Rayonier Advanced Materials (RYAM) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 26, 2016	Apr. 29, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	RAYONIER ADVANCED MATERIALS INC.
Trading Symbol	RYAM
Entity Central Index Key	1,597,672
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 26, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		43,281,270

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Statement of Comprehensive Income [Abstract]
Net Sales	$ 217,729	$ 221,348
Cost of Sales	177,491	184,476
Gross Margin	40,238	36,872
Selling, general and administrative expenses	7,378	12,296
Other operating expense, net	940	630
Operating Income	31,920	23,946
Interest expense	8,671	9,324
Interest income and miscellaneous expense, net	(1)	(29)
Gain on debt extinguishment	8,844	0
Income Before Income Taxes	32,094	14,651
Income tax expense	11,201	4,130
Net Income	$ 20,893	$ 10,521
Earnings Per Share of Common Stock
Basic earnings per share (in dollars per share)	$ 0.50	$ 0.25
Diluted earnings per share (in dollars per share)	0.49	0.25
Dividends Declared Per Share (in dollars per share)	$ 0.07	$ 0.07
Comprehensive Income:
Net Income	$ 20,893	$ 10,521
Other Comprehensive Income
Amortization of pension and postretirement plans, net of income tax expense of $1,102 and $1,299	1,917	2,308
Total other comprehensive income	1,917	2,308
Comprehensive Income	$ 22,810	$ 12,829

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Statement of Comprehensive Income [Abstract]
Amortization of pension and postretirement plans, income tax (expense) benefit	$ 1,102	$ 1,299

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 110,070	$ 101,303
Accounts receivable, less allowance for doubtful accounts of $151 and $151	57,997	68,892
Inventory	113,307	125,409
Prepaid and other current assets	23,530	32,149
Total current assets	304,904	327,753
Property, Plant and Equipment, Gross	2,037,622	2,026,807
Less — Accumulated Depreciation	(1,242,885)	(1,222,969)
Property, Plant and Equipment, Net	794,737	803,838
Deferred Tax Assets	86,065	97,420
Other Assets	48,126	49,601
Total Assets	1,233,832	1,278,612
Current Liabilities
Accounts payable	40,089	44,992
Accrued customer incentives and prepayments	23,056	34,685
Accrued payroll and benefits	14,980	20,743
Current maturities of long-term debt	7,943	7,938
Accrued interest	9,490	2,673
Other current liabilities	14,075	8,379
Current liabilities for disposed operations	12,855	12,034
Total current liabilities	122,488	131,444
Long-Term Debt	796,903	850,116
Non-Current Liabilities for Disposed Operations	143,296	145,350
Pension and Other Postretirement Benefits	161,501	162,084
Other Non-Current Liabilities	$ 6,743	$ 6,757
Commitments and Contingencies
Stockholders’ Equity (Deficit)
Preferred stock, 10,000,000 shares authorized at $0.01 par value, 0 issued and outstanding as of March 26, 2016 and December 31, 2015	$ 0	$ 0
Common stock, 140,000,000 shares authorized at $0.01 par value, 43,280,312 and 42,872,435 issued and outstanding, as of March 26, 2016 and December 31, 2015, respectively	433	429
Additional paid-in capital	70,623	70,213
Retained earnings	39,548	21,839
Accumulated other comprehensive loss	(107,703)	(109,620)
Total Stockholders’ Equity (Deficit)	2,901	(17,139)
Total Liabilities and Stockholders’ Equity (Deficit)	$ 1,233,832	$ 1,278,612

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 151	$ 151
Common stock, shares authorized (shares)	140,000,000	140,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (shares)	43,280,312	42,872,435
Common stock, shares outstanding (shares)	43,280,312	42,872,435
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Operating Activities
Net Income	$ 20,893	$ 10,521
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	22,077	21,752
Stock-based incentive compensation expense	644	2,669
Amortization of capitalized debt costs	441	793
Deferred income taxes	10,104	(4,216)
Increase in liabilities for disposed operations	1,746	0
Gain on debt extinguishment	(8,844)	0
Amortization of losses and prior service costs from pension and postretirement plans	3,019	3,607
Loss from sale/disposal of property, plant and equipment	236	382
Other	(1,243)	80
Changes in operating assets and liabilities:
Receivables	10,895	17,575
Inventories	12,102	8,272
Accounts payable	3,579	(3,988)
Accrued liabilities	(8,065)	(3,349)
All other operating activities	9,365	3,091
Expenditures for disposed operations	(2,979)	(1,013)
Cash Provided by Operating Activities	73,970	56,176
Investing Activities
Capital expenditures	(20,390)	(24,540)
Cash Used for Investing Activities	(20,390)	(24,540)
Financing Activities
Repayment/repurchase of debt	(44,732)	(20,000)
Proceeds from the issuance of common stock	0	8
Common stock repurchased	(81)	0
Cash Used for Financing Activities	(44,813)	(19,992)
Cash and Cash Equivalents
Change in cash and cash equivalents	8,767	11,644
Balance, beginning of year	101,303	65,977
Balance, end of period	110,070	77,621
Cash paid (received) during the period:
Interest	2,278	1,990
Income taxes	(736)	(307)
Non-cash investing and financing activities:
Capital assets purchased on account	$ 8,238	$ 11,170

