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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 September 30, 2020

☐	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: None

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 October 23, 2020, 33,586,062 shares of common stock were outstanding.

LSC COMMUNICATIONS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION
Item 1:	Condensed Consolidated Financial Statements (unaudited) (Debtor-in-Possession)	3
	Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019	3
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019	4
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019	5
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019	6
	Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2020 and 2019	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4:	Controls and Procedures	62
Part II. Other Information		63
Item 1:	Legal Proceedings	63
Item 1A:	Risk Factors	63
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 4:	Mine Safety Disclosures	69
Item 6:	Exhibits	70
	Signatures	74

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

LSC COMMUNICATIONS, INC.

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

(UNAUDITED)

	September 30,			December 31,
	2020			2019 (1)
ASSETS
Cash and cash equivalents	$	64		$	105
Receivables
Amortized cost		440			484
Less: Allowance for credit losses		(14	)		(12	)
Receivables, net		426			472
Inventories (Note 5)		147			170
Income tax receivable		—			5
Assets held for sale (Note 6)		47			9
Prepaid expenses and other current assets		41			27
Total current assets		725			788
Property, plant and equipment-net (Note 6)		341			440
Goodwill (Note 7)		52			52
Other intangible assets-net (Note 7)		107			120
Right-of-use assets for operating leases		126			163
Deferred income taxes		7			9
Net pension asset (Note 12)		47			—
Other noncurrent assets		68			77
Total assets	$	1,473		$	1,649

LIABILITIES
Accounts payable	$	110		$	175
Accrued liabilities		187			211
Short-term debt and current portion of long-term debt (Note 10)		254			465
Short-term operating lease liabilities		30			42
Liabilities held for sale (Note 6)		14			—
Total current liabilities		595			893
Long-term debt (Note 10)		—			445
Pension liabilities		1			156
Restructuring and multi-employer pension liabilities (Note 8)		—			42
Long-term operating lease liabilities		99			129
Other noncurrent liabilities		43			56
Liabilities subject to compromise (Note 2)		912			—
Total liabilities	$	1,650		$	1,721

Commitments and contingencies (Note 9)

EQUITY
Common stock, $0.01 par value
Authorized: 65,000,000
Issued: 35,719,936 shares in 2020 (2019: 35,559,052)	$	—		$	—
Additional paid-in capital		837			835
Accumulated deficit		(591	)		(365	)
Accumulated other comprehensive loss (Note 14)		(398	)		(517	)
Treasury stock, at cost: 2,133,874 shares in 2020 (2019: 2,084,055)		(25	)		(25	)
Total equity		(177	)		(72	)
Total liabilities and equity	$	1,473		$	1,649

(1) As Adjusted, see Impact of Change in Accounting Principle in Note 1

See Notes to the Condensed Consolidated Financial Statements

LSC COMMUNICATIONS, INC.

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019 (1)			2020			2019 (1)
Net sales	$	628		$	834		$	1,861		$	2,548
Cost of sales		530			716			1,614			2,201
Selling, general and administrative expenses (exclusive of depreciation and amortization)		64			88			200			253
Restructuring, impairment and other charges-net (Note 8)		56			10			114			47
Depreciation and amortization		24			29			79			91
(Loss) from operations		(46	)		(9	)		(146	)		(44	)
Interest expense-net (Note 10)		5			20			26			58
Settlement of retirement benefit obligations (Note 12)		63			1			63			134
Termination fee from Quad		—			(45	)		—			(45	)
Investment and other (income)-net		(14	)		(8	)		(35	)		(24	)
Reorganization items, net (Note 2)		24			—			38			—
(Loss) income before income taxes		(124	)		23			(238	)		(167	)
Income tax (benefit)		(13	)		—			(12	)		(40	)
Net (loss) income	$	(111	)	$	23		$	(226	)	$	(127	)

Net (loss) income per common share (Note 11)
Basic net (loss) income per share	$	(3.29	)	$	0.66		$	(6.71	)	$	(3.82	)
Diluted net (loss) income per share	$	(3.29	)	$	0.66		$	(6.71	)	$	(3.82	)

Weighted-average number of common shares outstanding:
Basic	33.7				33.5			33.6			33.4
Diluted	33.7				33.5			33.6			33.4

(1) As Adjusted, see Impact of Change in Accounting Principle in Note 1

See Notes to the Condensed Consolidated Financial Statements

LSC COMMUNICATIONS, INC.

