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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q  

    

(Mark One)      

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

For the quarterly period ended June 30, 2019  

OR  

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

Commission file number

001-37729      

LSC Communications, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

36-4829580

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

191 N. Wacker Drive, Suite 1400

Chicago, IL 60606

(Address of principal executive offices, including zip code)

(773) 272-9200  

(Registrant’s telephone number, including area code)

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

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock (Par Value $0.01)

 

LKSD

 

NYSE

 

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

Yes   No 

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

Yes   No 

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

 

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

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

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

Yes   No  ☒    

As of August 2, 2019, 33,551,195 shares of common stock were outstanding.            

 


 

LSC COMMUNICATIONS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED June 30, 2019

 

TABLE OF CONTENTS

  

PART I

 

 

Page

FINANCIAL INFORMATION

 

 

Item 1: Condensed Consolidated Financial Statements (unaudited)

 

3

Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

 

3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018

 

4

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018

 

5

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018

 

6

Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2019 and 2018

 

7

Notes to Condensed Consolidated Financial Statements

 

8

Item 2:  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

Item 3: Quantitative and Qualitative Disclosures About Market Risk

 

50

Item 4: Controls and Procedures

 

50

 

 

 

Part II. Other Information

 

 

51

Item 1: Legal Proceedings

 

51

Item 1A: Risk Factors

 

51

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

 

51

Item 4: Mine Safety Disclosures

 

51

Item 6: Exhibits

 

51

Signatures

 

55

 

 

  

2


 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

LSC COMMUNICATIONS, INC.  

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)     

(UNAUDITED)            

 

  

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

17

 

 

$

21

 

Receivables, less allowances for doubtful accounts of $15 in 2019 (2018 - $14)

 

 

582

 

 

 

617

 

Inventories (Note 5)

 

 

213

 

 

 

197

 

Income tax receivable

 

 

7

 

 

 

4

 

Prepaid expenses and other current assets

 

 

36

 

 

 

28

 

Total current assets

 

 

855

 

 

 

867

 

Property, plant and equipment-net (Note 6)

 

 

485

 

 

 

508

 

Goodwill (Note 7)

 

 

103

 

 

 

103

 

Other intangible assets-net (Note 7)

 

 

130

 

 

 

156

 

Right-of-use assets for operating leases

 

 

188

 

 

 

 

Deferred income taxes

 

 

30

 

 

 

27

 

Other noncurrent assets

 

 

88

 

 

 

93

 

Total assets

 

$

1,879

 

 

$

1,754

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$

347

 

 

$

372

 

Accrued liabilities

 

 

188

 

 

 

199

 

Short-term debt and current portion of long-term debt (Note 10)

 

 

192

 

 

 

108

 

Short-term operating lease liabilities

 

 

46

 

 

 

 

Total current liabilities

 

 

773

 

 

 

679

 

Long-term debt (Note 10)

 

 

639

 

 

 

659

 

Pension liabilities

 

 

100

 

 

 

132

 

Restructuring and multi-employer pension liabilities (Note 8)

 

 

42

 

 

 

45

 

Long-term operating lease liabilities

 

 

148

 

 

 

 

Other noncurrent liabilities

 

 

51

 

 

 

61

 

Total liabilities

 

$

1,753

 

 

$

1,576

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized: 65,000,000

 

 

 

 

 

 

 

 

Issued: 35,583,329 shares in 2019 (2018: 35,029,565)

 

$

 

 

$

 

Additional paid-in capital

 

 

832

 

 

 

828

 

Accumulated deficit

 

 

(209

)

 

 

(42

)

Accumulated other comprehensive loss (Note 13)

 

 

(472

)

 

 

(584

)

Treasury stock, at cost: 2,032,134 shares in 2019 (2018: 1,888,205)

 

 

(25

)

 

 

(24

)

Total equity

 

 

126

 

 

 

178

 

Total liabilities and equity

 

$

1,879

 

 

$

1,754

 

                              

                      

  

