 0 0 rg BT 154.93 677.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 166.41 677.25 Td (ea and Pr) Tj ET Q q 0 0 0 rg BT 207.34 677.25 Td (oduct Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 653.25 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 490.54 653.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 641.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 641.25 Td (201) Tj ET Q q 0 0 0 rg BT 102.63 641.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.63 641.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.07 641.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.07 641.25 Td (. ) Tj ET Q q 0 0 0 rg BT 154.39 641.25 Td (The amounts in this table dif) Tj ET Q q 0 0 0 rg BT 268.91 641.25 Td (fer from the segment data presented in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.24 641.25 Td (Note24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.17 641.25 Td ( because each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.25 Td (operating segment includes operations in multiple geographic regions, based on the Company's management reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (structure.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 571.75 m 292.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 571.75 m 356.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 571.75 m 420.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 571.75 m 484.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 571.75 m 548.5 571.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.95 576.20 Td (U.S.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.80 576.20 Td (Europe) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.45 585.20 Td (Latin) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 576.20 Td (America) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.55 576.20 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.95 576.20 Td (Combined) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 562.20 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 548.21 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 534.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.75 534.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.00 534.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 534.21 Td (3,133.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.00 534.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.75 534.21 Td (174.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.00 534.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 534.21 Td (323.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 534.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 534.21 Td (7.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 534.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 534.21 Td (3,638.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 520.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.75 520.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.75 520.21 Td (442.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.25 520.21 Td (11.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 520.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 520.21 Td (2.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 520.21 Td (455.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 506.21 Td (Property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.25 506.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 506.21 Td (1,689.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.75 506.21 Td (122.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 506.21 Td (114.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 506.21 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 506.21 Td (1,926.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 479.20 Td (2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 465.21 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 451.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.75 451.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.00 451.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 451.21 Td (3,313.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.00 451.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.75 451.21 Td (196.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.00 451.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 451.21 Td (303.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 451.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 451.21 Td (11.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 451.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 451.21 Td (3,825.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 437.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.75 437.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.75 437.21 Td (485.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.25 437.21 Td (12.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 437.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 437.21 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 437.21 Td (499.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 423.21 Td (Property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.25 423.01 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 423.21 Td (1,871.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.75 423.21 Td (145.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 423.21 Td (106.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 423.21 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 423.21 Td (2,123.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 396.20 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 382.21 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 368.21 Td (Products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.75 368.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.00 368.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 368.21 Td (2,447.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.00 368.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.75 368.21 Td (196.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.00 368.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 368.21 Td (161.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 368.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 368.21 Td (9.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 368.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 368.21 Td (2,813.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 354.21 Td (Services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.75 354.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.75 354.21 Td (358.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.25 354.21 Td (12.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.00 354.