Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 29, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | |
Appvion, Inc. [Member] | Paperweight Development Corp. [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 29-Sep-13 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'PAPERWEIGHT DEVELOPMENT CORP | ' | ' |
Entity Central Index Key | '0001166365 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 100 | 8,291,671 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $7,016 | $1,851 |
Accounts receivable, less allowance for doubtful accounts of $1,041 and $1,077, respectively | 83,733 | 92,680 |
Inventories | 95,503 | 94,349 |
Other current assets | 70,289 | 70,620 |
Total current assets | 256,541 | 259,500 |
Property, plant and equipment, net of accumulated depreciation of $626,747 and $607,006, respectively | 243,108 | 243,265 |
Intangible assets, net | 42,125 | 43,839 |
Other assets | 17,152 | 14,486 |
Total assets | 558,926 | 561,090 |
Current liabilities | ' | ' |
Current portion of long-term debt | 50,070 | 3,975 |
Accounts payable | 61,769 | 68,600 |
Accrued interest | 12,503 | 2,467 |
Other accrued liabilities | 102,150 | 119,635 |
Total current liabilities | 226,492 | 194,677 |
Long-term debt | 508,192 | 511,624 |
Postretirement benefits other than pension | 36,502 | 38,440 |
Accrued pension | 124,609 | 137,081 |
Other long-term liabilities | 35,716 | 32,165 |
Common stock | 70,853 | 81,704 |
Accumulated deficit | -446,999 | -439,923 |
Accumulated other comprehensive income | 3,561 | 5,322 |
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income | 558,926 | 561,090 |
Appvion, Inc. [Member] | ' | ' |
Current assets | ' | ' |
Cash and cash equivalents | 7,016 | 1,851 |
Accounts receivable, less allowance for doubtful accounts of $1,041 and $1,077, respectively | 83,733 | 92,680 |
Inventories | 95,503 | 94,349 |
Other current assets | 70,289 | 70,620 |
Total current assets | 256,541 | 259,500 |
Property, plant and equipment, net of accumulated depreciation of $626,747 and $607,006, respectively | 243,108 | 243,265 |
Intangible assets, net | 42,125 | 43,839 |
Other assets | 17,140 | 14,474 |
Total assets | 558,914 | 561,078 |
Current liabilities | ' | ' |
Current portion of long-term debt | 50,070 | 3,975 |
Accounts payable | 61,769 | 68,600 |
Accrued interest | 12,503 | 2,467 |
Other accrued liabilities | 102,150 | 119,635 |
Total current liabilities | 226,492 | 194,677 |
Long-term debt | 508,192 | 511,624 |
Postretirement benefits other than pension | 36,502 | 38,440 |
Accrued pension | 124,609 | 137,081 |
Other long-term liabilities | 35,716 | 32,165 |
Total liabilities | 931,511 | 913,987 |
Common stock | 10,500 | 10,500 |
Paid in capital | 623,305 | 623,305 |
Due from parent | -244,895 | -237,257 |
Accumulated deficit | -765,068 | -754,779 |
Accumulated other comprehensive income | 3,561 | 5,322 |
Total equity | -372,597 | -352,909 |
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income | $558,914 | $561,078 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $1,041 | $1,077 |
Property, plant and equipment, accumulated depreciation | 626,747 | 607,006 |
Redeemable common stock, par value | $0.01 | $0.01 |
Redeemable common stock, shares authorized | 30,000,000 | 30,000,000 |
Redeemable common stock, shares issued | 8,298,936 | 8,730,118 |
Redeemable common stock, shares outstanding | 8,298,936 | 8,730,118 |
Appvion, Inc. [Member] | ' | ' |
Accounts receivable, allowance for doubtful accounts | 1,041 | 1,077 |
Property, plant and equipment, accumulated depreciation | $626,747 | $607,006 |
Redeemable common stock, par value | $100 | $100 |
Redeemable common stock, shares authorized | 130,000 | 130,000 |
Redeemable common stock, shares issued | 100 | 100 |
Redeemable common stock, shares outstanding | 100 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Net sales | $202,870 | $210,744 | $615,204 | $644,275 |
Cost of sales | 154,286 | 165,956 | 465,599 | 577,388 |
Gross profit | 48,584 | 44,788 | 149,605 | 66,887 |
Selling, general and administrative expenses | 29,859 | 31,731 | 92,559 | 107,907 |
Restructuring | ' | 703 | ' | 27,175 |
Environmental expense insurance recovery | ' | -2,188 | ' | -2,188 |
Operating income (loss) | 18,725 | 14,542 | 57,046 | -66,007 |
Other expense (income) | ' | ' | ' | ' |
Interest expense | 12,343 | 14,832 | 42,092 | 44,925 |
Debt extinguishment expense | 334 | ' | 25,101 | ' |
Interest income | -2 | -42 | -2 | -54 |
Foreign exchange (gain) loss | -318 | -864 | 62 | 130 |
Other (income) expense | ' | 94 | ' | 166 |
Loss before income taxes | 6,368 | 522 | -10,207 | -111,174 |
Provision for income taxes | -95 | 6 | 82 | 146 |
Net loss | 6,463 | 516 | -10,289 | -111,320 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Changes in retirement plans | -397 | -528 | -1,192 | -5,310 |
Realized and unrealized gains on derivatives | -1,581 | -1,523 | -569 | -2,292 |
Total other comprehensive (loss) income | -1,978 | -2,051 | -1,761 | -7,602 |
Comprehensive loss | 4,485 | -1,535 | -12,050 | -118,922 |
Appvion, Inc. [Member] | ' | ' | ' | ' |
Net sales | 202,870 | 210,744 | 615,204 | 644,275 |
Cost of sales | 154,286 | 165,956 | 465,599 | 577,388 |
Gross profit | 48,584 | 44,788 | 149,605 | 66,887 |
Selling, general and administrative expenses | 29,859 | 31,731 | 92,559 | 107,907 |
Restructuring | ' | 703 | ' | 27,175 |
Environmental expense insurance recovery | ' | -2,188 | ' | -2,188 |
Operating income (loss) | 18,725 | 14,542 | 57,046 | -66,007 |
Other expense (income) | ' | ' | ' | ' |
Interest expense | 12,343 | 14,832 | 42,092 | 44,925 |
Debt extinguishment expense | 334 | ' | 25,101 | ' |
Interest income | -2 | -42 | -2 | -54 |
Foreign exchange (gain) loss | -318 | -864 | 62 | 130 |
Other (income) expense | ' | 94 | ' | 166 |
Loss before income taxes | 6,368 | 522 | -10,207 | -111,174 |
Provision for income taxes | -95 | 6 | 82 | 146 |
Net loss | 6,463 | 516 | -10,289 | -111,320 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Changes in retirement plans | -397 | -528 | -1,192 | -5,310 |
Realized and unrealized gains on derivatives | -1,581 | -1,523 | -569 | -2,292 |
Total other comprehensive (loss) income | -1,978 | -2,051 | -1,761 | -7,602 |
Comprehensive loss | $4,485 | ($1,535) | ($12,050) | ($118,922) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($10,289) | ($111,320) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation | 21,099 | 89,455 |
Amortization of intangible assets | 1,714 | 1,714 |
Impaired inventory revaluation | ' | 11,078 |
Amortization of financing fees | 1,916 | 1,968 |
Amortization of bond discount | 696 | 792 |
Employer 401(k) non-cash matching contributions | 2,021 | 2,332 |
Foreign exchange loss | 71 | 108 |
Non-cash loss (gain) on hedging | 197 | -1,983 |
Loss on disposals of equipment | 131 | 629 |
Loss on debt extinguishment | 6,756 | ' |
(Increase)/decrease in assets and increase/(decrease) in liabilities: | ' | ' |
Accounts receivable | 9,313 | -6,032 |
Inventories | -1,331 | -6,663 |
Other current assets | -3,886 | -1,544 |
Accounts payable and other accrued liabilities | -8,325 | 37,050 |
Accrued pension | -12,107 | -23,801 |
Other, net | -2,597 | 15,904 |
Net cash provided (used) by operating activities | 5,379 | 9,687 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of equipment | 6 | 20 |
Additions to property, plant and equipment | -20,266 | -9,015 |
Net cash used by investing activities | -20,260 | -8,995 |
Cash flows from financing activities: | ' | ' |
Repayments Of Senior Secured Debt | -305,000 | ' |
Proceeds from Issuance of Senior Long-term Debt | 331,650 | ' |
Repayments Of Industrial Redeemable Bonds | -2,650 | ' |
Payments of Debt Issuance Costs | -7,235 | ' |
Payments relating to capital lease obligations | -67 | -46 |
Proceeds From Old Long Term Lines Of Credit | 155,300 | 190,300 |
Repayments Of Old Long Term Lines Of Credit | -159,000 | -182,750 |
Proceeds from revolving line of credit | 129,100 | ' |
Payments of revolving line of credit | -109,100 | ' |
Payments of State of Ohio loans | -987 | -935 |
Proceeds from municipal debt | ' | 300 |
Proceeds from Issuance of Common Stock | 1,651 | 1,677 |
Payments to redeem common stock | -10,721 | -8,579 |
Decrease in cash overdraft | -2,886 | -5,479 |
Net cash (used) provided by financing activities | 20,055 | -5,512 |
Effect of foreign exchange rate changes on cash and cash equivalents | -9 | 22 |
Change in cash and cash equivalents | 5,165 | -4,798 |
Cash and cash equivalents at beginning of period | 1,851 | 7,241 |
Cash and cash equivalents at end of period | 7,016 | 2,443 |
Appvion, Inc. [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -10,289 | -111,320 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation | 21,099 | 89,455 |
Amortization of intangible assets | 1,714 | 1,714 |
Impaired inventory revaluation | ' | 11,078 |
Amortization of financing fees | 1,916 | 1,968 |
Amortization of bond discount | 696 | 792 |
Employer 401(k) non-cash matching contributions | 2,021 | 2,332 |
Foreign exchange loss | 71 | 108 |
Non-cash loss (gain) on hedging | 197 | -1,983 |
Loss on disposals of equipment | 131 | 629 |
Loss on debt extinguishment | 6,756 | ' |
(Increase)/decrease in assets and increase/(decrease) in liabilities: | ' | ' |
Accounts receivable | 9,313 | -6,032 |
Inventories | -1,331 | -6,663 |
Other current assets | -3,886 | -1,544 |
Accounts payable and other accrued liabilities | -12,539 | 31,893 |
Accrued pension | -12,107 | -23,801 |
Other, net | -4,029 | 14,073 |
Net cash provided (used) by operating activities | -267 | 2,699 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of equipment | 6 | 20 |
Additions to property, plant and equipment | -20,266 | -9,015 |
Net cash used by investing activities | -20,260 | -8,995 |
Cash flows from financing activities: | ' | ' |
Repayments Of Senior Secured Debt | -305,000 | ' |
Proceeds from Issuance of Senior Long-term Debt | 331,650 | ' |
Repayments Of Industrial Redeemable Bonds | -2,650 | ' |
Payments of Debt Issuance Costs | -7,235 | ' |
Payments relating to capital lease obligations | -67 | -46 |
Proceeds From Old Long Term Lines Of Credit | 155,300 | 190,300 |
Repayments Of Old Long Term Lines Of Credit | -159,000 | -182,750 |
Proceeds from revolving line of credit | 129,100 | ' |
Payments of revolving line of credit | -109,100 | ' |
Payments of State of Ohio loans | -987 | -935 |
Proceeds from municipal debt | ' | 300 |
Change in due from Parent | -3,424 | 86 |
Decrease in cash overdraft | -2,886 | -5,479 |
Net cash (used) provided by financing activities | 25,701 | 1,476 |
Effect of foreign exchange rate changes on cash and cash equivalents | -9 | 22 |
Change in cash and cash equivalents | 5,165 | -4,798 |
Cash and cash equivalents at beginning of period | 1,851 | 7,241 |
Cash and cash equivalents at end of period | $7,016 | $2,443 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Equity, Redeemable Common Stock, Accumulated Deficit And Accumulated Other Comprehensive Income (USD $) | Appvion, Inc. [Member] | Appvion, Inc. [Member] | Appvion, Inc. [Member] | Appvion, Inc. [Member] | Appvion, Inc. [Member] | Appvion, Inc. [Member] | Redeemable Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
In Thousands, except Share data | Redeemable Common Stock [Member] | Paid-In Capital [Member] | Due From Parent [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | |||||
Balance at Dec. 31, 2011 | $10,500 | $623,305 | ($229,100) | ($606,328) | $13,024 | ' | $97,615 | ($299,226) | $13,024 | ' |
Balance, shares at Dec. 31, 2011 | 100 | ' | ' | ' | ' | ' | 9,212,808 | ' | ' | ' |
Net loss | ' | ' | ' | -111,320 | ' | -111,320 | ' | -111,320 | ' | -111,320 |
Other comprehensive income (loss) | ' | ' | ' | ' | -7,602 | -118,922 | ' | ' | -7,602 | -118,922 |
Redemption of redeemable common stock | ' | ' | ' | ' | ' | ' | -8,579 | ' | ' | -8,600 |
Redemption of redeemable common stock, shares | ' | ' | ' | ' | ' | ' | -527,492 | ' | ' | -527,492 |
Accretion of redeemable common stock | ' | ' | ' | ' | ' | ' | -7,026 | 7,026 | ' | -7,000 |
Change in due from Parent | ' | ' | -5,071 | ' | ' | 86 | ' | ' | ' | ' |
Stock Issued During Period, Value, Employee Stock Ownership Plan | ' | ' | ' | ' | ' | ' | 3,508 | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Ownership Plan | ' | ' | ' | ' | ' | ' | 232,406 | ' | ' | ' |
Balance at Sep. 30, 2012 | 10,500 | 623,305 | -234,171 | -717,648 | 5,422 | ' | 85,518 | -403,520 | 5,422 | ' |
Balance, shares at Sep. 30, 2012 | 100 | ' | ' | ' | ' | ' | 8,917,722 | ' | ' | ' |
Balance at Jul. 01, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | 516 | ' | ' | ' | 516 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -1,535 | ' | ' | ' | -1,535 |
Balance at Sep. 30, 2012 | 10,500 | 623,305 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Sep. 30, 2012 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 29, 2012 | 10,500 | 623,305 | -237,257 | -754,779 | 5,322 | ' | 81,704 | -439,923 | 5,322 | -352,897 |
Balance, shares at Dec. 29, 2012 | 100 | ' | ' | ' | ' | ' | 8,730,118 | ' | ' | 8,730,118 |
Net loss | ' | ' | ' | -10,289 | ' | -10,289 | ' | -10,289 | ' | -10,289 |
Other comprehensive income (loss) | ' | ' | ' | ' | -1,761 | -12,050 | ' | ' | -1,761 | -12,050 |
Redemption of redeemable common stock | ' | ' | ' | ' | ' | ' | -10,721 | ' | ' | -10,700 |
Redemption of redeemable common stock, shares | ' | ' | ' | ' | ' | ' | -606,841 | ' | ' | -606,841 |
Accretion of redeemable common stock | ' | ' | ' | ' | ' | ' | -3,213 | 3,213 | ' | -3,200 |
Change in due from Parent | ' | ' | -7,638 | ' | ' | -3,424 | ' | ' | ' | ' |
Stock Issued During Period, Value, Employee Stock Ownership Plan | ' | ' | ' | ' | ' | ' | 3,083 | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Ownership Plan | ' | ' | ' | ' | ' | ' | 175,659 | ' | ' | ' |
Balance at Sep. 29, 2013 | 10,500 | 623,305 | -244,895 | -765,068 | 3,561 | ' | 70,853 | -446,999 | 3,561 | -372,585 |
Balance, shares at Sep. 29, 2013 | 100 | ' | ' | ' | ' | 100 | 8,298,936 | ' | ' | 8,298,936 |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | 6,463 | ' | ' | ' | 6,463 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | 4,485 | ' | ' | ' | 4,485 |
Balance at Sep. 29, 2013 | $10,500 | $623,305 | ' | ' | ' | ' | ' | ' | ' | ($372,585) |
Balance, shares at Sep. 29, 2013 | 100 | ' | ' | ' | ' | 100 | ' | ' | ' | 8,298,936 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 29, 2013 | |
Basis Of Presentation | ' |
1. BASIS OF PRESENTATION | |
In the opinion of management, all adjustments necessary for the fair statement of comprehensive income (loss) for the three and nine months ended September 29, 2013 and September 30, 2012, the cash flows for the nine months ended September 29, 2013 and September 30, 2012 and financial position at September 29, 2013 and December 29, 2012 have been made. | |
During third quarter 2013, the Company recorded an out-of-period adjustment related to the correction of a $1.5 million overstatement of accounts payable related to prior periods. As a result of this correction, $1.4 million was recorded as a decrease to cost of sales and the remaining $0.1 million was recorded as a decrease to selling, general and administrative (“SG&A”) expenses. The Company does not believe the correction of this error is material to its financial statements for any prior periods, to the quarter ended September 29, 2013 or its projected full year results for the year ended December 28, 2013. | |
These condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes of Paperweight Development Corp. (“PDC”) and its 100%-owned subsidiaries (collectively the “Company”), which includes the consolidated financial statements of Appvion, Inc., formally known as Appleton Papers Inc, and its 100%-owned subsidiaries (collectively “Appvion”) for each of the three years in the period ended December 29, 2012, which are included in the annual report on Form 10-K for the year ended December 29, 2012. The consolidated balance sheet data as of December 29, 2012, contained within these condensed financial statements, was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. | |
The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. | |
During fourth quarter 2012, the Company adopted mark-to-market accounting for its pension and other postretirement benefit plans. Under mark-to-market accounting, all actuarial gains and losses are immediately recognized in net periodic cost annually in the fourth quarter of each year and whenever a plan is determined to qualify for a remeasurement during a fiscal year and, the market-related value of plan assets used in the cost calculations is equal to fair value. Under the Company’s previous accounting method, a portion of the actuarial gains and losses was deferred in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheet and amortized into future periods. In addition, the previous method smoothed the investment gains and losses of the plan assets over a period of five years. While the Company’s historical policy of recognizing pension and other postretirement benefits expense was considered acceptable under accounting principles generally accepted in the United States, the Company believes this new policy to be preferable as it eliminates the delay in recognizing actuarial gains and losses within operating results. This change will also improve the transparency within the Company’s operating results by immediately recognizing the effects of economic and interest rate trends on plan investments and assumptions in the year these actuarial gains and losses are actually incurred. All prior periods presented were retrospectively adjusted to reflect the period-specific effects of applying the new accounting policy. | |
In connection with this change in accounting policy for pension and other postretirement benefit plans, the Company also elected to change its method of accounting for certain costs included in inventory. The Company elected to exclude the amount of its pension and other postretirement benefit costs applicable to former employees from inventoriable costs. While the Company’s historical policy of including all pension and other postretirement benefits costs, excluding those charged directly to SG&A expenses, as a component of inventoriable costs was acceptable, it believes the new policy is preferable as inventoriable costs will only include costs that are directly attributable to current employees involved in the production of inventory. All prior periods presented were retrospectively adjusted to reflect the period-specific effects of applying the new accounting policy. | |
The effect of the accounting policy changes on the previously-reported results for the three and nine months ended September 30, 2012, was a $2.6 million reduction in net loss and a $4.3 million reduction in net loss, respectively. | |
Appvion, Inc. [Member] | ' |
Basis Of Presentation | ' |
1. BASIS OF PRESENTATION | |
In the opinion of management, all adjustments necessary for the fair statement of comprehensive income (loss) for the three and nine months ended September 29, 2013 and September 30, 2012, the cash flows for the nine months ended September 29, 2013 and September 30, 2012 and financial position at September 29, 2013 and December 29, 2012 have been made. | |
During third quarter 2013, the Company recorded an out-of-period adjustment related to the correction of a $1.5 million overstatement of accounts payable related to prior periods. As a result of this correction, $1.4 million was recorded as a decrease to cost of sales and the remaining $0.1 million was recorded as a decrease to selling, general and administrative (“SG&A”) expenses. The Company does not believe the correction of this error is material to its financial statements for any prior periods, to the quarter ended September 29, 2013 or its projected full year results for the year ended December 28, 2013. | |
These condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes of Paperweight Development Corp. (“PDC”) and its 100%-owned subsidiaries (collectively the “Company”), which includes the consolidated financial statements of Appvion, Inc., formally known as Appleton Papers Inc, and its 100%-owned subsidiaries (collectively “Appvion”) for each of the three years in the period ended December 29, 2012, which are included in the annual report on Form 10-K for the year ended December 29, 2012. The consolidated balance sheet data as of December 29, 2012, contained within these condensed financial statements, was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. | |
The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. | |
During fourth quarter 2012, the Company adopted mark-to-market accounting for its pension and other postretirement benefit plans. Under mark-to-market accounting, all actuarial gains and losses are immediately recognized in net periodic cost annually in the fourth quarter of each year and whenever a plan is determined to qualify for a remeasurement during a fiscal year and, the market-related value of plan assets used in the cost calculations is equal to fair value. Under the Company’s previous accounting method, a portion of the actuarial gains and losses was deferred in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheet and amortized into future periods. In addition, the previous method smoothed the investment gains and losses of the plan assets over a period of five years. While the Company’s historical policy of recognizing pension and other postretirement benefits expense was considered acceptable under accounting principles generally accepted in the United States, the Company believes this new policy to be preferable as it eliminates the delay in recognizing actuarial gains and losses within operating results. This change will also improve the transparency within the Company’s operating results by immediately recognizing the effects of economic and interest rate trends on plan investments and assumptions in the year these actuarial gains and losses are actually incurred. All prior periods presented were retrospectively adjusted to reflect the period-specific effects of applying the new accounting policy. | |
In connection with this change in accounting policy for pension and other postretirement benefit plans, the Company also elected to change its method of accounting for certain costs included in inventory. The Company elected to exclude the amount of its pension and other postretirement benefit costs applicable to former employees from inventoriable costs. While the Company’s historical policy of including all pension and other postretirement benefits costs, excluding those charged directly to SG&A expenses, as a component of inventoriable costs was acceptable, it believes the new policy is preferable as inventoriable costs will only include costs that are directly attributable to current employees involved in the production of inventory. All prior periods presented were retrospectively adjusted to reflect the period-specific effects of applying the new accounting policy. | |
The effect of the accounting policy changes on the previously-reported results for the three and nine months ended September 30, 2012, was a $2.6 million reduction in net loss and a $4.3 million reduction in net loss, respectively. | |
Restructuring_And_Other_Relate
Restructuring And Other Related Costs | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Restructuring And Other Related Costs | ' | ||||||||||||
2. RESTRUCTURING AND OTHER RELATED COSTS | |||||||||||||
On February 22, 2012, the Company entered into a long-term supply agreement for the purchase of carbonless and thermal base stock for coating at the Company’s converting facilities. Under the terms of the agreement, the supplier will be the exclusive supplier of certain thermal and carbonless base stock used by the Company. The term of the agreement is 15 years and includes successive five-year renewal terms unless either party gives notice of non-renewal. | |||||||||||||
In connection with its approval of this supply agreement, the Company’s Board of Directors authorized a plan for the Company to dispose of papermaking assets at its West Carrollton, Ohio facility and move its carbonless coating to the Company’s converting plant in Appleton, Wisconsin. As a result, 314 jobs were eliminated at West Carrollton and 68 jobs added at the Appleton facility. The Company maintains its thermal coating operations at the West Carrollton facility. The Company recorded all associated restructuring expense and other related costs, totaling $106.0 million, during 2012. These include the following for the three and nine months ended September 30, 2012 (dollars in thousands): | |||||||||||||
For the Three | For the Nine | Location on Statement | |||||||||||
Months Ended | Months Ended | of Comprehensive | |||||||||||
30-Sep-12 | 30-Sep-12 | Income (Loss) | |||||||||||
Employee termination benefits | $ | -250 | $ | 25,281 | Restructuring | ||||||||
Decommissioning and other expenses | 953 | 1,894 | Restructuring | ||||||||||
Accelerated depreciation | 887 | 63,140 | Cost of sales | ||||||||||
Revaluation of inventory | — | 11,078 | Cost of sales | ||||||||||
Loss on disposal of fixed assets | — | 572 | Cost of sales | ||||||||||
$ | 1,590 | $ | 101,965 | ||||||||||
Of the costs recorded during third quarter 2012, $0.9 million were allocated to the carbonless papers segment and $0.7 million were allocated to the thermal papers segment. Of the costs recorded during the first nine months of 2012, $56.1 million were allocated to the carbonless papers segment and $45.9 million were allocated to the thermal papers segment. | |||||||||||||
The table below summarizes the components of the restructuring reserve included in the Condensed Consolidated Balance Sheets as of September 29, 2013 and December 29, 2012. | |||||||||||||
29-Dec-12 | 2013 Additions | 2013 | 29-Sep-13 | ||||||||||
Reserve | to Reserve | Utilization | Reserve | ||||||||||
Exit costs – equipment decommissioning | $ | 765 | $ | — | $ | -375 | $ | 390 | |||||
Employee termination benefits | 18,454 | — | -454 | 18,000 | |||||||||
$ | 19,219 | $ | — | $ | -829 | $ | 18,390 | ||||||
Employee termination benefits include severance as well as related benefits and pension costs. At September 29, 2013, $0.8 million of the total restructuring reserve was included in current liabilities and $17.6 million was included in other long-term liabilities. The Company expects any remaining charges for exit costs to be immaterial. At September 29, 2013, it is estimated that cash of approximately $40 million remains to be paid as a result of ceasing papermaking operations at West Carrollton. Of this amount, it is expected that approximately $4 million will be paid during the next twelve months. In addition, approximately $9 million will be disbursed, through 2017, as a result of distributions from the Company’s stock fund to former West Carrollton employees terminated as a result of the restructuring. The remaining $27 million may be paid over a period through 2033. | |||||||||||||
Appvion, Inc. [Member] | ' | ||||||||||||
Restructuring And Other Related Costs | ' | ||||||||||||
2. RESTRUCTURING AND OTHER RELATED COSTS | |||||||||||||
On February 22, 2012, the Company entered into a long-term supply agreement for the purchase of carbonless and thermal base stock for coating at the Company’s converting facilities. Under the terms of the agreement, the supplier will be the exclusive supplier of certain thermal and carbonless base stock used by the Company. The term of the agreement is 15 years and includes successive five-year renewal terms unless either party gives notice of non-renewal. | |||||||||||||
In connection with its approval of this supply agreement, the Company’s Board of Directors authorized a plan for the Company to dispose of papermaking assets at its West Carrollton, Ohio facility and move its carbonless coating to the Company’s converting plant in Appleton, Wisconsin. As a result, 314 jobs were eliminated at West Carrollton and 68 jobs added at the Appleton facility. The Company maintains its thermal coating operations at the West Carrollton facility. The Company recorded all associated restructuring expense and other related costs, totaling $106.0 million, during 2012. These include the following for the three and nine months ended September 30, 2012 (dollars in thousands): | |||||||||||||
For the Three | For the Nine | Location on Statement | |||||||||||
Months Ended | Months Ended | of Comprehensive | |||||||||||
30-Sep-12 | 30-Sep-12 | Income (Loss) | |||||||||||
Employee termination benefits | $ | -250 | $ | 25,281 | Restructuring | ||||||||
Decommissioning and other expenses | 953 | 1,894 | Restructuring | ||||||||||
Accelerated depreciation | 887 | 63,140 | Cost of sales | ||||||||||
Revaluation of inventory | — | 11,078 | Cost of sales | ||||||||||
Loss on disposal of fixed assets | — | 572 | Cost of sales | ||||||||||
$ | 1,590 | $ | 101,965 | ||||||||||
Of the costs recorded during third quarter 2012, $0.9 million were allocated to the carbonless papers segment and $0.7 million were allocated to the thermal papers segment. Of the costs recorded during the first nine months of 2012, $56.1 million were allocated to the carbonless papers segment and $45.9 million were allocated to the thermal papers segment. | |||||||||||||
The table below summarizes the components of the restructuring reserve included in the Condensed Consolidated Balance Sheets as of September 29, 2013 and December 29, 2012. | |||||||||||||
29-Dec-12 | 2013 Additions | 2013 | 29-Sep-13 | ||||||||||
Reserve | to Reserve | Utilization | Reserve | ||||||||||
Exit costs – equipment decommissioning | $ | 765 | $ | — | $ | -375 | $ | 390 | |||||
Employee termination benefits | 18,454 | — | -454 | 18,000 | |||||||||
$ | 19,219 | $ | — | $ | -829 | $ | 18,390 | ||||||
Employee termination benefits include severance as well as related benefits and pension costs. At September 29, 2013, $0.8 million of the total restructuring reserve was included in current liabilities and $17.6 million was included in other long-term liabilities. The Company expects any remaining charges for exit costs to be immaterial. At September 29, 2013, it is estimated that cash of approximately $40 million remains to be paid as a result of ceasing papermaking operations at West Carrollton. Of this amount, it is expected that approximately $4 million will be paid during the next twelve months. In addition, approximately $9 million will be disbursed, through 2017, as a result of distributions from the Company’s stock fund to former West Carrollton employees terminated as a result of the restructuring. The remaining $27 million may be paid over a period through 2033. | |||||||||||||
Other_Intangible_Assets
Other Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||
3. OTHER INTANGIBLE ASSETS | ||||||||||||||||
The Company’s intangible assets consist of the following (dollars in thousands): | ||||||||||||||||
As of September 29, 2013 | As of December 29, 2012 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Trademarks | $ | 44,665 | $ | 27,849 | $ | 44,665 | $ | 26,275 | ||||||||
Patents | 7,474 | 7,474 | 7,808 | 7,808 | ||||||||||||
Customer relationships | 5,365 | 2,921 | 5,365 | 2,781 | ||||||||||||
Subtotal | 57,504 | $ | 38,244 | 57,838 | $ | 36,864 | ||||||||||