BASIS OF PRESENTATION AND NEW A

BASIS OF PRESENTATION AND NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 26, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and New Accounting Pronouncements	Basis of Presentation and New Accounting Pronouncements Basis of Presentation The unaudited condensed consolidated financial statements and notes thereto of Rayonier Advanced Materials Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the SEC. New or Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation. The update simplifies several areas of accounting for share based payments. It is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases. The update requires entities to recognize assets and liabilities that arise from finance and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. It is effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . The update requires inventory to be measured at the lower of cost and net realizable value. It is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The update is not expected to have a material impact on the Company’s financial statements as current inventory valuation practices already approximate the lower of cost or net realizable value. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. It is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company adopted as of March 26, 2016 and the effect of this accounting change on prior periods was a reclassification of debt issuance costs as of December 31, 2015 of $9.6 million and $0.3 million to “Long-term debt” from “Other assets" and “Prepaid and other current assets,” respectively. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , a comprehensive new revenue recognition standard. This standard will supersede virtually all current revenue recognition guidance. The core principle is that a company will recognize revenue when it transfers goods or services to customers for an amount that reflects consideration to which the company expects to be entitled to in exchange for those goods or services. Subsequently, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations. This standard provided implementation guidance for principal versus agent considerations. These standards will be effective for the Company’s first quarter 2018 Form 10-Q filing with full or modified retrospective adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. Subsequent Events Events and transactions subsequent to the balance sheet date have been evaluated for potential recognition and disclosure through May 3, 2016 , the date these financial statements were available to be issued.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 26, 2016
Inventory Disclosure [Abstract]
Inventory	Inventory As of March 26, 2016 and December 31, 2015 , the Company’s inventory included the following: March 26, 2016 December 31, 2015 Finished goods $ 96,684 $ 103,866 Work-in-progress 2,783 2,344 Raw materials 11,407 16,593 Manufacturing and maintenance supplies 2,433 2,606 Total inventory $ 113,307 $ 125,409

DEBT

DEBT	3 Months Ended
	Mar. 26, 2016
Debt Disclosure [Abstract]
Debt	Debt As of March 26, 2016 and December 31, 2015 , the Company’s debt consisted of the following: March 26, 2016 December 31, 2015 Revolving Credit Facility of $250 million, $236 million available after taking into account outstanding letters of credit, bearing interest at LIBOR plus 1.50% at March 26, 2016 $ — $ — Term A-1 Loan Facility borrowings maturing through June 2019 bearing interest at LIBOR plus 1.5%, interest rate of 1.93% at March 26, 2016 54,575 55,950 Term A-2 Loan Facility borrowings maturing through June 2021 bearing interest at LIBOR plus 1.08% (after consideration of 0.67% patronage benefit), interest rate of 1.51% at March 26, 2016 253,475 262,750 Senior Notes due 2024 at a fixed interest rate of 5.50% 506,412 550,000 Total principal payments due 814,462 868,700 Less: original issue discount and debt issuance costs (9,616 ) (10,646 ) Total debt 804,846 858,054 Less: Current maturities of long-term debt (7,943 ) (7,938 ) Long-term debt $ 796,903 $ 850,116 During the first three months of 2016 , the Company made $10.6 million in principal debt repayments on the Term Loan Facilities. During the first three months of 2016 , the Company repurchased in the open market $43.6 million of its senior notes due 2024 and retired them for $34.1 million plus accrued and unpaid interest. In connection with the retirement of these Senior Notes, the Company recorded a gain in other income of approximately $8.8 million , which includes the write-off of $0.7 million of unamortized debt issuance costs in the first quarter of 2016. Principal payments due during the next five years and thereafter are as follows: Remaining 2016 $ 6,300 2017 9,775 2018 11,150 2019 38,225 2020 2,900 Thereafter 746,112 Total principal payments $ 814,462