    

    

 

See Notes to the Condensed Consolidated Financial Statements

3


 

LSC COMMUNICATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)      

(UNAUDITED)  

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

869

 

 

$

943

 

 

$

1,714

 

 

$

1,872

 

Cost of sales

 

 

750

 

 

 

798

 

 

 

1,485

 

 

 

1,606

 

Selling, general and administrative expenses (exclusive of

     depreciation and amortization)

 

 

80

 

 

 

82

 

 

 

165

 

 

 

165

 

Restructuring, impairment and other charges-net (Note 8)

 

 

24

 

 

 

11

 

 

 

37

 

 

 

17

 

Depreciation and amortization

 

 

31

 

 

 

34

 

 

 

62

 

 

 

72

 

(Loss) income from operations

 

 

(16

)

 

 

18

 

 

 

(35

)

 

 

12

 

Interest expense-net (Note 10)

 

 

19

 

 

 

18

 

 

 

38

 

 

 

38

 

Settlement of retirement benefit obligations (Note 12)

 

 

1

 

 

 

 

 

 

136

 

 

 

 

Investment and other (income)-net

 

 

(9

)

 

 

(13

)

 

 

(19

)

 

 

(24

)

(Loss) income before income taxes

 

 

(27

)

 

 

13

 

 

 

(190

)

 

 

(2

)

Income tax (benefit) expense

 

 

(3

)

 

 

5

 

 

 

(40

)

 

 

1

 

Net (loss) income

 

$

(24

)

 

$

8

 

 

$

(150

)

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net (loss) income per share

 

$

(0.69

)

 

$

0.24

 

 

$

(4.48

)

 

$

(0.09

)

Diluted net (loss) income per share

 

$

(0.69

)

 

$

0.23

 

 

$

(4.48

)

 

$

(0.09

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

33.5

 

 

 

34.0

 

 

 

33.4

 

 

34.3

 

Diluted

 

33.5

 

 

 

34.3

 

 

 

33.4

 

 

34.3

 

        

                   

                        

            

      

    

  

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to the Condensed Consolidated Financial Statements

4


 

LSC COMMUNICATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net (loss) income

 

$

(24

)

 

$

8

 

 

$

(150

)

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax (Note 13):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

1

 

 

 

(14

)

 

 

2

 

 

 

(9

)

Adjustment for net periodic pension plan cost

 

 

3

 

 

 

4

 

 

 

110

 

 

 

8

 

Other comprehensive income (loss)

 

 

4

 

 

 

(10

)

 

 

112

 

 

 

(1

)

Comprehensive (loss)

 

$

(20

)

 

$

(2

)

 

$

(38

)

 

$

(4

)

    

The adjustments for net pension plan cost were net of income tax expense of $1 million and $37 million for the three and six months ended June 30, 2019, respectively.  The tax expense for the six months ended June 30, 2019 was primarily due to the settlements of retirement benefit obligations that are discussed in Note 13, Comprehensive Income .  The adjustments for net pension plan cost were net of income tax expense of $1 million and $2 million for the three and six months ended June 30, 2018, respectively.      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to the Condensed Consolidated Financial Statements

5


 

LSC COMMUNICATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(UNAUDITED)   

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2019

 

 

2018

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

Net (loss)

 

$

(150

)

 

$

(3

)

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

     activities:

 

 

 

 

 

 

 

 

Impairment charges

 

 

19

 

 

 

 

Depreciation and amortization

 

 

62

 

 

 

72

 

Provision for doubtful accounts receivable

 

 

4

 

 

 

4

 

Share-based compensation

 

 

4

 

 

 

8

 

Deferred income taxes

 

 

(39

)

 

 

4

 

Settlement of retirement benefit obligations

 

 

136

 

 

 

 

Other

 

 

1

 

 

 

4

 

Changes in operating assets and liabilities - net of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable-net

 

 

32

 

 

 

61

 

Inventories

 

 

(15

)

 

 

(49

)