Unamortizable intangible assets: | ||||||||||||||||
Trademarks | 22,865 | 22,865 | ||||||||||||||
Total | $ | 80,369 | $ | 80,703 | ||||||||||||
Amortization expense for the three and nine months ended September 29, 2013 was $0.6 million and $1.7 million, respectively. Amortization expense for the three and nine months ended September 30, 2012 was $0.6 million and $1.7 million, respectively. | ||||||||||||||||
Appvion, Inc. [Member] | ' | |||||||||||||||
Other Intangible Assets | ' | |||||||||||||||
3. OTHER INTANGIBLE ASSETS | ||||||||||||||||
The Company’s intangible assets consist of the following (dollars in thousands): | ||||||||||||||||
As of September 29, 2013 | As of December 29, 2012 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Trademarks | $ | 44,665 | $ | 27,849 | $ | 44,665 | $ | 26,275 | ||||||||
Patents | 7,474 | 7,474 | 7,808 | 7,808 | ||||||||||||
Customer relationships | 5,365 | 2,921 | 5,365 | 2,781 | ||||||||||||
Subtotal | 57,504 | $ | 38,244 | 57,838 | $ | 36,864 | ||||||||||
Unamortizable intangible assets: | ||||||||||||||||
Trademarks | 22,865 | 22,865 | ||||||||||||||
Total | $ | 80,369 | $ | 80,703 | ||||||||||||
Amortization expense for the three and nine months ended September 29, 2013 was $0.6 million and $1.7 million, respectively. Amortization expense for the three and nine months ended September 30, 2012 was $0.6 million and $1.7 million, respectively. | ||||||||||||||||
Inventories
Inventories | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Inventories | ' | ||||||
4. INVENTORIES | |||||||
Inventories consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Finished goods | $ | 51,843 | $ | 43,243 | |||
Raw materials, work in process, stores and spare parts | 43,660 | 51,106 | |||||
$ | 95,503 | $ | 94,349 | ||||
Stores and spare parts inventory balances of $15.8 million and $15.9 million at September 29, 2013 and December 29, 2012, respectively, are valued at average cost and are included in raw materials, work in process, stores and spare parts. All other inventories are valued using the first-in, first-out (“FIFO”) method. | |||||||
Appvion, Inc. [Member] | ' | ||||||
Inventories | ' | ||||||
4. INVENTORIES | |||||||
Inventories consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Finished goods | $ | 51,843 | $ | 43,243 | |||
Raw materials, work in process, stores and spare parts | 43,660 | 51,106 | |||||
$ | 95,503 | $ | 94,349 | ||||
Stores and spare parts inventory balances of $15.8 million and $15.9 million at September 29, 2013 and December 29, 2012, respectively, are valued at average cost and are included in raw materials, work in process, stores and spare parts. All other inventories are valued using the first-in, first-out (“FIFO”) method. | |||||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Property, Plant And Equipment | ' | ||||||||||||
5. PROPERTY, PLANT AND EQUIPMENT | |||||||||||||
Property, plant and equipment balances consist of the following (dollars in thousands): | |||||||||||||
September 29, 2013 | December 29, 2012 | ||||||||||||
Land and improvements | $ | 9,729 | $ | 9,634 | |||||||||
Buildings and improvements | 135,170 | 134,144 | |||||||||||
Machinery and equipment | 672,429 | 663,915 | |||||||||||
Software | 36,725 | 33,643 | |||||||||||
Capital leases | 309 | 304 | |||||||||||
Construction in progress | 15,493 | 8,631 | |||||||||||
869,855 | 850,271 | ||||||||||||
Accumulated depreciation | -626,747 | -607,006 | |||||||||||
$ | 243,108 | $ | 243,265 | ||||||||||
Depreciation expense for the three and nine months ended September 29, 2013 and September 30, 2012 consists of the following (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||
Depreciation Expense | 2013 | 2012 | 2013 | 2012 | |||||||||
Cost of sales | $ | 6,365 | $ | 7,364 | $ | 19,116 | $ | 87,487 | |||||
Selling, general and administrative expenses | 661 | 583 | 1,983 | 1,968 | |||||||||
$ | 7,026 | $ | 7,947 | $ | 21,099 | $ | 89,455 | ||||||
Included in the depreciation expense above for the three and nine months ended September 30, 2012, the Company recorded $0.9 million and $63.1 million of accelerated depreciation related to the decommissioning of papermaking assets at the West Carrollton, Ohio facility, respectively. These amounts were included in cost of sales on the Company’s Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months and nine months ended September 30, 2012 and in accumulated depreciation as presented above. | |||||||||||||
Appvion, Inc. [Member] | ' | ||||||||||||
Property, Plant And Equipment | ' | ||||||||||||
5. PROPERTY, PLANT AND EQUIPMENT | |||||||||||||
Property, plant and equipment balances consist of the following (dollars in thousands): | |||||||||||||
September 29, 2013 | December 29, 2012 | ||||||||||||
Land and improvements | $ | 9,729 | $ | 9,634 | |||||||||
Buildings and improvements | 135,170 | 134,144 | |||||||||||
Machinery and equipment | 672,429 | 663,915 | |||||||||||
Software | 36,725 | 33,643 | |||||||||||
Capital leases | 309 | 304 | |||||||||||
Construction in progress | 15,493 | 8,631 | |||||||||||
869,855 | 850,271 | ||||||||||||
Accumulated depreciation | -626,747 | -607,006 | |||||||||||
$ | 243,108 | $ | 243,265 | ||||||||||
Depreciation expense for the three and nine months ended September 29, 2013 and September 30, 2012 consists of the following (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||
Depreciation Expense | 2013 | 2012 | 2013 | 2012 | |||||||||
Cost of sales | $ | 6,365 | $ | 7,364 | $ | 19,116 | $ | 87,487 | |||||
Selling, general and administrative expenses | 661 | 583 | 1,983 | 1,968 | |||||||||
$ | 7,026 | $ | 7,947 | $ | 21,099 | $ | 89,455 | ||||||
Included in the depreciation expense above for the three and nine months ended September 30, 2012, the Company recorded $0.9 million and $63.1 million of accelerated depreciation related to the decommissioning of papermaking assets at the West Carrollton, Ohio facility, respectively. These amounts were included in cost of sales on the Company’s Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months and nine months ended September 30, 2012 and in accumulated depreciation as presented above. | |||||||||||||
Other_Current_And_Noncurrent_A
Other Current And Noncurrent Assets | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Other Current And Noncurrent Assets | ' | ||||||
6. OTHER CURRENT AND NONCURRENT ASSETS | |||||||
Other current assets consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Environmental indemnification receivable | $ | 60,786 | $ | 65,000 | |||
Other | 9,503 | 5,620 | |||||
$ | 70,289 | $ | 70,620 | ||||
The environmental indemnification receivables of $60.8 million and $65.0 million, noted above for the periods ended September 29, 2013 and December 29, 2012, respectively, represent an indemnification receivable from Arjo Wiggins Appleton Ltd, now known as Windward Prospects Ltd (“AWA”), as recorded on the Condensed Consolidated Balance Sheet of Paperweight Development Corp. and Subsidiaries and an indemnification receivable from PDC as recorded on the Condensed Consolidated Balance Sheet of Appvion, Inc. and Subsidiaries. | |||||||
Other noncurrent assets for Paperweight Development Corp. and Subsidiaries consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Deferred debt issuance costs | $ | 8,953 | $ | 7,736 | |||
Other | 8,199 | 6,750 | |||||
$ | 17,152 | $ | 14,486 | ||||
Other noncurrent assets for Appvion, Inc. and Subsidiaries consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Deferred debt issuance costs | $ | 8,953 | $ | 7,736 | |||
Other | 8,187 | 6,738 | |||||
$ | 17,140 | $ | 14,474 | ||||
Appvion, Inc. [Member] | ' | ||||||
Other Current And Noncurrent Assets | ' | ||||||
6. OTHER CURRENT AND NONCURRENT ASSETS | |||||||
Other current assets consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Environmental indemnification receivable | $ | 60,786 | $ | 65,000 | |||
Other | 9,503 | 5,620 | |||||
$ | 70,289 | $ | 70,620 | ||||
The environmental indemnification receivables of $60.8 million and $65.0 million, noted above for the periods ended September 29, 2013 and December 29, 2012, respectively, represent an indemnification receivable from Arjo Wiggins Appleton Ltd, now known as Windward Prospects Ltd (“AWA”), as recorded on the Condensed Consolidated Balance Sheet of Paperweight Development Corp. and Subsidiaries and an indemnification receivable from PDC as recorded on the Condensed Consolidated Balance Sheet of Appvion, Inc. and Subsidiaries. | |||||||
Other noncurrent assets for Paperweight Development Corp. and Subsidiaries consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Deferred debt issuance costs | $ | 8,953 | $ | 7,736 | |||
Other | 8,199 | 6,750 | |||||
$ | 17,152 | $ | 14,486 | ||||
Other noncurrent assets for Appvion, Inc. and Subsidiaries consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Deferred debt issuance costs | $ | 8,953 | $ | 7,736 | |||
Other | 8,187 | 6,738 | |||||
$ | 17,140 | $ | 14,474 | ||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Other Accrued Liabilities | ' | ||||||
7. OTHER ACCRUED LIABILITIES | |||||||
Other accrued liabilities, as presented in the current liabilities section of the balance sheet, consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Compensation | $ | 6,807 | $ | 14,800 | |||
Trade discounts | 12,921 | 16,796 | |||||
Workers’ compensation | 8,325 | 4,875 | |||||
Accrued insurance | 1,799 | 1,896 | |||||
Other accrued taxes | 1,264 | 1,494 | |||||
Postretirement benefits other than pension | 3,248 | 3,248 | |||||
Fox River Liabilities | 60,786 | 65,000 | |||||
Restructuring reserve | 822 | 1,219 | |||||
Other | 6,178 | 10,307 | |||||
$ | 102,150 | $ | 119,635 | ||||
Appvion, Inc. [Member] | ' | ||||||
Other Accrued Liabilities | ' | ||||||
7. OTHER ACCRUED LIABILITIES | |||||||
Other accrued liabilities, as presented in the current liabilities section of the balance sheet, consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Compensation | $ | 6,807 | $ | 14,800 | |||
Trade discounts | 12,921 | 16,796 | |||||
Workers’ compensation | 8,325 | 4,875 | |||||
Accrued insurance | 1,799 | 1,896 | |||||
Other accrued taxes | 1,264 | 1,494 | |||||
Postretirement benefits other than pension | 3,248 | 3,248 | |||||
Fox River Liabilities | 60,786 | 65,000 | |||||
Restructuring reserve | 822 | 1,219 | |||||
Other | 6,178 | 10,307 | |||||
$ | 102,150 | $ | 119,635 | ||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 29, 2013 | |
New Accounting Pronouncements | ' |
8. NEW ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date." This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: (a) The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) Any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation. ASU 2013-04 is effective for the Company's annual and interim periods beginning after December 15, 2013, though early adoption is permitted, and retrospective application is required for all prior periods presented. The Company is currently evaluating the effects, if any, the adoption will have on its consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This update adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. The updated standard is effective prospectively for the Company's annual and interim periods beginning after December 15, 2012. As required, the Company adopted this guidance beginning in the first quarter ended March 31, 2013 and the disclosures have been included in its condensed consolidated financial statements in Note 18, Accumulated other Comprehensive Income. | |
In July 2012, the FASB issued ASU No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” It provides the option to perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not an indefinite-lived intangible asset is impaired. ASU 2012‑02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, though early adoption is permitted. As required, the Company adopted this guidance beginning in the first quarter ended March 31, 2013, and there was no impact to the Company’s condensed consolidated financial statements as a result of adoption. | |
In December 2011, the FASB issued ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”. It expands required disclosures related to the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. It requires disclosure of net and gross positions in covered financial instruments and derivative instruments which are either (1) offset in accordance with ASC Sections 210-20-45 or 815-10-45, or (2) subject to an enforceable netting or other similar arrangement. To clarify the guidance provided in ASU 2011-11, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities" in January 2013. It clarifies the scope of the guidance to include derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to master netting or similar arrangements. The amendments are effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. The Company will be required to adopt this guidance as of its fiscal year beginning December 29, 2013 and is evaluating the effects, if any, the adoption will have on its consolidated financial statements. | |
Appvion, Inc. [Member] | ' |
New Accounting Pronouncements | ' |
8. NEW ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date." This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: (a) The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) Any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation. ASU 2013-04 is effective for the Company's annual and interim periods beginning after December 15, 2013, though early adoption is permitted, and retrospective application is required for all prior periods presented. The Company is currently evaluating the effects, if any, the adoption will have on its consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This update adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. The updated standard is effective prospectively for the Company's annual and interim periods beginning after December 15, 2012. As required, the Company adopted this guidance beginning in the first quarter ended March 31, 2013 and the disclosures have been included in its condensed consolidated financial statements in Note 18, Accumulated other Comprehensive Income. | |
In July 2012, the FASB issued ASU No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” It provides the option to perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not an indefinite-lived intangible asset is impaired. ASU 2012‑02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, though early adoption is permitted. As required, the Company adopted this guidance beginning in the first quarter ended March 31, 2013, and there was no impact to the Company’s condensed consolidated financial statements as a result of adoption. | |
In December 2011, the FASB issued ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”. It expands required disclosures related to the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. It requires disclosure of net and gross positions in covered financial instruments and derivative instruments which are either (1) offset in accordance with ASC Sections 210-20-45 or 815-10-45, or (2) subject to an enforceable netting or other similar arrangement. To clarify the guidance provided in ASU 2011-11, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities" in January 2013. It clarifies the scope of the guidance to include derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to master netting or similar arrangements. The amendments are effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. The Company will be required to adopt this guidance as of its fiscal year beginning December 29, 2013 and is evaluating the effects, if any, the adoption will have on its consolidated financial statements. | |
Employee_Benefits
Employee Benefits | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Employee Benefits | ' | ||||||||||||
9. EMPLOYEE BENEFITS | |||||||||||||
The components of net periodic pension cost associated with the defined benefit pension plans include the following (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
Pension Benefits | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 1,268 | $ | 977 | $ | 3,868 | $ | 2,931 | |||||
Interest cost | 4,638 | 4,867 | 13,878 | 14,601 | |||||||||
Expected return on plan assets | -6,038 | -5,443 | -18,102 | -16,329 | |||||||||
Amortization of prior service cost | 122 | 122 | 365 | 366 | |||||||||
Net loss amortization | 748 | — | 748 | — | |||||||||
Net periodic benefit cost | $ | 738 | $ | 523 | $ | 757 | $ | 1,569 | |||||
The Company planned to contribute $12.5 million to its defined benefit pension plan in 2013. The Company contributed the entire $12.5 million to the plan during the first nine months of 2013. | |||||||||||||
Certain of the Company’s hourly employees participated in a multi-employer defined benefit plan, the Pace Industry Union-Management Pension Plan (EIN #11-6166763). Participants in this plan included the West Carrollton, Ohio represented manufacturing employees, where the collective bargaining agreement expired April 1, 2012, as well as the represented employees at the Kansas City, Kansas distribution center, where the collective bargaining agreement expired December 31, 2011. As a result of labor contracts ratified in June 2012 and September 2012, by the bargaining employees in Kansas City and West Carrollton, respectively, both groups elected to end their participation in this multi-employer plan and instead participate in the defined benefit pension plan sponsored by the Company. This resulted in a full withdrawal from the multi-employer plan, for which, the Company recorded a $7.0 million expense in third quarter 2012 representing its estimated cost to satisfy its complete withdrawal liability under the terms of the plan’s trust agreement. This was in addition to the $18.0 million partial withdrawal liability recorded during first quarter 2012 due to the workforce reduction at the West Carrollton, Ohio plant resulting from the cessation of papermaking activities. The estimated obligation for the complete withdrawal liability was derived from available information, including but not limited to collective bargaining agreements, plan trust agreements, participation agreements, ERISA statutes, regulations and rulings, discussions with the plan trustee and discussions with legal counsel. Therefore, the Company has recorded a $25 million liability as its best estimate of the amount to satisfy the withdrawal liability, with a payment period extending up to 20 years, discounted in accordance with ASC Section 450-20-S99-1. | |||||||||||||
Appvion, Inc. [Member] | ' | ||||||||||||
Employee Benefits | ' | ||||||||||||
9. EMPLOYEE BENEFITS | |||||||||||||
The components of net periodic pension cost associated with the defined benefit pension plans include the following (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
Pension Benefits | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 1,268 | $ | 977 | $ | 3,868 | $ | 2,931 | |||||
Interest cost | 4,638 | 4,867 | 13,878 | 14,601 | |||||||||
Expected return on plan assets | -6,038 | -5,443 | -18,102 | -16,329 | |||||||||
Amortization of prior service cost | 122 | 122 | 365 | 366 | |||||||||
Net loss amortization | 748 | — | 748 | — | |||||||||
Net periodic benefit cost | $ | 738 | $ | 523 | $ | 757 | $ | 1,569 | |||||
The Company planned to contribute $12.5 million to its defined benefit pension plan in 2013. The Company contributed the entire $12.5 million to the plan during the first nine months of 2013. | |||||||||||||
Certain of the Company’s hourly employees participated in a multi-employer defined benefit plan, the Pace Industry Union-Management Pension Plan (EIN #11-6166763). Participants in this plan included the West Carrollton, Ohio represented manufacturing employees, where the collective bargaining agreement expired April 1, 2012, as well as the represented employees at the Kansas City, Kansas distribution center, where the collective bargaining agreement expired December 31, 2011. As a result of labor contracts ratified in June 2012 and September 2012, by the bargaining employees in Kansas City and West Carrollton, respectively, both groups elected to end their participation in this multi-employer plan and instead participate in the defined benefit pension plan sponsored by the Company. This resulted in a full withdrawal from the multi-employer plan, for which, the Company recorded a $7.0 million expense in third quarter 2012 representing its estimated cost to satisfy its complete withdrawal liability under the terms of the plan’s trust agreement. This was in addition to the $18.0 million partial withdrawal liability recorded during first quarter 2012 due to the workforce reduction at the West Carrollton, Ohio plant resulting from the cessation of papermaking activities. The estimated obligation for the complete withdrawal liability was derived from available information, including but not limited to collective bargaining agreements, plan trust agreements, participation agreements, ERISA statutes, regulations and rulings, discussions with the plan trustee and discussions with legal counsel. Therefore, the Company has recorded a $25 million liability as its best estimate of the amount to satisfy the withdrawal liability, with a payment period extending up to 20 years, discounted in accordance with ASC Section 450-20-S99-1. | |||||||||||||
Postretirement_Benefit_Plans_O
Postretirement Benefit Plans Other Than Pensions | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Postretirement Benefit Plans Other Than Pensions | ' | ||||||||||||
10. POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS | |||||||||||||
The components of other postretirement benefit cost include the following (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
Other Postretirement Benefits | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 98 | $ | 94 | $ | 260 | $ | 281 | |||||
Interest cost | 342 | 469 | 1,092 | 1,409 | |||||||||
Amortization of prior service | |||||||||||||
credit | -519 | -650 | -1,557 | -1,950 | |||||||||
Net gain amortization | -1,889 | — | -1,889 | — | |||||||||
Curtailment gain | — | — | — | -3,726 | |||||||||
Net periodic benefit income | $ | -1,968 | $ | -87 | $ | -2,094 | $ | -3,986 | |||||
Appvion, Inc. [Member] | ' | ||||||||||||
Postretirement Benefit Plans Other Than Pensions | ' | ||||||||||||
10. POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS | |||||||||||||
The components of other postretirement benefit cost include the following (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
Other Postretirement Benefits | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 98 | $ | 94 | $ | 260 | $ | 281 | |||||
Interest cost | 342 | 469 | 1,092 | 1,409 | |||||||||
Amortization of prior service | |||||||||||||
credit | -519 | -650 | -1,557 | -1,950 | |||||||||
Net gain amortization | -1,889 | — | -1,889 | — | |||||||||
Curtailment gain | — | — | — | -3,726 | |||||||||
Net periodic benefit income | $ | -1,968 | $ | -87 | $ | -2,094 | $ | -3,986 | |||||
LongTerm_Incentive_Compensatio
Long-Term Incentive Compensation | 9 Months Ended |
Sep. 29, 2013 | |
Long-Term Incentive Compensation | ' |
11. LONG-TERM INCENTIVE COMPENSATION | |
In December 2001, the Company adopted the Appvion, Inc. Long-Term Incentive Plan (“LTIP”). Effective January 3, 2010, the Company adopted a long-term restricted stock unit plan ("RSU"). Both plans utilize phantom units. The value of a unit in the LTIP is based on the change in the fair market value of PDC’s common stock under the terms of the employee stock ownership plan (the “ESOP”) between the grant date and the exercise date. The value of a unit in the RSU is based on the value of PDC common stock, as determined by the ESOP trustee. As of September 29, 2013, the fair market value of one share of PDC common stock is $17.85. All units under both the LTIP and RSU plans will vest immediately, and cash payment will be made upon a change in control as defined in the plans. | |
On January 2, 2013, 160,000 RSU units became fully vested and exercisable. In accordance with the plan, payment for these RSU’s was made on February 22, 2013. In addition, on July 2, 2013, 1,500 RSU units became fully vested and exercisable. Payment for these RSU’s was made on August 9, 2013. During the first nine months of 2013, 114,925 additional units were granted under the RSU plan. Due to terminations of employment, 6,300 unvested units were forfeited during the first nine months of 2013. A balance of 216,125 RSU units remains as of September 29, 2013. Approximately $0.3 million and $0.9 million of expense, related to this plan, was recorded during the three- and nine-month periods ended September 29, 2013. Approximately $0.1 million and $1.3 million of expense, related to this plan, was recorded during the three- and nine-month periods ended September 30, 2012. During the first nine months of 2013, 194,100 additional units were granted under the LTIP plan. Approximately $0.3 million and $1.0 million of expense, related to this plan, was recorded during the three- and nine-month periods ended September 29, 2013. Due to the third quarter 2012 change in PDC share price, $0.4 million of previously-recorded expense related to this plan was recovered during this prior year quarter. Approximately $1.2 million of expense was recorded during the nine-month period ended September 30, 2012. | |
Beginning in 2006, the Company established a nonqualified deferred compensation agreement with each of its non-employee directors. Approximately $0.1 million was recorded as expense, related to this plan, for the three-month period ended September 29, 2013. Due to the third quarter 2012 change in PDC share price, $0.1 million of previously-recorded expense related to this plan was recovered during the prior year quarter. Approximately $0.3 million and $0.2 million was recorded as expense, related to this plan, for each of the nine-month periods ended September 29, 2013 and September 30, 2012, respectively. | |
Appvion, Inc. [Member] | ' |
Long-Term Incentive Compensation | ' |
11. LONG-TERM INCENTIVE COMPENSATION | |
In December 2001, the Company adopted the Appvion, Inc. Long-Term Incentive Plan (“LTIP”). Effective January 3, 2010, the Company adopted a long-term restricted stock unit plan ("RSU"). Both plans utilize phantom units. The value of a unit in the LTIP is based on the change in the fair market value of PDC’s common stock under the terms of the employee stock ownership plan (the “ESOP”) between the grant date and the exercise date. The value of a unit in the RSU is based on the value of PDC common stock, as determined by the ESOP trustee. As of September 29, 2013, the fair market value of one share of PDC common stock is $17.85. All units under both the LTIP and RSU plans will vest immediately, and cash payment will be made upon a change in control as defined in the plans. | |
On January 2, 2013, 160,000 RSU units became fully vested and exercisable. In accordance with the plan, payment for these RSU’s was made on February 22, 2013. In addition, on July 2, 2013, 1,500 RSU units became fully vested and exercisable. Payment for these RSU’s was made on August 9, 2013. During the first nine months of 2013, 114,925 additional units were granted under the RSU plan. Due to terminations of employment, 6,300 unvested units were forfeited during the first nine months of 2013. A balance of 216,125 RSU units remains as of September 29, 2013. Approximately $0.3 million and $0.9 million of expense, related to this plan, was recorded during the three- and nine-month periods ended September 29, 2013. Approximately $0.1 million and $1.3 million of expense, related to this plan, was recorded during the three- and nine-month periods ended September 30, 2012. During the first nine months of 2013, 194,100 additional units were granted under the LTIP plan. Approximately $0.3 million and $1.0 million of expense, related to this plan, was recorded during the three- and nine-month periods ended September 29, 2013. Due to the third quarter 2012 change in PDC share price, $0.4 million of previously-recorded expense related to this plan was recovered during this prior year quarter. Approximately $1.2 million of expense was recorded during the nine-month period ended September 30, 2012. | |
Beginning in 2006, the Company established a nonqualified deferred compensation agreement with each of its non-employee directors. Approximately $0.1 million was recorded as expense, related to this plan, for the three-month period ended September 29, 2013. Due to the third quarter 2012 change in PDC share price, $0.1 million of previously-recorded expense related to this plan was recovered during the prior year quarter. Approximately $0.3 million and $0.2 million was recorded as expense, related to this plan, for each of the nine-month periods ended September 29, 2013 and September 30, 2012, respectively. | |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Commitments And Contingencies | ' |
12. COMMITMENTS AND CONTINGENCIES | |
Lower Fox River | |
Appvion Removed as a Potentially Responsible Party (“PRP”). On April 10, 2012, the United States District Court for the Eastern District of Wisconsin granted Appvion’s motion for summary judgment and dismissed all claims against Appvion in the enforcement action. The decision establishes that Appvion is no longer a PRP, no longer liable under the federal Comprehensive Environmental Response, Compensation, and Liability Act, (“CERCLA” or “Superfund”), no longer considered a legal successor to NCR’s liabilities, and no longer required to comply with the 106 Order commanding remediation of the Lower Fox River. In addition, on July 3, 2012, the United States District Court for the Eastern District of Wisconsin determined that Appleton Coated Paper Company and NCR did not arrange for the disposal of hazardous waste within the meaning of CERCLA. | |
The rulings do not affect Appvion’s rights or obligations to share defense and liability costs with NCR in accordance with the terms of a 1998 agreement and a 2005 arbitration determination (“the Arbitration”) arising out of Appvion’s acquisition of assets from NCR in 1978 while it was a subsidiary of B.A.T Industries Limited (“BAT”). Appvion and BAT have joint and several liability under the Arbitration for certain costs relating to the Lower Fox River and other potential future sites. Appvion has initiated the dispute resolution procedures outlined in the 1998 agreement. Issues in dispute include the scope of Appvion’s liability under the agreement, if any, as well as funding requests and supporting documentation from NCR (the “Dispute Resolution”). The current carrying amount of Appvion’s liability under the Arbitration is $60.8 million, which represents Appvion’s best estimate of potential amounts to be paid. On June 8, 2012, BAT served AWA with a claim filed in a United Kingdom court, seeking a declaration that BAT is indemnified by AWA from and against any losses relating to the Lower Fox River. On June 26, 2012, BAT served Appvion with the same claim, seeking a declaration that BAT is indemnified by Appvion. Appvion intends to vigorously defend against this claim and has filed an application challenging the jurisdiction of the United Kingdom court. | |