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 354.21 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 354.21 Td (372.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 326.25 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 470.82 326.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 314.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 314.25 Td (201) Tj ET Q q 0 0 0 rg BT 102.63 314.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.63 314.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.07 314.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.07 314.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 277.75 m 341.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 277.75 m 410.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 277.75 m 479.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 277.75 m 548.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 277.75 m 410.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 277.75 m 479.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 277.75 m 548.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 235.75 m 410.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 235.75 m 479.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 235.75 m 548.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 235.75 m 410.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 222.75 m 410.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 220.75 m 410.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 235.75 m 479.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 222.75 m 479.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 220.75 m 479.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 235.75 m 548.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 222.75 m 548.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 220.75 m 548.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 178.75 m 410.5 178.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 178.75 m 479.5 178.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 178.75 m 548.5 178.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 164.75 m 410.5 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 151.75 m 410.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 149.75 m 410.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 164.75 m 479.5 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 151.75 m 479.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 149.75 m 479.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 164.75 m 548.5 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 151.75 m 548.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 149.75 m 548.5 149.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.05 282.20 Td (Products and Services) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.50 282.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.70 282.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 282.20 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 268.21 Td (Catalog, magazines and retail inserts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 200.75 268.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 268.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 268.21 Td (2,711.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 268.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.00 268.21 Td (2,826.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 268.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 268.21 Td (2,173.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 254.21 Td (Direct mail, books, directories and other printed products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.75 254.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 254.21 Td (894.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 254.21 Td (964.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 254.21 Td (614.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 240.21 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 88.25 240.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.25 240.21 Td (32.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 240.21 Td (35.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 240.21 Td (26.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 226.21 Td (Total products) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 128.75 226.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 226.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 226.21 Td (3,638.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 226.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.00 226.21 Td (3,825.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 226.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 226.21 Td (2,813.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 197.21 Td (Logistics services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 133.25 197.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 197.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 197.21 Td (349.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 197.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 197.21 Td (370.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 197.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 197.21 Td (268.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 183.21 Td (Imaging and other services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.75 183.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 183.21 Td (106.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 183.21 Td (128.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 183.21 Td (103.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 169.21 Td (Total services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 128.75 169.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 169.21 Td (455.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 169.21 Td (499.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 169.21 Td (372.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.00 155.21 Td (Total net sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 128.75 155.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.00 155.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 155.21 Td (4,094.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 155.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.00 155.21 Td (4,324.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 155.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 155.21 Td (3,185.8) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 263 0 obj <> endobj 264 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (127) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 677.25 Td (Note 26. Subsequent Events) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 653.25 Td (Acquisition of V) Tj ET Q q 0 0 0 rg BT 129.13 653.25 Td (ertis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 629.