Prepaid expenses and other current assets

 

 

1

 

 

 

(4

)

Accounts payable

 

 

(13

)

 

 

(81

)

Income taxes receivable

 

 

(3

)

 

 

2

 

Accrued liabilities and other

 

 

(36

)

 

 

(44

)

Net cash provided by (used in) operating activities

 

 

3

 

 

 

(26

)

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(49

)

 

 

(37

)

Acquisitions of businesses, net of cash acquired

 

 

(3

)

 

 

4

 

Net proceeds from sales and purchase of investments and other assets

 

 

 

 

 

1

 

Net cash (used in) investing activities

 

 

(52

)

 

 

(32

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

Payments of current maturities and long-term debt

 

 

(22

)

 

 

(26

)

Net proceeds from credit facility borrowings

 

 

84

 

 

 

115

 

Payments for repurchase of common stock

 

 

 

 

 

(20

)

Dividends paid

 

 

(17

)

 

 

(18

)

Other financing activities

 

 

(1

)

 

 

(1

)

Net cash provided by financing activities

 

 

44

 

 

 

50

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate on cash and cash equivalents

 

 

1

 

 

 

(2

)

Net (decrease) in cash, cash equivalents and restricted cash

 

 

(4

)

 

 

(10

)

Cash, cash equivalents and restricted cash at beginning of year

 

 

24

 

 

 

35

 

Cash, cash equivalents and restricted cash at end of period

 

$

20

 

 

$

25

 

 

 

 

 

 

 

 

 

 

Reconciliation to the Condensed Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

As of

 

 

As of

 

 

 

June 30, 2019

 

 

December 31, 2018

 

Cash and cash equivalents

 

$

17

 

 

$

21

 

Restricted cash included in prepaid expenses and other current assets

 

 

3

 

 

 

3

 

Total cash, cash equivalents and restricted cash shown in the condensed consolidated

     statements of cash flows

 

$

20

 

 

$

24

 

 

 

See Notes to the Condensed Consolidated Financial Statements   

6


 

LSC COMMUNICATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Treasury Stock

 

 

(Accumulated

 

 

Comprehensive

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Deficit)

 

 

(Loss) Income

 

 

Equity

 

Balance at December 31, 2018

 

 

35

 

 

$

 

 

$

828

 

 

 

2

 

 

$

(24

)

 

$

(42

)

 

$

(584

)

 

$

178

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(126

)

 

 

 

 

 

(126

)

Issuance of share-based awards,

     net of withholdings and other

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Share-based compensation

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Cash dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

 

 

 

(9

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

108

 

 

 

108

 

Balance at March 31, 2019

 

 

36

 

 

$

 

 

$

831

 

 

 

2

 

 

$

(25

)

 

$

(177

)

 

$

(476

)

 

$

153

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24

)

 

 

 

 

 

(24

)

Issuance of share-based awards,

     net of withholdings and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Cash dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

 

 

 

 

(8

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Balance at June 30, 2019

 

 

36

 

 

$

 

 

$

832

 

 

 

2

 

 

$

(25

)

 

$

(209

)

 

$

(472

)

 

$

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Treasury Stock

 

 

(Accumulated

 

 

Comprehensive

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Deficit)

 

 

(Loss) Income

 

 

Equity

 

Balance at December 31, 2017

 

35

 

 

$

 

 

$

816

 

 

 

 

 

$

(2

)

 

$

(90

)

 

$

(476

)

 

$

248

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11

)

 

 

 

 

 

(11

)

Revenue recognition adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Reclassification of tax rate change

     to accumulated deficit

      (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

97

 

 

 

(97

)

 

 

 

Issuance of share-based awards,

     net of withholdings and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

(2

)

Share-based compensation

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Cash dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

 

 

 

(9

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

9

 

Balance at March 31, 2018

 

 

35

 

 

$

 

 

$

819

 

 

 

 

 

$

(4

)

 

$

(4

)

 

$

(564

)

 

$

247

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

8