Prior to the ruling in the above enforcement action, the United States Environmental Protection Agency (“EPA”) and Wisconsin Department of Natural Resources (“DNR”) claimed Appvion was a PRP with respect to historic discharges of polychlorinated biphenyls (“PCBs”) into the Lower Fox River in Wisconsin. Carbonless paper containing PCBs was manufactured at what is currently the Appleton plant from 1954 until 1971. During this period, wastewater containing PCBs was discharged into the Lower Fox River from a publicly-owned treatment works, from the Combined Locks, Wisconsin paper mill and from other local industrial facilities. Wastewater from the Appleton plant was processed through the publicly-owned treatment works. Appvion purchased the Appleton plant and the Combined Locks, Wisconsin paper mill from NCR in 1978, long after the use of PCBs in the manufacturing process was discontinued. The EPA issued an administrative order in November 2007, directing the PRPs to implement the remedial action of the Fox River pursuant to which certain of the PRPs commenced remediation in 2008. The various PRPs, including NCR, the EPA and the DNR continue to contest the scope, extent and costs of the remediation as well as the appropriate basis for determining the parties’ relative shares of the remediation cost. | |
The rulings also do not affect either of the two indemnification agreements entered in 2001 wherein AWA agreed to indemnify PDC and PDC agreed to indemnify Appvion for costs, expenses and liabilities related to certain governmental and third-party environmental claims (including certain claims under the Arbitration), which are defined in the agreements as the Fox River Liabilities. Appvion has recorded a $60.8 million environmental indemnification receivable as of September 29, 2013. | |
Estimates of Liability. The accrued Arbitration liability is derived from available information, including consideration of uncertainties regarding the scope and cost of implementing the final remediation plan, the scope of restoration and final valuation of natural resource damage (“NRD”) assessments, the evolving nature of remediation and restoration technologies and governmental policies, NCR’s share of liability relative to other PRPs and the extent of BAT’s performance under the Arbitration. Appvion believes NCR has paid more than its estimated share of the liability based on the assumptions below. Based on the analysis of available information, it is reasonably possible that the Company’s costs to satisfy its Arbitration liability, when ultimately settled, could range from $10 million to $310 million, with a payment period extending beyond ten years. The Company has recorded a liability of $60.8 million at September 29, 2013, which is its best estimate of the probable loss within this range. The Company believes the likelihood of an outcome in the upper end of the range is significantly less than other possible outcomes within the range. Interim legal determinations may periodically obligate NCR (and BAT and Appvion pursuant to the Arbitration) to fund portions of the cleanup costs to extents greater than NCR’s share as finally determined, and in such instances, Appvion may reserve additional amounts (including appropriate reimbursement under its indemnification agreements as discussed below). | |
The following assumptions were used in evaluating Appvion’s Arbitration liability: | |
• As of December 31, 2012, NCR has recorded an estimated liability of $115 million representing its portion of defense and liability costs with respect to the Lower Fox River; | |
• Technical analysis contending that discharges from NCR’s former assets represent 8% to 10% of the total PCBs discharged by the PRPs; | |
• Appvion’s and BAT’s joint and several responsibility for over half of the claims asserted against NCR, based on the Arbitration and the Dispute Resolution; | |
• Based on legal analyses and ongoing reviews of publicly-available financial information, Appvion believes that other PRPs will be required, and have adequate financial resources, to pay their respective shares of the remediation and NRD claims for the Lower Fox River; and | |
• legal fees and other expenses. | |
Appvion believes its recorded liability reflects its best estimate of potential payments under the Arbitration Agreement. While it is reasonably possible that Appvion may be responsible for additional payments under the Arbitration, additional payments are not deemed probable because ongoing litigation, continuing negotiation, and the Dispute Resolution process could significantly affect Appvion’s future obligation under the Arbitration. | |
AWA Indemnification. Pursuant to two indemnification agreements entered in 2001, AWA agreed to indemnify PDC and PDC agreed to indemnify Appvion for costs, expenses and liabilities related to certain governmental and third-party environmental claims, which are defined in the agreements as the Fox River Liabilities and other potential future sites. | |
Under the indemnification agreements, Appvion is indemnified for the first $75 million of Fox River Liabilities and for amounts in excess of $100 million. During 2008, Appvion paid $25 million to satisfy its portion of the Fox River Liabilities not covered by the indemnification agreement with AWA. As of September 2013, AWA has paid $277.7 million in connection with Fox River Liabilities. At September 29, 2013, PDC’s total indemnification receivable from AWA was $60.8 million, all of which is recorded in other current assets. At September 29, 2013, the total Appvion indemnification receivable from PDC was $60.8 million, all of which is recorded in other current assets. | |
In March 2008, Appvion received favorable jury verdicts in a state court declaratory judgment relating to insurance coverage of its environmental claims involving the Fox River. A final judgment and order was entered in January 2009 and upheld by the Wisconsin Court of Appeals in June 2010. Settlements have been negotiated between the insurers and Appvion. Under the terms of the indemnification agreement, recoveries from insurance are reimbursed to AWA to the extent of its indemnification obligation. During 2010, Appvion recorded an $8.9 million receivable, representing settlements to be received in excess of amounts reimbursable to AWA, in the Consolidated Balance Sheet as of January 1, 2011. During 2011, Appvion received $6.2 million of these funds. During third quarter 2012, an additional environmental expense insurance recovery of $2.2 million was recorded as a separate line item within operating income on the Consolidated Statement of Comprehensive Loss and all remaining funds were received by Appvion in 2012. | |
The indemnification agreements negotiated with AWA are designed to ensure that Appvion will not be required to fund any of the indemnified costs and expenses in relation to the Fox River Liabilities. This arrangement is working as designed and is expected to continue to protect Appvion with respect to the indemnified costs and expenses, based on Appvion’s review of the financial condition of AWA and estimates of Appvion’s liability. As earlier noted, Appvion’s ultimate liability pursuant to the Arbitration could prove to be significantly larger than the current carrying amount and potentially could exceed the financial capability of AWA. In the event Appvion is unable to secure payment from AWA or its former parent companies, Appvion may be liable for amounts pursuant to the Arbitration and these amounts may be material to Appvion. | |
West Carrollton | |
The West Carrollton, Ohio facility operates pursuant to various state and federal permits for discharges and emissions to air and water. As a result of the de-inking of carbonless paper containing PCBs through the early 1970s, there may have been releases of PCBs and volatile organic compounds into the soil in the area of the wastewater impoundments at the West Carrollton facility and low levels of PCBs have been detected in the groundwater immediately under this area. In addition, PCB contamination is present in sediment in the adjacent Great Miami River, but it is believed that this contamination is from a source other than the West Carrollton facility. | |
Based on investigation and delineation of PCB contamination in soil and groundwater in the area of the wastewater impoundments, the Company believes that it may be necessary to undertake remedial action in the future, although the Company is currently under no obligation to do so. The Company has not had any discussions or communications with any federal, state or local agencies or authorities regarding remedial action to address PCB contamination at the West Carrollton facility. The cost for remedial action, which could include installation of a cap, long-term pumping, treating and/or monitoring of groundwater and removal of sediment in the Great Miami River, was estimated in 2001 to range up to approximately $10.5 million, with approximately $3 million in short-term capital costs and the remainder to be incurred over a period of 30 years. However, costs could exceed this amount if additional contamination is discovered, if additional remedial action is necessary or if the remedial action costs are more than expected. | |
Because of the uncertainty surrounding the ultimate course of action for the West Carrollton facility property, the Great Miami River remediation and the Company’s share of these remediation costs, if any, and since the Company is currently under no obligation to undertake remedial action in the future, no provision has been recorded in its financial statements for estimated remediation costs. In conjunction with the acquisition of PDC by the ESOP in 2001, and as limited by the terms of the purchase agreement, AWA agreed to indemnify the Company for 50% of all environmental liabilities at West Carrollton up to $5.0 million and 100% of all such environmental costs exceeding $5.0 million. In addition, the former owners and operators of the West Carrollton facility may be liable for all or part of the cost of remediation of historic PCB contamination. | |
Other | |
From time to time, the Company may be subject to various demands, claims, suits or other legal proceedings arising in the ordinary course of business. A comprehensive insurance program is maintained to provide a measure of financial protection against such matters, though not all such exposures are, or can be, addressed by insurance. Estimated costs are recorded for such demands, claims, suits or proceedings of this nature when reasonably determinable. The Company has successfully defended such claims, settling some for amounts which are not material to the business and obtaining dismissals in others. While the Company will vigorously defend itself and expects to prevail in any similar cases that may be brought against it in the future, there can be no assurance that it will be successful. | |
Except as described above, and assuming the Company’s expectations regarding defending such demands, claims, suits or other legal or regulatory proceedings prove accurate, the Company does not believe that any pending or threatened demands, claims, suits or other legal proceedings will have, individually or in the aggregate, a materially adverse effect on its business, financial condition and results of operations or cash flows. | |
Appvion, Inc. [Member] | ' |
Commitments And Contingencies | ' |
12. COMMITMENTS AND CONTINGENCIES | |
Lower Fox River | |
Appvion Removed as a Potentially Responsible Party (“PRP”). On April 10, 2012, the United States District Court for the Eastern District of Wisconsin granted Appvion’s motion for summary judgment and dismissed all claims against Appvion in the enforcement action. The decision establishes that Appvion is no longer a PRP, no longer liable under the federal Comprehensive Environmental Response, Compensation, and Liability Act, (“CERCLA” or “Superfund”), no longer considered a legal successor to NCR’s liabilities, and no longer required to comply with the 106 Order commanding remediation of the Lower Fox River. In addition, on July 3, 2012, the United States District Court for the Eastern District of Wisconsin determined that Appleton Coated Paper Company and NCR did not arrange for the disposal of hazardous waste within the meaning of CERCLA. | |
The rulings do not affect Appvion’s rights or obligations to share defense and liability costs with NCR in accordance with the terms of a 1998 agreement and a 2005 arbitration determination (“the Arbitration”) arising out of Appvion’s acquisition of assets from NCR in 1978 while it was a subsidiary of B.A.T Industries Limited (“BAT”). Appvion and BAT have joint and several liability under the Arbitration for certain costs relating to the Lower Fox River and other potential future sites. Appvion has initiated the dispute resolution procedures outlined in the 1998 agreement. Issues in dispute include the scope of Appvion’s liability under the agreement, if any, as well as funding requests and supporting documentation from NCR (the “Dispute Resolution”). The current carrying amount of Appvion’s liability under the Arbitration is $60.8 million, which represents Appvion’s best estimate of potential amounts to be paid. On June 8, 2012, BAT served AWA with a claim filed in a United Kingdom court, seeking a declaration that BAT is indemnified by AWA from and against any losses relating to the Lower Fox River. On June 26, 2012, BAT served Appvion with the same claim, seeking a declaration that BAT is indemnified by Appvion. Appvion intends to vigorously defend against this claim and has filed an application challenging the jurisdiction of the United Kingdom court. | |
Prior to the ruling in the above enforcement action, the United States Environmental Protection Agency (“EPA”) and Wisconsin Department of Natural Resources (“DNR”) claimed Appvion was a PRP with respect to historic discharges of polychlorinated biphenyls (“PCBs”) into the Lower Fox River in Wisconsin. Carbonless paper containing PCBs was manufactured at what is currently the Appleton plant from 1954 until 1971. During this period, wastewater containing PCBs was discharged into the Lower Fox River from a publicly-owned treatment works, from the Combined Locks, Wisconsin paper mill and from other local industrial facilities. Wastewater from the Appleton plant was processed through the publicly-owned treatment works. Appvion purchased the Appleton plant and the Combined Locks, Wisconsin paper mill from NCR in 1978, long after the use of PCBs in the manufacturing process was discontinued. The EPA issued an administrative order in November 2007, directing the PRPs to implement the remedial action of the Fox River pursuant to which certain of the PRPs commenced remediation in 2008. The various PRPs, including NCR, the EPA and the DNR continue to contest the scope, extent and costs of the remediation as well as the appropriate basis for determining the parties’ relative shares of the remediation cost. | |
The rulings also do not affect either of the two indemnification agreements entered in 2001 wherein AWA agreed to indemnify PDC and PDC agreed to indemnify Appvion for costs, expenses and liabilities related to certain governmental and third-party environmental claims (including certain claims under the Arbitration), which are defined in the agreements as the Fox River Liabilities. Appvion has recorded a $60.8 million environmental indemnification receivable as of September 29, 2013. | |
Estimates of Liability. The accrued Arbitration liability is derived from available information, including consideration of uncertainties regarding the scope and cost of implementing the final remediation plan, the scope of restoration and final valuation of natural resource damage (“NRD”) assessments, the evolving nature of remediation and restoration technologies and governmental policies, NCR’s share of liability relative to other PRPs and the extent of BAT’s performance under the Arbitration. Appvion believes NCR has paid more than its estimated share of the liability based on the assumptions below. Based on the analysis of available information, it is reasonably possible that the Company’s costs to satisfy its Arbitration liability, when ultimately settled, could range from $10 million to $310 million, with a payment period extending beyond ten years. The Company has recorded a liability of $60.8 million at September 29, 2013, which is its best estimate of the probable loss within this range. The Company believes the likelihood of an outcome in the upper end of the range is significantly less than other possible outcomes within the range. Interim legal determinations may periodically obligate NCR (and BAT and Appvion pursuant to the Arbitration) to fund portions of the cleanup costs to extents greater than NCR’s share as finally determined, and in such instances, Appvion may reserve additional amounts (including appropriate reimbursement under its indemnification agreements as discussed below). | |
The following assumptions were used in evaluating Appvion’s Arbitration liability: | |
• As of December 31, 2012, NCR has recorded an estimated liability of $115 million representing its portion of defense and liability costs with respect to the Lower Fox River; | |
• Technical analysis contending that discharges from NCR’s former assets represent 8% to 10% of the total PCBs discharged by the PRPs; | |
• Appvion’s and BAT’s joint and several responsibility for over half of the claims asserted against NCR, based on the Arbitration and the Dispute Resolution; | |
• Based on legal analyses and ongoing reviews of publicly-available financial information, Appvion believes that other PRPs will be required, and have adequate financial resources, to pay their respective shares of the remediation and NRD claims for the Lower Fox River; and | |
• legal fees and other expenses. | |
Appvion believes its recorded liability reflects its best estimate of potential payments under the Arbitration Agreement. While it is reasonably possible that Appvion may be responsible for additional payments under the Arbitration, additional payments are not deemed probable because ongoing litigation, continuing negotiation, and the Dispute Resolution process could significantly affect Appvion’s future obligation under the Arbitration. | |
AWA Indemnification. Pursuant to two indemnification agreements entered in 2001, AWA agreed to indemnify PDC and PDC agreed to indemnify Appvion for costs, expenses and liabilities related to certain governmental and third-party environmental claims, which are defined in the agreements as the Fox River Liabilities and other potential future sites. | |
Under the indemnification agreements, Appvion is indemnified for the first $75 million of Fox River Liabilities and for amounts in excess of $100 million. During 2008, Appvion paid $25 million to satisfy its portion of the Fox River Liabilities not covered by the indemnification agreement with AWA. As of September 2013, AWA has paid $277.7 million in connection with Fox River Liabilities. At September 29, 2013, PDC’s total indemnification receivable from AWA was $60.8 million, all of which is recorded in other current assets. At September 29, 2013, the total Appvion indemnification receivable from PDC was $60.8 million, all of which is recorded in other current assets. | |
In March 2008, Appvion received favorable jury verdicts in a state court declaratory judgment relating to insurance coverage of its environmental claims involving the Fox River. A final judgment and order was entered in January 2009 and upheld by the Wisconsin Court of Appeals in June 2010. Settlements have been negotiated between the insurers and Appvion. Under the terms of the indemnification agreement, recoveries from insurance are reimbursed to AWA to the extent of its indemnification obligation. During 2010, Appvion recorded an $8.9 million receivable, representing settlements to be received in excess of amounts reimbursable to AWA, in the Consolidated Balance Sheet as of January 1, 2011. During 2011, Appvion received $6.2 million of these funds. During third quarter 2012, an additional environmental expense insurance recovery of $2.2 million was recorded as a separate line item within operating income on the Consolidated Statement of Comprehensive Loss and all remaining funds were received by Appvion in 2012. | |
The indemnification agreements negotiated with AWA are designed to ensure that Appvion will not be required to fund any of the indemnified costs and expenses in relation to the Fox River Liabilities. This arrangement is working as designed and is expected to continue to protect Appvion with respect to the indemnified costs and expenses, based on Appvion’s review of the financial condition of AWA and estimates of Appvion’s liability. As earlier noted, Appvion’s ultimate liability pursuant to the Arbitration could prove to be significantly larger than the current carrying amount and potentially could exceed the financial capability of AWA. In the event Appvion is unable to secure payment from AWA or its former parent companies, Appvion may be liable for amounts pursuant to the Arbitration and these amounts may be material to Appvion. | |
West Carrollton | |
The West Carrollton, Ohio facility operates pursuant to various state and federal permits for discharges and emissions to air and water. As a result of the de-inking of carbonless paper containing PCBs through the early 1970s, there may have been releases of PCBs and volatile organic compounds into the soil in the area of the wastewater impoundments at the West Carrollton facility and low levels of PCBs have been detected in the groundwater immediately under this area. In addition, PCB contamination is present in sediment in the adjacent Great Miami River, but it is believed that this contamination is from a source other than the West Carrollton facility. | |
Based on investigation and delineation of PCB contamination in soil and groundwater in the area of the wastewater impoundments, the Company believes that it may be necessary to undertake remedial action in the future, although the Company is currently under no obligation to do so. The Company has not had any discussions or communications with any federal, state or local agencies or authorities regarding remedial action to address PCB contamination at the West Carrollton facility. The cost for remedial action, which could include installation of a cap, long-term pumping, treating and/or monitoring of groundwater and removal of sediment in the Great Miami River, was estimated in 2001 to range up to approximately $10.5 million, with approximately $3 million in short-term capital costs and the remainder to be incurred over a period of 30 years. However, costs could exceed this amount if additional contamination is discovered, if additional remedial action is necessary or if the remedial action costs are more than expected. | |
Because of the uncertainty surrounding the ultimate course of action for the West Carrollton facility property, the Great Miami River remediation and the Company’s share of these remediation costs, if any, and since the Company is currently under no obligation to undertake remedial action in the future, no provision has been recorded in its financial statements for estimated remediation costs. In conjunction with the acquisition of PDC by the ESOP in 2001, and as limited by the terms of the purchase agreement, AWA agreed to indemnify the Company for 50% of all environmental liabilities at West Carrollton up to $5.0 million and 100% of all such environmental costs exceeding $5.0 million. In addition, the former owners and operators of the West Carrollton facility may be liable for all or part of the cost of remediation of historic PCB contamination. | |
Other | |
From time to time, the Company may be subject to various demands, claims, suits or other legal proceedings arising in the ordinary course of business. A comprehensive insurance program is maintained to provide a measure of financial protection against such matters, though not all such exposures are, or can be, addressed by insurance. Estimated costs are recorded for such demands, claims, suits or proceedings of this nature when reasonably determinable. The Company has successfully defended such claims, settling some for amounts which are not material to the business and obtaining dismissals in others. While the Company will vigorously defend itself and expects to prevail in any similar cases that may be brought against it in the future, there can be no assurance that it will be successful. | |
Except as described above, and assuming the Company’s expectations regarding defending such demands, claims, suits or other legal or regulatory proceedings prove accurate, the Company does not believe that any pending or threatened demands, claims, suits or other legal proceedings will have, individually or in the aggregate, a materially adverse effect on its business, financial condition and results of operations or cash flows. | |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 9 Months Ended |
Sep. 29, 2013 | |
Employee Stock Ownership Plan | ' |
13. EMPLOYEE STOCK OWNERSHIP PLAN | |
The Company’s matching contributions charged to expense were $0.6 million and $0.5 million for the three-month periods ended September 29, 2013 and September 30, 2012, respectively. The Company’s matching contributions charged to expense were $2.0 million and $2.3 million for the nine-month periods ended September 29, 2013 and September 30, 2012, respectively. As a result of hardship withdrawals, required diversifications and employee terminations, 606,841 shares of PDC redeemable common stock were repurchased during the first nine months of 2013 at an aggregate price of approximately $10.7 million. During the same period, the ESOP trustee purchased 94,067 shares of PDC redeemable common stock for an aggregate price of $1.6 million using pre-tax deferrals, rollovers and loan payments made by employees, while the Company’s matching contributions for this same period resulted in an additional 81,592 shares of redeemable common stock being issued. As a result of hardship withdrawals, required diversifications and employee terminations, 527,492 shares of PDC redeemable common stock were repurchased during the first nine months of 2012 at an aggregate price of approximately $8.6 million. During the same period, the ESOP trustee purchased 111,151 shares of PDC redeemable common stock for an aggregate price of $1.7 million using pre-tax deferrals, rollovers and loan payments made by employees, while the Company’s matching contributions for this same period resulted in an additional 121,255 shares of redeemable common stock being issued. | |
In accordance with ASC 480, “Distinguishing Liabilities from Equity,” redeemable equity securities are required to be accreted so the amount in the balance sheet reflects the estimated amount redeemable at the earliest redemption date based upon the redemption value at each period-end. Redeemable common stock is being accreted to the earliest redemption date, mandated by federal law, based upon the estimated fair market value of the redeemable common stock as of September 29, 2013. As of this date, the fair market value of one share of PDC common stock was $17.85. For several semi-annual periods prior to year-end 2010, stock valuations resulted in decreases to the stock price. The impact of these reductions caused the Company to reduce redeemable common stock accretion by $3.2 million for the nine months ended September 29, 2013. Based upon the estimated fair value of the redeemable common stock, an ultimate redemption liability of approximately $148 million has been determined. The redeemable common stock recorded book value as of September 29, 2013, was $71 million. | |
Similarly, redeemable common stock accretion was reduced by $7.0 million for the nine months ended September 30, 2012. Based upon the estimated fair value of the redeemable common stock, an ultimate redemption liability of approximately $151 million was determined. The recorded book value of the redeemable common stock as of September 29, 2012 was $86 million. | |
Appvion, Inc. [Member] | ' |
Employee Stock Ownership Plan | ' |
13. EMPLOYEE STOCK OWNERSHIP PLAN | |
The Company’s matching contributions charged to expense were $0.6 million and $0.5 million for the three-month periods ended September 29, 2013 and September 30, 2012, respectively. The Company’s matching contributions charged to expense were $2.0 million and $2.3 million for the nine-month periods ended September 29, 2013 and September 30, 2012, respectively. As a result of hardship withdrawals, required diversifications and employee terminations, 606,841 shares of PDC redeemable common stock were repurchased during the first nine months of 2013 at an aggregate price of approximately $10.7 million. During the same period, the ESOP trustee purchased 94,067 shares of PDC redeemable common stock for an aggregate price of $1.6 million using pre-tax deferrals, rollovers and loan payments made by employees, while the Company’s matching contributions for this same period resulted in an additional 81,592 shares of redeemable common stock being issued. As a result of hardship withdrawals, required diversifications and employee terminations, 527,492 shares of PDC redeemable common stock were repurchased during the first nine months of 2012 at an aggregate price of approximately $8.6 million. During the same period, the ESOP trustee purchased 111,151 shares of PDC redeemable common stock for an aggregate price of $1.7 million using pre-tax deferrals, rollovers and loan payments made by employees, while the Company’s matching contributions for this same period resulted in an additional 121,255 shares of redeemable common stock being issued. | |
In accordance with ASC 480, “Distinguishing Liabilities from Equity,” redeemable equity securities are required to be accreted so the amount in the balance sheet reflects the estimated amount redeemable at the earliest redemption date based upon the redemption value at each period-end. Redeemable common stock is being accreted to the earliest redemption date, mandated by federal law, based upon the estimated fair market value of the redeemable common stock as of September 29, 2013. As of this date, the fair market value of one share of PDC common stock was $17.85. For several semi-annual periods prior to year-end 2010, stock valuations resulted in decreases to the stock price. The impact of these reductions caused the Company to reduce redeemable common stock accretion by $3.2 million for the nine months ended September 29, 2013. Based upon the estimated fair value of the redeemable common stock, an ultimate redemption liability of approximately $148 million has been determined. The redeemable common stock recorded book value as of September 29, 2013, was $71 million. | |
Similarly, redeemable common stock accretion was reduced by $7.0 million for the nine months ended September 30, 2012. Based upon the estimated fair value of the redeemable common stock, an ultimate redemption liability of approximately $151 million was determined. The recorded book value of the redeemable common stock as of September 29, 2012 was $86 million. | |