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 629.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.32 629.25 Td (, the Company completed its acquisition of substantially all of the assets of ) Tj ET Q q 0 0 0 rg BT 484.31 629.25 Td (V) Tj ET Q q 0 0 0 rg BT 490.42 629.25 Td (ertis, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (leading provider of retail advertising inserts, direct marketing and in-store marketing solutions. ) Tj ET Q q 0 0 0 rg BT 447.62 617.25 Td (As an asset acquisition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.25 Td (the Company did not assume certain assets and liabilities of ) Tj ET Q q 0 0 0 rg BT 304.44 605.25 Td (V) Tj ET Q q 0 0 0 rg BT 310.55 605.25 Td (ertis and its subsidiaries in the transaction, including, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.25 Td (among other liabilities, their underfunded pension and retirement obligations. ) Tj ET Q q 0 0 0 rg BT 377.74 593.25 Td (The purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.14 593.25 Td ($267.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.03 593.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 581.25 Td (includes the payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.31 581.25 Td ($97.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.20 581.25 Td ( for current assets that are in excess of normalized working capital requirements. ) Tj ET Q q 0 0 0 rg BT 542.02 581.25 Td (A) Tj ET Q q 0 0 0 rg BT 548.69 581.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.25 Td (final working capital settlement will occur in 2013, and may adjust the purchase price. ) Tj ET Q q 0 0 0 rg BT 413.55 569.25 Td (The Company used cash on hand ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 557.25 Td (and drew on its revolving credit facility to finance the acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 533.25 Td (The following unaudited pro forma combined financial information presents the Company's results as though ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.25 Td (Quad/Graphics and ) Tj ET Q q 0 0 0 rg BT 142.79 521.25 Td (V) Tj ET Q q 0 0 0 rg BT 148.91 521.25 Td (ertis had combined at January 1, 2012. ) Tj ET Q q 0 0 0 rg BT 308.13 521.25 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 63.00 509.25 Td (following considerations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 485.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 485.25 Td (The unaudited pro forma condensed consolidated financial information has been prepared using the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 473.25 Td (acquisition method of accounting under existing GAAP) Tj ET Q q 0 0 0 rg BT 338.63 473.25 Td (. Quad/Graphics is the acquirer for accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 461.25 Td (purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 437.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 437.25 Td (The pro forma combined financial information does not reflect any operating cost syner) Tj ET Q q 0 0 0 rg BT 467.81 437.25 Td (gy savings that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 425.25 Td (combined company may achieve as a result of the acquisition, the costs necessary to achieve these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 413.25 Td (operating syner) Tj ET Q q 0 0 0 rg BT 178.74 413.25 Td (gy savings or additional char) Tj ET Q q 0 0 0 rg BT 294.09 413.25 Td (ges necessary as a result of the integration.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 348.75 m 548.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 348.75 m 548.5 348.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.15 381.20 Td (Year Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.00 367.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 353.20 Td (\(pro forma\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 339.21 Td (Pro forma net sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.25 339.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.00 339.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 339.21 Td (5,166.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 325.21 Td (Pro forma net earnings from continuing operations attributable to common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 325.01 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 325.21 Td (59.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 311.21 Td (Pro forma diluted earnings per share from continuing operations attributable to common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 311.21 Td (1.18) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 283.25 Td (The Company has recorded a preliminary allocation of the purchase price to ) Tj ET Q q 0 0 0 rg BT 405.92 283.25 Td (V) Tj ET Q q 0 0 0 rg BT 412.04 283.25 Td (ertis' tangible and identifiable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.25 Td (intangible assets acquired and liabilities assumed based on their fair values as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.23 271.25 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.83 271.25 Td ( acquisition date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 259.25 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 448.5 213.75 m 548.5 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 213.75 m 548.5 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 115.75 m 548.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 115.75 m 548.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 102.75 m 548.5 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 100.75 m 548.5 100.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 227.20 Td (Pr) Tj ET Q q 0 0 0 rg BT 465.33 227.20 Td (eliminary Pur) Tj ET Q q 0 0 0 rg BT 518.91 227.20 Td (chase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.35 218.20 Td (Price ) Tj ET Q q 0 0 0 rg BT 489.09 218.20 Td (Allocation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 204.21 Td (Cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 204.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 204.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 204.21 Td (4.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 190.21 Td (Accounts receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.75 190.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 190.21 Td (137.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 176.21 Td (Other current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.25 176.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 176.21 Td (38.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 162.21 Td (Property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.75 162.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 162.21 Td (125.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 148.21 Td (Identifiable intangible assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.75 148.