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019 (1)			2020			2019 (1)
Net (loss) income	$	(111	)	$	23		$	(226	)	$	(127	)

Other comprehensive income (loss), net of tax (Note 14):
Translation adjustments		2			(2	)		(8	)		—
Adjustment for net periodic pension plan cost		121			3			127			113
Other comprehensive income (loss)		123			1			119			113
Comprehensive (loss) income	$	12		$	24		$	(107	)	$	(14	)

The adjustments for net pension plan cost were net of income tax expense of $17 million and $19 million for the three and nine months ended September 30, 2020, respectively. The adjustments for net pension plan cost were net of income tax expense of $1 million and $38 million for the three and nine months ended September 30, 2019, respectively. The tax expense for the nine months ended September 30, 2020 and 2019 was primarily due to the settlements of retirement benefit obligations that are disclosed in Note 14, Comprehensive Income.

(1) As Adjusted, see Impact of Change in Accounting Principle in Note 1

See Notes to the Condensed Consolidated Financial Statements

LSC COMMUNICATIONS, INC.

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(UNAUDITED)

	Nine Months Ended
	September 30,
	2020			2019 (1)
Cash Flows from Operating Activities
Net (loss)	$	(226	)	$	(127	)
Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities:
Impairment charges		30			20
Depreciation and amortization		79			91
Provision for doubtful accounts receivable		5			7
Share-based compensation		2			6
Deferred income taxes		(18	)		(42	)
Settlement of retirement benefit obligations		63			134
Gain on sale of investments and other assets, net		(2	)		—
Non-cash reorganization items, net		13			—
Other		12			(2	)
Changes in operating assets and liabilities - net of acquisitions and dispositions:
Accounts receivable-net		27			76
Inventories		18			(21	)
Prepaid expenses and other current assets		(12	)		4
Accounts payable		65			(53	)
Income taxes payable and receivable		4			(1	)
Accrued liabilities and other		(22	)		(3	)
Changes in liabilities subject to compromise		(55	)		—
Net cash (used in) provided by operating activities		(17	)		89

Cash Flows from Investing Activities
Capital expenditures		(25	)		(60	)
Acquisitions of businesses, net of cash acquired		—			(3	)
Disposition of businesses		—			4
Net proceeds from sales and purchases of investments and other assets		3			—
Net cash (used in) investing activities		(22	)		(59	)

Cash Flows from Financing Activities
Payments of current maturities and long-term debt		—			(33	)
Net proceeds from credit facility borrowings		4			19
Debt issuance costs		(1	)		(2	)
Dividends paid		—			(17	)
Other financing activities		—			(1	)
Net cash provided by (used in) financing activities		3			(34	)

Effect of exchange rate on cash and cash equivalents		(2	)		1
Net (decrease) in cash, cash equivalents and restricted cash		(38	)		(3	)
Cash, cash equivalents and restricted cash at beginning of year		106			24
Cash, cash equivalents and restricted cash at end of period	$	68		$	21

Reconciliation to the Consolidated Balance Sheets	As of
	September 30, 2020			December 31, 2019
Cash and cash equivalents	$	64		$	105
Restricted cash included in prepaid expenses and other current assets		4			1
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	68		$	106

(1) As Adjusted, see Impact of Change in Accounting Principle in Note 1

See Notes to the Condensed Consolidated Financial Statements

LSC COMMUNICATIONS, INC.

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in millions)

(UNAUDITED)

															Accumulated
					Additional										Other
	Common Stock				Paid-in		Treasury Stock					(Accumulated			Comprehensive			Total
	Shares		Amount		Capital		Shares		Amount			Deficit)			(Loss) Income			Equity
Balance at December 31, 2019		36	$	—	$	835		2	$	(25	)	$	(365	)	$	(517	)	$	(72	)
Net (loss)		—		—		—		—		—			(52	)		—			(52	)
Share-based compensation		—		—		1		—		—			—			—			1
Other comprehensive (loss)		—		—		—		—		—			—			(8	)		(8	)
Balance at March 31, 2020		36	$	—	$	836		2	$	(25	)	$	(417	)	$	(525	)	$	(131	)
Net (loss)		—		—		—		—		—			(63	)		—			(63	)
Share-based compensation		—		—	1			—		—			—			—			1
Other comprehensive income		—		—		—		—		—			—			4			4
Balance at June 30, 2020		36	$	—	$	837		2	$	(25	)	$	(480	)	$	(521	)	$	(189	)
Net (loss)		—		—		—		—		—			(111	)		—			(111	)
Share-based compensation		—		—		—		—		—			—			—			—
Other comprehensive income		—		—		—		—		—			—			123			123
Balance at September 30, 2020		36	$	—	$	837		2	$	(25	)	$	(591	)	$	(398	)	$	(177	)