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 9 Months Ended | ||||||||||||||
Sep. 29, 2013 | |||||||||||||||
Derivative Instruments And Hedging Activities | ' | ||||||||||||||
14. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||
The Company selectively uses financial instruments to manage some market risks from changes in foreign currency exchange rates, commodity prices or interest rates. The fair values of all derivatives are recorded in the Condensed Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income, depending on whether the derivative is designated and qualifies as part of a hedge transaction and, if so, the type of hedge transaction. | |||||||||||||||
The Company selectively hedges forecasted transactions that are subject to foreign currency exchange exposure by using forward exchange contracts. These instruments are designated as cash flow hedges and are recorded in the Condensed Consolidated Balance Sheet at fair value using Level 2 observable market inputs. The fair value of foreign currency forward contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward note, also deemed to be categorized as Level 2. The effective portion of the contracts’ gains or losses due to changes in fair value is initially recorded as a component of accumulated other comprehensive income and is subsequently reclassified into earnings when the underlying transactions occur and affect earnings or if it becomes probable the forecasted transactions will not occur. These contracts are highly effective in hedging the variability in future cash flows attributable to changes in currency exchange rates. The notional amount of foreign exchange contracts used to hedge foreign currency transactions was $17.3 million as of September 29, 2013. These contracts have settlement dates extending through June 2014. | |||||||||||||||
The Company selectively hedges forecasted commodity transactions that are subject to pricing fluctuations by using collar contracts to manage risks associated with market fluctuations in energy prices. These contracts are recorded in the Condensed Consolidated Balance Sheet at fair value using Level 2 observable market inputs based on the New York Mercantile Exchange as measured on the last trading day of the accounting period and compared to the collar price. The contracts’ gains or losses due to changes in fair value are recorded in current period earnings. At September 29, 2013, the hedged volumes of these contracts totaled 1,798,255 MMBTU (Million British Thermal Units) of natural gas. The contracts have settlement dates extending through December 2014. | |||||||||||||||
The Company selectively hedges forecasted commodity transactions that are subject to pricing fluctuations by using swap contracts to manage risks associated with market fluctuations in pulp prices. During first quarter 2012, there were two pulp swap contracts in place. The first swap had a hedge volume of 2,000 tons of pulp and was settled in February 2012. It was not designated as a hedge, and therefore, gains or losses due to changes in fair value were recorded in current period earnings. The second pulp hedge was designated as a cash flow hedge of forecasted pulp purchases, and therefore, the change in the effective portion of the fair value of the hedge was deferred in accumulated other comprehensive income until the inventory containing the pulp was sold. This pulp hedge was settled as of September 30, 2012. As of September 29, 2013, there were no pulp swap contracts in place. | |||||||||||||||
In July 2013, Appvion fixed the interest rate, at 7.24%, on $100 million of its variable rate first lien term loan using an interest rate swap contract with a forward start date of September 14, 2014 and a maturity date of June 28, 2019. This interest rate swap has been designated as a cash flow hedge and is recorded in the Condensed Consolidated Balance Sheet at fair value using Level 2 observable market inputs. | |||||||||||||||
The following table presents the location and fair values of derivative instruments included in the Company’s Condensed Consolidated Balance Sheets (dollars in thousands): | |||||||||||||||
Designated as a Hedge | Balance Sheet Location | 29-Sep-13 | December 29, 2012 | ||||||||||||
Foreign currency exchange derivatives | Other current liabilities | $ | -510 | $ | -1,014 | ||||||||||
Interest Rate Swap | Other long-term liabilities | -1,334 | — | ||||||||||||
Not Designated as a Hedge | |||||||||||||||
Natural gas collar | Other current assets | 65 | — | ||||||||||||
Natural gas collar | Other current liabilities | — | -43 | ||||||||||||
The following table presents the location and amount of losses (gains) on derivative instruments and related hedge items included in the Company’s Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 29, 2013 and September 30, 2012 and losses (gains) initially recognized in accumulated other comprehensive income in the Condensed Consolidated Balance Sheets at the period-ends presented (dollars in thousands): | |||||||||||||||
Statement of | For the Three | For the Three | For the Nine | For the Nine | |||||||||||
Comprehensive | Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||
Income (Loss) | September 29, | September 30, | September 29, | September 30, | |||||||||||
Designated as a Hedge | Location | 2013 | 2012 | 2013 | 2012 | ||||||||||
Foreign currency exchange derivatives | Net sales | $ | 333 | $ | -1,070 | $ | 624 | $ | -2,653 | ||||||
Losses (gains) recognized in | |||||||||||||||
accumulated other | |||||||||||||||
comprehensive income | 365 | -190 | |||||||||||||
Pulp fixed swap | Cost of sales | — | 262 | 197 | 656 | ||||||||||
Pulp fixed swap | Other expense | — | 94 | — | 166 | ||||||||||
Losses recognized in accumulated | |||||||||||||||
other comprehensive income | — | 722 | |||||||||||||
Interest rate swap | |||||||||||||||
Losses recognized in accumulated | |||||||||||||||
other comprehensive income | 1,334 | — | |||||||||||||
Not Designated as a Hedge | |||||||||||||||
Natural gas collar/fixed swap | Cost of sales | -87 | -29 | -107 | 239 | ||||||||||
Pulp fixed swap | Cost of sales | — | — | — | 10 | ||||||||||
For a discussion of the fair value of financial instruments, see Note 16, Fair Value Measurements. | |||||||||||||||
Appvion, Inc. [Member] | ' | ||||||||||||||
Derivative Instruments And Hedging Activities | ' | ||||||||||||||
14. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||
The Company selectively uses financial instruments to manage some market risks from changes in foreign currency exchange rates, commodity prices or interest rates. The fair values of all derivatives are recorded in the Condensed Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income, depending on whether the derivative is designated and qualifies as part of a hedge transaction and, if so, the type of hedge transaction. | |||||||||||||||
The Company selectively hedges forecasted transactions that are subject to foreign currency exchange exposure by using forward exchange contracts. These instruments are designated as cash flow hedges and are recorded in the Condensed Consolidated Balance Sheet at fair value using Level 2 observable market inputs. The fair value of foreign currency forward contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward note, also deemed to be categorized as Level 2. The effective portion of the contracts’ gains or losses due to changes in fair value is initially recorded as a component of accumulated other comprehensive income and is subsequently reclassified into earnings when the underlying transactions occur and affect earnings or if it becomes probable the forecasted transactions will not occur. These contracts are highly effective in hedging the variability in future cash flows attributable to changes in currency exchange rates. The notional amount of foreign exchange contracts used to hedge foreign currency transactions was $17.3 million as of September 29, 2013. These contracts have settlement dates extending through June 2014. | |||||||||||||||
The Company selectively hedges forecasted commodity transactions that are subject to pricing fluctuations by using collar contracts to manage risks associated with market fluctuations in energy prices. These contracts are recorded in the Condensed Consolidated Balance Sheet at fair value using Level 2 observable market inputs based on the New York Mercantile Exchange as measured on the last trading day of the accounting period and compared to the collar price. The contracts’ gains or losses due to changes in fair value are recorded in current period earnings. At September 29, 2013, the hedged volumes of these contracts totaled 1,798,255 MMBTU (Million British Thermal Units) of natural gas. The contracts have settlement dates extending through December 2014. | |||||||||||||||
The Company selectively hedges forecasted commodity transactions that are subject to pricing fluctuations by using swap contracts to manage risks associated with market fluctuations in pulp prices. During first quarter 2012, there were two pulp swap contracts in place. The first swap had a hedge volume of 2,000 tons of pulp and was settled in February 2012. It was not designated as a hedge, and therefore, gains or losses due to changes in fair value were recorded in current period earnings. The second pulp hedge was designated as a cash flow hedge of forecasted pulp purchases, and therefore, the change in the effective portion of the fair value of the hedge was deferred in accumulated other comprehensive income until the inventory containing the pulp was sold. This pulp hedge was settled as of September 30, 2012. As of September 29, 2013, there were no pulp swap contracts in place. | |||||||||||||||
In July 2013, Appvion fixed the interest rate, at 7.24%, on $100 million of its variable rate first lien term loan using an interest rate swap contract with a forward start date of September 14, 2014 and a maturity date of June 28, 2019. This interest rate swap has been designated as a cash flow hedge and is recorded in the Condensed Consolidated Balance Sheet at fair value using Level 2 observable market inputs. | |||||||||||||||
The following table presents the location and fair values of derivative instruments included in the Company’s Condensed Consolidated Balance Sheets (dollars in thousands): | |||||||||||||||
Designated as a Hedge | Balance Sheet Location | 29-Sep-13 | December 29, 2012 | ||||||||||||
Foreign currency exchange derivatives | Other current liabilities | $ | -510 | $ | -1,014 | ||||||||||
Interest Rate Swap | Other long-term liabilities | -1,334 | — | ||||||||||||
Not Designated as a Hedge | |||||||||||||||
Natural gas collar | Other current assets | 65 | — | ||||||||||||
Natural gas collar | Other current liabilities | — | -43 | ||||||||||||
The following table presents the location and amount of losses (gains) on derivative instruments and related hedge items included in the Company’s Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 29, 2013 and September 30, 2012 and losses (gains) initially recognized in accumulated other comprehensive income in the Condensed Consolidated Balance Sheets at the period-ends presented (dollars in thousands): | |||||||||||||||
Statement of | For the Three | For the Three | For the Nine | For the Nine | |||||||||||
Comprehensive | Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||
Income (Loss) | September 29, | September 30, | September 29, | September 30, | |||||||||||
Designated as a Hedge | Location | 2013 | 2012 | 2013 | 2012 | ||||||||||
Foreign currency exchange derivatives | Net sales | $ | 333 | $ | -1,070 | $ | 624 | $ | -2,653 | ||||||
Losses (gains) recognized in | |||||||||||||||
accumulated other | |||||||||||||||
comprehensive income | 365 | -190 | |||||||||||||
Pulp fixed swap | Cost of sales | — | 262 | 197 | 656 | ||||||||||
Pulp fixed swap | Other expense | — | 94 | — | 166 | ||||||||||
Losses recognized in accumulated | |||||||||||||||
other comprehensive income | — | 722 | |||||||||||||
Interest rate swap | |||||||||||||||
Losses recognized in accumulated | |||||||||||||||
other comprehensive income | 1,334 | — | |||||||||||||
Not Designated as a Hedge | |||||||||||||||
Natural gas collar/fixed swap | Cost of sales | -87 | -29 | -107 | 239 | ||||||||||
Pulp fixed swap | Cost of sales | — | — | — | 10 | ||||||||||
For a discussion of the fair value of financial instruments, see Note 16, Fair Value Measurements. | |||||||||||||||
LongTerm_Obligations
Long-Term Obligations | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Long-Term Obligations | ' | ||||||
15. LONG-TERM OBLIGATIONS | |||||||
Long-term obligations, excluding capital lease obligations, consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Old revolving credit facility at approximately 4.25% | $ | — | $ | 3,700 | |||
New revolving credit facility at approximately 4.75% | 20,000 | — | |||||
Secured variable rate industrial development bonds, 0.3% average interest rate at | |||||||
September 29, 2013, $2,650 due and repaid in August 2013 and $6,000 due in 2027 | 6,000 | 8,650 | |||||
State of Ohio assistance loan at 6%, approximately $100 due monthly and final | |||||||
payment due May 2017 | 4,440 | 5,210 | |||||
State of Ohio loan at 3%, approximately $30 due monthly and final | |||||||
payment due May 2019 | 1,785 | 2,002 | |||||
Columbia County, Wisconsin municipal debt due December 2019 | 300 | 300 | |||||
Senior subordinated notes payable at 9.75%, due June 2014 | 32,195 | 32,195 | |||||
Senior secured first lien notes payable at 10.5%, due June 2015 | — | 305,000 | |||||
Unamortized discount on 10.5% senior secured first lien notes payable, due June 2015 | — | -3,224 | |||||
Second lien notes payable at 11.25%, due December 2015 | 161,766 | 161,766 | |||||
First lien term loan at 5.75%, due June 2019 | 335,000 | — | |||||
Unamortized discount on first lien term loan, due June 2019 | -3,224 | — | |||||
558,262 | 515,599 | ||||||
Less obligations due within one year | -50,070 | -3,975 | |||||
$ | 508,192 | $ | 511,624 | ||||
On August 1, 2013, the Company made a mandatory debt repayment of $2.7 million, plus interest, on a portion of its Industrial Development Bonds. | |||||||
On June 28, 2013, Appvion completed a voluntary refinancing of a portion of its debt to extend debt maturities, reduce interest costs and increase financial flexibility and liquidity options. The refinancing included the execution of a new credit agreement providing for a $100 million five-year revolving line of credit due June 2018 and a $335 million first lien term loan due June 2019. The new line of credit replaced the five-year, $100 million revolving credit facility due February 2015. The new revolving credit facility provides for up to $100 million of revolving loans including a letter of credit sub-facility of up to $25 million and a swing line sub-facility of up to $5 million. Appvion’s borrowings under the revolving credit facility bears interest at Appvion’s option at either base rate plus 3.5% or LIBOR plus 4.5%, per annum. | |||||||
Proceeds from the $335 million first lien term loan, less expenses and discounts, were $326.3 million. These proceeds were used to redeem $300.7 million of the 10.5% senior secured first lien notes due June 2015, pay $1.1 million of interest due on the notes, pay $18.1 million of note premiums and costs associated with the note redemption, repay $6.0 million of the old revolver and pay $0.4 million of interest and fees due on the old revolver. The $18.1 million is included in debt extinguishment expense on the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 29, 2013. In addition, there was a cash outlay of $7.2 million for debt acquisition costs. As a result of the refinancing, $6.7 million of unamortized deferred debt issuance costs and original issue discount associated with the redeemed senior secured first lien notes and old revolver were written off and included in debt extinguishment expense. | |||||||
The first lien term loan bears interest at Appvion’s option at either base rate plus 3.5% or LIBOR, but not less than 1.25%, plus 4.5%, per annum. On July 30, 2013, Appvion fixed the interest rate at 7.24%, on $100.0 million of this variable rate debt using an interest rate swap contract with a forward start date of September 14, 2014 and a maturity date of June 28, 2019. The term loan amortizes in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount, with the balance payable on June 28, 2019. Also, within five business days after the year-end financial statements have been filed, Appvion shall prepay an aggregate principal amount of the term loan equal to the excess, if any, of (a) 50% of defined excess cash flow, provided that such percentage shall be reduced to (1) 25% based upon Appvion achieving a consolidated leverage ratio of less than 3.50 to 1.0 but greater than or equal to 2.50 to 1.0 and (2) 0% based upon Appvion achieving a consolidated leverage ratio of less than 2.50 to 1.0 minus (b) the aggregate amount of all prepayments of the revolving credit line which constitute permanent reductions of the revolving credit facility and all optional prepayments of the first lien term loan made during the year. | |||||||
On July 31, 2013, Appvion redeemed the remaining $4.3 million of 10.5% senior secured first lien notes due June 2015, plus interest and $0.2 million of debt extinguishment expense. In addition, $0.1 million of unamortized deferred debt issuance costs and original issue discount were written off and included in debt extinguishment expense. | |||||||
The new credit agreement ranks senior in right of payment to all existing and future subordinated indebtedness of Appvion and is secured by security interests in substantially all of the property and assets of Appvion and the debt guarantors. As noted above, the maturity date of the revolving credit facility is June 28, 2018 and the maturity date of the first lien term loan is June 28, 2019. If any amount of the second lien notes remains outstanding on June 30, 2015, then the maturity date of the revolving credit facility shall automatically be deemed to be June 30, 2015 and if any amount of the second lien notes remains outstanding on September 15, 2015, the maturity date of the first lien term loan shall automatically be deemed to be September 15, 2015. The new credit agreement is unconditionally, and jointly and severally, guaranteed by PDC and Appvion Canada, Ltd. It contains affirmative and negative covenants customary for similar credit facilities, which among other things, require Appvion to meet a minimum fixed charge coverage ratio under certain circumstances and restricts Appvion’s ability and the ability of Appvion’s subsidiaries, subject to certain exceptions, to incur additional indebtedness and liens, engage in sale and leaseback transactions, make investments, make loans and advances, transact certain asset sales, engage in mergers, acquisitions, consolidations, liquidations and dissolutions, pay dividends or make other payments in respect of equity interests and other restricted payments, engage in certain transactions with affiliates, limit capital expenditures and make prepayments, redemptions and repurchases of other indebtedness. | |||||||
During the first nine months of 2013, the Company made mandatory debt repayments of $1.0 million, plus interest, on its State of Ohio loans. Prior to the refinancing, Appvion had borrowed an additional $36.9 million, net, from the old revolving credit facility. This was repaid in full with $6.0 million of proceeds from the $335 million first lien term loan and $34.6 million of borrowing from the new revolving credit facility. Year-to-date through September 29, 2013, the Company borrowed $129.1 million and repaid $109.1 million on its new revolving credit facility, leaving an outstanding balance at quarter-end of $20.0 million. In addition, approximately $12.9 million of the new revolving credit facility was used to support outstanding letters of credit. | |||||||
During March 2012, the Company received the proceeds of a $0.3 million note issued to Appvion., Inc. by Columbia County, Wisconsin. | |||||||
The second lien notes, as amended, contain covenants that restrict Appvion’s ability and the ability of Appvion’s other guarantors to sell assets or merge or consolidate with or into other companies; borrow money; incur liens; pay dividends or make other distributions; make other restricted payments and investments; place restrictions on the ability of certain subsidiaries to pay dividends or other payments to Appvion; enter into sale and leaseback transactions; amend particular agreements relating to the transaction with former parent AWA and the ESOP; and enter into transactions with certain affiliates. These covenants are subject to important exceptions and qualifications set forth in the indenture governing the 11.25% second lien notes due 2015, as amended. | |||||||
The senior subordinated notes, as amended, are unconditionally guaranteed by PDC and Rose Holdings Limited, subject to certain limitations. | |||||||
The Company was in compliance with all debt covenants at September 29, 2013, and is forecasted to remain compliant for the next 12 months. The Company’s ability to comply with the financial covenants in the future depends on achieving forecasted operating results and operating cash flows. The Company’s failure to comply with its covenants, or an assessment that it is likely to fail to comply with its covenants, could lead the Company to seek amendments to, or waivers of, the financial covenants. The Company cannot provide assurance that it would be able to obtain any amendments to or waivers of the covenants. In the event of noncompliance with debt covenants, if the lenders will not amend or waive the covenants, the debt would be due and the Company would need to seek alternative financing. The Company cannot provide assurance that it would be able to obtain alternative financing. If the Company were not able to secure alternative financing, this would have a material adverse impact on the Company. | |||||||
Appvion, Inc. [Member] | ' | ||||||
Long-Term Obligations | ' | ||||||
15. LONG-TERM OBLIGATIONS | |||||||
Long-term obligations, excluding capital lease obligations, consist of the following (dollars in thousands): | |||||||
September 29, 2013 | December 29, 2012 | ||||||
Old revolving credit facility at approximately 4.25% | $ | — | $ | 3,700 | |||
New revolving credit facility at approximately 4.75% | 20,000 | — | |||||
Secured variable rate industrial development bonds, 0.3% average interest rate at | |||||||
September 29, 2013, $2,650 due and repaid in August 2013 and $6,000 due in 2027 | 6,000 | 8,650 | |||||
State of Ohio assistance loan at 6%, approximately $100 due monthly and final | |||||||
payment due May 2017 | 4,440 | 5,210 | |||||
State of Ohio loan at 3%, approximately $30 due monthly and final | |||||||
payment due May 2019 | 1,785 | 2,002 | |||||
Columbia County, Wisconsin municipal debt due December 2019 | 300 | 300 | |||||
Senior subordinated notes payable at 9.75%, due June 2014 | 32,195 | 32,195 | |||||
Senior secured first lien notes payable at 10.5%, due June 2015 | — | 305,000 | |||||
Unamortized discount on 10.5% senior secured first lien notes payable, due June 2015 | — | -3,224 | |||||
Second lien notes payable at 11.25%, due December 2015 | 161,766 | 161,766 | |||||
First lien term loan at 5.75%, due June 2019 | 335,000 | — | |||||
Unamortized discount on first lien term loan, due June 2019 | -3,224 | — | |||||
558,262 | 515,599 | ||||||
Less obligations due within one year | -50,070 | -3,975 | |||||
$ | 508,192 | $ | 511,624 | ||||
On August 1, 2013, the Company made a mandatory debt repayment of $2.7 million, plus interest, on a portion of its Industrial Development Bonds. | |||||||
On June 28, 2013, Appvion completed a voluntary refinancing of a portion of its debt to extend debt maturities, reduce interest costs and increase financial flexibility and liquidity options. The refinancing included the execution of a new credit agreement providing for a $100 million five-year revolving line of credit due June 2018 and a $335 million first lien term loan due June 2019. The new line of credit replaced the five-year, $100 million revolving credit facility due February 2015. The new revolving credit facility provides for up to $100 million of revolving loans including a letter of credit sub-facility of up to $25 million and a swing line sub-facility of up to $5 million. Appvion’s borrowings under the revolving credit facility bears interest at Appvion’s option at either base rate plus 3.5% or LIBOR plus 4.5%, per annum. | |||||||
Proceeds from the $335 million first lien term loan, less expenses and discounts, were $326.3 million. These proceeds were used to redeem $300.7 million of the 10.5% senior secured first lien notes due June 2015, pay $1.1 million of interest due on the notes, pay $18.1 million of note premiums and costs associated with the note redemption, repay $6.0 million of the old revolver and pay $0.4 million of interest and fees due on the old revolver. The $18.1 million is included in debt extinguishment expense on the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 29, 2013. In addition, there was a cash outlay of $7.2 million for debt acquisition costs. As a result of the refinancing, $6.7 million of unamortized deferred debt issuance costs and original issue discount associated with the redeemed senior secured first lien notes and old revolver were written off and included in debt extinguishment expense. | |||||||
The first lien term loan bears interest at Appvion’s option at either base rate plus 3.5% or LIBOR, but not less than 1.25%, plus 4.5%, per annum. On July 30, 2013, Appvion fixed the interest rate at 7.24%, on $100.0 million of this variable rate debt using an interest rate swap contract with a forward start date of September 14, 2014 and a maturity date of June 28, 2019. The term loan amortizes in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount, with the balance payable on June 28, 2019. Also, within five business days after the year-end financial statements have been filed, Appvion shall prepay an aggregate principal amount of the term loan equal to the excess, if any, of (a) 50% of defined excess cash flow, provided that such percentage shall be reduced to (1) 25% based upon Appvion achieving a consolidated leverage ratio of less than 3.50 to 1.0 but greater than or equal to 2.50 to 1.0 and (2) 0% based upon Appvion achieving a consolidated leverage ratio of less than 2.50 to 1.0 minus (b) the aggregate amount of all prepayments of the revolving credit line which constitute permanent reductions of the revolving credit facility and all optional prepayments of the first lien term loan made during the year. | |||||||
On July 31, 2013, Appvion redeemed the remaining $4.3 million of 10.5% senior secured first lien notes due June 2015, plus interest and $0.2 million of debt extinguishment expense. In addition, $0.1 million of unamortized deferred debt issuance costs and original issue discount were written off and included in debt extinguishment expense. | |||||||
The new credit agreement ranks senior in right of payment to all existing and future subordinated indebtedness of Appvion and is secured by security interests in substantially all of the property and assets of Appvion and the debt guarantors. As noted above, the maturity date of the revolving credit facility is June 28, 2018 and the maturity date of the first lien term loan is June 28, 2019. If any amount of the second lien notes remains outstanding on June 30, 2015, then the maturity date of the revolving credit facility shall automatically be deemed to be June 30, 2015 and if any amount of the second lien notes remains outstanding on September 15, 2015, the maturity date of the first lien term loan shall automatically be deemed to be September 15, 2015. The new credit agreement is unconditionally, and jointly and severally, guaranteed by PDC and Appvion Canada, Ltd. It contains affirmative and negative covenants customary for similar credit facilities, which among other things, require Appvion to meet a minimum fixed charge coverage ratio under certain circumstances and restricts Appvion’s ability and the ability of Appvion’s subsidiaries, subject to certain exceptions, to incur additional indebtedness and liens, engage in sale and leaseback transactions, make investments, make loans and advances, transact certain asset sales, engage in mergers, acquisitions, consolidations, liquidations and dissolutions, pay dividends or make other payments in respect of equity interests and other restricted payments, engage in certain transactions with affiliates, limit capital expenditures and make prepayments, redemptions and repurchases of other indebtedness. | |||||||
During the first nine months of 2013, the Company made mandatory debt repayments of $1.0 million, plus interest, on its State of Ohio loans. Prior to the refinancing, Appvion had borrowed an additional $36.9 million, net, from the old revolving credit facility. This was repaid in full with $6.0 million of proceeds from the $335 million first lien term loan and $34.6 million of borrowing from the new revolving credit facility. Year-to-date through September 29, 2013, the Company borrowed $129.1 million and repaid $109.1 million on its new revolving credit facility, leaving an outstanding balance at quarter-end of $20.0 million. In addition, approximately $12.9 million of the new revolving credit facility was used to support outstanding letters of credit. | |||||||
During March 2012, the Company received the proceeds of a $0.3 million note issued to Appvion., Inc. by Columbia County, Wisconsin. | |||||||
The second lien notes, as amended, contain covenants that restrict Appvion’s ability and the ability of Appvion’s other guarantors to sell assets or merge or consolidate with or into other companies; borrow money; incur liens; pay dividends or make other distributions; make other restricted payments and investments; place restrictions on the ability of certain subsidiaries to pay dividends or other payments to Appvion; enter into sale and leaseback transactions; amend particular agreements relating to the transaction with former parent AWA and the ESOP; and enter into transactions with certain affiliates. These covenants are subject to important exceptions and qualifications set forth in the indenture governing the 11.25% second lien notes due 2015, as amended. | |||||||
The senior subordinated notes, as amended, are unconditionally guaranteed by PDC and Rose Holdings Limited, subject to certain limitations. | |||||||
The Company was in compliance with all debt covenants at September 29, 2013, and is forecasted to remain compliant for the next 12 months. The Company’s ability to comply with the financial covenants in the future depends on achieving forecasted operating results and operating cash flows. The Company’s failure to comply with its covenants, or an assessment that it is likely to fail to comply with its covenants, could lead the Company to seek amendments to, or waivers of, the financial covenants. The Company cannot provide assurance that it would be able to obtain any amendments to or waivers of the covenants. In the event of noncompliance with debt covenants, if the lenders will not amend or waive the covenants, the debt would be due and the Company would need to seek alternative financing. The Company cannot provide assurance that it would be able to obtain alternative financing. If the Company were not able to secure alternative financing, this would have a material adverse impact on the Company. | |||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 29, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