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 148.21 Td (19.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 134.21 Td (Current liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 128.25 134.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 134.21 Td (\(44.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 134.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 120.21 Td (Other long-term liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 120.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 120.21 Td (\(13.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 120.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 106.21 Td (Purchase price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 106.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 106.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 106.21 Td (267.4) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 265 0 obj <> endobj 266 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 250.55 724.75 Td (QUAD/GRAPHICS, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 712.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 712.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 712.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 712.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 712.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 712.75 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.20 700.75 Td (\(In millions, except shar) Tj ET Q q 0 0 0 rg BT 245.80 700.75 Td (e and per) Tj ET Q q 0 0 0 rg BT 285.62 700.75 Td ( shar) Tj ET Q q 0 0 0 rg BT 306.83 700.75 Td (e data and unless otherwise indicated\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 60.35 Td (128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 677.10 Td (The preliminary allocation of the purchase price and unaudited pro forma condensed consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (information is based on the preliminary valuations performed to determine the fair value of the net assets as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (acquisition date. ) Tj ET Q q 0 0 0 rg BT 133.36 653.10 Td (The purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.76 653.10 Td ($267.4million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.65 653.10 Td ( was classified as Level 3 in the valuation hierarchy \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.62 653.10 Td (Note18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.55 653.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (for the definition of Level 3 inputs\). Purchased identifiable customer relationship intangible assets will be amortized on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.10 Td (a straight-line basis over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.53 629.10 Td (six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.20 629.10 Td ( years. ) Tj ET Q q 0 0 0 rg BT 206.12 629.10 Td (The Company expects to complete the purchase price allocation during 2013 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (may adjust the amounts recorded as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.34 617.10 Td (January16, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.94 617.10 Td (, to reflect the final valuation. ) Tj ET Q q 0 0 0 rg BT 411.33 617.10 Td (This final valuation of the assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (and liabilities could have a material impact on the pro forma condensed combined statement of operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (preliminary purchase price allocation disclosed above.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (Declaration of Quarterly Dividend) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 545.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.72 545.10 Td (March4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.32 545.10 Td (, the Company declared a quarterly dividend of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.64 545.10 Td ($0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.14 545.10 Td ( per share, which will be paid on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (March29, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.60 533.10 Td (, to shareholders of record as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.44 533.10 Td (March18, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.04 533.10 Td (.) Tj ET Q endstream endobj 267 0 obj <> endobj 268 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 298.50 60.35 Td (129) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 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 117 720.68505859375 m 496.677734375 720.68505859375 l s q 0 0 0 rg BT 117.00 722.25 Td (Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 213.79 722.25 Td (eements with ) Tj ET Q q 0 0 0 rg BT 271.56 722.25 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 339.90 722.25 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 492.24 722.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 701.25 Td (Not applicable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 678.25 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 117 676.68505859375 m 223.1181640625 676.68505859375 l s q 0 0 0 rg BT 117.00 678.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 142.37 678.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 185.53 678.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 214.79 678.25 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 658.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 102.82 658.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 135.13 658.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 178.29 658.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 207.55 658.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 637.25 Td (The Company's management, with the participation of the Company's principal executive of) Tj ET Q q 0 0 0 rg BT 467.88 637.25 Td (ficer and principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 625.25 Td (financial of) Tj ET Q q 0 0 0 rg BT 108.63 625.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 126.54 625.25 Td (, has evaluated the ef) Tj ET Q q 0 0 0 rg BT 210.49 625.25 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 63.00 613.25 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 465.92 613.25 Td (Act of 1934\) as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 601.25 Td (the end of the period covered by this report and has concluded that, as of the end of such period, the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 589.25 Td (disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 233.59 589.25 Td (fective.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 566.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 175.89 566.