Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Feb. 13, 2025 |
Jun. 30, 2024 |
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| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Document Fiscal Year Focus | 2024 | ||
| Document Fiscal Period Focus | FY | ||
| Trading Symbol | DFIN | ||
| Entity Registrant Name | Donnelley Financial Solutions, Inc. | ||
| Entity Central Index Key | 0001669811 | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | false | ||
| ICFR Auditor Attestation Flag | true | ||
| Entity Shell Company | false | ||
| Entity Common Stock, Shares Outstanding | 28,609,147 | ||
| Entity Public Float | $ 1.6 | ||
| Title of 12(b) Security | Common Stock (Par Value $0.01) | ||
| Security Exchange Name | NYSE | ||
| Entity File Number | 1-37728 | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Tax Identification Number | 36-4829638 | ||
| Entity Address, Address Line One | 391 Steel Way | ||
| Entity Address, City or Town | Lancaster | ||
| Entity Address, State or Province | PA | ||
| Entity Address, Postal Zip Code | 17601 | ||
| City Area Code | 800 | ||
| Local Phone Number | 823-5304 | ||
| Document Annual Report | true | ||
| Document Transition Report | false | ||
| Documents Incorporated by Reference | Portions of the registrant’s proxy statement related to its annual meeting of stockholders scheduled to be held on May 14, 2025 are incorporated by reference into Part III of this Form 10-K. |
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| Auditor Name | DELOITTE & TOUCHE LLP | ||
| Auditor Location | Chicago, Illinois | ||
| Auditor Firm ID | 34 | ||
| Auditor Opinion [Text Block] | Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Donnelley Financial Solutions, Inc. and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated February 18, 2025, expressed an unqualified opinion on those financial statements. |
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||||
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Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Total net sales | $ 781.9 | $ 797.2 | $ 833.6 | ||
| Total cost of sales | [1] | 297.9 | 333.3 | 370.2 | |
| Selling, general and administrative expenses | [1] | 290.9 | 282.1 | 264.0 | |
| Depreciation and amortization | 60.2 | 56.7 | 46.3 | ||
| Restructuring, impairment and other charges, net | 6.6 | 9.8 | 7.7 | ||
| Other operating (income) loss, net | (10.3) | 5.3 | 0.4 | ||
| Income from operations | 136.6 | 110.0 | 145.0 | ||
| Interest expense, net | 12.9 | 15.8 | 9.2 | ||
| Investment and other income, net | (1.4) | (7.8) | (3.5) | ||
| Earnings before income taxes | 125.1 | 102.0 | 139.3 | ||
| Income tax expense | 32.7 | 19.8 | 36.8 | ||
| Net earnings | $ 92.4 | $ 82.2 | $ 102.5 | ||
| Net earnings per share: | |||||
| Basic | $ 3.16 | $ 2.81 | $ 3.33 | ||
| Diluted | $ 3.06 | $ 2.69 | $ 3.17 | ||
| Weighted-average number of common shares outstanding: | |||||
| Basic | 29.2 | 29.3 | 30.8 | ||
| Diluted | 30.2 | 30.6 | 32.3 | ||
| Software Solutions | |||||
| Total net sales | $ 329.7 | $ 292.7 | $ 279.6 | ||
| Total cost of sales | 107.4 | 108.7 | 113.4 | ||
| Tech-enabled Services | |||||
| Total net sales | 320.8 | 336.9 | 380.9 | ||
| Total cost of sales | 120.6 | 127.6 | 141.1 | ||
| Print and Distribution | |||||
| Total net sales | 131.4 | 167.6 | 173.1 | ||
| Total cost of sales | $ 69.9 | $ 97.0 | $ 115.7 | ||
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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net earnings | $ 92.4 | $ 82.2 | $ 102.5 |
| Other comprehensive (loss) income, net of tax: | |||
| Translation adjustments | (1.3) | 1.1 | (1.4) |
| Adjustment for net periodic pension and other postretirement benefits plans | (2.7) | 4.2 | (3.5) |
| Other comprehensive (loss) income, net of tax | (4.0) | 5.3 | (4.9) |
| Comprehensive income | $ 88.4 | $ 87.5 | $ 97.6 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Receivables, allowances for expected losses | $ 25.0 | $ 18.9 |
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, authorized | 1,000,000 | 1,000,000 |
| Preferred stock, Issued | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, Authorized | 65,000,000 | 65,000,000 |
| Common stock, Issued | 38,900,000 | 38,000,000 |
| Common stock, Outstanding | 28,700,000 | 29,100,000 |
| Treasury stock, Shares | 10,200,000 | 8,900,000 |
Cybersecurity Risk Management, Strategy and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | ITEM 1C. CYBERSECURITY A core aspect of the Company’s business relies on technology and software; as a result, the security of those technologies and software, as well as the protection of the confidential information entrusted to the Company by its customers, are key components of the Company’s business and strategy. DFIN maintains many processes for identifying, assessing and managing material risks from cybersecurity threats. These processes are applied throughout the organization and are monitored, updated and assessed. DFIN has developed cybersecurity risk management processes that are integrated into the Company’s overall risk management system and designed to be comprehensive. Risk management committees such as the Enterprise Risk Management Committee and the Ethics and Compliance Committee regularly review the Company’s policies and procedures governing cybersecurity. These policies and procedures inform protocols that align cybersecurity risk assessment and mitigation to evolving risks and threat vectors that impact broader enterprise risk categories, promoting a comprehensive approach. These processes include the identification, assessment and management of material risks that are derived from cybersecurity threats. DFIN engages assessors, consultants, auditors and specialized third parties to enhance the Company’s cybersecurity posture. These collaborations provide evaluations, audits and insights to fortify DFIN’s resilience against evolving cyber threats. The DFIN Cybersecurity Program is based upon industry leading frameworks, which include International Standardization Organization (“ISO”) 27001, the National Institute of Technology Cybersecurity Framework (“NIST CSF”) and Control Objectives for Information Technology (COBIT). The Company’s technologies and software must also comply with domestic and international regulatory and legal requirements. Ensuring that these technologies and software comply with those regulations is a key focus of the Company’s efforts. DFIN has cyber incident response partners that conduct penetration testing and other exercises throughout the year whereby cybersecurity controls effectiveness is evaluated and reported to management. DFIN engages a third-party auditor to ascertain its cybersecurity risk management effectiveness as a part of its enterprise ISO 27001 certification process. The ISO 27001 certification process is highly prescriptive and covers cyber risk management methodology, risk assessment and risk treatment. DFIN has adopted the NIST CSF and engages a consultant to periodically assess the Company’s NIST CSF profile and maturity. DFIN also obtains System and Organization Control (“SOC”) Type 2 certification demonstrating control effectiveness across multiple American Institute of Certified Public Accountants (AICPA) Trust Service Principle domains. The Company leverages cybersecurity technologies designed to provide for the security of client, employee and business confidential data. The Company’s cybersecurity portfolio is inclusive of, but not limited to, data encryption, data masking, leading secure software development methodologies, application and network penetration testing, incident response, digital forensics, least-privileged access controls, anti-malware, end-point detection and response, virtual private networks and cyber threat intelligence. In addition, the Company manages a 24x7 Security Operations capability that monitors and responds to cyber threats. DFIN maintains a comprehensive third-party risk management program, referred to as “Supply Chain Security.” The program evaluates critical suppliers for inherent risk and classifies suppliers according to the overall risk they present to the Company. The program also includes evaluations of existing suppliers and third parties for ongoing risk. A supplier’s classification rating determines the frequency with which it is evaluated. For example, those identified as critical suppliers are monitored on a quarterly basis, or more frequently if an event occurs that could elevate the risk, and assessed at a higher frequency than other suppliers. Generally, these reviews include an evaluation of the effectiveness of a supplier or third party’s cybersecurity along with the risks associated with adding and/or integrating this third party into the DFIN ecosystem. New and existing suppliers that are determined to pose a material risk may be rejected or have their contracts terminated. Supply chain and third-party risk continues to be a top cybersecurity threat vector, and DFIN’s robust processes continue to oversee and identify cybersecurity risks associated with the Company’s use of third-party service providers. The Company believes that its regular assessments and due diligence help mitigate potential vulnerabilities relating to these relationships. DFIN’s initiatives and internal goals incorporate cybersecurity, including cyber risk requirements and cyber risk analysis. To deliver upon regulatory, client and Company cybersecurity objectives, the Company made investments to support processes, architectures and system operations models which specifically address cyber risk, including but not limited to threat detection and response capabilities, end point detection, incident response partnerships and other services provided by managed security service providers. The Company leverages cybersecurity technologies designed to ensure security of client, employee and business confidential data. Mitigating cybersecurity risk is also a part of DFIN’s overall business strategy and is further evidenced by programmatic endeavors such as adopting a Zero Trust Architecture wherein all users, systems, applications and networks are deemed untrusted and must be verified. Separately, part of DFIN’s corporate strategy includes maintaining adequate cybersecurity insurance. During the renewal process underwriters evaluate all aspects of DFIN’s cybersecurity posture, providing another annual evaluation of the Company’s cyber risk management. Risks from cybersecurity threats, including those described in Part I, Item 1A. Risk Factors, factor into many facets of DFIN’s operations and have a direct influence on business strategy. For example, cybersecurity risk considerations may be factored into how DFIN’s products are designed and technology is selected. Cybersecurity risk also informs how the Company educates and trains its employees. In 2024, the Company conducted monthly simulations to train employees to detect and respond to various cyber attack vectors like phishing, vishing and smishing attempts and provides enhanced training to employees who fail a simulated cyber attack. DFIN also conducted quarterly IT training on topics such as risk detection and reporting, data handling and provided targeted cybersecurity threat awareness and training to executives during 2024. The Company reviews its Incident Response plans and conducts tabletop exercises throughout the year at different levels of the organization, including the executive team. These incident response and training initiatives are regularly evaluated to adapt to evolving cyber threats and awareness. The Company’s goal is to create an ethos of “security first” and “security by design” and to have a culture (and accountability) that security is the responsibility of every DFIN employee. No material cybersecurity incident has been identified nor materially affected the Company’s business strategy, results of operations, or financial condition during the periods covered by the Annual Report. The Company’s goal is to continually assess potential incidents, enhance protocols, expand cyber risk capabilities to mitigate future risks and safeguard DFIN’s intellectual property, operations and client data. DFIN’s Board and senior management are engaged in managing and overseeing the Company’s cyber risks. Internal Audit periodically reviews enterprise risk management topics as well as the effectiveness of information security controls and other procedures and reports significant findings to executive management, the Board or the Audit Committee, as appropriate. The Company’s Chief Information Security Officer (“CISO”) has approximately 30 years of cybersecurity experience overseeing enterprise cybersecurity risk management and compliance programs and has responsibility for assessing and managing cybersecurity risks. The CISO reports to the Chief Information Officer and leads multiple cybersecurity functions that consist of Cyber Defense and Threat Intelligence, Application Security, Network Security Engineering, Security Architecture, Identity Services and IT Governance as well as Risk and Compliance functions. As the front line of defense against cybersecurity risks, these functions employ numerous tools, processes and procedures to detect attempted cyber attacks, prevent cyber threats and monitor cyber risks. The functions are also engaged in incident response should incidents occur and are accountable for remediating cyber threats, if manifested. The Board maintains oversight of risk from cybersecurity threats and is regularly briefed regarding emerging cyber risks, mitigation strategies and incident response protocols directly from the CISO. The Board includes at least one cybersecurity subject matter expert. The CISO periodically engages with the Board in an executive session to provide updates related to threat landscapes, security initiatives and other cybersecurity awareness within DFIN. The Board participates in tabletop exercises to better understand the Company’s incident response planning and the Company maintains processes and procedures so that material risks or events are escalated and addressed appropriately. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | DFIN has developed cybersecurity risk management processes that are integrated into the Company’s overall risk management system and designed to be comprehensive. Risk management committees such as the Enterprise Risk Management Committee and the Ethics and Compliance Committee regularly review the Company’s policies and procedures governing cybersecurity. These policies and procedures inform protocols that align cybersecurity risk assessment and mitigation to evolving risks and threat vectors that impact broader enterprise risk categories, promoting a comprehensive approach. These processes include the identification, assessment and management of material risks that are derived from cybersecurity threats. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | DFIN’s Board and senior management are engaged in managing and overseeing the Company’s cyber risks. Internal Audit periodically reviews enterprise risk management topics as well as the effectiveness of information security controls and other procedures and reports significant findings to executive management, the Board or the Audit Committee, as appropriate. The Company’s Chief Information Security Officer (“CISO”) has approximately 30 years of cybersecurity experience overseeing enterprise cybersecurity risk management and compliance programs and has responsibility for assessing and managing cybersecurity risks. The CISO reports to the Chief Information Officer and leads multiple cybersecurity functions that consist of Cyber Defense and Threat Intelligence, Application Security, Network Security Engineering, Security Architecture, Identity Services and IT Governance as well as Risk and Compliance functions. As the front line of defense against cybersecurity risks, these functions employ numerous tools, processes and procedures to detect attempted cyber attacks, prevent cyber threats and monitor cyber risks. The functions are also engaged in incident response should incidents occur and are accountable for remediating cyber threats, if manifested. The Board maintains oversight of risk from cybersecurity threats and is regularly briefed regarding emerging cyber risks, mitigation strategies and incident response protocols directly from the CISO. The Board includes at least one cybersecurity subject matter expert. The CISO periodically engages with the Board in an executive session to provide updates related to threat landscapes, security initiatives and other cybersecurity awareness within DFIN. The Board participates in tabletop exercises to better understand the Company’s incident response planning and the Company maintains processes and procedures so that material risks or events are escalated and addressed appropriately. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Internal Audit periodically reviews enterprise risk management topics as well as the effectiveness of information security controls and other procedures and reports significant findings to executive management, the Board or the Audit Committee, as appropriate. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board maintains oversight of risk from cybersecurity threats and is regularly briefed regarding emerging cyber risks, mitigation strategies and incident response protocols directly from the CISO. The Board includes at least one cybersecurity subject matter expert. The CISO periodically engages with the Board in an executive session to provide updates related to threat landscapes, security initiatives and other cybersecurity awareness within DFIN. |
| Cybersecurity Risk Role of Management [Text Block] | DFIN’s Board and senior management are engaged in managing and overseeing the Company’s cyber risks. Internal Audit periodically reviews enterprise risk management topics as well as the effectiveness of information security controls and other procedures and reports significant findings to executive management, the Board or the Audit Committee, as appropriate. The Company’s Chief Information Security Officer (“CISO”) has approximately 30 years of cybersecurity experience overseeing enterprise cybersecurity risk management and compliance programs and has responsibility for assessing and managing cybersecurity risks. The CISO reports to the Chief Information Officer and leads multiple cybersecurity functions that consist of Cyber Defense and Threat Intelligence, Application Security, Network Security Engineering, Security Architecture, Identity Services and IT Governance as well as Risk and Compliance functions. As the front line of defense against cybersecurity risks, these functions employ numerous tools, processes and procedures to detect attempted cyber attacks, prevent cyber threats and monitor cyber risks. The functions are also engaged in incident response should incidents occur and are accountable for remediating cyber threats, if manifested. The Board maintains oversight of risk from cybersecurity threats and is regularly briefed regarding emerging cyber risks, mitigation strategies and incident response protocols directly from the CISO. The Board includes at least one cybersecurity subject matter expert. The CISO periodically engages with the Board in an executive session to provide updates related to threat landscapes, security initiatives and other cybersecurity awareness within DFIN. The Board participates in tabletop exercises to better understand the Company’s incident response planning and the Company maintains processes and procedures so that material risks or events are escalated and addressed appropriately. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Company’s Chief Information Security Officer (“CISO”) has approximately 30 years of cybersecurity experience overseeing enterprise cybersecurity risk management and compliance programs and has responsibility for assessing and managing cybersecurity risks. The CISO reports to the Chief Information Officer and leads multiple cybersecurity functions that consist of Cyber Defense and Threat Intelligence, Application Security, Network Security Engineering, Security Architecture, Identity Services and IT Governance as well as Risk and Compliance functions. As the front line of defense against cybersecurity risks, these functions employ numerous tools, processes and procedures to detect attempted cyber attacks, prevent cyber threats and monitor cyber risks. The functions are also engaged in incident response should incidents occur and are accountable for remediating cyber threats, if manifested. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The Company’s Chief Information Security Officer (“CISO”) has approximately 30 years of cybersecurity experience overseeing enterprise cybersecurity risk management and compliance programs and has responsibility for assessing and managing cybersecurity risks. The CISO reports to the Chief Information Officer and leads multiple cybersecurity functions that consist of Cyber Defense and Threat Intelligence, Application Security, Network Security Engineering, Security Architecture, Identity Services and IT Governance as well as Risk and Compliance functions. As the front line of defense against cybersecurity risks, these functions employ numerous tools, processes and procedures to detect attempted cyber attacks, prevent cyber threats and monitor cyber risks. The functions are also engaged in incident response should incidents occur and are accountable for remediating cyber threats, if manifested. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The CISO reports to the Chief Information Officer and leads multiple cybersecurity functions that consist of Cyber Defense and Threat Intelligence, Application Security, Network Security Engineering, Security Architecture, Identity Services and IT Governance as well as Risk and Compliance functions. As the front line of defense against cybersecurity risks, these functions employ numerous tools, processes and procedures to detect attempted cyber attacks, prevent cyber threats and monitor cyber risks. The functions are also engaged in incident response should incidents occur and are accountable for remediating cyber threats, if manifested. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 92.4 | $ 82.2 | $ 102.5 |