16. FAIR VALUE MEASUREMENTS | ||||||||||||||
The carrying amount (including current portions) and estimated fair value of certain of the Company’s recorded financial instruments are as follows (dollars in thousands): | ||||||||||||||
September 29, 2013 | December 29, 2012 | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
Financial Instruments | Amount | Value | Amount | Value | ||||||||||
Senior subordinated notes payable | $ | 32,195 | $ | 32,155 | $ | 32,195 | $ | 32,356 | ||||||
Senior secured first lien notes payable | — | — | 301,776 | 319,883 | ||||||||||
Second lien notes payable | 161,766 | 182,796 | 161,766 | 175,516 | ||||||||||
First lien term loan | 331,776 | 331,776 | — | — | ||||||||||
Revolving credit facility | 20,000 | 20,000 | 3,700 | 3,700 | ||||||||||
State of Ohio loans | 6,225 | 6,225 | 7,212 | 7,212 | ||||||||||
Columbia County, Wisconsin municipal debt | 300 | 300 | 300 | 300 | ||||||||||
Industrial development bonds | 6,000 | 6,000 | 8,650 | 8,650 | ||||||||||
$ | 558,262 | $ | 579,252 | $ | 515,599 | $ | 547,617 | |||||||
The senior subordinated notes payable and the second lien notes payable are traded regularly in public markets and therefore, the fair value was determined using Level 1 inputs based on quoted market prices. The first lien term loan is traded regularly in public markets and therefore, the fair value was determined using Level 1 inputs based on quoted market prices. The fair value of the State of Ohio loans was determined using Level 2 observable market inputs including current rates for financial instruments of the same remaining maturity and similar terms. The industrial development bonds have a variable interest rate that reflects current market terms and conditions. | ||||||||||||||
Due to their short-term nature, the carrying values of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of fair value as of September 29, 2013 and December 29, 2012. | ||||||||||||||
Appvion, Inc. [Member] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
16. FAIR VALUE MEASUREMENTS | ||||||||||||||
The carrying amount (including current portions) and estimated fair value of certain of the Company’s recorded financial instruments are as follows (dollars in thousands): | ||||||||||||||
September 29, 2013 | December 29, 2012 | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
Financial Instruments | Amount | Value | Amount | Value | ||||||||||
Senior subordinated notes payable | $ | 32,195 | $ | 32,155 | $ | 32,195 | $ | 32,356 | ||||||
Senior secured first lien notes payable | — | — | 301,776 | 319,883 | ||||||||||
Second lien notes payable | 161,766 | 182,796 | 161,766 | 175,516 | ||||||||||
First lien term loan | 331,776 | 331,776 | — | — | ||||||||||
Revolving credit facility | 20,000 | 20,000 | 3,700 | 3,700 | ||||||||||
State of Ohio loans | 6,225 | 6,225 | 7,212 | 7,212 | ||||||||||
Columbia County, Wisconsin municipal debt | 300 | 300 | 300 | 300 | ||||||||||
Industrial development bonds | 6,000 | 6,000 | 8,650 | 8,650 | ||||||||||
$ | 558,262 | $ | 579,252 | $ | 515,599 | $ | 547,617 | |||||||
The senior subordinated notes payable and the second lien notes payable are traded regularly in public markets and therefore, the fair value was determined using Level 1 inputs based on quoted market prices. The first lien term loan is traded regularly in public markets and therefore, the fair value was determined using Level 1 inputs based on quoted market prices. The fair value of the State of Ohio loans was determined using Level 2 observable market inputs including current rates for financial instruments of the same remaining maturity and similar terms. The industrial development bonds have a variable interest rate that reflects current market terms and conditions. | ||||||||||||||
Due to their short-term nature, the carrying values of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of fair value as of September 29, 2013 and December 29, 2012. | ||||||||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Segment Information | ' | ||||||||||||
17. SEGMENT INFORMATION | |||||||||||||
The Company’s reportable segments are as follows: carbonless papers, thermal papers and Encapsys®. Management evaluates the performance of the segments based primarily on operating income (loss). Items excluded from the determination of segment operating income (loss) are unallocated corporate charges, interest income, interest expense, debt extinguishment expense, foreign exchange (gain) loss, and other expense. The Company does not allocate total assets internally in assessing operating performance and does not track capital expenditures by segment. Net sales, operating income (loss) and depreciation and amortization, as determined by the Company for its reportable segments, are as follows (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||
Net sales | |||||||||||||
Carbonless papers | $ | 88,791 | $ | 95,857 | $ | 266,818 | $ | 315,733 | |||||
Thermal papers | 105,639 | 106,534 | 323,033 | 304,946 | |||||||||
194,430 | 202,391 | 589,851 | 620,679 | ||||||||||
Encapsys | 12,437 | 12,804 | 38,505 | 38,998 | |||||||||
Intersegment (A) | -3,997 | -4,451 | -13,152 | -15,402 | |||||||||
Total | $ | 202,870 | $ | 210,744 | $ | 615,204 | $ | 644,275 | |||||
Operating income (loss) | |||||||||||||
Carbonless papers | $ | 10,777 | $ | 9,968 | $ | 30,460 | $ | -30,782 | |||||
Thermal papers | 7,769 | 1,851 | 26,299 | -28,210 | |||||||||
18,546 | 11,819 | 56,759 | -58,992 | ||||||||||
Encapsys | 2,810 | 3,369 | 9,500 | 8,443 | |||||||||
Unallocated corporate charges | -2,032 | 13 | -7,223 | -13,158 | |||||||||
Intersegment (A) | -599 | -659 | -1,990 | -2,300 | |||||||||
Total | $ | 18,725 | $ | 14,542 | $ | 57,046 | $ | -66,007 | |||||
Depreciation and amortization (B) | |||||||||||||
Carbonless papers | $ | 3,758 | $ | 4,645 | $ | 11,264 | $ | 49,524 | |||||
Thermal papers | 3,355 | 3,426 | 10,064 | 39,408 | |||||||||
7,113 | 8,071 | 21,328 | 88,932 | ||||||||||
Encapsys | 466 | 463 | 1,430 | 2,217 | |||||||||
Unallocated corporate charges | 19 | -16 | 55 | 20 | |||||||||
Total | $ | 7,598 | $ | 8,518 | $ | 22,813 | $ | 91,169 | |||||
(A) | Intersegment represents the portion of the Encapsys segment financial results relating to microencapsulated products provided internally for the production of carbonless papers. | ||||||||||||
(B) | Depreciation and amortization are allocated to the reportable segments based on the amount of activity provided by departments to the respective product lines in each reportable segment. | ||||||||||||
During the three and nine months ended September 30, 2012, the Company recorded $1.6 million and $102.0 million, respectively, in restructuring expense and other costs related to the ceasing of papermaking operations at the West Carrollton, Ohio facility (see Note 2, Restructuring and Other Related Costs). The operating income (loss) of the carbonless papers segment for the three and nine months ended September 30, 2012 included $0.9 million and $56.1 million, respectively, of restructuring and other related charges and $0.7 million and $45.9 million, respectively, was allocated to the thermal papers segment. A $6.8 million settlement charge relating to the full withdrawal from a multi-employer pension plan was also recorded in the thermal papers segment during the prior year quarter. Unallocated corporate charges for the three and nine months ended September 30, 2012 included $0.3 million and $7.2 million, respectively, of transaction costs for a discontinued business combination. Also, third quarter 2012 included $2.2 million of environmental expense insurance recovery. | |||||||||||||
Of the $1.6 million and $102.0 million of restructuring and other related charges recorded during the three and nine months ended September 30, 2012, $0.9 million and $63.1 million, respectively, was related to accelerated depreciation of the decommissioned papermaking assets. The carbonless papers segment was charged with $0.5 million and $34.7 million of this depreciation, respectively. The thermal papers segment was charged with $0.4 million and $28.4 million of this depreciation, respectively. | |||||||||||||
Appvion, Inc. [Member] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
17. SEGMENT INFORMATION | |||||||||||||
The Company’s reportable segments are as follows: carbonless papers, thermal papers and Encapsys®. Management evaluates the performance of the segments based primarily on operating income (loss). Items excluded from the determination of segment operating income (loss) are unallocated corporate charges, interest income, interest expense, debt extinguishment expense, foreign exchange (gain) loss, and other expense. The Company does not allocate total assets internally in assessing operating performance and does not track capital expenditures by segment. Net sales, operating income (loss) and depreciation and amortization, as determined by the Company for its reportable segments, are as follows (dollars in thousands): | |||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||
Net sales | |||||||||||||
Carbonless papers | $ | 88,791 | $ | 95,857 | $ | 266,818 | $ | 315,733 | |||||
Thermal papers | 105,639 | 106,534 | 323,033 | 304,946 | |||||||||
194,430 | 202,391 | 589,851 | 620,679 | ||||||||||
Encapsys | 12,437 | 12,804 | 38,505 | 38,998 | |||||||||
Intersegment (A) | -3,997 | -4,451 | -13,152 | -15,402 | |||||||||
Total | $ | 202,870 | $ | 210,744 | $ | 615,204 | $ | 644,275 | |||||
Operating income (loss) | |||||||||||||
Carbonless papers | $ | 10,777 | $ | 9,968 | $ | 30,460 | $ | -30,782 | |||||
Thermal papers | 7,769 | 1,851 | 26,299 | -28,210 | |||||||||
18,546 | 11,819 | 56,759 | -58,992 | ||||||||||
Encapsys | 2,810 | 3,369 | 9,500 | 8,443 | |||||||||
Unallocated corporate charges | -2,032 | 13 | -7,223 | -13,158 | |||||||||
Intersegment (A) | -599 | -659 | -1,990 | -2,300 | |||||||||
Total | $ | 18,725 | $ | 14,542 | $ | 57,046 | $ | -66,007 | |||||
Depreciation and amortization (B) | |||||||||||||
Carbonless papers | $ | 3,758 | $ | 4,645 | $ | 11,264 | $ | 49,524 | |||||
Thermal papers | 3,355 | 3,426 | 10,064 | 39,408 | |||||||||
7,113 | 8,071 | 21,328 | 88,932 | ||||||||||
Encapsys | 466 | 463 | 1,430 | 2,217 | |||||||||
Unallocated corporate charges | 19 | -16 | 55 | 20 | |||||||||
Total | $ | 7,598 | $ | 8,518 | $ | 22,813 | $ | 91,169 | |||||
(A) | Intersegment represents the portion of the Encapsys segment financial results relating to microencapsulated products provided internally for the production of carbonless papers. | ||||||||||||
(B) | Depreciation and amortization are allocated to the reportable segments based on the amount of activity provided by departments to the respective product lines in each reportable segment. | ||||||||||||
During the three and nine months ended September 30, 2012, the Company recorded $1.6 million and $102.0 million, respectively, in restructuring expense and other costs related to the ceasing of papermaking operations at the West Carrollton, Ohio facility (see Note 2, Restructuring and Other Related Costs). The operating income (loss) of the carbonless papers segment for the three and nine months ended September 30, 2012 included $0.9 million and $56.1 million, respectively, of restructuring and other related charges and $0.7 million and $45.9 million, respectively, was allocated to the thermal papers segment. A $6.8 million settlement charge relating to the full withdrawal from a multi-employer pension plan was also recorded in the thermal papers segment during the prior year quarter. Unallocated corporate charges for the three and nine months ended September 30, 2012 included $0.3 million and $7.2 million, respectively, of transaction costs for a discontinued business combination. Also, third quarter 2012 included $2.2 million of environmental expense insurance recovery. | |||||||||||||
Of the $1.6 million and $102.0 million of restructuring and other related charges recorded during the three and nine months ended September 30, 2012, $0.9 million and $63.1 million, respectively, was related to accelerated depreciation of the decommissioned papermaking assets. The carbonless papers segment was charged with $0.5 million and $34.7 million of this depreciation, respectively. The thermal papers segment was charged with $0.4 million and $28.4 million of this depreciation, respectively. | |||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||
Sep. 29, 2013 | |||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||
18. ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 29, 2013 are as follows (dollars in thousands): | |||||||||||||||
Change in | Hedging | ||||||||||||||
Retiree Plans | Activities | Total | |||||||||||||
Balance, December 29, 2012 | $ | 6,453 | $ | -1,131 | $ | 5,322 | |||||||||
Other comprehensive loss before reclassifications | — | -1,390 | -1,390 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income | -1,192 | 821 | -371 | ||||||||||||
Net other comprehensive loss | -1,192 | -569 | -1,761 | ||||||||||||
Balance, September 29, 2013 | $ | 5,261 | $ | -1,700 | $ | 3,561 | |||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 30, 2012 are as follows (dollars in thousands): | |||||||||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 30, 2012 were as follows (dollars in thousands): | |||||||||||||||
Change in | Hedging | ||||||||||||||
Retiree Plans | Activities | Total | |||||||||||||
Balance, December 31, 2011 | $ | 11,265 | $ | 1,759 | $ | 13,024 | |||||||||
Other comprehensive loss before reclassifications | — | -295 | -295 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income | -5,310 | -1,997 | -7,307 | ||||||||||||
Net other comprehensive loss | -5,310 | -2,292 | -7,602 | ||||||||||||
Balance, September 30, 2012 | $ | 5,955 | $ | -533 | $ | 5,422 | |||||||||
All amounts presented are net of tax. | |||||||||||||||
Details about these reclassifications are as follows (dollars in thousands): | |||||||||||||||
Amount Reclassified from | |||||||||||||||
Accumulated Other | |||||||||||||||
Comprehensive Income | |||||||||||||||
Affected Line Item | |||||||||||||||
For the Three | For the Three | For the Nine | For the Nine | in Consolidated | |||||||||||
Details about Accumulated | Months Ended | Months Ended | Months Ended | Months Ended | Statements of | ||||||||||
Other Comprehensive | September 29, | September 30, | September 29, | September 30, | Comprehensive Income | ||||||||||
Income Components | 2013 | 2012 | 2013 | 2012 | (Loss) | ||||||||||
Changes in retiree plans | |||||||||||||||
Amortization of prior service credit | $ | 397 | $ | 528 | $ | 1,192 | $ | 5,310 | (a) | ||||||
Hedging activities | |||||||||||||||
Foreign exchange contracts | $ | -333 | $ | 1,070 | $ | -624 | $ | 2,653 | Net sales | ||||||
Commodity contracts | — | -262 | -197 | -656 | Cost of sales | ||||||||||
$ | -333 | $ | 808 | $ | -821 | $ | 1,997 | ||||||||
Total reclassifications for the period | $ | 64 | $ | 1,336 | $ | 371 | $ | 7,307 | |||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic | |||||||||||||||
pension cost. See Note 9, Employee Benefits, and Note 10, Postretirement Benefit Plans other than Pensions. | |||||||||||||||
All amounts presented are net of tax. | |||||||||||||||
Appvion, Inc. [Member] | ' | ||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||
18. ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 29, 2013 are as follows (dollars in thousands): | |||||||||||||||
Change in | Hedging | ||||||||||||||
Retiree Plans | Activities | Total | |||||||||||||
Balance, December 29, 2012 | $ | 6,453 | $ | -1,131 | $ | 5,322 | |||||||||
Other comprehensive loss before reclassifications | — | -1,390 | -1,390 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income | -1,192 | 821 | -371 | ||||||||||||
Net other comprehensive loss | -1,192 | -569 | -1,761 | ||||||||||||
Balance, September 29, 2013 | $ | 5,261 | $ | -1,700 | $ | 3,561 | |||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 30, 2012 are as follows (dollars in thousands): | |||||||||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 30, 2012 were as follows (dollars in thousands): | |||||||||||||||
Change in | Hedging | ||||||||||||||
Retiree Plans | Activities | Total | |||||||||||||
Balance, December 31, 2011 | $ | 11,265 | $ | 1,759 | $ | 13,024 | |||||||||
Other comprehensive loss before reclassifications | — | -295 | -295 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income | -5,310 | -1,997 | -7,307 | ||||||||||||
Net other comprehensive loss | -5,310 | -2,292 | -7,602 | ||||||||||||
Balance, September 30, 2012 | $ | 5,955 | $ | -533 | $ | 5,422 | |||||||||
All amounts presented are net of tax. | |||||||||||||||
Details about these reclassifications are as follows (dollars in thousands): | |||||||||||||||
Amount Reclassified from | |||||||||||||||
Accumulated Other | |||||||||||||||
Comprehensive Income | |||||||||||||||
Affected Line Item | |||||||||||||||
For the Three | For the Three | For the Nine | For the Nine | in Consolidated | |||||||||||
Details about Accumulated | Months Ended | Months Ended | Months Ended | Months Ended | Statements of | ||||||||||
Other Comprehensive | September 29, | September 30, | September 29, | September 30, | Comprehensive Income | ||||||||||
Income Components | 2013 | 2012 | 2013 | 2012 | (Loss) | ||||||||||
Changes in retiree plans | |||||||||||||||
Amortization of prior service credit | $ | 397 | $ | 528 | $ | 1,192 | $ | 5,310 | (a) | ||||||
Hedging activities | |||||||||||||||
Foreign exchange contracts | $ | -333 | $ | 1,070 | $ | -624 | $ | 2,653 | Net sales | ||||||
Commodity contracts | — | -262 | -197 | -656 | Cost of sales | ||||||||||
$ | -333 | $ | 808 | $ | -821 | $ | 1,997 | ||||||||
Total reclassifications for the period | $ | 64 | $ | 1,336 | $ | 371 | $ | 7,307 | |||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic | |||||||||||||||
pension cost. See Note 9, Employee Benefits, and Note 10, Postretirement Benefit Plans other than Pensions. | |||||||||||||||
All amounts presented are net of tax. | |||||||||||||||
Guarantor_Financial_Informatio
Guarantor Financial Information | 9 Months Ended | ||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||
Guarantor Financial Information | ' | ||||||||||||||||||
19. GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||
Appvion (the “Issuer”) has issued senior subordinated notes, as amended, which are guaranteed by PDC (the “Parent Guarantor”), as well as by Rose Holdings Limited, a 100%-owned subsidiary of Appvion (the “Subsidiary Guarantor”). | |||||||||||||||||||
Presented below is condensed consolidating financial information for the Parent Guarantor, the Issuer, the Subsidiary Guarantor and a 100%-owned non-guarantor subsidiary (the “Non-Guarantor Subsidiary”) as of September 29, 2013 and December 29, 2012, and for the three and nine months ended September 29, 2013 and September 30, 2012. This financial information should be read in conjunction with the consolidated financial statements and other notes related thereto. | |||||||||||||||||||
The second lien notes, as amended, place restrictions on the subsidiaries of the Issuer that would limit dividend distributions by these subsidiaries. | |||||||||||||||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
29-Sep-13 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6,950 | $ | — | $ | 66 | $ | — | $ | 7,016 | |||||||
Accounts receivable, net | — | 80,847 | — | 2,886 | — | 83,733 | |||||||||||||
Inventories | — | 94,003 | — | 1,500 | — | 95,503 | |||||||||||||
Due from parent | — | 60,786 | — | — | -60,786 | — | |||||||||||||
Other current assets | 60,786 | 9,206 | — | 297 | — | 70,289 | |||||||||||||
Total current assets | 60,786 | 251,792 | — | 4,749 | -60,786 | 256,541 | |||||||||||||
Property, plant and equipment, net | — | 243,099 | — | 9 | — | 243,108 | |||||||||||||
Investment in subsidiaries | -372,597 | 14,162 | — | — | 358,435 | — | |||||||||||||
Other assets | 12 | 59,251 | — | 14 | — | 59,277 | |||||||||||||
Total assets | $ | -311,799 | $ | 568,304 | $ | — | $ | 4,772 | $ | 297,649 | $ | 558,926 | |||||||
LIABILITIES, REDEEMABLE COMMON STOCK, | |||||||||||||||||||
COMMON STOCK, PAID-IN CAPITAL, DUE | |||||||||||||||||||
FROM PARENT, ACCUMULATED DEFICIT AND | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 50,070 | $ | — | $ | — | $ | — | $ | 50,070 | |||||||
Accounts payable | — | 61,731 | — | 38 | — | 61,769 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies | 60,786 | 11,696 | — | -11,696 | -60,786 | — | |||||||||||||
Other accrued liabilities | — | 112,385 | — | 2,268 | — | 114,653 | |||||||||||||
Total current liabilities | 60,786 | 235,882 | — | -9,390 | -60,786 | 226,492 | |||||||||||||
Long-term debt | — | 508,192 | — | — | — | 508,192 | |||||||||||||
Other long-term liabilities | — | 196,827 | — | — | — | 196,827 | |||||||||||||
Redeemable common stock, | |||||||||||||||||||
common stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | -372,585 | -372,597 | — | 14,162 | 358,435 | -372,585 | |||||||||||||
Total liabilities, redeemable | |||||||||||||||||||
common stock, common | |||||||||||||||||||
stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | $ | -311,799 | $ | 568,304 | $ | — | $ | 4,772 | $ | 297,649 | $ | 558,926 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
29-Dec-12 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,593 | $ | — | $ | 258 | $ | — | $ | 1,851 | |||||||
Accounts receivable, net | — | 88,111 | — | 4,569 | — | 92,680 | |||||||||||||
Inventories | — | 92,939 | — | 1,410 | — | 94,349 | |||||||||||||
Due from parent | — | 65,000 | — | — | -65,000 | — | |||||||||||||
Other current assets | 65,000 | 5,570 | — | 50 | — | 70,620 | |||||||||||||
Total current assets | 65,000 | 253,213 | — | 6,287 | -65,000 | 259,500 | |||||||||||||
Property, plant and equipment, net | — | 243,254 | — | 11 | — | 243,265 | |||||||||||||
Investment in subsidiaries | -352,909 | 14,216 | — | — | 338,693 | — | |||||||||||||
Other assets | 12 | 58,298 | — | 15 | — | 58,325 | |||||||||||||
Total assets | $ | -287,897 | $ | 568,981 | $ | — | $ | 6,313 | $ | 273,693 | $ | 561,090 | |||||||
LIABILITIES, REDEEMABLE COMMON STOCK, | |||||||||||||||||||
COMMON STOCK, PAID-IN CAPITAL, DUE | |||||||||||||||||||
FROM PARENT, ACCUMULATED DEFICIT AND | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 3,975 | $ | — | $ | — | $ | — | $ | 3,975 | |||||||
Accounts payable | — | 68,574 | — | 26 | — | 68,600 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies | 65,000 | 10,799 | — | -10,799 | -65,000 | — | |||||||||||||
Other accrued liabilities | — | 119,690 | — | 2,412 | — | 122,102 | |||||||||||||
Total current liabilities | 65,000 | 203,038 | — | -8,361 | -65,000 | 194,677 | |||||||||||||
Long-term debt | — | 511,624 | — | — | — | 511,624 | |||||||||||||
Other long-term liabilities | — | 207,228 | — | 458 | — | 207,686 | |||||||||||||
Redeemable common stock, | |||||||||||||||||||
common stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | -352,897 | -352,909 | — | 14,216 | 338,693 | -352,897 | |||||||||||||
Total liabilities, redeemable | |||||||||||||||||||
common stock, common | |||||||||||||||||||
stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | $ | -287,897 | $ | 568,981 | $ | — | $ | 6,313 | $ | 273,693 | $ | 561,090 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 612,963 | $ | — | $ | 31,977 | $ | -29,736 | $ | 615,204 | |||||||
Cost of sales | — | 465,510 | — | 29,892 | -29,803 | 465,599 | |||||||||||||
Gross profit | — | 147,453 | — | 2,085 | 67 | 149,605 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 91,080 | — | 1,479 | — | 92,559 | |||||||||||||
Operating income | — | 56,373 | — | 606 | 67 | 57,046 | |||||||||||||
Interest expense | — | 42,092 | — | — | — | 42,092 | |||||||||||||
Interest income | — | -2 | — | — | — | -2 | |||||||||||||
Debt extinguishment expense | — | 25,101 | — | — | — | 25,101 | |||||||||||||
Loss in equity investments | 10,289 | 116 | — | — | -10,405 | — | |||||||||||||
Other (income) expense | — | -576 | — | 509 | 129 | 62 | |||||||||||||
(Loss) income before income taxes | -10,289 | -10,358 | — | 97 | 10,343 | -10,207 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -69 | — | 151 | — | 82 | |||||||||||||
Net loss | -10,289 | -10,289 | — | -54 | 10,343 | -10,289 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -1,192 | -1,192 | — | — | 1,192 | -1,192 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -569 | -569 | — | — | 569 | -569 | |||||||||||||
Total other comprehensive loss | -1,761 | -1,761 | — | — | 1,761 | -1,761 | |||||||||||||
Comprehensive loss | $ | -12,050 | $ | -12,050 | $ | — | $ | -54 | $ | 12,104 | $ | -12,050 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 645,294 | $ | — | $ | 38,714 | $ | -39,733 | $ | 644,275 | |||||||
Cost of sales | — | 576,968 | — | 39,815 | -39,395 | 577,388 | |||||||||||||
Gross profit (loss) | — | 68,326 | — | -1,101 | -338 | 66,887 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 106,354 | — | 1,553 | — | 107,907 | |||||||||||||
Environmental expense insurance | |||||||||||||||||||
recovery | — | -2,188 | — | — | — | -2,188 | |||||||||||||
Restructuring | — | 27,175 | — | — | — | 27,175 | |||||||||||||
Operating loss | — | -63,015 | — | -2,654 | -338 | -66,007 | |||||||||||||
Interest expense | — | 45,168 | — | — | -243 | 44,925 | |||||||||||||
Interest income | — | -54 | — | -243 | 243 | -54 | |||||||||||||
Loss in equity investments | 111,320 | 2,203 | — | — | -113,523 | — | |||||||||||||
Other expense (income) | — | 971 | — | -468 | -207 | 296 | |||||||||||||
Loss before income taxes | -111,320 | -111,303 | — | -1,943 | 113,392 | -111,174 | |||||||||||||
Provision for income taxes | — | 17 | — | 129 | — | 146 | |||||||||||||
Net loss | -111,320 | -111,320 | — | -2,072 | 113,392 | -111,320 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -5,310 | -5,310 | — | — | 5,310 | -5,310 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -2,292 | -2,292 | — | — | 2,292 | -2,292 | |||||||||||||
Total other comprehensive loss | -7,602 | -7,602 | — | — | 7,602 | -7,602 | |||||||||||||
Comprehensive loss | $ | -118,922 | $ | -118,922 | $ | — | $ | -2,072 | $ | 120,994 | $ | -118,922 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 202,806 | $ | — | $ | 10,140 | $ | -10,076 | $ | 202,870 | |||||||
Cost of sales | — | 154,494 | — | 9,965 | -10,173 | 154,286 | |||||||||||||
Gross profit | — | 48,312 | — | 175 | 97 | 48,584 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 29,391 | — | 468 | — | 29,859 | |||||||||||||
Operating income (loss) | — | 18,921 | — | -293 | 97 | 18,725 | |||||||||||||
Interest expense | — | 12,343 | — | — | — | 12,343 | |||||||||||||
Interest income | — | -2 | — | — | — | -2 | |||||||||||||
Debt extinguishment expense | — | 334 | — | — | — | 334 | |||||||||||||
(Income) loss in equity | |||||||||||||||||||
investments | -6,463 | 92 | — | — | 6,371 | — | |||||||||||||
Other income | — | -194 | — | -228 | 104 | -318 | |||||||||||||
Income (loss) before income taxes | 6,463 | 6,348 | — | -65 | -6,378 | 6,368 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -115 | — | 20 | — | -95 | |||||||||||||
Net income (loss) | 6,463 | 6,463 | — | -85 | -6,378 | 6,463 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -397 | -397 | — | — | 397 | -397 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -1,581 | -1,581 | — | — | 1,581 | -1,581 | |||||||||||||
Total other comprehensive loss | -1,978 | -1,978 | — | — | 1,978 | -1,978 | |||||||||||||
Comprehensive income (loss) | $ | 4,485 | $ | 4,485 | $ | — | $ | -85 | $ | -4,400 | $ | 4,485 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 211,180 | $ | — | $ | 13,158 | $ | -13,594 | $ | 210,744 | |||||||
Cost of sales | — | 165,723 | — | 13,717 | -13,484 | 165,956 | |||||||||||||
Gross profit (loss) | — | 45,457 | — | -559 | -110 | 44,788 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 31,209 | — | 522 | — | 31,731 | |||||||||||||
Environmental expense insurance | |||||||||||||||||||
recovery | — | -2,188 | — | — | — | -2,188 | |||||||||||||
Restructuring | — | 703 | — | — | — | 703 | |||||||||||||
Operating income (loss) | — | 15,733 | — | -1,081 | -110 | 14,542 | |||||||||||||
Interest expense | — | 14,901 | — | — | -69 | 14,832 | |||||||||||||
Interest income | — | -42 | — | -69 | 69 | -42 | |||||||||||||
(Income) loss in equity | |||||||||||||||||||
investments | -516 | 424 | — | — | 92 | — | |||||||||||||
Other income | — | -31 | — | -608 | -131 | -770 | |||||||||||||
Income (loss) before income taxes | 516 | 481 | — | -404 | -71 | 522 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -35 | — | 41 | — | 6 | |||||||||||||
Net income (loss) | 516 | 516 | — | -445 | -71 | 516 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -528 | -528 | — | — | 528 | -528 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -1,523 | -1,523 | — | — | 1,523 | -1,523 | |||||||||||||
Total other comprehensive loss | -2,051 | -2,051 | — | — | 2,051 | -2,051 | |||||||||||||
Comprehensive loss | $ | -1,535 | $ | -1,535 | $ | — | $ | -445 | $ | 1,980 | $ | -1,535 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
FOR NINE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net loss | $ | -10,289 | $ | -10,289 | $ | — | $ | -54 | $ | 10,343 | $ | -10,289 | |||||||
Adjustments to reconcile net loss | |||||||||||||||||||
to net cash provided (used) | |||||||||||||||||||
by operating activities: | |||||||||||||||||||
Depreciation and amortization | — | 22,811 | — | 2 | — | 22,813 | |||||||||||||
Other | — | 11,279 | — | 509 | — | 11,788 | |||||||||||||
Change in assets and liabilities, net | 15,935 | -24,773 | — | 248 | -10,343 | -18,933 | |||||||||||||
Net cash provided (used) by | |||||||||||||||||||
operating activities | 5,646 | -972 | — | 705 | — | 5,379 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Proceeds from sale of equipment | — | 6 | — | — | — | 6 | |||||||||||||
Additions to property, plant | |||||||||||||||||||
and equipment | — | -20,266 | — | — | — | -20,266 | |||||||||||||
Net cash used by investing activities | — | -20,260 | — | — | — | -20,260 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments of senior secured | |||||||||||||||||||
first lien notes payable | — | -305,000 | — | — | — | -305,000 | |||||||||||||
Proceeds from first lien | |||||||||||||||||||
term loan | — | 331,650 | — | — | — | 331,650 | |||||||||||||
Payment of industrial | |||||||||||||||||||
development bond | — | -2,650 | — | — | — | -2,650 | |||||||||||||
Debt acquisition costs | — | -7,235 | — | — | — | -7,235 | |||||||||||||
Payments relating to capital | |||||||||||||||||||
lease obligations | — | -67 | — | — | — | -67 | |||||||||||||
Proceeds from old revolving line | |||||||||||||||||||
of credit | — | 155,300 | — | — | — | 155,300 | |||||||||||||