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 26, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents the carrying amount, estimated fair values and categorization under the fair value hierarchy for financial instruments held by the Company at March 26, 2016 and December 31, 2015 , using market information and what management believes to be appropriate valuation methodologies: March 26, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Asset (liability) Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $ 110,070 $ 110,070 $ — $ 101,303 $ 101,303 $ — Current maturities of long-term debt (7,943 ) — (8,400 ) (7,938 ) — (8,400 ) Fixed-rate long-term debt (498,747 ) — (412,726 ) (541,423 ) — (435,171 ) Variable-rate long-term debt (298,156 ) — (299,650 ) (308,693 ) — (310,300 ) The Company uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 26, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss was comprised of the following: Three Months Ended Unrecognized components of employee benefit plans, net of tax March 26, 2016 March 28, 2015 Balance, beginning of period $ (109,620 ) $ (103,444 ) Defined benefit pension and post-retirement plans (a) Amortization of losses 193 192 Amortization of prior service costs 2,864 3,485 Amortization of negative plan amendment (38 ) (70 ) Tax benefit (1,102 ) (1,299 ) Total reclassifications for the period, net of tax 1,917 2,308 Balance, end of period $ (107,703 ) $ (101,136 ) (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 — Employee Benefit Plans for additional information.

EARNINGS PER SHARE OF COMMON ST

EARNINGS PER SHARE OF COMMON STOCK	3 Months Ended
	Mar. 26, 2016
Earnings Per Share [Abstract]
Earnings Per Share of Common Stock	Earnings Per Share of Common Stock The following table provides details of the calculations of basic and diluted earnings per share: Three Months Ended March 26, 2016 March 28, 2015 Net income $ 20,893 $ 10,521 Shares used for determining basic earnings per share of common stock 42,205,767 42,186,130 Dilutive effect of: Stock options — 4,948 Performance and restricted shares 66,769 13,696 Shares used for determining diluted earnings per share of common stock 42,272,536 42,204,774 Basic earnings per share (not in thousands) $ 0.50 $ 0.25 Diluted earnings per share (not in thousands) $ 0.49 $ 0.25 Anti-dilutive shares excluded from the computation of diluted earnings per share: Three Months Ended March 26, 2016 March 28, 2015 Stock options 417,198 384,112 Restricted stock 212,677 351,995 Performance shares 82,295 — Total 712,170 736,107

OTHER OPERATING EXPENSE, NET

OTHER OPERATING EXPENSE, NET	3 Months Ended
	Mar. 26, 2016
Other Income and Expenses [Abstract]
Other Operating Expense, Net	Other Operating Expense, Net Other operating expense, net was comprised of the following: Three Months Ended March 26, 2016 March 28, 2015 Loss on sale or disposal of property, plant and equipment $ 236 $ 382 Environmental reserve adjustment 1,746 — Miscellaneous expense (income) (1,042 ) 248 Total $ 940 $ 630

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 26, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the first quarter 2016 was 34.9 percent compared to 28.2 percent for the first quarter 2015. For both periods, the effective tax rate differs from the federal statutory rate primarily due to state tax credits and the domestic manufacturing tax deduction, partially offset by state taxes and nondeductible expenses. The impact of the manufacturing deduction on the effective tax rate is greater in periods that include expenses that reduce pre-tax income but are not currently deductible for income tax purposes. It is lower in periods that include expenses that reduce taxable income but do not currently reduce pre-tax income.

LIABILITIES FOR DISPOSED OPERAT

LIABILITIES FOR DISPOSED OPERATIONS	3 Months Ended
	Mar. 26, 2016
Environmental Remediation Obligations [Abstract]
Liabilities for Disposed Operations	Liabilities for Disposed Operations An analysis of the liabilities for disposed operations for the three months ended March 26, 2016 is as follows: Balance, December 31, 2015 $ 157,384 Expenditures charged to liabilities (2,979 ) Increase to liabilities 1,746 Balance, March 26, 2016 156,151 Less: Current portion (12,855 ) Non-current portion $ 143,296 In addition to the estimated liabilities, the Company is subject to the risk of reasonably possible additional liabilities in excess of the established reserves due to potential changes in circumstances and future events, including, without limitation, changes to current laws and regulations; changes in governmental agency personnel, direction, philosophy and/or enforcement policies; developments in remediation technologies; increases in the cost of remediation, operation, maintenance and monitoring of its disposed operations sites; changes in the volume, nature or extent of contamination to be remediated or monitoring to be undertaken; the outcome of negotiations with governmental agencies and non-governmental parties; and changes in accounting rules or interpretations. Based on information available as of March 26, 2016 , the Company estimates this exposure could range up to approximately $65 million , although no assurances can be given that this amount will not be exceeded given the factors described above. These potential additional costs are attributable to several sites and other applicable liabilities. Further, this estimate excludes reasonably possible liabilities which are not currently estimable primarily due to the factors discussed above. Subject to the previous paragraph, the Company believes established liabilities are sufficient for probable costs expected to be incurred over the next 20 years with respect to its disposed operations. However, no assurances are given they will be sufficient for the reasons described above, and additional liabilities could have a material adverse effect on the Company’s financial position, results of operations and cash flows.