Insider Trading Arrangements |
3 Months Ended |
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Dec. 31, 2024
shares
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| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | Director or Officer Adoption or Termination of Trading Agreements On November 26, 2024, Daniel N. Leib, the Company’s President and Chief Executive Officer, adopted a trading plan with respect to the exercise of 48,700 vested stock options granted to Mr. Leib as equity incentive compensation and subsequent sale of the underlying common stock (the “Leib Plan”). The Leib Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Pursuant to the Leib Plan, if the market price of the Company’s common stock is within a specified price range during a trading window between May 15, 2025 and June 30, 2025, up to 48,700 stock options will be exercised and the underlying shares of common stock will be sold at market prices. |
| Daniel N. Leib | |
| Trading Arrangements, by Individual | |
| Name | Daniel N. Leib |
| Title | President and Chief Executive Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | November 26, 2024 |
| Expiration Date | June 30, 2025 |
| Arrangement Duration | 216 days |
| Aggregate Available | 48,700 |
Overview, Basis of Presentation and Significant Accounting Policies |
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| Overview, Basis of Presentation and Significant Accounting Policies | Note 1. Overview, Basis of Presentation and Significant Accounting Policies Description of Business Donnelley Financial Solutions, Inc. and subsidiaries (“DFIN” or the “Company”) is a leading global provider of innovative software and technology-enabled financial regulatory and compliance solutions. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients’ regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client’s business needs. The prevailing trend is toward clients choosing to utilize the Company’s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by investors. The Company serves its clients’ regulatory and compliance needs throughout their respective life cycles. For its capital markets clients, the Company offers solutions that allow companies to comply with U.S. Securities and Exchange Commission (“SEC”) regulations and support their corporate financial transactions and regulatory/financial reporting through the use of digital document creation and online content management tools; filing agent services, where applicable; solutions to facilitate clients’ communications with their investors; and virtual data rooms and other deal management solutions. For investment companies clients, the Company provides solutions that allow investment companies to comply with SEC regulations and support financial and regulatory reporting through the use of content management and technology-enabled solutions for creating, compiling and filing regulatory communications as well as digital-driven solutions for distributing content to investors. Segments The Company’s four operating and reportable segments are: Capital Markets – Software Solutions (“CM-SS”), Capital Markets – Compliance and Communications Management (“CM-CCM”), Investment Companies – Software Solutions (“IC-SS”) and Investment Companies – Compliance and Communications Management (“IC-CCM”). Corporate is not an operating segment and consists primarily of unallocated selling, general and administrative (“SG&A”) activities and associated expenses. See Note 15, Segment Information, for additional information. Basis of Presentation The consolidated financial statements include the accounts of DFIN and all majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in accordance with the rules and regulations of the SEC. All intercompany transactions have been eliminated in consolidation. Significant Accounting Policies Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires the extensive use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes thereto. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for expected losses on accounts receivable, pension, goodwill and other intangible assets, asset valuations and useful lives, income taxes and other provisions and contingencies. Foreign Operations—Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive (loss) income while transaction gains and losses are recorded in net earnings. Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be indefinitely reinvested. Fair Value Measurements—Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its pension plan assets on a recurring basis. See Note 7, Retirement Plans, for the fair value of the Company’s pension plan assets as of December 31, 2024. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used and goodwill. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values. The three-tier fair value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is as follows: Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3—Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. Revenue Recognition—The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers related to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended (the “Investment Company Act”), as well as performs tagging of documents using Inline eXtensible Business Reporting Language (“iXBRL”) and other services. Clients are provided with SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services, iXBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company provides software solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs, including ActiveDisclosure®, the Arc Suite® software platform (“Arc Suite”) and Venue® Virtual Data Room (“Venue”), and provides digital document creation, online content management and print and distribution solutions. The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions offerings include ActiveDisclosure, Arc Suite and Venue. The Company’s tech-enabled services offerings consist of document composition, compliance-related EDGAR filing services and transactional solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products and related shipping. Refer to Note 2, Revenue, for a discussion of the Company’s revenue recognition. Cash and cash equivalents—The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. Receivables—Receivables are stated net of expected losses and primarily include trade receivables as well as miscellaneous receivables from suppliers. The Company’s credit loss reserves primarily relate to trade receivables, unbilled receivables and contract assets. The Company established the provision at differing rates, which are region or country-specific, and are based upon the age of the trade receivable, the Company’s historical collection experience in each region or country and lines of business, where appropriate. Provisions for unbilled receivables and contract assets are established based on rates which management believes to be appropriate considering its historical experience. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. Provisions for accounts receivable, unbilled receivables and contract assets are included in receivables, less allowances for expected losses on the audited Consolidated Balance Sheets. No single customer comprised more than 10% of net sales for the years ended December 31, 2024, 2023 and 2022. Allowances for Expected Losses—Transactions affecting the current expected credit loss (“CECL”) reserve during the years ended December 31, 2024, 2023 and 2022 were as follows:
The components of the CECL reserve balance at December 31, 2024, 2023 and 2022 were as follows:
Inventories, net—Inventories include material, labor and factory overhead and are stated at the lower of cost or market, net of excess and obsolescence reserves for raw materials. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory or based on specific identification of inventories that will not be utilized in production or sold. Inventory is valued using the First-In, First-Out (“FIFO”) method. The components of the Company’s inventories, net at December 31, 2024 and 2023 were as follows:
Prepaid Expenses—Prepaid expenses as of December 31, 2024 and 2023 were $19.4 million and $13.2 million, respectively. Assets Held for Sale—As of December 31, 2023, the Company had land held for sale with a carrying value of $2.6 million. On March 29, 2024, the Company sold the land for net proceeds of $13.2 million, of which $12.4 million was received in the first quarter of 2024 and $0.8 million of non-refundable fees were received in 2023. The Company recognized a net pre-tax gain of $10.6 million related to the sale, of which $9.8 million was recorded during the year ended December 31, 2024 and $0.8 million was recognized during the year ended December 31, 2023. The net pre-tax gain was recorded in other operating income, net on the audited Consolidated Statements of Operations within the Capital Markets - Compliance and Communications Management operating segment. Property, Plant and Equipment, net—Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 5 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 13 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When property, plant or equipment is retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. The components of the Company’s property, plant and equipment, net at December 31, 2024 and 2023 were as follows:
During the years ended December 31, 2024, 2023 and 2022, depreciation expense was $6.4 million, $8.4 million and $7.1 million, respectively. Software, net—The Company incurs costs to develop its software-as-a-service applications as well as for internal-use. These costs include both direct costs from third-party vendors and eligible salaries and payroll-related costs of employees. The Company capitalizes software developments costs when management with the relevant authority authorizes and commits to the funding of the software project and it is probable that the project will be completed and the software will be used to perform the functions intended. Costs associated with upgrades and enhancements are capitalized only if such modifications result in additional functionality of the software, whereas costs incurred for preliminary project stage activities, training, project management and maintenance are expensed as incurred. Capitalized software development costs are amortized over their estimated useful life using the straight-line method, up to a maximum of three years. Amortization expense related to internally-developed software, excluding amortization expense related to other intangible assets, was $53.8 million, $45.5 million and $38.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Leases—The Company has operating leases for certain service centers, office space and equipment. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Operating lease expense is recognized on a straight-line basis over the expected lease term. The Company’s incremental borrowing rate is used in determining the present value of future payments at the commencement date of the lease. Balances related to operating leases are included in operating lease ROU assets, operating lease liabilities and noncurrent operating lease liabilities on the audited Consolidated Balance Sheets. The Company’s finance leases are substantially all related to information technology equipment. For finance leases, interest expense on the lease liability is recognized based on the incremental borrowing rate and the ROU assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the ROU assets. Balances related to finance leases are included in property, plant and equipment, net, accrued liabilities and other noncurrent liabilities on the audited Consolidated Balance Sheets. Investments—The carrying value of the Company’s investments in equity securities was $5.8 million and $5.5 million at December 31, 2024 and 2023, respectively. The Company measures its equity securities that do not have a readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to assess whether triggering events for impairment exist and to identify any observable price changes. In the first quarter of 2023, the Company sold an investment in an equity security. As a result of the sale, for the year ended December 31, 2023, the Company received proceeds of $11.9 million, including $9.0 million of cash and common stock of the acquirer. In the second quarter of 2023, the Company sold another investment in an equity security and received proceeds of $1.0 million in cash during the year ended December 31, 2023. The sales resulted in a net realized gain of $7.0 million for the year ended December 31, 2023, which is included in investment and other income, net on the audited Consolidated Statements of Operations within Corporate. Goodwill—Goodwill is either assigned to a specific reporting unit or, in certain circumstances, allocated between reporting units based on the relative fair value of each reporting unit. Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. For the annual goodwill impairment review, the Company has the option to perform a qualitative test or a quantitative test. When a qualitative assessment is performed, the Company considers various qualitative factors, including economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. For reporting units where a quantitative method is used, the Company compares each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying value. If the carrying value of the reporting unit is less than the fair value, no impairment exists. If the carrying value of a reporting unit exceeds the estimated fair value, an impairment loss is recognized, generally in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. As of October 31, 2024, each of the reporting units with goodwill was reviewed for impairment using a qualitative assessment and the Company concluded that it was not more likely than not that the fair values of the reporting units were less than their carrying values and therefore there was no impairment. The Company’s assessment of goodwill impairment for the years ended December 31, 2023 and 2022 also resulted in no impairment. Share-Based Compensation—The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including restricted stock units (“RSUs”) and performance share units (“PSUs”). Share-based compensation expense is recognized on a straight-line or graded basis, depending on the type of an award. Certain of the Company’s awards vest on an annual basis whereas others cliff vest. See Note 12, Share-based Compensation, for further discussion. Pension and Other Postretirement Benefits Plans—DFIN engages outside actuaries to assist in the determination of the obligations and costs under these plans, which were frozen to new participants effective December 31, 2011. The annual income and expense amounts relating to the pension and other postretirement benefits plans are based on calculations which include various actuarial assumptions including mortality expectations, discount rates and expected long-term rates of return. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effects of modifications on the value of plan obligations and assets are recognized immediately within other comprehensive (loss) income and amortized into earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors, see Note 7, Retirement Plans. Income Taxes—Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company includes deferred tax assets and deferred tax liabilities on the audited Consolidated Balance Sheets as either a net deferred tax asset or liability on a jurisdiction by jurisdiction basis. The Company maintains an income taxes payable or receivable account in each jurisdiction. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although management believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is reflected in the Company’s audited Consolidated Financial Statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. See Note 9, Income Taxes, for further discussion. Commitments and Contingencies—The Company is subject to lawsuits, investigations and other claims and can be involved in various legal, regulatory and arbitration proceedings concerning matters arising in the ordinary course of business, see Note 8, Commitments and Contingencies. The Company routinely reviews the status of each significant matter and assesses the potential financial exposure. A liability is recorded when it is probable that a loss has been incurred and the amount can be reasonably estimated. When there is a range of possible losses with equal likelihood, a liability is recorded based on the low end of such range. Because of uncertainties related to these and other matters, accruals are based on the best information available at the time. The amount of such reserves may change in the future due to new developments or changes in approach, such as a change in settlement strategy. The inherent uncertainty related to the outcome of these matters can result in amounts materially different from the amounts accrued in the Company’s audited Consolidated Financial Statements. Restructuring—The Company records restructuring charges associated with management-approved restructuring plans, which could include the elimination of job functions, closure or relocation of facilities, reorganization of operations, changes in management structure, workforce reductions or other actions. Restructuring charges may include ongoing and enhanced termination benefits related to employee separations, contract termination costs and other related costs associated with exit or disposal activities. Restructuring charges for employee terminations include management’s estimate as to the timing and amount of severance and actual results could differ from estimates. Severance benefits are provided to employees primarily under the Company’s ongoing benefit arrangements. These severance costs are accrued once management commits to a plan of termination and it becomes probable that employees will be separated and entitled to benefits at amounts that can be reasonably estimated. In some instances, the Company enhances its ongoing termination benefits with one-time termination benefits and employee severance costs to be incurred in relation to these restructuring activities are recognized when employees are notified of their enhanced termination benefits. See Note 6, Restructuring, Impairment and Other Charges, net, for further discussion. Accrued Liabilities—The components of the Company’s accrued liabilities at December 31, 2024 and 2023 were as follows:
Contract liabilities consists of deferred revenue and progress billings. Other employee-related liabilities consists primarily of employee benefit and payroll accruals. Other accrued liabilities primarily includes miscellaneous operating accruals, restructuring liabilities and multiemployer pension plans current liabilities. Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires that an entity disclose consistent categories and greater disaggregation of significant expenses by reportable segment, information regarding the chief operating decision maker (“CODM”) and how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources, among other amendments that expand segment reporting disclosures. ASU 2023-07 also requires that an entity disclose all information about a reportable segment’s profit or loss and assets currently required annually by FASB Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, in interim periods. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the standard in the fourth quarter of 2024. See Note 15, Segment Information, for further details. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity disclose consistent categories and greater disaggregation of information in the income tax rate reconciliation, income taxes paid disaggregated by jurisdiction, among other amendments that expand income tax disclosures. The standard is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements. In November 2024 and January 2025, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” and ASU No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,” respectively, which require that an entity disclose disaggregated information about specific natural expense categories underlying certain statement of operations expense line items that are considered relevant in a tabular format within the notes to the consolidated financial statements, among other amendments that expand statement of operations expense disclosures. The standards are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements. |