Payments of old revolving line | |||||||||||||||||||
of credit | — | -159,000 | — | — | — | -159,000 | |||||||||||||
Proceeds from new revolving line | |||||||||||||||||||
of credit | 129,100 | 129,100 | |||||||||||||||||
Payments of new revolving line | |||||||||||||||||||
of credit | -109,100 | -109,100 | |||||||||||||||||
Payments of State of Ohio loans | — | -987 | — | — | — | -987 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies, net | 3,424 | -2,527 | — | -897 | — | — | |||||||||||||
Proceeds from issuance of | |||||||||||||||||||
redeemable common stock | 1,651 | — | — | — | — | 1,651 | |||||||||||||
Payments to redeem common stock | -10,721 | — | — | — | — | -10,721 | |||||||||||||
Decrease in cash overdraft | — | -2,886 | — | — | — | -2,886 | |||||||||||||
Net cash (used) provided by | |||||||||||||||||||
financing activities | -5,646 | 26,598 | — | -897 | — | 20,055 | |||||||||||||
Effect of foreign exchange rate | |||||||||||||||||||
changes on cash and cash equivalents | — | -9 | — | — | — | -9 | |||||||||||||
Change in cash and cash equivalents | — | 5,357 | — | -192 | — | 5,165 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
beginning of period | — | 1,593 | — | 258 | — | 1,851 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
end of period | $ | — | $ | 6,950 | $ | — | $ | 66 | $ | — | $ | 7,016 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
FOR NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net loss | $ | -111,320 | $ | -111,320 | $ | — | $ | -2,072 | $ | 113,392 | $ | -111,320 | |||||||
Adjustments to reconcile net loss | |||||||||||||||||||
to net cash provided (used) | |||||||||||||||||||
by operating activities: | |||||||||||||||||||
Depreciation and amortization | — | 91,166 | — | 3 | — | 91,169 | |||||||||||||
Other | — | 15,392 | — | -468 | — | 14,924 | |||||||||||||
Change in assets and liabilities, net | 118,309 | 10,355 | — | -358 | -113,392 | 14,914 | |||||||||||||
Net cash provided (used) by | |||||||||||||||||||
operating activities | 6,989 | 5,593 | — | -2,895 | — | 9,687 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Proceeds from sale of equipment | — | 20 | — | — | — | 20 | |||||||||||||
Additions to property, plant | |||||||||||||||||||
and equipment | — | -9,015 | — | — | — | -9,015 | |||||||||||||
Net cash used by investing activities | — | -8,995 | — | — | — | -8,995 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments relating to capital | |||||||||||||||||||
lease obligations | — | -46 | — | — | — | -46 | |||||||||||||
Proceeds from revolving line | |||||||||||||||||||
of credit | 190,300 | 190,300 | |||||||||||||||||
Payments of revolving line of credit | -182,750 | -182,750 | |||||||||||||||||
Payments of State of Ohio loans | — | -935 | — | — | — | -935 | |||||||||||||
Proceeds from municipal debt | — | 300 | — | — | — | 300 | |||||||||||||
Due (from) to parent and affiliated | |||||||||||||||||||
companies, net | -87 | -2,576 | — | 2,663 | — | — | |||||||||||||
Proceeds from issuance of | |||||||||||||||||||
redeemable common stock | 1,677 | — | — | — | — | 1,677 | |||||||||||||
Payments to redeem common stock | -8,579 | — | — | — | — | -8,579 | |||||||||||||
Decrease in cash overdraft | — | -5,479 | — | — | — | -5,479 | |||||||||||||
Net cash (used) provided by | |||||||||||||||||||
financing activities | -6,989 | -1,186 | — | 2,663 | — | -5,512 | |||||||||||||
Effect of foreign exchange rate | |||||||||||||||||||
changes on cash and cash equivalents | — | 22 | — | — | — | 22 | |||||||||||||
Change in cash and cash equivalents | — | -4,566 | — | -232 | — | -4,798 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
beginning of period | — | 6,688 | — | 553 | — | 7,241 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
end of period | $ | — | $ | 2,122 | $ | — | $ | 321 | $ | — | $ | 2,443 | |||||||
Appvion, Inc. [Member] | ' | ||||||||||||||||||
Guarantor Financial Information | ' | ||||||||||||||||||
19. GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||
Appvion (the “Issuer”) has issued senior subordinated notes, as amended, which are guaranteed by PDC (the “Parent Guarantor”), as well as by Rose Holdings Limited, a 100%-owned subsidiary of Appvion (the “Subsidiary Guarantor”). | |||||||||||||||||||
Presented below is condensed consolidating financial information for the Parent Guarantor, the Issuer, the Subsidiary Guarantor and a 100%-owned non-guarantor subsidiary (the “Non-Guarantor Subsidiary”) as of September 29, 2013 and December 29, 2012, and for the three and nine months ended September 29, 2013 and September 30, 2012. This financial information should be read in conjunction with the consolidated financial statements and other notes related thereto. | |||||||||||||||||||
The second lien notes, as amended, place restrictions on the subsidiaries of the Issuer that would limit dividend distributions by these subsidiaries. | |||||||||||||||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
29-Sep-13 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6,950 | $ | — | $ | 66 | $ | — | $ | 7,016 | |||||||
Accounts receivable, net | — | 80,847 | — | 2,886 | — | 83,733 | |||||||||||||
Inventories | — | 94,003 | — | 1,500 | — | 95,503 | |||||||||||||
Due from parent | — | 60,786 | — | — | -60,786 | — | |||||||||||||
Other current assets | 60,786 | 9,206 | — | 297 | — | 70,289 | |||||||||||||
Total current assets | 60,786 | 251,792 | — | 4,749 | -60,786 | 256,541 | |||||||||||||
Property, plant and equipment, net | — | 243,099 | — | 9 | — | 243,108 | |||||||||||||
Investment in subsidiaries | -372,597 | 14,162 | — | — | 358,435 | — | |||||||||||||
Other assets | 12 | 59,251 | — | 14 | — | 59,277 | |||||||||||||
Total assets | $ | -311,799 | $ | 568,304 | $ | — | $ | 4,772 | $ | 297,649 | $ | 558,926 | |||||||
LIABILITIES, REDEEMABLE COMMON STOCK, | |||||||||||||||||||
COMMON STOCK, PAID-IN CAPITAL, DUE | |||||||||||||||||||
FROM PARENT, ACCUMULATED DEFICIT AND | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 50,070 | $ | — | $ | — | $ | — | $ | 50,070 | |||||||
Accounts payable | — | 61,731 | — | 38 | — | 61,769 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies | 60,786 | 11,696 | — | -11,696 | -60,786 | — | |||||||||||||
Other accrued liabilities | — | 112,385 | — | 2,268 | — | 114,653 | |||||||||||||
Total current liabilities | 60,786 | 235,882 | — | -9,390 | -60,786 | 226,492 | |||||||||||||
Long-term debt | — | 508,192 | — | — | — | 508,192 | |||||||||||||
Other long-term liabilities | — | 196,827 | — | — | — | 196,827 | |||||||||||||
Redeemable common stock, | |||||||||||||||||||
common stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | -372,585 | -372,597 | — | 14,162 | 358,435 | -372,585 | |||||||||||||
Total liabilities, redeemable | |||||||||||||||||||
common stock, common | |||||||||||||||||||
stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | $ | -311,799 | $ | 568,304 | $ | — | $ | 4,772 | $ | 297,649 | $ | 558,926 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
29-Dec-12 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,593 | $ | — | $ | 258 | $ | — | $ | 1,851 | |||||||
Accounts receivable, net | — | 88,111 | — | 4,569 | — | 92,680 | |||||||||||||
Inventories | — | 92,939 | — | 1,410 | — | 94,349 | |||||||||||||
Due from parent | — | 65,000 | — | — | -65,000 | — | |||||||||||||
Other current assets | 65,000 | 5,570 | — | 50 | — | 70,620 | |||||||||||||
Total current assets | 65,000 | 253,213 | — | 6,287 | -65,000 | 259,500 | |||||||||||||
Property, plant and equipment, net | — | 243,254 | — | 11 | — | 243,265 | |||||||||||||
Investment in subsidiaries | -352,909 | 14,216 | — | — | 338,693 | — | |||||||||||||
Other assets | 12 | 58,298 | — | 15 | — | 58,325 | |||||||||||||
Total assets | $ | -287,897 | $ | 568,981 | $ | — | $ | 6,313 | $ | 273,693 | $ | 561,090 | |||||||
LIABILITIES, REDEEMABLE COMMON STOCK, | |||||||||||||||||||
COMMON STOCK, PAID-IN CAPITAL, DUE | |||||||||||||||||||
FROM PARENT, ACCUMULATED DEFICIT AND | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 3,975 | $ | — | $ | — | $ | — | $ | 3,975 | |||||||
Accounts payable | — | 68,574 | — | 26 | — | 68,600 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies | 65,000 | 10,799 | — | -10,799 | -65,000 | — | |||||||||||||
Other accrued liabilities | — | 119,690 | — | 2,412 | — | 122,102 | |||||||||||||
Total current liabilities | 65,000 | 203,038 | — | -8,361 | -65,000 | 194,677 | |||||||||||||
Long-term debt | — | 511,624 | — | — | — | 511,624 | |||||||||||||
Other long-term liabilities | — | 207,228 | — | 458 | — | 207,686 | |||||||||||||
Redeemable common stock, | |||||||||||||||||||
common stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | -352,897 | -352,909 | — | 14,216 | 338,693 | -352,897 | |||||||||||||
Total liabilities, redeemable | |||||||||||||||||||
common stock, common | |||||||||||||||||||
stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | $ | -287,897 | $ | 568,981 | $ | — | $ | 6,313 | $ | 273,693 | $ | 561,090 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 612,963 | $ | — | $ | 31,977 | $ | -29,736 | $ | 615,204 | |||||||
Cost of sales | — | 465,510 | — | 29,892 | -29,803 | 465,599 | |||||||||||||
Gross profit | — | 147,453 | — | 2,085 | 67 | 149,605 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 91,080 | — | 1,479 | — | 92,559 | |||||||||||||
Operating income | — | 56,373 | — | 606 | 67 | 57,046 | |||||||||||||
Interest expense | — | 42,092 | — | — | — | 42,092 | |||||||||||||
Interest income | — | -2 | — | — | — | -2 | |||||||||||||
Debt extinguishment expense | — | 25,101 | — | — | — | 25,101 | |||||||||||||
Loss in equity investments | 10,289 | 116 | — | — | -10,405 | — | |||||||||||||
Other (income) expense | — | -576 | — | 509 | 129 | 62 | |||||||||||||
(Loss) income before income taxes | -10,289 | -10,358 | — | 97 | 10,343 | -10,207 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -69 | — | 151 | — | 82 | |||||||||||||
Net loss | -10,289 | -10,289 | — | -54 | 10,343 | -10,289 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -1,192 | -1,192 | — | — | 1,192 | -1,192 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -569 | -569 | — | — | 569 | -569 | |||||||||||||
Total other comprehensive loss | -1,761 | -1,761 | — | — | 1,761 | -1,761 | |||||||||||||
Comprehensive loss | $ | -12,050 | $ | -12,050 | $ | — | $ | -54 | $ | 12,104 | $ | -12,050 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 645,294 | $ | — | $ | 38,714 | $ | -39,733 | $ | 644,275 | |||||||
Cost of sales | — | 576,968 | — | 39,815 | -39,395 | 577,388 | |||||||||||||
Gross profit (loss) | — | 68,326 | — | -1,101 | -338 | 66,887 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 106,354 | — | 1,553 | — | 107,907 | |||||||||||||
Environmental expense insurance | |||||||||||||||||||
recovery | — | -2,188 | — | — | — | -2,188 | |||||||||||||
Restructuring | — | 27,175 | — | — | — | 27,175 | |||||||||||||
Operating loss | — | -63,015 | — | -2,654 | -338 | -66,007 | |||||||||||||
Interest expense | — | 45,168 | — | — | -243 | 44,925 | |||||||||||||
Interest income | — | -54 | — | -243 | 243 | -54 | |||||||||||||
Loss in equity investments | 111,320 | 2,203 | — | — | -113,523 | — | |||||||||||||
Other expense (income) | — | 971 | — | -468 | -207 | 296 | |||||||||||||
Loss before income taxes | -111,320 | -111,303 | — | -1,943 | 113,392 | -111,174 | |||||||||||||
Provision for income taxes | — | 17 | — | 129 | — | 146 | |||||||||||||
Net loss | -111,320 | -111,320 | — | -2,072 | 113,392 | -111,320 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -5,310 | -5,310 | — | — | 5,310 | -5,310 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -2,292 | -2,292 | — | — | 2,292 | -2,292 | |||||||||||||
Total other comprehensive loss | -7,602 | -7,602 | — | — | 7,602 | -7,602 | |||||||||||||
Comprehensive loss | $ | -118,922 | $ | -118,922 | $ | — | $ | -2,072 | $ | 120,994 | $ | -118,922 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 202,806 | $ | — | $ | 10,140 | $ | -10,076 | $ | 202,870 | |||||||
Cost of sales | — | 154,494 | — | 9,965 | -10,173 | 154,286 | |||||||||||||
Gross profit | — | 48,312 | — | 175 | 97 | 48,584 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 29,391 | — | 468 | — | 29,859 | |||||||||||||
Operating income (loss) | — | 18,921 | — | -293 | 97 | 18,725 | |||||||||||||
Interest expense | — | 12,343 | — | — | — | 12,343 | |||||||||||||
Interest income | — | -2 | — | — | — | -2 | |||||||||||||
Debt extinguishment expense | — | 334 | — | — | — | 334 | |||||||||||||
(Income) loss in equity | |||||||||||||||||||
investments | -6,463 | 92 | — | — | 6,371 | — | |||||||||||||
Other income | — | -194 | — | -228 | 104 | -318 | |||||||||||||
Income (loss) before income taxes | 6,463 | 6,348 | — | -65 | -6,378 | 6,368 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -115 | — | 20 | — | -95 | |||||||||||||
Net income (loss) | 6,463 | 6,463 | — | -85 | -6,378 | 6,463 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -397 | -397 | — | — | 397 | -397 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -1,581 | -1,581 | — | — | 1,581 | -1,581 | |||||||||||||
Total other comprehensive loss | -1,978 | -1,978 | — | — | 1,978 | -1,978 | |||||||||||||
Comprehensive income (loss) | $ | 4,485 | $ | 4,485 | $ | — | $ | -85 | $ | -4,400 | $ | 4,485 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 211,180 | $ | — | $ | 13,158 | $ | -13,594 | $ | 210,744 | |||||||
Cost of sales | — | 165,723 | — | 13,717 | -13,484 | 165,956 | |||||||||||||
Gross profit (loss) | — | 45,457 | — | -559 | -110 | 44,788 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 31,209 | — | 522 | — | 31,731 | |||||||||||||
Environmental expense insurance | |||||||||||||||||||
recovery | — | -2,188 | — | — | — | -2,188 | |||||||||||||
Restructuring | — | 703 | — | — | — | 703 | |||||||||||||
Operating income (loss) | — | 15,733 | — | -1,081 | -110 | 14,542 | |||||||||||||
Interest expense | — | 14,901 | — | — | -69 | 14,832 | |||||||||||||
Interest income | — | -42 | — | -69 | 69 | -42 | |||||||||||||
(Income) loss in equity | |||||||||||||||||||
investments | -516 | 424 | — | — | 92 | — | |||||||||||||
Other income | — | -31 | — | -608 | -131 | -770 | |||||||||||||
Income (loss) before income taxes | 516 | 481 | — | -404 | -71 | 522 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -35 | — | 41 | — | 6 | |||||||||||||
Net income (loss) | 516 | 516 | — | -445 | -71 | 516 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -528 | -528 | — | — | 528 | -528 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -1,523 | -1,523 | — | — | 1,523 | -1,523 | |||||||||||||
Total other comprehensive loss | -2,051 | -2,051 | — | — | 2,051 | -2,051 | |||||||||||||
Comprehensive loss | $ | -1,535 | $ | -1,535 | $ | — | $ | -445 | $ | 1,980 | $ | -1,535 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
FOR NINE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net loss | $ | -10,289 | $ | -10,289 | $ | — | $ | -54 | $ | 10,343 | $ | -10,289 | |||||||
Adjustments to reconcile net loss | |||||||||||||||||||
to net cash provided (used) | |||||||||||||||||||
by operating activities: | |||||||||||||||||||
Depreciation and amortization | — | 22,811 | — | 2 | — | 22,813 | |||||||||||||
Other | — | 11,279 | — | 509 | — | 11,788 | |||||||||||||
Change in assets and liabilities, net | 15,935 | -24,773 | — | 248 | -10,343 | -18,933 | |||||||||||||
Net cash provided (used) by | |||||||||||||||||||
operating activities | 5,646 | -972 | — | 705 | — | 5,379 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Proceeds from sale of equipment | — | 6 | — | — | — | 6 | |||||||||||||
Additions to property, plant | |||||||||||||||||||
and equipment | — | -20,266 | — | — | — | -20,266 | |||||||||||||
Net cash used by investing activities | — | -20,260 | — | — | — | -20,260 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments of senior secured | |||||||||||||||||||
first lien notes payable | — | -305,000 | — | — | — | -305,000 | |||||||||||||
Proceeds from first lien | |||||||||||||||||||
term loan | — | 331,650 | — | — | — | 331,650 | |||||||||||||
Payment of industrial | |||||||||||||||||||
development bond | — | -2,650 | — | — | — | -2,650 | |||||||||||||
Debt acquisition costs | — | -7,235 | — | — | — | -7,235 | |||||||||||||
Payments relating to capital | |||||||||||||||||||
lease obligations | — | -67 | — | — | — | -67 | |||||||||||||
Proceeds from old revolving line | |||||||||||||||||||
of credit | — | 155,300 | — | — | — | 155,300 | |||||||||||||
Payments of old revolving line | |||||||||||||||||||
of credit | — | -159,000 | — | — | — | -159,000 | |||||||||||||
Proceeds from new revolving line | |||||||||||||||||||
of credit | 129,100 | 129,100 | |||||||||||||||||
Payments of new revolving line | |||||||||||||||||||
of credit | -109,100 | -109,100 | |||||||||||||||||
Payments of State of Ohio loans | — | -987 | — | — | — | -987 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies, net | 3,424 | -2,527 | — | -897 | — | — | |||||||||||||
Proceeds from issuance of | |||||||||||||||||||
redeemable common stock | 1,651 | — | — | — | — | 1,651 | |||||||||||||
Payments to redeem common stock | -10,721 | — | — | — | — | -10,721 | |||||||||||||
Decrease in cash overdraft | — | -2,886 | — | — | — | -2,886 | |||||||||||||
Net cash (used) provided by | |||||||||||||||||||
financing activities | -5,646 | 26,598 | — | -897 | — | 20,055 | |||||||||||||
Effect of foreign exchange rate | |||||||||||||||||||
changes on cash and cash equivalents | — | -9 | — | — | — | -9 | |||||||||||||
Change in cash and cash equivalents | — | 5,357 | — | -192 | — | 5,165 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
beginning of period | — | 1,593 | — | 258 | — | 1,851 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
end of period | $ | — | $ | 6,950 | $ | — | $ | 66 | $ | — | $ | 7,016 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
FOR NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net loss | $ | -111,320 | $ | -111,320 | $ | — | $ | -2,072 | $ | 113,392 | $ | -111,320 | |||||||
Adjustments to reconcile net loss | |||||||||||||||||||
to net cash provided (used) | |||||||||||||||||||
by operating activities: | |||||||||||||||||||
Depreciation and amortization | — | 91,166 | — | 3 | — | 91,169 | |||||||||||||
Other | — | 15,392 | — | -468 | — | 14,924 | |||||||||||||
Change in assets and liabilities, net | 118,309 | 10,355 | — | -358 | -113,392 | 14,914 | |||||||||||||
Net cash provided (used) by | |||||||||||||||||||
operating activities | 6,989 | 5,593 | — | -2,895 | — | 9,687 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Proceeds from sale of equipment | — | 20 | — | — | — | 20 | |||||||||||||
Additions to property, plant | |||||||||||||||||||
and equipment | — | -9,015 | — | — | — | -9,015 | |||||||||||||
Net cash used by investing activities | — | -8,995 | — | — | — | -8,995 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments relating to capital | |||||||||||||||||||
lease obligations | — | -46 | — | — | — | -46 | |||||||||||||
Proceeds from revolving line | |||||||||||||||||||
of credit | 190,300 | 190,300 | |||||||||||||||||
Payments of revolving line of credit | -182,750 | -182,750 | |||||||||||||||||
Payments of State of Ohio loans | — | -935 | — | — | — | -935 | |||||||||||||
Proceeds from municipal debt | — | 300 | — | — | — | 300 | |||||||||||||
Due (from) to parent and affiliated | |||||||||||||||||||
companies, net | -87 | -2,576 | — | 2,663 | — | — | |||||||||||||
Proceeds from issuance of | |||||||||||||||||||
redeemable common stock | 1,677 | — | — | — | — | 1,677 | |||||||||||||
Payments to redeem common stock | -8,579 | — | — | — | — | -8,579 | |||||||||||||
Decrease in cash overdraft | — | -5,479 | — | — | — | -5,479 | |||||||||||||
Net cash (used) provided by | |||||||||||||||||||
financing activities | -6,989 | -1,186 | — | 2,663 | — | -5,512 | |||||||||||||
Effect of foreign exchange rate | |||||||||||||||||||
changes on cash and cash equivalents | — | 22 | — | — | — | 22 | |||||||||||||
Change in cash and cash equivalents | — | -4,566 | — | -232 | — | -4,798 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
beginning of period | — | 6,688 | — | 553 | — | 7,241 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
end of period | $ | — | $ | 2,122 | $ | — | $ | 321 | $ | — | $ | 2,443 | |||||||
Restructuring_And_Other_Relate1
Restructuring And Other Related Costs (Tables) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Restructuring And Other Related Costs [Abstract] | ' | ||||||||||||
Schedule Of Restructuring And Related Costs | ' | ||||||||||||
For the Three | For the Nine | Location on Statement | |||||||||||
Months Ended | Months Ended | of Comprehensive | |||||||||||
30-Sep-12 | 30-Sep-12 | Income (Loss) | |||||||||||
Employee termination benefits | $ | -250 | $ | 25,281 | Restructuring | ||||||||
Decommissioning and other expenses | 953 | 1,894 | Restructuring | ||||||||||
Accelerated depreciation | 887 | 63,140 | Cost of sales | ||||||||||
Revaluation of inventory | — | 11,078 | Cost of sales | ||||||||||
Loss on disposal of fixed assets | — | 572 | Cost of sales | ||||||||||
$ | 1,590 | $ | 101,965 | ||||||||||
Components Of Restructuring Reserve | ' | ||||||||||||
29-Dec-12 | 2013 Additions | 2013 | 29-Sep-13 | ||||||||||
Reserve | to Reserve | Utilization | Reserve | ||||||||||
Exit costs – equipment decommissioning | $ | 765 | $ | — | $ | -375 | $ | 390 | |||||
Employee termination benefits | 18,454 | — | -454 | 18,000 | |||||||||
$ | 19,219 | $ | — | $ | -829 | $ | 18,390 | ||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Other Intangible Assets [Abstract] | ' | |||||||||||||||
Schedule Of Intangible Assets | ' | |||||||||||||||
As of September 29, 2013 | As of December 29, 2012 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Trademarks | $ | 44,665 | $ | 27,849 | $ | 44,665 | $ | 26,275 | ||||||||
Patents | 7,474 | 7,474 | 7,808 | 7,808 | ||||||||||||
Customer relationships | 5,365 | 2,921 | 5,365 | 2,781 | ||||||||||||
Subtotal | 57,504 | $ | 38,244 | 57,838 | $ | 36,864 | ||||||||||
Unamortizable intangible assets: | ||||||||||||||||
Trademarks | 22,865 | 22,865 | ||||||||||||||
Total | $ | 80,369 | $ | 80,703 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Components Of Inventories | ' | ||||||
September 29, 2013 | December 29, 2012 | ||||||
Finished goods | $ | 51,843 | $ | 43,243 | |||
Raw materials, work in process, stores and spare parts | 43,660 | 51,106 | |||||
$ | 95,503 | $ | 94,349 | ||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Property, Plant And Equipment [Abstract] | ' | ||||||||||||
Components Of Property, Plant And Equipment | ' | ||||||||||||
September 29, 2013 | December 29, 2012 | ||||||||||||
Land and improvements | $ | 9,729 | $ | 9,634 | |||||||||
Buildings and improvements | 135,170 | 134,144 | |||||||||||
Machinery and equipment | 672,429 | 663,915 | |||||||||||
Software | 36,725 | 33,643 | |||||||||||
Capital leases | 309 | 304 | |||||||||||
Construction in progress | 15,493 | 8,631 | |||||||||||
869,855 | 850,271 | ||||||||||||
Accumulated depreciation | -626,747 | -607,006 | |||||||||||
$ | 243,108 | $ | 243,265 | ||||||||||
Schedule Of Depreciation Expense | ' | ||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||
Depreciation Expense | 2013 | 2012 | 2013 | 2012 | |||||||||
Cost of sales | $ | 6,365 | $ | 7,364 | $ | 19,116 | $ | 87,487 | |||||
Selling, general and administrative expenses | 661 | 583 | 1,983 | 1,968 | |||||||||
$ | 7,026 | $ | 7,947 | $ | 21,099 | $ | 89,455 | ||||||
Other_Current_And_Noncurrent_A1
Other Current And Noncurrent Assets (Tables) | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Schedule Of Other Current Assets | ' | ||||||
September 29, 2013 | December 29, 2012 | ||||||
Environmental indemnification receivable | $ | 60,786 | $ | 65,000 | |||
Other | 9,503 | 5,620 | |||||
$ | 70,289 | $ | 70,620 | ||||
Schedule Of Other Noncurrent Assets | ' | ||||||
September 29, 2013 | December 29, 2012 | ||||||
Deferred debt issuance costs | $ | 8,953 | $ | 7,736 | |||
Other | 8,199 | 6,750 | |||||
$ | 17,152 | $ | 14,486 | ||||
Appvion, Inc. [Member] | ' | ||||||
Schedule Of Other Noncurrent Assets | ' | ||||||
September 29, 2013 | December 29, 2012 | ||||||
Deferred debt issuance costs | $ | 8,953 | $ | 7,736 | |||
Other | 8,187 | 6,738 | |||||
$ | 17,140 | $ | 14,474 | ||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Other Accrued Liabilities [Abstract] | ' | ||||||
Schedule Of Accrued Liabilities | ' | ||||||
September 29, 2013 | December 29, 2012 | ||||||
Compensation | $ | 6,807 | $ | 14,800 | |||
Trade discounts | 12,921 | 16,796 | |||||
Workers’ compensation | 8,325 | 4,875 | |||||
Accrued insurance | 1,799 | 1,896 | |||||
Other accrued taxes | 1,264 | 1,494 | |||||
Postretirement benefits other than pension | 3,248 | 3,248 | |||||
Fox River Liabilities | 60,786 | 65,000 | |||||
Restructuring reserve | 822 | 1,219 | |||||
Other | 6,178 | 10,307 | |||||
$ | 102,150 | $ | 119,635 | ||||
Employee_Benefits_Tables
Employee Benefits (Tables) (Pension Benefits [Member]) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Pension Benefits [Member] | ' | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Components Of Net Periodic Pension Cost | ' | ||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
Pension Benefits | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 1,268 | $ | 977 | $ | 3,868 | $ | 2,931 | |||||
Interest cost | 4,638 | 4,867 | 13,878 | 14,601 | |||||||||
Expected return on plan assets | -6,038 | -5,443 | -18,102 | -16,329 | |||||||||
Amortization of prior service cost | 122 | 122 | 365 | 366 | |||||||||
Net loss amortization | 748 | — | 748 | — | |||||||||
Net periodic benefit cost | $ | 738 | $ | 523 | $ | 757 | $ | 1,569 | |||||
Postretirement_Benefit_Plans_O1
Postretirement Benefit Plans Other Than Pensions (Tables) (Other Postretirement Benefits [Member]) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Other Postretirement Benefits [Member] | ' | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Components Of Other Postretirement Benefit Cost | ' | ||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
Other Postretirement Benefits | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 98 | $ | 94 | $ | 260 | $ | 281 | |||||
Interest cost | 342 | 469 | 1,092 | 1,409 | |||||||||
Amortization of prior service | |||||||||||||
credit | -519 | -650 | -1,557 | -1,950 | |||||||||
Net gain amortization | -1,889 | — | -1,889 | — | |||||||||
Curtailment gain | — | — | — | -3,726 | |||||||||
Net periodic benefit income | $ | -1,968 | $ | -87 | $ | -2,094 | $ | -3,986 | |||||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||
Sep. 29, 2013 | |||||||||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||||||||||
Schedule Of Fair Values Of Derivative Instruments Included In Company's Condensed Consolidated Balance Sheets | ' | ||||||||||||||
Designated as a Hedge | Balance Sheet Location | 29-Sep-13 | December 29, 2012 | ||||||||||||
Foreign currency exchange derivatives | Other current liabilities | $ | -510 | $ | -1,014 | ||||||||||
Interest Rate Swap | Other long-term liabilities | -1,334 | — | ||||||||||||
Not Designated as a Hedge | |||||||||||||||
Natural gas collar | Other current assets | 65 | — | ||||||||||||
Natural gas collar | Other current liabilities | — | -43 | ||||||||||||
Schedule Of Amount Of Losses (Gains) On Derivative Instruments | ' | ||||||||||||||
Statement of | For the Three | For the Three | For the Nine | For the Nine | |||||||||||
Comprehensive | Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||
Income (Loss) | September 29, | September 30, | September 29, | September 30, | |||||||||||
Designated as a Hedge | Location | 2013 | 2012 | 2013 | 2012 | ||||||||||
Foreign currency exchange derivatives | Net sales | $ | 333 | $ | -1,070 | $ | 624 | $ | -2,653 | ||||||
Losses (gains) recognized in | |||||||||||||||
accumulated other | |||||||||||||||
comprehensive income | 365 | -190 | |||||||||||||
Pulp fixed swap | Cost of sales | — | 262 | 197 | 656 | ||||||||||
Pulp fixed swap | Other expense | — | 94 | — | 166 | ||||||||||
Losses recognized in accumulated | |||||||||||||||
other comprehensive income | — | 722 | |||||||||||||
Interest rate swap | |||||||||||||||
Losses recognized in accumulated | |||||||||||||||
other comprehensive income | 1,334 | — | |||||||||||||
Not Designated as a Hedge | |||||||||||||||
Natural gas collar/fixed swap | Cost of sales | -87 | -29 | -107 | 239 | ||||||||||
Pulp fixed swap | Cost of sales | — | — | — | 10 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 29, 2013 | ||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||
Schedule Of Carrying Amount And Fair Value Of Financial Instruments | ' | |||||||||||||
September 29, 2013 | December 29, 2012 | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
Financial Instruments | Amount | Value | Amount | Value | ||||||||||
Senior subordinated notes payable | $ | 32,195 | $ | 32,155 | $ | 32,195 | $ | 32,356 | ||||||
Senior secured first lien notes payable | — | — | 301,776 | 319,883 | ||||||||||
Second lien notes payable | 161,766 | 182,796 | 161,766 | 175,516 | ||||||||||
First lien term loan | 331,776 | 331,776 | — | — | ||||||||||
Revolving credit facility | 20,000 | 20,000 | 3,700 | 3,700 | ||||||||||
State of Ohio loans | 6,225 | 6,225 | 7,212 | 7,212 | ||||||||||
Columbia County, Wisconsin municipal debt | 300 | 300 | 300 | 300 | ||||||||||
Industrial development bonds | 6,000 | 6,000 | 8,650 | 8,650 | ||||||||||
$ | 558,262 | $ | 579,252 | $ | 515,599 | $ | 547,617 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Schedule Of Segment Reporting Information | ' | ||||||||||||
For the Three | For the Three | For the Nine | For the Nine | ||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||
Net sales | |||||||||||||
Carbonless papers | $ | 88,791 | $ | 95,857 | $ | 266,818 | $ | 315,733 | |||||
Thermal papers | 105,639 | 106,534 | 323,033 | 304,946 | |||||||||
194,430 | 202,391 | 589,851 | 620,679 | ||||||||||
Encapsys | 12,437 | 12,804 | 38,505 | 38,998 | |||||||||
Intersegment (A) | -3,997 | -4,451 | -13,152 | -15,402 | |||||||||
Total | $ | 202,870 | $ | 210,744 | $ | 615,204 | $ | 644,275 | |||||
Operating income (loss) | |||||||||||||
Carbonless papers | $ | 10,777 | $ | 9,968 | $ | 30,460 | $ | -30,782 | |||||
Thermal papers | 7,769 | 1,851 | 26,299 | -28,210 | |||||||||
18,546 | 11,819 | 56,759 | -58,992 | ||||||||||
Encapsys | 2,810 | 3,369 | 9,500 | 8,443 | |||||||||
Unallocated corporate charges | -2,032 | 13 | -7,223 | -13,158 | |||||||||
Intersegment (A) | -599 | -659 | -1,990 | -2,300 | |||||||||
Total | $ | 18,725 | $ | 14,542 | $ | 57,046 | $ | -66,007 | |||||
Depreciation and amortization (B) | |||||||||||||
Carbonless papers | $ | 3,758 | $ | 4,645 | $ | 11,264 | $ | 49,524 | |||||
Thermal papers | 3,355 | 3,426 | 10,064 | 39,408 | |||||||||
7,113 | 8,071 | 21,328 | 88,932 | ||||||||||
Encapsys | 466 | 463 | 1,430 | 2,217 | |||||||||
Unallocated corporate charges | 19 | -16 | 55 | 20 | |||||||||
Total | $ | 7,598 | $ | 8,518 | $ | 22,813 | $ | 91,169 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | Sep. 30, 2012 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ' | |||||||||||||||||||||||
Schedule Of Changes In Accumulated Other Comprehensive Income By Component | ' | ' | |||||||||||||||||||||||
