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TableofContents
UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM10-K 
ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934
ForthefiscalyearendedDecember31,2008OR 
TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934
ForthetransitionperiodfromtoCommissionfilenumber1-4694
R.R.DONNELLEY&SONSCOMPANY
(Exactnameofregistrantasspecifiedinitscharter)
Delaware
36-1004130
(Stateorotherjurisdictionof incorporationororganization)
(I.R.S.EmployerIdentificationNo.)
111SouthWackerDrive,Chicago,Illinois
60606
(Addressofprincipalexecutiveoffices)
(ZIPCode)
Registrant’stelephonenumber—(312)326-8000
SecuritiesregisteredpursuanttoSection12(b)oftheAct:
TitleofeachClass
Nameofeachexchangeonwhichregistered
CommonStock(ParValue$1.25)
 NewYorkandChicagoStockExchanges
Indicatedbycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes
x
No
®
IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes
®
No
x
Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttothefilingrequirementsforthepast90days.Yes
x
No
®
IndicatebycheckmarkifdisclosureofdelinquentfilerspursuanttoItem405ofRegulationS-Kisnotcontainedherein,andwillnotbecontained,tothebestofregistrant’sknowledge,indefinitiveproxyorinformationstatementsincorporatedbyreferenceinPartIIIofthisForm10-KoranyamendmenttothisForm10-K.
®
Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler”and“smallerreportingcompany”inRule12b-2oftheExchangeAct:
Largeacceleratedfiler
x
Acceleratedfiler
®
 Non-acceleratedfiler
®
Smallerreportingcompany
®
(Donotcheckifasmallerreportingcompany)Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes
®
No
x
Theaggregatemarketvalueofthesharesofcommonstock(basedontheclosingpriceofthesesharesontheNewYorkStock Exchange—CompositeTransactions)onJune30,2008,thelastbusinessdayoftheregistrant’smostrecentlycompletedsecondfiscalquarter,heldbynonaffiliateswas$6,245,926,242.AsofFebruary20,2009,205,208,132sharesofcommonstockwereoutstanding.
DocumentsIncorporatedByReference
PortionsoftheRegistrant’sproxystatementrelatedtoitsannualmeetingofstockholdersscheduledtobeheldonMay21,2009areincorporatedbyreferenceintoPartIIIofthisForm10-K.
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TableofContentsTABLEOFCONTENTS
Form10-K ItemNo.
Nameof Item
Page
PartI
Item1.
Business
3
Item1A.
RiskFactors
9
Item1B.
UnresolvedStaffComments
13
Item2.
Properties
13
Item3.
LegalProceedings
13
Item4.
SubmissionofMatterstoaVoteofSecurityHolders
13
ExecutiveOfficersofR.R.Donnelley&SonsCompany
14PartII
Item5.
MarketforR.R.Donnelley&SonsCompany’sCommonEquity,RelatedStockholderMattersandIssuer PurchasesofEquitySecurities
15
Item6.
SelectedFinancialData
17
Item7.
Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations
18
Item7A.
QuantitativeandQualitativeDisclosuresaboutMarketRisk 
48
Item8.
FinancialStatementsandSupplementaryData
48
Item9.
ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosure
48
Item9A.
ControlsandProcedures
49
Item9B.
OtherInformation
52PartIII
Item10.
DirectorsandExecutiveOfficersofR.R.Donnelley&SonsCompanyandCorporateGovernance
53
Item11.
ExecutiveCompensation
53
Item12.
SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters
53
Item13.
CertainRelationshipsandRelatedTransactionsandDirectorIndependence
55
Item14.
PrincipalAccountingFeesandServices
55PartIV
Item15.
Exhibits,FinancialStatementSchedules
56
Signatures
57
2
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TableofContentsPARTI
ITEM1.BUSINESS
Companyoverview 
R.R.Donnelley&SonsCompany(“RRDonnelley,”the“Company,”“we,”“us,”and“our”)istheworld’spremierfull-serviceproviderof  printandrelatedservices,includingbusinessprocessoutsourcing.Foundedmorethan144yearsago,theCompanyprovidesproductsandsolutionsincommercialprinting,directmail,financialprinting,printfulfillment,labels,forms,logistics,callcenters,transactionalprint-and-mail, printmanagement,onlineservices,digitalphotography,colorservices,andcontentanddatabasemanagementtocustomersinthepublishing,healthcare,advertising,retail,technology,financialservicesandmanyotherindustries.ThelargestcompaniesintheworldandothersrelyonRRDonnelley’sscale,scopeandinsightthroughacomprehensiverangeofonlinetools,variableprintingservicesandmarket-specificsolutions.
 Businessacquisitions
OnJanuary2,2009,theCompanyacquiredtheassetsofPROSA,awebprintingcompanylocatedinSantiago,Chile.PROSA’soperations,whichproducemagazines,catalogs,retailinsertsandsoft-covertextbooks,willbeincludedintheInternationalsegment.OnMarch14,2008,theCompanyacquiredProLinePrinting,Inc.(“ProLine”),amulti-facility,privatelyheldproducerofnewspaper insertsheadquarteredinIrving,Texas.ProLine’soperationsareincludedintheU.S.PrintandRelatedServicessegment.OnDecember27,2007,theCompanyacquiredCardinalBrands,Inc.(“CardinalBrands”),adesigner,developerandmanufacturerof document-relatedbusiness,consumerandhobbyproducts.CardinalBrandshasmanufacturingoperationsintheUnitedStatesandMexico.CardinalBrands’operationsareincludedintheU.S.PrintandRelatedServicessegment.OnMay16,2007,theCompanyacquiredVonHoffmann,aleadingU.S.basedprinterofbooksandotherproductsthatservesprimarilytheeducation,tradeandbusiness-to-businesscatalogsectors,fromVisantCorporation.VonHoffmann’soperationsareincludedintheU.S.PrintandRelatedServicessegment.OnJanuary24,2007,theCompanyacquiredPerryJudd’sHoldingsIncorporated(“PerryJudd’s”),aprinterofmagazinesandcatalogswithlong-andshort-runcapabilitiesforproducingconsumerandbusiness-to-businesscatalogsaswellasconsumer,tradeandassociationmagazines.PerryJudd’soperationsareincludedintheU.S.PrintandRelatedServicessegment.OnJanuary9,2007,theCompanyacquiredBantaCorporation(“Banta”),aproviderofcomprehensiveprintinganddigitalimagingsolutionstoleadingpublishersanddirectmarketers,includingdigitalcontentmanagementande-businessservices.Additionally,Banta providedawiderangeofprocurementmanagementandotheroutsourcingcapabilitiestotheworld’slargesttechnologycompanies.Banta’soperationsareincludedintheU.S.PrintandRelatedServicessegmentwiththeexceptionofitsGlobalTurnkeySolutionsoperations,whichareincludedintheInternationalsegment.OnApril27,2006,theCompanyacquiredOfficeTigerHoldings,Inc.(“OfficeTiger”),aleadingproviderofintegratedbusinessprocessoutsourcingservicesthroughitsoperationsinNorthAmerica,Europe,India,thePhilippinesandSriLanka.OfficeTiger’stransaction processingserviceswerecloselyrelatedandcomplementarytotheCompany’spre-existingbusinessprocessoutsourcingresources.OfficeTiger’soperationsareincludedintheInternationalsegment.
3
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