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| Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Note 2. Revenue Revenue Recognition As further described in Note 1, Overview, Basis of Presentation and Significant Accounting Policies, the Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers as well as performs tagging of documents using iXBRL and other services. Clients are provided with EDGAR filing services, iXBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company provides software solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs, including ActiveDisclosure, Arc Suite and Venue, and provides digital document creation, online content management and print and distribution solutions. Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore is not distinct. Revenue for the Company’s software solutions, tech-enabled services and print and distribution offerings is recognized either over time or at a point in time, as outlined below. Over time The Company recognizes revenue for certain services over time. • The Company’s software solutions, including ActiveDisclosure, Arc Suite and Venue, are generally provided on a subscription basis and allow customers access to use software over the contract period. As a result, software solutions revenue is predominantly recognized over time as the customer receives the benefit throughout the contract period. The timing of invoicing varies, however, the customer may be invoiced before the end of the contract period, resulting in a deferred revenue balance. Point in time Certain revenue arrangements, primarily for tech-enabled services and print and distribution offerings, are recognized at a point in time and are primarily invoiced upon completion of all services or upon shipment. • Certain arrangements include multiple performance obligations and revenue is recognized upon completion of each performance obligation, such as when a document is filed with a regulatory agency and upon completion of printing the related document. For arrangements with multiple performance obligations, the transaction price is allocated to the separate performance obligations. When the Company provides customer specific solutions, observable standalone selling price is rarely available. As such, standalone selling price is determined using an estimate of the standalone selling price of each distinct service or product, taking into consideration historical selling price by customer for each distinct service or product, if available. These estimates may vary from the final amounts invoiced to the customer and are adjusted upon completion of all performance obligations. Customers may be invoiced subsequent to the recognition of revenue for completed performance obligations, resulting in contract asset balances. • Revenue for arrangements without a regulatory filing generally have a single performance obligation. As the services and products provided are not distinct within the context of the contract, the revenue is recognized upon completion of the services performed or upon completion of printing of the related product. Because substantially all of the Company’s products are customized, product returns are not significant. The Company records deferred revenue when amounts are invoiced but the revenue recognition criteria are not yet met. Revenue is recognized when all criteria are subsequently met. Certain revenues earned by the Company require significant judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for shipping and handling costs as well as certain postage costs, and out-of-pocket expenses are recorded gross. Revenue is not recognized for customer-supplied postage. Paper may be supplied directly by customers or may be purchased by the Company from third parties and sold to customers. Revenue is not recognized for customer-supplied paper; however, revenues for Company-supplied paper are recognized on a gross basis. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to authorities. Incremental costs to obtain the contract, primarily commissions, are expensed as incurred when the amortization period of the asset is one year or less. Sales commissions for the initial year of a multi-year contract are capitalized and amortized on a straight-line basis over the initial term of the contract. Sales commissions beyond the initial year are subject to an employee service requirement and are not capitalized as they are not considered incremental costs to obtain a contract. Disaggregation of Revenue The following tables disaggregate revenue between software solutions, tech-enabled services and print and distribution by reportable segment for the years ended December 31, 2024, 2023 and 2022:
Unbilled Receivables and Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets, unbilled receivables or contract liabilities. Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists and therefore invoicing has not yet occurred. The Company generally estimates contract assets based on the historical selling price adjusted for its current experience and expected resolution of the variable consideration of the completed performance obligation. When the Company’s contracts contain variable consideration, the variable consideration is recognized only to the extent that it is probable that a significant revenue reversal will not occur in a future period. As a result, the estimated revenue and contract assets may be constrained until the uncertainty associated with the variable consideration is resolved, which generally occurs in less than one year. Determining whether there will be a significant revenue reversal in the future and the determination of the amount of the constraint requires significant judgment. Contract assets were $13.8 million and $16.3 million at December 31, 2024 and 2023, respectively. Generally, the contract assets balance is impacted by the recognition of additional revenue, amounts invoiced to customers and changes in the level of constraint applied to variable consideration. Amounts recognized as revenue exceeded the estimates for performance obligations satisfied in previous periods by approximately $24.3 million and $29.6 million for the years ended December 31, 2024 and 2023, respectively, primarily due to changes in the Company's estimate of variable consideration and the application of the constraint. Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. The Company estimates the value of unbilled receivables based on a combination of historical customer selling price and management’s assessment of realizable selling price. Unbilled receivables were $24.1 million and $21.6 million at December 31, 2024 and 2023, respectively. Unbilled receivables and contract assets are included in receivables, less allowances for expected losses on the audited Consolidated Balance Sheets. Contract liabilities consist of deferred revenue and progress billings, the majority of which is included in accrued liabilities on the audited Consolidated Balance Sheets. The Company recognized $40.0 million and $41.7 million of revenue during the years ended December 31, 2024 and 2023, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. Changes in contract liabilities were as follows:
Most of the Company’s contracts with significant remaining performance obligations have an initial expected duration of one year or less. As of December 31, 2024, the future estimated revenue related to unsatisfied or partially satisfied performance obligations under contracts with an original contractual term in excess of one year was approximately $171 million, of which approximately 47% is expected to be recognized as revenue over the succeeding twelve months, and the remainder recognized thereafter. |
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Dispositions |
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| Discontinued Operations and Disposal Groups [Abstract] | |
| Dispositions | Note 3. Dispositions The Company’s disposition of the eBrevia, Inc. (“eBrevia”) business closed on December 1, 2023, and the Company received net cash proceeds of $0.5 million, resulting in a loss of $6.1 million, which was recognized in other operating (income) loss, net on the audited Consolidated Statements of Operations for the year ended December 31, 2023. The operating results of eBrevia prior to the disposition, as well as the loss on sale, are included within the CM-SS operating segment. The Company’s disposition of the EdgarOnline (“EOL”) business closed on November 9, 2022, and the Company received net cash proceeds of $3.3 million, resulting in a loss of $0.7 million, which was recognized in other operating (income) loss, net on the audited Consolidated Statements of Operations for the year ended December 31, 2022. The operating results of EOL prior to the disposition, as well as the loss on sale, are included within the CM-SS operating segment. |
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| Goodwill | Note 4. Goodwill Goodwill—The goodwill balances by reportable segment were as follows:
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Leases |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 5. Leases The Company has operating leases for certain service centers, office space and equipment as well as finance leases, substantially all related to information technology equipment. The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. All real estate leases are recorded on the audited Consolidated Balance Sheets. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the audited Consolidated Balance Sheets. Lease agreements for some locations provide for rent escalations and renewal options. Lease terms include the option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain real estate leases require payment for taxes, insurance and maintenance which are considered non-lease components. The Company accounts for real estate leases and the related fixed non-lease components together as a single component. The Company has non-cancelable sublease rental arrangements which did not reduce the future maturities of the operating lease liabilities at December 31, 2024 and 2023. The Company’s future rental commitments for leases with subleases were approximately $4.7 million and $8.7 million for the years ended December 31, 2024 and 2023, respectively. The Company remains secondarily liable under these leases in the event that the sub-lessee defaults under the sublease terms. The Company does not believe that material payments will be required as a result of the secondary liability provisions of the primary lease agreements. The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
The Company’s finance lease liabilities as of December 31, 2024 and 2023 are presented on the Company’s audited Consolidated Balance Sheets as follows:
Other information related to operating and finance leases for the years ended December 31, 2024, 2023 and 2022 and as of December 31, 2024 and 2023 was as follows:
As of December 31, 2024, future maturities of lease liabilities were as follows:
The Company recorded charges of $3.7 million and $0.8 million for acceleration of rent expense associated with abandoned leases during the years ended December 31, 2023 and 2022, respectively. Acceleration of rent expense charges were recorded in either cost of sales or SG&A on the Company’s audited Consolidated Statements of Operations, depending on the nature of the property. |
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Restructuring, Impairment and Other Charges, net |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring, Impairment and Other Charges, net | Note 6. Restructuring, Impairment and Other Charges, net Restructuring, Impairment and Other Charges, net recognized in Results of Operations For the year ended December 31, 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:
For the year ended December 31, 2024, the Company recorded net restructuring charges of $5.5 million related to employee termination costs for approximately 70 employees, substantially all of whom were terminated as of December 31, 2024. The restructuring actions were primarily related to reorganization of certain capital markets operations and certain changes in management structure. For the year ended December 31, 2024, the Company also recorded $0.6 million of impairment charges. For the year ended December 31, 2023, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:
For the year ended December 31, 2023, the Company recorded net restructuring charges of $9.2 million related to employee termination costs for approximately 170 employees, substantially all of whom were terminated as of December 31, 2023. The restructuring actions were primarily related to the reorganization of certain capital markets operations. For the year ended December 31, 2022, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:
For the year ended December 31, 2022, the Company recorded net restructuring charges of $6.8 million related to employee termination costs for approximately 130 employees, substantially all of whom were terminated as of December 31, 2022. The restructuring actions were primarily related to the reorganization of certain capital markets operations and the relocation of a digital print facility. Restructuring Reserve – Employee Terminations The Company’s employee terminations liability is included in accrued liabilities on the Company’s audited Consolidated Balance Sheets. Changes in the accrual for employee terminations during the years ended December 31, 2024 and 2023 were as follows:
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Retirement Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Plans | Note 7. Retirement Plans The Company’s defined benefit plans are frozen. No new employees are permitted to enter the Company’s frozen plans and participants do not earn additional benefits. Benefits are generally based upon years of service and compensation. These defined benefit retirement income plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all funded plans using actuarial cost methods and assumptions acceptable under government regulations. In August 2024, the Company executed an amendment to commence the process of terminating the Company’s primary defined benefit plan (the “Plan”). The Plan’s benefit obligation is expected to be settled by offering lump sum distributions to participants, followed by the purchase of annuity contracts to transfer the Plan’s remaining obligation to a third party. As settlement of the obligation will be funded with Plan assets, the Company expects to make a cash contribution to fully fund the Plan in 2025. The cash contribution amount will depend upon the nature and timing of participant lump sum settlements and prevailing market conditions. As termination of the Plan is considered probable, the Plan’s actuarial assumptions as of December 31, 2024 reflect the expected Plan termination. Pension settlement charges related to the Plan termination, which include the recognition of Plan losses recorded within accumulated other comprehensive loss on the Company’s audited Consolidated Balance Sheets, are currently expected to occur in the second half of 2025. Finalization of the Plan termination is subject to certain conditions, including regulatory review, and the Company has the ability to change the effective date of the termination or revoke the decision to terminate the Plan. The annual income and expense amounts relating to the pension plans are based on calculations, which include various actuarial assumptions including mortality expectations, discount rates and expected long-term rates of return. The Company reviews its actuarial assumptions on an annual basis as of December 31 (or more frequently if a significant event requiring remeasurement occurs, such as a settlement) and modifies the assumptions based on current rates and trends when it is appropriate to do so. The effects of modifications are recognized immediately on the audited Consolidated Balance Sheets, but are amortized into operating earnings over future periods, with the deferred amount recorded in accumulated other comprehensive loss. During the year ended December 31, 2024, the Company used the Society of Actuaries Pri-2012 base rate mortality table and MP-2021 mortality improvement projection scale in the calculation of the Company’s U.S. pension plan obligations. The pension plan obligations are calculated using generally accepted actuarial methods and are measured as of December 31. Actuarial gains and losses for frozen plans are amortized using the corridor method over the average remaining expected life of plan participants. The Company made cash contributions of $1.8 million and $0.1 million to its pension and other postretirement benefits plans, respectively, during the year ended December 31, 2024. Excluding the cash contribution to fully fund the Plan, the Company expects to make cash contributions of approximately $2.1 million and $0.1 million to its pension and other postretirement benefits plans, respectively, during the year ending December 31, 2025. Total pension income was $1.1 million, $0.5 million and $0.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in investment and other income, net on the audited Consolidated Statements of Operations. The components of the estimated net pension plan income for the years ended December 31, 2024, 2023 and 2022 were as follows:
Reconciliation of Funded Status
(a) As the Company’s Plan is frozen and participants do not earn additional service benefits, the projected benefit obligation and accumulated benefit obligation are the same. The decrease in benefit obligation during the year ended December 31, 2024 was primarily due to benefits payments and favorable changes in discount rates, partially offset by interest cost and plan termination assumptions. The accumulated benefit obligation for all defined benefit pension and other postretirement benefits plans was $226.8 million and $236.1 million at December 31, 2024 and 2023, respectively. The underfunded pension and other postretirement plans liabilities are presented on the Company’s audited Consolidated Balance Sheets as follows:
The amounts included in accumulated other comprehensive loss on the audited Consolidated Balance Sheets, excluding tax effects, that have not been recognized as components of net periodic benefit cost at December 31, 2024 and 2023 were as follows:
The pre-tax amounts recognized in other comprehensive (loss) income during the years ended December 31, 2024, 2023 and 2022 were as follows:
Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net pension plan income over the average remaining service period of the plan’s active employees. As a result of the plan being frozen, the actuarial gains and losses are recognized as a component of net pension plan income over the average remaining expected life of plan participants. The weighted average assumptions used to determine the benefit obligation at December 31, 2024 and 2023 were as follows:
As a result of the Company’s intent to terminate the Plan, the benefit payments below reflect the expected timing of estimated lump sum distributions to participants and an estimated amount expected to be paid for annuity contracts. Benefit payments are expected to be paid as follows:
Plan Assets The Company has a risk management approach for its pension plan assets. The overall investment objective of this approach is to reduce the risk of significant decreases in the plan’s funded status by allocating a larger portion of the plan’s assets to investments expected to hedge the impact of interest rate risks on the plan’s obligation. The expected long-term rate of return for plan assets is based upon many factors including asset allocations, historical asset returns, current and expected future market conditions, risk and active management premiums. In alignment with the Company’s intent to settle the Plan, the target asset allocation as of December 31, 2024 is 100% fixed income investments to reduce the risk of significant decreases in the funded status. The expected long-term rate of return on plan assets assumption used to calculate net pension plan income for the year ending December 31, 2025 is 5.3% and reflects the effective discount rate required to settle the Plan’s benefit obligations. The fair values of the Company’s pension plan assets at December 31, 2024 and 2023, by asset category, were as follows:
The Company segregated its plan assets by the following major categories and levels for determining their fair value as of December 31, 2024 and 2023: Cash and cash equivalents—Carrying value approximates fair value. As such, these assets were classified as Level 1. The Company also invests in certain short-term investments which are valued using the amortized cost method. As such, these assets were classified as Level 2. Fixed income—Fixed income securities are primarily in a diversified portfolio of long duration governmental instruments. They are primarily valued using a market approach, using matrix pricing and considering a security’s relationship to other securities for which quoted prices in an active market may be available. Inputs used in developing fair value estimates include reported trades, broker quotes, benchmarks, and spreads. As the value of these assets was determined based on observable inputs obtained by third parties, the Company classified these assets as Level 2. Assets measured at NAV—The Company invests in certain funds that are valued at calculated net asset value per share (“NAV”), but are not quoted on active markets such as certain equity common funds, fixed income funds, hedge funds and corporate bond funds. The Company believes that the NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption of these investments or other reasons to indicate that the investment would be redeemed at an amount different than the NAV. For Level 2 plan assets, management reviews significant investments on a quarterly basis including investigation of unusual fluctuations in price or returns and obtaining an understanding of the pricing methodology to assess the reliability of third-party pricing estimates. The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. Employer 401(k) Savings Plan For the benefit of most of its U.S. employees, the Company maintains a defined contribution retirement savings plan (“401(k)”) that is intended to be qualified under Section 401(a) of the Internal Revenue Code. Under this plan, employees may contribute a percentage of eligible compensation on both a before-tax and after-tax basis and the Company provides a matching contribution of $0.50 for every dollar an employee contributes up to 6% of eligible compensation. The Company can also contribute a discretionary match, based on the Company’s performance. Expense for the Company’s 401(k) matching contributions was $4.8 million, $5.0 million and $5.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Multiemployer Pension Plans On October 1, 2016, DFIN became an independent publicly traded company through the distribution by R.R. Donnelley & Sons Company (“RRD”) of shares of DFIN common stock to RRD stockholders (the “Separation”). In 2020, LSC Communications, Inc. (“LSC”), which separated from RRD at the same time as DFIN, filed for business reorganization under Chapter 11 of the U.S. Bankruptcy Code and stopped making required withdrawal liability payments to multiemployer pension plans (“MEPP”) from which RRD had withdrawn prior to the Separation. Responsibility for certain pre-Separation withdrawal liability obligations was assigned to the parties, including LSC (the “LSC MEPP Liabilities”), however, the Company and RRD remained jointly and severally liable for the LSC MEPP Liabilities pursuant to laws and regulations governing multiemployer pension plans. The Company’s MEPP liabilities as of December 31, 2024 and 2023 totaled $9.0 million and $10.1 million, respectively, including the Company’s share of LSC MEPP Liabilities. There can be no assurance that the Company’s actual future liabilities relating to the MEPP liabilities (including MEPP liabilities where the Company and RRD remain jointly and severally liable) will not differ materially from the amount recorded on the Company’s audited Consolidated Financial Statements. If RRD fails to make required payments in respect of the remaining LSC MEPP Liabilities, or RRD fails to make required payments in respect of RRD’s MEPP liabilities, the Company may become obligated to make such payments. In addition, the Company’s MEPP liabilities could be affected by the financial stability of other employers participating in such plans and decisions by those employers to withdraw from such plans in the future. |