The changes in accumulated other comprehensive income by component for the nine months ended September 30, 2012 were as follows (dollars in thousands): | |||||||||||||||||||||||||
Change in | Hedging | Change in | Hedging | ||||||||||||||||||||||
Retiree Plans | Activities | Total | Retiree Plans | Activities | Total | ||||||||||||||||||||
Balance, December 29, 2012 | $ | 6,453 | $ | -1,131 | $ | 5,322 | Balance, December 31, 2011 | $ | 11,265 | $ | 1,759 | $ | 13,024 | ||||||||||||
Other comprehensive loss before reclassifications | — | -1,390 | -1,390 | Other comprehensive loss before reclassifications | — | -295 | -295 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | -1,192 | 821 | -371 | Amounts reclassified from accumulated other | |||||||||||||||||||||
Net other comprehensive loss | -1,192 | -569 | -1,761 | comprehensive income | -5,310 | -1,997 | -7,307 | ||||||||||||||||||
Balance, September 29, 2013 | $ | 5,261 | $ | -1,700 | $ | 3,561 | Net other comprehensive loss | -5,310 | -2,292 | -7,602 | |||||||||||||||
Balance, September 30, 2012 | $ | 5,955 | $ | -533 | $ | 5,422 | |||||||||||||||||||
Change in | Hedging | ||||||||||||||||||||||||
Retiree Plans | Activities | Total | |||||||||||||||||||||||
Balance, December 31, 2011 | $ | 11,265 | $ | 1,759 | $ | 13,024 | |||||||||||||||||||
Other comprehensive loss before reclassifications | — | -295 | -295 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | -5,310 | -1,997 | -7,307 | ||||||||||||||||||||||
Net other comprehensive loss | -5,310 | -2,292 | -7,602 | ||||||||||||||||||||||
Balance, September 30, 2012 | $ | 5,955 | $ | -533 | $ | 5,422 | |||||||||||||||||||
Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income | ' | ' | |||||||||||||||||||||||
Amount Reclassified from | |||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||
Affected Line Item | |||||||||||||||||||||||||
For the Three | For the Three | For the Nine | For the Nine | in Consolidated | |||||||||||||||||||||
Details about Accumulated | Months Ended | Months Ended | Months Ended | Months Ended | Statements of | ||||||||||||||||||||
Other Comprehensive | September 29, | September 30, | September 29, | September 30, | Comprehensive Income | ||||||||||||||||||||
Income Components | 2013 | 2012 | 2013 | 2012 | (Loss) | ||||||||||||||||||||
Changes in retiree plans | |||||||||||||||||||||||||
Amortization of prior service credit | $ | 397 | $ | 528 | $ | 1,192 | $ | 5,310 | (a) | ||||||||||||||||
Hedging activities | |||||||||||||||||||||||||
Foreign exchange contracts | $ | -333 | $ | 1,070 | $ | -624 | $ | 2,653 | Net sales | ||||||||||||||||
Commodity contracts | — | -262 | -197 | -656 | Cost of sales | ||||||||||||||||||||
$ | -333 | $ | 808 | $ | -821 | $ | 1,997 | ||||||||||||||||||
Total reclassifications for the period | $ | 64 | $ | 1,336 | $ | 371 | $ | 7,307 | |||||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic | |||||||||||||||||||||||||
pension cost. See Note 9, Employee Benefits, and Note 10, Postretirement Benefit Plans other than Pensions. | |||||||||||||||||||||||||
Guarantor_Financial_Informatio1
Guarantor Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||
Guarantor Financial Information [Abstract] | ' | ||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
29-Sep-13 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6,950 | $ | — | $ | 66 | $ | — | $ | 7,016 | |||||||
Accounts receivable, net | — | 80,847 | — | 2,886 | — | 83,733 | |||||||||||||
Inventories | — | 94,003 | — | 1,500 | — | 95,503 | |||||||||||||
Due from parent | — | 60,786 | — | — | -60,786 | — | |||||||||||||
Other current assets | 60,786 | 9,206 | — | 297 | — | 70,289 | |||||||||||||
Total current assets | 60,786 | 251,792 | — | 4,749 | -60,786 | 256,541 | |||||||||||||
Property, plant and equipment, net | — | 243,099 | — | 9 | — | 243,108 | |||||||||||||
Investment in subsidiaries | -372,597 | 14,162 | — | — | 358,435 | — | |||||||||||||
Other assets | 12 | 59,251 | — | 14 | — | 59,277 | |||||||||||||
Total assets | $ | -311,799 | $ | 568,304 | $ | — | $ | 4,772 | $ | 297,649 | $ | 558,926 | |||||||
LIABILITIES, REDEEMABLE COMMON STOCK, | |||||||||||||||||||
COMMON STOCK, PAID-IN CAPITAL, DUE | |||||||||||||||||||
FROM PARENT, ACCUMULATED DEFICIT AND | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 50,070 | $ | — | $ | — | $ | — | $ | 50,070 | |||||||
Accounts payable | — | 61,731 | — | 38 | — | 61,769 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies | 60,786 | 11,696 | — | -11,696 | -60,786 | — | |||||||||||||
Other accrued liabilities | — | 112,385 | — | 2,268 | — | 114,653 | |||||||||||||
Total current liabilities | 60,786 | 235,882 | — | -9,390 | -60,786 | 226,492 | |||||||||||||
Long-term debt | — | 508,192 | — | — | — | 508,192 | |||||||||||||
Other long-term liabilities | — | 196,827 | — | — | — | 196,827 | |||||||||||||
Redeemable common stock, | |||||||||||||||||||
common stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | -372,585 | -372,597 | — | 14,162 | 358,435 | -372,585 | |||||||||||||
Total liabilities, redeemable | |||||||||||||||||||
common stock, common | |||||||||||||||||||
stock, paid-in capital, due | |||||||||||||||||||
from parent, accumulated | |||||||||||||||||||
deficit and accumulated | |||||||||||||||||||
other comprehensive income | $ | -311,799 | $ | 568,304 | $ | — | $ | 4,772 | $ | 297,649 | $ | 558,926 | |||||||
Condensed Consolidating Statement Of Comprehensive (Loss) Income | ' | ||||||||||||||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 612,963 | $ | — | $ | 31,977 | $ | -29,736 | $ | 615,204 | |||||||
Cost of sales | — | 465,510 | — | 29,892 | -29,803 | 465,599 | |||||||||||||
Gross profit | — | 147,453 | — | 2,085 | 67 | 149,605 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 91,080 | — | 1,479 | — | 92,559 | |||||||||||||
Operating income | — | 56,373 | — | 606 | 67 | 57,046 | |||||||||||||
Interest expense | — | 42,092 | — | — | — | 42,092 | |||||||||||||
Interest income | — | -2 | — | — | — | -2 | |||||||||||||
Debt extinguishment expense | — | 25,101 | — | — | — | 25,101 | |||||||||||||
Loss in equity investments | 10,289 | 116 | — | — | -10,405 | — | |||||||||||||
Other (income) expense | — | -576 | — | 509 | 129 | 62 | |||||||||||||
(Loss) income before income taxes | -10,289 | -10,358 | — | 97 | 10,343 | -10,207 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -69 | — | 151 | — | 82 | |||||||||||||
Net loss | -10,289 | -10,289 | — | -54 | 10,343 | -10,289 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -1,192 | -1,192 | — | — | 1,192 | -1,192 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -569 | -569 | — | — | 569 | -569 | |||||||||||||
Total other comprehensive loss | -1,761 | -1,761 | — | — | 1,761 | -1,761 | |||||||||||||
Comprehensive loss | $ | -12,050 | $ | -12,050 | $ | — | $ | -54 | $ | 12,104 | $ | -12,050 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 645,294 | $ | — | $ | 38,714 | $ | -39,733 | $ | 644,275 | |||||||
Cost of sales | — | 576,968 | — | 39,815 | -39,395 | 577,388 | |||||||||||||
Gross profit (loss) | — | 68,326 | — | -1,101 | -338 | 66,887 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 106,354 | — | 1,553 | — | 107,907 | |||||||||||||
Environmental expense insurance | |||||||||||||||||||
recovery | — | -2,188 | — | — | — | -2,188 | |||||||||||||
Restructuring | — | 27,175 | — | — | — | 27,175 | |||||||||||||
Operating loss | — | -63,015 | — | -2,654 | -338 | -66,007 | |||||||||||||
Interest expense | — | 45,168 | — | — | -243 | 44,925 | |||||||||||||
Interest income | — | -54 | — | -243 | 243 | -54 | |||||||||||||
Loss in equity investments | 111,320 | 2,203 | — | — | -113,523 | — | |||||||||||||
Other expense (income) | — | 971 | — | -468 | -207 | 296 | |||||||||||||
Loss before income taxes | -111,320 | -111,303 | — | -1,943 | 113,392 | -111,174 | |||||||||||||
Provision for income taxes | — | 17 | — | 129 | — | 146 | |||||||||||||
Net loss | -111,320 | -111,320 | — | -2,072 | 113,392 | -111,320 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -5,310 | -5,310 | — | — | 5,310 | -5,310 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -2,292 | -2,292 | — | — | 2,292 | -2,292 | |||||||||||||
Total other comprehensive loss | -7,602 | -7,602 | — | — | 7,602 | -7,602 | |||||||||||||
Comprehensive loss | $ | -118,922 | $ | -118,922 | $ | — | $ | -2,072 | $ | 120,994 | $ | -118,922 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Net sales | $ | — | $ | 202,806 | $ | — | $ | 10,140 | $ | -10,076 | $ | 202,870 | |||||||
Cost of sales | — | 154,494 | — | 9,965 | -10,173 | 154,286 | |||||||||||||
Gross profit | — | 48,312 | — | 175 | 97 | 48,584 | |||||||||||||
Selling, general and administrative | |||||||||||||||||||
expenses | — | 29,391 | — | 468 | — | 29,859 | |||||||||||||
Operating income (loss) | — | 18,921 | — | -293 | 97 | 18,725 | |||||||||||||
Interest expense | — | 12,343 | — | — | — | 12,343 | |||||||||||||
Interest income | — | -2 | — | — | — | -2 | |||||||||||||
Debt extinguishment expense | — | 334 | — | — | — | 334 | |||||||||||||
(Income) loss in equity | |||||||||||||||||||
investments | -6,463 | 92 | — | — | 6,371 | — | |||||||||||||
Other income | — | -194 | — | -228 | 104 | -318 | |||||||||||||
Income (loss) before income taxes | 6,463 | 6,348 | — | -65 | -6,378 | 6,368 | |||||||||||||
(Benefit) provision for income | |||||||||||||||||||
taxes | — | -115 | — | 20 | — | -95 | |||||||||||||
Net income (loss) | 6,463 | 6,463 | — | -85 | -6,378 | 6,463 | |||||||||||||
Other comprehensive loss | |||||||||||||||||||
Change in retirement plans | -397 | -397 | — | — | 397 | -397 | |||||||||||||
Realized and unrealized losses | |||||||||||||||||||
on derivatives | -1,581 | -1,581 | — | — | 1,581 | -1,581 | |||||||||||||
Total other comprehensive loss | -1,978 | -1,978 | — | — | 1,978 | -1,978 | |||||||||||||
Comprehensive income (loss) | $ | 4,485 | $ | 4,485 | $ | — | $ | -85 | $ | -4,400 | $ | 4,485 | |||||||
Condensed Consolidating Statement Of Cash Flows | ' | ||||||||||||||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
FOR NINE MONTHS ENDED SEPTEMBER 29, 2013 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net loss | $ | -10,289 | $ | -10,289 | $ | — | $ | -54 | $ | 10,343 | $ | -10,289 | |||||||
Adjustments to reconcile net loss | |||||||||||||||||||
to net cash provided (used) | |||||||||||||||||||
by operating activities: | |||||||||||||||||||
Depreciation and amortization | — | 22,811 | — | 2 | — | 22,813 | |||||||||||||
Other | — | 11,279 | — | 509 | — | 11,788 | |||||||||||||
Change in assets and liabilities, net | 15,935 | -24,773 | — | 248 | -10,343 | -18,933 | |||||||||||||
Net cash provided (used) by | |||||||||||||||||||
operating activities | 5,646 | -972 | — | 705 | — | 5,379 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Proceeds from sale of equipment | — | 6 | — | — | — | 6 | |||||||||||||
Additions to property, plant | |||||||||||||||||||
and equipment | — | -20,266 | — | — | — | -20,266 | |||||||||||||
Net cash used by investing activities | — | -20,260 | — | — | — | -20,260 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments of senior secured | |||||||||||||||||||
first lien notes payable | — | -305,000 | — | — | — | -305,000 | |||||||||||||
Proceeds from first lien | |||||||||||||||||||
term loan | — | 331,650 | — | — | — | 331,650 | |||||||||||||
Payment of industrial | |||||||||||||||||||
development bond | — | -2,650 | — | — | — | -2,650 | |||||||||||||
Debt acquisition costs | — | -7,235 | — | — | — | -7,235 | |||||||||||||
Payments relating to capital | |||||||||||||||||||
lease obligations | — | -67 | — | — | — | -67 | |||||||||||||
Proceeds from old revolving line | |||||||||||||||||||
of credit | — | 155,300 | — | — | — | 155,300 | |||||||||||||
Payments of old revolving line | |||||||||||||||||||
of credit | — | -159,000 | — | — | — | -159,000 | |||||||||||||
Proceeds from new revolving line | |||||||||||||||||||
of credit | 129,100 | 129,100 | |||||||||||||||||
Payments of new revolving line | |||||||||||||||||||
of credit | -109,100 | -109,100 | |||||||||||||||||
Payments of State of Ohio loans | — | -987 | — | — | — | -987 | |||||||||||||
Due to (from) parent and affiliated | |||||||||||||||||||
companies, net | 3,424 | -2,527 | — | -897 | — | — | |||||||||||||
Proceeds from issuance of | |||||||||||||||||||
redeemable common stock | 1,651 | — | — | — | — | 1,651 | |||||||||||||
Payments to redeem common stock | -10,721 | — | — | — | — | -10,721 | |||||||||||||
Decrease in cash overdraft | — | -2,886 | — | — | — | -2,886 | |||||||||||||
Net cash (used) provided by | |||||||||||||||||||
financing activities | -5,646 | 26,598 | — | -897 | — | 20,055 | |||||||||||||
Effect of foreign exchange rate | |||||||||||||||||||
changes on cash and cash equivalents | — | -9 | — | — | — | -9 | |||||||||||||
Change in cash and cash equivalents | — | 5,357 | — | -192 | — | 5,165 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
beginning of period | — | 1,593 | — | 258 | — | 1,851 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
end of period | $ | — | $ | 6,950 | $ | — | $ | 66 | $ | — | $ | 7,016 | |||||||
PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES | |||||||||||||||||||
AND APPVION, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
FOR NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Non- | |||||||||||||||||||
Parent | Subsidiary | Guarantor | |||||||||||||||||
Guarantor | Issuer | Guarantors | Subsidiary | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net loss | $ | -111,320 | $ | -111,320 | $ | — | $ | -2,072 | $ | 113,392 | $ | -111,320 | |||||||
Adjustments to reconcile net loss | |||||||||||||||||||
to net cash provided (used) | |||||||||||||||||||
by operating activities: | |||||||||||||||||||
Depreciation and amortization | — | 91,166 | — | 3 | — | 91,169 | |||||||||||||
Other | — | 15,392 | — | -468 | — | 14,924 | |||||||||||||
Change in assets and liabilities, net | 118,309 | 10,355 | — | -358 | -113,392 | 14,914 | |||||||||||||
Net cash provided (used) by | |||||||||||||||||||
operating activities | 6,989 | 5,593 | — | -2,895 | — | 9,687 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Proceeds from sale of equipment | — | 20 | — | — | — | 20 | |||||||||||||
Additions to property, plant | |||||||||||||||||||
and equipment | — | -9,015 | — | — | — | -9,015 | |||||||||||||
Net cash used by investing activities | — | -8,995 | — | — | — | -8,995 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments relating to capital | |||||||||||||||||||
lease obligations | — | -46 | — | — | — | -46 | |||||||||||||
Proceeds from revolving line | |||||||||||||||||||
of credit | 190,300 | 190,300 | |||||||||||||||||
Payments of revolving line of credit | -182,750 | -182,750 | |||||||||||||||||
Payments of State of Ohio loans | — | -935 | — | — | — | -935 | |||||||||||||
Proceeds from municipal debt | — | 300 | — | — | — | 300 | |||||||||||||
Due (from) to parent and affiliated | |||||||||||||||||||
companies, net | -87 | -2,576 | — | 2,663 | — | — | |||||||||||||
Proceeds from issuance of | |||||||||||||||||||
redeemable common stock | 1,677 | — | — | — | — | 1,677 | |||||||||||||
Payments to redeem common stock | -8,579 | — | — | — | — | -8,579 | |||||||||||||
Decrease in cash overdraft | — | -5,479 | — | — | — | -5,479 | |||||||||||||
Net cash (used) provided by | |||||||||||||||||||
financing activities | -6,989 | -1,186 | — | 2,663 | — | -5,512 | |||||||||||||
Effect of foreign exchange rate | |||||||||||||||||||
changes on cash and cash equivalents | — | 22 | — | — | — | 22 | |||||||||||||
Change in cash and cash equivalents | — | -4,566 | — | -232 | — | -4,798 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
beginning of period | — | 6,688 | — | 553 | — | 7,241 | |||||||||||||
Cash and cash equivalents at | |||||||||||||||||||
end of period | $ | — | $ | 2,122 | $ | — | $ | 321 | $ | — | $ | 2,443 | |||||||
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 29, 2012 |
Accounts payable | $61,769 | ' | $61,769 | ' | $68,600 |
Selling, general and administrative expenses | 29,859 | 31,731 | 92,559 | 107,907 | ' |
Cost of sales | 154,286 | 165,956 | 465,599 | 577,388 | ' |
Ownership percentage by parent | ' | ' | 100.00% | ' | ' |
Net loss | 6,463 | 516 | -10,289 | -111,320 | ' |
Effect Of Change [Member] | ' | ' | ' | ' | ' |
Net loss | ' | 2,600 | ' | 4,300 | ' |
Out Of Period Adjustment [Member] | ' | ' | ' | ' | ' |
Accounts payable | -1,500 | ' | -1,500 | ' | ' |
Selling, general and administrative expenses | -100 | ' | ' | ' | ' |
Cost of sales | -1,400 | ' | ' | ' | ' |
Appvion, Inc. [Member] | ' | ' | ' | ' | ' |
Accounts payable | 61,769 | ' | 61,769 | ' | 68,600 |
Selling, general and administrative expenses | 29,859 | 31,731 | 92,559 | 107,907 | ' |
Cost of sales | 154,286 | 165,956 | 465,599 | 577,388 | ' |
Ownership percentage by parent | ' | ' | 100.00% | ' | ' |
Net loss | $6,463 | $516 | ($10,289) | ($111,320) | ' |
Restructuring_And_Other_Relate2
Restructuring And Other Related Costs (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 29, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Jul. 01, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | |
West Carrollton Mill [Member] | West Carrollton Mill [Member] | West Carrollton Mill [Member] | West Carrollton Mill [Member] | Carbonless Papers [Member] | Carbonless Papers [Member] | Thermal Papers [Member] | Thermal Papers [Member] | Thermal Papers [Member] | Thermal Papers [Member] | Current Liabilities [Member] | Other Long Term Liabilities [Member] | Employee Termination [Member] | Employee Termination [Member] | |||||
West Carrollton Mill [Member] | West Carrollton Mill [Member] | West Carrollton Mill [Member] | Appleton Facility [Member] | |||||||||||||||
employee | employee | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase agreement term | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase agreement renewal term, years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated positions eliminated (added) due to restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 314 | -68 |
Restructuring and related charges | ' | $1,590,000 | $101,965,000 | $106,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | ' | 703,000 | 27,175,000 | ' | ' | 1,600,000 | 1,600,000 | 102,000,000 | 900,000 | 56,100,000 | 700,000 | 45,900,000 | 700,000 | 45,900,000 | ' | ' | ' | ' |
Employee termination costs | ' | -250,000 | 25,281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 17,600,000 | ' | ' |
Estimated remaining cash to be paid due to ceased operations | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cash to be paid over next year due to ceased operations | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cash to be paid over next five years due to ceased operations | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining cash to be paid over next five to 20 years due to ceased operations | ' | ' | ' | ' | $27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_And_Other_Relate3
Restructuring And Other Related Costs (Schedule Of Restructuring And Related Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 29, 2012 |
Restructuring And Other Related Costs [Abstract] | ' | ' | ' |
Employee termination benefits | ($250) | $25,281 | ' |
Decommissioning Expense | 953 | 1,894 | ' |
Accelerated depreciation | 887 | 63,140 | ' |
Revaluation of inventory | ' | 11,078 | ' |
Loss on disposal of fixed assets | ' | 572 | ' |
Total restructuring charges | $1,590 | $101,965 | $106,000 |
Restructuring_And_Other_Relate4
Restructuring And Other Related Costs (Components Of Restructuring Reserve) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Reserve, Beginning Balance | $19,219 |
Utilization | -829 |
Reserve, Ending Balance | 18,390 |
Exit Costs - Equipment Decommissioning [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Reserve, Beginning Balance | 765 |
Utilization | -375 |
Reserve, Ending Balance | 390 |
Employee Termination Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Reserve, Beginning Balance | 18,454 |
Utilization | -454 |
Reserve, Ending Balance | $18,000 |
Other_Intangible_Assets_Narrat
Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Other Intangible Assets [Abstract] | ' | ' | ' | ' |
Amortization expense | $600 | $600 | $1,714 | $1,714 |
Other_Intangible_Assets_Schedu
Other Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | Sep. 29, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | $57,504 | $57,838 |
Amortizable intangible assets, Accumulated Amortization | 38,244 | 36,864 |
Total intangible assets gross | 80,369 | 80,703 |
Trademarks [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 44,665 | 44,665 |
Amortizable intangible assets, Accumulated Amortization | 27,849 | 26,275 |
Unamortizable intangible assets, Gross Carrying Amount | 22,865 | 22,865 |
Patents [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 7,474 | 7,808 |
Amortizable intangible assets, Accumulated Amortization | 7,474 | 7,808 |
Customer Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 5,365 | 5,365 |
Amortizable intangible assets, Accumulated Amortization | $2,921 | $2,781 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Stores and spare parts inventory | $15.80 | $15.90 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $51,843 | $43,243 |
Raw materials, work in process, stores and spare parts | 43,660 | 51,106 |
Inventories, Net | $95,503 | $94,349 |
Property_Plant_And_Equipment_N
Property, Plant And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | $887 | $63,140 |
West Carrollton Mill [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | $900 | $63,100 |
Property_Plant_And_Equipment_C
Property, Plant And Equipment (Components Of Property, Plant And Equipment) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant And Equipment [Abstract] | ' | ' |
Land and improvements | $9,729 | $9,634 |
Buildings and improvements | 135,170 | 134,144 |
Machinery and equipment | 672,429 | 663,915 |
Software | 36,725 | 33,643 |
Capital lease | 309 | 304 |
Construction in progress | 15,493 | 8,631 |
Property, plant and equipment, gross, total | 869,855 | 850,271 |
Accumulated depreciation | -626,747 | -607,006 |
Property, plant and equipment, net, total | $243,108 | $243,265 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Depreciation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Depreciation Expense [Line Items] | ' | ' | ' | ' |
Depreciation Expense | $7,026 | $7,947 | $21,099 | $89,455 |
Cost Of Sales [Member] | ' | ' | ' | ' |
Depreciation Expense [Line Items] | ' | ' | ' | ' |
Depreciation Expense | 6,365 | 7,364 | 19,116 | 87,487 |
Selling, General And Administrative Expenses [Member] | ' | ' | ' | ' |
Depreciation Expense [Line Items] | ' | ' | ' | ' |
Depreciation Expense | $661 | $583 | $1,983 | $1,968 |
Other_Current_And_Noncurrent_A2
Other Current And Noncurrent Assets (Schedule Of Other Current Assets) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Line Items] | ' | ' |
Other | $9,503 | $5,620 |
Other current assets | 70,289 | 70,620 |
Windward Prospects Ltd [Member] | ' | ' |
Other Current Assets [Line Items] | ' | ' |
Environmental indemnification receivable | $60,786 | $65,000 |
Other_Current_And_Noncurrent_A3
Other Current And Noncurrent Assets (Schedule Of Other Noncurrent Assets) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Noncurrent Assets [Line Items] | ' | ' |
Deferred debt issuance costs | $8,953 | $7,736 |
Other | 8,199 | 6,750 |
Other noncurrent assets | 17,152 | 14,486 |
Appvion, Inc. [Member] | ' | ' |
Other Noncurrent Assets [Line Items] | ' | ' |
Deferred debt issuance costs | 8,953 | 7,736 |
Other | 8,187 | 6,738 |
Other noncurrent assets | $17,140 | $14,474 |
Other_Accrued_Liabilities_Sche
Other Accrued Liabilities (Schedule Of Accrued Liabilities) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Accrued Liabilities [Abstract] | ' | ' |
Compensation | $6,807 | $14,800 |
Trade discounts | 12,921 | 16,796 |
Workers' compensation | 8,325 | 4,875 |
Accrued insurance | 1,799 | 1,896 |
Other accrued taxes | 1,264 | 1,494 |
Postretirement benefits other than pension | 3,248 | 3,248 |
Fox River Liabilities | 60,786 | 65,000 |
Restructuring reserve | 822 | 1,219 |
Other | 6,178 | 10,307 |
Other accrued liabilities | $102,150 | $119,635 |
Employee_Benefits_Narrative_De
Employee Benefits (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 29, 2012 | Mar. 31, 2012 | Sep. 29, 2013 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Expected contribution in the current fiscal year | ' | ' | ' | $12.50 |
Company contribution to defined benefit pension plan | ' | ' | ' | 12.5 |
Multiemployer Plan Withdrawal Liability | ' | ' | 18 | ' |
Mulitemployer Plan Full Withdrawal Expense | 7 | ' | ' | ' |
Multiemployer Plan Full Withdrawal Expense Payment Period | ' | '20 years | ' | ' |
Multiemployer Plan Full Withdrawal Expense Likely Maxium Amount | ' | $25 | ' | ' |
Employee_Benefits_Components_O
Employee Benefits (Components Of Net Periodic Pension Cost) (Details) (Pension Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $1,268 | $977 | $3,868 | $2,931 |
Interest cost | 4,638 | 4,867 | 13,878 | 14,601 |
Expected return on plan assets | -6,038 | -5,443 | -18,102 | -16,329 |
Amortization of prior service cost | 122 | 122 | 365 | 366 |
Amortization of actuarial loss | 748 | ' | 748 | ' |
Net periodic benefit income | $738 | $523 | $757 | $1,569 |
Postretirement_Benefit_Plans_O2
Postretirement Benefit Plans Other Than Pensions (Narrative) (Details) (Other Postretirement Benefits [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Other Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Curtailment gain | $3,726 |
Postretirement_Benefit_Plans_O3
Postretirement Benefit Plans Other Than Pensions (Components Of Other Postretirement Benefit Cost) (Details) (Other Postretirement Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $98 | $94 | $260 | $281 |
Interest cost | 342 | 469 | 1,092 | 1,409 |
Amortization of prior service credit | -519 | -650 | -1,557 | -1,950 |
Amortization of actuarial loss | -1,889 | ' | -1,889 | ' |
Curtailment gain | ' | ' | ' | -3,726 |
Net periodic benefit income | ($1,968) | ($87) | ($2,094) | ($3,986) |
LongTerm_Incentive_Compensatio1
Long-Term Incentive Compensation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jul. 02, 2013 | Jan. 02, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Fair market value of common stock | ' | ' | $17.85 | ' | $17.85 | ' |
Share Price | ' | ' | $17.85 | ' | $17.85 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Units outstanding | ' | ' | 216,125 | ' | 216,125 | ' |
Share-based compensation expense | ' | ' | $0.30 | $0.10 | $0.90 | $1.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 1,500 | 160,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,500 | 160,000 | ' | ' | ' | ' |
LTIP [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | 0.3 | -0.4 | 1 | 1.2 |
Deferred Compensation Agreement [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Deferred compensation expense | ' | ' | $0.10 | ($0.10) | $0.30 | $0.20 |
Appleton Papers Long Term Incentive Plan (LTIP) [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Units granted | ' | ' | ' | ' | 194,100 | ' |
Long-Term Restricted Stock Unit Plan (RSU) [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Forfeited unvested units | ' | ' | ' | ' | 6,300 | ' |
Long-Term Restricted Stock Unit Plan (RSU) [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Units granted | ' | ' | ' | ' | 114,925 | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2011 | Dec. 31, 2008 | Mar. 31, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Jan. 01, 2011 | |
Appvion, Inc. [Member] | Appvion, Inc. [Member] | Minimum [Member] | Maximum [Member] | West Carrollton Mill [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | Lower Fox River [Member] | |||
Appvion, Inc. [Member] | Minimum [Member] | Maximum [Member] | NCR And Appleton's Independent Analysis And Estimate [Member] | Windward Prospects Ltd (AWA) [Member] | Windward Prospects Ltd (AWA) [Member] | ||||||||||||
Appvion, Inc. [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current carrying amount of liability under the Arbitration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,800,000 | ' | ' | ' | ' | ' |
Natural resource damages, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 310,000,000 | ' | ' | ' |
Natural resource damages, payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Estimated liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,800,000 | ' | ' | ' | 115,000,000 | ' | ' |
Responsibility for PCB discharged, percentage | ' | ' | ' | ' | 8.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Idemnification Amount, Up To | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Idemnification Amount, In Excess Of | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid in satisfaction of amounts not covered by indemnification | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, aggregate amount paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 277,700,000 | ' |
Indemnification receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,800,000 | ' | ' | ' | 60,800,000 | ' |
Amount receivable in excess of amount reimbursable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,900,000 |
Funds received from AWA | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental expense insurance recovery | -2,188,000 | -2,188,000 | -2,188,000 | -2,188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency range of possible loss maximum | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency short-term capital cost estimate | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of incurrence of environmental cost | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of indemnification below basis | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis amount for determination of indemnification amount | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of indemnification above basis | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Insurance Settlements Receivable | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Employee Stock Ownership Plan [Abstract] | ' | ' | ' | ' |
Contributions charged to expense | $0.60 | $0.50 | $2 | $2.30 |
Redeemable common stock repurchased, shares | ' | ' | 606,841 | 527,492 |
Redeemable common stock repurchased, value | ' | ' | 10.7 | 8.6 |
ESOP shares matched by Company | ' | ' | 81,592 | 121,255 |
ESOP shares purchased with pre-tax dollars | ' | ' | 94,067 | 111,151 |
Pre-tax deferals, rollovers and loan payment made by employees for ESOP | ' | ' | 1.6 | 1.7 |
Ultimate redemption liability | 148 | 151 | 148 | 151 |
Recorded book value of redeemable common stock | 71 | 86 | 71 | 86 |
Accretion of redeemable common stock | ' | ' | ($3.20) | ($7) |
Share Price | $17.85 | ' | $17.85 | ' |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $) | Apr. 01, 2012 | Jul. 30, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Feb. 29, 2012 |
In Millions, unless otherwise specified | contract | Interest Rate Swap [Member] | Designated As A Hedge [Member] | Designated As A Hedge [Member] | Not Designated As A Hedge [Member] |
Natural Gas [Member] | Pulp [Member] | ||||
MMBTU | T | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of foreign exchange contracts | ' | ' | $17.30 | ' | ' |