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 207.64 566.25 Td ( Financial Reporting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 545.25 Td (There were no changes in the Company's internal control over financial reporting \(as defined in Rules 13a-15\(f\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 533.25 Td (and 15d-15\(f\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 244.05 533.25 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 477.29 533.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 521.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 521.25 Td (, that have materially af) Tj ET Q q 0 0 0 rg BT 177.50 521.25 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 364.45 521.25 Td (fect, the Company's internal control over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 509.25 Td (financial reporting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 486.25 Td (Management's Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 236.69 486.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 268.44 486.25 Td ( Financial Reporting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 465.25 Td (The Company's management, including the Company's Chairman, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 500.94 465.25 Td (ficer and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 453.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 105.30 453.25 Td (V) Tj ET Q q 0 0 0 rg BT 111.92 453.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 257.53 453.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 275.45 453.25 Td (, is responsible for establishing and maintaining adequate internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 441.25 Td (control 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 529.80 441.25 Td (Act ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 429.25 Td (of 1934. ) Tj ET Q q 0 0 0 rg BT 101.15 429.25 Td (The Company's internal control over financial reporting is designed to provide reasonable assurance regarding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 417.25 Td (the reliability of financial reporting and the preparation of published financial statements in accordance with generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 405.25 Td (accepted accounting principles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 381.25 Td (The Company's management, including the Company's Chairman, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 500.94 381.25 Td (ficer and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 369.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 105.30 369.25 Td (V) Tj ET Q q 0 0 0 rg BT 111.92 369.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 257.53 369.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 275.45 369.25 Td (, has assessed the ef) Tj ET Q q 0 0 0 rg BT 354.96 369.25 Td (fectiveness of the Company's internal control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 357.25 Td (over financial reporting based on the framework in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 269.04 357.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 326.72 357.25 Td (olIntegrated Framework) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.21 357.25 Td ( issued by the Committee of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 345.25 Td (Sponsoring Or) Tj ET Q q 0 0 0 rg BT 121.43 345.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 194.84 345.25 Td (T) Tj ET Q q 0 0 0 rg BT 200.60 345.25 Td (readway Commission. Based on this assessment, the Company's management has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 333.25 Td (concluded that, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.25 333.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.83 333.25 Td (, the Company's internal controls over financial reporting were ef) Tj ET Q q 0 0 0 rg BT 487.81 333.25 Td (fective based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 321.25 Td (on that framework.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 297.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 285.25 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 126.61 285.25 Td (Also, projections of any evaluation of the ef) Tj ET Q q 0 0 0 rg BT 302.49 285.25 Td (fectiveness to future periods are subject to the risk that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 273.25 Td (controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 261.25 Td (procedures may deteriorate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 237.25 Td (Deloitte & ) Tj ET Q q 0 0 0 rg BT 143.81 237.25 Td (T) Tj ET Q q 0 0 0 rg BT 149.22 237.25 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 192.27 237.25 Td (, the Company's independent registered public accounting firm, issued an attestation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 225.25 Td (report on the ef) Tj ET Q q 0 0 0 rg BT 124.18 225.25 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 426.16 225.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.75 225.25 Td (, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 213.25 Td (included herein.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 190.25 Td (Attestation Report of Independent Register) Tj ET Q q 0 0 0 rg BT 247.79 190.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 289.47 190.25 Td (Accounting Firm) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 169.25 Td (The attestation report required under this Item 9A, "Controls and Procedures," is contained in Item 8, Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 157.25 Td (Statements and Supplementary Data," of Part II of this ) Tj ET Q q 0 0 0 rg BT 283.15 157.25 Td (Annual Report on Form10-K under the heading "Report of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 145.25 Td (Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 187.69 145.25 Td (Accounting Firm.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 122.25 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 117 120.68505859375 m 197.087890625 120.68505859375 l s q 0 0 0 rg BT 117.00 122.25 Td (Other) Tj ET Q q 0 0 0 rg BT 142.37 122.25 Td ( Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 98.25 Td (The Company has no other information to report pursuant to this item.) Tj ET Q endstream endobj 269 0 obj <> endobj 270 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 298.50 60.35 Td (130) 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 285.9 720.68505859375 m 326.0220703125 720.68505859375 l s q 0 0 0 rg BT 285.90 722.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 722.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 722.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 722.25 Td (III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 699.25 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 117 697.68505859375 m 360.0810546875 697.68505859375 l s q 0 0 0 rg BT 117.00 699.