															Accumulated
					Additional										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	)	$	(51	)	$	(575	)	$	178
Net (loss)		—		—		—		—		—			(125	)		—			(125	)
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		—		—		—		—		—			—			107			107
Balance at March 31, 2019		36	$	—	$	831		2	$	(25	)	$	(185	)	$	(468	)	$	153
Net (loss)		—		—		—		—		—			(25	)		—			(25	)
Share-based compensation		—		—		1		—		—			—			—			1
Cash dividends paid		—		—		—		—		—			(8	)		—			(8	)
Other comprehensive income		—		—		—		—		—			—			5			5
Balance at June 30, 2019		36	$	—	$	832		2	$	(25	)	$	(218	)	$	(463	)	$	126
Net income		—		—		—		—		—			23			—			23
Share-based compensation		—		—		2		—		—			—			—			2
Other comprehensive income		—		—		—		—		—			—			1			1
Balance at September 30, 2019		36	$	—	$	834		2	$	(25	)	$	(195	)	$	(462	)	$	152

Refer to Impact of Change in Accounting Principle in Note 1, Overview and Basis of Presentation, for information on the adjustments made to accumulated deficit and accumulated other comprehensive loss in both periods.

There were dividends declared per common share of $0.52 during the nine months ended September 30, 2019 (none during the three months ended September 30, 2019 and three and nine months ended September 30, 2020).

See Notes to the Condensed Consolidated Financial Statements

LSC Communications, Inc.

(DEBTOR-IN-POSSESSION)

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the Three and Nine Months Ended September 30, 2020 and 2019

(tabular amounts in millions, except per share data)

Note 1. Overview and Basis of Presentation

Description of Business

The principal business of LSC Communications, Inc., a Delaware corporation, and its direct or indirect wholly-owned subsidiaries (“LSC Communications,” “the Company,” “we,” “our” and “us”) is to offer a broad scope of traditional and digital print, print-related services and office products. The Company serves the needs of publishers, merchandisers and retailers worldwide with a service offering that includes e-services, logistics, warehousing and fulfillment and supply chain management services. The Company utilizes a broad portfolio of technology capabilities coupled with consultative attention to clients' needs to increase speed to market, reduce costs, provide postal savings to customers and improve efficiencies. The Company prints magazines, catalogs, books and directories, and its office products offerings include filing products, envelopes, note-taking products, binder products, and forms.

Voluntary Reorganization under Chapter 11

On April 13, 2020 (the “Petition Date”), the Company and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) (collectively, the “Chapter 11 Cases”).

Refer to Note 2, Voluntary Reorganization under Chapter 11, for more information on the Chapter 11 Cases and the Stock and Asset Purchase Agreement (“Purchase Agreement”) entered into on September 15, 2020.

Going Concern

The accompanying condensed consolidated financial statements were prepared assuming that the Company will continue as a going concern and contemplate the continuity of our operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. Our ability to continue as a going concern is contingent upon our ability to comply with the covenants of the Debtor-in-Possession Credit Agreement described in Note 10, Debt, and our ability to implement, subject to the Bankruptcy Court’s approval, a plan of reorganization, among other factors.

While operating as debtors-in-possession under Chapter 11, we may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions in our debt agreements), for amounts other than those reflected in the accompanying condensed consolidated financial statements. Further, the plan of reorganization could materially change the amounts and classifications of assets and liabilities reported in the condensed consolidated financial statements.

As a result of the factors noted above, we believe there is substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements included in this quarterly report on Form 10-Q do not include any adjustments related to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

LSC Communications, Inc.