INCENTIVE STOCK PLANS

INCENTIVE STOCK PLANS	3 Months Ended
	Mar. 26, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Stock Plans	Incentive Stock Plans The Company’s total stock based compensation cost, including allocated amounts, for the three months ended March 26, 2016 and March 28, 2015 was $0.6 million and $2.7 million , respectively. The Company also made new grants of restricted and performance shares to certain employees during the first quarter of 2016. The 2016 restricted shares vest over three to four years. The 2016 performance share awards are measured against an internal return on invested capital target and, depending on performance against the target, the awards will payout between 0 and 200 percent of target. The total number of performance shares earned will be adjusted up or down 25 percent , for certain participants, based on stock price performance relative to a peer group over the term of the plan, which would result in a final payout range of 0 to 250 percent . The following table summarizes the activity on the Company’s incentive stock awards for the period ended March 26, 2016 : Stock Options Restricted Stock Performance-Based Stock Units Performance-Based Restricted Stock Options Weighted Average Exercise Price Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 441,615 $ 31.67 384,383 $ 28.41 211,460 $ 17.51 141,698 $ 40.76 Granted — — 500,420 7.09 606,848 7.76 — — Forfeited (103 ) 36.55 (73,467 ) 14.33 (72,583 ) 9.71 (7,880 ) 37.32 Exercised or settled — — (9,604 ) 27.98 — — — — Expired or cancelled (24,743 ) 28.17 — — — — — — Outstanding at March 26, 2016 416,769 $ 31.88 801,732 $ 16.38 745,725 $ 15.46 133,818 $ 40.97

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 26, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has a qualified non-contributory defined benefit pension plan covering a significant majority of its employees and an unfunded plan that provides benefits in excess of amounts allowable in the qualified plans under current tax law. Both the qualified plan and the unfunded excess plan are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. The net pension and postretirement benefit costs that have been recorded are shown in the following tables: Pension Postretirement Three Months Ended Three Months Ended Components of Net Periodic Benefit Cost March 26, 2016 March 28, 2015 March 26, 2016 March 28, 2015 Service cost $ 1,306 $ 1,494 $ 202 $ 205 Interest cost 3,979 3,807 218 231 Expected return on plan assets (5,830 ) (5,809 ) — — Amortization of prior service cost 190 188 3 4 Amortization of losses 2,836 3,358 28 127 Amortization of negative plan amendment — — (38 ) (70 ) Total net periodic benefit cost $ 2,481 $ 3,038 $ 413 $ 497 The Company does not have any mandatory pension contribution requirements and does not expect to make any discretionary contributions in 2016 .

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 26, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is engaged in various legal and regulatory actions and proceedings, and has been named as a defendant in various litigation arising in the ordinary course of its business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, the Company has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. While there can be no assurance, the ultimate outcome of these proceedings, either individually or in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.

GUARANTEES

GUARANTEES	3 Months Ended
	Mar. 26, 2016
Guarantees [Abstract]
Guarantees	Guarantees The Company provides financial guarantees as required by creditors, insurance programs and various governmental agencies. As of March 26, 2016 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Standby letters of credit (a) $ 14,216 Surety bonds (b) 56,201 Total financial commitments $ 70,417 (a) The letters of credit primarily provide credit support for surety bonds issued to comply with financial assurance requirements relating to environmental remediation of disposed sites. The letters of credit will expire during 2016 and will be renewed as required. (b) The Company purchases surety bonds primarily to comply with financial assurance requirements relating to environmental remediation and post closure care and to provide collateral for the Company’s workers’ compensation program. These surety bonds expire at various dates between 2016 and 2019. They are expected to be renewed annually as required.