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Commitments and Contingencies |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 8. Commitments and Contingencies As of December 31, 2024, the Company had noncancelable contractual commitments of approximately $67 million for outsourced services and other miscellaneous obligations, primarily relating to information technology, professional, maintenance and other services. Litigation From time to time, the Company’s customers and other counterparties file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation or other dispute resolution proceedings arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation or other proceedings will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows. |
Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 9. Income Taxes Income taxes have been based on the following components of earnings before income taxes for the years ended December 31, 2024, 2023 and 2022:
The components of income tax expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
The following table outlines the reconciliation of differences between the U.S. Federal statutory tax rate and the Company’s worldwide effective income tax rate:
The effective income tax rate was 26.1% for the year ended December 31, 2024 compared to 19.4% for the year ended December 31, 2023. The 2024 effective tax rate was impacted by income tax credits, partially offset by non-deductible expenses. The effective income tax rate was 19.4% for the year ended December 31, 2023 compared to 26.4% for the year ended December 31, 2022. The 2023 effective tax rate was impacted by the tax benefit from the loss on the disposition of the eBrevia business, income tax credits, favorable return to provision adjustments and lower pre-tax earnings. Deferred Income Taxes The significant deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows:
Changes in the valuation allowances on deferred tax assets during the years ended December 31, 2024, 2023 and 2022 were as follows:
As of December 31, 2024, the Company had domestic and foreign net operating loss and other tax carryforward deferred tax assets of approximately $6.8 million, of which $3.8 million expires between 2025 and 2044. Limitations on the utilization of these deferred tax assets may apply. The Company has provided valuation allowances to reduce the carrying value of certain deferred tax assets as management has concluded that, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be fully realized. Earnings generated by a foreign subsidiary are presumed to ultimately be transferred to the parent company. Therefore, the establishment of deferred taxes may be required with respect to the excess of the investment value for financial reporting over the tax basis of investments in those foreign subsidiaries (also referred to as book-over-tax outside basis differences). A company may overcome this presumption and forgo recording a deferred tax liability in its financial statements if it can assert that management has the intent and ability to indefinitely reinvest the earnings of its foreign subsidiaries. As a result of the transition tax incurred pursuant to the Tax Cuts and Jobs Act (H.R. 1) (the “Tax Act”), the Company has the ability to repatriate any previously taxed foreign cash associated with the foreign earnings subjected to U.S. tax to the U.S. parent with minimal additional tax consequences. Due to the changes under the Tax Act, the Company updated its assertion in 2018 related to indefinite reinvestment on all foreign earnings and other outside basis differences to indicate that the Company remains indefinitely reinvested in operations outside of the U.S. with the exception of the previously taxed foreign earnings already subject to U.S. tax. The Company repatriated $30.0 million of previously taxed earnings during 2024. The Company did not make any repatriations in 2023 and 2022. Uncertain Tax Positions Changes in the Company’s unrecognized tax benefits at December 31, 2024, 2023 and 2022 were as follows:
As of December 31, 2024, 2023 and 2022, the Company had unrecognized tax benefits of $4.1 million, $3.1 million and $2.5 million, respectively. Unrecognized tax benefits of $4.1 million as of December 31, 2024, if recognized, would have decreased income taxes and the corresponding effective income tax rate and increased net earnings. This potential impact on net earnings reflects the reduction of these unrecognized tax benefits, net of certain deferred tax assets and the federal tax benefit of state income tax items. As of December 31, 2024, it is reasonably possible that a portion of the total amount of unrecognized tax benefits is expected to decrease within twelve months due to the resolution of audits or expirations of statutes of limitations related to U.S. federal, state or international tax positions, but the amount is immaterial. The Company classifies interest expense and any penalties related to income tax uncertainties as a component of income tax expense. The total interest expense, net of tax benefits, related to tax uncertainties recognized on the audited Consolidated Statements of Operations was $0.2 million for the year ended December 31, 2024 and de minimis for the years ended December 31, 2023 and 2022. As of December 31, 2024 and 2023, the Company accrued $0.6 million and $0.3 million, respectively, of interest expense related to income tax uncertainties. As of December 31, 2024, the Company has tax years from 2016 and thereafter that remain open and subject to examination by certain U.S. state taxing authorities and/or certain foreign tax jurisdictions. There are no U.S. federal income tax years prior to the period ending December 31, 2021 subject to IRS examination. All U.S. federal income tax years including and subsequent to the period ending December 31, 2021 remain open and subject to IRS examination. |
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 10. Debt The Company’s debt as of December 31, 2024 and 2023 consisted of the following:
Credit Agreement—On May 27, 2021 (the “Restatement Effective Date”), the Company amended and restated its credit agreement dated as of September 30, 2016 (as in effect prior to such amendment and restatement, the “Credit Agreement,” and the Credit Agreement, as so amended and restated, the “Amended and Restated Credit Agreement”), by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to, among other things, provide for a $200.0 million delayed-draw term loan A facility (the “Term Loan A Facility”) (bearing interest at a rate equal to the sum of the London Interbank Offered Rate (“”) plus a margin ranging from 2.00% to 2.50% based upon the Company’s Consolidated Net Leverage Ratio), extend the maturity of the $300.0 million revolving credit facility (the “Revolving Facility”) to May 27, 2026 and modify the financial maintenance and negative covenants in the Credit Agreement. On May 11, 2023, the Company entered into the first amendment to the Amended and Restated Credit Agreement to change the reference rate from LIBOR, which ceased being published on June 30, 2023, to the Secured Overnight Financing Rate (“SOFR”) for both the Term Loan A Facility and the Revolving Facility. The SOFR interest rate was effective for the Revolving Facility and the Term Loan A on May 30, 2023 and June 12, 2023, respectively. No other significant terms of the Amended and Restated Credit Agreement were amended. The Amended and Restated Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and the Consolidated Net Leverage Ratio, as defined in and calculated pursuant to the Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Credit Agreement generally allows annual dividend payments of up to $20.0 million in the aggregate. Term Loan A Facility—On October 14, 2021, the Company drew $200.0 million from the Term Loan A Facility and used the proceeds to redeem the Company’s 8.25% Senior Notes due 2024 on October 15, 2021. During the year ended December 31, 2021, the Company prepaid $75.0 million of the $200.0 million principal amount of the Term Loan A Facility. Prior to the prepayment, the principal amount of loans under the Term Loan A Facility were due and payable in equal quarterly installments of 1.25% of the original principal amount of the loans during the first three years after the Restatement Effective Date, commencing on March 31, 2022, and 2.50% of the original principal amount of the loans thereafter. As a result of the prepayment, quarterly installments of the original principal amount are no longer required and the entire unpaid principal amount of the Term Loan A Facility is due and payable in full on May 27, 2026. Voluntary prepayments of the Term Loan A Facility are permitted at any time without premium or penalty. The fair value of the Term Loan A Facility was $125.0 million and $124.1 million as of December 31, 2024 and 2023, respectively, and was determined to be Level 2 under the fair value hierarchy. The weighted-average interest rate on borrowings under the Term Loan A Facility was 7.4% and 7.0% for the years ended December 31, 2024 and 2023, respectively. Revolving Facility— As of December 31, 2024 and 2023, there were no borrowings outstanding under the Revolving Facility. The weighted-average interest rate on borrowings under the Revolving Facility was 7.8% and 7.3% for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company had $1.6 million in outstanding letters of credit and bank guarantees, of which $1.0 million of the outstanding letters of credit reduced the availability under the Revolving Facility. As of December 31, 2023, the Company had $2.5 million in outstanding letters of credit and bank guarantees, of which $1.0 million of the outstanding letters of credit reduced the availability under the Revolving Facility. The following table summarizes interest expense, net included on the audited Consolidated Statements of Operations:
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | Note 11. Earnings per Share Net earnings per basic share is calculated by dividing net earnings by the weighted average number of common shares outstanding for the period. Net earnings per diluted share is computed using the weighted average number of common and potentially dilutive shares outstanding during the period, including stock options, RSUs, PSUs and restricted stock, using the treasury stock method. The reconciliation of the numerator and denominator of the net earnings per basic and diluted share calculations for the years ended December 31, 2024, 2023 and 2022 were as follows:
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Share-based Compensation |
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| Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation | Note 12. Share-based Compensation The Company’s share-based compensation plan under which it may grant future awards, the Donnelley Financial Solutions, Inc. Amended and Restated 2016 Performance Incentive Plan (as amended, the “2016 PIP”), was approved by the Board of Directors (the “Board”) and the Company’s stockholders and provides incentives to key employees of the Company. Awards under the 2016 PIP may include cash or stock bonuses, stock options, stock appreciation rights, restricted stock, PSUs, performance cash awards or RSUs. In addition, non-employee members of the Board may receive awards under the 2016 PIP. Increases to the shares of common stock available for issuance under the 2016 PIP requires stockholder approval. On May 13, 2021, the Company’s stockholders voted and approved 3.4 million of additional shares of common stock for issuance under the 2016 PIP. At December 31, 2024, there were 2.4 million remaining shares of common stock reserved for future issuance under the 2016 PIP. For share-based awards granted to employees and directors, including RSUs and PSUs, the Company recognizes compensation expense based on estimated grant date fair values as well as certain assumptions as of the grant date, if applicable. The Company estimates the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. The Company recognizes compensation costs for RSUs expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. The Company recognizes compensation costs for PSUs, which cliff vest, on a straight-line basis over the performance period of the award. Share-based awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death or permanent disability of the grantee or a change in control of the Company. In addition, upon a change in control of the Company, PSUs will be measured at 100% attainment of the target performance metrics and will remain subject to time based vesting until the end of the vesting period; provided that the award will vest in full if, within three months prior to or two years after the date of the change in control of the Company, the grantee’s employment is terminated without cause by the Company or for good reason by the grantee. Total share-based compensation expense was $25.2 million, $22.5 million and $19.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The income tax benefit related to share-based compensation expense was $10.4 million, $9.2 million and $7.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, $31.3 million of total unrecognized compensation expense related to share-based compensation awards is expected to be recognized over a weighted-average period of 1.7 years. Stock Options The Company did not grant stock options during the three years ended December 31, 2024. The weighted-average fair value of options exercised during the years ended December 31, 2024, 2023 and 2022 was $5.92, $4.94 and $3.03, respectively. Stock option awards outstanding as of December 31, 2024 and 2023, and changes during the year ended December 31, 2024, were as follows:
Restricted Stock Units The fair value of RSUs was determined based on the Company’s stock price on the grant date. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2024, 2023 and 2022 was $65.16, $42.51 and $30.42, respectively. RSUs outstanding as of December 31, 2024 and 2023, and changes during the year ended December 31, 2024, were as follows:
As of December 31, 2024, $16.2 million of unrecognized share-based compensation expense related to RSUs is expected to be recognized over a weighted-average period of 1.8 years. Performance Share Units The fair value of PSUs granted prior to 2024 was based on the Company's stock price on the grant date. The PSUs granted in 2024 (the “2024 PSUs”) include a market condition related to the performance of the Company's stock price relative to a peer group, or relative total shareholder return (“TSR”) modifier, which can affect the number of shares ultimately issued to grantees at the end of the three-year performance period. The grant date fair value of the 2024 PSUs was determined based on a Monte Carlo valuation model. The total potential payout for the 2024 PSUs is payable upon the achievement of certain established performance targets and can also be impacted by the TSR modifier, resulting in a range from zero to 564 thousand shares. The weighted-average grant date fair value of PSUs granted during the years ended December 31, 2024, 2023 and 2022 was $57.17, $30.13 and $26.96, respectively. PSUs outstanding as of December 31, 2024 and 2023, and changes during the year ended December 31, 2024, were as follows:
During 2024, 349 thousand PSUs were granted to certain executive officers and senior management, 226 thousand of which related to the 2024 performance grant and 123 thousand of which related to additional shares issued during the year ended December 31, 2024 due to the achievement of certain targets for the year ended December 31, 2023.
(a) The 2024 PSUs contain five performance periods, including three annual performance periods and two three-year cumulative performance periods. (b) The PSU awards granted in 2023 and 2022 consist of four performance periods, including three annual performance periods and one three-year cumulative performance period. (c) Amounts represent actual attainment and actual PSUs earned as the performance period is complete. (d) As the performance period has not yet commenced, expense is not being recognized. (e) Expense for the cumulative performance/service period is recognized at 100% of the estimated attainment until the attainment expected by the end of the cumulative three-year performance period can be estimated, which generally occurs at the end of the second service year. (f) Attainment percentage does not reflect any impact from the TSR modifier that is determined at the end of the three-year performance cumulative performance period and applied to PSUs that are earned based on the achievement of the service and performance conditions. (g) Amounts represent estimated attainment and estimated PSUs. As of December 31, 2024, $15.1 million of unrecognized compensation expense related to PSUs is expected to be recognized over a weighted-average period of 1.6 years. |
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Capital Stock |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | Note 13. Capital Stock The Company has authorized for issuance 65 million shares of $0.01 par value common stock and one million shares of $0.01 par value preferred stock. The Board may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock. Common Stock Repurchases On August 17, 2022, the Board authorized an increase to the stock repurchase program previously approved in February 2022 to bring the total remaining available repurchase authorization for shares on or after August 17, 2022 to $150 million, which expired on December 31, 2023. On November 14, 2023, the Board authorized the repurchase of up to $150 million of the Company’s outstanding common stock commencing on January 1, 2024, with an expiration date of December 31, 2025. As of December 31, 2024, the remaining authorized amount was $91.3 million. The stock repurchase program may be suspended or discontinued at any time. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors and may be completed from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Exchange Act. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so. The Company’s stock repurchases for the years ended December 31, 2024, 2023 and 2022 were as follows:
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Comprehensive Income |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income | Note 14. Comprehensive Income The components of other comprehensive (loss) income and income tax (benefit) expense allocated to each component for the years ended December 31, 2024, 2023 and 2022 were as follows:
The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2024, 2023 and 2022:
Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022 were as follows:
(a) These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans income recognized in investment and other income, net, on the audited Consolidated Statements of Operations (see Note 7, Retirement Plans). (b) Translation adjustment reclassification resulting from the liquidation of a foreign subsidiary is included in investment and other income, net on the audited Consolidated Statements of Operations. |