(DEBTOR-IN-POSSESSION)

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the Three and Nine Months Ended September 30, 2020 and 2019

(tabular amounts in millions, except per share data)

Coronavirus Pandemic (“COVID-19”)

During and subsequent to the nine months ended September 30, 2020, the novel coronavirus strain, known as COVID-19, continues to impact the world at an increasing rate. Measures taken by governmental authorities and private actors to limit the spread of this virus may interfere with the ability of the Company's employees, suppliers, and other business providers to carry out their assigned tasks or supply materials at ordinary levels of performance relative to the conduct of the business which may cause a material curtailment to certain business operations. Moreover, as a large part of the Company's business involves sales of books and other products used in schools and school facilities, if COVID-19 related measures continue to result in widespread and lengthy school closings, the Company's consolidated results of operations and financial condition will be adversely impacted. Books sold in retail stores have also been adversely impacted as both large chains and independent stores have been forced to close, although some retail stores have subsequently re-opened. Additionally, as COVID-19 has significantly impacted retailers' stores, distribution centers and supply chains, the Company has experienced an adverse impact on our catalogs and office products businesses. Disruption across many other industries has also significantly impacted demand for advertising, which may result in page count and volume reductions in magazines.

We continue to monitor the situation, to assess further possible implications to our business and customers, and to take actions in an effort to mitigate adverse consequences. The Company has expanded its work-from-home policy for its non-manufacturing employees, has focused on obtaining protective equipment and implementing social distancing and other policies for its manufacturing employees and continues to adhere to guidance issued by governmental authorities.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. Refer to Note 13, Taxes, for more information on the CARES Act.

Basis of Presentation

The condensed consolidated financial statements include the balance sheets and statements of operations, stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Certain immaterial reclassifications have been made to the prior period presentation to conform to the current period presentation. All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates.

As a result of the Company’s segment analysis in the fourth quarter of 2019, Mexico met the requirements to be classified as a reportable segment (previously included as a non-reportable segment). All prior year amounts have been reclassified to conform to the Company’s current reporting structure. Refer to Note 15, Segment Information, for reclassified balances for the three and nine months ended September 30, 2019.

The Company adopted Accounting Standards Update No. 2016-13 “Financial Instruments-Credit Losses (Topic 326)” (“ASU 2016-13” or “ASC 326”) on January 1, 2020 using the modified retrospective adoption method. As a result of the adoption, the Company separately disclosed the amortized cost amount of total receivables separately from the allowance for credit losses in the condensed consolidated balance sheet. Refer to Note 3, Revenue Recognition, for more information.

LSC Communications, Inc.

(DEBTOR-IN-POSSESSION)

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the Three and Nine Months Ended September 30, 2020 and 2019

(tabular amounts in millions, except per share data)

Impact of Change in Accounting Principle

Beginning in the first quarter of 2020, the Company changed the method of accounting for the market-related value of assets for a class of assets within the U.S. Qualified Plan and Non-Qualified plans. This class of assets is currently comprised of liability-hedging investments, which represents approximately 60% of the plans’ assets. Liability-hedging investments provide a natural hedge against the changes in the recorded amount of net periodic pension cost. Refer to Note 12, Retirement Plans, in the Company’s Form 10-K for the fiscal year ended December 31, 2019 for disclosure by asset classifications. The previous method of accounting was to use the market-related value of assets for all the plans’ assets by recognizing changes in fair value of plan assets ratably over a five-year period. As a result of the change in method of accounting the Company will no longer use the market-related value of liability-hedging investments. Instead, the fair value of liability-hedging investments was immediately included in the calculation of net periodic pension cost. This change in accounting method is preferable because it accelerated the recognition of the fair value for this class of assets into net income or loss. No change was made to the accounting principle for the other classes of pension assets, which represent the remaining 40% of the pension asset portfolio for the plan.

The change in accounting principle requires retrospective application and prospective disclosure. Refer below for the restatements on previously issued financial statements. Retrospective application was applied to periods beginning in 2017 as it was determined not to be possible to go further than that date due to the Company’s separation in 2016 from its prior parent company. Prior to the separation in 2016, the U.S. Qualified and Non-Qualified pension plans were legally owned by the Company’s prior parent company.

The cumulative effect of the change on accumulated deficit was an increase in deficit of $9 million as of January 1, 2019 and a $9 million decrease in accumulated other comprehensive loss, as shown in the condensed statement of stockholders’ equity.

The historical statements of cash flows are also being retrospectively restated as changes in net (loss) income, expense related to settlement of retirement obligations and pension income flow through the operating activities section with an offsetting impact to the change in accrued liabilities and other. There is no net impact to cash flows provided by (used in) operating activities.