BASIS OF PRESENTATION AND NEW20

BASIS OF PRESENTATION AND NEW ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 26, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements and notes thereto of Rayonier Advanced Materials Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the SEC.
New or Recently Adopted Accounting Pronouncements	In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation. The update simplifies several areas of accounting for share based payments. It is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases. The update requires entities to recognize assets and liabilities that arise from finance and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows. It is effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . The update requires inventory to be measured at the lower of cost and net realizable value. It is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The update is not expected to have a material impact on the Company’s financial statements as current inventory valuation practices already approximate the lower of cost or net realizable value. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. It is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company adopted as of March 26, 2016 and the effect of this accounting change on prior periods was a reclassification of debt issuance costs as of December 31, 2015 of $9.6 million and $0.3 million to “Long-term debt” from “Other assets" and “Prepaid and other current assets,” respectively. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , a comprehensive new revenue recognition standard. This standard will supersede virtually all current revenue recognition guidance. The core principle is that a company will recognize revenue when it transfers goods or services to customers for an amount that reflects consideration to which the company expects to be entitled to in exchange for those goods or services. Subsequently, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations. This standard provided implementation guidance for principal versus agent considerations. These standards will be effective for the Company’s first quarter 2018 Form 10-Q filing with full or modified retrospective adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.
Fair Value Measurements	The Company uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 26, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 26, 2016 and December 31, 2015 , the Company’s inventory included the following: March 26, 2016 December 31, 2015 Finished goods $ 96,684 $ 103,866 Work-in-progress 2,783 2,344 Raw materials 11,407 16,593 Manufacturing and maintenance supplies 2,433 2,606 Total inventory $ 113,307 $ 125,409

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 26, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 26, 2016 and December 31, 2015 , the Company’s debt consisted of the following: March 26, 2016 December 31, 2015 Revolving Credit Facility of $250 million, $236 million available after taking into account outstanding letters of credit, bearing interest at LIBOR plus 1.50% at March 26, 2016 $ — $ — Term A-1 Loan Facility borrowings maturing through June 2019 bearing interest at LIBOR plus 1.5%, interest rate of 1.93% at March 26, 2016 54,575 55,950 Term A-2 Loan Facility borrowings maturing through June 2021 bearing interest at LIBOR plus 1.08% (after consideration of 0.67% patronage benefit), interest rate of 1.51% at March 26, 2016 253,475 262,750 Senior Notes due 2024 at a fixed interest rate of 5.50% 506,412 550,000 Total principal payments due 814,462 868,700 Less: original issue discount and debt issuance costs (9,616 ) (10,646 ) Total debt 804,846 858,054 Less: Current maturities of long-term debt (7,943 ) (7,938 ) Long-term debt $ 796,903 $ 850,116
Schedule of Maturities of Long-term Debt	Principal payments due during the next five years and thereafter are as follows: Remaining 2016 $ 6,300 2017 9,775 2018 11,150 2019 38,225 2020 2,900 Thereafter 746,112 Total principal payments $ 814,462

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 26, 2016
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table presents the carrying amount, estimated fair values and categorization under the fair value hierarchy for financial instruments held by the Company at March 26, 2016 and December 31, 2015 , using market information and what management believes to be appropriate valuation methodologies: March 26, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Asset (liability) Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $ 110,070 $ 110,070 $ — $ 101,303 $ 101,303 $ — Current maturities of long-term debt (7,943 ) — (8,400 ) (7,938 ) — (8,400 ) Fixed-rate long-term debt (498,747 ) — (412,726 ) (541,423 ) — (435,171 ) Variable-rate long-term debt (298,156 ) — (299,650 ) (308,693 ) — (310,300 )

ACCUMULATED OTHER COMPREHENSI24

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 26, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss was comprised of the following: Three Months Ended Unrecognized components of employee benefit plans, net of tax March 26, 2016 March 28, 2015 Balance, beginning of period $ (109,620 ) $ (103,444 ) Defined benefit pension and post-retirement plans (a) Amortization of losses 193 192 Amortization of prior service costs 2,864 3,485 Amortization of negative plan amendment (38 ) (70 ) Tax benefit (1,102 ) (1,299 ) Total reclassifications for the period, net of tax 1,917 2,308 Balance, end of period $ (107,703 ) $ (101,136 ) (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 — Employee Benefit Plans for additional information.