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 131.26 699.25 Td (ectors, Executive Officers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 675.25 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 63.00 663.25 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 63.00 651.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 651.25 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 323.55 651.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.55 651.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.50 651.25 Td (Annual Meeting of Shareholders \("Proxy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 639.25 Td (Statement"\) and is hereby incorporated herein by reference. Information with respect to the executive of) Tj ET Q q 0 0 0 rg BT 481.73 639.25 Td (ficers of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 627.25 Td (Company appears in Item 1, "Business," of this ) Tj ET Q q 0 0 0 rg BT 254.48 627.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 380.68 627.25 Td (The information required by this Item ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 615.25 Td (with respect to audit committees and audit committee financial experts is included under the caption "Corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (GovernanceBoard CommitteesAudit Committee" in the Proxy Statement and is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 579.25 Td (The Company has adopted a Code of Business Conduct that applies to all of the Company's employees, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (including the Company's Chief Executive Of) Tj ET Q q 0 0 0 rg BT 242.64 567.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 260.55 567.25 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 340.35 567.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 358.27 567.25 Td (, Controller and other persons performing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 555.25 Td (similar functions. ) Tj ET Q q 0 0 0 rg BT 137.81 555.25 Td (The 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 493.22 555.25 Td (.QG.com. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (The Company intends to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (waivers from, the Code of Business Conduct by posting such information on its website at www) Tj ET Q q 0 0 0 rg BT 447.86 531.25 Td (.QG.com. ) Tj ET Q q 0 0 0 rg BT 491.84 531.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (is not including the information contained on its website as part of, or incorporating it by reference into, this ) Tj ET Q q 0 0 0 rg BT 497.62 519.25 Td (Annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (Report on Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 484.25 Td (Item 1) Tj ET Q q 0 0 0 rg BT 89.94 484.25 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 117 482.68505859375 m 222.830078125 482.68505859375 l s q 0 0 0 rg BT 117.00 484.25 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 460.25 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 502.80 460.25 Td (ficers," ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 448.25 Td ("Director Compensation," "Compensation Committee Report," "Corporate GovernanceCompensation Committee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 436.25 Td (Interlocks and Insider Participation" and "MiscellaneousAssessment of Compensation-Related Risk" in the Proxy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (Statement and is hereby incorporated herein by reference.) Tj ET Q endstream endobj 271 0 obj <> endobj 272 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 298.50 60.35 Td (131) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 722.25 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 117 720.68505859375 m 517.44921875 720.68505859375 l s q 0 0 0 rg BT 117.00 722.25 Td (Security Ownership of Certain Beneficial Owners and Management and Related Shar) Tj ET Q q 0 0 0 rg BT 482.91 722.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 514.95 722.25 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 117 708.68505859375 m 150.8671875 708.68505859375 l s q 0 0 0 rg BT 117.00 710.25 Td (Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 686.25 Td (The information required by this Item with respect to security ownership of certain beneficial owners and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (management is included under the caption "Stock Ownership of Management and Others" in the Proxy Statement and is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 662.25 Td (hereby incorporated by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 639.25 Td (Equity Compensation Plan Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 615.25 Td (The following table sets forth information with respect to compensation plans under which equity securities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 603.25 Td (the Company are authorized for issuance as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.71 603.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.29 603.25 Td (. ) Tj ET Q q 0 0 0 rg BT 336.61 603.25 Td (The table does not include employee benefit plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (intended to meet the qualification requirements of Section 401\(a\) of the Internal Revenue Code. ) Tj ET Q q 0 0 0 rg BT 451.21 591.25 Td (All equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (compensation plans are described more fully in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.88 579.25 Td (Note22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.82 579.25 Td (, "Stock and Incentive Programs," to the consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 567.25 Td (statements in Item 8, "Financial Statements and Supplementary Data," of this ) Tj ET Q q 0 0 0 rg BT 374.16 567.25 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 62.5 476.75 m 264.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 476.75 m 354.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 476.75 m 444.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 476.75 m 548.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 430.75 m 354.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 417.75 m 354.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 415.75 m 354.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 430.75 m 548.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 417.75 m 548.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 415.75 m 548.5 415.