Notional nonmonetary amount of price risk derivatives | ' | ' | ' | 1,798,255 | ' |
Notional nonmonetary amount of price risk derivatives, mass | ' | ' | ' | ' | 2,000 |
Number of Price Risk Derivatives Held | 2 | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | 7.24% | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | ' | $100 | ' | ' | ' |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Schedule Of Fair Values Of Derivative Instruments Included In Company's Condensed Consolidated Balance Sheets) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Foreign Currency Exchange Derivatives [Member] | Designated As A Hedge [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Instruments in Hedges, Assets, at Fair Value | ($510) | ($1,014) |
Natural Gas Collar [Member] | Not Designated As A Hedge [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Natural gas collar | 65 | -43 |
Interest Rate Swap [Member] | Designated As A Hedge [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Instruments in Hedges, Assets, at Fair Value | ($1,334) | ' |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Schedule Of Amount Of Losses (Gains) On Derivative Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Interest Rate Swap [Member] | Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) recognized in accumulated other comprehensive loss | ' | ' | $1,334 | ' |
Losses (Gains) Recognized In Accumulated Other Comprehensive Loss [Member] | Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) recognized in accumulated other comprehensive loss | ' | ' | 365 | -190 |
Pulp Fixed Swap [Member] | Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) recognized in accumulated other comprehensive loss | ' | ' | ' | 722 |
Net Sales [Member] | Foreign Currency Exchange Derivatives [Member] | Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) included in the Statement of Operations | 333 | -1,070 | 624 | -2,653 |
Cost Of Sales [Member] | Natural Gas Fixed Swap [Member] | Not Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) included in the Statement of Operations | -87 | -29 | -107 | 239 |
Cost Of Sales [Member] | Pulp Fixed Swap [Member] | Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) included in the Statement of Operations | ' | 262 | 197 | 656 |
Cost Of Sales [Member] | Pulp Fixed Swap [Member] | Not Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) included in the Statement of Operations | ' | ' | ' | 10 |
Other Expense [Member] | Pulp Fixed Swap [Member] | Designated As A Hedge [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Losses (gains) included in the Statement of Operations | ' | $94 | ' | $166 |
LongTerm_Obligations_Narrative
Long-Term Obligations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||
Jun. 28, 2013 | Sep. 29, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 29, 2012 | Jul. 31, 2013 | Aug. 02, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Jul. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Dec. 29, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
item | Interest Swap Fixed Rate [Member] | Industrial Development Bonds [Member] | Industrial Development Bonds [Member] | Swing Line Sub-Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter Of Credit Sub-Facility [Member] | State Of Ohio Loans [Member] | Letter Of Credit [Member] | Second Lien Notes Payable [Member] | Second Lien Notes Payable [Member] | Second Lien Notes Payable [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Minimum [Member] | Maximum [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Funds Used From Refinance [Member] | Funds Used From Refinance [Member] | |||||||
item | item | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Minimum [Member] | Revolving Credit Facility [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | ||||||||||||||||||||||||||||
SeniorSecuredFirstLienNotesPayableDue2019 [Member] | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | $558,262,000 | ' | ' | $558,262,000 | ' | $515,599,000 | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | $161,766,000 | ' | $161,766,000 | $335,000,000 | $335,000,000 | $335,000,000 | ' | ' | ' | ' | $305,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Long-term Debt | ' | ' | ' | ' | 987,000 | 935,000 | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,700,000 |
Proceeds from revolving line of credit | 34,600,000 | ' | ' | ' | 129,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Other Debt | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 326,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of revolving line of credit | ' | ' | ' | ' | 109,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment on revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | 12,900,000 | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.25% | 11.25% | ' | ' | ' | 5.75% | ' | ' | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | 4.50% | 4.50% | 1.25% | ' | ' |
Debt instrument, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'June 2019 | 'June 2019 | ' | ' | 'June 2015 | 'JuneB 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Sep-13 | ' | ' | ' | ' | ' | ' | 1-Dec-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | 12,900,000 | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | 4.50% | 4.50% | 1.25% | ' | ' |
Debt Instrument, Periodic Payment, Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,100,000 |
Redemption Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,100,000 |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment expense | ' | 334,000 | ' | ' | 25,101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,100,000 |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | 7.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Amount of Hedged Item | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of term loan in aggregate annual amounts equal to percentage of original principal amount | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash flow | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash flow upon achieving specified consolidated leverage ratio | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 2.5 | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash flow upon achieving second specified consolidated leverage ratio | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second specified leverage ratio | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Obligations_Schedule_
Long-Term Obligations (Schedule Of Long-Term Obligations) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 29, 2012 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2013 | Dec. 29, 2012 | Jun. 30, 2013 | Sep. 29, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Sep. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2012 |
Revolving Credit Facility [Member] | OldRevolvingCreditFacility[Member] | OldRevolvingCreditFacility[Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | UnamortizedDiscountOnSeniorSecuredFirstLienNotesPayableDue2019 [Member] | Industrial Development Bonds [Member] | Industrial Development Bonds 2013 [Member] | Industrial Development Bonds, Due 2027 [Member] | Industrial Development Bonds, Due 2027 [Member] | State Of Ohio Assistance Loan At 6% [Member] | State Of Ohio Assistance Loan At 6% [Member] | State Of Ohio Loan At 1% Until July 2011, Then 3% Until May 2019 [Member] | State Of Ohio Loan At 1% Until July 2011, Then 3% Until May 2019 [Member] | State Of Ohio Loan At 3% Until May 2019 [Member] | Columbia County, Wisconsin Municipal Debt Due December 2019 [Member] | Columbia County, Wisconsin Municipal Debt Due December 2019 [Member] | Senior Subordinated Notes Payable, Due June 2014 [Member] | Senior Subordinated Notes Payable, Due June 2014 [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Senior Secured First Lien Notes Payable At 10.5% [Member] | Unamortized Discount On 10.5% Senior Secured First Lien Notes Payable [Member] | Second Lien Notes Payable [Member] | Second Lien Notes Payable [Member] | Second Lien Notes Payable [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $558,262,000 | $515,599,000 | $20,000,000 | ' | $3,700,000 | $335,000,000 | $335,000,000 | ($3,224,000) | ' | ' | $6,000,000 | $8,650,000 | $4,440,000 | $5,210,000 | $1,785,000 | $2,002,000 | ' | $300,000 | $300,000 | $32,195,000 | $32,195,000 | ' | ' | $305,000,000 | ($3,224,000) | $161,766,000 | ' | $161,766,000 |
Less obligations due within one year | -50,070,000 | -3,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term obligations, excluding the capital lease obligation | 508,192,000 | 511,624,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, interest rate | ' | ' | 4.75% | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | 3.00% | ' | ' | 9.75% | ' | 10.50% | ' | ' | ' | 11.25% | 11.25% | ' |
Long-term debt average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.5 | ' | ' | ' | ' | ' |
Debt instrument, maturity year | ' | ' | ' | ' | ' | 'June 2019 | 'June 2019 | ' | ' | 'August 2013 | '2027 | ' | 'May 2017 | ' | ' | ' | 'May 2019 | 'December 2019 | ' | 'JuneB 2014 | ' | 'June 2015 | 'JuneB 2015 | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 29-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-15 | ' | ' |
Debt instrument, payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,650,000 | $6,000,000 | ' | $100,000 | ' | ' | ' | $30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Carrying Amount And Fair Value Of Financial Instruments) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | $558,262 | $515,599 |
Carrying Amount [Member] | Senior Subordinated Notes Payable, Due June 2014 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 32,195 | 32,195 |
Carrying Amount [Member] | Senior Secured First Lien Notes Payable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | ' | 301,776 |
Carrying Amount [Member] | Second Lien Notes Payable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 161,766 | 161,766 |
Carrying Amount [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 331,776 | ' |
Carrying Amount [Member] | Revolving Credit Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 20,000 | 3,700 |
Carrying Amount [Member] | State Of Ohio Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 6,225 | 7,212 |
Carrying Amount [Member] | Columbia County, Wisconsin Municipal Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 300 | 300 |
Carrying Amount [Member] | Industrial Development Bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 6,000 | 8,650 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 579,252 | 547,617 |
Fair Value [Member] | Senior Subordinated Notes Payable, Due June 2014 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 32,155 | 32,356 |
Fair Value [Member] | Senior Secured First Lien Notes Payable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | ' | 319,883 |
Fair Value [Member] | Second Lien Notes Payable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 182,796 | 175,516 |
Fair Value [Member] | SeniorSecuredFirstLienNotesPayableDue2019 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 331,776 | ' |
Fair Value [Member] | Revolving Credit Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 20,000 | 3,700 |
Fair Value [Member] | State Of Ohio Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 6,225 | 7,212 |
Fair Value [Member] | Columbia County, Wisconsin Municipal Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | 300 | 300 |
Fair Value [Member] | Industrial Development Bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Instruments, Fair Value | $6,000 | $8,650 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Jul. 01, 2012 | Sep. 30, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Transaction costs for discontinued business combination | $300,000 | ' | $7,200,000 |
Restructuring charges | 703,000 | ' | 27,175,000 |
Accelerated depreciation | 887,000 | ' | 63,140,000 |
Environmental Costs Recognized, Recovery Credited to Expense | -2,188,000 | ' | -2,188,000 |
West Carrollton Mill [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Restructuring charges | 1,600,000 | 1,600,000 | 102,000,000 |
Accelerated depreciation | 900,000 | ' | 63,100,000 |
Carbonless Paper [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Accelerated depreciation | 500,000 | ' | ' |
Carbonless Paper [Member] | West Carrollton Mill [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Restructuring charges | 900,000 | ' | 56,100,000 |
Accelerated depreciation | 500,000 | ' | 34,700,000 |
Thermal Papers [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Litigation settlement, net | 6,800,000 | ' | ' |
Restructuring charges | 700,000 | ' | 45,900,000 |
Accelerated depreciation | 400,000 | ' | ' |
Thermal Papers [Member] | West Carrollton Mill [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Restructuring charges | 700,000 | ' | 45,900,000 |
Accelerated depreciation | $400,000 | ' | $28,400,000 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $202,870 | $210,744 | $615,204 | $644,275 |
Operating income (loss) | 18,725 | 14,542 | 57,046 | -66,007 |
Depreciation and amortization | 7,598 | 8,518 | 22,813 | 91,169 |
Carbonless Paper [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 88,791 | 95,857 | 266,818 | 315,733 |
Operating income (loss) | 10,777 | 9,968 | 30,460 | -30,782 |
Depreciation and amortization | 3,758 | 4,645 | 11,264 | 49,524 |
Thermal Papers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 105,639 | 106,534 | 323,033 | 304,946 |
Operating income (loss) | 7,769 | 1,851 | 26,299 | -28,210 |
Depreciation and amortization | 3,355 | 3,426 | 10,064 | 39,408 |
Net Paper Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 194,430 | 202,391 | 589,851 | 620,679 |
Operating income (loss) | 18,546 | 11,819 | 56,759 | -58,992 |
Depreciation and amortization | 7,113 | 8,071 | 21,328 | 88,932 |
Encapsys [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 12,437 | 12,804 | 38,505 | 38,998 |
Operating income (loss) | 2,810 | 3,369 | 9,500 | 8,443 |
Depreciation and amortization | 466 | 463 | 1,430 | 2,217 |
Unallocated Corporate Charges [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | -2,032 | 13 | -7,223 | -13,158 |
Depreciation and amortization | 19 | -16 | 55 | 20 |
Intersegment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | -3,997 | -4,451 | -13,152 | -15,402 |
Operating income (loss) | ($599) | ($659) | ($1,990) | ($2,300) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Schedule Of Changes In Accumulated Other Comprehensive Income By Component) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | ' | ' | $5,322 | $13,024 |
Other comprehensive income before reclassifications | ' | ' | -1,390 | -295 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | -371 | -7,307 |
Net other comprehensive (loss) income | -1,978 | -2,051 | -1,761 | -7,602 |
Accumulated other comprehensive income, Ending balance | 3,561 | 5,422 | 3,561 | 5,422 |
Change In Retiree Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | ' | ' | 6,453 | 11,265 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | -1,192 | -5,310 |
Net other comprehensive (loss) income | ' | ' | -1,192 | -5,310 |
Accumulated other comprehensive income, Ending balance | 5,261 | 5,955 | 5,261 | 5,955 |
Hedging Activities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | ' | ' | -1,131 | 1,759 |
Other comprehensive income before reclassifications | ' | ' | -1,390 | -295 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 821 | -1,997 |
Net other comprehensive (loss) income | ' | ' | -569 | -2,292 |
Accumulated other comprehensive income, Ending balance | ($1,700) | ($533) | ($1,700) | ($533) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Net sales | $202,870 | $210,744 | $615,204 | $644,275 |
Cost of sales | 154,286 | 165,956 | 465,599 | 577,388 |
Net (loss) income | 6,463 | 516 | -10,289 | -111,320 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Amortization of prior service cost | 397 | 528 | 1,192 | 5,310 |
Net (loss) income | 64 | 1,336 | 371 | 7,307 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Hedging Activities [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Net (loss) income | -333 | 808 | -821 | 1,997 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Hedging Activities [Member] | Foreign Currency Exchange Derivatives [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Net sales | -333 | 1,070 | -624 | 2,653 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Hedging Activities [Member] | Commodity Contracts [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Cost of sales | ' | ($262) | ($197) | ($656) |
Guarantor_Financial_Informatio2
Guarantor Financial Information (Narrative) (Details) | 9 Months Ended |
Sep. 29, 2013 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Ownership percentage in subsidiaries | 100.00% |
Rose Holdings Limited [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Ownership percentage in subsidiaries | 100.00% |
Non-Guarantor Subsidiary [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Ownership percentage in subsidiaries | 100.00% |
Guarantor_Financial_Informatio3
Guarantor Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 29, 2013 | Dec. 29, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $7,016 | $1,851 | $2,443 | $7,241 |
Accounts receivable, net | 83,733 | 92,680 | ' | ' |
Inventories | 95,503 | 94,349 | ' | ' |
Other current assets | 70,289 | 70,620 | ' | ' |
Total current assets | 256,541 | 259,500 | ' | ' |
Property, plant and equipment, net | 243,108 | 243,265 | ' | ' |
Other assets | 59,277 | 58,325 | ' | ' |
Total assets | 558,926 | 561,090 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 50,070 | 3,975 | ' | ' |
Accounts payable | 61,769 | 68,600 | ' | ' |
Other accrued liabilities | 114,653 | 122,102 | ' | ' |
Total current liabilities | 226,492 | 194,677 | ' | ' |
Long-term debt | 508,192 | 511,624 | ' | ' |
Other long-term liabilities | 196,827 | 207,686 | ' | ' |
Redeemable common stock, common stock, paid-in capital, due from parent, accumulated deficit and accumulated other comprehensive income | -372,585 | -352,897 | ' | ' |
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income | 558,926 | 561,090 | ' | ' |
Paperweight Development Corp. [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Other current assets | 60,786 | 65,000 | ' | ' |
Total current assets | 60,786 | 65,000 | ' | ' |
Investment in subsidiaries | -372,597 | -352,909 | ' | ' |
Other assets | 12 | 12 | ' | ' |
Total assets | -311,799 | -287,897 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Due to (from) parent and affiliated companies | 60,786 | 65,000 | ' | ' |
Total current liabilities | 60,786 | 65,000 | ' | ' |
Redeemable common stock, common stock, paid-in capital, due from parent, accumulated deficit and accumulated other comprehensive income | -372,585 | -352,897 | ' | ' |
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income | -311,799 | -287,897 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 6,950 | 1,593 | 2,122 | 6,688 |
Accounts receivable, net | 80,847 | 88,111 | ' | ' |
Inventories | 94,003 | 92,939 | ' | ' |
Due from parent | 60,786 | 65,000 | ' | ' |
Other current assets | 9,206 | 5,570 | ' | ' |
Total current assets | 251,792 | 253,213 | ' | ' |
Property, plant and equipment, net | 243,099 | 243,254 | ' | ' |
Investment in subsidiaries | 14,162 | 14,216 | ' | ' |
Other assets | 59,251 | 58,298 | ' | ' |
Total assets | 568,304 | 568,981 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 50,070 | 3,975 | ' | ' |
Accounts payable | 61,731 | 68,574 | ' | ' |
Due to (from) parent and affiliated companies | 11,696 | 10,799 | ' | ' |
Other accrued liabilities | 112,385 | 119,690 | ' | ' |
Total current liabilities | 235,882 | 203,038 | ' | ' |
Long-term debt | 508,192 | 511,624 | ' | ' |
Other long-term liabilities | 196,827 | 207,228 | ' | ' |
Redeemable common stock, common stock, paid-in capital, due from parent, accumulated deficit and accumulated other comprehensive income | -372,597 | -352,909 | ' | ' |
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income | 568,304 | 568,981 | ' | ' |
Non-Guarantor Subsidiary [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 66 | 258 | 321 | 553 |
Accounts receivable, net | 2,886 | 4,569 | ' | ' |
Inventories | 1,500 | 1,410 | ' | ' |
Other current assets | 297 | 50 | ' | ' |
Total current assets | 4,749 | 6,287 | ' | ' |
Property, plant and equipment, net | 9 | 11 | ' | ' |
Other assets | 14 | 15 | ' | ' |
Total assets | 4,772 | 6,313 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 38 | 26 | ' | ' |
Due to (from) parent and affiliated companies | -11,696 | -10,799 | ' | ' |
Other accrued liabilities | 2,268 | 2,412 | ' | ' |
Total current liabilities | -9,390 | -8,361 | ' | ' |
Other long-term liabilities | ' | 458 | ' | ' |
Redeemable common stock, common stock, paid-in capital, due from parent, accumulated deficit and accumulated other comprehensive income | 14,162 | 14,216 | ' | ' |
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income | 4,772 | 6,313 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Due from parent | -60,786 | -65,000 | ' | ' |
Total current assets | -60,786 | -65,000 | ' | ' |
Investment in subsidiaries | 358,435 | 338,693 | ' | ' |
Total assets | 297,649 | 273,693 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Due to (from) parent and affiliated companies | -60,786 | -65,000 | ' | ' |
Total current liabilities | -60,786 | -65,000 | ' | ' |
Redeemable common stock, common stock, paid-in capital, due from parent, accumulated deficit and accumulated other comprehensive income | 358,435 | 338,693 | ' | ' |
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income | $297,649 | $273,693 | ' | ' |
Guarantor_Financial_Informatio4
Guarantor Financial Information (Condensed Consolidating Statement Of Comprehensive (Loss) Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net sales | $202,870 | $210,744 | $615,204 | $644,275 |
Cost of sales | 154,286 | 165,956 | 465,599 | 577,388 |
Gross profit | 48,584 | 44,788 | 149,605 | 66,887 |
Selling, general and administrative expenses | 29,859 | 31,731 | 92,559 | 107,907 |
Environmental expense insurance recovery | ' | -2,188 | ' | -2,188 |
Restructuring | ' | 703 | ' | 27,175 |
Operating income (loss) | 18,725 | 14,542 | 57,046 | -66,007 |
Interest expense | 12,343 | 14,832 | 42,092 | 44,925 |
Debt extinguishment expense | 334 | ' | 25,101 | ' |
Interest income | -2 | -42 | -2 | -54 |
Other (income) expense | -318 | -770 | 62 | 296 |
(Loss) income before income taxes | 6,368 | 522 | -10,207 | -111,174 |
Provision for income taxes | -95 | 6 | 82 | 146 |
Net (loss) income | 6,463 | 516 | -10,289 | -111,320 |
Other comprehensive income | ' | ' | ' | ' |
Changes in retirement plans | -397 | -528 | -1,192 | -5,310 |
Realized and unrealized gains on derivatives | -1,581 | -1,523 | -569 | -2,292 |
Total other comprehensive income | -1,978 | -2,051 | -1,761 | -7,602 |
Comprehensive (loss) income | 4,485 | -1,535 | -12,050 | -118,922 |
Paperweight Development Corp. [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Loss (income) in equity investments | -6,463 | -516 | 10,289 | 111,320 |
(Loss) income before income taxes | 6,463 | 516 | -10,289 | -111,320 |
Net (loss) income | 6,463 | 516 | -10,289 | -111,320 |
Other comprehensive income | ' | ' | ' | ' |
Changes in retirement plans | -397 | -528 | -1,192 | -5,310 |
Realized and unrealized gains on derivatives | -1,581 | -1,523 | -569 | -2,292 |
Total other comprehensive income | -1,978 | -2,051 | -1,761 | -7,602 |
Comprehensive (loss) income | 4,485 | -1,535 | -12,050 | -118,922 |
Issuer [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net sales | 202,806 | 211,180 | 612,963 | 645,294 |
Cost of sales | 154,494 | 165,723 | 465,510 | 576,968 |
Gross profit | 48,312 | 45,457 | 147,453 | 68,326 |
Selling, general and administrative expenses | 29,391 | 31,209 | 91,080 | 106,354 |
Environmental expense insurance recovery | ' | -2,188 | ' | -2,188 |
Restructuring | ' | 703 | ' | 27,175 |
Operating income (loss) | 18,921 | 15,733 | 56,373 | -63,015 |
Interest expense | 12,343 | 14,901 | 42,092 | 45,168 |
Debt extinguishment expense | 334 | ' | 25,101 | ' |
Interest income | -2 | -42 | -2 | -54 |
Loss (income) in equity investments | 92 | 424 | 116 | 2,203 |
Other (income) expense | -194 | -31 | -576 | 971 |
(Loss) income before income taxes | 6,348 | 481 | -10,358 | -111,303 |
Provision for income taxes | -115 | -35 | -69 | 17 |
Net (loss) income | 6,463 | 516 | -10,289 | -111,320 |
Other comprehensive income | ' | ' | ' | ' |
Changes in retirement plans | -397 | -528 | -1,192 | -5,310 |
Realized and unrealized gains on derivatives | -1,581 | -1,523 | -569 | -2,292 |
Total other comprehensive income | -1,978 | -2,051 | -1,761 | -7,602 |
Comprehensive (loss) income | 4,485 | -1,535 | -12,050 | -118,922 |
Non-Guarantor Subsidiary [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net sales | 10,140 | 13,158 | 31,977 | 38,714 |
Cost of sales | 9,965 | 13,717 | 29,892 | 39,815 |
Gross profit | 175 | -559 | 2,085 | -1,101 |
Selling, general and administrative expenses | 468 | 522 | 1,479 | 1,553 |
Operating income (loss) | -293 | -1,081 | 606 | -2,654 |
Interest income | ' | -69 | ' | -243 |
Other (income) expense | -228 | -608 | 509 | -468 |
(Loss) income before income taxes | -65 | -404 | 97 | -1,943 |
Provision for income taxes | 20 | 41 | 151 | 129 |
Net (loss) income | -85 | -445 | -54 | -2,072 |
Other comprehensive income | ' | ' | ' | ' |
Comprehensive (loss) income | -85 | -445 | -54 | -2,072 |
Eliminations [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net sales | -10,076 | -13,594 | -29,736 | -39,733 |
Cost of sales | -10,173 | -13,484 | -29,803 | -39,395 |
Gross profit | 97 | -110 | 67 | -338 |
Operating income (loss) | 97 | -110 | 67 | -338 |
Interest expense | ' | -69 | ' | -243 |
Interest income | ' | 69 | ' | 243 |
Loss (income) in equity investments | 6,371 | 92 | -10,405 | -113,523 |
Other (income) expense | 104 | -131 | 129 | -207 |
(Loss) income before income taxes | -6,378 | -71 | 10,343 | 113,392 |
Net (loss) income | -6,378 | -71 | 10,343 | 113,392 |
Other comprehensive income | ' | ' | ' | ' |
Changes in retirement plans | 397 | 528 | 1,192 | 5,310 |
Realized and unrealized gains on derivatives | 1,581 | 1,523 | 569 | 2,292 |
Total other comprehensive income | 1,978 | 2,051 | 1,761 | 7,602 |
Comprehensive (loss) income | ($4,400) | $1,980 | $12,104 | $120,994 |
Guarantor_Financial_Informatio5
Guarantor Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($10,289) | ($111,320) |
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 22,813 | 91,169 |
Other | 11,788 | 14,924 |
Change in assets and liabilities, net | -18,933 | 14,914 |
Net cash provided (used) by operating activities | 5,379 | 9,687 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of equipment | 6 | 20 |
Additions to property, plant and equipment | -20,266 | -9,015 |
Net cash used by investing activities | -20,260 | -8,995 |
Cash flows from financing activities: | ' | ' |
Repayments of senior secured first lien notes payable | -305,000 | ' |
Proceeds from Issuance of Senior Long-term Debt | 331,650 | ' |
Repayments Of Industrial Redeemable Bonds | -2,650 | ' |
Payments of Debt Issuance Costs | -7,235 | ' |
Payments of old revolving line of credit | -159,000 | -182,750 |
Proceeds from old revolving line of credit | 155,300 | 190,300 |
Payments relating to capital lease obligations | -67 | -46 |
Proceeds from revolving line of credit | 129,100 | ' |
Payments of revolving line of credit | -109,100 | ' |
Payments of State of Ohio loans | -987 | -935 |
Proceeds from municipal debt | ' | 300 |
Proceeds from issuance of redeemable common stock | 1,651 | 1,677 |
Payments to redeem common stock | -10,721 | -8,579 |
Decrease in cash overdraft | -2,886 | -5,479 |
Net cash (used) provided by financing activities | 20,055 | -5,512 |
Effect of foreign exchange rate changes on cash and cash equivalents | -9 | 22 |
Change in cash and cash equivalents | 5,165 | -4,798 |
Cash and cash equivalents at beginning of period | 1,851 | 7,241 |
Cash and cash equivalents at end of period | 7,016 | 2,443 |
Paperweight Development Corp. [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net (loss) income | -10,289 | -111,320 |
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: | ' | ' |
Change in assets and liabilities, net | 15,935 | 118,309 |
Net cash provided (used) by operating activities | 5,646 | 6,989 |
Cash flows from financing activities: | ' | ' |
Due to (from) parent and affiliated companies, net | 3,424 | -87 |
Proceeds from issuance of redeemable common stock | 1,651 | 1,677 |
Payments to redeem common stock | -10,721 | -8,579 |
Net cash (used) provided by financing activities | -5,646 | -6,989 |
Issuer [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net (loss) income | -10,289 | -111,320 |
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 22,811 | 91,166 |
Other | 11,279 | 15,392 |
Change in assets and liabilities, net | -24,773 | 10,355 |
Net cash provided (used) by operating activities | -972 | 5,593 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of equipment | 6 | 20 |
Additions to property, plant and equipment | -20,266 | -9,015 |
Net cash used by investing activities | -20,260 | -8,995 |
Cash flows from financing activities: | ' | ' |
Repayments of senior secured first lien notes payable | -305,000 | ' |
Proceeds from Issuance of Senior Long-term Debt | 331,650 | ' |
Repayments Of Industrial Redeemable Bonds | -2,650 | ' |
Payments of Debt Issuance Costs | -7,235 | ' |
Payments of old revolving line of credit | -159,000 | -182,750 |
Proceeds from old revolving line of credit | 155,300 | 190,300 |
Payments relating to capital lease obligations | -67 | -46 |
Proceeds from revolving line of credit | 129,100 | ' |
Payments of revolving line of credit | -109,100 | ' |
Payments of State of Ohio loans | -987 | -935 |
Proceeds from municipal debt | ' | 300 |
Due to (from) parent and affiliated companies, net | -2,527 | -2,576 |
Decrease in cash overdraft | -2,886 | -5,479 |
Net cash (used) provided by financing activities | 26,598 | -1,186 |
Effect of foreign exchange rate changes on cash and cash equivalents | -9 | 22 |
Change in cash and cash equivalents | 5,357 | -4,566 |
Cash and cash equivalents at beginning of period | 1,593 | 6,688 |
Cash and cash equivalents at end of period | 6,950 | 2,122 |
Non-Guarantor Subsidiary [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net (loss) income | -54 | -2,072 |
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 2 | 3 |
Other | 509 | -468 |
Change in assets and liabilities, net | 248 | -358 |
Net cash provided (used) by operating activities | 705 | -2,895 |
Cash flows from financing activities: | ' | ' |
Due to (from) parent and affiliated companies, net | -897 | 2,663 |
Net cash (used) provided by financing activities | -897 | 2,663 |
Change in cash and cash equivalents | -192 | -232 |
Cash and cash equivalents at beginning of period | 258 | 553 |
Cash and cash equivalents at end of period | 66 | 321 |
Eliminations [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net (loss) income | 10,343 | 113,392 |
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: | ' | ' |
Change in assets and liabilities, net | ($10,343) | ($113,392) |