EARNINGS PER SHARE OF COMMON 25

EARNINGS PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Mar. 26, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides details of the calculations of basic and diluted earnings per share: Three Months Ended March 26, 2016 March 28, 2015 Net income $ 20,893 $ 10,521 Shares used for determining basic earnings per share of common stock 42,205,767 42,186,130 Dilutive effect of: Stock options — 4,948 Performance and restricted shares 66,769 13,696 Shares used for determining diluted earnings per share of common stock 42,272,536 42,204,774 Basic earnings per share (not in thousands) $ 0.50 $ 0.25 Diluted earnings per share (not in thousands) $ 0.49 $ 0.25
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Anti-dilutive shares excluded from the computation of diluted earnings per share: Three Months Ended March 26, 2016 March 28, 2015 Stock options 417,198 384,112 Restricted stock 212,677 351,995 Performance shares 82,295 — Total 712,170 736,107

OTHER OPERATING EXPENSE, NET (T

OTHER OPERATING EXPENSE, NET (Tables)	3 Months Ended
	Mar. 26, 2016
Other Income and Expenses [Abstract]
Other Operating Expense, Net	Other operating expense, net was comprised of the following: Three Months Ended March 26, 2016 March 28, 2015 Loss on sale or disposal of property, plant and equipment $ 236 $ 382 Environmental reserve adjustment 1,746 — Miscellaneous expense (income) (1,042 ) 248 Total $ 940 $ 630

LIABILITIES FOR DISPOSITIONS AN

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 26, 2016
Environmental Remediation Obligations [Abstract]
Schedule of Change in Environmental Loss Contingencies	An analysis of the liabilities for disposed operations for the three months ended March 26, 2016 is as follows: Balance, December 31, 2015 $ 157,384 Expenditures charged to liabilities (2,979 ) Increase to liabilities 1,746 Balance, March 26, 2016 156,151 Less: Current portion (12,855 ) Non-current portion $ 143,296

INCENTIVE STOCK PLANS (Tables)

INCENTIVE STOCK PLANS (Tables)	3 Months Ended
	Mar. 26, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Activity for Incentive Stock Awards	The following table summarizes the activity on the Company’s incentive stock awards for the period ended March 26, 2016 : Stock Options Restricted Stock Performance-Based Stock Units Performance-Based Restricted Stock Options Weighted Average Exercise Price Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2015 441,615 $ 31.67 384,383 $ 28.41 211,460 $ 17.51 141,698 $ 40.76 Granted — — 500,420 7.09 606,848 7.76 — — Forfeited (103 ) 36.55 (73,467 ) 14.33 (72,583 ) 9.71 (7,880 ) 37.32 Exercised or settled — — (9,604 ) 27.98 — — — — Expired or cancelled (24,743 ) 28.17 — — — — — — Outstanding at March 26, 2016 416,769 $ 31.88 801,732 $ 16.38 745,725 $ 15.46 133,818 $ 40.97

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 26, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Pension and Postretirement Benefit Costs	The net pension and postretirement benefit costs that have been recorded are shown in the following tables: Pension Postretirement Three Months Ended Three Months Ended Components of Net Periodic Benefit Cost March 26, 2016 March 28, 2015 March 26, 2016 March 28, 2015 Service cost $ 1,306 $ 1,494 $ 202 $ 205 Interest cost 3,979 3,807 218 231 Expected return on plan assets (5,830 ) (5,809 ) — — Amortization of prior service cost 190 188 3 4 Amortization of losses 2,836 3,358 28 127 Amortization of negative plan amendment — — (38 ) (70 ) Total net periodic benefit cost $ 2,481 $ 3,038 $ 413 $ 497

GUARANTEES (Tables)

GUARANTEES (Tables)	3 Months Ended
	Mar. 26, 2016
Guarantees [Abstract]
Schedule of Financial Guarantees Outstanding	The Company provides financial guarantees as required by creditors, insurance programs and various governmental agencies. As of March 26, 2016 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Standby letters of credit (a) $ 14,216 Surety bonds (b) 56,201 Total financial commitments $ 70,417 (a) The letters of credit primarily provide credit support for surety bonds issued to comply with financial assurance requirements relating to environmental remediation of disposed sites. The letters of credit will expire during 2016 and will be renewed as required. (b) The Company purchases surety bonds primarily to comply with financial assurance requirements relating to environmental remediation and post closure care and to provide collateral for the Company’s workers’ compensation program. These surety bonds expire at various dates between 2016 and 2019. They are expected to be renewed annually as required.