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Note 15. Segment Information The Company operates its business through four operating and reportable segments: Capital Markets – Software Solutions, Capital Markets – Compliance and Communications Management, Investment Companies – Software Solutions and Investment Companies – Compliance and Communications Management. Corporate is not an operating segment and consists primarily of unallocated SG&A activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain costs and earnings of employee benefits plans, such as pension and other postretirement benefits plans expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments. Capital Markets The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act and the Exchange Act. Capital markets clients leverage the Company’s software offerings, proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the SEC's EDGAR system for their transactional and ongoing compliance needs. The Company assists its capital markets clients throughout the course of initial public offerings (“IPOs”), secondary offerings, mergers and acquisitions, public and private debt offerings, leveraged buyouts, spinouts, special purpose acquisition company (“SPAC”) and de-SPAC transactions and other similar transactions. In addition, the Company provides clients with compliance solutions to prepare their ongoing required Exchange Act filings that are compatible with the SEC’s EDGAR system, most notably Form 10-K, Form 10-Q, Form 8-K and proxy filings. The Company’s operating segments associated with its capital markets services and product offerings are as follows: Capital Markets – Software Solutions—The Company provides Venue and ActiveDisclosure to public and private companies to help manage public and private transactional and compliance processes; collaborate; and tag, validate and file SEC documents. Capital Markets – Compliance & Communications Management—The Company provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. Investment Companies The Company provides software solutions, tech-enabled services and print, distribution and fulfillment solutions to its investment companies clients, which are primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators, that are subject to the filing and reporting requirements of the Investment Company Act, as well as European and Canadian regulations. The Company’s suite of solutions enables its investment companies clients to comply with applicable ongoing SEC regulations, as well as to create, manage and deliver accurate and timely financial communications to investors and regulators. Investment companies clients leverage the Company’s proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the SEC’s EDGAR system. The Company’s operating segments associated with its investment companies services and products offerings are as follows: Investment Companies – Software Solutions—The Company provides clients with the Arc Suite platform that contains a comprehensive suite of cloud-based solutions, including ArcDigital, ArcPro, ArcRegulatory and ArcReporting as well as services that enable storage and management of compliance and regulatory information in a self-service, central repository so that documents can be easily accessed, assembled, edited, tagged, translated, rendered and submitted to regulators and investors. Investment Companies – Compliance & Communications Management—The Company provides its investment companies clients tech-enabled services to prepare, file, tag and distribute registration forms, as well as iXBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. In addition, the Company provides print and distribution solutions for its clients to communicate with their investors. Information by Segment During the three months ended December 31, 2024, the Company changed the measure used by the CODM to evaluate segment profitability from income (loss) from operations to Adjusted EBITDA in order to be consistent with changes in reporting reviewed by the CODM to evaluate the results of operations, allocate resources and make strategic decisions about the business. Prior periods presented below have been revised to reflect this change. The Company’s CODM is the. The CODM regularly reviews segment net sales and segment Adjusted EBITDA to assess segment performance and to decide how to allocate resources. Segment Adjusted EBITDA is reviewed to monitor budget versus actual results, analyze historical trends in assessing performance and identify actions required to improve profitability. Segment Adjusted EBITDA is defined as earnings before interest expense, net, income tax expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as reflected in the Reconciliation of total segment Adjusted EBITDA sections below, which management believes are not indicative of ongoing operations and segment performance. As the CODM does not review segment assets to evaluate segment performance, segment assets are not disclosed. The following tables include selected financial data for the Company’s reportable segments for the years ended December 31, 2024, 2023 and 2022:
(a) The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. (b) Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
(a) The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. (b)
Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
(a) The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. (b) Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
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Geographic Area Information |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographic Area Information | Note 16. Geographic Area Information The Company’s net sales and long-lived assets by geographic region for the years ended December 31, 2024, 2023 and 2022 were as follows:
(a) Includes property, plant and equipment, net; software, net; operating lease right-of-use assets and other noncurrent assets. |
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Overview, Basis of Presentation and Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of DFIN and all majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in accordance with the rules and regulations of the SEC. All intercompany transactions have been eliminated in consolidation. |
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| Use of Estimates | Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires the extensive use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes thereto. Actual results could differ from these estimates. Estimates are used when accounting for items and matters including, but not limited to, allowance for expected losses on accounts receivable, pension, goodwill and other intangible assets, asset valuations and useful lives, income taxes and other provisions and contingencies. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Operations | Foreign Operations—Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates. Income and expense items are translated at the average rates during the respective periods. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive (loss) income while transaction gains and losses are recorded in net earnings. Deferred taxes are not provided on cumulative foreign currency translation adjustments when the Company expects foreign earnings to be indefinitely reinvested. |
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| Fair Value Measurements | Fair Value Measurements—Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company records the fair value of its pension plan assets on a recurring basis. See Note 7, Retirement Plans, for the fair value of the Company’s pension plan assets as of December 31, 2024. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used and goodwill. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values. The three-tier fair value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is as follows: Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3—Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. |
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| Revenue Recognition | Revenue Recognition—The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers related to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended (the “Investment Company Act”), as well as performs tagging of documents using Inline eXtensible Business Reporting Language (“iXBRL”) and other services. Clients are provided with SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services, iXBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company provides software solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs, including ActiveDisclosure®, the Arc Suite® software platform (“Arc Suite”) and Venue® Virtual Data Room (“Venue”), and provides digital document creation, online content management and print and distribution solutions. The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions offerings include ActiveDisclosure, Arc Suite and Venue. The Company’s tech-enabled services offerings consist of document composition, compliance-related EDGAR filing services and transactional solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products and related shipping. Refer to Note 2, Revenue, for a discussion of the Company’s revenue recognition. Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore is not distinct. Over time The Company recognizes revenue for certain services over time. • The Company’s software solutions, including ActiveDisclosure, Arc Suite and Venue, are generally provided on a subscription basis and allow customers access to use software over the contract period. As a result, software solutions revenue is predominantly recognized over time as the customer receives the benefit throughout the contract period. The timing of invoicing varies, however, the customer may be invoiced before the end of the contract period, resulting in a deferred revenue balance. Point in time Certain revenue arrangements, primarily for tech-enabled services and print and distribution offerings, are recognized at a point in time and are primarily invoiced upon completion of all services or upon shipment. • Certain arrangements include multiple performance obligations and revenue is recognized upon completion of each performance obligation, such as when a document is filed with a regulatory agency and upon completion of printing the related document. For arrangements with multiple performance obligations, the transaction price is allocated to the separate performance obligations. When the Company provides customer specific solutions, observable standalone selling price is rarely available. As such, standalone selling price is determined using an estimate of the standalone selling price of each distinct service or product, taking into consideration historical selling price by customer for each distinct service or product, if available. These estimates may vary from the final amounts invoiced to the customer and are adjusted upon completion of all performance obligations. Customers may be invoiced subsequent to the recognition of revenue for completed performance obligations, resulting in contract asset balances. • Revenue for arrangements without a regulatory filing generally have a single performance obligation. As the services and products provided are not distinct within the context of the contract, the revenue is recognized upon completion of the services performed or upon completion of printing of the related product. Because substantially all of the Company’s products are customized, product returns are not significant. The Company records deferred revenue when amounts are invoiced but the revenue recognition criteria are not yet met. Revenue is recognized when all criteria are subsequently met. Certain revenues earned by the Company require significant judgment to determine if revenue should be recorded gross, as a principal, or net of related costs, as an agent. Billings for shipping and handling costs as well as certain postage costs, and out-of-pocket expenses are recorded gross. Revenue is not recognized for customer-supplied postage. Paper may be supplied directly by customers or may be purchased by the Company from third parties and sold to customers. Revenue is not recognized for customer-supplied paper; however, revenues for Company-supplied paper are recognized on a gross basis. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to authorities. Incremental costs to obtain the contract, primarily commissions, are expensed as incurred when the amortization period of the asset is one year or less. Sales commissions for the initial year of a multi-year contract are capitalized and amortized on a straight-line basis over the initial term of the contract. Sales commissions beyond the initial year are subject to an employee service requirement and are not capitalized as they are not considered incremental costs to obtain a contract. The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets, unbilled receivables or contract liabilities. Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists and therefore invoicing has not yet occurred. The Company generally estimates contract assets based on the historical selling price adjusted for its current experience and expected resolution of the variable consideration of the completed performance obligation. When the Company’s contracts contain variable consideration, the variable consideration is recognized only to the extent that it is probable that a significant revenue reversal will not occur in a future period. As a result, the estimated revenue and contract assets may be constrained until the uncertainty associated with the variable consideration is resolved, which generally occurs in less than one year. Determining whether there will be a significant revenue reversal in the future and the determination of the amount of the constraint requires significant judgment. Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. The Company estimates the value of unbilled receivables based on a combination of historical customer selling price and management’s assessment of realizable selling price. |
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| Cash and cash equivalents | Cash and cash equivalents—The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term securities consist of investment grade instruments of governments, financial institutions and corporations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables | Receivables—Receivables are stated net of expected losses and primarily include trade receivables as well as miscellaneous receivables from suppliers. The Company’s credit loss reserves primarily relate to trade receivables, unbilled receivables and contract assets. The Company established the provision at differing rates, which are region or country-specific, and are based upon the age of the trade receivable, the Company’s historical collection experience in each region or country and lines of business, where appropriate. Provisions for unbilled receivables and contract assets are established based on rates which management believes to be appropriate considering its historical experience. Specific customer provisions are made when a review of significant outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. Provisions for accounts receivable, unbilled receivables and contract assets are included in receivables, less allowances for expected losses on the audited Consolidated Balance Sheets. No single customer comprised more than 10% of net sales for the years ended December 31, 2024, 2023 and 2022. |
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| Allowance for Expected Losses | Allowances for Expected Losses—Transactions affecting the current expected credit loss (“CECL”) reserve during the years ended December 31, 2024, 2023 and 2022 were as follows:
The components of the CECL reserve balance at December 31, 2024, 2023 and 2022 were as follows:
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| Inventories, net | Inventories, net—Inventories include material, labor and factory overhead and are stated at the lower of cost or market, net of excess and obsolescence reserves for raw materials. Provisions for excess and obsolete inventories are made at differing rates, utilizing historical data and current economic trends, based upon the age and type of the inventory or based on specific identification of inventories that will not be utilized in production or sold. Inventory is valued using the First-In, First-Out (“FIFO”) method. The components of the Company’s inventories, net at December 31, 2024 and 2023 were as follows:
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| Prepaid Expenses | Prepaid Expenses—Prepaid expenses as of December 31, 2024 and 2023 were $19.4 million and $13.2 million, respectively. |
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| Assets Held for Sale | Assets Held for Sale—As of December 31, 2023, the Company had land held for sale with a carrying value of $2.6 million. On March 29, 2024, the Company sold the land for net proceeds of $13.2 million, of which $12.4 million was received in the first quarter of 2024 and $0.8 million of non-refundable fees were received in 2023. The Company recognized a net pre-tax gain of $10.6 million related to the sale, of which $9.8 million was recorded during the year ended December 31, 2024 and $0.8 million was recognized during the year ended December 31, 2023. The net pre-tax gain was recorded in other operating income, net on the audited Consolidated Statements of Operations within the Capital Markets - Compliance and Communications Management operating segment. |
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| Property, Plant and Equipment, net | Property, Plant and Equipment, net—Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. Useful lives range from 5 to 40 years for buildings, the lesser of 7 years or the lease term for leasehold improvements and from 3 to 13 years for machinery and equipment. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When property, plant or equipment is retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. The components of the Company’s property, plant and equipment, net at December 31, 2024 and 2023 were as follows:
During the years ended December 31, 2024, 2023 and 2022, depreciation expense was $6.4 million, $8.4 million and $7.1 million, respectively. |
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| Software, net | Software, net—The Company incurs costs to develop its software-as-a-service applications as well as for internal-use. These costs include both direct costs from third-party vendors and eligible salaries and payroll-related costs of employees. The Company capitalizes software developments costs when management with the relevant authority authorizes and commits to the funding of the software project and it is probable that the project will be completed and the software will be used to perform the functions intended. Costs associated with upgrades and enhancements are capitalized only if such modifications result in additional functionality of the software, whereas costs incurred for preliminary project stage activities, training, project management and maintenance are expensed as incurred. Capitalized software development costs are amortized over their estimated useful life using the straight-line method, up to a maximum of three years. Amortization expense related to internally-developed software, excluding amortization expense related to other intangible assets, was $53.8 million, $45.5 million and $38.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. |
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| Leases | Leases—The Company has operating leases for certain service centers, office space and equipment. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Operating lease expense is recognized on a straight-line basis over the expected lease term. The Company’s incremental borrowing rate is used in determining the present value of future payments at the commencement date of the lease. Balances related to operating leases are included in operating lease ROU assets, operating lease liabilities and noncurrent operating lease liabilities on the audited Consolidated Balance Sheets. The Company’s finance leases are substantially all related to information technology equipment. For finance leases, interest expense on the lease liability is recognized based on the incremental borrowing rate and the ROU assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the ROU assets. Balances related to finance leases are included in property, plant and equipment, net, accrued liabilities and other noncurrent liabilities on the audited Consolidated Balance Sheets. The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract.All real estate leases are recorded on the audited Consolidated Balance Sheets. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the audited Consolidated Balance Sheets. Lease agreements for some locations provide for rent escalations and renewal options. Lease terms include the option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain real estate leases require payment for taxes, insurance and maintenance which are considered non-lease components. The Company accounts for real estate leases and the related fixed non-lease components together as a single component. |
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| Investments | Investments—The carrying value of the Company’s investments in equity securities was $5.8 million and $5.5 million at December 31, 2024 and 2023, respectively. The Company measures its equity securities that do not have a readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to assess whether triggering events for impairment exist and to identify any observable price changes. In the first quarter of 2023, the Company sold an investment in an equity security. As a result of the sale, for the year ended December 31, 2023, the Company received proceeds of $11.9 million, including $9.0 million of cash and common stock of the acquirer. In the second quarter of 2023, the Company sold another investment in an equity security and received proceeds of $1.0 million in cash during the year ended December 31, 2023. The sales resulted in a net realized gain of $7.0 million for the year ended December 31, 2023, which is included in investment and other income, net on the audited Consolidated Statements of Operations within Corporate. |
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| Goodwill | Goodwill—Goodwill is either assigned to a specific reporting unit or, in certain circumstances, allocated between reporting units based on the relative fair value of each reporting unit. Goodwill is reviewed for impairment annually as of October 31 or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. The Company also performs an interim review for indicators of impairment at each quarter-end to assess whether an interim impairment review is required for any reporting unit. For the annual goodwill impairment review, the Company has the option to perform a qualitative test or a quantitative test. When a qualitative assessment is performed, the Company considers various qualitative factors, including economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. Based on this qualitative analysis, if management determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. For reporting units where a quantitative method is used, the Company compares each reporting unit’s fair value, estimated based on comparable company market valuations and expected future discounted cash flows to be generated by the reporting unit, to its carrying value. If the carrying value of the reporting unit is less than the fair value, no impairment exists. If the carrying value of a reporting unit exceeds the estimated fair value, an impairment loss is recognized, generally in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. As of October 31, 2024, each of the reporting units with goodwill was reviewed for impairment using a qualitative assessment and the Company concluded that it was not more likely than not that the fair values of the reporting units were less than their carrying values and therefore there was no impairment. The Company’s assessment of goodwill impairment for the years ended December 31, 2023 and 2022 also resulted in no impairment. |