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.35 481.20 Td (Plan Category) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.05 517.20 Td (Number of securities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.85 508.20 Td (to be issued upon) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.80 499.20 Td (the exercise of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.95 490.20 Td (outstanding options,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.70 481.20 Td (warrants and rights) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.25 508.20 Td (Weighted-average) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.05 499.20 Td (exercise price of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.95 490.20 Td (outstanding options,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.70 481.20 Td (warrants and rights) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.05 535.20 Td (Number of securities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.15 526.20 Td (remaining available for) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.40 517.20 Td (future issuance under) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.35 508.20 Td (equity compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.60 499.20 Td (plans \(excluding) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.30 490.20 Td (securities reflected in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.00 481.20 Td (the first column\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 467.21 Td (Equity compensation plans approved by security ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 458.21 Td (holders) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 91.49 462.29 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.25 458.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.00 458.21 Td (4,896,174) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 458.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 458.21 Td (20.34) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.75 458.21 Td (969,713) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 444.21 Td (Equity compensation plans not approved by security ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 435.21 Td (holders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 92.25 435.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 435.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 435.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 435.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 421.21 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.75 421.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.00 421.21 Td (4,896,174) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 421.21 Td (20.34) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.75 421.21 Td (969,713) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 406.45 Td (______________________________) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 389.65 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 389.65 Td (Consists of the Company's 2010 Omnibus Incentive Plan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 368.25 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 117 366.68505859375 m 442.390625 366.68505859375 l s q 0 0 0 rg BT 117.00 368.25 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 266.27 368.25 Td (T) Tj ET Q q 0 0 0 rg BT 272.20 368.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 358.97 368.25 Td (ector) Tj ET Q q 0 0 0 rg BT 380.44 368.25 Td ( Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 344.25 Td (The information required by this Item is included under the caption "Corporate Governance" in the Proxy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 332.25 Td (Statement and is hereby incorporated by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 309.25 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 117 307.68505859375 m 285.3203125 307.68505859375 l s q 0 0 0 rg BT 117.00 309.25 Td (Principal ) Tj ET Q q 0 0 0 rg BT 158.39 309.25 Td (Accountant Fees and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 285.25 Td (The information required by this Item is included under the caption "MiscellaneousIndependent Registered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 273.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 90.50 273.25 Td (Accounting Firm" in the Proxy Statement and is hereby incorporated by reference.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 639.25 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 639.25 Td (Financial statement scheduleAll financial statement schedules are omitted since the required information is not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 627.25 Td (present or is not present in amounts suf) Tj ET Q q 0 0 0 rg BT 237.74 627.25 Td (ficient to require submission of the schedules, or because the information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 615.25 Td (required is included in the consolidated financial statements and notes thereto.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 591.25 Td (3. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 591.25 Td (ExhibitsThe exhibits listed in the accompanying exhibit index are filed as part of this ) Tj ET Q q 0 0 0 rg BT 433.14 591.25 Td (Annual Report on Form 10-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 579.25 Td (K.) Tj ET Q endstream endobj 275 0 obj <> endobj 276 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 298.50 60.35 Td (133) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.15 722.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 210.70 722.25 Td (T) Tj ET Q q 0 0 0 rg BT 217.19 722.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 287.29 722.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 366.47 722.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 380.46 722.25 Td (A) Tj ET Q q 0 0 0 rg BT 386.94 722.25 Td (TEMENTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 676.75 m 548.5 676.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.70 690.20 Td (Page in this) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.60 681.20 Td (Form 10-K) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 652.21 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 213.96 652.21 Td (Accounting Firm) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.25 652.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 652.21 Td (70) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 638.21 Td (Consolidated Statements of Operations for each of the three years in the period ended December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.25 638.01 Td (. . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 638.21 Td (72) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 624.21 Td (Consolidated Statements of Comprehensive Income \(Loss\) for each of the three years in the period ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 615.21 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.75 615.