BASIS OF PRESENTATION AND NEW31

BASIS OF PRESENTATION AND NEW ACCOUNTING PRONOUNCEMENTS - New Accounting Pronouncements (Details) - ASU 2015-03 [Member] $ in Millions	Dec. 31, 2015USD ($)
Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (9.6)
Prepaid Expenses and Other Current Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	(0.3)
Long-term Debt [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 9.9

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 96,684	$ 103,866
Work-in-progress	2,783	2,344
Raw materials	11,407	16,593
Manufacturing and maintenance supplies	2,433	2,606
Total inventory	$ 113,307	$ 125,409

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($)	3 Months Ended
	Mar. 26, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 804,846,000	$ 858,054,000
Total principal payments due	814,462,000	868,700,000
Less: original issue discount and debt issuance costs	(9,616,000)	(10,646,000)
Less: Current maturities of long-term debt	(7,943,000)	(7,938,000)
Long-term debt	796,903,000	850,116,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity	250,000,000
Borrowing capacity after outstanding letters of credit	235,783,802
Total debt	$ 0	0
Line of Credit [Member] | Term A-1 Due 2019 [Member]
Debt Instrument [Line Items]
Interest rate	1.93%
Total debt	$ 54,575,000	55,950,000
Line of Credit [Member] | Term A-2 Due 2021 [Member]
Debt Instrument [Line Items]
Interest rate	1.51%
Patronage benefit	0.67%
Total debt	$ 253,475,000	262,750,000
Senior Notes [Member]
Debt Instrument [Line Items]
Fixed interest rate	5.50%
Total debt	$ 506,412,000	$ 550,000,000
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread	1.50%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Term A-1 Due 2019 [Member]
Debt Instrument [Line Items]
Basis spread	1.50%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Term A-2 Due 2021 [Member]
Debt Instrument [Line Items]
Basis spread after patronage benefit	1.08%

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Debt Instrument [Line Items]
Principal debt repayments	$ 44,732	$ 20,000
Gain on debt extinguishment	8,844	$ 0
Senior Notes [Member]
Debt Instrument [Line Items]
Repurchased face amount	43,600
Repurchase amount	34,100
Gain on debt extinguishment	8,800
Unamortized debt issuance costs written off	700
Line of Credit [Member]
Debt Instrument [Line Items]
Principal debt repayments	$ 10,649

DEBT - Schedule of Maturities o

DEBT - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Remaining 2,016	$ 6,300
2,017	9,775
2,018	11,150
2,019	38,225
2,020	2,900
Thereafter	746,112
Total principal payments	$ 814,462	$ 868,700

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Values Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 31, 2015
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 110,070	$ 101,303
Current maturities of long-term debt	(7,943)	(7,938)
Fixed-rate long-term debt	(498,747)	(541,423)
Variable-rate long-term debt	(298,156)	(308,693)
Fair Value [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	110,070	101,303
Current maturities of long-term debt	0	0
Fixed-rate long-term debt	0	0
Variable-rate long-term debt	0	0
Fair Value [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Current maturities of long-term debt	(8,400)	(8,400)
Fixed-rate long-term debt	(412,726)	(435,171)
Variable-rate long-term debt	$ (299,650)	$ (310,300)

ACCUMULATED OTHER COMPREHENSI37

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	$ (17,139)
Balance, end of period	2,901
Employee benefit plans [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(109,620)	$ (103,444)
Tax benefit	(1,102)	(1,299)
Total reclassifications for the period, net of tax	1,917	2,308
Balance, end of period	(107,703)	(101,136)
Amortization of losses [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications	193	192
Amortization of prior service costs [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications	2,864	3,485
Amortization of negative plan amendment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications	$ (38)	$ (70)

EARNINGS PER SHARE OF COMMON 38

EARNINGS PER SHARE OF COMMON STOCK - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Earnings Per Share [Abstract]
Net income (loss)	$ 20,893	$ 10,521
Shares used for determining basic earnings per share of common stock (shares)	42,205,767	42,186,130
Dilutive effect of:
Stock options (shares)	0	4,948
Performance and restricted shares (shares)	66,769	13,696
Shares used for determining diluted earnings per share of common stock (shares)	42,272,536	42,204,774
Basic earnings per share (in dollars per share)	$ 0.50	$ 0.25
Diluted earnings per share (in dollars per share)	$ 0.49	$ 0.25

EARNINGS PER SHARE OF COMMON 39

EARNINGS PER SHARE OF COMMON STOCK - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings per share	712,170	736,107
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings per share	417,198	384,112
Restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings per share	212,677	351,995
Performance shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings per share	82,295	0

OTHER OPERATING EXPENSE, NET (D

OTHER OPERATING EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Other Income and Expenses [Abstract]
Loss on sale or disposal of property, plant and equipment	$ 236	$ 382
Environmental reserve adjustment	1,746	0
Miscellaneous expense (income)	(1,042)	248
Total	$ 940	$ 630

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Income Tax Disclosure [Abstract]
Effective rate	34.90%	28.20%