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| Share-Based Compensation | Share-Based Compensation—The Company recognizes share-based compensation expense based on estimated fair values for all share-based awards made to employees and directors, including restricted stock units (“RSUs”) and performance share units (“PSUs”). Share-based compensation expense is recognized on a straight-line or graded basis, depending on the type of an award. Certain of the Company’s awards vest on an annual basis whereas others cliff vest. See Note 12, Share-based Compensation, for further discussion. The Company’s share-based compensation plan under which it may grant future awards, the Donnelley Financial Solutions, Inc. Amended and Restated 2016 Performance Incentive Plan (as amended, the “2016 PIP”), was approved by the Board of Directors (the “Board”) and the Company’s stockholders and provides incentives to key employees of the Company. Awards under the 2016 PIP may include cash or stock bonuses, stock options, stock appreciation rights, restricted stock, PSUs, performance cash awards or RSUs. In addition, non-employee members of the Board may receive awards under the 2016 PIP. Increases to the shares of common stock available for issuance under the 2016 PIP requires stockholder approval. On May 13, 2021, the Company’s stockholders voted and approved 3.4 million of additional shares of common stock for issuance under the 2016 PIP. At December 31, 2024, there were 2.4 million remaining shares of common stock reserved for future issuance under the 2016 PIP. For share-based awards granted to employees and directors, including RSUs and PSUs, the Company recognizes compensation expense based on estimated grant date fair values as well as certain assumptions as of the grant date, if applicable. The Company estimates the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. The Company recognizes compensation costs for RSUs expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. The Company recognizes compensation costs for PSUs, which cliff vest, on a straight-line basis over the performance period of the award. Share-based awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting upon specified events, including death or permanent disability of the grantee or a change in control of the Company. In addition, upon a change in control of the Company, PSUs will be measured at 100% attainment of the target performance metrics and will remain subject to time based vesting until the end of the vesting period; provided that the award will vest in full if, within three months prior to or two years after the date of the change in control of the Company, the grantee’s employment is terminated without cause by the Company or for good reason by the grantee. |
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| Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefits Plans—DFIN engages outside actuaries to assist in the determination of the obligations and costs under these plans, which were frozen to new participants effective December 31, 2011. The annual income and expense amounts relating to the pension and other postretirement benefits plans are based on calculations which include various actuarial assumptions including mortality expectations, discount rates and expected long-term rates of return. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effects of modifications on the value of plan obligations and assets are recognized immediately within other comprehensive (loss) income and amortized into earnings over future periods. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience, market conditions and input from its actuaries and investment advisors, see Note 7, Retirement Plans. |
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| Income Taxes | Income Taxes—Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company includes deferred tax assets and deferred tax liabilities on the audited Consolidated Balance Sheets as either a net deferred tax asset or liability on a jurisdiction by jurisdiction basis. The Company maintains an income taxes payable or receivable account in each jurisdiction. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. The Company is regularly audited by foreign and domestic tax authorities. These audits occasionally result in proposed assessments where the ultimate resolution might result in the Company owing additional taxes, including in some cases, penalties and interest. The Company recognizes a tax position in its financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although management believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is reflected in the Company’s audited Consolidated Financial Statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. See Note 9, Income Taxes, for further discussion. |
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| Commitments and Contingencies | Commitments and Contingencies—The Company is subject to lawsuits, investigations and other claims and can be involved in various legal, regulatory and arbitration proceedings concerning matters arising in the ordinary course of business, see Note 8, Commitments and Contingencies. The Company routinely reviews the status of each significant matter and assesses the potential financial exposure. A liability is recorded when it is probable that a loss has been incurred and the amount can be reasonably estimated. When there is a range of possible losses with equal likelihood, a liability is recorded based on the low end of such range. Because of uncertainties related to these and other matters, accruals are based on the best information available at the time. The amount of such reserves may change in the future due to new developments or changes in approach, such as a change in settlement strategy. The inherent uncertainty related to the outcome of these matters can result in amounts materially different from the amounts accrued in the Company’s audited Consolidated Financial Statements. |
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| Restructuring | Restructuring—The Company records restructuring charges associated with management-approved restructuring plans, which could include the elimination of job functions, closure or relocation of facilities, reorganization of operations, changes in management structure, workforce reductions or other actions. Restructuring charges may include ongoing and enhanced termination benefits related to employee separations, contract termination costs and other related costs associated with exit or disposal activities. Restructuring charges for employee terminations include management’s estimate as to the timing and amount of severance and actual results could differ from estimates. Severance benefits are provided to employees primarily under the Company’s ongoing benefit arrangements. These severance costs are accrued once management commits to a plan of termination and it becomes probable that employees will be separated and entitled to benefits at amounts that can be reasonably estimated. In some instances, the Company enhances its ongoing termination benefits with one-time termination benefits and employee severance costs to be incurred in relation to these restructuring activities are recognized when employees are notified of their enhanced termination benefits. See Note 6, Restructuring, Impairment and Other Charges, net, for further discussion. |
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| Accrued Liabilities | Accrued Liabilities—The components of the Company’s accrued liabilities at December 31, 2024 and 2023 were as follows:
Contract liabilities consists of deferred revenue and progress billings. Other employee-related liabilities consists primarily of employee benefit and payroll accruals. Other accrued liabilities primarily includes miscellaneous operating accruals, restructuring liabilities and multiemployer pension plans current liabilities. |
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| Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires that an entity disclose consistent categories and greater disaggregation of significant expenses by reportable segment, information regarding the chief operating decision maker (“CODM”) and how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources, among other amendments that expand segment reporting disclosures. ASU 2023-07 also requires that an entity disclose all information about a reportable segment’s profit or loss and assets currently required annually by FASB Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, in interim periods. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the standard in the fourth quarter of 2024. See Note 15, Segment Information, for further details. |
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity disclose consistent categories and greater disaggregation of information in the income tax rate reconciliation, income taxes paid disaggregated by jurisdiction, among other amendments that expand income tax disclosures. The standard is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements. In November 2024 and January 2025, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” and ASU No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,” respectively, which require that an entity disclose disaggregated information about specific natural expense categories underlying certain statement of operations expense line items that are considered relevant in a tabular format within the notes to the consolidated financial statements, among other amendments that expand statement of operations expense disclosures. The standards are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements. |
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| Earnings per Share | Net earnings per basic share is calculated by dividing net earnings by the weighted average number of common shares outstanding for the period. Net earnings per diluted share is computed using the weighted average number of common and potentially dilutive shares outstanding during the period, including stock options, RSUs, PSUs and restricted stock, using the treasury stock method. |
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Overview, Basis of Presentation and Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Current Expected Credit Loss Reserve | Transactions affecting the current expected credit loss (“CECL”) reserve during the years ended December 31, 2024, 2023 and 2022 were as follows:
The components of the CECL reserve balance at December 31, 2024, 2023 and 2022 were as follows:
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| Components of Inventories, Net | The components of the Company’s inventories, net at December 31, 2024 and 2023 were as follows:
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| Components of Company's Property, Plant and Equipment | The components of the Company’s property, plant and equipment, net at December 31, 2024 and 2023 were as follows:
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| Components of Accrued Liabilities | The components of the Company’s accrued liabilities at December 31, 2024 and 2023 were as follows:
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Revenue (Tables) |
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| Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue between Software Solutions, Tech-Enabled Services and Print and Distribution by Reportable Segment | The following tables disaggregate revenue between software solutions, tech-enabled services and print and distribution by reportable segment for the years ended December 31, 2024, 2023 and 2022:
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| Changes in Contract Liabilities | Contract liabilities consist of deferred revenue and progress billings, the majority of which is included in accrued liabilities on the audited Consolidated Balance Sheets. The Company recognized $40.0 million and $41.7 million of revenue during the years ended December 31, 2024 and 2023, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. Changes in contract liabilities were as follows:
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Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances of Goodwill by Reporting Segment | The goodwill balances by reportable segment were as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Lease Expense | The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
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| Summary of Company's Finance Lease Liabilities Presented on Audited Consolidated Balance Sheets | The Company’s finance lease liabilities as of December 31, 2024 and 2023 are presented on the Company’s audited Consolidated Balance Sheets as follows:
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| Summary of Other Information Related to Operating and Finance Leases | Other information related to operating and finance leases for the years ended December 31, 2024, 2023 and 2022 and as of December 31, 2024 and 2023 was as follows:
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| Summary of Maturities of Lease Liabilities for Operating Leases | As of December 31, 2024, future maturities of lease liabilities were as follows:
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Restructuring, Impairment and Other Charges, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring, Impairment and Other Charges by Segment Recognized in Results of Operations | For the year ended December 31, 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:
For the year ended December 31, 2023, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:
For the year ended December 31, 2022, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:
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| Employee Severance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in the Employee Terminations Liability | The Company’s employee terminations liability is included in accrued liabilities on the Company’s audited Consolidated Balance Sheets. Changes in the accrual for employee terminations during the years ended December 31, 2024 and 2023 were as follows:
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Retirement Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Estimated Net Periodic Benefit Income | The components of the estimated net pension plan income for the years ended December 31, 2024, 2023 and 2022 were as follows:
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| Reconciliation of Funded Status | Reconciliation of Funded Status
(a)
As the Company’s Plan is frozen and participants do not earn additional service benefits, the projected benefit obligation and accumulated benefit obligation are the same. |
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| Amount Recognized on Consolidated and Combined Balance Sheets | The accumulated benefit obligation for all defined benefit pension and other postretirement benefits plans was $226.8 million and $236.1 million at December 31, 2024 and 2023, respectively. The underfunded pension and other postretirement plans liabilities are presented on the Company’s audited Consolidated Balance Sheets as follows:
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| Amounts in Accumulated Other Comprehensive Loss | The amounts included in accumulated other comprehensive loss on the audited Consolidated Balance Sheets, excluding tax effects, that have not been recognized as components of net periodic benefit cost at December 31, 2024 and 2023 were as follows:
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| Amounts Recognized in Other Comprehensive (Loss) Income | The pre-tax amounts recognized in other comprehensive (loss) income during the years ended December 31, 2024, 2023 and 2022 were as follows:
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| Weighted Average Assumptions Used to Determine Benefit Obligation | The weighted average assumptions used to determine the benefit obligation at December 31, 2024 and 2023 were as follows:
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| Expected Benefit Payments | Benefit payments are expected to be paid as follows:
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| Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2024 and 2023, by asset category, were as follows:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of (Loss) Earnings from Operations Before Income Taxes | Income taxes have been based on the following components of earnings before income taxes for the years ended December 31, 2024, 2023 and 2022:
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| Components of Income Tax Expense (Benefit) from Operations | The components of income tax expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
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| Reconciliation of Differences Between U.S. Federal Statutory and Effective Income Tax Rate | The following table outlines the reconciliation of differences between the U.S. Federal statutory tax rate and the Company’s worldwide effective income tax rate:
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| Significant Deferred Tax Assets and Liabilities | The significant deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows:
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| Transactions Affecting Valuation Allowance on Deferred Tax Assets | Changes in the valuation allowances on deferred tax assets during the years ended December 31, 2024, 2023 and 2022 were as follows:
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| Unrecognized Tax Benefits | Changes in the Company’s unrecognized tax benefits at December 31, 2024, 2023 and 2022 were as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Company's Debt | The Company’s debt as of December 31, 2024 and 2023 consisted of the following:
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| Summary of Interest Expense | The following table summarizes interest expense, net included on the audited Consolidated Statements of Operations:
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Earnings per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Numerator and Denominator of Net Earnings per Basic and Diluted Share Calculations | The reconciliation of the numerator and denominator of the net earnings per basic and diluted share calculations for the years ended December 31, 2024, 2023 and 2022 were as follows:
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Share-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Option Awards Outstanding | Stock option awards outstanding as of December 31, 2024 and 2023, and changes during the year ended December 31, 2024, were as follows:
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| Summary of Nonvested Restricted Stock Unit Awards | RSUs outstanding as of December 31, 2024 and 2023, and changes during the year ended December 31, 2024, were as follows:
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| Summary of Nonvested Performance Share Units | PSUs outstanding as of December 31, 2024 and 2023, and changes during the year ended December 31, 2024, were as follows:
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| Schedule of Performance Period of Shares Award |
(a) The 2024 PSUs contain five performance periods, including three annual performance periods and two three-year cumulative performance periods. (b) The PSU awards granted in 2023 and 2022 consist of four performance periods, including three annual performance periods and one three-year cumulative performance period. (c) Amounts represent actual attainment and actual PSUs earned as the performance period is complete. (d) As the performance period has not yet commenced, expense is not being recognized. (e) Expense for the cumulative performance/service period is recognized at 100% of the estimated attainment until the attainment expected by the end of the cumulative three-year performance period can be estimated, which generally occurs at the end of the second service year. (f) Attainment percentage does not reflect any impact from the TSR modifier that is determined at the end of the three-year performance cumulative performance period and applied to PSUs that are earned based on the achievement of the service and performance conditions. (g) Amounts represent estimated attainment and estimated PSUs. |
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Capital Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Repurchases | The Company’s stock repurchases for the years ended December 31, 2024, 2023 and 2022 were as follows:
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Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Other Comprehensive (Loss) Income and Income Tax (Benefit) Expense Allocated to Each Component | The components of other comprehensive (loss) income and income tax (benefit) expense allocated to each component for the years ended December 31, 2024, 2023 and 2022 were as follows:
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| Schedule of Changes in Accumulated Other Comprehensive Loss | The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2024, 2023 and 2022:
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| Reclassifications from Accumulated Other Comprehensive Loss, Amortization of Pension Plan Cost | Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022 were as follows:
(a) These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans income recognized in investment and other income, net, on the audited Consolidated Statements of Operations (see Note 7, Retirement Plans). (b)
Translation adjustment reclassification resulting from the liquidation of a foreign subsidiary is included in investment and other income, net on the audited Consolidated Statements of Operations. |
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information | The following tables include selected financial data for the Company’s reportable segments for the years ended December 31, 2024, 2023 and 2022:
(a) The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. (b)
Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
(a) The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. (b)
Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
(a) The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. (b) Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
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Geographic Area Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Sales and Long-lived Assets by Geographic Region | The Company’s net sales and long-lived assets by geographic region for the years ended December 31, 2024, 2023 and 2022 were as follows:
(a)
Includes property, plant and equipment, net; software, net; operating lease right-of-use assets and other noncurrent assets. |
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Overview, Basis of Presentation and Significant Accounting Policies - Summary of Current Expected Credit Loss Reserve (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Receivables [Abstract] | |||
| Balance, beginning of year | $ 18.9 | $ 17.1 | $ 12.7 |
| Provisions charged to expense | 17.6 | 13.7 | 8.4 |
| Write-offs, reclassifications and other | (11.5) | (11.9) | (4.0) |
| Balance, end of year | $ 25.0 | $ 18.9 | $ 17.1 |
Overview, Basis of Presentation and Significant Accounting Policies - Summary of Current Expected Credit Loss Reserve (Details 1) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Receivables [Abstract] | ||||
| Provision for accounts receivable | $ 24.6 | $ 18.5 | $ 16.5 | |
| Provision for unbilled receivables and contract assets | 0.4 | 0.4 | 0.6 | |
| Total | $ 25.0 | $ 18.9 | $ 17.1 | $ 12.7 |
Overview, Basis of Presentation and Significant Accounting Policies - Components of Inventories, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory, Net [Abstract] | ||
| Raw materials and manufacturing supplies | $ 3.3 | $ 3.0 |
| Work in process | 1.1 | 1.7 |
| Total | $ 4.4 | $ 4.7 |
Overview, Basis of Presentation and Significant Accounting Policies - Components of Company's Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 71.4 | $ 86.1 |
| Less: Accumulated depreciation | (62.5) | (72.6) |
| Total | 8.9 | 13.5 |
| Land | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, gross | 0.3 | 0.3 |
| Buildings | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, gross | 15.1 | 17.8 |
| Machinery and Equipment | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 56.0 | $ 68.0 |
Overview, Basis of Presentation and Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accrued Liabilities, Current [Abstract] | ||
| Accrued sales commissions | $ 54.9 | $ 48.4 |
| Contract liabilities | 52.6 | 46.8 |
| Accrued incentive compensation | 27.9 | 22.0 |
| Other employee-related liabilities | 17.0 | 15.4 |
| Pension and other postretirement benefits plans liabilities | 14.0 | 2.3 |
| Other | 18.7 | 18.8 |
| Accrued liabilities | $ 185.1 | $ 153.7 |
Revenue - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue Recognition [Abstract] | ||
| Contract assets | $ 13.8 | $ 16.3 |
| Invoiced to customers amount that exceeded estimates of standalone selling price | 24.3 | 29.6 |
| Unbilled receivables | 24.1 | 21.6 |
| Revenue recognized included in deferred revenue | $ 40.0 | $ 41.7 |
Revenue (Additional Information 1) (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31 $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue remaining performance obligation | $ 171 |
| Revenue remaining performance obligation percentage | 47.00% |
| Revenue remaining performance obligation expected timing of satisfaction period1 | 12 months |
Revenue - Changes in Contract Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Financial Position [Abstract] | ||
| Balance beginning | $ 46.8 | $ 46.1 |
| Deferral of revenue | 216.1 | 162.3 |
| Revenue recognized | (210.0) | (160.5) |
| Disposition | 0.0 | (1.1) |
| Balance ending | $ 52.9 | $ 46.8 |
Leases - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2024 |
|
| Lessee Lease Description [Line Items] | |||
| Minimum non-cancelable sublease rental commitments | $ 8.7 | $ 4.7 | |
| Acceleration of rent expense associated with abandoned operating leases | $ 3.7 | $ 0.8 | |
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating lease expense | $ 9.8 | $ 16.3 | $ 17.8 |
| Sublease income | (4.4) | (4.2) | (4.4) |
| Net operating lease expense | 5.4 | 12.1 | 13.4 |
| Amortization of ROU assets | 2.9 | 2.4 | 1.8 |
| Interest on lease liabilities | 0.2 | 0.3 | 0.2 |
| Total finance lease expense | $ 3.1 | $ 2.7 | $ 2.0 |
Leases - Summary of Company's Finance Lease Liabilities Presented on Audited Consolidated Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Property, plant and equipment, net | $ 2.9 | $ 7.0 |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
| Accrued liabilities | $ 2.8 | $ 2.5 |
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
| Other noncurrent liabilities | $ 0.2 | $ 4.7 |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
| Finance Lease, Liability, Total | $ 3.0 | $ 7.2 |
Leases - Summary of Other Information Related to Operating and Finance Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Cash paid related to operating leases | $ 14.7 | $ 17.5 | $ 20.9 |
| Cash paid related to finance leases | 2.9 | 2.4 | 1.8 |
| Non-cash disclosure | |||
| Increase in operating lease liabilities due to new ROU assets | 0.0 | 0.5 | 0.0 |
| Increase (decrease) in operating lease liabilities due to lease modifications and remeasurements | 5.0 | (3.2) | 7.1 |
| Increase in finance lease liabilities due to new ROU assets | $ 0.9 | $ 2.5 | $ 1.4 |
| Weighted-average remaining operating lease term | 1 year 10 months 24 days | 2 years | |
| Weighted-average remaining finance lease term | 1 year 10 months 24 days | 3 years | |
| Weighted-average operating lease discount rate | 5.30% | 4.00% | |
| Weighted-average finance lease discount rate | 7.50% | 3.50% | |
Leases - Summary of Maturities of Lease Liabilities for Operating and Finance Leases (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases: | ||
| 2025 | $ 10.9 | |
| 2026 | 4.7 | |
| 2027 | 2.0 | |
| 2028 | 0.1 | |
| 2029 | 0.0 | |
| 2030 and thereafter | 0.0 | |
| Total lease payments | 17.7 | |
| Less: Interest | (1.0) | |
| Total operating lease liabilities | 16.7 | |
| Finance Leases: | ||
| 2025 | 2.9 | |
| 2026 | 0.1 | |
| 2027 | 0.1 | |
| 2028 | 0.0 | |
| 2029 | 0.0 | |
| 2030 and thereafter | 0.0 | |
| Total lease payments | 3.1 | |
| Less: Interest | (0.1) | |
| Total finance lease liabilities | $ 3.0 | $ 7.2 |
Restructuring, Impairment and Other Charges, net - Additional Information (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
Employee
|
Dec. 31, 2023
USD ($)
Employee
|
Dec. 31, 2022
USD ($)
Employee
|
|
| Restructuring and Related Activities [Abstract] | |||
| Employee Terminations | $ 5.5 | $ 9.2 | $ 6.8 |
| Number of employees used to determine employee termination costs | Employee | 70 | 170 | 130 |
| Asset Impairment Charges | $ 0.6 | ||
Restructuring, Impairment and Other Charges, net - Schedule of Changes in the Employee Terminations Liability (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Restructuring Cost And Reserve [Line Items] | |||
| Restructuring charges, net | $ 5.5 | $ 9.2 | $ 6.8 |
| Employee Severance | |||
| Restructuring Cost And Reserve [Line Items] | |||
| Balance at the beginning | 2.1 | 5.1 | |
| Restructuring charges, net | 5.6 | 9.4 | |
| Cash paid | (5.8) | (12.2) | |
| Other | (0.1) | (0.2) | |
| Balance at the end | $ 1.8 | $ 2.1 | $ 5.1 |
Retirement Plans - Components of Estimated Net Periodic Benefit Income (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Interest cost | $ 11.1 | $ 11.7 | $ 7.4 |
| Expected return on assets | (13.5) | (13.2) | (11.6) |
| Amortization, net | 1.3 | 1.0 | 3.3 |
| Net pension plan income | $ (1.1) | $ (0.5) | $ (0.9) |
| Weighted-average assumptions used to calculate net pension plan income: | |||
| Discount rate | 5.00% | 5.20% | 2.90% |
| Expected return on plan assets | 6.00% | 5.80% | 4.80% |
Retirement Plans - Amount Recognized on Consolidated and Combined Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Accrued benefit cost (included in accrued liabilities) | $ (14.0) | $ (2.3) |
| Pension and other postretirement benefits plan liabilities | (23.3) | (34.4) |
| Pension Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Accrued benefit cost (included in accrued liabilities) | (13.9) | (2.1) |
| Pension and other postretirement benefits plan liabilities | (22.2) | (33.2) |
| Net liabilities | (36.1) | (35.3) |
| Other Postretirement Benefit Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Accrued benefit cost (included in accrued liabilities) | (0.1) | (0.1) |
| Pension and other postretirement benefits plan liabilities | (1.1) | (1.2) |
| Net liabilities | $ (1.2) | $ (1.3) |
Retirement Plans - Amounts in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Pension Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial loss | $ (90.3) | $ (86.6) |
| Other Postretirement Benefit Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial loss | $ (0.5) | $ (0.6) |
Retirement Plans - Amounts Recognized in Other Comprehensive (Loss) Gain (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pension Plan | |||
| Amortization of: | |||
| Net actuarial loss | $ 1.2 | $ 1.0 | $ 3.3 |
| Amounts arising during the period: | |||
| Net actuarial (loss) gain | (4.9) | 5.1 | (8.4) |
| Total (loss) gain | (3.7) | 6.1 | (5.1) |
| Other Postretirement Benefit Plan | |||
| Amortization of: | |||
| Net actuarial loss | 0.1 | 0.0 | 0.0 |
| Amounts arising during the period: | |||
| Net actuarial (loss) gain | 0.0 | (0.3) | 0.3 |
| Total (loss) gain | $ 0.1 | $ (0.3) | $ 0.3 |
Retirement Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Pension Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Discount rate | 5.30% | 5.00% |
| Interest crediting rate | 3.00% | 4.10% |
| Other Postretirement Benefit Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Discount rate | 4.40% | 4.60% |
Retirement Plans - Expected Benefit Payments (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Pension Plan | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2025 | $ 73.0 |
| 2026 | 14.4 |
| 2027 | 14.2 |
| 2028 | 13.9 |
| 2029 | 13.9 |
| 2030-2034 | 64.0 |
| Other Postretirement Benefit Plan | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2025 | 0.1 |
| 2026 | 0.1 |
| 2027 | 0.1 |
| 2028 | 0.1 |
| 2029 | 0.1 |
| 2030-2034 | $ 0.5 |
Retirement Plans - Allocation of Plan Assets, Pension Plan (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | $ 189.5 | $ 199.5 | $ 193.5 |
| Fair Value, Inputs, Level 1 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 0.0 | 0.1 | |
| Fair Value, Inputs, Level 2 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 127.0 | 20.3 | |
| Cash and Cash Equivalents | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 62.6 | 3.0 | |
| Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 0.0 | 0.1 | |
| Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 62.6 | 2.9 | |
| Fixed Income | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 64.4 | 17.4 | |
| Fixed Income | Fair Value, Inputs, Level 1 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 0.0 | 0.0 | |
| Fixed Income | Fair Value, Inputs, Level 2 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 64.4 | 17.4 | |
| Assets Measured at NAV | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 62.5 | 179.1 | |
| Assets Measured at NAV | Fair Value, Inputs, Level 1 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | 0.0 | 0.0 | |
| Assets Measured at NAV | Fair Value, Inputs, Level 2 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of the company's benefit plan assets | $ 0.0 | $ 0.0 |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Loss Contingencies [Line Items] | |
| Miscellaneous other obligations | $ 67 |
Income Taxes - Components of (Loss) Earnings from Operations Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
| U.S. | $ 115.4 | $ 95.7 | $ 131.8 |
| Foreign | 9.7 | 6.3 | 7.5 |
| Earnings before income taxes | $ 125.1 | $ 102.0 | $ 139.3 |
Income Taxes - Components of Income Tax Expense (Benefit) from Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
| U.S. Federal, Current | $ 28.0 | $ 22.7 | $ 23.9 |
| U.S. State and Local, Current | 11.5 | 9.4 | 10.8 |
| Foreign, Current | 2.6 | 2.3 | 2.6 |
| Current income tax expense | 42.1 | 34.4 | 37.3 |
| U.S. Federal, Deferred | (8.8) | (11.5) | (0.6) |
| U.S. State and Local, Deferred | (1.5) | (2.5) | 0.3 |
| Foreign, Deferred | 0.9 | (0.6) | (0.2) |
| Deferred income tax (benefit) expense | (9.4) | (14.6) | (0.5) |
| Total income tax expense | $ 32.7 | $ 19.8 | $ 36.8 |
Income Taxes - Reconciliation from U.S. Federal Statutory Tax Rate to Effective Tax Rate (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
| Federal statutory tax rate | 21.00% | 21.00% | 21.00% |
| State and local income taxes, net of U.S. federal income tax benefit | 6.00% | 5.70% | 6.80% |
| Non-deductible expenses | 1.30% | 0.70% | 1.00% |
| Adjustment of uncertain tax positions and interest | 0.90% | 0.70% | 0.40% |
| Changes in valuation allowances | 0.40% | 0.20% | 1.20% |
| Foreign tax rate differential | 0.40% | 0.50% | 0.20% |
| Provision to return | 0.10% | (2.00%) | (1.90%) |
| Credits and incentives | (2.90%) | (2.30%) | (1.40%) |
| Foreign-derived intangible income | (1.40%) | (1.60%) | (1.20%) |
| Tax impact of loss on sale of a business | 0.00% | (3.60%) | 0.00% |
| Other | 0.30% | 0.10% | 0.30% |
| Effective income tax rate | 26.10% | 19.40% | 26.40% |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Effective income tax rate | 26.10% | 19.40% | 26.40% | |
| Domestic and foreign net operating loss | $ 6.8 | $ 10.2 | ||
| Net operating loss expiring between 2025 and 2044 | 3.8 | |||
| Repatriated Earnings | 30.0 | |||
| Unrecognized tax benefits | 4.1 | 3.1 | $ 2.5 | $ 2.2 |
| Unrecognized tax benefits that would impact effective tax rate | 4.1 | |||
| Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0.2 | |||
| Accrued interest related to income tax uncertainties | $ 0.6 | $ 0.3 | ||
| Minimum | ||||
| Net operating loss carryforwards expiration year | 2025 | |||
| Maximum | ||||
| Net operating loss carryforwards expiration year | 2044 | |||
Income Taxes - Schedule of Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
| Capitalized research costs | $ 26.4 | $ 13.2 |
| Accrued liabilities and other reserves | 14.8 | 13.9 |
| Pension and other postretirement benefits plans liabilities | 9.9 | 9.7 |
| Allowance for doubtful accounts | 9.7 | 9.5 |
| Net operating losses and other tax carryforwards | 6.8 | 10.2 |
| Share-based compensation | 5.7 | 6.3 |
| Lease liabilities | 3.8 | 7.7 |
| Other | 0.2 | 0.4 |
| Total deferred tax assets | 77.3 | 70.9 |
| Valuation allowances | (5.5) | (5.8) |
| Total deferred tax assets | 71.8 | 65.1 |
| Goodwill and other intangible assets | (8.0) | (7.8) |
| Prepaid assets | (2.3) | (2.7) |
| Right-of-use assets | (1.9) | (3.6) |
| Capitalized contract costs | (1.9) | (1.3) |
| Accelerated depreciation | (0.9) | (2.9) |
| Other | (0.4) | (1.0) |
| Total deferred tax liabilities | (15.4) | (19.3) |
| Net deferred tax assets | $ 56.4 | $ 45.8 |
Income Taxes - Schedule of Transactions Affecting Valuation Allowance on Deferred Tax Assets (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Valuation Allowance [Line Items] | |||
| Balance, beginning of year | $ 5.8 | $ 5.4 | $ 4.8 |
| Expense, net | 0.2 | 0.4 | 0.6 |
| Write-offs and other | (0.5) | 0.0 | 0.0 |
| Balance, end of year | $ 5.5 | $ 5.8 | $ 5.4 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
| Balance, beginning of year | $ 3.1 | $ 2.5 | $ 2.2 |
| Additions for tax positions of the current year | 0.9 | 0.7 | 0.5 |
| Additions for tax positions of prior years | 0.3 | 0.4 | 0.3 |
| Releases | (0.2) | (0.4) | (0.5) |
| Settlements during the year | 0.0 | (0.1) | 0.0 |
| Balance, end of year | $ 4.1 | $ 3.1 | $ 2.5 |
Debt - Schedule of the Company's Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Unamortized debt issuance costs | $ (0.3) | $ (0.5) |
| Total long-term debt | 124.7 | 124.5 |
| Term Loan A Facility | ||
| Debt Instrument [Line Items] | ||
| Term loan facility | $ 125.0 | $ 125.0 |
Debt - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
May 27, 2021 |
Dec. 31, 2024 |
Dec. 31, 2021 |
Dec. 31, 2023 |
Oct. 14, 2021 |
|
| Debt Instrument [Line Items] | |||||
| Outstanding letters of credit and bank guarantees | $ 1.6 | $ 2.5 | |||
| Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Weighted average interest rate on borrowing | 7.80% | 7.30% | |||
| Letters of credit outstanding reduced to available under credit agreement amount | $ 1.0 | $ 1.0 | |||
| Maximum | |||||
| Debt Instrument [Line Items] | |||||
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | London Interbank Offered Rate [Member] | ||||
| Maximum | Term Loan A Facility | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument basis spread on variable rate | 2.50% | ||||
| Minimum | |||||
| Debt Instrument [Line Items] | |||||
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | London Interbank Offered Rate [Member] | ||||
| Minimum | Term Loan A Facility | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument basis spread on variable rate | 2.00% | ||||
| Amended and Restated Credit Agreement | |||||
| Debt Instrument [Line Items] | |||||
| Credit facility | $ 300.0 | ||||
| Allowable annual dividend payment under credit agreement | 20.0 | ||||
| Amended and Restated Credit Agreement | Term Loan A Facility | |||||
| Debt Instrument [Line Items] | |||||
| Fair value of senior notes | $ 125.0 | $ 124.1 | |||
| Weighted average interest rate on borrowing | 7.40% | 7.00% | |||
| Long-term debt | $ 200.0 | $ 200.0 | $ 200.0 | ||
| Frequency of interest payable | quarterly | ||||
| Quarterly installment payments of term loan as a percentage of original principal, Year Three | 1.25% | ||||
| Quarterly installment payments of term loan as a percentage of original principal, After Year Three | 2.50% | ||||
| Prepaid term loan | $ 75.0 | ||||
| 8.25% Senior Notes Due October 15, 2024 | Term Loan A Facility | |||||
| Debt Instrument [Line Items] | |||||
| Interest rate, stated percentage | 8.25% | ||||
Debt - Summary of Interest Expense, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Instruments [Abstract] | |||
| Interest incurred | $ 15.1 | $ 17.9 | $ 10.0 |
| Interest income | (2.2) | (2.1) | (0.8) |
| Interest expense, net | $ 12.9 | $ 15.8 | $ 9.2 |
Earnings per Share - Reconciliation of Numerator and Denominator of Net Earnings per Basic and Diluted Share Calculations (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share Basic And Diluted [Line Items] | |||
| Basic | $ 3.16 | $ 2.81 | $ 3.33 |
| Diluted | $ 3.06 | $ 2.69 | $ 3.17 |
| Net earnings | $ 92.4 | $ 82.2 | $ 102.5 |
| Weighted average number of common shares outstanding | 29.2 | 29.3 | 30.8 |
| Dilutive awards | 1.0 | 1.3 | 1.5 |
| Diluted weighted average number of common shares outstanding | 30.2 | 30.6 | 32.3 |
Share-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
May 13, 2021 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share-based compensation | $ 25.2 | $ 22.5 | $ 19.3 | |
| Unrecognized share-based compensation expense | 31.3 | |||
| Share-based compensation expense, income tax benefit | $ 10.4 | $ 9.2 | $ 7.2 | |
| Unrecognized share-based compensation expense, over weighted-average period | 1 year 8 months 12 days | |||
| RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share-based compensation award, vesting period | 3 years | |||
| Unrecognized share-based compensation expense | $ 16.2 | |||
| Unrecognized share-based compensation expense, over weighted-average period | 1 year 9 months 18 days | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 256 | |||
| Share-based compensation award, weighted-average grant date fair value | $ 65.16 | $ 42.51 | $ 30.42 | |
| Stock Options | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share-based compensation award, weighted-average fair value of options exercised | $ 5.92 | 4.94 | 3.03 | |
| Performance Share Units | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Unrecognized share-based compensation expense | $ 15.1 | |||
| Unrecognized share-based compensation expense, over weighted-average period | 1 year 7 months 6 days | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 349 | |||
| Share-based compensation award, weighted-average grant date fair value | $ 57.17 | $ 30.13 | $ 26.96 | |
| Share-based compensation expense, targeted performance percentage | 100.00% | |||
| Performance Share Units | Certain Executive Officers and Senior Management | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 349 | |||
| 2016 PIP | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Additional shares of common stock authorized | 3,400 | |||
| Shares authorized and available for grant | 2,400 | |||
| 2023 Performance Grants | Performance Share Units | Certain Executive Officers and Senior Management | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 123 | |||
| 2024 Performance Grants | Performance Share Units | Maximum | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Potential payout for awards | 564 | |||