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 615.21 Td (73) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 601.21 Td (Consolidated Balance Sheets as of December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 292.77 601.21 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 298.75 601.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 601.21 Td (74) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 587.21 Td (Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.75 587.01 Td (. . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 587.21 Td (75) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 573.21 Td (Consolidated Statements of Redeemable Equity) Tj ET Q q 0 0 0 rg BT 236.67 573.21 Td (, Common Stock and Other Equity and Noncontrolling Interests for ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 564.21 Td (each of the three years in the period ended December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.25 564.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 564.21 Td (76) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.00 550.21 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.75 550.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.00 550.21 Td (78) Tj ET Q BT /F1 9.00 Tf ET endstream endobj 277 0 obj <> endobj 278 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 298.50 60.35 Td (134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.75 422.10 Td ([This page has been left blank intentionally) Tj ET Q q 0 0 0 rg BT 389.38 422.10 Td (.]) Tj ET Q endstream endobj 279 0 obj <> endobj 280 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 298.50 60.35 Td (135) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.85 722.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 722.25 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 698.25 Td (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 415.87 698.25 Td (Act of 1934, the Registrant has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.25 Td (duly 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 477.36 686.25 Td (8th) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.13 686.25 Td ( day of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.40 686.25 Td (March ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 674.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 674.25 Td (.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 526.07 Td (\(10.18\)++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 526.07 Td (Form of Stock Option and Dividend Equivalent Award Agreement under the Quad/Graphics, Inc. 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 516.07 Td (Omnibus Incentive Plan \(incoporated by reference to Exhibit 10.1 to the Company's Quarterly Report) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 506.07 Td (on Form 10-Q for the quarter ended March 31, 2012 and filed on May 10, 2012\).) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 430.07 Td (\(10.20\)++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 430.07 Td (Form of Restricted Stock Unit Award Agreement under the Quad/Graphics, Inc. 2010 Omnibus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 420.07 Td (Incentive Plan \(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 410.07 Td (10-Q for the quarter ended March 31, 2012 and filed on May 10, 2012\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 382.07 Td (\(10.21\)++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 382.07 Td (Form of Deferred Stock Unit Award Agreement under the Quad/Graphics, Inc. 2010 Omnibus Incentive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 372.07 Td (Plan \(incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K dated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 362.07 Td (December 16, 2010 and filed on December 17, 2010\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 334.07 Td (\(10.22\)++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 334.07 Td (Form of Performance Share ) Tj ET Q q 0 0 0 rg BT 242.30 334.07 Td (A) Tj ET Q q 0 0 0 rg BT 248.60 334.07 Td (ward ) Tj ET Q q 0 0 0 rg BT 270.54 334.07 Td (Agreement under the Quad/Graphics, Inc. 2010 Omnibus Incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 324.07 Td (Plan \(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 314.07 Td (December13, 2012 and filed on December19, 2012\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 286.07 Td (\(10.23\)++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 286.07 Td (Form of Performance Unit ) Tj ET Q q 0 0 0 rg BT 237.31 286.07 Td (A) Tj ET Q q 0 0 0 rg BT 243.61 286.07 Td (ward ) Tj ET Q q 0 0 0 rg BT 265.55 286.07 Td (Agreement under the Quad/Graphics, Inc. 2010 Omnibus Incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 276.07 Td (Plan \(incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 266.07 Td (December13, 2012 and filed on December19, 2012\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 238.07 Td (\(10.24\)++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 238.07 Td (Quad/Graphics, Inc. Synergy Rewards Program and Bonus Pool Plan \(incorporated by reference to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 228.07 Td (Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 218.07 Td (and filed on November 15, 2010\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.75 190.07 Td (\(10.25\)++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 190.07 Td (Severance ) Tj ET Q q 0 0 0 rg BT 172.03 190.07 Td (Agreement and General Release, dated December 23, 201) Tj ET Q q 0 0 0 rg BT 403.50 190.07 Td (1, between Quad/Graphics, Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 180.07 Td (and Brian Freschi \(incorporated by reference to Exhibit 10.22 to the Company's ) Tj ET Q q 0 0 0 rg BT 449.88 180.07 Td (Annual Report on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 170.07 Td (Form 10-K for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 324.40 170.07 Td (1 and filed on February 29, 2012\).) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 299.00 Td (* ) Tj ET Q q 0 0 0 rg BT 81.00 299.00 Td (In accordance with Rule 406T) Tj ET Q q 0 0 0 rg BT 201.88 299.00 Td ( of Regulation S-T) Tj ET Q q 0 0 0 rg BT 275.85 299.00 Td (, the information in these exhibits shall not be deemed to be "filed" ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 287.00 Td (for purposes of Section 18 of the Securities and Exchange ) Tj ET Q q 0 0 0 rg BT 314.83 287.00 Td (Act of 1934, as amended, or otherwise subject to liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 275.00 Td (under that section, and shall not be incorporated by reference into any registration statement or other document filed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 263.00 Td (under the Securities ) Tj ET Q q 0 0 0 rg BT 162.37 263.00 Td (Act of 1933, as amended, except as expressly set forth by specific reference in such filing.) 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