The tables below represent the impact of the change in accounting principle on the condensed consolidated balance sheets and statement of stockholders’ equity for certain periods since 2018:

	Previously Disclosed in Form 10-K						As Reported with Change
	As of December 31, 2018			Impact of Change			As of December 31, 2018
Equity
(Accumulated deficit)	$	(42	)	$	(9	)	$	(51	)
Accumulated other comprehensive (loss) income		(584	)		9			(575	)

	Previously Disclosed in Form 10-K						As Reported with Change
	As of December 31, 2019			Impact of Change			As of December 31, 2019
Equity
(Accumulated deficit)	$	(354	)	$	(11	)	$	(365	)
Accumulated other comprehensive (loss) income		(528	)		11			(517	)

LSC Communications, Inc.

(DEBTOR-IN-POSSESSION)

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the Three and Nine Months Ended September 30, 2020 and 2019

(tabular amounts in millions, except per share data)

	Previously Disclosed in Form 10-Q						As Reported with Change
	As of March 31, 2019			Impact of Change			As of March 31, 2019
Equity
(Accumulated deficit)	$	(177	)	$	(8	)	$	(185	)
Accumulated other comprehensive (loss) income		(476	)		8			(468	)

	Previously Disclosed in Form 10-Q						As Reported with Change
	As of June 30, 2019			Impact of Change			As of June 30, 2019
Equity
(Accumulated deficit)	$	(209	)	$	(9	)	$	(218	)
Accumulated other comprehensive (loss) income		(472	)		9			(463	)

	Previously Disclosed in Form 10-Q						As Reported with Change
	As of September 30, 2019			Impact of Change			As of September 30, 2019
Equity
(Accumulated deficit)	$	(185	)	$	(10	)	$	(195	)
Accumulated other comprehensive (loss) income		(472	)		10			(462	)

The tables below represent the impact of the change in accounting principle on the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2019:

	Previously Disclosed in Form 10-Q						As Reported with Change
	Three Months Ended September 30, 2019			Impact of Change			Three Months Ended September 30, 2019
Settlement of retirement benefit obligations	$	1			—		$	1
Investment and other (income) expense		(9	)		1			(8	)
Income (loss) before income taxes		24			(1	)		23
Income tax (benefit)		—			—			—
Net income (loss)		24			(1	)		23
Basic net income (loss) per share		0.69			(0.03	)		0.66
Diluted net income (loss) per share		0.69			(0.03	)		0.66
Adjustment for net periodic pension plan cost		2			1			3
Other comprehensive income		—			1			1
Comprehensive income		24			—			24

LSC Communications, Inc.

(DEBTOR-IN-POSSESSION)

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the Three and Nine Months Ended September 30, 2020 and 2019

(tabular amounts in millions, except per share data)

	Previously Disclosed in Form 10-Q						As Reported with Change
	Nine Months Ended September 30, 2019			Impact of Change			Nine Months Ended September 30, 2019
Settlement of retirement benefit obligations	$	137		$	(3	)	$	134
Investment and other (income) expense		(28	)		4			(24	)
(Loss) before income taxes		(166	)		(1	)		(167	)
Income tax (benefit)		(40	)		—			(40	)
Net (loss)		(126	)		(1	)		(127	)
Basic net (loss) per share		(3.78	)		(0.04	)		(3.82	)
Diluted net (loss) per share		(3.78	)		(0.04	)		(3.82	)
Adjustment for net periodic pension plan cost		112			1			113
Other comprehensive income		112			1			113
Comprehensive (loss)		(14	)		—			(14	)

The tables below represent the impact of the change in accounting principle on the condensed consolidated balance sheet as of September 30, 2020 and the statements of operations and comprehensive income for the three and nine months ended September 30, 2020:

	Previous Accounting Method						As Reported
	As of September 30, 2020			Impact of Change			As of September 30, 2020
Equity
(Accumulated deficit)	$	(585	)	$	(6	)	$	(591	)
Accumulated other comprehensive (loss) income		(406	)		8			(398	)
Net pension asset		43			4			47

	Previous Accounting Method						As Reported
	Three Months Ended September 30, 2020			Impact of Change			Three Months Ended September 30, 2020
Settlement of retirement obligations	$	64		$	(1	)	$	63
Investment and other (income)		(11	)		(3	)		(14	)
(Loss) income before income taxes		(128	)		4			(124	)
Income tax (benefit) expense		(14	)		1			(13	)

LSC Communications, Inc. 10-Q