LIABILITIES FOR DISPOSED OPER42

LIABILITIES FOR DISPOSED OPERATIONS - Analysis of Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Dec. 31, 2015
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance, December 31, 2015	$ 157,384
Expenditures charged to liabilities	(2,979)
Increase to liabilities	1,746
Balance, March 26, 2016	156,151
Less: Current portion	(12,855)	$ (12,034)
Non-current portion	$ 143,296	$ 145,350

LIABILITIES FOR DISPOSED OPER43

LIABILITIES FOR DISPOSED OPERATIONS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 26, 2016USD ($)
Environmental Remediation Obligations [Abstract]
Loss exposure in excess of accrual, high estimate	$ 65
Probable costs expected to be incurred, term	20 years

INCENTIVE STOCK PLANS - Narrati

INCENTIVE STOCK PLANS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 644	$ 2,669
Total number of performance shares adjusted (up or down)	25.00%
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Performance Share Awards 2015 [Member] | Minimum [Member] | Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage	0.00%
Final payout range	0.00%
Performance Share Awards 2015 [Member] | Maximum [Member] | Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage	200.00%
Final payout range	250.00%

INCENTIVE STOCK PLANS - Schedul

INCENTIVE STOCK PLANS - Schedule of Outstanding Awards (Details)	3 Months Ended
	Mar. 26, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance, Stock Options, Outstanding | shares	441,615
Stock Options, Granted | shares	0
Stock Options, Forfeited | shares	(103)
Stock Options, Exercised or settled | shares	0
Stock Options, Expired or cancelled | shares	(24,743)
Ending Balance, Stock Options, Outstanding | shares	416,769
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning Balance, Stock Options, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 31.67
Stock Options, Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Stock Options, Forfeited, Weighted Average Exercise Price (in dollars per share) | $ / shares	36.55
Stock Options, Exercised or settled, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Stock Options, Expired or cancelled, Weighted Average Exercise Price (in dollars per share) | $ / shares	28.17
Ending Balance, Stock Options, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 31.88
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance, Awards, Outstanding, Number | shares	384,383
Awards, Granted, Number | shares	500,420
Awards, Forfeited, Number | shares	(73,467)
Awards, Exercised or settled, Number | shares	(9,604)
Awards, Expired or cancelled, Number | shares	0
Ending Balance, Awards, Outstanding, Number | shares	801,732
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Awards, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 28.41
Awards, Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	7.09
Awards, Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	14.33
Awards, Exercised or settled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	27.98
Awards, Expired or cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Ending Balance, Awards, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 16.38
Performance-Based Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance, Awards, Outstanding, Number | shares	211,460
Awards, Granted, Number | shares	606,848
Awards, Forfeited, Number | shares	(72,583)
Awards, Exercised or settled, Number | shares	0
Awards, Expired or cancelled, Number | shares	0
Ending Balance, Awards, Outstanding, Number | shares	745,725
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Awards, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 17.51
Awards, Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	7.76
Awards, Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	9.71
Awards, Exercised or settled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Awards, Expired or cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Ending Balance, Awards, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.46
Performance-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance, Awards, Outstanding, Number | shares	141,698
Awards, Granted, Number | shares	0
Awards, Forfeited, Number | shares	(7,880)
Awards, Exercised or settled, Number | shares	0
Awards, Expired or cancelled, Number | shares	0
Ending Balance, Awards, Outstanding, Number | shares	133,818
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Awards, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 40.76
Awards, Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Awards, Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	37.32
Awards, Exercised or settled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Awards, Expired or cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Ending Balance, Awards, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 40.97

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Pension [Member]
Components of Net Periodic Benefit Cost
Service cost	$ 1,306	$ 1,494
Interest cost	3,979	3,807
Expected return on plan assets	(5,830)	(5,809)
Amortization of prior service cost	190	188
Amortization of losses	2,836	3,358
Amortization of negative plan amendment	0	0
Total net periodic benefit cost	2,481	3,038
Postretirement [Member]
Components of Net Periodic Benefit Cost
Service cost	202	205
Interest cost	218	231
Expected return on plan assets	0	0
Amortization of prior service cost	3	4
Amortization of losses	28	127
Amortization of negative plan amendment	(38)	(70)
Total net periodic benefit cost	$ 413	$ 497

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	Mar. 26, 2016USD ($)
Financial Commitments
Maximum Potential Payment	$ 70,417
Standby letters of credit [Member]
Financial Commitments
Maximum Potential Payment	14,216
Surety bonds [Member]
Financial Commitments
Maximum Potential Payment	$ 56,201