| 2024 Performance Grants | Performance Share Units | Minimum | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Potential payout for awards | 0 | |||
| 2024 Performance Grants | Performance Share Units | Certain Executive Officers and Senior Management | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 226 | |||
Share-based Compensation - Summary of Stock Option Awards Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||
| Outstanding at beginning of period | 377 | |
| Exercised | (65) | |
| Outstanding at end of period | 312 | 377 |
| Vested and exercisable at end of period | 312 | |
| Outstanding at beginning of period | $ 18.12 | |
| Exercised | 17.65 | |
| Outstanding at end of period | 18.22 | $ 18.12 |
| Vested and exercisable at end of period | $ 18.22 | |
| Outstanding Balance | 3 years 2 months 12 days | 4 years 2 months 12 days |
| Exercised | 0 years | |
| Outstanding at end of period | 3 years 2 months 12 days | 4 years 2 months 12 days |
| Vested and exercisable at end of period | 3 years 2 months 12 days | |
| Outstanding at beginning of period | $ 16.7 | |
| Excercised | 2.7 | |
| Outstanding at end of period | 13.9 | $ 16.7 |
| Vested and exercisable at end of period | $ 13.9 | |
Share-based Compensation - Summary of Nonvested Restricted Stock Unit Awards (Details) - RSUs - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Nonvested, beginning of period, shares | 786 | ||
| Granted, Shares | 256 | ||
| Vested, Shares | (392) | ||
| Forfeited, Shares | (29) | ||
| Nonvested, end of period, shares | 621 | 786 | |
| Nonvested, beginning of period, weighted average grant date fair value | $ 34.55 | ||
| Granted, Weighted Average Grant Date Fair Value | 65.16 | $ 42.51 | $ 30.42 |
| Vested, Weighted Average Grant Date Fair Value | 33.36 | ||
| Forfeited, Weighted Average Grant Date Fair Value | 41.31 | ||
| Nonvested, end of period, weighted average grant date fair value | $ 47.62 | $ 34.55 | |
Share-based Compensation - Summary of Nonvested Performance Share Units (Details) - Performance Share Units - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Nonvested, beginning of period, shares | 847 | ||
| Granted, Shares | 349 | ||
| Vested, Shares | (419) | ||
| Forfeited, Shares | (24) | ||
| Nonvested, end of period, shares | 753 | 847 | |
| Nonvested, beginning of period, weighted average grant date fair value | $ 33.47 | ||
| Granted, Weighted Average Grant Date Fair Value | 57.17 | $ 30.13 | $ 26.96 |
| Vested, Weighted Average Grant Date Fair Value | 28.61 | ||
| Forfeited, Weighted Average Grant Date Fair Value | 32.88 | ||
| Nonvested, end of period, weighted average grant date fair value | $ 47.2 | $ 33.47 | |
Share-based Compensation - Schedule of Performance Period of Shares Award (Details) - shares shares in Thousands |
12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Estimated or actual attainment | 100.00% | |||||||||||||
| Performance Share Units | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSUs outstanding | 753 | 847 | ||||||||||||
| Performance Share Units | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSUs outstanding | 226 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 172 | |||||||||||||
| Performance Share Units | Performance Period Year Granted 2023 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSUs outstanding | 259 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 217 | |||||||||||||
| Performance Share Units | Performance Period Year Granted 2022 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSUs outstanding | 268 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 327 | |||||||||||||
| Performance Share Units | First Annual Performance Periods | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [1] | 2024 | ||||||||||||
| Performance or service period | 2024 | |||||||||||||
| Estimated or actual attainment | [2],[3] | 66.00% | ||||||||||||
| PSUs outstanding | 23 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 15 | |||||||||||||
| Performance Share Units | First Annual Performance Periods | Performance Period Year Granted 2023 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2023 | ||||||||||||
| Performance or service period | 2023 | |||||||||||||
| Estimated or actual attainment | [2] | 140.00% | ||||||||||||
| PSUs outstanding | 66 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 92 | |||||||||||||
| Performance Share Units | First Annual Performance Periods | Performance Period Year Granted 2022 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2022 | ||||||||||||
| Performance or service period | 2022 | |||||||||||||
| Estimated or actual attainment | [2] | 140.00% | ||||||||||||
| PSUs outstanding | 68 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 95 | |||||||||||||
| Performance Share Units | Second Annual Performance Periods | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [1] | 2024 | ||||||||||||
| Performance or service period | 2025 | |||||||||||||
| PSUs outstanding | 23 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 0 | |||||||||||||
| Performance Share Units | Second Annual Performance Periods | Performance Period Year Granted 2023 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2023 | ||||||||||||
| Performance or service period | 2024 | |||||||||||||
| Estimated or actual attainment | [2] | 93.00% | ||||||||||||
| PSUs outstanding | 64 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 60 | |||||||||||||
| Performance Share Units | Second Annual Performance Periods | Performance Period Year Granted 2022 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2022 | ||||||||||||
| Performance or service period | 2023 | |||||||||||||
| Estimated or actual attainment | [2] | 71.00% | ||||||||||||
| PSUs outstanding | 68 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 48 | |||||||||||||
| Performance Share Units | Third Annual Performance Periods | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [1] | 2024 | ||||||||||||
| Performance or service period | 2026 | |||||||||||||
| PSUs outstanding | 23 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 0 | |||||||||||||
| Performance Share Units | Third Annual Performance Periods | Performance Period Year Granted 2023 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2023 | ||||||||||||
| Performance or service period | 2025 | |||||||||||||
| PSUs outstanding | 64 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 0 | |||||||||||||
| Performance Share Units | Third Annual Performance Periods | Performance Period Year Granted 2022 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2022 | ||||||||||||
| Performance or service period | 2024 | |||||||||||||
| Estimated or actual attainment | [2] | 150.00% | ||||||||||||
| PSUs outstanding | 65 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 98 | |||||||||||||
| Performance Share Units | Cumulative Performance Period | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [1] | 2024 | ||||||||||||
| Estimated or actual attainment | [3],[5] | 100.00% | ||||||||||||
| PSUs outstanding | 45 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 45 | |||||||||||||
| Performance Share Units | Cumulative Performance Period | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [1] | 2024 | ||||||||||||
| Estimated or actual attainment | [3],[5] | 100.00% | ||||||||||||
| PSUs outstanding | 112 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 112 | |||||||||||||
| Performance Share Units | Cumulative Performance Period | Performance Period Year Granted 2023 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2023 | ||||||||||||
| Estimated or actual attainment | [6] | 100.00% | ||||||||||||
| PSUs outstanding | 65 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 65 | |||||||||||||
| Performance Share Units | Cumulative Performance Period | Performance Period Year Granted 2022 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| PSU awards year granted | [4] | 2022 | ||||||||||||
| Estimated or actual attainment | [2] | 128.00% | ||||||||||||
| PSUs outstanding | 67 | |||||||||||||
| Estimated PSU attainment or actual PSUs earned | 86 | |||||||||||||
| Performance Share Units | Maximum [Member] | Cumulative Performance Period | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2026 | |||||||||||||
| Performance Share Units | Maximum [Member] | Cumulative Performance Period | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2026 | |||||||||||||
| Performance Share Units | Maximum [Member] | Cumulative Performance Period | Performance Period Year Granted 2023 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2025 | |||||||||||||
| Performance Share Units | Maximum [Member] | Cumulative Performance Period | Performance Period Year Granted 2022 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2024 | |||||||||||||
| Performance Share Units | Minimum [Member] | Cumulative Performance Period | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2024 | |||||||||||||
| Performance Share Units | Minimum [Member] | Cumulative Performance Period | Performance Period Year Granted 2024 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2024 | |||||||||||||
| Performance Share Units | Minimum [Member] | Cumulative Performance Period | Performance Period Year Granted 2023 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2023 | |||||||||||||
| Performance Share Units | Minimum [Member] | Cumulative Performance Period | Performance Period Year Granted 2022 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||
| Performance or service period | 2022 | |||||||||||||
| ||||||||||||||
Share-based Compensation - Schedule of Performance Period of Shares Award (Parenthetical) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Share-Based Payment Arrangement [Abstract] | |
| Estimated or actual attainment | 100.00% |
Capital Stock - Additional Information (Details) - USD ($) |
Nov. 14, 2023 |
Aug. 17, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|
| Class Of Stock [Line Items] | ||||
| Common stock, Authorized | 65,000,000 | 65,000,000 | ||
| Common stock, par value | $ 0.01 | $ 0.01 | ||
| Preferred stock, authorized | 1,000,000 | 1,000,000 | ||
| Preferred stock, par value | $ 0.01 | $ 0.01 | ||
| Common Stock | ||||
| Class Of Stock [Line Items] | ||||
| Outstanding common stock value authorized to repurchase under stock repurchase program | $ 150,000,000 | $ 150,000,000 | $ 91,300,000 | |
| Stock Repurchase Program Expiration Date | Dec. 31, 2025 | Dec. 31, 2023 |
Capital Stock - Summary of Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Equity [Abstract] | |||
| Common stock repurchases | $ 58.7 | $ 22.6 | $ 152.5 |
| Number of shares repurchased | 947,288 | 469,365 | 4,733,875 |
| Average price paid per share | $ 61.97 | $ 48.2 | $ 32.21 |
Comprehensive Income - Schedule of Components of Other Comprehensive Income (Loss) and Income Tax Expense (Benefit) Allocated to Each Component (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Other comprehensive income (loss), Before Tax Amount | $ (4.9) | $ 6.9 | $ (6.4) |
| Other comprehensive (Loss) income , Income Tax Expense | (0.9) | 1.6 | (1.5) |
| Other comprehensive (loss) income, net of tax | (4.0) | 5.3 | (4.9) |
| Translation Adjustments | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Other comprehensive income (loss), Before Tax Amount | (1.3) | 1.1 | (1.6) |
| Other comprehensive (Loss) income , Income Tax Expense | 0.0 | 0.0 | (0.2) |
| Other comprehensive (loss) income, net of tax | (1.3) | 1.1 | (1.4) |
| Adjustment for Net Periodic Pension and Other Postretirement Benefits Plans | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Other comprehensive income (loss), Before Tax Amount | (3.6) | 5.8 | (4.8) |
| Other comprehensive (Loss) income , Income Tax Expense | (0.9) | 1.6 | (1.3) |
| Other comprehensive (loss) income, net of tax | $ (2.7) | $ 4.2 | $ (3.5) |
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Balance | $ 402.2 | $ 329.5 | $ 377.0 |
| Balance | 436.1 | 402.2 | 329.5 |
| Pension and Other Postretirement Benefits Plans Cost | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Balance | (63.7) | (67.9) | (64.4) |
| Other comprehensive loss before reclassifications | (3.6) | 0.0 | 0.0 |
| Amounts reclassified from accumulated other comprehensive loss | 0.9 | 4.2 | (3.5) |
| Net change in accumulated other comprehensive loss | (2.7) | 4.2 | (3.5) |
| Balance | (66.4) | (63.7) | (67.9) |
| Translation Adjustments | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Balance | (14.2) | (15.3) | (13.9) |
| Other comprehensive loss before reclassifications | (1.6) | 1.1 | (1.4) |
| Amounts reclassified from accumulated other comprehensive loss | 0.3 | 0.0 | 0.0 |
| Net change in accumulated other comprehensive loss | (1.3) | 1.1 | (1.4) |
| Balance | (15.5) | (14.2) | (15.3) |
| Accumulated Other Comprehensive Loss | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Balance | (77.9) | (83.2) | (78.3) |
| Other comprehensive loss before reclassifications | (5.2) | 1.1 | (1.4) |
| Amounts reclassified from accumulated other comprehensive loss | 1.2 | 4.2 | (3.5) |
| Net change in accumulated other comprehensive loss | (4.0) | 5.3 | (4.9) |
| Balance | $ (81.9) | $ (77.9) | $ (83.2) |
Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Loss, Amortization of Pension Plan Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Reclassifications before tax | $ 1.8 | $ 1.0 | $ 3.3 | ||||
| Income tax expense | 0.6 | 0.3 | 0.9 | ||||
| Reclassifications, net of tax | 1.2 | 0.7 | 2.4 | ||||
| Accumulated Defined Benefit Plans Adjustment, Net Actuarial loss | |||||||
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Reclassifications before tax | [1] | 1.3 | 1.0 | 3.3 | |||
| Translation Adjustments | |||||||
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Reclassifications before tax | [2] | $ 0.5 | $ 0.0 | $ 0.0 | |||
| |||||||
Segment Information - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
Segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 4 |
| Number of reportable segments | 4 |
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | srt:ChiefExecutiveOfficerMember |
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | Segment Adjusted EBITDA is reviewed to monitor budget versus actual results, analyze historical trends in assessing performance and identify actions required to improve profitability. Segment Adjusted EBITDA is defined as earnings before interest expense, net, income tax expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as reflected in the Reconciliation of total segment Adjusted EBITDA sections below, which management believes are not indicative of ongoing operations and segment performance. |
| Segment Reporting, Expense Information Used by CODM, Description | As the CODM does not review segment assets to evaluate segment performance, segment assets are not disclosed. |
Segment Information - Summary of Significant Segment Expenses and Other Segment Items (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | $ 781.9 | $ 797.2 | $ 833.6 | ||||||
| Restructuring, impairment and other charges, net | (6.6) | (9.8) | (7.7) | ||||||
| Share-based compensation expense | (25.2) | (22.5) | (19.3) | ||||||
| Gain (loss) on sale of a business | (0.4) | 6.1 | 0.7 | ||||||
| Accelerated rent expense | (3.7) | (0.8) | |||||||
| Disposition-related expenses | (0.3) | (0.1) | |||||||
| Non-income tax, net | 1.1 | 0.9 | 0.9 | ||||||
| COVID-19 related recoveries, net | 0.5 | ||||||||
| Gain on investments in equity securities | 0.4 | 7.0 | 0.5 | ||||||
| Gain on sale of long-lived assets | 9.8 | 0.8 | 0.2 | ||||||
| Depreciation and amortization | (60.2) | (56.7) | (46.3) | ||||||
| Interest expense, net | (12.9) | (15.8) | (9.2) | ||||||
| Investment and other income, net | 1.0 | 0.8 | 3.0 | ||||||
| Earnings before income taxes | 125.1 | 102.0 | 139.3 | ||||||
| Capital Markets - Software Solutions | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 213.6 | 185.9 | 180.2 | ||||||
| Capital Markets - Compliance and Communications Management | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 321.7 | 355.4 | 410.3 | ||||||
| Investment Companies - Software Solutions | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 116.1 | 106.8 | 99.4 | ||||||
| Investment Companies - Compliance and Communications Management | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 130.5 | 149.1 | 143.7 | ||||||
| Operating Segments | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 781.9 | 797.2 | 833.6 | ||||||
| Depreciation and amortization | (60.1) | (56.6) | (46.2) | ||||||
| Operating Segments | Capital Markets - Software Solutions | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 213.6 | 185.9 | 180.2 | ||||||
| Cost of sales | [1] | 57.8 | 61.2 | 68.5 | |||||
| SG&A expenses | [1] | 92.2 | 79.5 | 73.6 | |||||
| Other segment items | 0.1 | [1] | 0.0 | [1] | (0.2) | ||||
| Segment Adjusted EBITDA, Total | 63.5 | 45.2 | 38.3 | ||||||
| Restructuring, impairment and other charges, net | (0.6) | (2.7) | (1.5) | ||||||
| Depreciation and amortization | (27.6) | (29.8) | (23.0) | ||||||
| Operating Segments | Capital Markets - Compliance and Communications Management | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 321.7 | 355.4 | 410.3 | ||||||
| Cost of sales | [1] | 120.4 | 141.4 | 172.9 | |||||
| SG&A expenses | [1] | 90.5 | 94.5 | 96.0 | |||||
| Other segment items | (0.1) | [1] | 0.1 | [1] | 0.0 | ||||
| Segment Adjusted EBITDA, Total | 110.9 | 119.4 | 141.4 | ||||||
| Restructuring, impairment and other charges, net | (3.3) | (5.3) | (3.7) | ||||||
| Depreciation and amortization | (9.8) | (8.0) | (6.7) | ||||||
| Operating Segments | Investment Companies - Software Solutions | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 116.1 | 106.8 | 99.4 | ||||||
| Cost of sales | [1] | 49.6 | 47.1 | 44.9 | |||||
| SG&A expenses | [1] | 26.8 | 22.9 | 20.3 | |||||
| Other segment items | 0.0 | [1] | (0.1) | [1] | 0.1 | ||||
| Segment Adjusted EBITDA, Total | 39.7 | 36.9 | 34.1 | ||||||
| Restructuring, impairment and other charges, net | (0.5) | (0.6) | (0.5) | ||||||
| Depreciation and amortization | (18.2) | (14.2) | (11.9) | ||||||
| Operating Segments | Investment Companies - Compliance and Communications Management | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 130.5 | 149.1 | 143.7 | ||||||
| Cost of sales | [1] | 70.3 | 81.5 | 85.4 | |||||
| SG&A expenses | [1] | 18.6 | 18.2 | 16.6 | |||||
| Other segment items | 0.1 | [1] | 0.0 | [1] | (0.1) | ||||
| Segment Adjusted EBITDA, Total | 41.5 | 49.4 | 41.8 | ||||||
| Restructuring, impairment and other charges, net | (0.6) | (0.1) | (1.4) | ||||||
| Depreciation and amortization | (4.5) | (4.6) | (4.6) | ||||||
| Operating Segments | Reportable Segment, Aggregation before Other Operating Segment [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Segment Adjusted EBITDA, Total | 255.6 | 250.9 | 255.6 | ||||||
| Corporate | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Corporate | [2] | (38.3) | (43.5) | (37.3) | |||||
| Restructuring, impairment and other charges, net | (1.6) | (1.1) | (0.6) | ||||||
| Depreciation and amortization | $ (0.1) | $ (0.1) | $ (0.1) | ||||||
| |||||||||
Segment Information - Summary of Significant Segment Expenses and Other Segment Items (Parenthetical) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting [Abstract] | |||
| Other segment items composition description | The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. | The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. | The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total segment Adjusted EBITDA section above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. |
Segment Information - Schedule of Depreciation and Amortization, Assets and Capital Expenditures (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | $ 60.2 | $ 56.7 | $ 46.3 |
| Assets | 841.6 | 806.9 | |
| Capital expenditures | 65.9 | 61.8 | 54.2 |
| Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | 60.1 | 56.6 | 46.2 |
| Capital expenditures | 64.0 | 59.5 | 50.6 |
| Operating Segments | Capital Markets - Software Solutions | |||
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | 27.6 | 29.8 | 23.0 |
| Capital expenditures | 32.5 | 31.5 | 27.0 |
| Operating Segments | Capital Markets - Compliance and Communications Management | |||
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | 9.8 | 8.0 | 6.7 |
| Capital expenditures | 7.7 | 7.4 | 5.0 |
| Operating Segments | Investment Companies - Software Solutions | |||
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | 18.2 | 14.2 | 11.9 |
| Capital expenditures | 21.1 | 18.8 | 15.6 |
| Operating Segments | Investment Companies - Compliance and Communications Management | |||
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | 4.5 | 4.6 | 4.6 |
| Capital expenditures | 2.7 | 1.8 | 3.0 |
| Corporate | |||
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | 0.1 | 0.1 | 0.1 |
| Capital expenditures | $ 1.9 | $ 2.3 | $ 3.6 |
Geographic Area Information - Schedule of Net Sales and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||||
| Total net sales | $ 781.9 | $ 797.2 | $ 833.6 | ||
| Long-lived assets | [1] | 147.3 | 146.8 | 152.9 | |
| U.S. | |||||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||||
| Total net sales | 699.2 | 698.1 | 718.5 | ||
| Long-lived assets | [1] | 140.6 | 140.9 | 135.3 | |
| Europe | |||||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||||
| Total net sales | 28.7 | 31.0 | 31.4 | ||
| Long-lived assets | [1] | 0.2 | 0.9 | 5.6 | |
| Canada | |||||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||||
| Total net sales | 26.6 | 29.6 | 33.7 | ||
| Long-lived assets | [1] | 0.2 | 0.4 | 0.5 | |
| Asia | |||||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||||
| Total net sales | 25.6 | 36.6 | 48.2 | ||
| Long-lived assets | [1] | 6.3 | 4.6 | 11.5 | |
| Other | |||||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||||
| Total net sales | 1.8 | 1.9 | 1.8 | ||
| Long-lived assets | [1] | $ 0.0 | $ 0.0 | $ 0.0 | |
| |||||